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请问精打细算:银行6.50% 5-Year Rate Reset Preferred Share投资的利弊?

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鲜花(26) 鸡蛋(0)
发表于 2008-11-29 16:54 | 显示全部楼层 |阅读模式
老杨团队,追求完美;客户至上,服务到位!
现在,由于全球经济不好,股市和基金投资的风险大,大家都在寻求比较稳妥的投资途径, 要相对安全,收益又高于银行利率。最近,加各大银行通过IPO都有出售6.25% ~ 6.50% 5-Year Rate Reset Preferred Share。请问:这种投资的利弊?好像其回报要明显大于基金GIC不过这种Preferred Share是一种股票,其风险比基金和GIC都大。
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& E& z$ K: f" C6 Q3 t% M/ ?+ k' v/ i6 N. `3 B
[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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 楼主| 发表于 2008-11-29 16:58 | 显示全部楼层
下面是BMO的:
: v: `0 K6 ^; t! \9 N2 s- P4 vSUMMARY OF THE OFFERING4 k1 P: ]" E) f' I/ N
This summary is qualified by the detailed information appearing elsewhere in this short form prospectus. For adefinition of certain terms used in this summary, refer to ‘‘Details of the Offering’’.
; }0 c' N0 x7 h. g3 H4 e# B9 ?0 DIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
5 h$ u* k% p$ ~* p& Q3 pAmount: $150,000,000 (6,000,000 shares).) L  t! S/ O5 E9 _+ ~" c, c) S( b
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
4 ], ?! ^1 b; j% |4 ~% \Principal Characteristics of the Preferred Shares Series 18' E2 r5 J2 R3 E
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed6 {' ~3 M( U% A% c8 H
non-cumulative preferential cash dividends, as and when declared by the: B; T. `: p2 j. Z' `5 y4 R
Board of Directors, subject to the provisions of the Bank Act, for the initial. e3 b& O5 J# ^
period commencing on the closing date and ending on and including
( I& u4 I0 E+ e2 f$ yFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
* W; Q" h) n5 L) b' x; L25th day of February, May, August and November in each year, at a rate; H3 q9 {9 m  H/ W
equal to $0.40625 per share. The initial dividend, if declared, will be payable
1 H: z+ \4 c0 k- V) M6 h6 g( \May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
8 r3 J/ o8 `# [% a; P" Rdate of December 11, 2008.! z+ }5 ]( x  s* p
For each five-year period after the Initial Fixed Rate Period (each, a5 h, Y+ N! G+ [9 o( P5 U
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
9 P( R- D) V9 G: ~& dSeries 18 will be entitled to receive fixed non-cumulative preferential cash
  r0 K0 }* J3 m! z: C6 K8 n& Zdividends, as and when declared by the Board of Directors, subject to the
9 \3 _! Q& [, m* g' a2 [  iprovisions of the Bank Act, payable quarterly on the 25th day of February,! J. P, |- x/ k& j4 m
May, August and November in each year, in the amount per share per annum$ U! j' g& I5 }5 Z4 R
determined by multiplying the Annual Fixed Dividend Rate applicable to$ w8 d: e6 }, H4 d, o) s
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend6 u5 t! p3 Z7 H; @9 o# X  z& n) \
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the/ ^$ W. x9 V; p" m8 f
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
, N  E" z' @* G5 h1 w+ y4 Oof such Subsequent Fixed Rate Period and will be equal to the sum of the7 ?2 J' U8 i* }/ v
Government of Canada Yield on the applicable Fixed Rate Calculation Date; x' V+ i  _# \" {3 k1 X- X
plus 3.83%.  _, Q% m' ~7 c- _
If the Board of Directors does not declare a dividend, or any part thereof, on9 r( o* `' Y8 n, c  ~/ _9 d
the Preferred Shares Series 18 on or before the dividend payment date for a
/ r% D4 `! |" P1 \particular quarter, then the entitlement of the holders of the Preferred$ c  t& ^6 h3 W2 X& Z
Shares Series 18 to receive such dividend, or to any part thereof, for such
6 m5 R* ?. O. S  s7 Qquarter will be forever extinguished.  t5 U; B: N; G
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
' R% v# A- N5 m: S8 F) ISuperintendent and to the provisions described below under ‘‘Details of the
+ y) I. e% k8 {0 A# j" n0 ]Offering — Certain Provisions of the Preferred Shares Series 18 as a7 D+ e4 f7 D; Q7 k# l
Series — Restrictions on Dividends and Retirement of Shares’’, on1 p2 a1 W* S* T5 ]4 E( c
February 25, 2014 and on February 25 every five years thereafter, on not
7 N& x- F7 f8 H1 B" c& c8 W/ k, Bmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
, ]9 \6 G- ?2 A* |1 Ypart of the then outstanding Preferred Shares Series 18, at the Bank’s option% _! H: J9 z) |5 H
without the consent of the holder, by the payment of an amount in cash for5 {7 C4 K& K9 ~2 Y1 z9 }
each such share so redeemed of $25.00 together with all declared and unpaid
# ?8 U$ G1 o( y: idividends to the date fixed for redemption.5 s4 X0 r7 L# f9 L7 r" h
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
1 A: O/ D$ x$ ^Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
8 _' q, N& Y- Gthe right, at their option, to convert, on February 25, 2014 and on
" p/ L6 y7 s1 \* FS-4! X' S8 g- n9 j/ |3 c0 U% H
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any! S# G2 l5 f% P1 O3 G  G
or all of their Preferred Shares Series 18 into an equal number of Preferred
& E3 W: H4 f" _* H: }  |Shares Series 19 upon giving to the Bank notice thereof not earlier than
. Z5 T( P- H& K+ [% e30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day/ s$ u- H5 G% ^8 T
preceding, a Series 18 Conversion Date.: A! B1 k+ M" _" }3 I6 E
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
3 z. H# }/ P$ o* g7 NProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares) q8 L+ v4 J: C7 z6 R
Series 19, as the case may be, that there would be outstanding on such+ H% K( M4 v+ y3 Q3 s& S# y* k
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,+ [$ I, z6 L' L1 H
such remaining number of Preferred Shares Series 18 will automatically be
$ d/ _( [  D) H+ x# Pconverted on such Series 18 Conversion Date into an equal number of
; k- D8 \9 i( p9 j! ]* HPreferred Shares Series 19. Additionally, if the Bank determines that, after: A& X/ ]* r2 R( ~% U2 d! k3 W
conversion, there would be outstanding on such Series 18 Conversion Date
: N  G' S! T: ?; K+ [$ ~less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
: Z3 g- H8 H* ~Series 18 will be converted into Preferred Shares Series 19.1 e' K1 o3 [3 k+ O" B
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares* f% F0 b; N- k0 ^, C" h
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
" F! l! X  y4 U* C' x8 cany meeting of the shareholders of the Bank unless and until the first time at5 @3 z. H7 o; E- |# I# T3 m
which the Board of Directors has not declared the whole dividend on the4 P# s" q+ Q: ^! e. y6 C
Preferred Shares Series 18 in any quarter. In that event, subject as! O: H6 u3 }: [8 b& K; l
hereinafter provided, the holders of Preferred Shares Series 18 will be+ U$ q7 S$ L) P" x
entitled to receive notice of, and to attend, meetings of shareholders at which
- f! L# O# f+ f  F$ L9 fdirectors of the Bank are to be elected and will be entitled to one vote for
  i- q. D' Z. I7 N& l3 V. ?6 Meach Preferred Share Series 18 held. The voting rights of the holders of the- t* \( D8 J" d
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of3 T" h: `4 @, v. e  P; R( V/ W
the first dividend on the Preferred Shares Series 18 to which the holders are) e3 n; G( i% l' A$ t
entitled thereunder subsequent to the time such voting rights first arose until2 l/ D5 p4 Q4 j
such time as the Bank may again fail to declare the whole dividend on the
, F" I% b# v' t  `( x9 {  A% LPreferred Shares Series 18 in respect of any quarter, in which event such
* B0 G% u: Y  O2 D+ J, i6 |* u1 k: Kvoting rights will become effective again and so on from time to time.
$ ?! ^" ?1 y8 i4 ]Principal Characteristics of the Preferred Shares Series 19
' s6 m+ h$ R* o6 G8 DDividends: The holders of the Preferred Shares Series 19 will be entitled to receive0 ]+ n& F. j+ z) E: p! _
floating rate non-cumulative preferential cash dividends, as and when+ k4 I& m. U8 c5 A! R
declared by the Board of Directors, subject to the provisions of the Bank Act,
. V) ]- X4 b6 w* p7 qpayable quarterly on the 25th day of February, May, August and November* O6 X3 l" d5 q( J& f4 d
in each year, in the amount per share determined by multiplying the
! b- }# `0 R# |6 F$ kapplicable Quarterly Floating Dividend Rate by $25.00.  H$ b3 j; M1 `: x5 X& j) o
On the 30th day prior to the commencement of the initial quarterly dividend) w' L/ w% s( J1 b: P0 l
period beginning on February 25, 2014, and on the 30th day prior to the first1 [, @% _% `, K' Q3 m+ p- I1 p
day of each subsequent quarterly dividend period (the initial quarterly
& [6 {# B: w5 l5 \! t8 Q  F* P$ vdividend period and each subsequent quarterly dividend period is referred to
+ L9 g7 f% \6 a% J, v* v" L& Uas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the; x9 h; V4 z5 A# N( `9 s! G
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
; f$ e0 H9 a. m2 |  Z1 iPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the: T/ E1 w3 K+ ?  q' |
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
% Z9 I; _% @3 ?9 M+ @' t0 Welapsed in the applicable Quarterly Floating Rate Period divided by 365)
2 k7 t  r0 f6 e3 }& Hdetermined on the 30th day prior to the first day of the applicable Quarterly
# o& H- c/ c) _$ Q7 H  g; x! i) WFloating Rate Period.0 d1 K- g" N; ^+ V
S-5% S+ C: g: Y: K' f
If the Board of Directors does not declare a dividend, or any part thereof, on) @+ _1 P6 w5 d. u7 I' R- z
the Preferred Shares Series 19 on or before the dividend payment date for a. `% n9 ~: T: R8 W0 l# H0 c2 f6 q
particular quarter, then the entitlement of the holders of the Preferred
4 j" T1 h5 p, t0 M4 xShares Series 19 to receive such dividend, or to any part thereof, for such
" o2 b4 i/ ]& ]3 ~8 m9 Yquarter will be forever extinguished.
& j2 \4 \6 c" V7 G1 I& f1 `8 K; @Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
  L2 f1 x4 T8 q( k  C3 D: kSuperintendent and to the provisions described below under the heading6 h, \2 ]: b# a  u
‘‘Details of the Offering — Certain Provisions of the Preferred Shares8 r/ S3 Y9 v/ R9 J1 v
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
3 ^, w6 K3 J/ o/ p( x4 t$ h: Bon not more than 60 nor less than 30 days’ notice, the Bank may redeem all- t1 e$ l) E& I( B' J7 ]
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s/ F: F' {, I6 }+ y! ?% `- y
option without the consent of the holder, by the payment of an amount in
( g. c/ X, L; r" D# kcash for each such share so redeemed of (i) $25.00 together with all declared$ C4 w7 t# k) F4 J3 b  \, f
and unpaid dividends to the date fixed for redemption in the case of3 k6 I2 [' l3 Z3 @5 l
redemptions on February 25, 2019 and on February 25 every five years( t! r/ P. d" I; \: D7 j' Z8 C
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to* I9 V7 _# R+ _- v3 P) h! A
the date fixed for redemption in the case of redemptions on any other date4 X! m2 B; h3 P& r, B4 M7 i
on or after February 25, 2014.
6 L( @. z8 P# D. MConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic' o1 p: C( {) ?+ ~; X& ^. s, G& d  t6 `
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
5 t, }, a6 m9 Y# Pthe right, at their option, to convert, on February 25, 2019 and on/ B: h1 A  \3 @. J  l3 b
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
1 @9 q& c9 c4 F' A% Wor all of their Preferred Shares Series 19 into an equal number of Preferred
/ r/ N8 N9 e# Y& EShares Series 18 upon giving to the Bank written notice thereof not earlier# `& r0 `1 N1 }; I: F
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
" Y3 |. X$ N& Q15th day preceding, a Series 19 Conversion Date.* ?2 m# |& k, E* J9 ]
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
# R; |* K5 a1 l3 p1 {8 PProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
6 m6 R3 s  M* |8 Z5 N7 ~$ wSeries 18, as the case may be, that there would be outstanding on such
4 E# T' J( M7 |* ?* J4 oSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
: a2 ~3 F2 k4 ]0 Vsuch remaining number of Preferred Shares Series 19 will automatically be+ v  A, M) N1 S) }
converted on such Series 19 Conversion Date into an equal number of
9 C6 P3 L5 j& R+ H6 ]Preferred Shares Series 18. Additionally, if the Bank determines that, after: j/ U5 I: I+ S& m$ l8 ~: {. t: X
conversion, there would be outstanding on such Series 19 Conversion Date; d' D4 J* H( O0 v
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares  R/ g! \1 u, y9 e- _! }- d% V
Series 19 will be converted into Preferred Shares Series 18.& I! O7 j  ~' q: X
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
% G; L7 N# m; ZSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
2 q0 F7 }. e! H1 hany meeting of the shareholders of the Bank unless and until the first time at1 f4 ]3 s8 ?0 @+ z! u7 ^
which the Board of Directors has not declared the whole dividend on the- `: J" U& J# w9 a9 l
Preferred Shares Series 19 in any quarter. In that event, subject as% q  b+ p) m1 n; g% z' j/ ^4 W
hereinafter provided, the holders of Preferred Shares Series 19 will be' J6 [6 c5 i* X; |& [
entitled to receive notice of, and to attend, meetings of shareholders at which
) z! V( m6 b4 H& Y; Gdirectors of the Bank are to be elected and will be entitled to one vote for
0 m' {, k' A. P: Q- q' @each Preferred Share Series 19 held. The voting rights of the holders of the1 _/ L$ L9 }4 ?
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of. ~' n& q8 F3 r' E
the first dividend on the Preferred Shares Series 19 to which the holders are
/ _5 o; r  a1 X% ]entitled thereunder subsequent to the time such voting rights first arose until
7 X# ?" s$ c8 y: P9 ~+ i- j3 e* usuch time as the Bank may again fail to declare the whole dividend on the" Z9 x8 l1 Q; i' B+ @
Preferred Shares Series 19 in respect of any quarter, in which event such0 Y# f% H* \0 G
voting rights will become effective again and so on from time to time.7 R! S* l& \* ]
S-6
+ X4 R4 v8 f2 B$ SPriority: The preferred shares of each series of the Bank will rank on a parity with1 w; o0 W9 b) b3 y
every other series and are entitled to preference over the common shares of
6 d0 @  F! W4 Q2 f5 X4 qthe Bank and over any other shares of the Bank ranking junior to the
3 Q* f6 _) J' B' ypreferred shares with respect to the payment of dividends and upon any
# x2 a- P" a# g# Adistribution of assets in the event of the liquidation, dissolution or
0 Q& W* |( p, Z# y3 Hwinding-up of the Bank.
. g: K! e( f% WTax on Preferred Share The Bank will elect, in the manner and within the time provided under+ R7 P; `1 D8 x# k# W
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares; ?8 o6 ]6 j3 r
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
# S% ^: m& M" i# I! ydividends received on such shares under Part IV.1 of such Act.
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 17:42 | 显示全部楼层
算了吧, 有空出来,给你介绍几个安稳的选项。+ q7 N; k* g/ Z( A
今天讲座如何?
鲜花(26) 鸡蛋(0)
 楼主| 发表于 2008-11-29 17:48 | 显示全部楼层
老杨团队 追求完美
今天讲座不错,受益匪浅,谢谢。下次有你的投资讲座,一定参加。
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 18:26 | 显示全部楼层
1 B7 c+ P) q/ T- G

' D1 P" |9 E& Q下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
  h4 B7 D. a& x  Y8 D6 a/ z
& j. {% }2 g' l9 G& Q; Y' o& Fcall me.. 780 6699880 转101
鲜花(26) 鸡蛋(0)
 楼主| 发表于 2008-11-29 18:47 | 显示全部楼层
周三下午看情况,我有你的电话,有空的话,我再和你联系。
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