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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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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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, Z" y1 b/ \2 \+ Z  u[ 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:! _% J2 V8 a1 }, P3 S) |6 T. u
SUMMARY OF THE OFFERING6 b4 r/ h# d" v* S! e
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’’.- g3 p; c6 ~2 K1 }
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
. \7 s' g) A' p' G; |! M) b8 L; @6 rAmount: $150,000,000 (6,000,000 shares).
% }. m7 e/ E. i, t5 ePrice and Yield: $25.00 per share to yield initially 6.50% per annum.# s  K) s9 T. y  C
Principal Characteristics of the Preferred Shares Series 183 U* s7 g, h* L* R+ h" P$ O
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
$ {0 `6 H, G( c: ^1 Gnon-cumulative preferential cash dividends, as and when declared by the3 b- U: E. T+ U/ [: @$ Y
Board of Directors, subject to the provisions of the Bank Act, for the initial  G0 c" j  D( r% Y# |1 _9 `
period commencing on the closing date and ending on and including
* y- y! ~# Y$ y1 ~' W$ R2 @February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
$ C, \" R4 g- b% s5 m. Y25th day of February, May, August and November in each year, at a rate
2 [, S2 d; r0 H; o9 h) X- Zequal to $0.40625 per share. The initial dividend, if declared, will be payable; d% Z8 g6 H6 C; l/ u5 @/ o
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
  i% a* i0 e6 {date of December 11, 2008.* ~" S. V' F. w  ]9 j, s
For each five-year period after the Initial Fixed Rate Period (each, a
  T) ]* G& n  L" r0 d, C‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares% `" T7 a! r1 O
Series 18 will be entitled to receive fixed non-cumulative preferential cash
3 f1 f& \& \) o# k' F! X& _dividends, as and when declared by the Board of Directors, subject to the
# A. o3 `  q( s4 `0 s' C, tprovisions of the Bank Act, payable quarterly on the 25th day of February,: r( t; I. E8 \# o. e
May, August and November in each year, in the amount per share per annum: ~' \% `9 q3 R; y( u
determined by multiplying the Annual Fixed Dividend Rate applicable to
: M0 i. Y' }, u8 ^# ^such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend' l' C7 r$ ?2 C$ p
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
1 i' p, F5 e* kBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day1 I' q. _, |" b  w
of such Subsequent Fixed Rate Period and will be equal to the sum of the
' \# o; S0 \+ o0 y8 GGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
) p7 q/ _( }/ iplus 3.83%.* P; t+ a( ?6 O/ G5 ~% b
If the Board of Directors does not declare a dividend, or any part thereof, on# I! q0 c$ }" C
the Preferred Shares Series 18 on or before the dividend payment date for a
2 w: z" {$ C* ?, V% {5 c  T2 vparticular quarter, then the entitlement of the holders of the Preferred8 F8 ?9 |' i/ L6 a! k( k
Shares Series 18 to receive such dividend, or to any part thereof, for such
9 Q; V5 A9 t4 R7 p) H8 V1 oquarter will be forever extinguished.
  T  x1 g. L  [: c# ^1 Z: w2 x  l7 H0 xRedemption: Subject to the provisions of the Bank Act and to the prior consent of the/ _  E$ z1 _3 X  @0 t
Superintendent and to the provisions described below under ‘‘Details of the( @& u# j( g$ k( T8 j% z0 T4 b
Offering — Certain Provisions of the Preferred Shares Series 18 as a7 e+ [2 q& ^- K
Series — Restrictions on Dividends and Retirement of Shares’’, on8 s0 C1 q5 b+ J- m  _" O
February 25, 2014 and on February 25 every five years thereafter, on not
$ f  x0 R7 r/ _( Y5 @5 V  {. M4 r; bmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any+ n5 r+ |9 p' H0 z
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
$ K* l; T) E! Y9 a1 uwithout the consent of the holder, by the payment of an amount in cash for
& r9 z6 f+ t6 z& ~: P% ceach such share so redeemed of $25.00 together with all declared and unpaid& V+ t3 `7 a- W6 l
dividends to the date fixed for redemption.* L. _) P8 i5 A) I$ Z1 ^4 C( N# U
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
9 X3 M6 g) H) H+ CShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have' ]2 y8 g1 k2 Q4 q0 j7 f
the right, at their option, to convert, on February 25, 2014 and on. H. q0 z2 F8 X/ S; z; g6 F
S-44 y9 O1 \1 G$ P# @( ^4 c
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
+ L" ?6 e0 C! f; V6 H1 O9 X2 Hor all of their Preferred Shares Series 18 into an equal number of Preferred7 m8 P  S7 D' W) F2 C3 C. f8 _9 J3 G: c
Shares Series 19 upon giving to the Bank notice thereof not earlier than8 ?, |1 ^# a. r3 \5 E* {' o. d/ M
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day: f& s2 n  s- x5 A8 s
preceding, a Series 18 Conversion Date., e8 @$ t9 j) {4 X! t
Automatic Conversion If the Bank determines, after having taken into account all shares tendered8 C. J& i3 N7 E& r; N
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares9 Q! e+ g+ R8 N. R
Series 19, as the case may be, that there would be outstanding on such6 h! W1 X( ^. k6 _# [7 H
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,: R0 ]9 o4 x  M1 w; p* T6 N$ J
such remaining number of Preferred Shares Series 18 will automatically be
' z: V  u0 Z  U# p% v" M& \converted on such Series 18 Conversion Date into an equal number of
  u$ m: Y/ P: b2 J4 ?: }Preferred Shares Series 19. Additionally, if the Bank determines that, after- v& S, e) Q' d1 D. J
conversion, there would be outstanding on such Series 18 Conversion Date5 N2 l0 ~" S, G" w
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares  `% R2 K6 _* f: F5 Z, f* M; }
Series 18 will be converted into Preferred Shares Series 19.: u( ~; G3 R5 _+ h- `
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
! p; O, J' ?; I0 s- DSeries 18 will not be entitled as such to receive notice of, attend, or vote at," ~( [; A1 i4 z
any meeting of the shareholders of the Bank unless and until the first time at4 G6 z. X& `& }4 N
which the Board of Directors has not declared the whole dividend on the: N/ F6 {% p% `
Preferred Shares Series 18 in any quarter. In that event, subject as1 Q0 j" R& o7 p) v# G- `* O& D
hereinafter provided, the holders of Preferred Shares Series 18 will be
( ]4 x( w) c2 q* N1 H, Zentitled to receive notice of, and to attend, meetings of shareholders at which
9 q! @+ y6 a/ i3 C4 Y* ]directors of the Bank are to be elected and will be entitled to one vote for! ~+ s' ^! {' U' k3 W/ V$ h
each Preferred Share Series 18 held. The voting rights of the holders of the. C! R3 x, ]' t6 U: Q& f# J
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of: i4 v: C! U; h% M: {( E
the first dividend on the Preferred Shares Series 18 to which the holders are. J8 N9 s& K9 o4 v( F/ J3 }0 Z3 K' s
entitled thereunder subsequent to the time such voting rights first arose until' G' h! m! v& ~: Y
such time as the Bank may again fail to declare the whole dividend on the
2 i2 P" n& M9 @# m; t. b& ]% A* o. p6 KPreferred Shares Series 18 in respect of any quarter, in which event such' }# P' ~: i, ?) X, p
voting rights will become effective again and so on from time to time.
0 J5 v" K* [  l/ \2 \Principal Characteristics of the Preferred Shares Series 19
- X' q& ^! M1 F# V" h- VDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
; A- @9 M4 }" h5 o0 Ofloating rate non-cumulative preferential cash dividends, as and when
$ l% Z, Q& w( r0 p# V- ~/ gdeclared by the Board of Directors, subject to the provisions of the Bank Act,
0 }; v% p$ e2 e1 w4 Y* Epayable quarterly on the 25th day of February, May, August and November
8 J" S9 W3 ]$ ?* oin each year, in the amount per share determined by multiplying the# u  L$ b6 i. H0 F. w
applicable Quarterly Floating Dividend Rate by $25.00.
8 o4 A) i( F) i8 BOn the 30th day prior to the commencement of the initial quarterly dividend
7 n% Q2 h) q7 O9 lperiod beginning on February 25, 2014, and on the 30th day prior to the first
0 ?* i) s5 O: q2 n4 i/ Pday of each subsequent quarterly dividend period (the initial quarterly
) F1 O% O5 M6 k. wdividend period and each subsequent quarterly dividend period is referred to
" R! \# h5 j9 K) u* L, c8 F- f' ias a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
* l# X' w  V! o7 }8 Q+ mQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
& L" U7 J8 k% }  N. WPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the7 l5 \3 ]) r  z9 X
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
8 p# x. q0 Q" y7 E% telapsed in the applicable Quarterly Floating Rate Period divided by 365)) h3 M2 S( @# S' O
determined on the 30th day prior to the first day of the applicable Quarterly* _# e2 }3 m) K: y( R8 S" ^2 s
Floating Rate Period.
. r* }  a+ l3 T+ cS-5* l" G& K' a9 F6 P" p6 k$ k) g& [
If the Board of Directors does not declare a dividend, or any part thereof, on- k+ p+ I0 E; U3 R
the Preferred Shares Series 19 on or before the dividend payment date for a+ S. v6 S3 p5 J
particular quarter, then the entitlement of the holders of the Preferred
2 f8 Z/ Z5 |( ?. Y( \+ bShares Series 19 to receive such dividend, or to any part thereof, for such
+ l6 t. O8 P. M- m, t- _" y$ rquarter will be forever extinguished.+ }% e% b8 U7 g$ y/ n/ \' O# w+ s
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
  Q( ~, u' ~4 s: i6 o/ @6 _Superintendent and to the provisions described below under the heading1 ]( q  R: K" Q9 ]( g' j
‘‘Details of the Offering — Certain Provisions of the Preferred Shares4 e! _$ w. j9 H! z$ f% w0 s" w
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
1 A5 _' u# b5 I1 Hon not more than 60 nor less than 30 days’ notice, the Bank may redeem all* f5 i- ^, F5 L% b, |9 b
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s0 T$ S# ~4 G& P+ J! g% D: U
option without the consent of the holder, by the payment of an amount in$ E& W, c1 s3 ~$ ]  e1 E
cash for each such share so redeemed of (i) $25.00 together with all declared3 R5 Y: L/ k9 V0 \( ]% h
and unpaid dividends to the date fixed for redemption in the case of
1 o' u' \9 b- F/ H9 C* X3 Uredemptions on February 25, 2019 and on February 25 every five years6 t# L- ?% ]: E- c5 V
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
4 M6 z' {8 c5 J: f+ ]the date fixed for redemption in the case of redemptions on any other date
2 j! B8 v) C, m# ron or after February 25, 2014." Y& {, Q+ N' f$ D: m7 C
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic2 F; d8 q. b# m! O
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
. N  C. @( ]' E' s5 T5 @5 h+ |8 Fthe right, at their option, to convert, on February 25, 2019 and on+ f7 |$ k  d- V1 Y
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any3 \1 x7 a5 k, j. m4 N3 Y' l
or all of their Preferred Shares Series 19 into an equal number of Preferred8 e! u; c0 G% ~/ i* B, F
Shares Series 18 upon giving to the Bank written notice thereof not earlier4 v3 ^7 f9 S+ ]* E4 f9 E- ~1 g1 C
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the8 Z5 B4 Z  ]5 j3 p. N. e
15th day preceding, a Series 19 Conversion Date.
$ H9 `$ Q( D6 Y4 hAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
( Z8 v# C: a$ G. T& U- hProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
- z2 c# r9 b6 s5 O3 X1 xSeries 18, as the case may be, that there would be outstanding on such
7 }4 [! @, n- v" K* M  w: DSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
: h# l" c5 u. P' U- Tsuch remaining number of Preferred Shares Series 19 will automatically be* c/ U- w9 X7 |8 m. x
converted on such Series 19 Conversion Date into an equal number of
$ R, \1 a9 z5 l/ [6 a5 M3 n3 fPreferred Shares Series 18. Additionally, if the Bank determines that, after: U' S" ~. L+ [
conversion, there would be outstanding on such Series 19 Conversion Date7 Z- C5 x) b4 A3 ^* A: Y
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares' a5 ^! Z1 P4 X. Y/ c
Series 19 will be converted into Preferred Shares Series 18.& i' J5 {- o, v8 c8 L7 U5 }- X5 V
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
6 [/ c( l, y7 J- \% i+ Y- FSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
  n0 b! s9 x+ P! Z$ p. z+ c6 e0 A2 rany meeting of the shareholders of the Bank unless and until the first time at, |( `. h. b1 A# ]1 P
which the Board of Directors has not declared the whole dividend on the
* I9 r# `$ d3 Z4 B, r' \% M  fPreferred Shares Series 19 in any quarter. In that event, subject as2 w* j, n  c8 H+ ^4 M
hereinafter provided, the holders of Preferred Shares Series 19 will be! H, ]1 O$ R; ]: o2 X* X
entitled to receive notice of, and to attend, meetings of shareholders at which' y# s6 q. J3 `/ ~$ z
directors of the Bank are to be elected and will be entitled to one vote for9 ?2 @1 m; I# m$ g
each Preferred Share Series 19 held. The voting rights of the holders of the
  u( W" r# F& JPreferred Shares Series 19 will forthwith cease upon payment by the Bank of0 q$ j) l2 M# R6 c
the first dividend on the Preferred Shares Series 19 to which the holders are* n6 `1 J2 |+ h
entitled thereunder subsequent to the time such voting rights first arose until
* G8 C" g- z7 u" Rsuch time as the Bank may again fail to declare the whole dividend on the
& T1 J& r( i& s( k. S/ tPreferred Shares Series 19 in respect of any quarter, in which event such4 s' V; ?  _4 `; m3 M$ ]
voting rights will become effective again and so on from time to time.
5 q# K# ^# x& ^9 @1 H8 J- r% v- LS-6# v+ x7 o$ }$ j
Priority: The preferred shares of each series of the Bank will rank on a parity with
  T5 P' {3 b, B# ~6 C% Wevery other series and are entitled to preference over the common shares of0 k( w: `2 U" b$ c- s; O
the Bank and over any other shares of the Bank ranking junior to the, `: c$ r/ D( `" A) Q
preferred shares with respect to the payment of dividends and upon any
, a: j7 u; o5 ddistribution of assets in the event of the liquidation, dissolution or
5 L7 X  }, _* V# h! t& fwinding-up of the Bank.
0 [" ^' t2 U% e2 m3 bTax on Preferred Share The Bank will elect, in the manner and within the time provided under  `1 W2 l9 Y2 M3 w9 f6 M
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares/ i* v; ?' G- T9 a% X
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
% g# H' w* S5 q1 ~5 \  \, r  cdividends 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。! @5 P. x' d2 L: i( R# S) x
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

" ]( u0 l, v" n: C9 _. K  h$ q
/ }4 ^3 {# z; M下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
/ L* r& ?3 _: w; M+ M
9 X# @5 ]7 A" A" ?0 ?2 U2 v# [& Pcall 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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