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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。
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. w( y4 X2 Z4 E9 g[ 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:
$ a5 ^; l3 j& |6 I( h* A% pSUMMARY OF THE OFFERING
* d* S: X  ?* N8 j' B/ IThis 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’’." ^: {% a0 J! g' ?# J8 g+ c
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.: {, K5 P* Z0 A
Amount: $150,000,000 (6,000,000 shares).
: b! H6 [; {3 q: }* ~& VPrice and Yield: $25.00 per share to yield initially 6.50% per annum.9 ^- L9 n) k4 E  p
Principal Characteristics of the Preferred Shares Series 18
3 I# y& G  M. u0 o7 VDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
# \5 N7 D8 x- n/ G) Z) _non-cumulative preferential cash dividends, as and when declared by the
0 ?. N. r; f+ {: b: d  d& qBoard of Directors, subject to the provisions of the Bank Act, for the initial+ I/ E  {+ q: j% O
period commencing on the closing date and ending on and including: I; t( d- P( Q1 [3 X! j
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the; f% w' J9 T& c- \6 K3 n
25th day of February, May, August and November in each year, at a rate
/ e! e4 d) e4 C$ o6 v7 iequal to $0.40625 per share. The initial dividend, if declared, will be payable
+ f/ F' K0 x3 ~: f# NMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing$ q  B; s! l) N: g. U
date of December 11, 2008.
4 ~; }* B4 N* O) U) G1 `  PFor each five-year period after the Initial Fixed Rate Period (each, a- M! D$ |& ^3 \5 a
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares  `) [) }' p1 f9 Q; W& M7 h
Series 18 will be entitled to receive fixed non-cumulative preferential cash
% P' s( Z3 t- C! N8 Edividends, as and when declared by the Board of Directors, subject to the
5 n& _  a$ g# k, Xprovisions of the Bank Act, payable quarterly on the 25th day of February,
! q+ Z% N( x6 @7 c; I% C! n9 C* UMay, August and November in each year, in the amount per share per annum
5 N7 t: {( n% T3 A% Mdetermined by multiplying the Annual Fixed Dividend Rate applicable to1 ~3 Y, G# f6 a9 O
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend! c3 j: }7 c2 F* ]) s. L
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the7 l1 G2 _1 w0 S9 X2 N
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
1 N$ S7 i' L1 vof such Subsequent Fixed Rate Period and will be equal to the sum of the- a( `5 N7 u' j3 G
Government of Canada Yield on the applicable Fixed Rate Calculation Date1 j) l5 q+ Y& b$ l9 a. G, s
plus 3.83%.
0 w/ ^) ]* _* d3 L6 C' eIf the Board of Directors does not declare a dividend, or any part thereof, on+ z( K" D5 x5 K
the Preferred Shares Series 18 on or before the dividend payment date for a! n- D6 {+ X8 y0 B/ r6 T
particular quarter, then the entitlement of the holders of the Preferred
' j# X( K( L1 r: |% J2 n, l8 E) m3 P. yShares Series 18 to receive such dividend, or to any part thereof, for such$ v( W$ M5 E! m% [7 g3 i
quarter will be forever extinguished.
4 R, e, v9 R. y8 R5 H5 d/ U) oRedemption: Subject to the provisions of the Bank Act and to the prior consent of the; W7 r* {$ O1 G. B
Superintendent and to the provisions described below under ‘‘Details of the
* F+ u3 z" \+ U: t9 k1 ~1 d/ UOffering — Certain Provisions of the Preferred Shares Series 18 as a
, u3 [* g2 m  u: J8 _* U& ~Series — Restrictions on Dividends and Retirement of Shares’’, on) l% w' w& [2 \$ W" ~
February 25, 2014 and on February 25 every five years thereafter, on not$ S$ D% n& p. K
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any3 C* i# @% {8 i- R  ?3 h
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
0 {  G1 ~8 W5 a0 twithout the consent of the holder, by the payment of an amount in cash for
1 e% O3 S. M, j+ keach such share so redeemed of $25.00 together with all declared and unpaid8 |  u8 m# b7 C0 H$ i
dividends to the date fixed for redemption./ i4 O8 V2 Y* g2 C% G
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
% F1 c2 d+ m7 L# X4 F1 F  NShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
/ S4 P' {) B: x4 V: F1 {( athe right, at their option, to convert, on February 25, 2014 and on
: K# M; r9 Q$ y6 T- eS-4$ n6 Y, S/ Z: v
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
$ q+ b: i$ w5 H- Nor all of their Preferred Shares Series 18 into an equal number of Preferred0 Y+ l! b9 ~. v  b7 c& v
Shares Series 19 upon giving to the Bank notice thereof not earlier than
, y5 x' |: N0 [, m+ t+ p5 S. h30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
2 |5 w+ u0 {% E% ]+ m8 @( k# Lpreceding, a Series 18 Conversion Date." \2 e& \+ t8 F! u: T! i& c) q2 b8 B; n# i
Automatic Conversion If the Bank determines, after having taken into account all shares tendered  _& ]0 i* D- Z7 s! e3 f
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
8 o9 b2 g% y' U' u0 M3 r& v9 b. QSeries 19, as the case may be, that there would be outstanding on such
3 X9 ?/ C( g6 V: L$ d4 HSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
! j7 W$ R$ ]2 E* I+ Ssuch remaining number of Preferred Shares Series 18 will automatically be
) k% x5 n, `1 A0 Cconverted on such Series 18 Conversion Date into an equal number of
1 R8 w, _; r* X; TPreferred Shares Series 19. Additionally, if the Bank determines that, after' |. O3 E2 B- s" G
conversion, there would be outstanding on such Series 18 Conversion Date: \3 y. m) I8 X. |
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
8 P5 F& P8 ]6 W" d$ R8 E- ]Series 18 will be converted into Preferred Shares Series 19.
8 u8 q. Q: R% l! t9 w. I4 NVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares, a+ C6 T/ h$ e" ^2 T
Series 18 will not be entitled as such to receive notice of, attend, or vote at,4 a, \7 d( x( C5 j; F0 w
any meeting of the shareholders of the Bank unless and until the first time at# J( {% r3 C( c9 D& i( A) ~, C
which the Board of Directors has not declared the whole dividend on the
5 D5 K+ j5 M: KPreferred Shares Series 18 in any quarter. In that event, subject as/ H+ k4 k7 ~2 A$ n; S+ C
hereinafter provided, the holders of Preferred Shares Series 18 will be
7 a( R& H8 R, C6 O0 R- E. w& Oentitled to receive notice of, and to attend, meetings of shareholders at which+ d* Q/ T) m' v$ s7 ^( `  M
directors of the Bank are to be elected and will be entitled to one vote for
6 U. \# f6 D2 P5 s; z/ ieach Preferred Share Series 18 held. The voting rights of the holders of the/ g! f2 F- w+ O- t1 R2 j
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
1 q1 `! k3 ]% ~the first dividend on the Preferred Shares Series 18 to which the holders are5 I' A" h; B) ?
entitled thereunder subsequent to the time such voting rights first arose until
7 {6 M+ l" p2 M- x, rsuch time as the Bank may again fail to declare the whole dividend on the
$ q- o! t" Z5 m0 O! ?Preferred Shares Series 18 in respect of any quarter, in which event such7 B0 D8 S) q0 P5 o) o3 j
voting rights will become effective again and so on from time to time.
( M4 A8 ]' J2 Z7 f& o! TPrincipal Characteristics of the Preferred Shares Series 195 v* Z- N- C3 h! J" ?& V( N; \
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive8 J8 i1 c5 A3 c+ I7 x0 K3 a
floating rate non-cumulative preferential cash dividends, as and when
- B' R9 h9 x; v" C7 O+ cdeclared by the Board of Directors, subject to the provisions of the Bank Act,
2 c6 ~, \; Y# T$ ^4 y# Hpayable quarterly on the 25th day of February, May, August and November
" U8 y. V" Z1 J- @8 D2 A( }in each year, in the amount per share determined by multiplying the
4 J+ a* C$ b& q$ W5 r+ Fapplicable Quarterly Floating Dividend Rate by $25.00.
8 j& m' \1 J- u2 N9 H% }0 Q# T3 HOn the 30th day prior to the commencement of the initial quarterly dividend7 U% P+ h. O# a4 E0 Z! d
period beginning on February 25, 2014, and on the 30th day prior to the first
0 Y1 @# c' c9 h4 G. W1 h6 fday of each subsequent quarterly dividend period (the initial quarterly$ C$ x- M/ g. c/ P
dividend period and each subsequent quarterly dividend period is referred to
$ M% v* Y! f" F9 \as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the7 H) L5 k. F) d, h( K
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate( `% u) b" P) B
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
& H$ X. A) A! M! e, [; z- M: b' A9 cT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days' i1 Q. k; @2 F; t) Y
elapsed in the applicable Quarterly Floating Rate Period divided by 365), |. y# b0 {) W: ~* v7 n# ?
determined on the 30th day prior to the first day of the applicable Quarterly2 F* q0 W# d. d# [: ?9 A5 ?8 c
Floating Rate Period.
5 V% m9 k: W4 R/ dS-5
$ U7 p: Q$ r  eIf the Board of Directors does not declare a dividend, or any part thereof, on
# K$ h/ m) H0 f( }& Rthe Preferred Shares Series 19 on or before the dividend payment date for a
/ E8 i8 f# l2 E: Sparticular quarter, then the entitlement of the holders of the Preferred9 {1 K$ [! @, T: Y3 J- S- |& l2 e
Shares Series 19 to receive such dividend, or to any part thereof, for such
# \4 m  _0 a) a  uquarter will be forever extinguished.
. w) W+ w/ b* B7 R& O8 y6 A- IRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
6 E+ \$ |3 E2 K4 h2 F* k' {Superintendent and to the provisions described below under the heading
1 u2 a' R* `' P0 _0 n‘‘Details of the Offering — Certain Provisions of the Preferred Shares) _- k4 E9 l& M  k  z; @
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,! f8 H5 ^6 E# S0 _: R
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all3 {5 Y" j/ q7 E# J. B# @$ B# v
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s! v; n9 u- e) E, F
option without the consent of the holder, by the payment of an amount in
$ ^' m% [' B4 y: e! O2 c4 p4 Gcash for each such share so redeemed of (i) $25.00 together with all declared
% [, p0 h5 R: i9 p& Q, u' Aand unpaid dividends to the date fixed for redemption in the case of9 N" ^- w8 y- T9 |9 _
redemptions on February 25, 2019 and on February 25 every five years% u& V) ^' n0 c, f7 R
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
8 {% ~# [5 ?$ Gthe date fixed for redemption in the case of redemptions on any other date
, v5 i% A! T) g% I; Fon or after February 25, 2014.; i$ i4 l( a1 {6 S3 r
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic; s, h6 {" z8 T* W  |3 U- x
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have9 J. C7 q# E0 M% @" e) x/ H
the right, at their option, to convert, on February 25, 2019 and on
  B1 a' }/ p* H6 G) n8 n2 uFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any! k) e4 o* v' v9 g) z8 Y
or all of their Preferred Shares Series 19 into an equal number of Preferred
. |9 B( W* ]8 LShares Series 18 upon giving to the Bank written notice thereof not earlier
" {* ], o6 ^3 y" h; z2 ^) ithan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the; M2 i+ O* {* e
15th day preceding, a Series 19 Conversion Date.1 e3 ?- }3 G' p9 j
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
. U* l. w) z( Q+ U8 n2 w, EProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares: w. I7 N  ^1 X" s
Series 18, as the case may be, that there would be outstanding on such
! y/ k: B8 {' OSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
! |$ B, m; f: u/ w0 z: P) V3 e$ ssuch remaining number of Preferred Shares Series 19 will automatically be% g. W# H& k1 G% d
converted on such Series 19 Conversion Date into an equal number of
# @' {6 v, v" v* SPreferred Shares Series 18. Additionally, if the Bank determines that, after
! q0 ]* W$ A4 g$ I; Uconversion, there would be outstanding on such Series 19 Conversion Date
2 m* w: s  N8 {; ~: Aless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares0 h% n& X: y" b
Series 19 will be converted into Preferred Shares Series 18.4 p7 w0 n5 e. c2 _) w$ M
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
% A9 R5 |) M9 S5 d7 U* gSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
% d/ I; P& e; b& J& t' F: F- fany meeting of the shareholders of the Bank unless and until the first time at
9 B3 ^' \2 m/ X0 d6 v  \which the Board of Directors has not declared the whole dividend on the
, F8 f- K5 x8 O: dPreferred Shares Series 19 in any quarter. In that event, subject as$ T& ?* M; O: _5 K
hereinafter provided, the holders of Preferred Shares Series 19 will be
4 n. {1 U5 Q! S7 {6 \3 Wentitled to receive notice of, and to attend, meetings of shareholders at which
2 p1 \" E/ Y, p8 X* Q. ndirectors of the Bank are to be elected and will be entitled to one vote for6 }! |2 Q, z9 b0 b* h3 D% X
each Preferred Share Series 19 held. The voting rights of the holders of the% P3 [3 m+ Z/ e- i3 O- f( _" Q
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of" u0 B; |3 ^7 t. r7 \3 Y! }
the first dividend on the Preferred Shares Series 19 to which the holders are' C( U# [3 a% B# q* p1 R
entitled thereunder subsequent to the time such voting rights first arose until9 \- f, K, v7 o! l
such time as the Bank may again fail to declare the whole dividend on the
, V2 n7 T9 ]: p3 ]  bPreferred Shares Series 19 in respect of any quarter, in which event such
* `6 P* p4 a1 x9 F1 v* f3 pvoting rights will become effective again and so on from time to time.6 d: d; H. d1 b1 w( _
S-6
/ A- h' Q# K0 F1 d" z- mPriority: The preferred shares of each series of the Bank will rank on a parity with4 Y& w2 p8 `5 c) u( T* k
every other series and are entitled to preference over the common shares of# ?7 f; O# u0 \  m( ~6 H# D( i
the Bank and over any other shares of the Bank ranking junior to the1 |9 f& g% p/ u. j
preferred shares with respect to the payment of dividends and upon any
3 m) f# C* Z' K# Fdistribution of assets in the event of the liquidation, dissolution or9 p% c% \% q6 J& M$ D0 q
winding-up of the Bank.
5 V2 L1 E0 U: P! C9 h3 x* G5 LTax on Preferred Share The Bank will elect, in the manner and within the time provided under9 [2 H' p* p1 Q- b9 Y5 q+ f
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares, m& B& ?" d- u" L
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
0 E2 Q: R6 H! `$ Sdividends 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。
' A5 r/ H: v6 A9 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
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。
大型搬家
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 18:26 | 显示全部楼层
# P3 C0 E5 R. a5 z- m0 Y# w

) q/ O3 b8 v. x8 G) t- _下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
; }$ n( G) ?; U& x$ S( e) ]7 p2 i
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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