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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
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和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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* c, }7 N0 j/ w' f[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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鲜花(26) 鸡蛋(0)
 楼主| 发表于 2008-11-29 16:58 | 显示全部楼层
下面是BMO的:
: u0 Z% n/ g4 F3 e! ^SUMMARY OF THE OFFERING
  H/ b% f5 P( t/ A3 ?( sThis 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’’.
6 N3 E0 n; B0 |  F- LIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.4 I( r  b; y, }4 E
Amount: $150,000,000 (6,000,000 shares).
( G0 l( i, ?0 k4 d# G- w. E- P5 EPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
7 e* Z) x; M; H- }1 C5 ?$ B" tPrincipal Characteristics of the Preferred Shares Series 18
% q( w& W/ {  d6 NDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed+ n. N) }. a0 w2 w* X% c
non-cumulative preferential cash dividends, as and when declared by the4 V3 {* h4 ^5 ~9 Q
Board of Directors, subject to the provisions of the Bank Act, for the initial
" w& U6 k8 O0 B; e5 }period commencing on the closing date and ending on and including
: B- X; k# f: P; E2 IFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the9 G$ u! [) h4 e+ p' R
25th day of February, May, August and November in each year, at a rate
' D# i4 M" E, v# Wequal to $0.40625 per share. The initial dividend, if declared, will be payable  W( h9 K0 [: @6 s
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
0 r' N6 ~8 o& v" k% w% _; b& Hdate of December 11, 2008.
% h+ {% n+ U' w/ S% VFor each five-year period after the Initial Fixed Rate Period (each, a
8 h+ g) N3 j3 ~‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares9 x9 V! X8 b; z9 f: a$ j
Series 18 will be entitled to receive fixed non-cumulative preferential cash
% |& V" h' i% v5 Sdividends, as and when declared by the Board of Directors, subject to the
0 U* W4 y2 Q7 Y7 T  E; \7 Y# r! ^( Hprovisions of the Bank Act, payable quarterly on the 25th day of February,! \2 t# T+ L! u( T) R
May, August and November in each year, in the amount per share per annum$ s/ J; _2 p8 n6 V
determined by multiplying the Annual Fixed Dividend Rate applicable to( j5 ~! n& K" U( S$ A
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend! o% ^4 ~( I2 s5 V- X
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
: E9 j8 M5 h, B' c1 jBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day  n$ K$ }( s' g) t3 T6 ]  l
of such Subsequent Fixed Rate Period and will be equal to the sum of the# N: ~7 k$ W) g/ h
Government of Canada Yield on the applicable Fixed Rate Calculation Date8 p- t+ \/ t; e/ B( Q' K3 U& c
plus 3.83%.
/ m, b+ @& {0 e- [( sIf the Board of Directors does not declare a dividend, or any part thereof, on
3 k) j' c/ D, m6 Y0 N9 ~the Preferred Shares Series 18 on or before the dividend payment date for a% s3 G7 ~0 z/ A4 F
particular quarter, then the entitlement of the holders of the Preferred2 i4 }3 C+ x, R" M" p0 K, u  O
Shares Series 18 to receive such dividend, or to any part thereof, for such" d- I  @  u5 F5 M0 L+ p( E
quarter will be forever extinguished.
$ e: D$ ], \0 b. `- lRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
) B: P0 ]6 b/ w8 Z0 g! C  v" lSuperintendent and to the provisions described below under ‘‘Details of the
! ]! `* ~! N7 c3 cOffering — Certain Provisions of the Preferred Shares Series 18 as a0 H, F' E" T& T  @
Series — Restrictions on Dividends and Retirement of Shares’’, on
  X9 W& O6 B0 q* wFebruary 25, 2014 and on February 25 every five years thereafter, on not& T, V. {8 y5 |  k8 U
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
) v- @: f4 }0 T  m; wpart of the then outstanding Preferred Shares Series 18, at the Bank’s option! N6 e  D# F/ p+ \  f: T. D, o
without the consent of the holder, by the payment of an amount in cash for" D; C- t. B8 Q& {% ~
each such share so redeemed of $25.00 together with all declared and unpaid2 e, B! j8 G% p0 a( N# M
dividends to the date fixed for redemption.5 C3 `: F& ~9 c& A1 ^1 j- M
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
2 Q" {/ D: B- IShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have6 o! J& _1 _3 [- L
the right, at their option, to convert, on February 25, 2014 and on" O9 s5 P+ f2 ?
S-49 e. Y( }* ^  D% r' I
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any7 p" G+ Y, k" t" S6 o
or all of their Preferred Shares Series 18 into an equal number of Preferred0 L$ K( h: Z: T( I& @
Shares Series 19 upon giving to the Bank notice thereof not earlier than1 k1 M% |/ }" q: K3 I( _- g
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
4 y" a5 i1 X" `. ^preceding, a Series 18 Conversion Date.; l" l+ [& [* L" ^
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
( ]# d5 ]: N" ~) G$ @Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
$ X! f1 Y* o. B$ b9 H8 o4 xSeries 19, as the case may be, that there would be outstanding on such8 [5 Q7 j2 U! @. l) ~+ @
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
& d$ t, S  h" N9 Csuch remaining number of Preferred Shares Series 18 will automatically be0 O; [6 i* }( B' C$ y- q1 v. }
converted on such Series 18 Conversion Date into an equal number of
( l' G" Z/ p8 z+ X3 @9 D$ qPreferred Shares Series 19. Additionally, if the Bank determines that, after( V$ J; `: a* W. y
conversion, there would be outstanding on such Series 18 Conversion Date7 i# c: }: ?' [+ m$ [
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares' \. l0 A: v0 a; d- a* i
Series 18 will be converted into Preferred Shares Series 19.! t: ^2 Y* v! E( h1 n
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
3 y+ V8 T0 e3 |4 ySeries 18 will not be entitled as such to receive notice of, attend, or vote at,) R4 @6 I& S; s0 g
any meeting of the shareholders of the Bank unless and until the first time at) I9 e0 `( C. g& }
which the Board of Directors has not declared the whole dividend on the
/ s  h1 c* {% G4 A) RPreferred Shares Series 18 in any quarter. In that event, subject as
; D  ~; f" ~: W" D' D* ]hereinafter provided, the holders of Preferred Shares Series 18 will be
1 h9 j. R/ N; j* u# \entitled to receive notice of, and to attend, meetings of shareholders at which2 a9 t7 T3 n: T2 i0 B: E8 q
directors of the Bank are to be elected and will be entitled to one vote for
% z2 ^4 x) t% C0 P4 b: }$ @each Preferred Share Series 18 held. The voting rights of the holders of the
+ N5 A, g0 a, A! R2 zPreferred Shares Series 18 will forthwith cease upon payment by the Bank of: l1 G, Z% h* X6 F7 p% K3 b& z
the first dividend on the Preferred Shares Series 18 to which the holders are
$ K5 X' |$ s0 K9 h- S9 `entitled thereunder subsequent to the time such voting rights first arose until
& x* T( C2 ~: q$ U* L+ \/ u& I: |such time as the Bank may again fail to declare the whole dividend on the
- O- E6 X  y4 X- X/ C, F1 Q) e8 e1 K! LPreferred Shares Series 18 in respect of any quarter, in which event such0 W. E  W( b/ R+ L7 @' M8 Z
voting rights will become effective again and so on from time to time.5 y, J0 g4 T9 F1 b" T
Principal Characteristics of the Preferred Shares Series 191 p/ X3 v/ W- t) S4 O7 i7 u2 ]! |
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
/ Z) q; T9 T3 Pfloating rate non-cumulative preferential cash dividends, as and when
3 O7 f/ M% e& w$ ?, w" }* Adeclared by the Board of Directors, subject to the provisions of the Bank Act,
6 V& `* V6 C% `. e. F1 dpayable quarterly on the 25th day of February, May, August and November
$ c7 d: k/ N: f+ v) h5 _in each year, in the amount per share determined by multiplying the, N3 R3 B' T3 {% |: h0 P+ H$ G
applicable Quarterly Floating Dividend Rate by $25.00.
, ?! W& s4 `3 g' v- }3 U2 t5 }On the 30th day prior to the commencement of the initial quarterly dividend
5 P( [5 t* z5 qperiod beginning on February 25, 2014, and on the 30th day prior to the first- I8 ^8 E  Z$ S4 Q% R
day of each subsequent quarterly dividend period (the initial quarterly
8 Q% p" _6 q0 p$ edividend period and each subsequent quarterly dividend period is referred to
1 Q* i6 q$ x$ N* las a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the* Z3 y& d/ d& z: i  b" u/ @
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
1 E9 i$ Q) D* w, V. F6 E; PPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
+ o* H( i- k, p" Y: MT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days. }, I  B8 O& ]7 m0 B) @
elapsed in the applicable Quarterly Floating Rate Period divided by 365)# t* ?* F; d, p0 v5 C
determined on the 30th day prior to the first day of the applicable Quarterly6 x3 q& h( O6 A- H6 w
Floating Rate Period.
7 x4 l2 P5 k* e* w( D. q3 \S-5
1 l0 O. T0 X2 L% W% v3 ^If the Board of Directors does not declare a dividend, or any part thereof, on
5 v) ~$ E5 T3 {the Preferred Shares Series 19 on or before the dividend payment date for a- w# R! e, Y4 t1 E/ I! E6 h
particular quarter, then the entitlement of the holders of the Preferred, z0 x9 [) D# h. D
Shares Series 19 to receive such dividend, or to any part thereof, for such; }$ q8 C! F! n. T
quarter will be forever extinguished." J# F* @2 D$ c' R5 j# r2 b- f
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the( f$ q; b3 t! U* s% N* G
Superintendent and to the provisions described below under the heading, ~7 a0 u2 R5 [3 t
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
5 A* |$ ?2 m( ^% a2 SSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
/ S, |& L% [/ n8 \2 Y; ton not more than 60 nor less than 30 days’ notice, the Bank may redeem all
7 M/ f* k# y3 ?& H3 z/ gor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
/ T8 [) ^/ t# p+ foption without the consent of the holder, by the payment of an amount in& e% d& u4 S4 G9 U
cash for each such share so redeemed of (i) $25.00 together with all declared
9 B3 S& o: [# |" F4 h0 g. kand unpaid dividends to the date fixed for redemption in the case of
2 _2 F/ v: d6 ~/ Zredemptions on February 25, 2019 and on February 25 every five years; j: c$ {: H3 J! `
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to, A! E+ L) u/ U  j5 c) T
the date fixed for redemption in the case of redemptions on any other date
4 n" d0 ~8 Z4 M5 F- Z! ~+ @on or after February 25, 2014.
/ t0 U3 G, D4 _& p, R/ ?' fConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
  ^3 t& z$ j; d! F; R+ TShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
" r, v. {+ M$ M7 I# V* gthe right, at their option, to convert, on February 25, 2019 and on8 F! r/ Q) k$ Y+ W
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any5 p2 g  ]# Y0 f( U
or all of their Preferred Shares Series 19 into an equal number of Preferred  J+ Q1 N( g; P& q
Shares Series 18 upon giving to the Bank written notice thereof not earlier5 p/ f- y& N  K  P  e3 L
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
1 G+ F6 I. @8 k7 L15th day preceding, a Series 19 Conversion Date.8 _9 i0 z" n1 t. ?* _
Automatic Conversion If the Bank determines, after having taken into account all shares tendered9 o) ^" Z1 r& N9 I$ P
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares9 w. H' b# @, [
Series 18, as the case may be, that there would be outstanding on such* k/ F/ O8 A+ b+ Q* h
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
$ z  \/ I3 W" T* r9 ?such remaining number of Preferred Shares Series 19 will automatically be
- w3 b: e, h( o" k. N0 t4 e. hconverted on such Series 19 Conversion Date into an equal number of' f: E+ @" q" W/ K/ I$ W) l' E
Preferred Shares Series 18. Additionally, if the Bank determines that, after  T3 K: e$ H3 Z4 w
conversion, there would be outstanding on such Series 19 Conversion Date
! R3 y( W5 X% J% j3 uless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares; D7 H1 o3 o2 H8 F& Y3 i* d$ T
Series 19 will be converted into Preferred Shares Series 18.# ^3 s8 M3 X1 y$ s* w" E& z; P
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares: e3 r. j  ^( Y6 ?+ a
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
. c+ P8 \8 A3 Z, O3 nany meeting of the shareholders of the Bank unless and until the first time at6 R% j6 l/ G3 {5 Y6 Q9 s' x
which the Board of Directors has not declared the whole dividend on the% e3 u* \( I) w" x. A5 A8 G) m* b
Preferred Shares Series 19 in any quarter. In that event, subject as0 i, V9 T0 Z) W' h8 k1 L. I
hereinafter provided, the holders of Preferred Shares Series 19 will be
+ ^, l3 z4 g- u, F; U" t1 k0 N7 }entitled to receive notice of, and to attend, meetings of shareholders at which
$ ^  E. B5 R0 m' n5 g& [1 [3 b' Kdirectors of the Bank are to be elected and will be entitled to one vote for
( a$ k  V( M: l' _each Preferred Share Series 19 held. The voting rights of the holders of the& R2 Z) _: V( b/ F4 [' ]
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of9 X& f9 i! B7 p7 M5 A% M. H' F: W
the first dividend on the Preferred Shares Series 19 to which the holders are
9 I5 }! s9 W' i: K" l  V9 n! [entitled thereunder subsequent to the time such voting rights first arose until! b. d$ q) H7 v  O" f" c( v$ M2 g8 X" q
such time as the Bank may again fail to declare the whole dividend on the
* x/ ^5 m. p1 a! a' e  X. qPreferred Shares Series 19 in respect of any quarter, in which event such1 K7 {, A. O* K
voting rights will become effective again and so on from time to time.# R2 W& M, c1 w' @3 k. B
S-6  s1 Y% ]) C+ t6 l/ [- c
Priority: The preferred shares of each series of the Bank will rank on a parity with
; k" U$ ^; p$ severy other series and are entitled to preference over the common shares of
" x/ Q) Z& K  w8 Q! i  pthe Bank and over any other shares of the Bank ranking junior to the
) h0 N4 ^% q: L& |) Y, upreferred shares with respect to the payment of dividends and upon any% v6 J& P' l4 n# p
distribution of assets in the event of the liquidation, dissolution or
0 n5 |+ p& c- Z' _9 o9 p6 g# }winding-up of the Bank.! ]* b: g( O2 ]% X
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under' i$ ~) w. G( d. D& H9 Q
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares5 s: P6 j% |6 x. H7 \; B2 p! W1 _
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
; h4 `# U- [, ]1 o5 [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。9 ^  @+ c, X; ?6 i5 w; `
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
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

  ^5 F7 G7 L7 G, I8 C& ]; b: i, ~# E% Q# T4 _9 x3 w
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
7 ?. q+ N% Z, X% d9 F0 ^0 N2 O' B5 |; ~; j
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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