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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。/ l/ |$ p* J# T; W

9 |* l# n7 G, A7 R, i% K3 T3 }7 K6 W! z1 ?
[ 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:
* S0 o9 u8 e3 f' ^; A4 `6 XSUMMARY OF THE OFFERING
) Q/ @- ?: W& @0 x  M% yThis 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’’.
) S# G% ^! h5 y* l, s+ ?+ oIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.0 Q  U1 [$ }5 ?) e
Amount: $150,000,000 (6,000,000 shares).
8 ^8 p4 _3 t  h# h7 V% G  UPrice and Yield: $25.00 per share to yield initially 6.50% per annum., {+ V. a/ ]8 H+ k  X4 `
Principal Characteristics of the Preferred Shares Series 18, E' i) J1 e# u2 M, L
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed* B: ^! k. @$ J* X" ^0 A3 |
non-cumulative preferential cash dividends, as and when declared by the4 c- B8 M5 ~& ]
Board of Directors, subject to the provisions of the Bank Act, for the initial
1 j# ?9 P0 Q! n/ t' \' Zperiod commencing on the closing date and ending on and including
6 u( L# }3 Q+ W. hFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the0 F7 B* E* ~. j5 l' O
25th day of February, May, August and November in each year, at a rate
3 E: H- {7 m& T' ]; [+ Q! Kequal to $0.40625 per share. The initial dividend, if declared, will be payable+ F) G& T2 k" A1 [9 y+ M" y+ a, c
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
) T; J7 {3 C* f1 Qdate of December 11, 2008.) z4 m: l5 r: [: y6 J
For each five-year period after the Initial Fixed Rate Period (each, a5 a& D& q# @" l. J
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
% Q. R4 Q2 Q6 ~/ lSeries 18 will be entitled to receive fixed non-cumulative preferential cash/ Y$ n* |- Z2 }4 `8 @& h
dividends, as and when declared by the Board of Directors, subject to the0 G1 `3 v' n1 q# W. ]
provisions of the Bank Act, payable quarterly on the 25th day of February,
& r+ k# @4 R7 a3 aMay, August and November in each year, in the amount per share per annum
6 I5 X4 x5 @4 H/ Qdetermined by multiplying the Annual Fixed Dividend Rate applicable to; A) w3 a2 R6 _
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend5 w" ?* p$ ~9 s: ~: X" F# R
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the! \* j% U; W# |: @" @$ U0 [/ w: c& d
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
4 D* c$ C# B" w" nof such Subsequent Fixed Rate Period and will be equal to the sum of the
0 ^/ P9 p0 v. V; n' O# D$ aGovernment of Canada Yield on the applicable Fixed Rate Calculation Date4 }% j% q* O/ p$ ]
plus 3.83%.
4 \& x4 X. p  }8 z9 \3 O, {6 IIf the Board of Directors does not declare a dividend, or any part thereof, on
4 Y: X4 f, X8 Z; _+ Cthe Preferred Shares Series 18 on or before the dividend payment date for a8 r: R8 S. E- h# D' j" m
particular quarter, then the entitlement of the holders of the Preferred5 H& j3 i* U0 J
Shares Series 18 to receive such dividend, or to any part thereof, for such
) h, V- n; f# E. Q5 V. q4 pquarter will be forever extinguished.
6 t. F- L' s5 k4 h/ t/ b4 HRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
  _5 p) S/ R3 ^. YSuperintendent and to the provisions described below under ‘‘Details of the
- \7 Z! e+ f$ mOffering — Certain Provisions of the Preferred Shares Series 18 as a
2 u" \8 z0 p- f3 qSeries — Restrictions on Dividends and Retirement of Shares’’, on2 m0 }4 k1 i/ ?9 j& W& ]3 G7 c
February 25, 2014 and on February 25 every five years thereafter, on not
, M9 `0 G! Y6 g6 [3 Tmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
8 x+ W8 M: x: t! [part of the then outstanding Preferred Shares Series 18, at the Bank’s option
1 W0 ]  C" K# b4 q9 ywithout the consent of the holder, by the payment of an amount in cash for+ c# f' y" H% [) l
each such share so redeemed of $25.00 together with all declared and unpaid0 f4 H( }5 @' Y
dividends to the date fixed for redemption.! G. x: \. O! ?# o
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic3 D+ g+ r0 Y, X, L$ Q
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
9 z  _' ^' l8 p3 B: a, j/ v# Gthe right, at their option, to convert, on February 25, 2014 and on' j! w/ m, D1 O4 |
S-4
4 n% X1 k& \4 X" _February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any6 j4 N' ~( M! |9 }
or all of their Preferred Shares Series 18 into an equal number of Preferred6 Z; p3 c9 |. e
Shares Series 19 upon giving to the Bank notice thereof not earlier than
0 t' F0 ?- @9 @5 B. o9 ?" M* f30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
8 h) U" ?, C: k- e: l6 bpreceding, a Series 18 Conversion Date.
0 G/ o9 V( ]3 N  c% U9 RAutomatic Conversion If the Bank determines, after having taken into account all shares tendered: a; W( X+ o2 A: r6 q# t) H
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares( G: Q3 i  q4 ^5 B3 V
Series 19, as the case may be, that there would be outstanding on such
/ @# K, d/ a. K8 Z; c: RSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,0 W: ]% ]' v4 u5 j
such remaining number of Preferred Shares Series 18 will automatically be
3 B) j3 ?$ v4 p" nconverted on such Series 18 Conversion Date into an equal number of
. u4 H. H& N' L4 x3 W# mPreferred Shares Series 19. Additionally, if the Bank determines that, after
6 z7 `# f! z; Q; T& uconversion, there would be outstanding on such Series 18 Conversion Date
! D% I) A. M7 Q9 U5 d; e, }less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares) v+ h, C& g  Y, R2 t
Series 18 will be converted into Preferred Shares Series 19.
* k1 G1 r/ _2 lVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
3 Q" x. k+ j9 n; a$ }, ?Series 18 will not be entitled as such to receive notice of, attend, or vote at,
& L( Z0 p) V" W; Bany meeting of the shareholders of the Bank unless and until the first time at
0 q* b$ O0 v) jwhich the Board of Directors has not declared the whole dividend on the
  i, o! o, o; q$ I( s3 EPreferred Shares Series 18 in any quarter. In that event, subject as3 I$ C( q# n2 J  F% Y
hereinafter provided, the holders of Preferred Shares Series 18 will be
3 w: v2 f- Q7 G" t2 F# Centitled to receive notice of, and to attend, meetings of shareholders at which
/ A0 Q! A5 i" i) A3 qdirectors of the Bank are to be elected and will be entitled to one vote for
4 B& r. \+ e, k+ l9 q  x( `each Preferred Share Series 18 held. The voting rights of the holders of the- u/ ^: _$ i+ ^
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of8 U3 O$ D; d# ^; C! P/ _
the first dividend on the Preferred Shares Series 18 to which the holders are
2 N  f0 C9 y+ X  bentitled thereunder subsequent to the time such voting rights first arose until3 C' N  T$ b9 O4 _2 J
such time as the Bank may again fail to declare the whole dividend on the
# {+ Q* w8 e# W& ~; MPreferred Shares Series 18 in respect of any quarter, in which event such( ?9 o0 s* j" ]
voting rights will become effective again and so on from time to time.! K. G+ Q8 O' A
Principal Characteristics of the Preferred Shares Series 19
/ o( V/ h# _' ^Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
1 S+ W4 z% J, A# G) e6 ~floating rate non-cumulative preferential cash dividends, as and when, P$ k. i7 Z. n6 ]7 J) K3 d& R2 `
declared by the Board of Directors, subject to the provisions of the Bank Act,
0 d* _+ ]. Q1 r* @" r% H" n+ H3 ?payable quarterly on the 25th day of February, May, August and November& j# s' k% n: l6 V$ y0 W
in each year, in the amount per share determined by multiplying the
* n- ?1 i1 k3 c: y, Rapplicable Quarterly Floating Dividend Rate by $25.00.; Z' _. |9 I3 ]- t' V% F
On the 30th day prior to the commencement of the initial quarterly dividend; `& a3 J: j7 G0 U4 c& ?
period beginning on February 25, 2014, and on the 30th day prior to the first, K& t- U. ^. `
day of each subsequent quarterly dividend period (the initial quarterly  e# \: W# D1 T
dividend period and each subsequent quarterly dividend period is referred to2 ^5 E) s- G# w4 W% r4 I4 \) h
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the0 K  p2 X/ j9 V5 D2 w
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate. s8 Y! L' f1 @5 t4 V) a
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
7 j9 E7 v9 s; y1 xT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days6 N4 r" h2 P% `2 I4 B2 N
elapsed in the applicable Quarterly Floating Rate Period divided by 365)+ S+ H& ]/ q( f( d4 J& `
determined on the 30th day prior to the first day of the applicable Quarterly
" r3 h) F  X. x' YFloating Rate Period.5 a. f( r' D3 c& R
S-5
- d1 g% L! O. h# g) L$ mIf the Board of Directors does not declare a dividend, or any part thereof, on
$ @1 X6 Y# S3 c( ?5 o. Y+ Bthe Preferred Shares Series 19 on or before the dividend payment date for a( Z8 }( e) Y* p* Z& T
particular quarter, then the entitlement of the holders of the Preferred
' K, q& k+ r8 K! T/ u5 @Shares Series 19 to receive such dividend, or to any part thereof, for such
1 S: F& S" D$ Lquarter will be forever extinguished.
3 u2 d) A7 p( y, @/ B$ [9 `Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
6 K7 d* _& Q# }Superintendent and to the provisions described below under the heading/ V/ C* U7 X7 V! f
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
! f& p( ?; W2 S: v+ U9 j' oSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,, @. j$ _$ L* E! A6 Z  D
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
4 {1 M$ v! T! ]& b. n, K' oor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
8 s1 p$ @, |! U$ E; U: N, S' H3 {option without the consent of the holder, by the payment of an amount in4 M9 N9 v$ e2 e* @- P
cash for each such share so redeemed of (i) $25.00 together with all declared. H& A8 S- p5 B/ c
and unpaid dividends to the date fixed for redemption in the case of
1 M6 \! T# A1 V# ^$ i8 Xredemptions on February 25, 2019 and on February 25 every five years
3 P  S' {3 c  ~, Q. x/ r6 I2 |2 d9 jthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
% l: k; ^& C% L5 ~+ cthe date fixed for redemption in the case of redemptions on any other date
. Q1 o* R. K9 [% S( Kon or after February 25, 2014.: M+ t' @1 T1 S, g
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic# [' h! r( K! `4 s" D
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
, g3 ?+ \/ R; C, e2 v; ?the right, at their option, to convert, on February 25, 2019 and on
/ p3 s9 s8 f) c, S# O5 W* EFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
3 O  p4 V- j3 [or all of their Preferred Shares Series 19 into an equal number of Preferred5 @9 V% o) I; p7 F7 g1 l- `/ [
Shares Series 18 upon giving to the Bank written notice thereof not earlier& w! Z' u! ]6 `5 N0 X
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the2 K# ~: L4 w9 [; H
15th day preceding, a Series 19 Conversion Date.2 g/ a9 ^8 g: y
Automatic Conversion If the Bank determines, after having taken into account all shares tendered7 V8 E$ T; D7 ^! Y
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
0 E( Z9 ]  y- G) _& SSeries 18, as the case may be, that there would be outstanding on such
# m3 i. ?* m# O! PSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,! f1 f& z% f7 \2 e: ]
such remaining number of Preferred Shares Series 19 will automatically be: P8 v# p( \* r$ @7 [
converted on such Series 19 Conversion Date into an equal number of/ Q1 g! n) z4 q' g0 r6 U& K5 ]
Preferred Shares Series 18. Additionally, if the Bank determines that, after
1 r4 K4 h! c" Gconversion, there would be outstanding on such Series 19 Conversion Date
; f2 @( H. e  r+ i/ wless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares0 \1 B- e) F  z3 Y! X
Series 19 will be converted into Preferred Shares Series 18.
. l# {$ E( {, V3 G$ P; LVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
- ]2 x2 e& S" J( s8 U5 h9 KSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
' H. M( m3 H- ~# A& e) }9 Sany meeting of the shareholders of the Bank unless and until the first time at
5 v. o/ }& L1 Y" Iwhich the Board of Directors has not declared the whole dividend on the5 N* U/ M2 V) A# P* O7 `7 a
Preferred Shares Series 19 in any quarter. In that event, subject as
& z$ _) k8 m' v% L( L0 b* t0 fhereinafter provided, the holders of Preferred Shares Series 19 will be0 \4 Y2 q! [; K+ W  y% q8 w  _
entitled to receive notice of, and to attend, meetings of shareholders at which$ I6 g8 W7 A$ V" V3 j. O
directors of the Bank are to be elected and will be entitled to one vote for4 U: C2 Z) ]3 a$ {9 Q5 |6 X9 `
each Preferred Share Series 19 held. The voting rights of the holders of the  Q. j( R. a- l  c' Y. h' w4 p
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
: U" `% C! `/ w& R" Rthe first dividend on the Preferred Shares Series 19 to which the holders are
# T1 Z+ }2 E: d+ k1 q- l. e2 lentitled thereunder subsequent to the time such voting rights first arose until
' B( l/ {$ H+ M) n7 v( y0 m' F" xsuch time as the Bank may again fail to declare the whole dividend on the
3 D, M" v5 ]7 p1 Z; n/ m1 GPreferred Shares Series 19 in respect of any quarter, in which event such& F5 U% P$ A9 D' }& U
voting rights will become effective again and so on from time to time.# k6 E6 P& m& M) ?) o8 R
S-69 P9 E6 E# {, }- T: n, A
Priority: The preferred shares of each series of the Bank will rank on a parity with
. E% @; b8 u0 u/ D0 K2 zevery other series and are entitled to preference over the common shares of
$ [2 Q* F" ~1 \# {7 \  u( p0 }the Bank and over any other shares of the Bank ranking junior to the
% o# ~6 M' [. Z1 T" vpreferred shares with respect to the payment of dividends and upon any; M! z" b* z+ ?8 m
distribution of assets in the event of the liquidation, dissolution or6 c6 m3 c, m2 U8 T( ?" u" J8 w" Z& @
winding-up of the Bank.% ~, o% k. Z9 o$ l' y: n( }& g
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under+ Z4 Q$ h0 s- s  g3 E
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares4 [. A- H7 H8 O6 V
Series 18 and Preferred Shares Series 19 will not be required to pay tax on1 o- u9 d: P: B, i+ K
dividends received on such shares under Part IV.1 of such Act.
大型搬家
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。
7 z* M! p4 S6 W  Y9 h今天讲座如何?
大型搬家
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 P* }& `' ~) O# a. H2 q, B" s% a; c' N; v* z2 O3 c2 q/ q! }" U
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。* R3 ]3 h9 I1 {) E  J# u5 K
- y5 c: O3 {5 k2 b
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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