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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。! h# X1 B' i2 ~( J9 Z$ I- _( s! j
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[ 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:
4 X1 H5 E) c, W) J0 gSUMMARY OF THE OFFERING2 `/ C( |! e. K7 X9 n
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’’.
& \- K9 X+ _+ V5 C/ dIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
- I8 {. O8 Z% k1 DAmount: $150,000,000 (6,000,000 shares).$ w% b0 _- G9 ?; ^6 I* C* @9 _% b
Price and Yield: $25.00 per share to yield initially 6.50% per annum.8 r3 X: }1 p, m2 K/ A8 Y6 m( S
Principal Characteristics of the Preferred Shares Series 18. k1 w6 v; |/ O- o/ \3 C- v2 x" X
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
5 s5 c8 c* n3 x6 _  enon-cumulative preferential cash dividends, as and when declared by the: H5 ?3 L6 c7 W+ i: S, x5 {+ @# P$ {! i
Board of Directors, subject to the provisions of the Bank Act, for the initial$ ^) K( D7 H+ j) s
period commencing on the closing date and ending on and including& l6 p1 y" Q" I! b1 Z/ I
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the. a/ T0 k0 N4 t# n8 I8 R) v* M. q. W
25th day of February, May, August and November in each year, at a rate
9 C7 ^7 o4 S7 {equal to $0.40625 per share. The initial dividend, if declared, will be payable
0 g+ M8 z6 i% n7 F: Q6 v9 @5 {May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
9 d6 b( F. s  y* K& Xdate of December 11, 2008.
5 U  |. n: D/ h! P( w& k) l7 ZFor each five-year period after the Initial Fixed Rate Period (each, a- P  l2 V- j# c+ a+ \5 N
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
( Y" s3 D# ]" y1 d; kSeries 18 will be entitled to receive fixed non-cumulative preferential cash
! U$ ?* [& K' Wdividends, as and when declared by the Board of Directors, subject to the
7 B5 X2 ^9 ~1 Z8 Fprovisions of the Bank Act, payable quarterly on the 25th day of February,0 V' h" q: A* b1 e5 ?! X. g
May, August and November in each year, in the amount per share per annum3 b; @, A. v' B# d
determined by multiplying the Annual Fixed Dividend Rate applicable to$ C7 _! g6 V- Z9 A# ~! `
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
. y1 P4 p+ O) I: @, c9 v2 eRate for the ensuing Subsequent Fixed Rate Period will be determined by the
$ d0 v+ R& ?* \' r" X2 KBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day* c; _: c) j# e; W" N1 Y
of such Subsequent Fixed Rate Period and will be equal to the sum of the1 h7 j- p! n0 h
Government of Canada Yield on the applicable Fixed Rate Calculation Date
- D& t/ H  n: @plus 3.83%.! U0 b. W$ e$ g
If the Board of Directors does not declare a dividend, or any part thereof, on
/ ^: G/ N$ ~* v) S0 e' ^the Preferred Shares Series 18 on or before the dividend payment date for a
( Y7 h" R& d* L' q0 {particular quarter, then the entitlement of the holders of the Preferred) \; u5 q' \# B$ V, u, \. ?& ?
Shares Series 18 to receive such dividend, or to any part thereof, for such8 D; {6 m  m  \, m$ g$ L# C: ^" Z
quarter will be forever extinguished.
) S9 T4 S' m$ e( aRedemption: Subject to the provisions of the Bank Act and to the prior consent of the! {2 N& t" ^8 z/ ^1 B
Superintendent and to the provisions described below under ‘‘Details of the
, j+ G8 }; q" GOffering — Certain Provisions of the Preferred Shares Series 18 as a
) q' i1 ~1 r- m( ]( LSeries — Restrictions on Dividends and Retirement of Shares’’, on% p: `! f6 i* r! Z  n
February 25, 2014 and on February 25 every five years thereafter, on not1 |; p$ B. h! G7 ^1 |- Q
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
* z9 q5 k' q/ ypart of the then outstanding Preferred Shares Series 18, at the Bank’s option
, [; p! `9 Y8 E0 U5 f. `& dwithout the consent of the holder, by the payment of an amount in cash for, T8 p% a2 ~* F4 N
each such share so redeemed of $25.00 together with all declared and unpaid3 c( g$ I8 z! F: Z' g3 V
dividends to the date fixed for redemption.# o# j' r4 s! k# L6 q
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
/ u% ^6 Y5 B6 Y! B2 L% \% CShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have+ T. D$ b1 X6 k& t5 s) Q9 A
the right, at their option, to convert, on February 25, 2014 and on* C0 n' a0 Y4 J. C
S-41 }% m5 G, K& H$ C" r& F
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any* P9 [% r! V) s( G6 E/ I
or all of their Preferred Shares Series 18 into an equal number of Preferred8 L6 G" ~3 m" }; r2 }( t9 ]
Shares Series 19 upon giving to the Bank notice thereof not earlier than9 c  K% l, p/ p9 J
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day9 Y* V' a$ |0 c' c7 x3 Z
preceding, a Series 18 Conversion Date.
( k  x3 g: r; bAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
9 [% v, O% E- t; l2 [Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
# L) N7 B, g4 j  x- R% HSeries 19, as the case may be, that there would be outstanding on such
/ }  J. `6 D: L; \# _, eSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
' c5 h3 T  e& `such remaining number of Preferred Shares Series 18 will automatically be- Z8 `# N$ w7 S5 N, J  S
converted on such Series 18 Conversion Date into an equal number of
- B; |, `# \1 S( EPreferred Shares Series 19. Additionally, if the Bank determines that, after1 n* ?7 m3 J( V* J5 z
conversion, there would be outstanding on such Series 18 Conversion Date
# v- c5 v" D1 K5 y8 g% \less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
- g/ }7 b+ ^$ d! c3 `6 QSeries 18 will be converted into Preferred Shares Series 19.4 B+ c+ h3 d- \& i. j' \
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
4 W  p6 {! Z6 Z% ^7 {Series 18 will not be entitled as such to receive notice of, attend, or vote at,! k+ w2 a6 c( P. E, p& P3 k% n0 a
any meeting of the shareholders of the Bank unless and until the first time at
, w; ~4 l7 i, Z' f# z' B' Q' ]1 mwhich the Board of Directors has not declared the whole dividend on the# h# J0 s* f; t+ [" g, t* p, Z
Preferred Shares Series 18 in any quarter. In that event, subject as7 Q" _* J: E7 u  h- T0 w1 {3 H
hereinafter provided, the holders of Preferred Shares Series 18 will be- ?& b$ x5 b% u& a2 ^/ |/ ^0 R/ V
entitled to receive notice of, and to attend, meetings of shareholders at which
3 l$ I" M7 `6 y/ Vdirectors of the Bank are to be elected and will be entitled to one vote for5 f0 e0 E' z% O$ D& i2 }' v
each Preferred Share Series 18 held. The voting rights of the holders of the
5 M5 F  R8 n+ i; A" k; }1 lPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
6 r7 u) ~/ ~3 u& q9 Othe first dividend on the Preferred Shares Series 18 to which the holders are- V! S$ M1 E5 {  u1 o# U" s  s
entitled thereunder subsequent to the time such voting rights first arose until* G+ Q; j6 r0 s  }% c1 V5 }
such time as the Bank may again fail to declare the whole dividend on the
# w- o) W+ R7 A0 |# RPreferred Shares Series 18 in respect of any quarter, in which event such  h) C7 D; D$ X8 z" {. s* L7 t
voting rights will become effective again and so on from time to time.  r) _4 G8 K( y9 X8 _, S" y
Principal Characteristics of the Preferred Shares Series 190 h' q) o) y$ E6 E2 E
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
8 j8 }' Y, L, B$ n2 ~' g/ sfloating rate non-cumulative preferential cash dividends, as and when
. Z$ t) C* t! zdeclared by the Board of Directors, subject to the provisions of the Bank Act,. L9 c8 @5 m" F
payable quarterly on the 25th day of February, May, August and November
8 g( v/ Y. _7 @( ?in each year, in the amount per share determined by multiplying the9 g7 q# F  P% i# D
applicable Quarterly Floating Dividend Rate by $25.00.
& |' s- O+ ?* n& W! S3 \5 S0 XOn the 30th day prior to the commencement of the initial quarterly dividend
1 @  F( d7 N9 m7 }: B6 q3 qperiod beginning on February 25, 2014, and on the 30th day prior to the first$ |' H# b) Z) D4 n1 x0 L
day of each subsequent quarterly dividend period (the initial quarterly
  J7 n7 u: u  I6 Sdividend period and each subsequent quarterly dividend period is referred to
" _" j  h. J( l& S8 D6 I# B) Gas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
( |; M7 v7 u" o! x/ aQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
8 m$ f+ q# b" T8 a" APeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
( }9 P  O8 B; Z1 FT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days. O& Z) d# _9 ]5 R2 |
elapsed in the applicable Quarterly Floating Rate Period divided by 365); z1 ~& q' P2 D2 t7 g
determined on the 30th day prior to the first day of the applicable Quarterly  `( I" |5 X5 h3 A6 o7 ?5 G
Floating Rate Period.1 R0 {7 ~7 ^; ]# R
S-5
9 q; v4 ]2 K& ]If the Board of Directors does not declare a dividend, or any part thereof, on
, A2 g' n" k2 J& Wthe Preferred Shares Series 19 on or before the dividend payment date for a$ V( a# Y) L3 ~+ X$ l
particular quarter, then the entitlement of the holders of the Preferred
. B) w& E6 ^4 a8 IShares Series 19 to receive such dividend, or to any part thereof, for such9 `0 b7 M1 y8 o" j8 \
quarter will be forever extinguished.2 W0 y0 B$ j! P7 l1 ~# _
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
  B# D8 _: U4 {' Q/ x8 [Superintendent and to the provisions described below under the heading' B/ `& D3 I6 ?' B! z) {
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
; N: V% G3 b! ZSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
2 G/ S; D% ^% I; }) a: u  Y9 t, \2 son not more than 60 nor less than 30 days’ notice, the Bank may redeem all
% ?8 {* ^  L& k0 V$ o8 i9 L9 l& Aor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
+ F  ~2 K- H$ Coption without the consent of the holder, by the payment of an amount in6 b! U, i; @6 ]+ u
cash for each such share so redeemed of (i) $25.00 together with all declared# C& z! E& r3 M9 p( q# f
and unpaid dividends to the date fixed for redemption in the case of
* S5 d: u+ n& ?( J$ g, H" N8 lredemptions on February 25, 2019 and on February 25 every five years
# d' t' E1 F# a7 J7 M4 _6 Kthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
. f! ?3 w. Z9 e  P' J8 [$ }the date fixed for redemption in the case of redemptions on any other date5 P) L4 e) e5 V' ~
on or after February 25, 2014.5 Q( A8 s0 \) N$ F9 G6 _
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic$ p8 K! j  D5 |) |1 w' o/ r
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have+ Y% \9 P$ k. T, }+ m8 F
the right, at their option, to convert, on February 25, 2019 and on
( I' E5 }/ y$ m5 }February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
6 i9 k& W% I4 q. R$ n' Q% mor all of their Preferred Shares Series 19 into an equal number of Preferred/ a# z5 B) s' H2 U% E/ m$ p
Shares Series 18 upon giving to the Bank written notice thereof not earlier3 H) L9 Y+ p- X" i% i( W
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
) V& P; \& f" F5 @$ F8 s15th day preceding, a Series 19 Conversion Date.2 H- }5 c) [. S4 `
Automatic Conversion If the Bank determines, after having taken into account all shares tendered5 q- e+ G% U/ F2 P! g& _/ y% {; O& T
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
! d! z. d4 R  h0 S$ Q4 VSeries 18, as the case may be, that there would be outstanding on such9 k8 \- s& g; H+ E, i+ T
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
# Y1 y* d9 o: ^; zsuch remaining number of Preferred Shares Series 19 will automatically be# r* k5 U( s! B+ `1 u1 V1 w& U& s
converted on such Series 19 Conversion Date into an equal number of% p: O8 F2 }7 z  K- |5 z( _% A' J# [
Preferred Shares Series 18. Additionally, if the Bank determines that, after
9 ~; y" h: \1 U4 U1 Gconversion, there would be outstanding on such Series 19 Conversion Date# ~/ Z# X  {# o# i' @8 v% t6 t
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares  d5 h& ^9 U0 z: {* T0 q
Series 19 will be converted into Preferred Shares Series 18.
, i/ j' a0 `6 U6 i8 GVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
% E( S; u8 @# Q% @0 N6 gSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
3 v0 Q; t0 |* _6 ~# Pany meeting of the shareholders of the Bank unless and until the first time at
# i( n3 ^2 x- e; }which the Board of Directors has not declared the whole dividend on the3 Y3 g2 K- ]0 I% W! V' i* \
Preferred Shares Series 19 in any quarter. In that event, subject as3 n5 e9 |% A, b% x9 D" _
hereinafter provided, the holders of Preferred Shares Series 19 will be
5 M- @- P0 b; t) `0 A+ o! tentitled to receive notice of, and to attend, meetings of shareholders at which1 H0 G2 w. W1 M
directors of the Bank are to be elected and will be entitled to one vote for3 K0 j+ K) }. }3 j) [" o" ?
each Preferred Share Series 19 held. The voting rights of the holders of the
: i! r$ h+ v4 Q  c" ^Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
( r( g* @6 e7 `! C8 gthe first dividend on the Preferred Shares Series 19 to which the holders are
8 D# E$ p7 D0 Hentitled thereunder subsequent to the time such voting rights first arose until
- S# V) [' F4 ?9 g# @such time as the Bank may again fail to declare the whole dividend on the
' d& i- h& U; X1 d: @, uPreferred Shares Series 19 in respect of any quarter, in which event such1 s) O; z" O# \
voting rights will become effective again and so on from time to time.
2 Q$ a& r; A, V+ m4 SS-6
7 b/ ^, [7 w2 D$ ^2 `! qPriority: The preferred shares of each series of the Bank will rank on a parity with* _; d, E: \! Q( V) B; H
every other series and are entitled to preference over the common shares of
. y# `8 k8 w1 V+ ~  j$ lthe Bank and over any other shares of the Bank ranking junior to the3 i4 {9 F7 K; ?: R' [* e9 {
preferred shares with respect to the payment of dividends and upon any8 V1 g; ?  [) B" Z5 q
distribution of assets in the event of the liquidation, dissolution or9 O0 K. }: Q' W8 h* P4 M; R
winding-up of the Bank.
& s) e' @; w: A# w3 _  p" zTax on Preferred Share The Bank will elect, in the manner and within the time provided under! K. Q4 _0 v( ]4 R0 h2 z7 D7 r
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares* _; _; g- e/ o5 Y
Series 18 and Preferred Shares Series 19 will not be required to pay tax on& ?1 @, ^/ O$ o1 Z: ?3 N, T
dividends 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。
: u4 @8 \- V9 j$ 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

) t& g1 [9 i4 _
% n8 A2 T+ m$ s0 x+ Z% g下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
, Y. p) Z. Y! O! W8 J6 o/ a* x9 S" f5 d3 c. ]& U
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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