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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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[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
大型搬家
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 q, E. {3 b/ ^# d2 E7 Z4 _7 kSUMMARY OF THE OFFERING# m" e" N+ D# p1 `
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’’.
  k# ~+ V) w3 D4 A3 O$ R9 T- xIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.- r& {% [! z/ n/ u% E9 Q
Amount: $150,000,000 (6,000,000 shares).- M' W5 C7 x1 w& J2 H: ?/ S" o
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
( ^' n* ^. t2 t3 H& ?, L. a4 XPrincipal Characteristics of the Preferred Shares Series 18
( z" P  @* c2 b8 n- }Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed: G( f0 d/ I, @& d7 h1 K. e
non-cumulative preferential cash dividends, as and when declared by the
' L. z* |3 u! c7 eBoard of Directors, subject to the provisions of the Bank Act, for the initial& p6 p" H2 v' ?) ~1 V5 O8 R! T5 m: Z
period commencing on the closing date and ending on and including1 ?( M8 c) o: y+ S. n, ?1 A
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the7 g, |3 K& a% p! }% @$ R9 M
25th day of February, May, August and November in each year, at a rate
  B  e6 v1 T8 aequal to $0.40625 per share. The initial dividend, if declared, will be payable
* f6 V! i$ g- Z, a3 ^May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
5 ?8 ~' p: c; c/ F) H4 A4 tdate of December 11, 2008.0 X, Q$ U+ y' f( G. J& ]3 U1 a% B
For each five-year period after the Initial Fixed Rate Period (each, a
. J, r2 h0 g9 N7 x2 P$ R, U' U‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares$ k% b0 B* C0 I0 C4 t
Series 18 will be entitled to receive fixed non-cumulative preferential cash; X" Y& j9 |: b/ O( r2 B  F3 d
dividends, as and when declared by the Board of Directors, subject to the
$ z. o% S6 w% R: P! [provisions of the Bank Act, payable quarterly on the 25th day of February,
$ H2 @* \0 e0 \" i  F6 ?$ jMay, August and November in each year, in the amount per share per annum1 s9 |) n$ \' a. R$ u: H$ A2 D. T( M
determined by multiplying the Annual Fixed Dividend Rate applicable to6 ?6 f  \! n9 `& W  U4 J
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
! u, b5 q" H1 g( x/ q& kRate for the ensuing Subsequent Fixed Rate Period will be determined by the
7 k5 u7 [. Q$ b/ M! pBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day! k: P& F3 C% {) S1 N
of such Subsequent Fixed Rate Period and will be equal to the sum of the
; R/ s$ G) ?1 [# }5 IGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
& s% ]1 @  `& Z: m4 E1 U- t) C, Eplus 3.83%.
8 e$ L" c0 T$ G- w3 gIf the Board of Directors does not declare a dividend, or any part thereof, on8 g) V+ {9 ?6 Y* u+ p3 T
the Preferred Shares Series 18 on or before the dividend payment date for a2 v- E+ B2 w8 n7 J
particular quarter, then the entitlement of the holders of the Preferred
2 r$ t/ G3 Z* h' m; [Shares Series 18 to receive such dividend, or to any part thereof, for such' @" [( {. y+ v  c" T4 v
quarter will be forever extinguished./ T2 R( h7 ^* Q( ?- |# b: \
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
$ @3 j. N7 u) u/ LSuperintendent and to the provisions described below under ‘‘Details of the
+ v0 y# I* z! _& rOffering — Certain Provisions of the Preferred Shares Series 18 as a6 T5 k, L; j7 n2 k4 q
Series — Restrictions on Dividends and Retirement of Shares’’, on
; u7 y9 ]' a* F; i+ \: }* a1 W% YFebruary 25, 2014 and on February 25 every five years thereafter, on not
+ R6 y# p/ x; z' O/ vmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
3 G' E+ G$ T4 ~0 n3 Q/ U6 cpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
9 c0 _! ^) s- x4 c$ D! Hwithout the consent of the holder, by the payment of an amount in cash for( E( t3 G2 I; B8 H3 R' H( d. |* U
each such share so redeemed of $25.00 together with all declared and unpaid* Z1 m1 t3 \% l
dividends to the date fixed for redemption.
8 D( b" y5 {* k0 ?Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic+ J7 _; j6 C# {' J3 g3 d1 I& F
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have: ~! ^( U8 P+ L) ?6 Q' G( ]
the right, at their option, to convert, on February 25, 2014 and on
& Q8 r5 m! U% q* A; |S-4
0 D6 ~+ a/ _- {, [! G/ a9 UFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
1 c2 ~0 C; `8 x! I( ?0 r4 Nor all of their Preferred Shares Series 18 into an equal number of Preferred
& f3 U- h- ~' |$ @- MShares Series 19 upon giving to the Bank notice thereof not earlier than% y& }1 _( e2 H( A1 X
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day* `) ^- t9 b; s4 P7 ^3 e1 P
preceding, a Series 18 Conversion Date.
8 B, ?5 t4 f7 N' {8 o! {: yAutomatic Conversion If the Bank determines, after having taken into account all shares tendered' n: A, j8 V, Y3 ]& z- _) P) F
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares% x8 R3 H7 C, n# j7 z7 @6 @
Series 19, as the case may be, that there would be outstanding on such
& c/ X$ |( t3 m4 L  \Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,, e7 _2 Q6 E. M
such remaining number of Preferred Shares Series 18 will automatically be) f3 z1 F  ^# T+ u  F: r
converted on such Series 18 Conversion Date into an equal number of( r  S& D. n$ P: ]. o5 D. t
Preferred Shares Series 19. Additionally, if the Bank determines that, after
/ p+ u% S# g8 E* E% v$ X& gconversion, there would be outstanding on such Series 18 Conversion Date  n9 z! I& ]/ J# i
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares: p3 f0 x/ {( T
Series 18 will be converted into Preferred Shares Series 19.) H" l. P% j, K7 `
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
9 L) c3 V9 O: p9 Z1 l8 S) aSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
3 j& h6 R+ _3 T- f+ Bany meeting of the shareholders of the Bank unless and until the first time at
) V6 y8 z. x& L7 @% |! F: H/ u* uwhich the Board of Directors has not declared the whole dividend on the
4 X% e0 _* C# R5 @Preferred Shares Series 18 in any quarter. In that event, subject as7 c, Y8 ?# r& Q: C" H
hereinafter provided, the holders of Preferred Shares Series 18 will be
1 [. M6 I1 |. ?. k3 w; pentitled to receive notice of, and to attend, meetings of shareholders at which; L1 f  A6 V6 J" e2 q
directors of the Bank are to be elected and will be entitled to one vote for) j# f4 V8 J) V# r6 q! @; Q
each Preferred Share Series 18 held. The voting rights of the holders of the
9 m* A4 O+ ?! [& h9 u0 |Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
5 ?: [! ]( a+ h. u3 s, N5 ^* `+ tthe first dividend on the Preferred Shares Series 18 to which the holders are
' h1 L5 @9 j9 C* ientitled thereunder subsequent to the time such voting rights first arose until
' y- \3 U% Q8 A& x5 J; z/ M' @such time as the Bank may again fail to declare the whole dividend on the
' d% ]( c8 c1 i8 zPreferred Shares Series 18 in respect of any quarter, in which event such; e, w* g4 X9 x/ f( P# {( k
voting rights will become effective again and so on from time to time.! W- R: U% q8 Y  i9 q4 v
Principal Characteristics of the Preferred Shares Series 19
! K1 z3 w. M) v9 w$ @( M; W% sDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
4 \" ^# U4 c8 T( h1 I3 Z+ ofloating rate non-cumulative preferential cash dividends, as and when) t2 l0 u, e! `2 z. m8 _* g
declared by the Board of Directors, subject to the provisions of the Bank Act,5 t7 Q: N4 q; `# j! o# ~
payable quarterly on the 25th day of February, May, August and November( G" M3 q& V- z% Y
in each year, in the amount per share determined by multiplying the4 m  S4 B7 f% _6 Z. M9 N
applicable Quarterly Floating Dividend Rate by $25.00.
! U9 {$ p2 d0 d) C; LOn the 30th day prior to the commencement of the initial quarterly dividend
% `% C+ H7 I' @) e2 ^period beginning on February 25, 2014, and on the 30th day prior to the first# G& y: D: _4 j+ t
day of each subsequent quarterly dividend period (the initial quarterly: c2 S7 a5 a0 v7 L5 M! n* h* Z
dividend period and each subsequent quarterly dividend period is referred to
* m( e4 i  S. O  |, Has a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
& F  b, N1 }2 n* g9 h* ^Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate! k6 Q, j' L/ E# _: u9 y& }5 g/ @
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the: V& W2 r3 D9 P' l
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
3 I- A2 w. j/ ?elapsed in the applicable Quarterly Floating Rate Period divided by 365)  v1 [% U, f  u
determined on the 30th day prior to the first day of the applicable Quarterly
/ Z3 \1 p# n! F: j) _4 n/ u# cFloating Rate Period.
( ~& U, \( m9 Y6 A/ vS-5
' b# K6 v3 y7 }If the Board of Directors does not declare a dividend, or any part thereof, on
# }  k& u0 F! v. w4 Ethe Preferred Shares Series 19 on or before the dividend payment date for a
( D) U- _: @% e6 b. u0 h* Bparticular quarter, then the entitlement of the holders of the Preferred0 E4 u7 o2 q6 ]
Shares Series 19 to receive such dividend, or to any part thereof, for such
1 c( J) m$ X- Z% j$ w* uquarter will be forever extinguished.
  u% x! R+ @  Q4 |5 jRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
2 r9 q. R: S+ p" _$ M( K, ?$ ?, J  rSuperintendent and to the provisions described below under the heading+ ~2 i7 I  k7 @  Z/ _2 r& l
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
+ K3 U# j: ~8 U4 j1 g4 o9 hSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,  w: H% K, S' f8 ?6 I6 x& `
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all2 x9 x9 q- @$ u/ t) f! ^
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
5 B" b4 ]( ], T7 Qoption without the consent of the holder, by the payment of an amount in2 u" ^! u: L, y3 G- o' R! c
cash for each such share so redeemed of (i) $25.00 together with all declared  z- C# K( H; m( n  `7 T8 |# _
and unpaid dividends to the date fixed for redemption in the case of
% o, a0 ?1 L* P8 Q/ M( Qredemptions on February 25, 2019 and on February 25 every five years2 ]. @6 ^; t; C* U
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to( t! B$ l% b* O4 D) Z# t# E9 V4 D
the date fixed for redemption in the case of redemptions on any other date
6 ?4 ?6 u* g! S( P; u  K1 v0 Ton or after February 25, 2014./ D6 b, N( d" ]$ s/ k
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic# q- J# t; D) b4 p  N
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
$ t( y: h! C% |& V5 e( Fthe right, at their option, to convert, on February 25, 2019 and on9 ?2 O' A" ?5 n( |; W; s2 \
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any9 V& @$ n+ n& A4 U
or all of their Preferred Shares Series 19 into an equal number of Preferred1 m8 ~/ g: i6 w+ ?
Shares Series 18 upon giving to the Bank written notice thereof not earlier2 e) t- I6 o  ]4 l' ]; M
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
- h, Y% ~; |* C' m5 d5 H& a15th day preceding, a Series 19 Conversion Date.$ v4 R- Z3 Y8 W* l" L
Automatic Conversion If the Bank determines, after having taken into account all shares tendered0 a$ {& P5 c# {* R) A/ i& c
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
: H( r) ]1 A- h' ?% w! e8 G  ~Series 18, as the case may be, that there would be outstanding on such
4 j0 Y- E8 T2 _  ^# e/ k* Z8 VSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
- ]# H* W7 u: \& d0 esuch remaining number of Preferred Shares Series 19 will automatically be3 g- [( |, x1 k9 Q( Y0 h
converted on such Series 19 Conversion Date into an equal number of& e) {# g2 ^& K0 A1 @4 E! V
Preferred Shares Series 18. Additionally, if the Bank determines that, after# p  X( N' R, Y% H! }2 k
conversion, there would be outstanding on such Series 19 Conversion Date& p% o) x# d5 @$ M
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares# O! d3 F0 o/ s* q1 X( }$ Q' K' d
Series 19 will be converted into Preferred Shares Series 18.
$ D, Q4 [# i4 r/ F9 H1 L# ]Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
) t; E/ |& S; k7 n* e/ SSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
" n3 B$ G/ h. ~any meeting of the shareholders of the Bank unless and until the first time at
6 v% e- T0 G" J+ P$ A" {% nwhich the Board of Directors has not declared the whole dividend on the
3 O; \% x$ H' g) C* i) MPreferred Shares Series 19 in any quarter. In that event, subject as& o/ R0 R# J' r, B0 {2 x
hereinafter provided, the holders of Preferred Shares Series 19 will be/ i. L' ]6 K- N+ B, h  d* _1 H
entitled to receive notice of, and to attend, meetings of shareholders at which
* Q; c$ L7 j$ I6 p8 Zdirectors of the Bank are to be elected and will be entitled to one vote for
3 e; ?# H6 [* H& z7 Xeach Preferred Share Series 19 held. The voting rights of the holders of the
  N+ W* T- f+ L( \) j% SPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
3 s% a( t% D( S% w9 ~, M1 _the first dividend on the Preferred Shares Series 19 to which the holders are
8 H1 w+ ~! t5 E3 eentitled thereunder subsequent to the time such voting rights first arose until
+ Y/ [- ^5 A) ]% D  ~. S, ?such time as the Bank may again fail to declare the whole dividend on the$ @( c5 ]3 H  M' D1 ~1 M8 D
Preferred Shares Series 19 in respect of any quarter, in which event such/ Z% K8 L" R# x. P; p6 w. i
voting rights will become effective again and so on from time to time.
3 i* l$ T) B! a' r. Q' N4 aS-6. O6 c9 S1 {; l/ {
Priority: The preferred shares of each series of the Bank will rank on a parity with
* @6 g4 P& p. U+ b! Q# @every other series and are entitled to preference over the common shares of6 A+ p+ y# `) i' R6 P" C
the Bank and over any other shares of the Bank ranking junior to the9 n/ h! i; a9 j% ~$ x
preferred shares with respect to the payment of dividends and upon any% }' D. a3 F4 t4 @9 j9 L% p: x
distribution of assets in the event of the liquidation, dissolution or
8 S, {5 K) C( x- C/ T5 s# [) @winding-up of the Bank.
3 x& Y0 o' x$ X0 a- F: s2 `( nTax on Preferred Share The Bank will elect, in the manner and within the time provided under/ a0 T3 H* c0 j- e: y/ v# \
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
2 J( `0 I) o- qSeries 18 and Preferred Shares Series 19 will not be required to pay tax on" x0 e" {6 |# U/ d0 R- \! o
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。0 O; x$ d1 o4 l& Y2 G9 r- m
今天讲座如何?
理袁律师事务所
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。
大型搬家
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 18:26 | 显示全部楼层

7 J5 r/ C' _. X  S& d# a4 p
) _. V& L1 P+ e/ ?下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
  I9 h. o, c7 t* i7 H. L. ?! ^4 [% }3 j) I( U! m1 V3 l# Q! X
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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