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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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/ D9 R/ z. v+ y+ Z) k4 g) u3 s  }. N
[ 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:) x  y1 U) F$ y7 b0 U' P6 O& @" g/ e
SUMMARY OF THE OFFERING& s9 ?& \. I2 K8 G
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’’.
7 c" I; n+ E% x- ~5 H; P) TIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
# W/ y& _6 H0 a" d; b9 y9 mAmount: $150,000,000 (6,000,000 shares).
/ u" Q$ U) ~6 ]: q9 B- gPrice and Yield: $25.00 per share to yield initially 6.50% per annum.. f  l$ P6 T8 m8 z7 O: V& C* `% ?
Principal Characteristics of the Preferred Shares Series 18
8 D" ?; y+ b, S& j* \2 {. pDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
( S! G; |. g' @$ I- Enon-cumulative preferential cash dividends, as and when declared by the" U5 e. q& R& c
Board of Directors, subject to the provisions of the Bank Act, for the initial4 C$ \0 |* K4 Z% |
period commencing on the closing date and ending on and including
: k8 }4 A0 j( ?7 \+ VFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
+ l8 Q5 \& C" i$ A* x5 P+ O25th day of February, May, August and November in each year, at a rate
* r& Y& N, }, I' U! X8 I, uequal to $0.40625 per share. The initial dividend, if declared, will be payable
4 j4 K/ L1 P$ J+ D# _" {May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
7 J2 ~! }% |" Gdate of December 11, 2008.1 P2 u& j, K' Y/ c
For each five-year period after the Initial Fixed Rate Period (each, a4 s3 a2 j. I0 k; B- \* ]) Q
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
- e3 I/ d/ j3 L' b5 P' M8 k1 v5 TSeries 18 will be entitled to receive fixed non-cumulative preferential cash4 d: v$ P1 }$ D5 x) K5 I  h  Y
dividends, as and when declared by the Board of Directors, subject to the0 ?$ S" p5 y+ ?, T# f, a( R3 _6 w
provisions of the Bank Act, payable quarterly on the 25th day of February,
" b) G' v% \$ n, s/ B* y9 fMay, August and November in each year, in the amount per share per annum
- H( V* n5 [/ D2 C; w% l& }determined by multiplying the Annual Fixed Dividend Rate applicable to+ H3 Q' T' t( N
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
$ S4 x+ D9 S/ l% eRate for the ensuing Subsequent Fixed Rate Period will be determined by the
6 o: ~& N- @8 k1 Q; H* G5 u/ MBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day0 ?* t7 p5 S4 I6 q" z
of such Subsequent Fixed Rate Period and will be equal to the sum of the
' L  `5 j, h( y/ G/ s. ^; R' mGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
& p4 |4 o; @+ L9 L7 @plus 3.83%./ P# J, ]7 \& j# N" v
If the Board of Directors does not declare a dividend, or any part thereof, on( n% p' l. @! x! ^! t
the Preferred Shares Series 18 on or before the dividend payment date for a1 Y3 ?6 i4 [# m0 K: Q- x* Q+ ?: N! e
particular quarter, then the entitlement of the holders of the Preferred! K3 o! `1 h3 G. E, M7 k: S# S
Shares Series 18 to receive such dividend, or to any part thereof, for such) J5 Q* \+ ]% a
quarter will be forever extinguished.; a0 B3 n' {" ?( T4 i7 P
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the! ]; `7 i& o6 T/ s! i3 S! _8 I
Superintendent and to the provisions described below under ‘‘Details of the$ i8 c  L5 P8 q: b
Offering — Certain Provisions of the Preferred Shares Series 18 as a
; u$ R* y0 k7 F: D* lSeries — Restrictions on Dividends and Retirement of Shares’’, on
: A0 X5 C. _# @0 o( x7 I) L8 J7 IFebruary 25, 2014 and on February 25 every five years thereafter, on not* E  y3 ^  E6 u; H! H  q
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any3 }' q* n3 p! I  q$ a* N; |+ f4 i2 t
part of the then outstanding Preferred Shares Series 18, at the Bank’s option" ~* _3 b2 f7 s9 K; l
without the consent of the holder, by the payment of an amount in cash for
1 l, d- w! M+ v  z7 meach such share so redeemed of $25.00 together with all declared and unpaid) c$ q5 u6 l) L1 a0 k% w/ X% b4 ]
dividends to the date fixed for redemption.# Z8 R6 T" ]7 T. D9 ~! s$ v
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic2 s" j) b3 k( |
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
# `1 K6 k6 I: n. d) Kthe right, at their option, to convert, on February 25, 2014 and on4 m4 |' o. i0 q! I4 G* D
S-4
5 K+ m- m  p: x: n! {February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
9 M& n8 ~4 n7 c& m7 b( N) Xor all of their Preferred Shares Series 18 into an equal number of Preferred$ O& V; G* K% n. q& i. ~, q+ Q$ s
Shares Series 19 upon giving to the Bank notice thereof not earlier than
: o; X/ L, E: @3 j# f1 G  y30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day# }& j, c0 y: E9 }6 e/ e% r) X
preceding, a Series 18 Conversion Date.
4 m2 @/ q1 @7 l7 J. w9 mAutomatic Conversion If the Bank determines, after having taken into account all shares tendered& L0 t6 s" G2 C/ U9 W- Z: X5 F
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares3 e% n1 w, r, X) s
Series 19, as the case may be, that there would be outstanding on such
! e' m( _# F% s, A4 p" }Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
4 _* x0 E) e2 V4 T/ Y, U- [such remaining number of Preferred Shares Series 18 will automatically be
+ i% N# l/ V8 V1 B, econverted on such Series 18 Conversion Date into an equal number of
# g, F, x* O9 T6 \- R- t( f4 UPreferred Shares Series 19. Additionally, if the Bank determines that, after
* Y" V4 u: X( ~" F4 A8 E) B, V2 E% Qconversion, there would be outstanding on such Series 18 Conversion Date
9 j/ W; w6 \3 T( a/ ]' lless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
7 e& ~" o1 {; C9 ^  W6 V( b* hSeries 18 will be converted into Preferred Shares Series 19.
. b5 z7 ?: }  W7 PVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares( [8 o; o/ r7 D, W& S8 i
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
7 P7 z6 o# Y- r. P. i9 t+ v$ pany meeting of the shareholders of the Bank unless and until the first time at
3 Y: D6 M4 s8 O( Owhich the Board of Directors has not declared the whole dividend on the
! G$ r; \' v, A  UPreferred Shares Series 18 in any quarter. In that event, subject as% j5 }& x2 B( h$ P1 U/ Y/ o& w0 z
hereinafter provided, the holders of Preferred Shares Series 18 will be0 J" U7 w; T* k/ ~1 K# \
entitled to receive notice of, and to attend, meetings of shareholders at which  V( A( R) H1 x2 R$ y2 c! Q7 b4 {
directors of the Bank are to be elected and will be entitled to one vote for
, H! T. x5 t  reach Preferred Share Series 18 held. The voting rights of the holders of the
! I& x9 R% D5 [* t3 G8 |8 @Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
( h0 D% D' u7 e/ C) \  cthe first dividend on the Preferred Shares Series 18 to which the holders are' j; r3 `7 ~$ ]
entitled thereunder subsequent to the time such voting rights first arose until
4 f8 y  _, u+ x0 i% Wsuch time as the Bank may again fail to declare the whole dividend on the
# J( y, `; s4 ~* k! nPreferred Shares Series 18 in respect of any quarter, in which event such
- R0 F$ |9 _6 Rvoting rights will become effective again and so on from time to time.8 c2 \; O* A" m
Principal Characteristics of the Preferred Shares Series 191 S9 U/ X4 W3 }  k+ N( x
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive1 p' L7 Q, }3 D- _/ f* ~0 I- `, D2 C
floating rate non-cumulative preferential cash dividends, as and when
+ ]6 }2 n) r1 }. H7 F4 M& x* M5 Ldeclared by the Board of Directors, subject to the provisions of the Bank Act,3 [3 K0 J/ j8 }' p: A6 d* O
payable quarterly on the 25th day of February, May, August and November
& V' ^" b- Z& l. n: H  w+ Q: pin each year, in the amount per share determined by multiplying the; h  R: S2 [( g/ f" U+ `2 P. o
applicable Quarterly Floating Dividend Rate by $25.00.! j, f( q9 w" s' t. g
On the 30th day prior to the commencement of the initial quarterly dividend' s9 p5 x1 Q8 m, F1 J3 P( @; J
period beginning on February 25, 2014, and on the 30th day prior to the first7 ~% @4 v4 b% p+ ~6 g6 u) ^0 ^
day of each subsequent quarterly dividend period (the initial quarterly
& _5 A2 w( f# u5 X6 q( Edividend period and each subsequent quarterly dividend period is referred to* \% U5 D9 N: ?3 B
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the$ V8 N8 z) g% N1 n5 \
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate- V( L  D4 p+ f* d. A
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
" s9 H% Y7 {% _+ Q2 I. LT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days- o- K; T) c! _. S  W
elapsed in the applicable Quarterly Floating Rate Period divided by 365)0 V: r1 R6 q/ [2 [7 C, a  N1 f2 m- m3 U9 A0 f
determined on the 30th day prior to the first day of the applicable Quarterly1 G( T9 U( O3 T% }& x7 l
Floating Rate Period.; \; |& L) W8 K4 Q+ i9 `
S-54 E$ C. D0 ~* i% S6 v
If the Board of Directors does not declare a dividend, or any part thereof, on
/ o- d0 Z% f3 C/ p& Gthe Preferred Shares Series 19 on or before the dividend payment date for a
% c$ [' B% X; R/ C/ j' ~+ s5 ], qparticular quarter, then the entitlement of the holders of the Preferred
: {6 V8 O2 R2 I* f, N1 AShares Series 19 to receive such dividend, or to any part thereof, for such
& c7 e9 a% M5 g% l. v' ~quarter will be forever extinguished.
% D. {- S) H. m9 x( kRedemption: Subject to the provisions of the Bank Act and to the prior consent of the" r! r. l7 @$ b; U
Superintendent and to the provisions described below under the heading5 A( J; K: B# y/ g- Z: D% r
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
  ^' y/ \* `/ [1 c% S' T' PSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
! N$ |0 C# b0 {6 ?, yon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
6 e' p" J7 t2 e3 h3 Dor any part of the then outstanding Preferred Shares Series 19, at the Bank’s, r; b. `( q- c/ _7 _/ E2 L
option without the consent of the holder, by the payment of an amount in
3 _9 F, k6 \: P5 O0 u1 rcash for each such share so redeemed of (i) $25.00 together with all declared, A' ~& b7 B7 c; T
and unpaid dividends to the date fixed for redemption in the case of2 N% L! a+ s6 M8 D4 U# z, P
redemptions on February 25, 2019 and on February 25 every five years
. U6 f! K! H5 p$ Z$ ethereafter, or (ii) $25.50 together with all declared and unpaid dividends to8 }# x: p  D  z
the date fixed for redemption in the case of redemptions on any other date; U' z8 D  A5 X
on or after February 25, 2014.
3 Z% `# w0 t' f" N) h0 uConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic/ s% K0 M  p$ j/ g. Y8 L$ L& u
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
" n# o5 _9 A& W0 ^7 I1 sthe right, at their option, to convert, on February 25, 2019 and on5 F+ ]1 i5 X& i) ?/ E# f3 S
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
1 n/ z+ X8 x$ T" h7 t+ \3 u* a9 S2 uor all of their Preferred Shares Series 19 into an equal number of Preferred
! u* i4 ^; k" v% d' n9 mShares Series 18 upon giving to the Bank written notice thereof not earlier9 U3 w7 ]/ q8 q. B& [8 y9 }: ~
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the+ a8 v0 {1 w2 u6 o
15th day preceding, a Series 19 Conversion Date.0 C: ^0 _! M0 P( Q. _( N. u2 g# Y! C' X
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
' C3 v4 U" S/ J! u3 _% u5 [Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
5 |/ E* |6 _7 {" m6 `( _Series 18, as the case may be, that there would be outstanding on such# |  d4 I6 y6 s4 O; n1 ]
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,3 ^5 P3 K- Z; o  X/ o* H
such remaining number of Preferred Shares Series 19 will automatically be9 g$ H! l, |3 I! @: m9 {' S
converted on such Series 19 Conversion Date into an equal number of$ F8 C8 W3 p" Q2 I
Preferred Shares Series 18. Additionally, if the Bank determines that, after
. B* `! `; B5 |5 Q# N# c4 {conversion, there would be outstanding on such Series 19 Conversion Date
( Q  N7 z4 O4 ?' G! h. N2 ~less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares1 V2 t8 ]0 K# D4 W8 j  X7 P
Series 19 will be converted into Preferred Shares Series 18.
  h+ J- S+ Q  M. h. C; ?# HVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
5 o0 C% Q# J- M6 {0 }1 _: ASeries 19 will not be entitled as such to receive notice of, attend, or vote at,3 f5 {; n( e% a7 e) m3 p
any meeting of the shareholders of the Bank unless and until the first time at
1 N( P2 N, I+ c1 f( ywhich the Board of Directors has not declared the whole dividend on the: f' d- I( P9 J  `: c
Preferred Shares Series 19 in any quarter. In that event, subject as
1 a. a+ P$ C  K% Shereinafter provided, the holders of Preferred Shares Series 19 will be
) Q/ \, ~, A' bentitled to receive notice of, and to attend, meetings of shareholders at which+ {! w" K0 ?' P, w: O" k) e
directors of the Bank are to be elected and will be entitled to one vote for
/ Z7 E0 |$ d0 t# b* Z: j# E) Xeach Preferred Share Series 19 held. The voting rights of the holders of the
. X5 @2 S( w' q6 U/ a" UPreferred Shares Series 19 will forthwith cease upon payment by the Bank of9 \, r, e6 C. C, ^- R& {1 P2 ?
the first dividend on the Preferred Shares Series 19 to which the holders are# Q2 T, d5 M! Z0 C' k
entitled thereunder subsequent to the time such voting rights first arose until
: {/ [9 Z$ B# T1 U2 U" l8 r7 {# Z  o1 msuch time as the Bank may again fail to declare the whole dividend on the% A! ^. G6 ]5 }* i9 B  @& B7 p
Preferred Shares Series 19 in respect of any quarter, in which event such' E  H9 _, I/ n  _" R$ R
voting rights will become effective again and so on from time to time.7 S6 o; Q+ H# w' L- Y1 g* U
S-6) H; P' ]2 V0 W& E
Priority: The preferred shares of each series of the Bank will rank on a parity with! J# F) T( x1 w/ x* E. e+ u' Y
every other series and are entitled to preference over the common shares of
# q6 ?" _% H' r' b2 |: l7 z# hthe Bank and over any other shares of the Bank ranking junior to the
* q% D7 j3 }' o$ N0 lpreferred shares with respect to the payment of dividends and upon any. d2 q+ P8 q% g/ K
distribution of assets in the event of the liquidation, dissolution or- f% T4 w5 m: m2 ~
winding-up of the Bank.; u3 {+ {5 S: L# C
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under& G$ x; X. k5 a- k3 k9 `* J# A
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
+ a7 p5 K; {/ q% USeries 18 and Preferred Shares Series 19 will not be required to pay tax on7 D( U) l3 I! J. p
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 m1 m" N5 @& R- ~- C1 m
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

  @! E, S; A) u9 D$ `
9 x7 R! a1 u1 |( K# V8 B下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。2 b  O+ C% D- G5 H, z  U. ~( _

: A8 v1 G4 z( @3 k1 bcall 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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