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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。( r7 }. }/ t; }( D. a1 D/ D" q
& R3 f3 \8 Q6 @$ t5 Q" V
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[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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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:) [) @0 G/ K0 ?  e7 P" @
SUMMARY OF THE OFFERING  u  t- l7 I8 m3 _( t; X" @7 V
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’’./ q6 H0 I& Q! W# ]1 ~* J$ V  s4 W
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.3 X' h9 ~# v# s  W. v; S0 N
Amount: $150,000,000 (6,000,000 shares).
; v6 x; R, F1 i6 Q( Y3 `% `8 ?Price and Yield: $25.00 per share to yield initially 6.50% per annum.
7 a+ e  P1 W. y4 s# O% _; tPrincipal Characteristics of the Preferred Shares Series 18
2 g5 O% Y. _1 c* y" t$ Q1 _Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed9 v& q: T& S' J. H. C7 n7 j0 D$ |6 M
non-cumulative preferential cash dividends, as and when declared by the
3 P% M9 G4 h  R8 MBoard of Directors, subject to the provisions of the Bank Act, for the initial4 @" C* E$ V# k* a4 k9 U# ~
period commencing on the closing date and ending on and including, B  S' y# w0 u8 E- y* D$ ^
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the* H: [8 ?9 R" m. n2 B
25th day of February, May, August and November in each year, at a rate
- p+ b4 [( \& `, Aequal to $0.40625 per share. The initial dividend, if declared, will be payable5 `2 a( r3 `  P
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing( l& l0 x: Y# j  t, r- ?
date of December 11, 2008.
, p6 e- i) z! Y$ WFor each five-year period after the Initial Fixed Rate Period (each, a
1 E, G" H3 o% D1 j‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares4 g' u* S8 H% x1 z, Y2 X
Series 18 will be entitled to receive fixed non-cumulative preferential cash" u9 W8 ~/ Y3 {/ E, ^$ I
dividends, as and when declared by the Board of Directors, subject to the
# I9 {7 |( w5 z2 R* t; x" _0 @provisions of the Bank Act, payable quarterly on the 25th day of February,3 Q+ L$ f% Q; t# D% c: B
May, August and November in each year, in the amount per share per annum. G, i. w& w' L) J; D
determined by multiplying the Annual Fixed Dividend Rate applicable to
% X$ g5 v# o  Dsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend% b" b) P( c8 I
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
+ B. N2 f1 P8 N' `. |Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day* x- j: E5 B1 S- P
of such Subsequent Fixed Rate Period and will be equal to the sum of the) l1 U  \6 @% `2 A! g; F! u
Government of Canada Yield on the applicable Fixed Rate Calculation Date
* y. B6 o; o$ Y1 Tplus 3.83%.
, N6 \  Y# `  k( P+ S- `5 ~If the Board of Directors does not declare a dividend, or any part thereof, on  R6 y6 }" f) C2 e* Y! U, K
the Preferred Shares Series 18 on or before the dividend payment date for a
! j- [3 ~6 \7 @& a9 o* Jparticular quarter, then the entitlement of the holders of the Preferred; A$ A4 p2 `' `$ \0 `* E
Shares Series 18 to receive such dividend, or to any part thereof, for such
# U# N+ w+ K9 Jquarter will be forever extinguished.9 W3 {7 p% u+ H( a% @- e2 Y
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the3 ~7 s1 i$ m4 @5 l" [; Y9 @
Superintendent and to the provisions described below under ‘‘Details of the
+ W; U, K3 c+ t& `Offering — Certain Provisions of the Preferred Shares Series 18 as a+ a1 k/ t' ^3 Y8 y
Series — Restrictions on Dividends and Retirement of Shares’’, on
! [4 a# K! H9 A' L2 A' e: z6 ?February 25, 2014 and on February 25 every five years thereafter, on not) W" y- F+ j) ?
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any, C" h% ^) z; B6 p% Y
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
0 i) [6 K' s  q* L0 Zwithout the consent of the holder, by the payment of an amount in cash for
: \# k) b9 u. h6 S* r9 }9 r; Oeach such share so redeemed of $25.00 together with all declared and unpaid! w5 c) D- w, u4 ]7 M" V
dividends to the date fixed for redemption.
. v3 k+ e' g  q3 f) a4 SConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic; }0 M5 H8 Y# O1 X  f* ~/ Z
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have- T  N, u# |. j8 v6 q
the right, at their option, to convert, on February 25, 2014 and on8 V4 i+ J3 r" ]8 Z( j0 J; |
S-4" G! u/ y1 \; ~& r) A
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
' h- e( D( W2 I9 g& s+ \( r" Jor all of their Preferred Shares Series 18 into an equal number of Preferred
/ f; o7 b' i2 i" N+ a& TShares Series 19 upon giving to the Bank notice thereof not earlier than. l% @9 ^2 J0 S, E& n' J( R7 e  U' t9 d
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day0 o& P" a1 a  c- m
preceding, a Series 18 Conversion Date.
6 |% c3 `* E- `3 O: \' ]Automatic Conversion If the Bank determines, after having taken into account all shares tendered1 P" d/ C' P) `/ x7 d6 b" e
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
% Z/ Z' H* x/ u1 G  bSeries 19, as the case may be, that there would be outstanding on such
3 P# {$ ]9 b9 D9 z8 A4 a: jSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
3 E3 t  o. _; m$ b/ M# ?+ }) Rsuch remaining number of Preferred Shares Series 18 will automatically be
, m! g( I/ G* d2 rconverted on such Series 18 Conversion Date into an equal number of
3 c! @) K5 P' l& EPreferred Shares Series 19. Additionally, if the Bank determines that, after
' k& C: l8 k# W: xconversion, there would be outstanding on such Series 18 Conversion Date/ H; c- a+ A& x, ?9 O7 k
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
1 k1 v0 \/ \6 @% `5 PSeries 18 will be converted into Preferred Shares Series 19.; E/ V- R$ ^" u& c( O# h4 H
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares3 E6 J6 c+ B7 d( e0 Y1 B4 n4 k
Series 18 will not be entitled as such to receive notice of, attend, or vote at,4 V. ?* z6 t$ ^; I: z
any meeting of the shareholders of the Bank unless and until the first time at
# l# w- @2 ?$ h7 M0 a9 Y& `. Owhich the Board of Directors has not declared the whole dividend on the3 p/ [8 i( d2 t/ i' @& E
Preferred Shares Series 18 in any quarter. In that event, subject as7 `# p% B% X% ~- }3 U3 k5 Q
hereinafter provided, the holders of Preferred Shares Series 18 will be
6 x# u& N; p; Y9 A; |0 m5 K4 tentitled to receive notice of, and to attend, meetings of shareholders at which
* b% P5 }1 a# |% @- Ddirectors of the Bank are to be elected and will be entitled to one vote for9 {; m( Y' Q$ i
each Preferred Share Series 18 held. The voting rights of the holders of the4 G# ^4 K' |- ^6 ]8 X- V5 D
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of: ^8 @2 H4 g8 n6 i0 k5 }# e. e
the first dividend on the Preferred Shares Series 18 to which the holders are' _+ h' F9 a! |0 G. i1 \  X
entitled thereunder subsequent to the time such voting rights first arose until4 r4 r2 M" c7 i! f2 |
such time as the Bank may again fail to declare the whole dividend on the
" y8 \5 X, E: U" d; c) R$ q& _. @Preferred Shares Series 18 in respect of any quarter, in which event such
( {& Q2 L9 Y8 K: s5 r/ |voting rights will become effective again and so on from time to time.
8 U# r# L' u1 W+ WPrincipal Characteristics of the Preferred Shares Series 19
2 {/ w. a/ s  b) ]Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
! \8 m' J  z; T5 rfloating rate non-cumulative preferential cash dividends, as and when
' p' O, `: O! R) i6 a. adeclared by the Board of Directors, subject to the provisions of the Bank Act,7 i) ?: I: u$ ~6 m) j# p: z
payable quarterly on the 25th day of February, May, August and November* ^# D" U9 k. t. y7 y
in each year, in the amount per share determined by multiplying the! k) `$ q# g" D4 b1 H
applicable Quarterly Floating Dividend Rate by $25.00.' R8 I4 f( v  F  \* i
On the 30th day prior to the commencement of the initial quarterly dividend# e) k: v# W' X/ k3 F3 {/ s
period beginning on February 25, 2014, and on the 30th day prior to the first
) i- c) W- p& C8 e* N. h! D2 i& K$ m9 eday of each subsequent quarterly dividend period (the initial quarterly
) X! x( e3 \. S4 Pdividend period and each subsequent quarterly dividend period is referred to
) k4 A. _- ~6 Was a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
* D; J" \% e: Q9 rQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate* s- `7 W$ {( e- g) E
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the- W, z4 k# A5 Z: B- O- x0 p! N- J
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
7 o/ T  u- ?  k+ L! i4 l% |2 welapsed in the applicable Quarterly Floating Rate Period divided by 365)
2 i6 S! C& i+ Z5 G% \, X" i) adetermined on the 30th day prior to the first day of the applicable Quarterly
7 E# x( B: y9 R' n* h0 @Floating Rate Period.8 D# d$ p& m6 W. y5 L/ G
S-5
* t7 |  f* Z. C  p6 W, E# hIf the Board of Directors does not declare a dividend, or any part thereof, on' j" f* g! r+ _" K8 g& x2 U$ O9 n7 B; P
the Preferred Shares Series 19 on or before the dividend payment date for a* P$ K% _7 l4 u7 T
particular quarter, then the entitlement of the holders of the Preferred
$ ^. x) m: Z; Q' X0 E% _! x8 DShares Series 19 to receive such dividend, or to any part thereof, for such( J% R0 o! B5 G, z! k
quarter will be forever extinguished.1 ]8 K, R9 d9 x2 t" o
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the) Y# V/ _" i3 d. a5 K6 c
Superintendent and to the provisions described below under the heading
( d4 j$ U, o7 F# f+ W‘‘Details of the Offering — Certain Provisions of the Preferred Shares
/ w7 w: _- R. h3 j; jSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
& }" R: p: R  B; M  R& Oon not more than 60 nor less than 30 days’ notice, the Bank may redeem all! J$ v5 E: N% {- P
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
( ~6 S0 x7 g* P% m1 ~' Eoption without the consent of the holder, by the payment of an amount in0 s* O  n' p5 R% ~8 ~
cash for each such share so redeemed of (i) $25.00 together with all declared
; ~7 Y( Y9 t, u3 g! U$ F7 oand unpaid dividends to the date fixed for redemption in the case of2 S/ f9 G4 c: p0 y
redemptions on February 25, 2019 and on February 25 every five years& \6 @2 ~$ `! G- o
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to$ _4 }' V; x" V, U" V
the date fixed for redemption in the case of redemptions on any other date
7 e5 x% R! W3 k9 Ton or after February 25, 2014." a8 }, S3 N, J. M7 U
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic( y/ z: N* p. U
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have7 C( }8 w/ g- s3 a0 O' ?8 k8 Y8 _
the right, at their option, to convert, on February 25, 2019 and on
% g" q1 p4 ?8 k! Z( ?$ w: f% i; V. MFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
. @3 B! Q. {4 {or all of their Preferred Shares Series 19 into an equal number of Preferred
' k& _( K* q7 E/ [- RShares Series 18 upon giving to the Bank written notice thereof not earlier
# M2 K- h3 Z4 p4 L$ }than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
: C* ~8 d6 @! D6 Y! O, E15th day preceding, a Series 19 Conversion Date.+ v  F& T3 N* P9 k0 c
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
3 R- l3 ]2 V) L1 P  GProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
$ D# F( n' Y: r4 H$ N0 dSeries 18, as the case may be, that there would be outstanding on such1 D6 E0 ^. j$ |) D& H" w3 P
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,. b/ L+ a7 ^* s0 d- x2 d. p: V# V
such remaining number of Preferred Shares Series 19 will automatically be
9 I+ C" b  ~8 ^: l& L8 H" @converted on such Series 19 Conversion Date into an equal number of
+ w( w, [2 _+ q: q; C% \Preferred Shares Series 18. Additionally, if the Bank determines that, after
+ q, D& q/ @! h$ A& ]conversion, there would be outstanding on such Series 19 Conversion Date
$ ]! J) ?3 {. H5 Qless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
- U- w) y# N' }Series 19 will be converted into Preferred Shares Series 18.( U. U: k. f& Q' }7 {% w' m
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
9 [6 m- a8 G) Y$ OSeries 19 will not be entitled as such to receive notice of, attend, or vote at,! U' g. D) Z8 g
any meeting of the shareholders of the Bank unless and until the first time at# V, {, e, @& l5 `+ X2 F
which the Board of Directors has not declared the whole dividend on the6 }% g) I) z) B  z2 C
Preferred Shares Series 19 in any quarter. In that event, subject as
9 D' c' b- K" U0 w6 Z& k/ Ahereinafter provided, the holders of Preferred Shares Series 19 will be. ?& ^, `" [+ [6 \; F1 b' \
entitled to receive notice of, and to attend, meetings of shareholders at which
' W' U5 T+ n# r; k, h: odirectors of the Bank are to be elected and will be entitled to one vote for
- M5 x4 X- A; a5 `+ Z% X( E2 Xeach Preferred Share Series 19 held. The voting rights of the holders of the/ x& @, U2 L' M
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
5 D2 k/ L) D& g0 @the first dividend on the Preferred Shares Series 19 to which the holders are
4 d$ O; M) L  x- M  B' ?, x# ~entitled thereunder subsequent to the time such voting rights first arose until
) u' h5 j3 {9 R( C- f3 f7 \: U) [! n. Isuch time as the Bank may again fail to declare the whole dividend on the
" W8 \# ?4 c' t5 V/ `' fPreferred Shares Series 19 in respect of any quarter, in which event such0 L* H' z1 k7 B8 D4 M% `% \$ [7 R% `
voting rights will become effective again and so on from time to time.$ e+ ]' r. O4 I$ V8 S
S-60 S- j, A& g  P. o( B9 _+ G
Priority: The preferred shares of each series of the Bank will rank on a parity with( g4 c6 k5 F( ^
every other series and are entitled to preference over the common shares of# U4 ~6 p7 {7 z5 z/ z/ n
the Bank and over any other shares of the Bank ranking junior to the: Z* h" W0 o/ |  e5 Z0 V) u
preferred shares with respect to the payment of dividends and upon any
+ ?0 l! }% N6 \+ l1 O) P1 I6 E* cdistribution of assets in the event of the liquidation, dissolution or
! y; M: ?) O- H& S& nwinding-up of the Bank.& C' m; ?4 S' c- A4 y
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under" V: [+ ?3 \0 O. U, Z! h2 R
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares7 a* p/ b/ l; g. e, d% t  k
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
/ J" J' G  v5 b/ p7 C  cdividends 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。
9 t+ z$ i  f4 `$ U3 D5 B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

$ \' O9 ^/ b7 T; t
! X" P# F  b  E下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。. y* `  L3 i0 d8 y% K2 [4 s5 x
5 d: j" a& K: N3 l
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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