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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。, G  q5 C2 j2 [) j

6 o" Z; ^5 g* {$ Z& g# c6 r2 b/ f, {: j! 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:" l9 L8 _/ @+ `+ C% E4 Q" i8 V+ G
SUMMARY OF THE OFFERING
$ Y/ A) W8 `. X0 E9 ZThis 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’’.
) L! h0 E0 C8 G' P$ D: n' |Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
; t. i  @/ m, \; ]" kAmount: $150,000,000 (6,000,000 shares).3 M! Y, X5 P' d8 \1 f5 Z
Price and Yield: $25.00 per share to yield initially 6.50% per annum." o1 \+ T$ Y5 y4 V" _! X* `
Principal Characteristics of the Preferred Shares Series 185 m5 d% P: d# C: R& V9 a& h3 G1 ]$ J( H
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
. X0 v% P! \+ d& A" cnon-cumulative preferential cash dividends, as and when declared by the6 ^- R2 o; L! f) ]" |) {7 c
Board of Directors, subject to the provisions of the Bank Act, for the initial5 I, r" x3 e& I) s0 @, \) }5 p
period commencing on the closing date and ending on and including
3 e, h  p. j$ c0 ^9 @February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
* ?& ?. T3 q4 @. k25th day of February, May, August and November in each year, at a rate) k0 W/ P- A: G% P! A0 O' T, g0 Y6 z
equal to $0.40625 per share. The initial dividend, if declared, will be payable
6 g  N+ T% F9 ?! u$ mMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
) N: P: ]: H6 u" Q9 w" n3 j; rdate of December 11, 2008.
5 ~. U/ ?) _! \For each five-year period after the Initial Fixed Rate Period (each, a. C' I4 U! d3 ?& v* l0 {: {
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
  [. w8 i: _( E1 G0 PSeries 18 will be entitled to receive fixed non-cumulative preferential cash- A2 M% v( a, D* i. H
dividends, as and when declared by the Board of Directors, subject to the( S+ H+ v  n0 A# j+ X
provisions of the Bank Act, payable quarterly on the 25th day of February,
- u! |* t9 X: e  H1 j8 @May, August and November in each year, in the amount per share per annum4 l6 v& Z/ ]0 z( _
determined by multiplying the Annual Fixed Dividend Rate applicable to
' w9 {, y" Z9 wsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
4 r! c7 x( N0 y3 ~! S9 X% O' U- VRate for the ensuing Subsequent Fixed Rate Period will be determined by the; W$ ?  x4 ^# ~' l
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day% P& I4 @- T1 o$ R3 B) E6 w7 u3 V0 n
of such Subsequent Fixed Rate Period and will be equal to the sum of the0 J# e+ G0 l7 ]) Z+ v' [, N
Government of Canada Yield on the applicable Fixed Rate Calculation Date
6 w2 m  ?: c( wplus 3.83%.
2 c! k4 y$ ^, B, xIf the Board of Directors does not declare a dividend, or any part thereof, on' T, n, L4 }; T, i! A+ A5 C
the Preferred Shares Series 18 on or before the dividend payment date for a+ L/ r4 g3 @( m' z1 z
particular quarter, then the entitlement of the holders of the Preferred
- R) g% B3 |5 E6 t7 }* q+ BShares Series 18 to receive such dividend, or to any part thereof, for such
" f0 n6 j$ j% o# C  w2 U5 F& Fquarter will be forever extinguished.
1 s% b) }! [0 a" E: }0 w, [Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
' b  f  V1 j7 C9 B9 c" w) J1 d- ASuperintendent and to the provisions described below under ‘‘Details of the
' i# J- Y' z0 r9 f8 q% s8 EOffering — Certain Provisions of the Preferred Shares Series 18 as a
, j/ J7 j, L" K2 f; N) l: _4 fSeries — Restrictions on Dividends and Retirement of Shares’’, on8 b0 d5 b9 `+ H- h" y" ^3 X# D6 E' \5 E
February 25, 2014 and on February 25 every five years thereafter, on not, {; o8 H% d% C; n# i8 S; w7 Q+ f0 e
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any$ _4 X+ n) \& g+ d  W, d8 q
part of the then outstanding Preferred Shares Series 18, at the Bank’s option1 i! l, F- O& x6 t$ k5 G; U2 g" c( L
without the consent of the holder, by the payment of an amount in cash for3 u1 {- @- j6 l7 C6 k3 S% e1 i/ h
each such share so redeemed of $25.00 together with all declared and unpaid
7 t" L- q; ?4 O/ K: rdividends to the date fixed for redemption.
) Y' p/ ?7 I+ d! s% q* A% [$ {  kConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
! U* B+ M( M$ ?2 p9 x! x9 KShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
8 _6 m- l7 m  S; _" X4 ^the right, at their option, to convert, on February 25, 2014 and on9 u, y8 q$ L# h3 k
S-4- [0 u3 w- q6 ?) R% s, e
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
4 @( g' B( O0 C; y+ j  t9 K8 Jor all of their Preferred Shares Series 18 into an equal number of Preferred$ ~6 |9 V6 {( S# s1 m2 i
Shares Series 19 upon giving to the Bank notice thereof not earlier than' O8 q3 r, O- b( K: p! `
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day) X+ P) z1 W5 D8 H
preceding, a Series 18 Conversion Date.3 N2 l7 o  h* H
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
1 G: M0 Z( j3 |9 t8 C3 MProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
4 K! [% \0 Y4 H: S: q1 j4 C) XSeries 19, as the case may be, that there would be outstanding on such
/ N4 l; t4 C" k; b3 d3 GSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,, o8 a$ L/ b8 {- L7 }* i) L
such remaining number of Preferred Shares Series 18 will automatically be
* M3 j& f/ R# R8 Cconverted on such Series 18 Conversion Date into an equal number of
9 A1 m+ [0 @# _9 b; P! D6 @9 ?% T. IPreferred Shares Series 19. Additionally, if the Bank determines that, after: s$ d2 P. y3 ]: D4 g& z# N% g# v
conversion, there would be outstanding on such Series 18 Conversion Date
% w3 ]  c- b) J* ~less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares! ?- P- C4 B0 ?# {% N
Series 18 will be converted into Preferred Shares Series 19.5 ^2 m1 @6 c7 p* Y+ h
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares+ U7 F+ P' W( {, X' F& ?5 G
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
$ n# o  t, z2 t+ `" V0 {8 Xany meeting of the shareholders of the Bank unless and until the first time at
0 J& O- z# h6 ~5 I; i. f7 ?$ Ewhich the Board of Directors has not declared the whole dividend on the8 y: y: ^. V& M8 [/ L; l# D
Preferred Shares Series 18 in any quarter. In that event, subject as& a8 k+ w* g$ `) w+ e9 B+ |
hereinafter provided, the holders of Preferred Shares Series 18 will be1 c! X; E& o( u- T
entitled to receive notice of, and to attend, meetings of shareholders at which. c+ Z" `6 F9 c( f/ t1 @
directors of the Bank are to be elected and will be entitled to one vote for0 {) w; z: ^. C$ L8 U
each Preferred Share Series 18 held. The voting rights of the holders of the: H* f  T! b4 z* K0 k+ D( s
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
) a$ _$ x+ G+ y% U( x' M& lthe first dividend on the Preferred Shares Series 18 to which the holders are
; `. [" u2 n5 t* M8 P- sentitled thereunder subsequent to the time such voting rights first arose until
1 {& s6 R9 v2 c6 a7 R# c" Osuch time as the Bank may again fail to declare the whole dividend on the
9 R# |: \) v* Q0 E/ a) u& `0 r$ y' ~; ]Preferred Shares Series 18 in respect of any quarter, in which event such% r2 g3 Q3 O! B- [0 ?$ w8 \
voting rights will become effective again and so on from time to time.7 z; Z6 j7 w0 ?! P/ L0 C; ?9 M! t* b
Principal Characteristics of the Preferred Shares Series 19% w; P; B. F  Q$ t$ Q6 N7 A" a
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive# S9 c, s2 t* _9 t
floating rate non-cumulative preferential cash dividends, as and when  X/ N# t) y0 q
declared by the Board of Directors, subject to the provisions of the Bank Act,2 X8 i  z, ?2 E1 S9 v
payable quarterly on the 25th day of February, May, August and November' _  p5 w- R# Y- `( V
in each year, in the amount per share determined by multiplying the- C8 A1 M# f7 U: l% r0 C, l
applicable Quarterly Floating Dividend Rate by $25.00.  r- Q; E& p$ x+ ]7 m: N/ d1 O0 O& p
On the 30th day prior to the commencement of the initial quarterly dividend
0 P. }) ?. N# Y9 N. O" R4 M7 Qperiod beginning on February 25, 2014, and on the 30th day prior to the first3 ]* `4 Z* r" k/ b3 S3 l0 P
day of each subsequent quarterly dividend period (the initial quarterly
3 D! E0 O2 }; ~9 S/ w/ Bdividend period and each subsequent quarterly dividend period is referred to: c7 |1 z' t% X. A- l6 x3 m* i# {
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
7 ^& l' a# |  T4 H9 pQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate6 ^9 j7 L  ?) v9 `. t* w
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the. y# e7 _. X) {; [
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days4 u6 U, }, s) q0 f
elapsed in the applicable Quarterly Floating Rate Period divided by 365)( ?' F% p& B# w
determined on the 30th day prior to the first day of the applicable Quarterly) s$ A. G$ C1 j) }) ?. R
Floating Rate Period.* C- ~) L/ I  _7 {9 I, C5 ^
S-5
7 `; X# \; t  j- `. t0 PIf the Board of Directors does not declare a dividend, or any part thereof, on
) {1 l/ z3 c- {/ E  v8 f- Nthe Preferred Shares Series 19 on or before the dividend payment date for a7 r7 l7 o: _7 Q! N7 J
particular quarter, then the entitlement of the holders of the Preferred
. Y0 D: _5 F4 G9 JShares Series 19 to receive such dividend, or to any part thereof, for such4 X3 B0 P4 h6 z  f
quarter will be forever extinguished.  M0 T+ T, d* |
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the! o( R3 i, w( k9 l! H
Superintendent and to the provisions described below under the heading) U( k0 I) y. e& P1 h4 Y  Y
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
# ^- [: Z: A# I, e# O4 ISeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’," i& |4 }6 W5 P' |' B3 t+ K
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all/ z9 H5 T* g' n6 {, _
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s: m5 V& a: Y8 X' Z8 O! P
option without the consent of the holder, by the payment of an amount in9 z* F8 R! F7 M# v
cash for each such share so redeemed of (i) $25.00 together with all declared( U$ K7 `, ]8 S( @
and unpaid dividends to the date fixed for redemption in the case of
( W4 N' J& x6 V6 o* xredemptions on February 25, 2019 and on February 25 every five years) x7 l" U- \9 B6 [
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
) d$ `# g" e0 X9 g+ I& X. Q. Y  ythe date fixed for redemption in the case of redemptions on any other date
: ?& F, I8 w; s2 gon or after February 25, 2014.
, m6 J/ ]% y7 y8 gConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic9 ]( r1 D# g- ^) |4 x/ \$ o
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have7 Q) P. q: g7 B7 v( E. F* j
the right, at their option, to convert, on February 25, 2019 and on* v, J2 u- o- F8 R% {$ `
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any1 w8 h8 P; [4 x1 ]7 h* q
or all of their Preferred Shares Series 19 into an equal number of Preferred6 {) j* [( K3 K* y9 S# u2 L
Shares Series 18 upon giving to the Bank written notice thereof not earlier
+ |. Y6 ~# m. U& @. xthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
7 Z# N7 n& j/ `9 V: T; z+ ~* o15th day preceding, a Series 19 Conversion Date.
8 l2 f" _! J6 kAutomatic Conversion If the Bank determines, after having taken into account all shares tendered0 O  O2 k& }8 K3 U. ^" W6 u/ f/ o
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares3 G. b4 q4 ~2 x" l( b" m7 ]  x- H( m
Series 18, as the case may be, that there would be outstanding on such
6 c% ?" k% K+ J$ _+ w3 o& j4 m; zSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,: p0 u3 D1 M3 W0 ?4 q5 D  T' F
such remaining number of Preferred Shares Series 19 will automatically be
5 F, V+ a/ }" }3 Y0 n% e1 Qconverted on such Series 19 Conversion Date into an equal number of
) I8 ]0 G7 a& T, P: XPreferred Shares Series 18. Additionally, if the Bank determines that, after
8 h% I, I9 D9 S& K/ G3 Cconversion, there would be outstanding on such Series 19 Conversion Date  I# B. a$ ^# j8 d( [, w( T
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
& D* ?: e  X( q0 Y8 z7 `8 ISeries 19 will be converted into Preferred Shares Series 18.
3 ^" l+ f  I. e! c' v" j4 P& {# YVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
0 p9 p6 ~: e# D- F+ {2 e* H; s" USeries 19 will not be entitled as such to receive notice of, attend, or vote at,0 T+ K+ J0 E0 T% h+ ]8 C2 Y4 [
any meeting of the shareholders of the Bank unless and until the first time at
+ V6 b( w' `* o  iwhich the Board of Directors has not declared the whole dividend on the
! v  p$ F9 n7 A# w) H' L1 qPreferred Shares Series 19 in any quarter. In that event, subject as
9 P8 p. B8 a" K% ?  \- ?! g" U; y& dhereinafter provided, the holders of Preferred Shares Series 19 will be
6 b6 D5 b  f8 {; b, oentitled to receive notice of, and to attend, meetings of shareholders at which
- H; K$ d4 K$ T, x1 a3 t7 S( M' ydirectors of the Bank are to be elected and will be entitled to one vote for
: a& }0 o0 H5 S3 w% A) r9 n# |: Weach Preferred Share Series 19 held. The voting rights of the holders of the
& t2 {- k0 ~# f9 H# b8 W8 p, wPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
6 O, K5 b) Q( z3 f8 Kthe first dividend on the Preferred Shares Series 19 to which the holders are  }% l9 c4 M. }4 s3 v+ P; Z6 c; R
entitled thereunder subsequent to the time such voting rights first arose until0 W# ?' ~) Q% i6 H; P
such time as the Bank may again fail to declare the whole dividend on the
! _1 f6 h7 B7 [" V0 kPreferred Shares Series 19 in respect of any quarter, in which event such. [( Q  R% a/ P& a4 ^' U- T
voting rights will become effective again and so on from time to time.
9 O. r3 g" n8 D, b' ^& V& c3 e; wS-6, Q6 ?$ x& O7 O' R
Priority: The preferred shares of each series of the Bank will rank on a parity with
+ |3 @! Y# M( o. X0 v6 w8 Revery other series and are entitled to preference over the common shares of) q. h7 g9 y3 X9 J7 x2 w% s( E, Z( l
the Bank and over any other shares of the Bank ranking junior to the! J! g! f5 w( r0 S, Y  a, P7 q+ k
preferred shares with respect to the payment of dividends and upon any
5 K5 t4 {5 @: P, Sdistribution of assets in the event of the liquidation, dissolution or3 ?5 }4 A* B- m, p8 M3 @1 ]) L
winding-up of the Bank.( V- Y7 s# i/ Q9 S9 B: B, q
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
* p5 |& C. m5 W; }Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
+ d7 A  ~& U* c2 jSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
# b, A6 M' u8 Odividends 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。1 ~! U: k" Q8 [5 ~0 K$ v
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
0 M+ Z3 Z; ]; n
# R' ]$ A0 J  u
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。! E1 Y- {' k6 D" I
0 C5 p, J' }# G2 i4 D) o+ W4 P
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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