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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。' b' q+ ]/ z' {

  }" E0 b9 w( Q. ^4 |4 K) W: ]8 `
% I, D8 n( l; u: K( c[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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:7 U4 h- r2 K% y; ]6 v. B1 S
SUMMARY OF THE OFFERING
6 u+ s; c6 V) e0 p4 o0 A- rThis 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 E4 d$ u$ B% P! J$ j7 P7 W. jIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.' z& B3 S5 j' A& G* S
Amount: $150,000,000 (6,000,000 shares).
1 ^; ~& K* j) u6 ]/ q; L" K$ H# oPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
& ?0 t% h- q" i3 s: iPrincipal Characteristics of the Preferred Shares Series 184 _& A! I( u6 n4 l+ [" R
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed( U  [7 u3 r* h4 {/ X
non-cumulative preferential cash dividends, as and when declared by the( }9 k8 _- T9 t  x1 L
Board of Directors, subject to the provisions of the Bank Act, for the initial
. U! G0 [' \& H$ C- |. G% |% lperiod commencing on the closing date and ending on and including
. I; P% H0 N" d/ N. ]! S6 ^8 v* UFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the& R6 O# _1 V# t; [' C1 z' }
25th day of February, May, August and November in each year, at a rate# ]( i5 z" E9 Q- ?' a
equal to $0.40625 per share. The initial dividend, if declared, will be payable
! P& x3 P4 ~' W( a7 GMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
* P0 j: F" s0 f5 f8 X2 x8 {! I: Jdate of December 11, 2008.
1 n3 ~, s  E0 ^& TFor each five-year period after the Initial Fixed Rate Period (each, a
  O& n4 [  ?& C5 L4 k‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares* x$ M! \# {# {0 N8 p( Q
Series 18 will be entitled to receive fixed non-cumulative preferential cash: g' W( C* C) t0 w- j# K
dividends, as and when declared by the Board of Directors, subject to the
3 P! a/ }' Q/ _7 F) p1 Q3 I/ W* Oprovisions of the Bank Act, payable quarterly on the 25th day of February,+ c- G% F& a2 ]$ A8 ^! Y
May, August and November in each year, in the amount per share per annum: R! }9 Z" |6 e# o! Z% }( P
determined by multiplying the Annual Fixed Dividend Rate applicable to9 K1 t8 m6 k7 p, K2 n. [( D
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend, R3 N! {% b8 h
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
* j0 m2 r: H5 ~Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day6 M/ z; s% r1 D3 V0 v+ P
of such Subsequent Fixed Rate Period and will be equal to the sum of the# ]- i' h* U7 ]- }3 n
Government of Canada Yield on the applicable Fixed Rate Calculation Date
: p( s. u, n* F# F, splus 3.83%.; o+ p( ]; m  H' A
If the Board of Directors does not declare a dividend, or any part thereof, on: g! X1 U0 Y$ b( N! u
the Preferred Shares Series 18 on or before the dividend payment date for a, W) D1 U: n- ^( D. ]- C5 b: m6 m
particular quarter, then the entitlement of the holders of the Preferred
& H( S4 @. Z5 y% V5 y* c9 j) rShares Series 18 to receive such dividend, or to any part thereof, for such
) C1 y# b1 G  z7 O; z/ X, X" p0 ~quarter will be forever extinguished.
6 E" Q. w. k# c9 K7 s  hRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
% f$ T  E! g5 J# Q6 }; `Superintendent and to the provisions described below under ‘‘Details of the2 b' O9 t  v& F2 n: x
Offering — Certain Provisions of the Preferred Shares Series 18 as a1 X2 a( j' V! U, K$ ~
Series — Restrictions on Dividends and Retirement of Shares’’, on) C. ?6 E2 h! s
February 25, 2014 and on February 25 every five years thereafter, on not6 I! E/ F; a6 z* _% b% E
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
- {( u# h5 a4 U; a5 l' zpart of the then outstanding Preferred Shares Series 18, at the Bank’s option8 A* C# C5 x5 C$ l
without the consent of the holder, by the payment of an amount in cash for- Y, i. z. g  d6 h+ R
each such share so redeemed of $25.00 together with all declared and unpaid' e) N' a7 d" Q/ z  k
dividends to the date fixed for redemption.$ ?' V: K" I1 g: l' s" o$ M
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic" X# Q, I* b* T* C8 ]
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have( Z' \# u* [% v7 d* d+ y
the right, at their option, to convert, on February 25, 2014 and on% ]5 D* [1 p/ z6 d# \9 a, g7 f
S-4% v& [+ B# b1 N+ u4 K
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
9 b- O8 {1 s  h: Y5 N& H6 Y  nor all of their Preferred Shares Series 18 into an equal number of Preferred  U) l/ h" B! U1 |! z" n, A5 ^  Q
Shares Series 19 upon giving to the Bank notice thereof not earlier than
9 m3 F% `1 K& M30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
0 \. X$ h2 B  Q. Gpreceding, a Series 18 Conversion Date.: X, u2 R* g2 t' i) p+ E* D" I& k( L
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
/ H# E; ?" u$ O# _Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares* h6 M$ G9 R0 ~. R$ c: r8 k
Series 19, as the case may be, that there would be outstanding on such# g- f! a% i7 y8 ~1 a. v( }
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
( N1 D/ V6 U8 t! y2 F3 y. a! zsuch remaining number of Preferred Shares Series 18 will automatically be
; ?: w+ W# @9 T$ b) C" Yconverted on such Series 18 Conversion Date into an equal number of6 m' Q  l- a4 |. |- K& |/ T( E! L
Preferred Shares Series 19. Additionally, if the Bank determines that, after* h7 o. [" m( s# K( S  A6 Y4 }3 F
conversion, there would be outstanding on such Series 18 Conversion Date
# y" q; ^& W( j% @: Cless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares$ j3 ]: r$ e- A: a# d* ]
Series 18 will be converted into Preferred Shares Series 19.
" S* E1 M0 a* O* E( `3 R  Z4 k. ]Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
+ z- s8 {) P# y3 d8 u7 @Series 18 will not be entitled as such to receive notice of, attend, or vote at,
. o9 h7 `2 P# k9 O# ?  qany meeting of the shareholders of the Bank unless and until the first time at! b! J1 T6 M$ H% W' A
which the Board of Directors has not declared the whole dividend on the
( n# {' I4 m0 D0 rPreferred Shares Series 18 in any quarter. In that event, subject as
: U' E  E" e) A5 r6 V1 h) xhereinafter provided, the holders of Preferred Shares Series 18 will be
/ T; X- P" S, eentitled to receive notice of, and to attend, meetings of shareholders at which  {9 I. n, P0 \. I9 J
directors of the Bank are to be elected and will be entitled to one vote for
0 i7 t; L6 X' N2 F6 f/ _# Beach Preferred Share Series 18 held. The voting rights of the holders of the
7 ?9 b1 ]) h5 z; R2 g: vPreferred Shares Series 18 will forthwith cease upon payment by the Bank of, o- y& o% P4 B8 ?$ H# t# V) N3 D6 T# P) w
the first dividend on the Preferred Shares Series 18 to which the holders are$ q2 l) u, l( o7 l' ?( E0 {" |- w
entitled thereunder subsequent to the time such voting rights first arose until# S+ l0 a6 d- q% g' Z7 B$ {
such time as the Bank may again fail to declare the whole dividend on the
6 f+ M$ w# E5 N, d' I" yPreferred Shares Series 18 in respect of any quarter, in which event such" D" Q: I) K" j- `, V
voting rights will become effective again and so on from time to time.
5 N& ?) A, N, Y/ n% vPrincipal Characteristics of the Preferred Shares Series 19  T! E/ h+ V2 s
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
: U7 Z( N" d3 [7 ~; i& L% zfloating rate non-cumulative preferential cash dividends, as and when
# s( j8 Q4 `5 e4 P8 n1 O. t! W% \7 ideclared by the Board of Directors, subject to the provisions of the Bank Act,. _5 {: C/ |, }! {
payable quarterly on the 25th day of February, May, August and November4 L/ B+ c2 T* g9 T8 n
in each year, in the amount per share determined by multiplying the
" U8 r; B" F) b  Japplicable Quarterly Floating Dividend Rate by $25.00.
! r1 S! [3 Q; c2 o, F1 o" `1 POn the 30th day prior to the commencement of the initial quarterly dividend
" c& ~* x7 n9 I& H+ v* t+ ~2 Jperiod beginning on February 25, 2014, and on the 30th day prior to the first( G3 F- t/ Z; j3 M
day of each subsequent quarterly dividend period (the initial quarterly
6 c2 V8 J0 {9 sdividend period and each subsequent quarterly dividend period is referred to
5 y3 y/ x6 p4 K6 a, ~3 g5 U. @as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
: G4 }! I. l" j1 Q/ vQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
9 B% n' t' l5 L& W5 V5 B3 CPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the' B- \# P5 W' K5 D; C  r! P
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
) w/ i+ U# \  v, z0 Delapsed in the applicable Quarterly Floating Rate Period divided by 365)
6 P+ {* x/ G0 odetermined on the 30th day prior to the first day of the applicable Quarterly+ L% ~, I6 ?! o$ o  K5 B# R5 a
Floating Rate Period.
' w& l) M0 I7 h" F9 h/ LS-5
4 i! I( D7 C5 t8 B' B  L0 z1 r6 BIf the Board of Directors does not declare a dividend, or any part thereof, on1 s$ Y. U& q3 i2 P  o
the Preferred Shares Series 19 on or before the dividend payment date for a
! P- Y9 E4 h$ {5 w. X* Wparticular quarter, then the entitlement of the holders of the Preferred
1 a2 F: }6 [- \) t7 E) |, FShares Series 19 to receive such dividend, or to any part thereof, for such( I; j) A0 d6 d" c7 z. L
quarter will be forever extinguished.
4 k. C$ |2 j6 `# q% mRedemption: Subject to the provisions of the Bank Act and to the prior consent of the  N) i8 ~* W6 u1 @2 X6 `
Superintendent and to the provisions described below under the heading; G- b. Q, T1 i8 L0 o: n
‘‘Details of the Offering — Certain Provisions of the Preferred Shares8 b. p# i7 u# a7 c# s7 X
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
+ ~9 I  B' u  w" V* Won not more than 60 nor less than 30 days’ notice, the Bank may redeem all
, c  u( B  Z1 W3 h+ k3 vor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
9 V, K  I& z- R. o% moption without the consent of the holder, by the payment of an amount in
  n# `, r; t; r# f% r* }3 ^) ?' Pcash for each such share so redeemed of (i) $25.00 together with all declared8 f+ T. d6 N, J) I8 I! D& P; p, a
and unpaid dividends to the date fixed for redemption in the case of
6 ~% C) S( n+ @% W! D. Uredemptions on February 25, 2019 and on February 25 every five years
2 ]6 O, L( F; D8 ]. h  _3 ?thereafter, or (ii) $25.50 together with all declared and unpaid dividends to5 @  Y1 k. C0 b) f# S
the date fixed for redemption in the case of redemptions on any other date
, _* _0 f, @  {, E. O( b8 Xon or after February 25, 2014.
7 y+ E, S( V0 UConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
& n0 P$ \4 ?1 T  nShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
) y2 x  e7 y2 w6 o( Othe right, at their option, to convert, on February 25, 2019 and on
) x3 k% M% N) m3 Q4 C* RFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any/ r. i2 B8 D1 i; i* F
or all of their Preferred Shares Series 19 into an equal number of Preferred# f. e. Y8 Y# h+ A0 l
Shares Series 18 upon giving to the Bank written notice thereof not earlier! J8 F# W: w7 d7 f; |  Z8 ]
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the/ o+ r: ]2 {" N& y$ h6 ~
15th day preceding, a Series 19 Conversion Date.
' `; [/ Z+ I9 N& w4 Q' iAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
. F. d; ~! A% ?% l/ x/ l+ A% lProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares$ w# V& }+ P# V/ K3 f  V
Series 18, as the case may be, that there would be outstanding on such
' S$ r" G: f  x0 LSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,. L# N/ S; _& O* U& Y1 ?$ r' z3 w- J# x
such remaining number of Preferred Shares Series 19 will automatically be
2 `# k& |. D1 g( G* K  m8 L5 l( fconverted on such Series 19 Conversion Date into an equal number of( `) n5 C0 R  U6 T4 m" }
Preferred Shares Series 18. Additionally, if the Bank determines that, after
, W8 t2 f1 S6 t. G, c6 cconversion, there would be outstanding on such Series 19 Conversion Date4 m' X4 L; E! C) o" E4 @
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
" s/ e" ^3 l7 }  v1 GSeries 19 will be converted into Preferred Shares Series 18.
2 I  j' [: s3 `# `# m1 l: xVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares) m8 b7 v6 G- u/ f5 `' {- l
Series 19 will not be entitled as such to receive notice of, attend, or vote at,6 w2 V; Q: |. J9 c
any meeting of the shareholders of the Bank unless and until the first time at$ N" s1 `0 ?* [
which the Board of Directors has not declared the whole dividend on the- F% x* x) k. v' t( m
Preferred Shares Series 19 in any quarter. In that event, subject as
5 v, ]$ i8 V3 j) u  N; fhereinafter provided, the holders of Preferred Shares Series 19 will be/ I1 f4 R. W) @
entitled to receive notice of, and to attend, meetings of shareholders at which
  e( L( M5 {' x' p' j( n$ D+ ^directors of the Bank are to be elected and will be entitled to one vote for
1 ~8 e1 p; g3 {) S7 M' b0 Peach Preferred Share Series 19 held. The voting rights of the holders of the, o/ y, }* w+ e1 }* V/ S
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
$ L! j) M. M7 j! {the first dividend on the Preferred Shares Series 19 to which the holders are
! ]6 z+ c' _7 }entitled thereunder subsequent to the time such voting rights first arose until8 b: Z2 j  X4 L- l7 M6 k$ i& K+ b
such time as the Bank may again fail to declare the whole dividend on the" q. @, n/ N6 q7 ?) }
Preferred Shares Series 19 in respect of any quarter, in which event such' |: u  i6 g3 W! L- m9 _& D
voting rights will become effective again and so on from time to time.+ j! ]3 c# ^& R6 ^
S-6
. |! }2 C  R+ i; u4 x9 ?Priority: The preferred shares of each series of the Bank will rank on a parity with
: C6 C* q2 j" o& U# w" M8 y0 Levery other series and are entitled to preference over the common shares of
' \4 O7 |" {4 F8 n; J# T; [# K/ rthe Bank and over any other shares of the Bank ranking junior to the8 ~4 b% A$ Z. @& d% _
preferred shares with respect to the payment of dividends and upon any
% v# o. N0 ^: O6 t# ~distribution of assets in the event of the liquidation, dissolution or5 S) f$ j8 e- a5 s; E  b) Z# `
winding-up of the Bank.6 H6 G0 x/ l5 Z9 M) n
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under! X$ ?! g9 u; o9 _: e4 M
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
& O9 `$ v) r  ?; F# eSeries 18 and Preferred Shares Series 19 will not be required to pay tax on% E& D1 }, }9 i* j4 K0 M  Q+ d/ s# X
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。! Y3 C& e& r7 {* V3 S8 C" q. `" 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
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 K4 N& I* `6 b- X1 f0 C. }) N7 i. l5 ~; A7 A
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。& J6 P2 q  b% \$ A% [) M, i/ K
3 H6 r  h3 }% _' t) E% c: y
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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