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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。3 a7 s5 n; |5 F. ?1 v( Q
& {, }( h& c/ y6 t& ~* z5 `

. {: v3 d( }% G6 ?- L" R[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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 楼主| 发表于 2008-11-29 16:58 | 显示全部楼层
下面是BMO的:7 Y' r! `9 p5 f5 t
SUMMARY OF THE OFFERING0 A3 n1 {7 Q+ U- c7 m9 Z
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’’.
* n  D1 c# R! G7 J% H4 l, e) vIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.2 E  }6 ^4 F: F, `4 @" U' r2 c( U
Amount: $150,000,000 (6,000,000 shares).
" \, U$ \% Z, G; jPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
$ P5 G' R, [! g5 y7 ^Principal Characteristics of the Preferred Shares Series 18* p  q) ?9 Y/ H9 l8 d. m
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed6 M) [+ n6 {5 b8 \7 L
non-cumulative preferential cash dividends, as and when declared by the2 `+ W) U. n# F5 B- z1 `; y
Board of Directors, subject to the provisions of the Bank Act, for the initial& a) W0 @+ Z% t  _
period commencing on the closing date and ending on and including
% e$ j$ E1 l: g/ b# ]8 iFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the* i) w3 E( s, ~. O7 |* T
25th day of February, May, August and November in each year, at a rate; \% w; Y& \  r2 _* h
equal to $0.40625 per share. The initial dividend, if declared, will be payable
* j5 ~+ H/ c3 uMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing, o1 q9 |5 c& H8 o
date of December 11, 2008., H/ x5 o$ {4 M2 o4 g/ X( }6 [
For each five-year period after the Initial Fixed Rate Period (each, a" _4 d" a! I8 a% i# z
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares* |$ C, l) w, k' I& Z) R3 t* r6 R
Series 18 will be entitled to receive fixed non-cumulative preferential cash0 f5 \" P/ c) ?% y9 Z- q
dividends, as and when declared by the Board of Directors, subject to the
; C2 _5 Y" @: q. Y. `  n& sprovisions of the Bank Act, payable quarterly on the 25th day of February,/ h; a* s! B) w9 v5 a
May, August and November in each year, in the amount per share per annum9 U3 V, h' T; g/ F. P3 j1 [# F
determined by multiplying the Annual Fixed Dividend Rate applicable to/ {( ?- X( @) m* B: S
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
8 k$ O6 c% |4 o$ R. `1 NRate for the ensuing Subsequent Fixed Rate Period will be determined by the
$ i% Q4 e% s) p7 xBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day, V  a2 t5 w2 i: w6 E
of such Subsequent Fixed Rate Period and will be equal to the sum of the
' t& u3 P$ P3 i7 H; u3 C+ }Government of Canada Yield on the applicable Fixed Rate Calculation Date
: D: h1 U$ E2 i6 xplus 3.83%.8 b% l+ j/ W; s' K# |8 N: O" o
If the Board of Directors does not declare a dividend, or any part thereof, on1 C, ^1 P5 j% g" x* U$ N
the Preferred Shares Series 18 on or before the dividend payment date for a
2 C" ^/ L0 H% ?: e$ ~* }particular quarter, then the entitlement of the holders of the Preferred0 S- k+ d: [% V1 H
Shares Series 18 to receive such dividend, or to any part thereof, for such3 g% ~! J" _  X
quarter will be forever extinguished.
1 q2 B7 B; x1 yRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
: ~/ @, e( d& VSuperintendent and to the provisions described below under ‘‘Details of the
$ w+ C4 W4 [1 p) B9 ~Offering — Certain Provisions of the Preferred Shares Series 18 as a
7 U, [1 {  s9 n  t3 dSeries — Restrictions on Dividends and Retirement of Shares’’, on+ l: ^$ R; s9 P1 m( d, H" n
February 25, 2014 and on February 25 every five years thereafter, on not& o. F2 Q# M1 y
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any. d4 i+ J& Y) m$ b
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
! E: J! ?+ _0 ~% Xwithout the consent of the holder, by the payment of an amount in cash for' Z- U3 i, w; `" F
each such share so redeemed of $25.00 together with all declared and unpaid
5 x- d4 Y2 v( Z* H6 F( ^dividends to the date fixed for redemption.4 K% r- r$ i1 D" P& |
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
6 J# S# u9 o1 ]/ @9 t  cShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have% j8 |& G; U+ s, H
the right, at their option, to convert, on February 25, 2014 and on
& {, x2 v' [  W- G6 I% U/ Q# |4 \S-4
7 \" V6 j2 [! @8 j5 \February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
! W+ e+ F6 H& f. @7 f7 F) jor all of their Preferred Shares Series 18 into an equal number of Preferred0 M% n: s6 `$ g- B: S
Shares Series 19 upon giving to the Bank notice thereof not earlier than2 p* a; Q8 P. O% e4 W9 R6 m) q4 G
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day2 [* ]- p& K* r# w, @0 j% |
preceding, a Series 18 Conversion Date.
/ d( U5 F3 G+ Z" KAutomatic Conversion If the Bank determines, after having taken into account all shares tendered0 _; T) ^3 N& g
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
1 U. \. a$ g1 N4 m; W3 d/ USeries 19, as the case may be, that there would be outstanding on such
9 V& C# d' M) C0 ~- sSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
" ~6 o/ V' ]- fsuch remaining number of Preferred Shares Series 18 will automatically be
$ f# k; x$ [. ~9 e) tconverted on such Series 18 Conversion Date into an equal number of
" Z3 V: l7 \3 _Preferred Shares Series 19. Additionally, if the Bank determines that, after
& _# H  k2 T1 ^& }conversion, there would be outstanding on such Series 18 Conversion Date  O( p1 h2 B! p" J
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
- L" U1 x2 t2 L* cSeries 18 will be converted into Preferred Shares Series 19.
! r" i' Y, f! h4 `Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
% L- N5 O* e" W5 m/ O( e5 lSeries 18 will not be entitled as such to receive notice of, attend, or vote at,: p% k" ~6 X0 ~, U6 x7 T
any meeting of the shareholders of the Bank unless and until the first time at
7 x5 D' g+ H" _" k) S& \8 _8 A6 Hwhich the Board of Directors has not declared the whole dividend on the
  d3 C) w0 _+ A$ @# `: l% FPreferred Shares Series 18 in any quarter. In that event, subject as
+ k+ E5 e" T: X) E5 vhereinafter provided, the holders of Preferred Shares Series 18 will be
& h. ]* F% m9 x- V6 z* ]entitled to receive notice of, and to attend, meetings of shareholders at which3 r' y" b! Z+ {9 X) L0 j( q/ a0 p) E
directors of the Bank are to be elected and will be entitled to one vote for
  \9 H. \! \" f% Jeach Preferred Share Series 18 held. The voting rights of the holders of the4 h2 a) d/ q4 u6 K5 K
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
% h+ p7 m/ C- xthe first dividend on the Preferred Shares Series 18 to which the holders are
$ ]% ], y1 @! c( ^, Q' Fentitled thereunder subsequent to the time such voting rights first arose until
6 a# ~4 W, \/ |0 O2 F7 o) ]: m8 b( zsuch time as the Bank may again fail to declare the whole dividend on the
. }2 T8 J. J6 BPreferred Shares Series 18 in respect of any quarter, in which event such
( h4 s: J' B' n9 {2 {voting rights will become effective again and so on from time to time.
0 b- I+ G- x, @$ U8 |7 n6 ~Principal Characteristics of the Preferred Shares Series 19
' A$ r+ `% W0 u: x8 Y- h8 R! m7 l1 MDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
: N! B% H$ @$ }5 V- ?  s4 qfloating rate non-cumulative preferential cash dividends, as and when
4 l4 A* x0 Z, mdeclared by the Board of Directors, subject to the provisions of the Bank Act,: M' e9 x; L$ t- V
payable quarterly on the 25th day of February, May, August and November' d% k* u' c# E" e' i
in each year, in the amount per share determined by multiplying the5 h8 F2 n+ v; n4 D& i+ n8 J
applicable Quarterly Floating Dividend Rate by $25.00.+ ~1 n7 Q: s. S
On the 30th day prior to the commencement of the initial quarterly dividend; F  j% ]1 Y3 B# j
period beginning on February 25, 2014, and on the 30th day prior to the first
, i$ v* I$ B, o2 H( |day of each subsequent quarterly dividend period (the initial quarterly
4 O7 L3 r0 I: B; d1 `$ `dividend period and each subsequent quarterly dividend period is referred to& R, M& [) T; {: y9 r+ P3 |
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
' N+ _) h, z2 [" D" LQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
% |. Y4 f6 I/ ^9 |% ]* {! hPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
' E7 c" z' d2 `/ QT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
5 h: P9 u" v5 _2 celapsed in the applicable Quarterly Floating Rate Period divided by 365)
, H% L1 [4 F- s+ X  b! sdetermined on the 30th day prior to the first day of the applicable Quarterly
, J9 @9 Z9 w' \Floating Rate Period.2 U1 B8 V- f. m% R, e
S-5' z# d2 X# E, R4 ]. D/ E
If the Board of Directors does not declare a dividend, or any part thereof, on0 e+ @- u/ L+ l+ G1 H
the Preferred Shares Series 19 on or before the dividend payment date for a4 n! S6 h3 t8 X) D5 E2 l( j6 `
particular quarter, then the entitlement of the holders of the Preferred
5 n7 T7 a/ q8 D% k3 EShares Series 19 to receive such dividend, or to any part thereof, for such' s$ v5 V5 z- a+ e# y
quarter will be forever extinguished.
& n! W3 N0 Y3 S9 lRedemption: Subject to the provisions of the Bank Act and to the prior consent of the( v  M% U# r: i/ U9 i" b- y- I
Superintendent and to the provisions described below under the heading
# }- T( c7 b' R# v+ _5 _1 p‘‘Details of the Offering — Certain Provisions of the Preferred Shares
1 s; m: o! ?4 d: k+ r' SSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
5 h" j4 n0 V- ^0 z; d# Mon not more than 60 nor less than 30 days’ notice, the Bank may redeem all% {7 h2 j! q5 g" c# T( h
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
, \9 m( u7 h5 g5 q' G" ?9 woption without the consent of the holder, by the payment of an amount in) s# N4 T4 D( N- M9 t8 k% }/ @; S1 t( `
cash for each such share so redeemed of (i) $25.00 together with all declared3 n$ R# {* p8 L: s5 m
and unpaid dividends to the date fixed for redemption in the case of
/ F7 }! M& ]7 c3 kredemptions on February 25, 2019 and on February 25 every five years
* U( I* d" `6 w. X5 Cthereafter, or (ii) $25.50 together with all declared and unpaid dividends to; t% J6 Q5 X- S- i  D8 e6 {
the date fixed for redemption in the case of redemptions on any other date
7 b3 v0 j7 |; h+ aon or after February 25, 2014., n/ X% G; [4 q0 e: X) H
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
: W* r: \7 {/ MShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
  O2 I9 N: r5 ~- Rthe right, at their option, to convert, on February 25, 2019 and on
1 Q% h  D1 n4 l+ i# uFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any) m7 ^, S& ]' ~+ h
or all of their Preferred Shares Series 19 into an equal number of Preferred$ [0 O7 n. m* o4 B7 l- y
Shares Series 18 upon giving to the Bank written notice thereof not earlier
: {& O2 c0 _6 |# [than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the; V5 L) h# Z  e% ]' q' O4 u5 g9 c
15th day preceding, a Series 19 Conversion Date.
6 W2 M2 D( Z" S1 _4 aAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
0 m( F5 Z* G+ u7 i( p1 }Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares, {  g& f% D3 f+ a
Series 18, as the case may be, that there would be outstanding on such
3 c. ~0 L# l+ \7 j7 I' o, g+ hSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
8 T$ X* V4 f/ M: Q' @such remaining number of Preferred Shares Series 19 will automatically be
/ h6 N6 j* B2 g# Xconverted on such Series 19 Conversion Date into an equal number of
5 z$ j! J8 p1 i& A( C  }Preferred Shares Series 18. Additionally, if the Bank determines that, after
+ k: Y0 C0 I! zconversion, there would be outstanding on such Series 19 Conversion Date
3 [& ?9 w. P" T6 Y  o2 Qless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
# @% a. A& {, k+ vSeries 19 will be converted into Preferred Shares Series 18.
: r0 X+ K! u% p9 X- C' y( i" Z) \Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
: I7 b) }0 `% e4 W% OSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
; I% i2 `4 ]" {4 j3 hany meeting of the shareholders of the Bank unless and until the first time at8 C) _5 J* T# w: s
which the Board of Directors has not declared the whole dividend on the
; l# |- s* E. A: R$ e% Q+ U/ t% EPreferred Shares Series 19 in any quarter. In that event, subject as
4 \0 T% F5 g# K* y8 o' Yhereinafter provided, the holders of Preferred Shares Series 19 will be
0 k3 m( m# O( j6 A1 u9 j' p6 q8 yentitled to receive notice of, and to attend, meetings of shareholders at which+ d/ H5 N, e. j0 B9 w1 U
directors of the Bank are to be elected and will be entitled to one vote for  n; q% [7 Y  F) H( \+ O& C3 |
each Preferred Share Series 19 held. The voting rights of the holders of the$ I* Q8 g, O8 _4 e- L/ t. a
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of, w3 z7 r% {1 g9 _7 D# P" `
the first dividend on the Preferred Shares Series 19 to which the holders are7 V- p' D3 U) P6 k. G: |
entitled thereunder subsequent to the time such voting rights first arose until
) N8 w& g! o! _9 X  Hsuch time as the Bank may again fail to declare the whole dividend on the
, M. U( M  b3 ?1 fPreferred Shares Series 19 in respect of any quarter, in which event such
9 u1 Q8 W' l# N/ H. e7 bvoting rights will become effective again and so on from time to time.
4 }2 S0 L# A: Q5 jS-6
7 [0 y- G3 y7 F6 m2 v1 YPriority: The preferred shares of each series of the Bank will rank on a parity with0 e: b1 P  [8 Z. |
every other series and are entitled to preference over the common shares of. [- \, l  }4 S. \$ H3 f
the Bank and over any other shares of the Bank ranking junior to the
0 B4 c% |& E1 c7 _8 x$ \preferred shares with respect to the payment of dividends and upon any
- i6 I. \+ l& f) p& S) w, Xdistribution of assets in the event of the liquidation, dissolution or: a0 B  o* H5 A: i
winding-up of the Bank.
$ d  s# _9 i4 `1 S+ o- ^, {* yTax on Preferred Share The Bank will elect, in the manner and within the time provided under
: e) |% q3 f. c! C$ T+ j% c3 _4 t' ~Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
+ R8 d6 S4 q  N/ S* v: f" SSeries 18 and Preferred Shares Series 19 will not be required to pay tax on( ?, M- I/ M/ o) b: T; l
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。! s7 ]6 }( y- \9 D5 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( _  P$ J! D, M7 u9 i0 Y6 s* @$ h& Q2 L3 U7 H1 `
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
' U# s* Z7 b0 c8 R7 M1 w& R5 P2 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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