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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 ]
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:) v7 Y0 l5 a' H& X5 |; r
SUMMARY OF THE OFFERING
2 U/ \+ u/ |4 Z8 WThis 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’’.- P3 {: K- C9 \) i- s2 T4 U
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.* i- D% [1 q9 a, P1 `
Amount: $150,000,000 (6,000,000 shares).( c& |! k, c& s" P. J- R6 c
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
! w) e' [+ ]& h+ Y+ ?( |' ~4 c& d- BPrincipal Characteristics of the Preferred Shares Series 188 P  U+ `" Z$ s' G
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed( X. T2 V: f: R' s* e) K% [
non-cumulative preferential cash dividends, as and when declared by the
6 s. K1 L3 r$ V4 E. Q0 }% vBoard of Directors, subject to the provisions of the Bank Act, for the initial- h  P# a( j- o0 b' ^! ~
period commencing on the closing date and ending on and including
! \; i1 Y) u  A2 k, P" G. iFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
8 ], s0 v* g# H9 {/ L25th day of February, May, August and November in each year, at a rate% w- f4 `7 c8 m
equal to $0.40625 per share. The initial dividend, if declared, will be payable4 O- R7 e9 i" B
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing  [7 f8 B2 V* h! `2 n$ g
date of December 11, 2008.- r. L; p% }9 S- i/ c) t5 Z  r0 j
For each five-year period after the Initial Fixed Rate Period (each, a
# l3 A) Z& I$ q0 T‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
7 [( g$ m5 v0 n$ aSeries 18 will be entitled to receive fixed non-cumulative preferential cash
) O- F7 R' h$ J2 idividends, as and when declared by the Board of Directors, subject to the
2 U3 u5 Z4 u5 @9 M/ K1 h# Q* Gprovisions of the Bank Act, payable quarterly on the 25th day of February,
* b4 _. [! a# B) wMay, August and November in each year, in the amount per share per annum
. q2 ~- x, F  v3 w  e3 Xdetermined by multiplying the Annual Fixed Dividend Rate applicable to
2 ?1 F' H3 D; Gsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
' O' S! u  Y" U! l. G( z7 N/ T! `Rate for the ensuing Subsequent Fixed Rate Period will be determined by the! q! m+ a5 g, Z8 A- Q
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day- R0 N- ]* r* {
of such Subsequent Fixed Rate Period and will be equal to the sum of the9 ?" c4 Z% }5 Y2 l' E" W: T! X- h
Government of Canada Yield on the applicable Fixed Rate Calculation Date4 X7 g$ g" u1 q. Q
plus 3.83%.5 L; v4 K' w# C0 i# |0 ]. r
If the Board of Directors does not declare a dividend, or any part thereof, on
+ _% w" z: o4 u2 Vthe Preferred Shares Series 18 on or before the dividend payment date for a. Y: m% \* n* M3 j  G! R( q; ^
particular quarter, then the entitlement of the holders of the Preferred
- n; r# @* A# h* y' l! c9 AShares Series 18 to receive such dividend, or to any part thereof, for such
5 `1 N+ m- |: H# L. s% Dquarter will be forever extinguished.8 R8 r1 d& W% P# [2 s3 v% j
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
* M6 l6 q" n3 H9 USuperintendent and to the provisions described below under ‘‘Details of the
2 k. X3 Y& H7 g/ HOffering — Certain Provisions of the Preferred Shares Series 18 as a6 {: q& s4 Y, @$ l" s% o
Series — Restrictions on Dividends and Retirement of Shares’’, on4 W2 f! C" i) c" q- P
February 25, 2014 and on February 25 every five years thereafter, on not7 X7 r; l- @! X0 T
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any3 g2 i$ j$ \  e
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
' j& p+ R- u7 e7 L+ _$ Dwithout the consent of the holder, by the payment of an amount in cash for
# j/ K7 ~% V$ S) K* qeach such share so redeemed of $25.00 together with all declared and unpaid
9 X3 n+ g5 o% qdividends to the date fixed for redemption.
; |& |, \1 D9 QConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic1 S- c5 |* x& O+ e! m8 w/ `
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
" d. K5 T: i, R% b2 mthe right, at their option, to convert, on February 25, 2014 and on
& W2 u' x& a$ X0 CS-4* W6 X: t+ ]7 p) a
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any9 a+ d' ?" F' V' L8 E0 Y8 @9 y# x
or all of their Preferred Shares Series 18 into an equal number of Preferred
1 u9 E( _& |. K4 VShares Series 19 upon giving to the Bank notice thereof not earlier than
" _  t- ^. [; I3 ]9 ]4 J) X% l30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
" D" ?1 `, u! q( s0 u( X7 ypreceding, a Series 18 Conversion Date.
6 w6 R& S7 L: Z  g3 \5 \/ AAutomatic Conversion If the Bank determines, after having taken into account all shares tendered  J; J9 K- f- ~- E1 J: }! o' @0 \
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares0 r3 M. v8 }* u2 E+ d* H, K
Series 19, as the case may be, that there would be outstanding on such9 H1 s0 J7 l% D! c$ x+ y' L( M' {
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,. A" y+ O: T1 P& u6 C
such remaining number of Preferred Shares Series 18 will automatically be  Y$ Z/ N4 Y  L
converted on such Series 18 Conversion Date into an equal number of
9 G% a4 q7 i7 I$ WPreferred Shares Series 19. Additionally, if the Bank determines that, after! L7 r+ I  \9 ?1 T1 a6 m+ u  z2 n
conversion, there would be outstanding on such Series 18 Conversion Date1 s+ _! P2 E/ o" H: N. n2 S
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
- `8 m( o0 a4 u4 `2 p1 aSeries 18 will be converted into Preferred Shares Series 19.* ]6 w# Y( ]& z2 _9 E6 @6 c
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares5 s! n0 o2 o; k' b  d# R
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
$ ~) @0 |1 b' B2 sany meeting of the shareholders of the Bank unless and until the first time at, U) v$ ]) y( g: V" O
which the Board of Directors has not declared the whole dividend on the
1 p) q( g' _; j! K* Y/ A0 GPreferred Shares Series 18 in any quarter. In that event, subject as
1 S: Q+ e4 h6 Ehereinafter provided, the holders of Preferred Shares Series 18 will be
& S2 K; j9 Y4 _! Q5 C- [. `entitled to receive notice of, and to attend, meetings of shareholders at which% s: l1 x3 e) F% A
directors of the Bank are to be elected and will be entitled to one vote for' G) p( J( k2 T! c/ _, f
each Preferred Share Series 18 held. The voting rights of the holders of the8 |0 q# A: E4 [" q8 n
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
6 O% w. g4 u6 e& pthe first dividend on the Preferred Shares Series 18 to which the holders are8 W8 D/ t  g9 B0 g3 m" x
entitled thereunder subsequent to the time such voting rights first arose until2 ^" _  a8 U7 v* ^, }
such time as the Bank may again fail to declare the whole dividend on the
3 P& ^7 G( X" N- `8 t+ NPreferred Shares Series 18 in respect of any quarter, in which event such
- [. I! h$ _% V" b. Yvoting rights will become effective again and so on from time to time.$ ]$ o, v: G6 x0 j0 X: O4 @2 w. j
Principal Characteristics of the Preferred Shares Series 199 Z/ `) }5 g9 k) g2 M% y! j
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive$ Z) f" n1 I& |) [8 j) \
floating rate non-cumulative preferential cash dividends, as and when
6 z1 y  `9 ?6 x. f' |declared by the Board of Directors, subject to the provisions of the Bank Act,
1 W7 s9 w* c0 p( V1 w4 `* ypayable quarterly on the 25th day of February, May, August and November( O# R9 k( l0 j
in each year, in the amount per share determined by multiplying the8 x7 `# G# S3 _
applicable Quarterly Floating Dividend Rate by $25.00.
$ W! ^1 ?: t: G, W) s% IOn the 30th day prior to the commencement of the initial quarterly dividend; L8 D8 H5 Q6 H
period beginning on February 25, 2014, and on the 30th day prior to the first
9 [# o1 ], e+ Hday of each subsequent quarterly dividend period (the initial quarterly
# B6 ]) ~2 }" M- F5 b- j0 R7 V  Z/ ldividend period and each subsequent quarterly dividend period is referred to# B3 _( n" Y/ n& \& U+ {( G
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the! y* e0 R" u# F! i' t8 w* @' C6 }, H
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate8 @: L2 M( Y: x$ {5 B. P- x
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
4 {1 F# J0 Z) A: t. ST-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
. a5 r# J  F& p. R) x9 @- i# Felapsed in the applicable Quarterly Floating Rate Period divided by 365)1 e' P$ u7 ?' x) s" s
determined on the 30th day prior to the first day of the applicable Quarterly
) u" O. i/ i5 `Floating Rate Period.8 b+ _2 m+ d$ z& U7 X/ b- z
S-5
- b# E) v- f% n3 Q7 c) m. rIf the Board of Directors does not declare a dividend, or any part thereof, on# l  g2 U' I5 A- I/ q
the Preferred Shares Series 19 on or before the dividend payment date for a
5 `2 a  A6 P1 b0 e- x6 jparticular quarter, then the entitlement of the holders of the Preferred8 {: B& o( c5 @! q% r, e
Shares Series 19 to receive such dividend, or to any part thereof, for such
7 }8 s- g5 Z: hquarter will be forever extinguished.
% \/ d& `1 \  i* M: A' j5 JRedemption: Subject to the provisions of the Bank Act and to the prior consent of the+ I' {7 v$ s5 U% `5 o+ I' R
Superintendent and to the provisions described below under the heading0 T3 L6 J( j8 w! x# h( U
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
! c0 v5 Q, m% a# L8 uSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
, q/ _6 U9 W. ^1 C( r2 z1 ~on not more than 60 nor less than 30 days’ notice, the Bank may redeem all% m6 Z2 z4 a6 X% U" {4 X* r; ]
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s% w+ G9 P  v3 @1 v" [
option without the consent of the holder, by the payment of an amount in# B( x3 y2 H" K
cash for each such share so redeemed of (i) $25.00 together with all declared7 z9 \* g0 C2 f( F& e4 M3 I7 v+ k
and unpaid dividends to the date fixed for redemption in the case of( g; |. S3 j; w& U$ Q
redemptions on February 25, 2019 and on February 25 every five years& _, ^9 d4 `$ K& f9 ~+ I
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to' O5 V5 j# i3 a, I/ n6 s
the date fixed for redemption in the case of redemptions on any other date  V( ], V% f5 F" I; h
on or after February 25, 2014.
' ^6 j, U0 D) @. ~( kConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic% M2 _; O: B% Z3 a% r/ B* G8 ^  {1 i
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have- a$ v: ]* Y" T* Y( d- ]+ J
the right, at their option, to convert, on February 25, 2019 and on
$ Q' j7 @3 \) g$ @8 U7 p% b8 LFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any( v! X8 v  b7 V' ^0 Z6 x- H/ N
or all of their Preferred Shares Series 19 into an equal number of Preferred$ `# c2 C+ F. ~; w+ l% ~
Shares Series 18 upon giving to the Bank written notice thereof not earlier
3 h' A$ M* e8 D- K  g* Ethan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the! V# m( D$ d5 e9 Z
15th day preceding, a Series 19 Conversion Date.: _* p. J8 G& o3 [) F. \: r2 i
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
  A1 ?& u, A' h2 W2 n4 v8 e+ D: @Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
( k( w0 M* q, z& jSeries 18, as the case may be, that there would be outstanding on such
6 r3 j. W' K% E( K& L8 b* V. vSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,1 a, ^' w3 L- M1 Q% C
such remaining number of Preferred Shares Series 19 will automatically be
$ Q$ E  i. J. }5 R: }: J9 W) ~converted on such Series 19 Conversion Date into an equal number of0 H+ v) B3 x+ m: z
Preferred Shares Series 18. Additionally, if the Bank determines that, after7 ?9 [& B# |0 S" B8 Q; c- ]
conversion, there would be outstanding on such Series 19 Conversion Date3 u  u8 b6 a4 \. w  M9 D; y
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares/ y# D- h+ p, e) o
Series 19 will be converted into Preferred Shares Series 18.& o( L, o7 t7 M0 ~
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares4 s0 @3 W& V2 f1 m! i: ~6 Z
Series 19 will not be entitled as such to receive notice of, attend, or vote at,0 X$ q7 l% X# m! Y2 f: |
any meeting of the shareholders of the Bank unless and until the first time at
- `" t9 I& K. T; U3 y6 Vwhich the Board of Directors has not declared the whole dividend on the
4 k7 w; G' k: x9 h- o9 YPreferred Shares Series 19 in any quarter. In that event, subject as, _# W2 R6 m1 N/ F7 a( B
hereinafter provided, the holders of Preferred Shares Series 19 will be
/ S- v( x3 b8 |5 G6 Gentitled to receive notice of, and to attend, meetings of shareholders at which. g1 H/ [) W0 `. Q6 H9 G
directors of the Bank are to be elected and will be entitled to one vote for
% i7 S5 D/ k. G8 N/ u6 u& leach Preferred Share Series 19 held. The voting rights of the holders of the
2 m* \+ r: R, `2 o  j) O/ Q7 EPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
/ ^! _3 n% W4 `1 m$ e( r# |the first dividend on the Preferred Shares Series 19 to which the holders are
5 \% b1 q: }: E1 D' }# r: Pentitled thereunder subsequent to the time such voting rights first arose until( L& m. S0 g: Y1 C# M" w# u0 H7 C
such time as the Bank may again fail to declare the whole dividend on the/ ~3 x, G- N/ e: q* C2 S3 o
Preferred Shares Series 19 in respect of any quarter, in which event such
6 `' u% l+ R& V4 T/ \/ a) Mvoting rights will become effective again and so on from time to time.
7 I! v5 o% C9 S9 l) _! S) OS-6
! H! z! G2 C7 Z5 n7 N/ GPriority: The preferred shares of each series of the Bank will rank on a parity with+ O0 b! y# R* q( N3 N& R
every other series and are entitled to preference over the common shares of6 b/ \) y/ G0 X: I. C$ Y  [
the Bank and over any other shares of the Bank ranking junior to the" c$ |$ X2 b8 ^
preferred shares with respect to the payment of dividends and upon any, Q9 @6 Y( }* {
distribution of assets in the event of the liquidation, dissolution or
5 P$ I/ h0 _1 `  `/ ~$ c2 dwinding-up of the Bank.
  R. g6 j2 d. ]: cTax on Preferred Share The Bank will elect, in the manner and within the time provided under- s5 M) |4 W. U8 C
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares- L4 I/ w0 i* f' W4 _# d- l7 d* o
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
8 [* ?, l5 q' {: Udividends 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。
- m; P2 T! l4 J; A- ?$ @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。
理袁律师事务所
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 18:26 | 显示全部楼层

# ?7 a& K8 D! O
+ `4 n# v9 P$ q- G5 I下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。. x; L+ y' U, O
+ t1 R. |$ J  Q; C# q
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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