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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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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。. X0 h4 c, R2 v3 z# }
, R! z# t5 f6 o2 W

1 h+ l" y$ ]7 h2 I! c' 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:- G; ?2 a. u) s' c$ D& h- {
SUMMARY OF THE OFFERING5 r4 I( ~2 w. {) N: q- l
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’’.$ N4 O+ ?8 `  r, l2 q
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
5 e- l( a+ \% D. a4 c1 V  M* jAmount: $150,000,000 (6,000,000 shares).- n. h3 Z9 Q. [2 K
Price and Yield: $25.00 per share to yield initially 6.50% per annum., V, p. C" [9 |" D
Principal Characteristics of the Preferred Shares Series 18
2 Z+ Q8 j; }0 k3 K' I. W% z' bDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
- s) y2 ~; \6 b  U$ R% P) wnon-cumulative preferential cash dividends, as and when declared by the
( Z8 P: `5 o$ r' B  }( a! X- `Board of Directors, subject to the provisions of the Bank Act, for the initial# \0 e0 r( y, m! P6 W3 x( t
period commencing on the closing date and ending on and including
. f) E5 P& L" \7 [February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
  {/ J; o- _, k, c8 h% z, e7 c25th day of February, May, August and November in each year, at a rate
5 ~- }# p; U% X6 L5 x% l7 E1 `equal to $0.40625 per share. The initial dividend, if declared, will be payable
' I: I5 c; |# K. C  ^5 _( p$ MMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing/ x) k+ b* g; ?1 `4 w& N
date of December 11, 2008.
+ d! D% ]$ y$ V: @3 HFor each five-year period after the Initial Fixed Rate Period (each, a
  G% y: B& K: d& L1 t) u2 q‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
; p8 O0 I" D/ N7 ]$ @Series 18 will be entitled to receive fixed non-cumulative preferential cash9 M: W7 H, o5 G5 K
dividends, as and when declared by the Board of Directors, subject to the* _) c8 W) z" w- r, k) c! J6 A% d
provisions of the Bank Act, payable quarterly on the 25th day of February,
9 v! G0 M+ L* u" L2 U0 }6 hMay, August and November in each year, in the amount per share per annum; e6 G) v/ @* P
determined by multiplying the Annual Fixed Dividend Rate applicable to0 @* c4 f. o; D5 ]& p8 @- j& i
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend( m7 |# o6 _9 x# K0 s+ P
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
4 S; L# W/ t" y2 `" RBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
3 |( o* P; B% {# w8 {of such Subsequent Fixed Rate Period and will be equal to the sum of the" T$ D" a0 s) o( P/ J! F% ?9 H
Government of Canada Yield on the applicable Fixed Rate Calculation Date( b% n& i7 y- [$ ^
plus 3.83%., n" U, O: Q5 }' r1 F: K1 g
If the Board of Directors does not declare a dividend, or any part thereof, on
9 ~9 e4 F) s% v/ X7 Kthe Preferred Shares Series 18 on or before the dividend payment date for a1 Y5 I: g) O) k* H4 s
particular quarter, then the entitlement of the holders of the Preferred
& e" [# r$ L3 \4 iShares Series 18 to receive such dividend, or to any part thereof, for such4 {$ }( v4 w" ]+ k9 d& ]6 O0 w
quarter will be forever extinguished.
4 j8 @1 ~5 g* uRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
1 }2 C  K4 f) ^$ z* {Superintendent and to the provisions described below under ‘‘Details of the6 f. @" h9 D# r/ d4 D- [( {
Offering — Certain Provisions of the Preferred Shares Series 18 as a; {: j" k+ P: c! G8 i9 d6 Q6 Q
Series — Restrictions on Dividends and Retirement of Shares’’, on2 l$ a) V% S2 [# u+ X# b
February 25, 2014 and on February 25 every five years thereafter, on not
: w8 Y9 f: P$ L" t' Q! ^more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
- S& l. s5 E7 U1 t# B# i7 M5 P7 kpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
/ \$ O! {. `4 x1 C( Fwithout the consent of the holder, by the payment of an amount in cash for
# I7 t% Z; p" t7 r% leach such share so redeemed of $25.00 together with all declared and unpaid  E9 D, l) K' ]7 K' [4 t1 a
dividends to the date fixed for redemption.
) }7 p. z3 m' I- a4 P3 y# O- `Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
/ P) `+ U; ~3 @" WShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
$ h" ]3 W2 X! x0 V3 e9 m- xthe right, at their option, to convert, on February 25, 2014 and on
6 i  ]3 q6 h% QS-4
. O5 N; C0 [) }( J8 hFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any) ?$ N, e( ]: w+ r" p1 Z
or all of their Preferred Shares Series 18 into an equal number of Preferred8 ~  U3 S0 ]2 X/ D1 A- x# F
Shares Series 19 upon giving to the Bank notice thereof not earlier than0 v; h6 m4 y( k
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day4 x1 T* G1 a6 H" f( U
preceding, a Series 18 Conversion Date.
% }5 D/ {# Q! x6 y0 AAutomatic Conversion If the Bank determines, after having taken into account all shares tendered' u+ {* ~# m7 F% o. A' r
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
. K' R; ?6 [3 i$ U) JSeries 19, as the case may be, that there would be outstanding on such
2 M4 L- t( C8 f+ U1 H, A3 LSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
0 K  B2 R5 }4 V4 c- n" Ysuch remaining number of Preferred Shares Series 18 will automatically be$ n1 }& L9 ^( ]' d# u. H
converted on such Series 18 Conversion Date into an equal number of+ w& o9 Z6 Q* j3 |3 [0 U. k
Preferred Shares Series 19. Additionally, if the Bank determines that, after
* H' t# N2 m$ _% @, V8 O* _3 F# yconversion, there would be outstanding on such Series 18 Conversion Date
3 V% }3 V4 T. C  o$ `less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares- z* ?) a! _/ y
Series 18 will be converted into Preferred Shares Series 19.- o8 t/ t  S+ a$ g8 v. G; D: d
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares8 Q; R. y9 l# u9 m9 t) i
Series 18 will not be entitled as such to receive notice of, attend, or vote at,# l+ [/ p/ e& B. h  V5 E. O/ v
any meeting of the shareholders of the Bank unless and until the first time at
! e) ?3 Q5 b" p7 r( dwhich the Board of Directors has not declared the whole dividend on the0 Z/ M+ [1 f$ f/ L
Preferred Shares Series 18 in any quarter. In that event, subject as
& j4 N7 P% e/ H& o* D' Ohereinafter provided, the holders of Preferred Shares Series 18 will be
# W: j* B+ n0 p9 m# a. ~$ l+ rentitled to receive notice of, and to attend, meetings of shareholders at which
: t8 c9 O( s* x7 ^( [+ Ddirectors of the Bank are to be elected and will be entitled to one vote for% l) ]. J7 a  R. W, \  E
each Preferred Share Series 18 held. The voting rights of the holders of the! x$ J& Z: E* x/ p
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of4 m0 C( t* @- Z" ~- x
the first dividend on the Preferred Shares Series 18 to which the holders are9 B1 r: g# p4 g4 g9 {# P% M
entitled thereunder subsequent to the time such voting rights first arose until" k1 {* A# M& L$ N- K6 l$ D7 B$ T
such time as the Bank may again fail to declare the whole dividend on the
* w3 \8 [" m( E( b& O. Z! iPreferred Shares Series 18 in respect of any quarter, in which event such0 C4 G! z3 c& H0 e' ?/ @+ ^+ Q
voting rights will become effective again and so on from time to time.5 x& Y1 ]# o7 Q: i' J9 [, |
Principal Characteristics of the Preferred Shares Series 19$ X2 L& B0 H" ^0 R7 G2 k
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive9 P  p* _" ]/ h" O" k
floating rate non-cumulative preferential cash dividends, as and when
: v1 P- v  B$ s; x2 F% Z. \declared by the Board of Directors, subject to the provisions of the Bank Act,
$ C5 ^8 G9 B+ O, x/ [$ i$ y" _payable quarterly on the 25th day of February, May, August and November/ X( `# O8 D; J. _
in each year, in the amount per share determined by multiplying the$ G6 R1 D) q: Q$ `
applicable Quarterly Floating Dividend Rate by $25.00.5 e6 X% [- \" N- S6 v- u) S
On the 30th day prior to the commencement of the initial quarterly dividend
6 G+ L) J1 \. s2 E; e' nperiod beginning on February 25, 2014, and on the 30th day prior to the first" s3 {& v0 ]  \! f7 W
day of each subsequent quarterly dividend period (the initial quarterly, Y3 i0 T" f* u2 T. [6 `8 w
dividend period and each subsequent quarterly dividend period is referred to- x$ Z' f: }8 f; x- G1 O
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
! w7 H& Z- {! a* cQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate  q$ H  y1 c( [" a4 Y, H( @
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
) P$ O" i; ?0 `% n8 {T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days+ Q, X  i* a# a8 q+ A
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
$ E8 q2 B7 Z. H, O1 i# odetermined on the 30th day prior to the first day of the applicable Quarterly
( N& o  B9 p/ F/ p1 S4 ]Floating Rate Period.0 l) s! E8 U- t7 ]( p
S-5
$ x6 [+ C) {& ^* Z* J+ UIf the Board of Directors does not declare a dividend, or any part thereof, on* b2 C6 H1 s2 i( X
the Preferred Shares Series 19 on or before the dividend payment date for a
1 W9 Z. [" g( kparticular quarter, then the entitlement of the holders of the Preferred
8 c) a1 A' F& Y0 R. nShares Series 19 to receive such dividend, or to any part thereof, for such
  U+ M# I% l. v) aquarter will be forever extinguished.' R8 g. e+ Z! b+ v. l% d
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the) q1 H, R) s- D+ @: K- ^
Superintendent and to the provisions described below under the heading' j& _; T- m5 }1 O) `: X  K
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
, C7 n3 m8 y, Z' j+ W+ uSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,5 O+ q4 a  {& D0 r; ?
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all% e4 g0 N' L4 q( P, t2 q; V
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s3 H! V" d" v3 ]1 t1 F/ }  q. y* q2 Z
option without the consent of the holder, by the payment of an amount in& [9 }# F! E8 O3 T9 _
cash for each such share so redeemed of (i) $25.00 together with all declared
& J1 B( D( ^$ L& {/ zand unpaid dividends to the date fixed for redemption in the case of
& m+ k! G  ], h4 B) ^" l7 P, z5 A2 rredemptions on February 25, 2019 and on February 25 every five years5 {2 ~  ?. b3 l/ R2 Z
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
; ^2 l& ]* n1 h) O4 m1 P2 B* p- e# vthe date fixed for redemption in the case of redemptions on any other date
/ e/ Z1 M- c) I8 x) `9 A4 V2 Mon or after February 25, 2014.
% \! }' j' P$ r$ d" I  n0 r1 pConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
2 h& V% A8 j" [' C7 hShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
: ^$ x4 p0 a+ J( O' ethe right, at their option, to convert, on February 25, 2019 and on
) M: h- m: R/ f9 r( jFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any+ y9 _6 J* v( v! P4 S: e0 x( D
or all of their Preferred Shares Series 19 into an equal number of Preferred  D, N/ K/ q! i& l
Shares Series 18 upon giving to the Bank written notice thereof not earlier5 ^. g# m1 A5 Y
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the. T8 I2 B6 ^6 @  v( Y& U
15th day preceding, a Series 19 Conversion Date.  j  F; g5 i% \( i) d$ Q6 v' X
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
+ e2 y( T/ F, m* e0 F0 G' hProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares. i. W* ~( a* ]2 C5 v5 T# g
Series 18, as the case may be, that there would be outstanding on such
; n8 K" g7 h6 ISeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
5 w* D( V; F( [such remaining number of Preferred Shares Series 19 will automatically be
+ Z9 {, Y& Y: N. _. P: `% }converted on such Series 19 Conversion Date into an equal number of6 A. ^3 ~* {* O; c7 @$ O
Preferred Shares Series 18. Additionally, if the Bank determines that, after
  ^! x# h1 Z1 N7 q- \1 a' oconversion, there would be outstanding on such Series 19 Conversion Date
# L, u( H( ?) F' hless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares% G0 P% }  G2 g" j7 K' j$ G
Series 19 will be converted into Preferred Shares Series 18.: Z6 }9 O( K. u- K# D5 v0 T% {7 ?% ^0 m2 v
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
4 B) m6 y5 m) D& F6 A  [5 tSeries 19 will not be entitled as such to receive notice of, attend, or vote at,5 C! E2 v) M) O
any meeting of the shareholders of the Bank unless and until the first time at% x( f! U- T; f2 N
which the Board of Directors has not declared the whole dividend on the
6 y" ^, L, ^% wPreferred Shares Series 19 in any quarter. In that event, subject as) S0 i' }1 p7 Z0 _3 H% ^
hereinafter provided, the holders of Preferred Shares Series 19 will be7 o0 m% P3 y1 t( N
entitled to receive notice of, and to attend, meetings of shareholders at which
( Z: K' w6 }$ G# bdirectors of the Bank are to be elected and will be entitled to one vote for
/ L# Y4 g+ X; ~9 N7 ~8 Reach Preferred Share Series 19 held. The voting rights of the holders of the' J6 i% D! K1 Q; A) n
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of: ]+ Z9 O  {% l! \# R' h' i
the first dividend on the Preferred Shares Series 19 to which the holders are
% V0 u4 A2 f- Nentitled thereunder subsequent to the time such voting rights first arose until
1 ]3 K1 p9 m" m  ^& C' ?* ^such time as the Bank may again fail to declare the whole dividend on the. |/ ]9 u1 E! O. e: {) ^" l
Preferred Shares Series 19 in respect of any quarter, in which event such
6 N7 ~% {! Q; |  ]voting rights will become effective again and so on from time to time.
  ~1 ]/ E% x8 l3 U: n$ PS-6
4 W/ Y. S& N! ]4 N0 EPriority: The preferred shares of each series of the Bank will rank on a parity with
3 F. x6 P1 @# o" I  ~$ gevery other series and are entitled to preference over the common shares of# z# H: q! B6 X, d% g
the Bank and over any other shares of the Bank ranking junior to the
- t6 M: \* T& f+ I5 Wpreferred shares with respect to the payment of dividends and upon any
+ b0 Y9 R" ~0 Z% |: z- c9 T% adistribution of assets in the event of the liquidation, dissolution or
8 `3 n- d; x2 @' cwinding-up of the Bank.* L5 T" K# U& c; Y. J3 c5 E: J
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
8 E# v% @" i: f* g$ jDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
) P, t) s9 L) w0 M0 ~! T4 fSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
1 v8 g1 b) i+ g$ {. w; Z/ O. Hdividends 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。6 D# F1 K" G' k5 I
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

- Y; H9 i) P: M' U6 T1 A: a+ ^: Q4 T3 N
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
& b. b2 u" e% g" X
# l7 t1 q& D- ?$ Fcall 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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