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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 ]
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 楼主| 发表于 2008-11-29 16:58 | 显示全部楼层
下面是BMO的:
- e' J6 O. G+ z: Z; ISUMMARY OF THE OFFERING
9 C$ S5 N) r7 c/ eThis 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’’.) P% j4 H2 t1 \3 F
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
' L% ?* m: D3 C; ~1 m: d; BAmount: $150,000,000 (6,000,000 shares).2 x* W& y7 `8 f0 v% y5 U
Price and Yield: $25.00 per share to yield initially 6.50% per annum.: }) g" C: p3 v  g: z. Y* u1 s
Principal Characteristics of the Preferred Shares Series 18
( q" K& x7 Q4 ?% V% e* s' YDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
# L' B/ n; e0 R0 Anon-cumulative preferential cash dividends, as and when declared by the
3 A% [! Q7 D- N  R+ C" @Board of Directors, subject to the provisions of the Bank Act, for the initial5 I+ _+ ^% F+ I& g! o
period commencing on the closing date and ending on and including
2 a) I4 e# f0 Q0 {% rFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the* b2 D% e: M* r' M5 g
25th day of February, May, August and November in each year, at a rate8 {( X& C3 Z0 n( M9 T; x
equal to $0.40625 per share. The initial dividend, if declared, will be payable5 B" T# b5 P, ~) J8 G, @
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing# a7 U# n6 z3 ^
date of December 11, 2008.4 R1 j! k7 K' v: m0 c, N/ d
For each five-year period after the Initial Fixed Rate Period (each, a8 u! X& l; L. ~( _7 a
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares9 z) ~, G" ~' E/ S' u+ g
Series 18 will be entitled to receive fixed non-cumulative preferential cash2 Y$ P; c( P4 l. ]7 r
dividends, as and when declared by the Board of Directors, subject to the
/ G' y' m; i$ M7 y8 y$ w- U+ H% Qprovisions of the Bank Act, payable quarterly on the 25th day of February," ]; _4 e5 C2 k' Z' Y3 F) o  @- ?
May, August and November in each year, in the amount per share per annum  F/ K( b% w8 i( x, D9 M/ Q2 N
determined by multiplying the Annual Fixed Dividend Rate applicable to
5 E8 l, A2 I1 N2 l% r: esuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
  p6 U6 L$ e& W2 kRate for the ensuing Subsequent Fixed Rate Period will be determined by the
. K; |0 @5 i9 c, n6 J) BBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
. `6 x2 |% \2 b0 E8 Zof such Subsequent Fixed Rate Period and will be equal to the sum of the
# ^$ V  [  x5 W( n4 o- u9 L; H2 cGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
. P/ Q1 M3 n2 t' A, Tplus 3.83%.0 h8 u7 H# q7 m# x7 \
If the Board of Directors does not declare a dividend, or any part thereof, on0 b% G& C- ]; a7 ?% b/ B0 p
the Preferred Shares Series 18 on or before the dividend payment date for a3 D, ^4 U. h$ _
particular quarter, then the entitlement of the holders of the Preferred
# {; w# z! G' l! ]1 XShares Series 18 to receive such dividend, or to any part thereof, for such
6 K! N: |* f3 Iquarter will be forever extinguished.3 P; G8 B) ?* W
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
1 D5 @2 {) t/ f- U) DSuperintendent and to the provisions described below under ‘‘Details of the
$ Z; z) _' ^  T+ b0 I( ZOffering — Certain Provisions of the Preferred Shares Series 18 as a
. g6 ^/ h) A! Y( aSeries — Restrictions on Dividends and Retirement of Shares’’, on# I9 ^0 r6 p; o$ S8 F
February 25, 2014 and on February 25 every five years thereafter, on not
/ X% d9 p4 Y* I4 v$ G% Z6 smore than 60 nor less than 30 days’ notice, the Bank may redeem all or any' a+ w; ^, [' F( C0 J
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
) U$ p' v3 e7 Q% ^( \+ Hwithout the consent of the holder, by the payment of an amount in cash for
4 w1 Q; c. f. z, k: {1 _0 x% Reach such share so redeemed of $25.00 together with all declared and unpaid8 Q) b# b  l0 |: \# }" J( v3 S; c8 d
dividends to the date fixed for redemption.1 Q: ]. M! x! ^  J
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
. Q( i5 C; n& a' k( n1 IShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have3 Q# @# B( t- \& k1 F
the right, at their option, to convert, on February 25, 2014 and on
4 N; y& ?$ r4 KS-48 `6 e$ }9 D5 k% ^! I; D
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
6 A8 u0 o8 A7 Qor all of their Preferred Shares Series 18 into an equal number of Preferred  h0 o  U, h( Q, w9 h
Shares Series 19 upon giving to the Bank notice thereof not earlier than+ T! z) \, ?- J: V! E
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day( \0 Y7 J& t0 A( k0 }
preceding, a Series 18 Conversion Date.
' P! h& K! j  y* r, u" l7 W0 J- oAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
4 q" f! L; J) `Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
1 N) p' Y4 [+ S' i1 s; ESeries 19, as the case may be, that there would be outstanding on such" H, f. R' j# J0 C: @8 x
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,6 W7 ~0 k4 ], q* [' y* R0 v" ^6 q6 m
such remaining number of Preferred Shares Series 18 will automatically be" |/ T. L# z  h. C2 f
converted on such Series 18 Conversion Date into an equal number of1 @! C! f* q+ r: U7 q8 A3 M
Preferred Shares Series 19. Additionally, if the Bank determines that, after: S" b& p: W: D; f9 `) t9 R) s
conversion, there would be outstanding on such Series 18 Conversion Date
9 D6 V5 B) Q& N( sless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
, H* s+ v& r) P9 NSeries 18 will be converted into Preferred Shares Series 19.
5 q$ B+ P5 V" x: {  G+ O! o9 lVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares& e; z+ }( ?+ ]9 F" m" q$ k" R
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
- R& s* k1 w& S; m( R6 wany meeting of the shareholders of the Bank unless and until the first time at& F" y" T; W, v' J
which the Board of Directors has not declared the whole dividend on the0 `; j) ?/ R; O8 ^7 Y
Preferred Shares Series 18 in any quarter. In that event, subject as
" _) @5 H, w& U2 Y, K) }6 |! Ihereinafter provided, the holders of Preferred Shares Series 18 will be# d; a  h; u+ ]7 U1 w( s
entitled to receive notice of, and to attend, meetings of shareholders at which
- p- n8 k6 u% n5 R' ^9 K( r( Tdirectors of the Bank are to be elected and will be entitled to one vote for% z9 K3 C" T$ m0 d! k- Y3 _
each Preferred Share Series 18 held. The voting rights of the holders of the) d% G1 z0 @! c7 a" r
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
' |4 |4 e; H4 v, @% ^! u+ ^5 Sthe first dividend on the Preferred Shares Series 18 to which the holders are* [6 a1 `7 S4 @# ?  d7 }2 e- b+ b4 D
entitled thereunder subsequent to the time such voting rights first arose until& X. w* o" g4 w6 h4 S. P1 l
such time as the Bank may again fail to declare the whole dividend on the
+ s. A/ `; \+ z; ?% _& WPreferred Shares Series 18 in respect of any quarter, in which event such* H, @  x' z& r; [; f& c& s
voting rights will become effective again and so on from time to time.* G% b2 U/ a  v, T
Principal Characteristics of the Preferred Shares Series 19
6 G3 G# u  L+ R& J2 rDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
! J: d; B& @/ N& m5 d: bfloating rate non-cumulative preferential cash dividends, as and when2 l) e; P# Z+ w3 S& y- H
declared by the Board of Directors, subject to the provisions of the Bank Act,6 j0 z( n5 g) Q
payable quarterly on the 25th day of February, May, August and November# ?& R. q6 l* D, q  |; o& k, F. B
in each year, in the amount per share determined by multiplying the* c9 a& W8 k( A, N
applicable Quarterly Floating Dividend Rate by $25.00.- V& i3 f6 h. I
On the 30th day prior to the commencement of the initial quarterly dividend- M% h3 w% R  F. n2 J- m
period beginning on February 25, 2014, and on the 30th day prior to the first6 T! P1 @- b0 \6 P
day of each subsequent quarterly dividend period (the initial quarterly
. X6 E0 |* B' p2 d' p% ndividend period and each subsequent quarterly dividend period is referred to
6 J: g/ _& Y" m3 o* las a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
# D! S. L: i0 C3 PQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
6 Y, L1 P2 M" P# U# T) EPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
. u* B! x) A. C- ?3 o+ xT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
1 E9 I, ?. p* z2 ~. i8 J3 }elapsed in the applicable Quarterly Floating Rate Period divided by 365)0 H7 P" S; [" l
determined on the 30th day prior to the first day of the applicable Quarterly
& X% t. Z" j9 {. M* g" LFloating Rate Period.
$ e* \9 b* w' l8 W& o5 JS-5' A7 f7 O3 ^2 S+ p
If the Board of Directors does not declare a dividend, or any part thereof, on$ r; n9 F5 k7 E! J  J6 c
the Preferred Shares Series 19 on or before the dividend payment date for a; }( T! O' G! m( \
particular quarter, then the entitlement of the holders of the Preferred3 p+ f# j* O% `' D
Shares Series 19 to receive such dividend, or to any part thereof, for such
9 m% B5 [) y6 Cquarter will be forever extinguished.
1 v/ v$ E" c  ?+ kRedemption: Subject to the provisions of the Bank Act and to the prior consent of the7 n4 h- \+ q, X" O  h$ F6 d9 i; f* N4 G
Superintendent and to the provisions described below under the heading4 H0 ^4 }: t/ E3 n  m
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
/ T- ]! `. e+ w# N/ f( r3 k( z: ^Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
$ ?* j8 S  V6 }2 k& ^on not more than 60 nor less than 30 days’ notice, the Bank may redeem all5 r& {2 `: k! ?. F+ _
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
6 L8 Q5 o8 e; W+ @( t/ Y+ ~0 |option without the consent of the holder, by the payment of an amount in
' `8 b, o" {1 V5 J3 X; X) ^) |cash for each such share so redeemed of (i) $25.00 together with all declared
; [& G. O9 g  T  Sand unpaid dividends to the date fixed for redemption in the case of
& _, S$ {# [' Z( [6 jredemptions on February 25, 2019 and on February 25 every five years6 u9 H7 E$ e" v+ A) w3 V
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to: H( _% D7 K0 Q) B/ y. J
the date fixed for redemption in the case of redemptions on any other date/ o( D' u, n; [1 m% w/ Q4 ^
on or after February 25, 2014.
" Z& N9 ^' P8 X4 OConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic" ^) [2 X+ u; K! b" _4 p! m" F6 G
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have$ d) A/ }1 r8 m
the right, at their option, to convert, on February 25, 2019 and on
8 r  x/ E' L& B/ {February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any% l$ s; {9 G1 X; t) c4 O$ q; L
or all of their Preferred Shares Series 19 into an equal number of Preferred
8 S& b' v8 s9 c9 V' Y- J; a5 j/ |Shares Series 18 upon giving to the Bank written notice thereof not earlier
) r6 q0 z3 y4 R4 @* d  {* b. }than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the% j5 m4 `- L0 U  c
15th day preceding, a Series 19 Conversion Date.0 M; ^$ q+ h' X6 `9 W8 j
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
! |9 h+ x. y" T2 v) k" }8 c8 J. nProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
  y6 d+ P) {& f) Y1 iSeries 18, as the case may be, that there would be outstanding on such1 Y0 A1 c+ w: k2 |% L" j
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,& z$ H* i! O& y5 A3 q9 |% v4 b7 |
such remaining number of Preferred Shares Series 19 will automatically be/ F; R& ?3 M) z/ W% ], T
converted on such Series 19 Conversion Date into an equal number of
" q" u- J6 p+ v& O1 p. L  p- [Preferred Shares Series 18. Additionally, if the Bank determines that, after6 t; u  M& K0 k
conversion, there would be outstanding on such Series 19 Conversion Date
4 u2 p  X4 R* J6 Wless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
' @' F6 a% Z+ b# uSeries 19 will be converted into Preferred Shares Series 18.) @) R# o" k( ?+ S" U( D
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
+ i. r5 O% ~8 lSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
6 y- q, J+ [" I; Many meeting of the shareholders of the Bank unless and until the first time at
* a5 n' W: ?0 M/ O- A8 qwhich the Board of Directors has not declared the whole dividend on the7 C9 g7 V3 P( t2 J9 h1 C+ b
Preferred Shares Series 19 in any quarter. In that event, subject as
/ h9 k9 t6 `! q7 K, G1 C9 c6 Shereinafter provided, the holders of Preferred Shares Series 19 will be
$ a1 H" s" _0 ~4 ?# y8 r9 pentitled to receive notice of, and to attend, meetings of shareholders at which5 |/ a1 c# }9 _3 [" }' V
directors of the Bank are to be elected and will be entitled to one vote for
- i0 o" |* b. s* Z% weach Preferred Share Series 19 held. The voting rights of the holders of the
. U8 c4 [6 i; E: D1 N& e5 mPreferred Shares Series 19 will forthwith cease upon payment by the Bank of% i3 N9 r- T; c8 \2 ?/ U% A
the first dividend on the Preferred Shares Series 19 to which the holders are/ Z% I4 |! Q$ j: k( g
entitled thereunder subsequent to the time such voting rights first arose until. \8 Y  e; E) N
such time as the Bank may again fail to declare the whole dividend on the( \( q* h! L; T4 g7 t
Preferred Shares Series 19 in respect of any quarter, in which event such# P( }7 `2 l: r- W& P  t
voting rights will become effective again and so on from time to time.
8 |7 u( l$ Q1 F. T3 GS-6
8 D' y  [0 |. `) U. U0 ^8 G( K5 b5 RPriority: The preferred shares of each series of the Bank will rank on a parity with8 i7 W5 r  M  C( v1 B$ d
every other series and are entitled to preference over the common shares of# X+ F) y- w. c# O: Y6 }' a; g, W
the Bank and over any other shares of the Bank ranking junior to the
; P7 F3 I: W: Y. Cpreferred shares with respect to the payment of dividends and upon any
/ ~4 q" G/ d' p- Vdistribution of assets in the event of the liquidation, dissolution or
5 j" N& N! L/ Q, V9 }" vwinding-up of the Bank.
# h6 r( [9 M) y& n7 T, T& N7 jTax on Preferred Share The Bank will elect, in the manner and within the time provided under
) O9 @  N9 O* V. dDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares7 m" f* }$ I# ]7 {4 C! K
Series 18 and Preferred Shares Series 19 will not be required to pay tax on1 K! _; G& E& F  y6 ?% g
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。8 A4 w# h+ ^3 N% I7 f3 A0 R0 q
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

7 O; z" ?# h% D! k$ Z# K* r1 W2 u! z8 o
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。1 R9 M/ G! |! o! H
  n/ ~+ L1 z3 q4 G
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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