请问精打细算：银行6.50% 5-Year Rate Reset Preferred Share投资的利弊？

yxia

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。


[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]

yxia

下面是BMO的：
SUMMARY OF THE OFFERING
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’’.
$ n3 V' [. l9 y8 R: a. ^* LIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
6 p' ~5 I& @& O2 ?9 @# ZAmount: $150,000,000 (6,000,000 shares).
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
Principal Characteristics of the Preferred Shares Series 18
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
non-cumulative preferential cash dividends, as and when declared by the
( `$ G" b3 R+ p+ a6 sBoard of Directors, subject to the provisions of the Bank Act, for the initial
; T) I& T- V+ w& {! Q$ }) ]period commencing on the closing date and ending on and including
8 {7 ~. n/ e- N  @February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
25th day of February, May, August and November in each year, at a rate
8 P0 N9 k) v; M; Wequal to $0.40625 per share. The initial dividend, if declared, will be payable
4 I9 m8 {, @" I4 M" n7 q4 _! hMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
9 Y. k$ d5 q4 a$ N& F( N2 B; edate of December 11, 2008.
% `, l& G8 u$ LFor each five-year period after the Initial Fixed Rate Period (each, a
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
4 k( a/ E! K3 M9 O, E+ W2 s: u1 oSeries 18 will be entitled to receive fixed non-cumulative preferential cash
dividends, as and when declared by the Board of Directors, subject to the
2 x- R! M+ Q+ Oprovisions of the Bank Act, payable quarterly on the 25th day of February,
May, August and November in each year, in the amount per share per annum
determined by multiplying the Annual Fixed Dividend Rate applicable to
8 U; _4 c7 j8 C; M1 L( Bsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
; D3 U9 A. m5 P' X7 }, \# LBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
of such Subsequent Fixed Rate Period and will be equal to the sum of the
9 }6 [8 U9 p# v* U% }Government of Canada Yield on the applicable Fixed Rate Calculation Date
0 Z! V" U. J8 H7 V. ]7 ~plus 3.83%.
If the Board of Directors does not declare a dividend, or any part thereof, on
' T7 M# H& a7 I3 W, A' nthe Preferred Shares Series 18 on or before the dividend payment date for a
particular quarter, then the entitlement of the holders of the Preferred
Shares Series 18 to receive such dividend, or to any part thereof, for such
quarter will be forever extinguished.
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
Superintendent and to the provisions described below under ‘‘Details of the
- B+ o6 c# c# S( S2 fOffering — Certain Provisions of the Preferred Shares Series 18 as a
Series — Restrictions on Dividends and Retirement of Shares’’, on
! l6 M2 Y- K1 Q$ \* ]* E5 aFebruary 25, 2014 and on February 25 every five years thereafter, on not
, W: j9 w* b: B, hmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
without the consent of the holder, by the payment of an amount in cash for
each such share so redeemed of $25.00 together with all declared and unpaid
% F6 r7 U- S' i, s  S" Gdividends to the date fixed for redemption.
, b3 `4 X8 E4 l& `7 a- V) rConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
% r2 P  S+ ]6 X9 A! BShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
: \7 v  {  }7 S. fthe right, at their option, to convert, on February 25, 2014 and on
S-4
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
! U" v, i* p: W% Tor all of their Preferred Shares Series 18 into an equal number of Preferred
: a, F+ [$ Z' `7 ^4 [: jShares Series 19 upon giving to the Bank notice thereof not earlier than
' G2 a4 s$ a+ L. W30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
! I  O# w3 F3 F# M- b0 }1 F- K; o# Fpreceding, a Series 18 Conversion Date.
& I' j. a( u+ z6 xAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
. ?) D6 {) e$ Z% j- v7 IProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
Series 19, as the case may be, that there would be outstanding on such
; R5 N$ G: P! g- X4 KSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
* a! q; N+ P9 ^. G( tsuch remaining number of Preferred Shares Series 18 will automatically be
converted on such Series 18 Conversion Date into an equal number of
( _% T4 s; @4 ~# O5 G2 JPreferred Shares Series 19. Additionally, if the Bank determines that, after
conversion, there would be outstanding on such Series 18 Conversion Date
& @* u1 D) \8 s% T- W1 eless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
Series 18 will be converted into Preferred Shares Series 19.
! Q1 w4 R" C7 I8 e1 p. o# Z) b# A# `Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
/ ^) w% C# u( b$ ^; @Series 18 will not be entitled as such to receive notice of, attend, or vote at,
any meeting of the shareholders of the Bank unless and until the first time at
1 K+ L, y6 `# _1 D5 F& `6 \which the Board of Directors has not declared the whole dividend on the
Preferred Shares Series 18 in any quarter. In that event, subject as
hereinafter provided, the holders of Preferred Shares Series 18 will be
entitled to receive notice of, and to attend, meetings of shareholders at which
% e$ M* Y+ w5 V  idirectors of the Bank are to be elected and will be entitled to one vote for
each Preferred Share Series 18 held. The voting rights of the holders of the
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
9 S3 ~4 e1 i8 N. D. }the first dividend on the Preferred Shares Series 18 to which the holders are
entitled thereunder subsequent to the time such voting rights first arose until
such time as the Bank may again fail to declare the whole dividend on the
Preferred Shares Series 18 in respect of any quarter, in which event such
# ~& B' [9 X6 k' F2 s* qvoting rights will become effective again and so on from time to time.
Principal Characteristics of the Preferred Shares Series 19
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
4 M: f6 `8 }; ~( S0 x3 Rfloating rate non-cumulative preferential cash dividends, as and when
declared by the Board of Directors, subject to the provisions of the Bank Act,
payable quarterly on the 25th day of February, May, August and November
in each year, in the amount per share determined by multiplying the
applicable Quarterly Floating Dividend Rate by $25.00.
On the 30th day prior to the commencement of the initial quarterly dividend
7 t# B# M$ w8 \1 v3 p& tperiod beginning on February 25, 2014, and on the 30th day prior to the first
8 E; E0 R7 Y% F! |  m% Oday of each subsequent quarterly dividend period (the initial quarterly
dividend period and each subsequent quarterly dividend period is referred to
' j/ r% ?7 G: Q& Was a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
3 Z; _9 B( L! Z9 D% eQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
8 u& C" P  ~+ \- i7 J0 g8 Eelapsed in the applicable Quarterly Floating Rate Period divided by 365)
- P) G, V& h  s7 ^determined on the 30th day prior to the first day of the applicable Quarterly
Floating Rate Period.
S-5
) s( d1 t1 [, V( f7 k0 R6 A+ ~. W8 }If the Board of Directors does not declare a dividend, or any part thereof, on
) M; X: @0 N, S3 R. j$ Ithe Preferred Shares Series 19 on or before the dividend payment date for a
particular quarter, then the entitlement of the holders of the Preferred
" H- ~6 P& M2 FShares Series 19 to receive such dividend, or to any part thereof, for such
quarter will be forever extinguished.
2 o) Y$ y5 B4 m, Y6 e, |Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
Superintendent and to the provisions described below under the heading
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
option without the consent of the holder, by the payment of an amount in
/ |7 \6 ?4 \. m  d4 M$ y2 Q0 Rcash for each such share so redeemed of (i) $25.00 together with all declared
and unpaid dividends to the date fixed for redemption in the case of
, @! v9 o9 i9 C  N% Tredemptions on February 25, 2019 and on February 25 every five years
. q) v! `6 t6 D1 j) Ethereafter, or (ii) $25.50 together with all declared and unpaid dividends to
# m2 U& C3 G# h2 e; lthe date fixed for redemption in the case of redemptions on any other date
on or after February 25, 2014.
: {( r' {4 J5 N% hConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
1 }$ Q) l  j- z( ]# d1 @1 p+ w) U6 nthe right, at their option, to convert, on February 25, 2019 and on
7 l. }' e) z( p6 }February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
or all of their Preferred Shares Series 19 into an equal number of Preferred
Shares Series 18 upon giving to the Bank written notice thereof not earlier
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
% ~4 t* |$ }1 ]* P15th day preceding, a Series 19 Conversion Date.
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
' u5 ~. |. T- x* V6 PSeries 18, as the case may be, that there would be outstanding on such
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
such remaining number of Preferred Shares Series 19 will automatically be
converted on such Series 19 Conversion Date into an equal number of
Preferred Shares Series 18. Additionally, if the Bank determines that, after
conversion, there would be outstanding on such Series 19 Conversion Date
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
8 o* R4 w0 e7 h" D0 WSeries 19 will be converted into Preferred Shares Series 18.
9 Y3 q4 N) x' W; g1 xVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
- l# `2 E! Q; f) G, Kany meeting of the shareholders of the Bank unless and until the first time at
( D0 Y2 h1 c' O; Jwhich the Board of Directors has not declared the whole dividend on the
Preferred Shares Series 19 in any quarter. In that event, subject as
$ \! I9 E* j% z- i! Q1 v* f) fhereinafter provided, the holders of Preferred Shares Series 19 will be
& ^8 s0 w& `3 G4 T% G, D& Zentitled to receive notice of, and to attend, meetings of shareholders at which
/ Y) V% O( ~6 J8 I, _directors of the Bank are to be elected and will be entitled to one vote for
each Preferred Share Series 19 held. The voting rights of the holders of the
: p) l8 ]( l# r2 x" S4 E9 kPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
3 [1 e# J( T  H8 j$ athe first dividend on the Preferred Shares Series 19 to which the holders are
entitled thereunder subsequent to the time such voting rights first arose until
such time as the Bank may again fail to declare the whole dividend on the
Preferred Shares Series 19 in respect of any quarter, in which event such
( }1 X9 Z$ g+ x" S5 Bvoting rights will become effective again and so on from time to time.
S-6
, j" k5 r  @3 O" O& @Priority: The preferred shares of each series of the Bank will rank on a parity with
every other series and are entitled to preference over the common shares of
2 d; ?+ ~- s# H5 \the Bank and over any other shares of the Bank ranking junior to the
0 e( w* S+ T' z  C# I2 r) P, Ipreferred shares with respect to the payment of dividends and upon any
distribution of assets in the event of the liquidation, dissolution or
9 U1 l0 |$ O0 ^, s* Twinding-up of the Bank.
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
) A' {/ B, \1 X9 MSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
dividends received on such shares under Part IV.1 of such Act.

精打细算

算了吧， 有空出来，给你介绍几个安稳的选项。
今天讲座如何？

yxia

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。

精打细算

; V! c6 R; q& k' k0 ?, `" o下周3下午有时间么？ 到我办公室， 拿几只好东西秀秀。

call me.. 780 6699880 转101

yxia

周三下午看情况，我有你的电话，有空的话，我再和你联系。