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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。( M3 q# O* a* x% C# A
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/ b3 K2 Q  E3 \/ e; v/ Q
[ 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:7 Z4 J- U: k2 W1 X- g
SUMMARY OF THE OFFERING" w3 T# H: N2 L7 x
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’’.4 M$ B2 @  }8 i* o2 `
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.; T( W1 v; _1 p0 j% Z% }
Amount: $150,000,000 (6,000,000 shares).
/ a  F1 U; G( r+ |  fPrice and Yield: $25.00 per share to yield initially 6.50% per annum./ g: Q8 Q& M7 w1 @9 T$ v! t
Principal Characteristics of the Preferred Shares Series 18
+ K- n* ?9 X' R  @Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
' Q% t* J! z) {$ z! ?  E" gnon-cumulative preferential cash dividends, as and when declared by the( `: r% P/ z8 g
Board of Directors, subject to the provisions of the Bank Act, for the initial
: k, {  Y  p) V2 m) Lperiod commencing on the closing date and ending on and including
2 t+ d" W0 l5 [' _February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the7 u5 r4 q( N, m
25th day of February, May, August and November in each year, at a rate* x8 t! i7 |# Q( c. r
equal to $0.40625 per share. The initial dividend, if declared, will be payable
: ?8 x+ ]; g0 k* f7 UMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
+ |% @- T5 F: m/ Kdate of December 11, 2008.
" [4 z( w2 T1 vFor each five-year period after the Initial Fixed Rate Period (each, a
  g# X( r( H; R  Q$ P‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
: e& @; @" N& T' Q- z! nSeries 18 will be entitled to receive fixed non-cumulative preferential cash: U; y. w( v" h3 v7 b3 Q
dividends, as and when declared by the Board of Directors, subject to the, B6 {8 _6 ^6 s2 l
provisions of the Bank Act, payable quarterly on the 25th day of February,
1 E7 u. U4 v1 y5 sMay, August and November in each year, in the amount per share per annum
9 _6 S9 o* o0 G3 j. W% Sdetermined by multiplying the Annual Fixed Dividend Rate applicable to+ ]: Y7 q8 B8 M
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend/ A+ H: k( I4 p& Z. `2 ]2 |+ Z8 T9 c
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the/ q- @! J$ U5 J% i
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
0 X( K  K1 Q9 X( Mof such Subsequent Fixed Rate Period and will be equal to the sum of the
; z5 f( g* q" y* E. ]- ZGovernment of Canada Yield on the applicable Fixed Rate Calculation Date) F" X" g- E* k$ \# D. ^! n
plus 3.83%.
$ l* d& `) D2 [% cIf the Board of Directors does not declare a dividend, or any part thereof, on- Y1 f3 P, B- c" r, e( X
the Preferred Shares Series 18 on or before the dividend payment date for a
* M. ?2 `  b3 `3 Zparticular quarter, then the entitlement of the holders of the Preferred
5 E9 f7 a! P. {/ k) rShares Series 18 to receive such dividend, or to any part thereof, for such0 y" Z8 Q7 v. c- i! k
quarter will be forever extinguished.
+ s" L/ Y* t; Y0 tRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
& V; s/ C  K+ [0 I( X0 TSuperintendent and to the provisions described below under ‘‘Details of the9 n% F8 S! x, i+ E
Offering — Certain Provisions of the Preferred Shares Series 18 as a
( L- J0 ~( L* Z7 GSeries — Restrictions on Dividends and Retirement of Shares’’, on: X( h! ]6 P6 d2 @1 v
February 25, 2014 and on February 25 every five years thereafter, on not1 q  `9 l9 W6 ~# E" E% b$ _
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any3 X6 e1 Y* K0 L/ X
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
/ V- L# g# b+ |* F) x, C# i2 \without the consent of the holder, by the payment of an amount in cash for
( @8 U5 f% K* geach such share so redeemed of $25.00 together with all declared and unpaid3 D$ z0 m; Y- _$ P# U
dividends to the date fixed for redemption.
( v/ N8 b; s0 w3 ^8 q" n7 ]Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
% i9 V2 Y8 g8 ]- D; D( ?/ c5 OShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have1 g' V5 r4 ?- i( L! t
the right, at their option, to convert, on February 25, 2014 and on
9 A/ V1 _2 h; g* l2 Q8 J1 y% RS-4$ a1 e. ?4 m- d
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
  i+ w3 }! V8 O% {6 p. g) F( Jor all of their Preferred Shares Series 18 into an equal number of Preferred1 {0 a7 C0 R5 Q9 o5 q4 ~, c5 H
Shares Series 19 upon giving to the Bank notice thereof not earlier than
- [1 ^/ y9 g8 R. [' Q9 i30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day: N) q' h1 q( r  i* }: Z8 w! _
preceding, a Series 18 Conversion Date.( }6 z- N: Y* I; n+ G
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
2 }: w0 n) l1 tProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares7 E- z) D6 P3 r3 F0 A# O$ Z
Series 19, as the case may be, that there would be outstanding on such' b+ s8 ?8 q! W8 P! c
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,, z) m% C; M& d. |) {  H/ p
such remaining number of Preferred Shares Series 18 will automatically be$ {9 ~" ]2 W6 q  P6 z6 c
converted on such Series 18 Conversion Date into an equal number of3 r9 P& V3 l5 y
Preferred Shares Series 19. Additionally, if the Bank determines that, after
& J  z7 i- D9 W6 m9 w" kconversion, there would be outstanding on such Series 18 Conversion Date9 q6 R* s5 _1 I* e& |  }
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares' B) V, Z! I# n! C1 ?5 t
Series 18 will be converted into Preferred Shares Series 19.
( a& g* r3 G8 Y% n: MVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares9 T$ Z* O1 E, L7 M3 r
Series 18 will not be entitled as such to receive notice of, attend, or vote at," d% B  B, o  T6 l5 ]1 `' W
any meeting of the shareholders of the Bank unless and until the first time at
/ M) o% B% _8 N% X# T) Uwhich the Board of Directors has not declared the whole dividend on the# P  v+ x/ D6 W. q, U
Preferred Shares Series 18 in any quarter. In that event, subject as
. k2 h# ]- z3 X3 g; ?$ Xhereinafter provided, the holders of Preferred Shares Series 18 will be
4 y1 y% ^; S& K, ientitled to receive notice of, and to attend, meetings of shareholders at which
; f; H. T6 }# Kdirectors of the Bank are to be elected and will be entitled to one vote for
- w; w4 [5 G2 _9 Y9 N8 ueach Preferred Share Series 18 held. The voting rights of the holders of the/ |6 E5 y( g- K+ J9 ?2 s2 A1 G
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of, R/ b4 |! k, p2 J1 M
the first dividend on the Preferred Shares Series 18 to which the holders are- H& Y" m' q8 M( Z' A+ V& V% q/ K
entitled thereunder subsequent to the time such voting rights first arose until
* v; A3 Y( F& ^such time as the Bank may again fail to declare the whole dividend on the
6 r+ {2 q+ ^2 u. lPreferred Shares Series 18 in respect of any quarter, in which event such
, T7 U4 J- m1 D& p( I/ Gvoting rights will become effective again and so on from time to time.6 d: f  `3 W7 l. S5 k3 @5 y; M# c
Principal Characteristics of the Preferred Shares Series 19
+ n; Y0 z! ?! I5 h* v9 l+ b+ kDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
+ k/ e$ v$ l+ _' i( Lfloating rate non-cumulative preferential cash dividends, as and when* ]) E/ c& e! E& z+ j0 X" P
declared by the Board of Directors, subject to the provisions of the Bank Act,
2 d1 |$ R) a% ]9 spayable quarterly on the 25th day of February, May, August and November  U( G8 _/ ~+ l" S
in each year, in the amount per share determined by multiplying the
, y' ]3 W* P9 l! ~  O2 R' y6 tapplicable Quarterly Floating Dividend Rate by $25.00.& g6 A; {# d5 x, |& p$ T: f
On the 30th day prior to the commencement of the initial quarterly dividend
3 h7 y# I9 w" s6 T$ speriod beginning on February 25, 2014, and on the 30th day prior to the first
9 U: N$ m9 N& {* ^day of each subsequent quarterly dividend period (the initial quarterly7 g/ F5 a2 ~$ x. V
dividend period and each subsequent quarterly dividend period is referred to
8 @1 u- {0 N7 d6 mas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the* j6 R' W4 c6 O, f% z  z0 [
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate4 E+ m  o9 R6 {- v( R
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the$ `' C% Q! G  s0 B
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days1 O8 @  J! r2 ]) T
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
$ S2 Y4 w- l3 G% jdetermined on the 30th day prior to the first day of the applicable Quarterly
6 N, A1 ^' W! J( mFloating Rate Period.
, f: b7 @; [2 u- e) H4 r% a; b( RS-5  t2 z; v) J; |
If the Board of Directors does not declare a dividend, or any part thereof, on
6 |7 p( E$ j, P0 Q+ D9 l6 xthe Preferred Shares Series 19 on or before the dividend payment date for a
; C# n5 J% v1 S( gparticular quarter, then the entitlement of the holders of the Preferred2 k& f; n( }6 s0 t- r+ I. k' q. H$ d. @/ z
Shares Series 19 to receive such dividend, or to any part thereof, for such
$ g% p' o4 E+ |1 U- a1 k+ M) ^) ?quarter will be forever extinguished.
5 B& {" n, m6 X1 V6 V4 A; U3 i  mRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
# O+ w1 x7 a- w0 J/ ~' USuperintendent and to the provisions described below under the heading( n; w/ b: g) f- \. }* N. n2 F, I/ n
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
+ o7 B8 j3 v% ySeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,/ ?* m' d8 t6 y2 U& Z- g' ]/ S3 A
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all. {  J% i- E" V
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s$ K2 ]) X& `7 B7 I, I# H! w% S( w5 O
option without the consent of the holder, by the payment of an amount in
5 m- _0 R# T( v3 |cash for each such share so redeemed of (i) $25.00 together with all declared
1 b$ _* C  h& ?0 u' m8 r7 J8 nand unpaid dividends to the date fixed for redemption in the case of
9 q* n: O4 |: g2 Kredemptions on February 25, 2019 and on February 25 every five years  o5 Z! k# [$ E3 I
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
! @& p; D( `& Cthe date fixed for redemption in the case of redemptions on any other date
4 e0 [9 c; F( l) l& mon or after February 25, 2014.
0 ]- S' ?9 ?  DConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
5 j3 m0 R  n; J* AShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have0 B; i' Z8 U" s6 P  N! I) s, a+ @
the right, at their option, to convert, on February 25, 2019 and on" q* O0 `! {5 x1 h) O
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any  q+ L1 w- ^. }, S* t  Y+ z7 I3 E) d
or all of their Preferred Shares Series 19 into an equal number of Preferred
: O- O- E+ E( ~8 T8 X9 L7 JShares Series 18 upon giving to the Bank written notice thereof not earlier
9 `: Q. z* N. Nthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the- f& `  \% f3 p$ ^% M" g
15th day preceding, a Series 19 Conversion Date.
; w+ v" a- X  g7 c( e' y$ fAutomatic Conversion If the Bank determines, after having taken into account all shares tendered1 p' J2 f1 Q7 A% i2 X- z/ n
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
" ^$ `- W8 E' M+ S! h- @Series 18, as the case may be, that there would be outstanding on such0 `. s; j8 j* C, @
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
1 u+ X3 r$ |* a* P  s2 Hsuch remaining number of Preferred Shares Series 19 will automatically be
0 z( T6 i# K- `: Tconverted on such Series 19 Conversion Date into an equal number of
* N1 W4 Z. R0 R& gPreferred Shares Series 18. Additionally, if the Bank determines that, after
, e. s1 `+ o' Z" D3 t4 M0 dconversion, there would be outstanding on such Series 19 Conversion Date, l) R/ g& X( y) s* Q; A
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares- g  t$ w8 G2 t5 u
Series 19 will be converted into Preferred Shares Series 18.$ t  v' V& M2 B. s( ~# v
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
( K2 o' U; e9 |, r9 ]8 pSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
+ w: O6 F: o0 V9 P) `2 x0 p/ l, ]any meeting of the shareholders of the Bank unless and until the first time at
5 C  K, m5 q' h: z. K) vwhich the Board of Directors has not declared the whole dividend on the/ U/ d# G5 l$ o# Q6 |
Preferred Shares Series 19 in any quarter. In that event, subject as
: [( C/ d  T# I- w: K/ q0 Hhereinafter provided, the holders of Preferred Shares Series 19 will be& P" q/ M6 i8 C$ J. w
entitled to receive notice of, and to attend, meetings of shareholders at which6 X& f, @9 l4 ]9 }
directors of the Bank are to be elected and will be entitled to one vote for
' O( S' Y  R, c0 w! |each Preferred Share Series 19 held. The voting rights of the holders of the
* w9 m$ ~! v" PPreferred Shares Series 19 will forthwith cease upon payment by the Bank of* G% C: Z! i" D( E
the first dividend on the Preferred Shares Series 19 to which the holders are
7 N- R  W# y. f, I/ q* {8 q! Mentitled thereunder subsequent to the time such voting rights first arose until
6 @" ~( G) ?# n6 V9 `1 bsuch time as the Bank may again fail to declare the whole dividend on the
9 u  X* a- z9 `0 o2 ^Preferred Shares Series 19 in respect of any quarter, in which event such% j. E, }; S0 |( Y" H3 w
voting rights will become effective again and so on from time to time.
# F! h5 |3 g" E: RS-6" h: U2 X( E5 S) b2 S% B
Priority: The preferred shares of each series of the Bank will rank on a parity with
, Y" w2 z9 z7 E; jevery other series and are entitled to preference over the common shares of
8 J2 T7 K2 t" t- gthe Bank and over any other shares of the Bank ranking junior to the
/ g9 J# @% U" F1 E0 i1 o& y+ Cpreferred shares with respect to the payment of dividends and upon any
3 f: g% _# x- P6 Idistribution of assets in the event of the liquidation, dissolution or
" }. o( J6 ?/ C9 v% @" t3 @! uwinding-up of the Bank.
, t- Z+ L  U( I  ]1 xTax on Preferred Share The Bank will elect, in the manner and within the time provided under5 C' t/ o0 M8 E
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares1 A  o( U# _6 L7 P! k
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
/ c4 D6 |  q( m' _6 |" xdividends 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。
7 x2 B8 O9 I. U: ^9 Y* g! s* I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
0 ~* w8 }6 n3 v4 n8 B2 l
1 V& _6 U- d4 ?/ z9 V
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。+ _* Q' ~7 K: z

$ O* g5 L! ^7 H4 ?) h1 |1 N2 Ccall 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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