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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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" M% q4 G/ W2 p6 i8 Y5 {3 N& _  J% f+ T! x) P
[ 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:" T; l# m, X# o1 ~( u9 p
SUMMARY OF THE OFFERING
" v8 u, h5 n, HThis 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’’.
$ O* N8 S. O1 n+ CIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
) i- w0 t- d+ V& qAmount: $150,000,000 (6,000,000 shares).
2 p8 T3 o7 g0 j: ?, r9 T, s9 WPrice and Yield: $25.00 per share to yield initially 6.50% per annum.1 @9 S& c. z' ?) A
Principal Characteristics of the Preferred Shares Series 18. t5 }. B# C1 w9 P" r8 c* |- S7 c2 e
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
4 C! T0 D4 K0 pnon-cumulative preferential cash dividends, as and when declared by the# z) B7 M# q1 d
Board of Directors, subject to the provisions of the Bank Act, for the initial
+ e( g: i5 c; N6 e+ W0 b2 y- Y3 Speriod commencing on the closing date and ending on and including+ J* K2 F3 ?$ |2 T9 H
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the5 V. m* j! E2 L7 I& J
25th day of February, May, August and November in each year, at a rate
8 G* F/ C7 L- g* iequal to $0.40625 per share. The initial dividend, if declared, will be payable8 B* t1 i2 ?# S2 |5 r  u
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
! T, `5 q, K2 p# t' j  R2 F) Kdate of December 11, 2008.4 @2 S" K! @) w
For each five-year period after the Initial Fixed Rate Period (each, a
5 t# x$ {. e& }& N‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares9 S1 T$ P+ \3 P! I7 V
Series 18 will be entitled to receive fixed non-cumulative preferential cash
/ m3 H1 Q, G& w) [5 h$ gdividends, as and when declared by the Board of Directors, subject to the' j+ d7 ]! b9 t8 ~* q1 [3 }- X5 K
provisions of the Bank Act, payable quarterly on the 25th day of February,$ N* d; o- v/ d; k
May, August and November in each year, in the amount per share per annum5 d0 z' X: b$ o% K
determined by multiplying the Annual Fixed Dividend Rate applicable to
3 ~3 T$ W% z( b) H8 r7 Asuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
5 r5 ^7 ?9 }( @Rate for the ensuing Subsequent Fixed Rate Period will be determined by the# d+ {/ k9 H& s& k0 J" h' j: z
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
( V5 _+ v! ?" e' d- {# u- X# p  Qof such Subsequent Fixed Rate Period and will be equal to the sum of the6 n3 a; B; e0 l+ }
Government of Canada Yield on the applicable Fixed Rate Calculation Date2 y& i' N+ U& C4 P5 U$ B
plus 3.83%.
2 @6 f+ F- R/ T% r5 a% QIf the Board of Directors does not declare a dividend, or any part thereof, on% v. K0 p; b& u, t# G* B# J* d" Z
the Preferred Shares Series 18 on or before the dividend payment date for a  p% g' b7 K2 b* H& w
particular quarter, then the entitlement of the holders of the Preferred" c* c7 A2 I4 A+ B
Shares Series 18 to receive such dividend, or to any part thereof, for such
! c$ g; F4 ?$ M; F! \0 K; I; t- K6 l6 iquarter will be forever extinguished.* J& @* y- N: a0 k4 b$ Y8 w0 Q6 n
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
5 p! a3 |/ h; W; dSuperintendent and to the provisions described below under ‘‘Details of the
/ ?) K: D# l2 t# `+ vOffering — Certain Provisions of the Preferred Shares Series 18 as a
1 Z- L- |% Z5 B5 P) l) N7 x* FSeries — Restrictions on Dividends and Retirement of Shares’’, on
. y* |% X: i6 b8 [February 25, 2014 and on February 25 every five years thereafter, on not+ c! A# A2 n, z+ N  f+ E# Y
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
6 c, X) u/ }' }9 u% M% H* P* Qpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
; q! i' Z9 {* \1 o; Dwithout the consent of the holder, by the payment of an amount in cash for
( N  |& x5 Y. t) ceach such share so redeemed of $25.00 together with all declared and unpaid6 ~4 l$ }$ q4 O9 x: D
dividends to the date fixed for redemption.
& o/ }, y% ^( ~0 oConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic7 T5 H" Y% V) P- a
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
  J" C/ B% X* n/ e$ w8 Q2 kthe right, at their option, to convert, on February 25, 2014 and on; I# P! k3 {& {, B1 X
S-4
# U/ r) z5 ~4 ?8 S2 M/ FFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
( J8 A8 q* ?6 C9 [) G. Gor all of their Preferred Shares Series 18 into an equal number of Preferred
$ z2 U$ I3 T3 n( NShares Series 19 upon giving to the Bank notice thereof not earlier than
  F" p( i+ Q# ^30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day" I+ `9 o; Z; {# [
preceding, a Series 18 Conversion Date.
. @3 P7 b* b) H+ d9 t6 cAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
; E; ]/ {3 \/ i1 U/ i% m! i- y5 ?Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
) h* b6 v& m4 p' b% |Series 19, as the case may be, that there would be outstanding on such
% A) ]% A, _* BSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,, }% g: Q- `) U
such remaining number of Preferred Shares Series 18 will automatically be/ `! h. ^& ^4 e. u) I
converted on such Series 18 Conversion Date into an equal number of
) r& _. W/ m5 B( d6 rPreferred Shares Series 19. Additionally, if the Bank determines that, after
* W" m; j5 m9 o) i) Dconversion, there would be outstanding on such Series 18 Conversion Date
; z8 g, A, H9 S4 m9 j9 a0 sless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
3 v$ E1 O9 M! Q3 {Series 18 will be converted into Preferred Shares Series 19.* P8 X, ?* h1 D, }  O, i/ R  t
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares, V6 N! ~* q/ P3 J8 g
Series 18 will not be entitled as such to receive notice of, attend, or vote at,# h) w' n4 N3 H# w3 g7 {
any meeting of the shareholders of the Bank unless and until the first time at) s4 E" U! l; u4 N
which the Board of Directors has not declared the whole dividend on the* j* w: k+ h& H) Y; b6 z- H* {
Preferred Shares Series 18 in any quarter. In that event, subject as
4 @, }/ i# ?' m. Z. rhereinafter provided, the holders of Preferred Shares Series 18 will be" ]/ m% w& x$ G  X# ]
entitled to receive notice of, and to attend, meetings of shareholders at which
( B& q: D& q0 [) u- l- Z% A7 udirectors of the Bank are to be elected and will be entitled to one vote for
# N" P9 C8 d, x! H# }: V  h$ |each Preferred Share Series 18 held. The voting rights of the holders of the
% B8 R' i. _: I- \: IPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
- p" n" a& M. d) ^' R6 z: `" t* Mthe first dividend on the Preferred Shares Series 18 to which the holders are/ c$ n- ?/ r9 J  Q& O5 O
entitled thereunder subsequent to the time such voting rights first arose until
) S) n" A3 S' v7 q; fsuch time as the Bank may again fail to declare the whole dividend on the
7 J! b: ^' a5 y3 X2 ?8 R; OPreferred Shares Series 18 in respect of any quarter, in which event such
% x. {- Z$ X: _" L, b% svoting rights will become effective again and so on from time to time.
: W' ^' V7 _" P4 X& `Principal Characteristics of the Preferred Shares Series 19
( u: D# ^  T5 lDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
. `5 x% A# O% \+ yfloating rate non-cumulative preferential cash dividends, as and when5 r  e/ U" `/ ^' E  M
declared by the Board of Directors, subject to the provisions of the Bank Act,& s# ~! c& ~7 G' w
payable quarterly on the 25th day of February, May, August and November
  J. j5 n  D$ V: A) ain each year, in the amount per share determined by multiplying the
, S. T. b3 Y( mapplicable Quarterly Floating Dividend Rate by $25.00.6 R) E( Y/ u  b1 R% y! d# m1 J) Q
On the 30th day prior to the commencement of the initial quarterly dividend8 b7 N2 I1 O3 R
period beginning on February 25, 2014, and on the 30th day prior to the first5 L3 g0 w! Q; Y
day of each subsequent quarterly dividend period (the initial quarterly
5 S4 D1 D% r  {9 K" ^4 Zdividend period and each subsequent quarterly dividend period is referred to
; @& o/ k: N4 `4 r' F6 U- sas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
: Y* L9 O3 Y( j( aQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
) b  a2 ?1 ^% u$ ]& _Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
& ~5 Z9 t, D4 _9 t4 ?$ q% m5 Q" wT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days- N4 S1 v8 ]1 K1 @& |
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
9 P) ^# A! l2 H# x5 ~) X1 edetermined on the 30th day prior to the first day of the applicable Quarterly
# P8 \$ F  l" V! M$ ~Floating Rate Period./ Z, h# _3 Q* ^1 a5 C& M5 J
S-5  o, d4 }3 d& q
If the Board of Directors does not declare a dividend, or any part thereof, on
3 y5 o2 [& A. }the Preferred Shares Series 19 on or before the dividend payment date for a
& _) P7 N! e5 V4 ?particular quarter, then the entitlement of the holders of the Preferred" L; Y4 g) B9 |& ^5 I! }6 i% F0 z  U: i
Shares Series 19 to receive such dividend, or to any part thereof, for such. ~0 [1 A6 @7 I2 |7 Q- P
quarter will be forever extinguished.  x! Q" k' p/ C6 y
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
) l, R# d  v, H, ~% t0 b- v+ vSuperintendent and to the provisions described below under the heading* |+ f1 C; t5 L7 }; O9 |
‘‘Details of the Offering — Certain Provisions of the Preferred Shares1 e0 T5 B. O% T1 K6 N5 H& r$ h
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,- s6 W+ T; \4 F2 Q- [% [3 Q9 L# y9 r
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
9 U1 V8 u; J# ?% ]6 w6 @/ \" Yor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
. v5 W9 O  Y% F7 `0 h8 B7 m9 j% Uoption without the consent of the holder, by the payment of an amount in7 d* e/ P7 _$ @* P2 ?6 z. W
cash for each such share so redeemed of (i) $25.00 together with all declared0 A- r7 Y2 Q2 i/ X
and unpaid dividends to the date fixed for redemption in the case of
  C1 f+ U' |- F& ~! R: _/ |9 }* Jredemptions on February 25, 2019 and on February 25 every five years  {" \  M3 |. u' n7 z9 v6 {. w
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to, V+ N2 `# z) M7 j- c: @) E8 k
the date fixed for redemption in the case of redemptions on any other date' L- V5 d$ [* x; C. l
on or after February 25, 2014.
- L. p7 b; N9 QConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
6 ?0 s3 ?; T& H# E8 n( eShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
0 T8 s& B$ g& p8 v7 G2 X- Z& ^( @: uthe right, at their option, to convert, on February 25, 2019 and on3 j" e  [7 J7 M4 f7 Y: E# O& u
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any7 j& ^% x' l( w
or all of their Preferred Shares Series 19 into an equal number of Preferred
6 K, c: {5 x3 d2 M6 R3 U/ QShares Series 18 upon giving to the Bank written notice thereof not earlier
6 L: V# j8 x* i' w: h! q$ B: rthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
  {/ T5 A, p& I, a15th day preceding, a Series 19 Conversion Date.& e- z: I/ |7 [) u( l) c. \: n4 ^
Automatic Conversion If the Bank determines, after having taken into account all shares tendered+ x% e4 d. g% P# g: s
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares& w# G% W3 I' @- o/ m/ u* ~" S4 R
Series 18, as the case may be, that there would be outstanding on such
, t% {3 w& X/ F' O* iSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,& T& N  A4 p. s9 N; m
such remaining number of Preferred Shares Series 19 will automatically be/ v" A  y! J( V" q7 C1 d
converted on such Series 19 Conversion Date into an equal number of/ a- \, l4 O% K) x' w: r
Preferred Shares Series 18. Additionally, if the Bank determines that, after
! B, @0 _& W" m" yconversion, there would be outstanding on such Series 19 Conversion Date
& A$ Z: w8 Q6 J% m) jless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
$ H$ j3 Z; k# r! e; x( CSeries 19 will be converted into Preferred Shares Series 18.
% k5 \& }: v5 XVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares: z" d1 Y0 d; U
Series 19 will not be entitled as such to receive notice of, attend, or vote at,: \/ m6 m7 j& Y8 b# d2 X
any meeting of the shareholders of the Bank unless and until the first time at( F6 L  e4 D7 U6 D$ Y2 K0 I  F
which the Board of Directors has not declared the whole dividend on the
8 J4 O2 K* o( S# f1 qPreferred Shares Series 19 in any quarter. In that event, subject as/ [7 C( S  j+ Q
hereinafter provided, the holders of Preferred Shares Series 19 will be
' C& O% G* Q5 ~5 Jentitled to receive notice of, and to attend, meetings of shareholders at which
6 _" X; h* ?0 R: cdirectors of the Bank are to be elected and will be entitled to one vote for8 C1 S# w  V) x+ t( O- z
each Preferred Share Series 19 held. The voting rights of the holders of the0 c" F8 h' l: o9 x
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of6 E2 S9 ^7 F; R7 H
the first dividend on the Preferred Shares Series 19 to which the holders are' F! n0 r# o- F7 O" U* p- ]8 I
entitled thereunder subsequent to the time such voting rights first arose until
% A" r" O5 F, D' Nsuch time as the Bank may again fail to declare the whole dividend on the
7 T9 G0 }, E1 N4 q9 DPreferred Shares Series 19 in respect of any quarter, in which event such/ f: @5 `% Y* W2 ?% h
voting rights will become effective again and so on from time to time.
% `5 `% [& n) p" uS-6* D% Q8 l- P! I' s8 q
Priority: The preferred shares of each series of the Bank will rank on a parity with8 f/ s6 \* r: c$ f+ N1 j
every other series and are entitled to preference over the common shares of) ^' n. j1 b' m' j
the Bank and over any other shares of the Bank ranking junior to the
9 y9 ]8 M7 |5 A2 D5 |preferred shares with respect to the payment of dividends and upon any. u7 p9 K' R5 `6 g3 f
distribution of assets in the event of the liquidation, dissolution or1 u0 }8 H/ ?+ @2 ]
winding-up of the Bank.
8 E6 V/ y* c7 k* UTax on Preferred Share The Bank will elect, in the manner and within the time provided under, R, T( I" Q, t" w" X
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares' i1 E& N* M: o$ G/ x: H9 s
Series 18 and Preferred Shares Series 19 will not be required to pay tax on1 p3 _0 f! w. v( y; J0 e3 T$ w
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。
1 ^* m2 s# u% s: e) X0 @% v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

4 A3 X4 _5 J, u: e3 j8 f
1 j9 g; `) C0 t0 I# F* ~8 c+ s下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
. v1 c# x$ O" Y$ G& ]
$ o* }* V+ O) y) c; ncall 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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