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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。
1 n% D* y8 t" a5 i+ Y$ S) j# \( L. Y( h
$ w4 N7 T1 \+ D# C/ L

! ]* V; V3 z7 u# P: J/ `$ C4 E[ 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:
; l2 e7 n  @! A2 v0 h6 N, QSUMMARY OF THE OFFERING, E2 |$ g- W$ O. A  Z( v& u
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’’.
1 i2 a0 A- v6 YIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.. `% r& f- U& A+ _" \
Amount: $150,000,000 (6,000,000 shares)./ e1 W. y7 ]" g3 d+ ]0 J8 G" \
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
, |  f/ o: S1 p( ZPrincipal Characteristics of the Preferred Shares Series 18. w% U$ C6 N' r$ c' J! j
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
4 j7 P& W5 K& {6 A8 snon-cumulative preferential cash dividends, as and when declared by the
1 ?) M3 ~3 [2 h3 cBoard of Directors, subject to the provisions of the Bank Act, for the initial2 n  f8 |3 m+ e7 `
period commencing on the closing date and ending on and including5 I* ~  M! ^- w6 x* H
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the9 c6 K1 V" V8 n0 N# ?0 I% ~
25th day of February, May, August and November in each year, at a rate5 s# N( U! k/ O4 |: n$ [# R" s* b
equal to $0.40625 per share. The initial dividend, if declared, will be payable  k' i. F$ G2 y
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing0 t  c% Y3 }- w+ j1 {, z4 i/ T
date of December 11, 2008.
0 N7 K0 g. u; GFor each five-year period after the Initial Fixed Rate Period (each, a  W- w! x2 P+ l- F* r8 z
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
) L) s8 s' \9 o/ VSeries 18 will be entitled to receive fixed non-cumulative preferential cash
* W8 p5 L# s: r3 x$ vdividends, as and when declared by the Board of Directors, subject to the
0 Z- f  T7 a& B+ v$ W% w5 Zprovisions of the Bank Act, payable quarterly on the 25th day of February,$ T5 D9 @! }7 q  c
May, August and November in each year, in the amount per share per annum
0 E  B( \4 R9 G8 I7 k! B  Edetermined by multiplying the Annual Fixed Dividend Rate applicable to
' x' _! C5 j6 M* psuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
3 U5 `' G/ u. W  v$ O* KRate for the ensuing Subsequent Fixed Rate Period will be determined by the
3 g+ D, Q0 F& o. |Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day7 ]4 w, V4 |, L4 c* j) r
of such Subsequent Fixed Rate Period and will be equal to the sum of the
! C! d- ~$ f- f6 I. U3 BGovernment of Canada Yield on the applicable Fixed Rate Calculation Date( e( n. S" n6 V. t6 q% L8 Y! s( \
plus 3.83%.3 ?1 ]# c- X' X* N8 V
If the Board of Directors does not declare a dividend, or any part thereof, on
3 Z0 T+ I- r' Lthe Preferred Shares Series 18 on or before the dividend payment date for a$ D  F5 v9 k; X* b* q( r. A
particular quarter, then the entitlement of the holders of the Preferred
: H  h; D3 E0 e4 J0 RShares Series 18 to receive such dividend, or to any part thereof, for such: C' X' m% t( e6 K
quarter will be forever extinguished./ a: \4 K5 t' G, m- G) _- C
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the7 `9 v* u( L; T: X
Superintendent and to the provisions described below under ‘‘Details of the
0 l7 ^$ b# p4 [Offering — Certain Provisions of the Preferred Shares Series 18 as a
" @5 ]- Y1 ?* |Series — Restrictions on Dividends and Retirement of Shares’’, on
. T- T8 S4 I' R  ]8 S6 xFebruary 25, 2014 and on February 25 every five years thereafter, on not8 e" f9 z) [( I$ @
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any% T8 ^- w/ v7 G8 ~: q, U
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
. X& n9 ]: ?; r; b3 e7 u+ S3 G( x$ r: Pwithout the consent of the holder, by the payment of an amount in cash for( p3 T6 V; G% B5 S
each such share so redeemed of $25.00 together with all declared and unpaid
) a- Q' p7 S  Q/ tdividends to the date fixed for redemption.
: v9 q/ {4 N/ l; [8 I$ V9 r7 SConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic) E& e* ^9 U+ X
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have- o. I. H4 b$ u- h3 |( f& ^
the right, at their option, to convert, on February 25, 2014 and on) M  p: F6 v3 W% L* _& [, r" R, D4 c
S-41 I( B8 g3 M; Z0 T' E) V
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
$ Z8 p/ z, k7 U, z% gor all of their Preferred Shares Series 18 into an equal number of Preferred
0 b# q5 R/ e# o' a" m6 T: fShares Series 19 upon giving to the Bank notice thereof not earlier than; n3 q  W, b& v1 `
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
* f* O/ v9 ~* B# gpreceding, a Series 18 Conversion Date.
  ^1 m+ u: h1 K( G2 |( E! a% k7 n& B+ h$ \Automatic Conversion If the Bank determines, after having taken into account all shares tendered
1 L7 T* M5 [4 w: t% T, OProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
/ L1 R  S" t* q% c% ]6 g' G( KSeries 19, as the case may be, that there would be outstanding on such- h& K% P) C$ H. D; M% n
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
' T5 ]7 e) N8 o7 A$ L" }0 l  Ksuch remaining number of Preferred Shares Series 18 will automatically be
- e% G7 s5 i6 j4 s4 z% S( ]converted on such Series 18 Conversion Date into an equal number of* h) G  S- E. B7 F" ?# X8 S7 Z
Preferred Shares Series 19. Additionally, if the Bank determines that, after/ i% K3 @; s+ @; P: |3 _. b
conversion, there would be outstanding on such Series 18 Conversion Date
4 O! {: H& K3 ^( qless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
. Y: k& D4 v, _" B$ q& j. `Series 18 will be converted into Preferred Shares Series 19.
- T- [: ?* R1 d  JVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares3 U6 m: W# Z4 D' k! G5 f
Series 18 will not be entitled as such to receive notice of, attend, or vote at,9 [5 ^5 u2 n% n; z! ?$ `1 z
any meeting of the shareholders of the Bank unless and until the first time at' ^1 r( ~  T6 g) K0 G
which the Board of Directors has not declared the whole dividend on the
9 |2 ~0 m' P* K: \7 FPreferred Shares Series 18 in any quarter. In that event, subject as' `1 E/ s% I) @1 b/ ~
hereinafter provided, the holders of Preferred Shares Series 18 will be7 I* F' @8 y  }, Y$ b5 l
entitled to receive notice of, and to attend, meetings of shareholders at which8 _+ f, ?! ~; ]% W& ]6 P$ y
directors of the Bank are to be elected and will be entitled to one vote for* A8 {. Y! X' D) i
each Preferred Share Series 18 held. The voting rights of the holders of the9 y+ `# n9 m* N% v1 V0 S
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of# v% m3 @% c  O- J3 j7 E
the first dividend on the Preferred Shares Series 18 to which the holders are
  q. ~# C) s+ r2 q/ jentitled thereunder subsequent to the time such voting rights first arose until
7 Y. M' C8 X  R6 hsuch time as the Bank may again fail to declare the whole dividend on the5 n! F, o% G/ ^7 a: u: T2 |! e
Preferred Shares Series 18 in respect of any quarter, in which event such+ Q1 C. q  \# j5 q( T" m
voting rights will become effective again and so on from time to time.
- d! }  N! L6 t9 zPrincipal Characteristics of the Preferred Shares Series 19
0 I$ m, _" i& K9 RDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
- i) b! z! G3 T5 Q* B! Y+ Ifloating rate non-cumulative preferential cash dividends, as and when8 @$ D7 ^: S; B( z
declared by the Board of Directors, subject to the provisions of the Bank Act,
, g" k9 o  M' I, ?7 Xpayable quarterly on the 25th day of February, May, August and November
8 e+ G7 i. }' G9 W# Y/ Min each year, in the amount per share determined by multiplying the$ h8 _- j' T+ T7 `8 i
applicable Quarterly Floating Dividend Rate by $25.00.
% P9 o8 e( l; G+ j5 q2 \# l# wOn the 30th day prior to the commencement of the initial quarterly dividend
3 L6 z  F0 a# q/ Q3 U2 k* ^period beginning on February 25, 2014, and on the 30th day prior to the first
' L1 B4 M# ^3 X0 F  x1 ~day of each subsequent quarterly dividend period (the initial quarterly
% r2 Z+ A: |* V2 R9 Adividend period and each subsequent quarterly dividend period is referred to
: U1 A* c- Q. i7 {as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the" g# C2 j( Q" [1 p1 c5 }3 J$ {
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate  V$ c3 D: m7 \2 a0 a& ?2 L1 z! B
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
+ }) x" q$ b( @) n* wT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days1 O8 O# h3 x- s3 Q8 M2 ]
elapsed in the applicable Quarterly Floating Rate Period divided by 365)6 n* n' I1 l2 `7 {6 a
determined on the 30th day prior to the first day of the applicable Quarterly
1 Q* O& u8 Q  MFloating Rate Period.4 |8 x& O5 X. l: }8 q" d1 w% ^
S-5. N& r* Q, b8 @0 I# H! B  `
If the Board of Directors does not declare a dividend, or any part thereof, on
6 d5 C$ n5 g" Ythe Preferred Shares Series 19 on or before the dividend payment date for a5 X# H, X7 d( h! X- E
particular quarter, then the entitlement of the holders of the Preferred
4 y, \8 ~1 O4 K3 ^; g$ _Shares Series 19 to receive such dividend, or to any part thereof, for such" F6 e( x. P) I1 S& y
quarter will be forever extinguished.5 [* Y! e2 y7 D& X  N, V
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
' l8 b$ I% g* I1 wSuperintendent and to the provisions described below under the heading
' N3 ~# c/ v! E3 `) b2 C3 O‘‘Details of the Offering — Certain Provisions of the Preferred Shares1 g  @& ]7 A. P/ C
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,& x( E' _4 {# X
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all1 l" }( C& u6 H+ v- }
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
+ {* t0 u# `! _: ?/ E5 ooption without the consent of the holder, by the payment of an amount in  I' }. h+ N: a! w  I( k6 l
cash for each such share so redeemed of (i) $25.00 together with all declared1 B: u' K; j# j& i/ R2 p% r% M/ q: N
and unpaid dividends to the date fixed for redemption in the case of
! q& ^- s0 X2 I7 c* {1 Y  f+ O# m; Hredemptions on February 25, 2019 and on February 25 every five years. O1 i0 N( Y5 ^% P# Z8 r# n- m
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
( |- C% l, O$ p! N+ F8 Othe date fixed for redemption in the case of redemptions on any other date
1 d3 e+ g) X/ fon or after February 25, 2014.
; S1 h! X7 n1 V$ J2 @3 }' Z' zConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
& a3 [' N. N3 {7 D+ S6 F  ZShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have8 h3 D4 z& ?  `) _% @3 s2 s7 H
the right, at their option, to convert, on February 25, 2019 and on0 [! X: p& L7 H& W, p
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any9 j  G. C5 C/ n. _' q/ T! a
or all of their Preferred Shares Series 19 into an equal number of Preferred
4 K% h: b* ?7 [* E& ~. g- T. O5 ]4 nShares Series 18 upon giving to the Bank written notice thereof not earlier
2 `0 f' R6 `6 _5 _0 f6 F0 Rthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
( d' t8 W, k* z3 k# d; g15th day preceding, a Series 19 Conversion Date.
3 O" Q6 z% _- M# R0 ~. T; v6 kAutomatic Conversion If the Bank determines, after having taken into account all shares tendered$ d- {" {: _& v# r
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
# a3 J" k9 c* ~  }! K$ V& v2 }Series 18, as the case may be, that there would be outstanding on such/ W2 y; S$ L0 b4 h3 c8 {1 f
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,- M7 R) X) W' g6 q) j  \
such remaining number of Preferred Shares Series 19 will automatically be
7 z. q& |- n6 I+ C# |5 nconverted on such Series 19 Conversion Date into an equal number of& D0 V7 R7 d9 T  V
Preferred Shares Series 18. Additionally, if the Bank determines that, after
! }- [. T& m9 L$ J% Z" b. ^conversion, there would be outstanding on such Series 19 Conversion Date# O% B$ [" l" Z- v; m$ T
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares( g* Y8 W* ^! B
Series 19 will be converted into Preferred Shares Series 18.
( ^3 g& a  m) B# gVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares! r0 |+ z# N" H) [/ Z
Series 19 will not be entitled as such to receive notice of, attend, or vote at,! H# D9 b0 Q$ O( O- Y- X) q# C! F
any meeting of the shareholders of the Bank unless and until the first time at
( r8 v5 g$ l  Cwhich the Board of Directors has not declared the whole dividend on the! X& C# O' @; e6 Y! G( P) [0 I
Preferred Shares Series 19 in any quarter. In that event, subject as
) Q* {2 |  E  b! \4 U, v2 @hereinafter provided, the holders of Preferred Shares Series 19 will be- Y6 C2 L" t: E5 T
entitled to receive notice of, and to attend, meetings of shareholders at which% N1 K* t" Q" t( o1 D: k  z
directors of the Bank are to be elected and will be entitled to one vote for
, Y6 p6 O& j3 H# G5 seach Preferred Share Series 19 held. The voting rights of the holders of the5 E; w* L+ `+ @; c
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
; `# A# u; M+ Gthe first dividend on the Preferred Shares Series 19 to which the holders are
! ]* `4 f8 _! Q! M6 i" q, Oentitled thereunder subsequent to the time such voting rights first arose until
8 U4 j- ~9 ~5 f/ u5 rsuch time as the Bank may again fail to declare the whole dividend on the: t. z" ~0 W+ \* X5 W+ N  l
Preferred Shares Series 19 in respect of any quarter, in which event such
6 O+ k' c: N4 w9 ~voting rights will become effective again and so on from time to time.
, ?% m5 A5 B: ~2 g5 AS-6
: H9 W7 O3 v7 Z7 O4 D6 LPriority: The preferred shares of each series of the Bank will rank on a parity with3 v. v# f7 f" n1 S6 m# }/ d
every other series and are entitled to preference over the common shares of
5 w) |) w% z' O4 I( t1 T  D# `the Bank and over any other shares of the Bank ranking junior to the. D! V. B6 Z  x' C( v
preferred shares with respect to the payment of dividends and upon any
4 Q7 I8 ^, e; H( Edistribution of assets in the event of the liquidation, dissolution or3 U$ s! L" ~8 `
winding-up of the Bank./ X. G1 f# ~2 t$ d
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
, T+ H9 f. W9 P7 A7 j7 M1 KDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares8 a' t7 l- F8 A, ]* o( W: C4 q
Series 18 and Preferred Shares Series 19 will not be required to pay tax on0 Z6 C" P9 a, @$ {# D8 W' u6 x' d
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。
7 A# \, c- h4 X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
) [( ?  d4 o6 P% E! v

* o+ M! ?4 ]' F/ a7 p+ w8 z下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。% l3 r. J1 F9 _8 k; {+ R
8 p( U3 M- M6 O! ]/ A) {* |& D- q* b
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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