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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。
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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:
; e8 S- ^6 n0 L9 p. U  S5 d6 JSUMMARY OF THE OFFERING/ M, M( y1 s, f* f- @% l* S6 W0 n) i
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’’.9 Z% v2 ]% ?. u  ^% y  s& h+ Z
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.5 Z  R1 ?0 G% A
Amount: $150,000,000 (6,000,000 shares).7 J$ |' Q% N) e. m8 W' ]' Z
Price and Yield: $25.00 per share to yield initially 6.50% per annum.5 f  o+ W- j8 @6 j7 s$ v" |+ `3 u
Principal Characteristics of the Preferred Shares Series 185 y- f/ Y/ h/ m9 A7 W- S
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
+ t4 _- _  I/ X2 R1 H! @non-cumulative preferential cash dividends, as and when declared by the
$ }: f" k: ~2 p. K# p# ZBoard of Directors, subject to the provisions of the Bank Act, for the initial* q2 Z! f& o, m% Q
period commencing on the closing date and ending on and including* G4 W, M0 N/ o* m0 m: I
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the' b. K# Q. Y$ \
25th day of February, May, August and November in each year, at a rate
9 K% t8 Q* I$ p  M5 E0 iequal to $0.40625 per share. The initial dividend, if declared, will be payable
+ D) k3 Q- S; j% @% lMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
1 c5 A4 ]( k- x6 bdate of December 11, 2008.
# `$ M* V2 F; x! [For each five-year period after the Initial Fixed Rate Period (each, a
" \$ L, d; q7 f! J# |* w' o‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares2 O9 Y7 @/ n! a! i# X5 P0 v2 f4 `
Series 18 will be entitled to receive fixed non-cumulative preferential cash: D; \; m. P: k0 d  D4 j* v
dividends, as and when declared by the Board of Directors, subject to the
5 `5 D( U0 y' K! F/ j. X8 g7 Bprovisions of the Bank Act, payable quarterly on the 25th day of February,
: c: ?% Q2 v+ Q, Q1 aMay, August and November in each year, in the amount per share per annum: Z- b6 E/ U3 n8 b3 i% R$ f
determined by multiplying the Annual Fixed Dividend Rate applicable to
1 V! N6 |4 q' d  I7 ~0 D* Vsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
. S. r( `4 t; [3 B& x, kRate for the ensuing Subsequent Fixed Rate Period will be determined by the# P) P- Q- a( R; ~: ]( H3 I; I
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day6 M# T# j: |1 `: F- ~! x  A: A; D* Q/ b
of such Subsequent Fixed Rate Period and will be equal to the sum of the
( C; V6 p0 `- X& y  [4 yGovernment of Canada Yield on the applicable Fixed Rate Calculation Date1 ^2 k9 i9 Y; c: f; ]+ }5 z
plus 3.83%.
0 s, `* U2 @# N) N0 eIf the Board of Directors does not declare a dividend, or any part thereof, on/ m2 }0 u& Q4 V6 l
the Preferred Shares Series 18 on or before the dividend payment date for a
6 y5 X3 x5 [+ k3 S8 x( J8 Sparticular quarter, then the entitlement of the holders of the Preferred
+ v- d8 ?) y7 q9 S1 s5 _) \4 UShares Series 18 to receive such dividend, or to any part thereof, for such  V! S! o( @" q" y
quarter will be forever extinguished.
7 j  m  z- D; X8 L! oRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
& x- N  C0 H4 x+ V2 @$ W; \Superintendent and to the provisions described below under ‘‘Details of the
5 @9 s7 }' ~6 x, v/ @Offering — Certain Provisions of the Preferred Shares Series 18 as a: K4 v3 m% D- O% |/ m
Series — Restrictions on Dividends and Retirement of Shares’’, on
. P+ g! Q: m4 K7 Y9 ?6 n* UFebruary 25, 2014 and on February 25 every five years thereafter, on not
' S. W) N' P1 h3 P4 K9 T+ }& Imore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
" R% A8 K! o" f% m8 Ppart of the then outstanding Preferred Shares Series 18, at the Bank’s option
1 |: B" r1 g8 g3 mwithout the consent of the holder, by the payment of an amount in cash for
/ n# E9 P& Z( \6 L' @each such share so redeemed of $25.00 together with all declared and unpaid* [! M' N4 h" [2 A: I$ G4 K; h! w
dividends to the date fixed for redemption.9 j( I" Q$ S! D% L- V* [; D1 h
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic% `+ w3 v$ j- t( P" Q# I; A
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
6 j2 S, M" a2 i0 h4 Ethe right, at their option, to convert, on February 25, 2014 and on
. J: b' U% A9 N% A9 }* l3 PS-4
" b$ h  S) F) g, sFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any$ q3 ^  w, z; r
or all of their Preferred Shares Series 18 into an equal number of Preferred
' G3 y: {0 I, D$ A, x0 m6 ^Shares Series 19 upon giving to the Bank notice thereof not earlier than1 m& @) _3 k+ x; {
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
; ]5 O+ y+ k9 O1 h1 ]4 q# G/ jpreceding, a Series 18 Conversion Date.
' t5 m' a; [( ]' E/ zAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
% A2 e, W; `: cProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
* _2 J: F* |5 [# u: hSeries 19, as the case may be, that there would be outstanding on such
4 b# R" N5 Q5 g& MSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,0 Y- `2 _' D, C
such remaining number of Preferred Shares Series 18 will automatically be$ Z* q; @) D) l8 s
converted on such Series 18 Conversion Date into an equal number of
1 Z) |* S6 G" A( d" z% Z4 KPreferred Shares Series 19. Additionally, if the Bank determines that, after
- X' X" Q9 P) }; n$ n1 B! o/ Zconversion, there would be outstanding on such Series 18 Conversion Date: ]. n( X! g) n( \  x* n
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
; H! }' B2 i% `( x4 Y0 o! z4 D1 wSeries 18 will be converted into Preferred Shares Series 19.
* ?5 }  j1 m+ g! o3 n4 K/ T" TVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares) q) K' q" e$ T. f9 Q5 U: l
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
0 V, O3 E8 y# cany meeting of the shareholders of the Bank unless and until the first time at
) ?( F$ y' v0 m$ h# T+ _+ Vwhich the Board of Directors has not declared the whole dividend on the
( a+ l7 c$ V' T, j" ~- qPreferred Shares Series 18 in any quarter. In that event, subject as7 ~% S/ d. L. Q' p0 k0 p
hereinafter provided, the holders of Preferred Shares Series 18 will be
! z$ w" ~1 R2 z2 [9 y, k7 Ventitled to receive notice of, and to attend, meetings of shareholders at which
4 H" N1 M1 ?( @# F* \directors of the Bank are to be elected and will be entitled to one vote for
2 j: d" f* x# u8 \$ Deach Preferred Share Series 18 held. The voting rights of the holders of the' p/ I: b# ~  d
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of3 j' f. V( V: h
the first dividend on the Preferred Shares Series 18 to which the holders are
! j4 r9 E! C8 d4 qentitled thereunder subsequent to the time such voting rights first arose until
! H( H0 F; q, j+ U' `! Z. Zsuch time as the Bank may again fail to declare the whole dividend on the
' M0 g: c5 n0 P( V+ N- hPreferred Shares Series 18 in respect of any quarter, in which event such0 d, M% t+ y7 b
voting rights will become effective again and so on from time to time.! v# i' c' e$ B% H1 `3 R. t
Principal Characteristics of the Preferred Shares Series 197 \/ g; y; c0 f$ }  O
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive3 S+ z7 Z7 g6 `) l# {0 g7 H
floating rate non-cumulative preferential cash dividends, as and when4 i5 t/ l& {. {6 g) _0 [
declared by the Board of Directors, subject to the provisions of the Bank Act,
2 O& f/ z: y' |1 Q! Ypayable quarterly on the 25th day of February, May, August and November
  k  I3 \0 X4 L6 C8 @+ Oin each year, in the amount per share determined by multiplying the& u# P8 h8 f% J2 \1 _8 }
applicable Quarterly Floating Dividend Rate by $25.00.
3 g6 ]) m8 c5 @5 M8 R$ jOn the 30th day prior to the commencement of the initial quarterly dividend
8 t) R2 K3 u. l/ Y/ Qperiod beginning on February 25, 2014, and on the 30th day prior to the first
: K: z* U8 a  E& b! d- jday of each subsequent quarterly dividend period (the initial quarterly2 e/ R! w7 j; X$ N; g$ W5 |
dividend period and each subsequent quarterly dividend period is referred to/ |: f, p8 d6 c! H5 a6 O9 r/ U
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
. b+ X- V1 k7 `$ SQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
, [$ B1 [( z9 _) u0 ?/ `- uPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the+ ^1 X7 C3 E0 f4 ^( A! }$ m. _1 L
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days  j* ^+ p' y% E: e8 t
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
0 u5 x2 z( `3 q( @* p6 vdetermined on the 30th day prior to the first day of the applicable Quarterly
* q, {" [4 m4 M  ~2 pFloating Rate Period.
6 k* H8 R$ d/ j4 `S-5
0 ~. a& t5 E1 p) M% b# F% w, A0 nIf the Board of Directors does not declare a dividend, or any part thereof, on, |% p2 i4 y- k4 A9 J( G
the Preferred Shares Series 19 on or before the dividend payment date for a
7 E/ J6 D; T7 Z3 P. H4 z. yparticular quarter, then the entitlement of the holders of the Preferred
2 l# k: W7 L/ _1 j6 {/ _0 E8 M. `& QShares Series 19 to receive such dividend, or to any part thereof, for such
% ~% i: Y! ~/ C* @quarter will be forever extinguished.7 B7 S, D" j2 L$ w/ j
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
$ u1 }* k' o/ n  `& I/ K! h* fSuperintendent and to the provisions described below under the heading
5 b" q* V  ~: [9 |. d3 W‘‘Details of the Offering — Certain Provisions of the Preferred Shares
* }9 U* k) o/ V9 @9 `, |5 mSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,3 U, A9 \$ r0 x' B5 c' x6 n! C
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all* p' {( J$ m% w" N# M
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
# |9 N) w" f7 T. g9 H3 x7 Q+ Doption without the consent of the holder, by the payment of an amount in9 _  A. k( ?% b' L6 e% V
cash for each such share so redeemed of (i) $25.00 together with all declared: ~+ |/ N+ ?: l- s! J/ x! N4 k& Q
and unpaid dividends to the date fixed for redemption in the case of
( f; ~/ {* r" Y6 l2 rredemptions on February 25, 2019 and on February 25 every five years& ^0 E; [( @1 ~$ X# e; y1 {0 w
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to* |9 K. P+ D! Z: [& B. N- `
the date fixed for redemption in the case of redemptions on any other date
, e6 {5 ?" X3 H& Won or after February 25, 2014.
6 I) G0 [, c. U) Q% m4 x! UConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic+ R# k6 k- B* D0 I  R- _; _
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have& r& ~7 x$ e$ {' C. _
the right, at their option, to convert, on February 25, 2019 and on  `& {- @" Q8 W" A  B6 f$ Q
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
5 m/ C2 l4 T' |. @% gor all of their Preferred Shares Series 19 into an equal number of Preferred4 C4 p% c- R# w, I$ G" n8 A( v
Shares Series 18 upon giving to the Bank written notice thereof not earlier
/ O9 e: s+ Z4 q2 Xthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the; L/ v; q( n3 ?3 e
15th day preceding, a Series 19 Conversion Date.
7 f% e  r3 E4 N) r6 RAutomatic Conversion If the Bank determines, after having taken into account all shares tendered8 ~/ z. F. [4 l3 L: ]7 [! t" g
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares) G$ w) e4 E, ~, k4 Z
Series 18, as the case may be, that there would be outstanding on such4 _; C  z% R$ A1 V1 X
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19," n7 ?: Q) S# _& S
such remaining number of Preferred Shares Series 19 will automatically be
& C1 f! P, m; V0 f. N! W2 I! Iconverted on such Series 19 Conversion Date into an equal number of' [. D- q5 J' F( X
Preferred Shares Series 18. Additionally, if the Bank determines that, after
" L* y8 J1 u  C8 wconversion, there would be outstanding on such Series 19 Conversion Date# E! o9 }3 J  p! S. z1 \
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
% b$ \9 @. m2 \: B2 qSeries 19 will be converted into Preferred Shares Series 18.5 t) x7 w! V5 |& F
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
" V1 j- o( d0 F4 R! `Series 19 will not be entitled as such to receive notice of, attend, or vote at,
( n  f5 k6 v, fany meeting of the shareholders of the Bank unless and until the first time at
& W$ k& [6 p- u% m  \which the Board of Directors has not declared the whole dividend on the
' n/ N( \7 M7 G% RPreferred Shares Series 19 in any quarter. In that event, subject as
# s% R0 F: b( s: Rhereinafter provided, the holders of Preferred Shares Series 19 will be1 v1 f/ g3 q: d7 B5 p8 S
entitled to receive notice of, and to attend, meetings of shareholders at which& |) H# ?( M# T' f- ~( J: a& U
directors of the Bank are to be elected and will be entitled to one vote for
% j( t$ p$ z( v6 p- _2 Y+ G# beach Preferred Share Series 19 held. The voting rights of the holders of the. M3 P+ i& A/ o
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of; N9 {. x4 Q. t; Y# y* `* s
the first dividend on the Preferred Shares Series 19 to which the holders are
) E1 N- F+ E, h; j# G9 m* [entitled thereunder subsequent to the time such voting rights first arose until
# H7 K/ W* J& Q2 z4 F, \such time as the Bank may again fail to declare the whole dividend on the. |9 h7 L4 r5 [0 p1 C
Preferred Shares Series 19 in respect of any quarter, in which event such5 v; z3 R% j$ V5 v- c
voting rights will become effective again and so on from time to time.8 A3 O5 L) V, W) D
S-6
  ?$ q: @% m! M( o7 L3 nPriority: The preferred shares of each series of the Bank will rank on a parity with
7 v! C; S3 q* g# y! Gevery other series and are entitled to preference over the common shares of
* f- b5 v. o/ `* P. t. }! A  z/ r8 pthe Bank and over any other shares of the Bank ranking junior to the
9 g. j  N$ @: Upreferred shares with respect to the payment of dividends and upon any# T7 k0 Q! P% I4 y
distribution of assets in the event of the liquidation, dissolution or
* K& n# j8 O0 x% @# O& mwinding-up of the Bank.
" w' x- w3 [) F$ G8 t. V8 i6 ^$ VTax on Preferred Share The Bank will elect, in the manner and within the time provided under6 y. E( D* C7 J& J
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares8 ?& X$ l/ k/ a
Series 18 and Preferred Shares Series 19 will not be required to pay tax on6 ^% t. ]. h: M; q$ N  ~8 N
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。4 b$ q& |) U/ H( V) g
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

2 f7 e$ x5 |+ f2 Y  ]8 N6 i
/ N2 i9 k! p, t! }* z下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。  w! |: U" v8 X8 D( j! k: f

8 J8 x5 g8 \, A# w) m, z, Dcall 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。
大型搬家
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