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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。) e$ _! `' A! w1 {$ n; v

3 b0 ?4 O: [  k0 d! ^& {
4 s) ]" s* Z# ][ 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:8 i' a' x# G) U1 t
SUMMARY OF THE OFFERING% [7 q& c: a7 @" v
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’’.
+ v2 v) c/ u4 T6 B* n( E; DIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18., _& _2 k1 r  Y1 d$ z$ r
Amount: $150,000,000 (6,000,000 shares).
2 _7 Z* r4 H. E" @6 qPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
5 C+ I) ?. I+ E, A  vPrincipal Characteristics of the Preferred Shares Series 185 b' S4 \( ]! ?* o" x8 K8 X2 h
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
* B9 _4 F" `6 q: Y6 Y7 Q# mnon-cumulative preferential cash dividends, as and when declared by the
, K: q9 N+ n5 v) G& ~Board of Directors, subject to the provisions of the Bank Act, for the initial1 Z4 l. u- d6 O8 f: h& u% J
period commencing on the closing date and ending on and including
0 f: i* s: v. J) g8 I- e8 eFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the( s, r$ L3 `" f1 b
25th day of February, May, August and November in each year, at a rate
; A; R8 p$ r/ H9 @3 t: Kequal to $0.40625 per share. The initial dividend, if declared, will be payable
, N8 o; Q9 M4 L+ n( k. J1 cMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing0 T7 x5 W# a+ B  Y: u8 G
date of December 11, 2008.
; L7 z* I9 @, R0 X6 lFor each five-year period after the Initial Fixed Rate Period (each, a- S4 r3 X7 a! y. a& W8 v9 m  F
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
; s  m* q7 P" JSeries 18 will be entitled to receive fixed non-cumulative preferential cash
& }9 ]* [9 @8 o. p/ cdividends, as and when declared by the Board of Directors, subject to the- s  F5 {% {! Y7 n/ u* q
provisions of the Bank Act, payable quarterly on the 25th day of February,* B; |' i7 r: k9 f
May, August and November in each year, in the amount per share per annum
9 ^4 Z+ K+ f; d7 H5 gdetermined by multiplying the Annual Fixed Dividend Rate applicable to
9 P2 n  C9 Q$ K0 B% osuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend* x) @9 g6 o# E: D& h+ d7 _
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
" z8 e) J0 F3 }9 y6 t/ a; ]Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day5 L: y" l1 |( Z5 c" t
of such Subsequent Fixed Rate Period and will be equal to the sum of the
& M% P" p# p3 O* V- R2 k8 RGovernment of Canada Yield on the applicable Fixed Rate Calculation Date( {: c+ `8 ^3 }% N1 c# l
plus 3.83%.) ?9 q$ d- x( B  l/ l. m: m4 x% P
If the Board of Directors does not declare a dividend, or any part thereof, on2 @1 i' _& n; {* k
the Preferred Shares Series 18 on or before the dividend payment date for a
( v% L! I; w* l1 I# H1 jparticular quarter, then the entitlement of the holders of the Preferred
- I3 R) `! ?( H' T. x- |$ Q8 E' @Shares Series 18 to receive such dividend, or to any part thereof, for such
' h2 A' y" {7 s; ]quarter will be forever extinguished.- V+ }* G/ L5 I" R! M; b  Q
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the% z/ a; O1 s5 r
Superintendent and to the provisions described below under ‘‘Details of the( z7 s4 \$ T1 Y. e: m1 ?+ ~
Offering — Certain Provisions of the Preferred Shares Series 18 as a
; d# E( O; i( TSeries — Restrictions on Dividends and Retirement of Shares’’, on
8 l* h0 S3 H. @: H; y) E5 f1 `) rFebruary 25, 2014 and on February 25 every five years thereafter, on not: [, w$ x5 P% L" W
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any8 u* v. M: G0 z+ H+ |
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
$ `+ Z5 a9 a- E% h+ kwithout the consent of the holder, by the payment of an amount in cash for
4 Z. m! O$ d+ i& \, @. Neach such share so redeemed of $25.00 together with all declared and unpaid$ V* N. K7 C* m  c$ [9 I5 x
dividends to the date fixed for redemption.* T: A3 n* }7 }8 o5 J' p  k
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
3 b4 N0 @2 M( a" VShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
  Q' v3 }" N/ u  q2 j8 Cthe right, at their option, to convert, on February 25, 2014 and on+ T  g7 g& \  E3 K3 y4 s. g
S-4
; C  L& x; c0 I+ ?) Z0 e5 N5 gFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
) {# q7 i# u  R1 Aor all of their Preferred Shares Series 18 into an equal number of Preferred
8 W( ]8 O7 t. d7 I' ]5 ^% V  cShares Series 19 upon giving to the Bank notice thereof not earlier than2 m) u- g8 k8 i- V/ V# {
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day9 I$ y, p7 Q$ W) Y
preceding, a Series 18 Conversion Date.( i: E. R# I# j9 L# V/ Q
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
! z6 n0 W3 k$ e2 l, t, ]Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares" V9 w/ D1 t# Q7 P* q3 D' L' [5 |
Series 19, as the case may be, that there would be outstanding on such( _! V0 [' f- y3 X
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
4 s% F+ _# E/ M3 q# ssuch remaining number of Preferred Shares Series 18 will automatically be
: _* a2 u( u0 h# q) a3 Aconverted on such Series 18 Conversion Date into an equal number of4 C5 `6 {4 X2 \& l
Preferred Shares Series 19. Additionally, if the Bank determines that, after8 X9 ], h  N0 ~. B; g9 f
conversion, there would be outstanding on such Series 18 Conversion Date
6 ~3 i8 j, V: Q( Zless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares! D) B! m/ ]8 G! n; L; y
Series 18 will be converted into Preferred Shares Series 19.% t: K% g: Q% }
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
  ^$ O- F  i* k# W) `2 Q: ?7 }& R% ?' KSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
5 W6 Z2 p2 u1 C  g, a' sany meeting of the shareholders of the Bank unless and until the first time at2 [9 K" v) D) T, G  H/ [
which the Board of Directors has not declared the whole dividend on the
" L# ^6 O; q, e4 Z/ oPreferred Shares Series 18 in any quarter. In that event, subject as
* |8 T; ^/ _% g4 d6 ]& O0 i3 j" phereinafter provided, the holders of Preferred Shares Series 18 will be
& ^9 y+ A8 w: u  e, M& w! Eentitled to receive notice of, and to attend, meetings of shareholders at which- G+ _. z, o4 m/ X
directors of the Bank are to be elected and will be entitled to one vote for8 R+ B. X+ Z- U9 r
each Preferred Share Series 18 held. The voting rights of the holders of the. `6 @' x  a1 E+ B5 X
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
5 \8 o* X: c, @8 f& [the first dividend on the Preferred Shares Series 18 to which the holders are
! I5 Y0 N2 P9 R( Q, Yentitled thereunder subsequent to the time such voting rights first arose until
/ ^  G  e  p; |4 z$ n+ K! hsuch time as the Bank may again fail to declare the whole dividend on the6 l9 n& I- ^9 O; i  a+ K' ^
Preferred Shares Series 18 in respect of any quarter, in which event such
( U1 `) v* T6 O) `9 {6 \voting rights will become effective again and so on from time to time.
. I6 Y9 P4 B0 m+ S4 \* |. j& OPrincipal Characteristics of the Preferred Shares Series 19  f9 a9 H5 @" ]9 K5 Q
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
) U6 l) x8 e4 q0 n( _2 P1 N8 Pfloating rate non-cumulative preferential cash dividends, as and when
- J! R% D9 s4 _& N, ndeclared by the Board of Directors, subject to the provisions of the Bank Act,
% v) A  l: P' V/ b& b9 ~5 Ypayable quarterly on the 25th day of February, May, August and November0 r" K; w! q+ J" u
in each year, in the amount per share determined by multiplying the
: _# R2 D. b/ G1 c" S4 capplicable Quarterly Floating Dividend Rate by $25.00./ B3 b) s7 Y$ _
On the 30th day prior to the commencement of the initial quarterly dividend
- r8 @5 O& M) D& p. speriod beginning on February 25, 2014, and on the 30th day prior to the first
* m! H, ?1 p1 X  u/ C9 T7 {day of each subsequent quarterly dividend period (the initial quarterly" Y( `6 `- H3 |; ^! G& t# I
dividend period and each subsequent quarterly dividend period is referred to6 k" Y  F. L: I+ |( c' t" r
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the6 G; _5 E7 W$ e! Z
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate6 z- \, F4 F1 ?& [$ W
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the+ u. i$ w0 }. U# v4 ~: F
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days4 |# }- V" D+ e  ^/ \6 T4 z
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
8 O$ @4 ^! `9 w. E8 ]) c$ R1 ~determined on the 30th day prior to the first day of the applicable Quarterly/ ^( N: t8 G# D8 F* h
Floating Rate Period." m$ |' T1 Z0 Z6 I9 @
S-5% `- k8 L7 f+ D
If the Board of Directors does not declare a dividend, or any part thereof, on
$ Y$ `2 Z* V% K/ {0 A) v8 ithe Preferred Shares Series 19 on or before the dividend payment date for a
; o1 J8 x+ f* P' Wparticular quarter, then the entitlement of the holders of the Preferred
1 o  p: Z& c3 e- Y. E) V6 |: xShares Series 19 to receive such dividend, or to any part thereof, for such- [. N  \8 m/ k# y
quarter will be forever extinguished.
% i- [$ F% M1 @6 C) R, _  z; lRedemption: Subject to the provisions of the Bank Act and to the prior consent of the, m; r# E) \; j' [# k
Superintendent and to the provisions described below under the heading: F: C7 K7 V6 C, c# y
‘‘Details of the Offering — Certain Provisions of the Preferred Shares! [3 v& Q( f& v
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,- _+ f! @  l0 ]& f# T
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all: M  I4 l: c6 j. I+ R3 X# B3 i
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
' C* l  ?- ]; O7 P$ loption without the consent of the holder, by the payment of an amount in
+ V" ?+ w1 R" w9 f1 |cash for each such share so redeemed of (i) $25.00 together with all declared
. ^2 I, T' I6 \2 n0 f6 tand unpaid dividends to the date fixed for redemption in the case of
# W; B! j; v6 w9 z3 m' {" D7 Aredemptions on February 25, 2019 and on February 25 every five years
+ k$ n+ C2 a+ ?3 i. Q. L2 c; r8 N$ ythereafter, or (ii) $25.50 together with all declared and unpaid dividends to
, R9 j! U$ o3 m( h! H5 K2 }the date fixed for redemption in the case of redemptions on any other date5 F* L6 O5 ]# i! L8 e7 i( N, F
on or after February 25, 2014.7 g% b: K' w) B& S5 u. h4 u
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic) K" H2 C* a, V8 z$ N/ w/ S5 a
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
* f0 U" k& @. D0 c% p; ~, \% T* \the right, at their option, to convert, on February 25, 2019 and on
4 t6 P) K0 g  {. H& ~February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
- V1 y% ~4 B0 r" [! z6 Gor all of their Preferred Shares Series 19 into an equal number of Preferred( k( `' [9 N2 I+ D6 |. t
Shares Series 18 upon giving to the Bank written notice thereof not earlier4 D+ b2 a7 r1 W& y. q0 }
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the( J  ]3 v9 [( j" g% I9 q% O: Z
15th day preceding, a Series 19 Conversion Date.1 q4 p6 s; g5 w8 N3 r
Automatic Conversion If the Bank determines, after having taken into account all shares tendered- A. W3 r$ A0 x' o: Y/ O
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
- |1 R+ z) Y% `4 z% d% u' y$ `* I$ @Series 18, as the case may be, that there would be outstanding on such' G7 B) q9 Y. W/ g3 Q
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
; u7 m+ t4 t9 J- I( T! e( isuch remaining number of Preferred Shares Series 19 will automatically be
; \! g; @- A( a& T9 Sconverted on such Series 19 Conversion Date into an equal number of
. ]! e7 S) S& S1 I1 [Preferred Shares Series 18. Additionally, if the Bank determines that, after: o6 {' c  y4 V6 r5 s
conversion, there would be outstanding on such Series 19 Conversion Date# U+ B, ?0 q8 a7 o1 ]
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
2 p4 p/ h: X% B3 fSeries 19 will be converted into Preferred Shares Series 18.: E9 a9 \. C6 u3 j6 n& u, c) ?$ Y5 N
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
- I( i9 t! u9 w' {/ ]$ NSeries 19 will not be entitled as such to receive notice of, attend, or vote at,0 y( U8 O' ^. ]: [4 e+ t0 O2 H
any meeting of the shareholders of the Bank unless and until the first time at2 Z& C5 P5 u- J  i1 W
which the Board of Directors has not declared the whole dividend on the
6 ?5 T0 A# ]( Q( DPreferred Shares Series 19 in any quarter. In that event, subject as
8 [( v, u! F: xhereinafter provided, the holders of Preferred Shares Series 19 will be
4 G* ]3 C5 {- N/ W' H: s; ^5 Uentitled to receive notice of, and to attend, meetings of shareholders at which
+ u# k; S+ l0 H& }! L! @2 ^directors of the Bank are to be elected and will be entitled to one vote for$ J5 @! R- G- ^6 L! N/ i
each Preferred Share Series 19 held. The voting rights of the holders of the! ]+ l: Q' v: U( b5 [% C
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
3 ^( w; q8 N1 ethe first dividend on the Preferred Shares Series 19 to which the holders are
4 [0 g& U7 y  j: s6 B0 t! Wentitled thereunder subsequent to the time such voting rights first arose until
# g/ B, M2 `$ c" L+ H7 X, [# Vsuch time as the Bank may again fail to declare the whole dividend on the
3 Y2 Q( r$ O, e4 P+ Q8 M# TPreferred Shares Series 19 in respect of any quarter, in which event such
0 ~3 }/ r& ^* L, U6 r" O: Nvoting rights will become effective again and so on from time to time.+ q+ F, r2 j0 D- }( T8 |
S-6
' X$ a7 _, S3 X  T+ TPriority: The preferred shares of each series of the Bank will rank on a parity with& r- f! }0 R. N, J
every other series and are entitled to preference over the common shares of
5 X3 T2 C+ N' L6 p1 n2 q" Dthe Bank and over any other shares of the Bank ranking junior to the
7 j" n1 n" S4 I6 R7 ]% ]" Lpreferred shares with respect to the payment of dividends and upon any
3 d1 P9 \  p% |$ S  [& v( udistribution of assets in the event of the liquidation, dissolution or
. F$ w, b) w  U* Kwinding-up of the Bank.
, W3 C2 k; Z1 uTax on Preferred Share The Bank will elect, in the manner and within the time provided under
; k, Z  P3 D' }* ^1 l' ]Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
) f& x2 N, g% B4 `, x  _! vSeries 18 and Preferred Shares Series 19 will not be required to pay tax on% A% K. r+ z3 `+ w6 n
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。! [9 J# j" O+ n: c8 }) C
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: G- q- p/ N

( w& o" ?" P$ x9 C. Y) h0 A下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。7 v! W2 g5 K5 G, {" @  j

% a  l8 V1 u7 ]5 }  L2 vcall 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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