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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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[ 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:3 D* h  f( p8 e  S, t
SUMMARY OF THE OFFERING$ w$ l$ Q2 ~, s
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’’.& j& b: g* r9 C( B% g. V
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
, e: \1 p2 P, [9 Q7 T# nAmount: $150,000,000 (6,000,000 shares).
3 |1 f( A0 K! p$ yPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
$ K9 a& G$ ?% d2 v4 b& `Principal Characteristics of the Preferred Shares Series 18
6 B+ j, T* M3 cDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
, E$ l  [& _6 Q, b; anon-cumulative preferential cash dividends, as and when declared by the
. l1 W& e/ d& c6 E0 _/ e# {! G% ~Board of Directors, subject to the provisions of the Bank Act, for the initial; E( t1 ^8 Y5 e/ Z: J+ e+ V
period commencing on the closing date and ending on and including
/ ^- P- f+ L4 T- HFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the8 K( E8 f5 t+ l+ S4 f: g
25th day of February, May, August and November in each year, at a rate
% D6 n' u) |* p* i# _( Iequal to $0.40625 per share. The initial dividend, if declared, will be payable9 |4 O) r4 M7 {, T" X
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing. N& x( _" y, {  |+ N
date of December 11, 2008.$ D1 O3 @7 \$ P3 r) h
For each five-year period after the Initial Fixed Rate Period (each, a6 X( [, p  v/ ~/ Z
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
2 N8 @: @5 ~3 E/ [! sSeries 18 will be entitled to receive fixed non-cumulative preferential cash' H' J8 r; e4 i0 A  S
dividends, as and when declared by the Board of Directors, subject to the
& `; z/ x  B& p( O; rprovisions of the Bank Act, payable quarterly on the 25th day of February,
# z1 E1 S2 p- t- Q! r. S  C, K6 SMay, August and November in each year, in the amount per share per annum( x: s! |0 N* v, k6 n
determined by multiplying the Annual Fixed Dividend Rate applicable to6 I( j$ u; p. T/ z
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
7 d2 C! Z( T- o& Z# kRate for the ensuing Subsequent Fixed Rate Period will be determined by the
; \) Q5 a9 M1 JBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day3 }. O5 j& r5 x' X. C# p
of such Subsequent Fixed Rate Period and will be equal to the sum of the7 V: r) O' |5 j4 S
Government of Canada Yield on the applicable Fixed Rate Calculation Date
* q4 r3 y( ~+ _) C/ Z; d; @: Iplus 3.83%.. J0 e0 N6 U) v1 [, R
If the Board of Directors does not declare a dividend, or any part thereof, on4 R& v2 A2 g5 g9 E3 D8 s  H
the Preferred Shares Series 18 on or before the dividend payment date for a- H' O0 r# H  G% V0 k
particular quarter, then the entitlement of the holders of the Preferred
/ |" I  I, ^' C+ rShares Series 18 to receive such dividend, or to any part thereof, for such, d8 X- i3 ^1 t* S3 j
quarter will be forever extinguished.# k8 ]; @7 H! m- _! v  d
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
/ D; H1 I  ^$ R" R8 ASuperintendent and to the provisions described below under ‘‘Details of the
6 Q* T$ ~2 S. L2 t  u9 s8 ZOffering — Certain Provisions of the Preferred Shares Series 18 as a; W  Q3 C9 v! S# U& y
Series — Restrictions on Dividends and Retirement of Shares’’, on3 H% [+ z7 ?5 k+ W& t
February 25, 2014 and on February 25 every five years thereafter, on not
. C: G7 a. P( J- \6 T3 Mmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any& k  q5 g! W+ K% M  v5 [
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
4 k; K% b* _- N$ m3 Lwithout the consent of the holder, by the payment of an amount in cash for; Z+ ]* o' {. Z$ N
each such share so redeemed of $25.00 together with all declared and unpaid( e2 r. ^3 s, ^* ^8 o1 I. {
dividends to the date fixed for redemption.
# Y6 r0 \+ ?1 Q9 O8 vConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
  M) P4 h! p1 o1 jShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have/ S' X% b/ F8 p$ l$ d9 |9 O! G  E
the right, at their option, to convert, on February 25, 2014 and on
: ?$ n* [6 {* OS-4
4 B% j1 g' d3 G: H3 F9 Q5 LFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
5 m0 z' J. k1 h/ B8 yor all of their Preferred Shares Series 18 into an equal number of Preferred
# d! S+ Y  F9 H/ L' ]0 kShares Series 19 upon giving to the Bank notice thereof not earlier than3 Q2 a6 \4 R. t. s# D
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
+ J  P  d+ [3 I* U4 _preceding, a Series 18 Conversion Date.1 a+ a1 S+ {) N0 b
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
, S0 t8 f; m7 W* e7 }) A8 UProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares2 j: M3 ~! r9 x' F) F5 e
Series 19, as the case may be, that there would be outstanding on such6 t0 b# c' c) {
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
: ]* F' y. \2 P& o1 d- x' _such remaining number of Preferred Shares Series 18 will automatically be3 z' B- ?" W1 S/ Y2 o
converted on such Series 18 Conversion Date into an equal number of
! {; @# |  k7 y7 I2 z5 U2 JPreferred Shares Series 19. Additionally, if the Bank determines that, after
5 _4 e- h5 b( h9 l4 Qconversion, there would be outstanding on such Series 18 Conversion Date0 @0 u- z$ O" D, l8 v& |
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
9 F2 n4 r4 @  u# y- L1 P- |' ASeries 18 will be converted into Preferred Shares Series 19.
9 a  r# s; U/ A. U& j! S7 \+ dVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
6 }6 w+ Q. g% ^9 @Series 18 will not be entitled as such to receive notice of, attend, or vote at,
9 q) X1 ]6 t0 R, @- f; ]any meeting of the shareholders of the Bank unless and until the first time at# K7 D, |3 t# k1 S7 [3 z8 F2 f( D+ \
which the Board of Directors has not declared the whole dividend on the9 ]0 W; H: s' z. m0 X
Preferred Shares Series 18 in any quarter. In that event, subject as) r' |7 f% z* h3 G' {, P
hereinafter provided, the holders of Preferred Shares Series 18 will be% ~% X0 X% I/ S+ d
entitled to receive notice of, and to attend, meetings of shareholders at which4 U9 y6 d- Y* u
directors of the Bank are to be elected and will be entitled to one vote for
+ O/ {% ?  N2 |) P) L1 J* j  ceach Preferred Share Series 18 held. The voting rights of the holders of the, |- a8 N4 A% k* U
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
" R0 p& Y+ D3 V! i0 G/ x9 Athe first dividend on the Preferred Shares Series 18 to which the holders are9 I2 Q; h( @4 a( G) W& a
entitled thereunder subsequent to the time such voting rights first arose until
3 K( L- S7 [% S0 f& V8 Ssuch time as the Bank may again fail to declare the whole dividend on the
; p* M& X$ Y2 g5 m2 I7 l4 EPreferred Shares Series 18 in respect of any quarter, in which event such1 n4 C0 ]/ y  H
voting rights will become effective again and so on from time to time.
# U- R3 T( V. F  y* aPrincipal Characteristics of the Preferred Shares Series 19
7 q; z, x+ A& }$ I  P& g3 o5 [Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive! z# D: N; n. j
floating rate non-cumulative preferential cash dividends, as and when
# P) ~4 q& D" A; K' X4 S  {9 hdeclared by the Board of Directors, subject to the provisions of the Bank Act,
4 s. C) ~3 i- d9 L" z4 H) fpayable quarterly on the 25th day of February, May, August and November( L' p  J! D% S4 H! l2 I
in each year, in the amount per share determined by multiplying the
# c2 p& T" I* E; fapplicable Quarterly Floating Dividend Rate by $25.00.
/ }; w4 J+ y' y1 m! BOn the 30th day prior to the commencement of the initial quarterly dividend
0 w  \; t; D: I8 lperiod beginning on February 25, 2014, and on the 30th day prior to the first
1 Z3 V- U. V2 v3 j! H# ^  jday of each subsequent quarterly dividend period (the initial quarterly2 l$ m2 t( |3 q5 I  D
dividend period and each subsequent quarterly dividend period is referred to
2 w, H, d0 K) M7 Oas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the7 N. y  |( y, }
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate' g7 f" L* o& |( b
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
' o2 m0 c) Q6 @) B  o4 H( ET-Bill Rate plus 3.83% (calculated on the basis of the actual number of days2 G2 y  ?. k2 a2 H% i- G) N
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
0 O3 c! m; o( Kdetermined on the 30th day prior to the first day of the applicable Quarterly
: _1 _% W% r3 Y7 z) |) E* oFloating Rate Period.7 }+ B! X" h* N% Y; Y, x% t4 H
S-5
+ ?, \# x) X6 _  H1 W9 HIf the Board of Directors does not declare a dividend, or any part thereof, on
! K! [/ ?" i& |8 U$ f* M) rthe Preferred Shares Series 19 on or before the dividend payment date for a
  Y6 v- ^7 L2 j7 \% Zparticular quarter, then the entitlement of the holders of the Preferred
" z! @( g* x  @3 ~$ E0 i' WShares Series 19 to receive such dividend, or to any part thereof, for such
' s+ e' n* ?2 F2 Wquarter will be forever extinguished.
& q# T) r) ]) J- D4 n, j$ qRedemption: Subject to the provisions of the Bank Act and to the prior consent of the2 x; r( c- `& T5 v1 k
Superintendent and to the provisions described below under the heading0 g6 X1 l( ]$ Z* Z; q
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
3 S. r  g% `$ ]9 m/ r& s& s+ Y% FSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
& A! Z% Q* Y" M4 {! ion not more than 60 nor less than 30 days’ notice, the Bank may redeem all$ m' x$ a3 r1 w0 }2 }! `
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
0 t! c7 G  g( e: Qoption without the consent of the holder, by the payment of an amount in
' N. M' H$ P; u" \& E+ @2 acash for each such share so redeemed of (i) $25.00 together with all declared5 h. s1 h7 Y5 G7 W
and unpaid dividends to the date fixed for redemption in the case of
% ?6 V, p0 N, X* s( }7 C0 g; gredemptions on February 25, 2019 and on February 25 every five years  k6 ]6 v. r9 f  J7 Z1 F% @2 |
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
! A. b3 L9 G3 d! g" E% Athe date fixed for redemption in the case of redemptions on any other date! `3 \7 Z3 }4 @0 |3 y
on or after February 25, 2014.! w0 H9 o7 ?+ r& W8 q
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
8 @& ]' r- ?# qShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have. F5 S3 c+ E% X, d8 s/ n
the right, at their option, to convert, on February 25, 2019 and on" w0 B5 h- k- ?8 _1 U
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
, ^# B7 {% W& t6 f- uor all of their Preferred Shares Series 19 into an equal number of Preferred, c6 {9 O; f  n7 t! `
Shares Series 18 upon giving to the Bank written notice thereof not earlier9 P& d0 E9 Y" {7 V; `( `) ^
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
0 ?. S  a9 Q! n7 a2 Y15th day preceding, a Series 19 Conversion Date.: N4 x+ r: e! n. b2 t! R  J
Automatic Conversion If the Bank determines, after having taken into account all shares tendered6 H* U1 S8 N1 }8 J% Y; }
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares3 H9 N4 h* F/ b6 B7 Q
Series 18, as the case may be, that there would be outstanding on such
9 B2 B& ?+ b6 o  `, c/ q; }6 TSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
; C" z; }5 G4 l3 R) E, B: ~such remaining number of Preferred Shares Series 19 will automatically be
6 x# q0 A( G$ n/ Q* t4 p1 s7 s. Pconverted on such Series 19 Conversion Date into an equal number of/ d) R8 z' n  K4 ?, r
Preferred Shares Series 18. Additionally, if the Bank determines that, after# e8 T4 G: F3 b6 ]
conversion, there would be outstanding on such Series 19 Conversion Date* e$ S7 J0 S  G( X& u7 B- S
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares+ X/ q2 j2 D( y8 D' \
Series 19 will be converted into Preferred Shares Series 18.6 P* \0 q% `) \/ r) c8 b) E4 H
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares6 ~8 m; m) q+ F$ O3 ?) ~
Series 19 will not be entitled as such to receive notice of, attend, or vote at,* _' p7 {; J: B" Z
any meeting of the shareholders of the Bank unless and until the first time at8 C0 h' A. y) O6 V5 s
which the Board of Directors has not declared the whole dividend on the- s. @6 X1 \  ^& [+ l( n
Preferred Shares Series 19 in any quarter. In that event, subject as
. K% ~. P+ G& k% j# Ahereinafter provided, the holders of Preferred Shares Series 19 will be
; C+ V/ m5 S+ y* V3 M3 uentitled to receive notice of, and to attend, meetings of shareholders at which
4 w4 X# e$ J( J' Kdirectors of the Bank are to be elected and will be entitled to one vote for2 S: G/ }2 }7 p1 v
each Preferred Share Series 19 held. The voting rights of the holders of the9 W# C& U$ @0 Z0 |( K
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of, N$ v* V. Z. J
the first dividend on the Preferred Shares Series 19 to which the holders are
- |$ N! h" o0 B8 u: G  F+ tentitled thereunder subsequent to the time such voting rights first arose until+ v( ]1 d% u% W$ C0 {
such time as the Bank may again fail to declare the whole dividend on the- a  x3 ~' ?0 a) c$ s* K) e2 C
Preferred Shares Series 19 in respect of any quarter, in which event such
# @% C2 r3 _, T4 ^voting rights will become effective again and so on from time to time.) S) Q. r* t) I3 i. D
S-6
: O, M9 w: l: q- xPriority: The preferred shares of each series of the Bank will rank on a parity with4 K! ]& I% [7 {. k
every other series and are entitled to preference over the common shares of
5 J- {* T0 ~4 N" W) vthe Bank and over any other shares of the Bank ranking junior to the
. S) G& e2 j' W8 p! K7 A9 tpreferred shares with respect to the payment of dividends and upon any1 _& N' H1 Y3 r
distribution of assets in the event of the liquidation, dissolution or
0 K) V) o* T5 H. @winding-up of the Bank.
4 f" [9 ]- a5 {1 ]. k5 p2 ?8 STax on Preferred Share The Bank will elect, in the manner and within the time provided under, Q! |: d3 N) q5 P( U- p  |! f! z
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
: k1 T# p9 a( x; h- gSeries 18 and Preferred Shares Series 19 will not be required to pay tax on3 E  y% i8 u. b) f* |
dividends 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。
- I+ I, o8 |) O7 ?7 c& U: Y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
; x* h  C5 i5 o. k0 R5 y4 C) ^
) N6 a  A4 \4 C+ S# S
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
; t) h  ^! `& f2 s/ N% g% b. H4 k: {7 h! K$ I7 B# }
call 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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