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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。! E" m5 Y: z% J5 \  W

1 `2 i9 m. j. u( I9 H+ P; z+ _1 {- ^9 x
[ 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:( a" ]1 }1 W# L$ B  O# [! g# G
SUMMARY OF THE OFFERING8 L- f' \. b% u3 ]7 z" H1 o
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’’., l  Y3 w5 V1 ^9 q
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
% g& I" R; @" O, p5 aAmount: $150,000,000 (6,000,000 shares).
9 Q$ J3 o/ G: `3 EPrice and Yield: $25.00 per share to yield initially 6.50% per annum.' z8 I4 P! |0 k! }
Principal Characteristics of the Preferred Shares Series 18+ l' Z0 L0 J0 U6 f/ O
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed/ E7 [5 X  [) L7 o. D8 L
non-cumulative preferential cash dividends, as and when declared by the
" Z# O* P5 e3 s6 e9 A( p  z% R9 ?! K5 T+ a4 iBoard of Directors, subject to the provisions of the Bank Act, for the initial% ~/ N, K; B' Y) ~. I
period commencing on the closing date and ending on and including
5 \0 N  k4 q* T: W4 ~& u5 PFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
  v- G# S' ?7 M25th day of February, May, August and November in each year, at a rate
7 Q6 D" H' I5 \3 ?equal to $0.40625 per share. The initial dividend, if declared, will be payable" e( I# c9 o' B. r
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
) T2 j5 M# m# Q" O1 vdate of December 11, 2008.
3 Y# Y" t, a6 }( wFor each five-year period after the Initial Fixed Rate Period (each, a
  ^9 H7 a2 N' _+ j( s. [# _‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares1 U' g4 z6 ^# P( o+ u5 E4 V3 ]7 E1 S
Series 18 will be entitled to receive fixed non-cumulative preferential cash- s8 o5 s5 V* [8 k
dividends, as and when declared by the Board of Directors, subject to the( M: _9 h0 r' E% i$ i
provisions of the Bank Act, payable quarterly on the 25th day of February,
" u" Q$ t2 Y% Q4 r- L7 r5 J1 ^May, August and November in each year, in the amount per share per annum
1 ~: j+ a, O" ~$ \2 Jdetermined by multiplying the Annual Fixed Dividend Rate applicable to
  m& @! U3 P  Vsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
* a+ ^& V" y1 {( s0 m% _' y* t2 ]Rate for the ensuing Subsequent Fixed Rate Period will be determined by the& n6 Q0 q& ^2 o* X
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
: {( L- H6 H% e/ X- [of such Subsequent Fixed Rate Period and will be equal to the sum of the9 w2 o0 W$ R  D. z
Government of Canada Yield on the applicable Fixed Rate Calculation Date  Q; o& T: t6 K+ T8 X0 [( _
plus 3.83%.; o9 D3 z9 M- B+ U% T6 i# x6 B
If the Board of Directors does not declare a dividend, or any part thereof, on$ ~) K" c6 m/ j" w, E& g2 ]
the Preferred Shares Series 18 on or before the dividend payment date for a* p) H- \! F' s( V5 C4 t& E
particular quarter, then the entitlement of the holders of the Preferred' N! a4 C% O! R" r8 A
Shares Series 18 to receive such dividend, or to any part thereof, for such
: m4 A: i9 x' L3 Q9 m/ A9 T9 Cquarter will be forever extinguished.  K3 s/ }- J/ \
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
7 F+ J1 t9 N0 `0 i( ~% @- o1 ^; LSuperintendent and to the provisions described below under ‘‘Details of the  w& {# [, M% c7 W6 v( D4 G. A8 x
Offering — Certain Provisions of the Preferred Shares Series 18 as a+ j9 e( [# I6 ?9 K7 @1 D' ?$ b2 ]
Series — Restrictions on Dividends and Retirement of Shares’’, on
5 b0 E& s& ^; KFebruary 25, 2014 and on February 25 every five years thereafter, on not
) ]- k# ?+ `" `& u: E: tmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
- I, N4 h6 y) F' c5 N6 A* W4 C% D0 Cpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
: M3 J- K  g6 s7 n" L, I1 }without the consent of the holder, by the payment of an amount in cash for
# ^! r$ B2 |0 ?- v# Y2 M5 y! u5 ieach such share so redeemed of $25.00 together with all declared and unpaid
* [3 r' l4 j- \1 s0 K. qdividends to the date fixed for redemption.
5 B  r; C; f, O7 O0 OConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic; P( S" @, n2 j- a
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have# u) ~4 {; H$ q& I# m+ ~
the right, at their option, to convert, on February 25, 2014 and on0 A" D) h! ^& o( u$ f$ t
S-44 Z& H- C& b7 s4 u. p
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
; F) C. X5 N  X) v1 C3 F1 j5 uor all of their Preferred Shares Series 18 into an equal number of Preferred
# Q$ B  G$ i7 {1 J1 rShares Series 19 upon giving to the Bank notice thereof not earlier than
2 c* O' W) k4 t1 I0 K: ]1 H30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
: T/ U' @6 ~) {' }& w9 K8 k! f4 B8 rpreceding, a Series 18 Conversion Date./ E1 e& ]* ]. a* d2 v/ h
Automatic Conversion If the Bank determines, after having taken into account all shares tendered' x* ^- n% r# l* y
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
3 q3 T" o3 e6 p( X, p6 j% ASeries 19, as the case may be, that there would be outstanding on such: Y  X- G' E6 d9 p" p8 f0 t
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,6 m" J* y: N8 \+ Y$ m
such remaining number of Preferred Shares Series 18 will automatically be
% q& y  q" n" A5 H5 T1 S# `4 i0 Dconverted on such Series 18 Conversion Date into an equal number of1 C/ c, r6 X4 ^5 o3 e
Preferred Shares Series 19. Additionally, if the Bank determines that, after5 @) v# D* Q  P
conversion, there would be outstanding on such Series 18 Conversion Date
. ~; S7 f6 @9 h& q5 R; Y( f) mless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
5 o8 d# F# K+ I- d$ r& USeries 18 will be converted into Preferred Shares Series 19.6 f* L: X$ D# m/ j$ R0 K) V
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares7 Z# l) c/ u6 K; U3 o( }
Series 18 will not be entitled as such to receive notice of, attend, or vote at,) ^8 z; ~4 y  [  d. t1 y3 t- b( o
any meeting of the shareholders of the Bank unless and until the first time at6 O" @  {. S; d) s
which the Board of Directors has not declared the whole dividend on the
2 [5 D& ~* _% W- i6 PPreferred Shares Series 18 in any quarter. In that event, subject as
2 o  o' t" x, C8 L0 U. q. `  m7 uhereinafter provided, the holders of Preferred Shares Series 18 will be
" y0 }5 [! N. G  F- `1 Zentitled to receive notice of, and to attend, meetings of shareholders at which( H" \. Z9 _2 u4 Y
directors of the Bank are to be elected and will be entitled to one vote for
% ]) R* Y9 K* Y/ ~6 t, a1 C" leach Preferred Share Series 18 held. The voting rights of the holders of the
( \6 z# Q" h8 a5 WPreferred Shares Series 18 will forthwith cease upon payment by the Bank of7 F* B+ |, a5 u% v5 H
the first dividend on the Preferred Shares Series 18 to which the holders are
% G5 \, s* y$ W; w+ d, n* f( fentitled thereunder subsequent to the time such voting rights first arose until8 P5 K1 k; C! r( N8 F* M# y
such time as the Bank may again fail to declare the whole dividend on the" K' n/ b8 G5 y6 f' D" p* F
Preferred Shares Series 18 in respect of any quarter, in which event such8 W( t; V1 p' g8 k
voting rights will become effective again and so on from time to time.
; e: o) w4 l5 C( OPrincipal Characteristics of the Preferred Shares Series 19
; Q. m$ D: n+ U3 O# U8 w- UDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
- D/ Y+ x& }% C8 E( ^floating rate non-cumulative preferential cash dividends, as and when
4 F4 }: Y8 K# Hdeclared by the Board of Directors, subject to the provisions of the Bank Act,4 p7 i) t/ m) ^6 `+ m% v& ?
payable quarterly on the 25th day of February, May, August and November
; j, T8 S; B5 I  r" C* l% ?in each year, in the amount per share determined by multiplying the- V7 b% {% K' M! I/ H6 M
applicable Quarterly Floating Dividend Rate by $25.00.
0 V: o4 U: Y& VOn the 30th day prior to the commencement of the initial quarterly dividend7 r- f4 w2 Q0 Q1 X( @
period beginning on February 25, 2014, and on the 30th day prior to the first
8 _6 ^9 D4 A( S' ?+ Pday of each subsequent quarterly dividend period (the initial quarterly  v: U5 ^4 c- u
dividend period and each subsequent quarterly dividend period is referred to4 P+ h% \. _* D
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the7 |6 ^* c0 x1 [; \% w
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
+ j, C! Q/ X8 ^: L3 b2 XPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
5 w6 Q& P0 \5 U2 ZT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
: B2 L5 E0 L! c! e$ t; e4 Eelapsed in the applicable Quarterly Floating Rate Period divided by 365)
' ?2 I* |3 z' K! z$ bdetermined on the 30th day prior to the first day of the applicable Quarterly* s9 t! E+ S8 {4 A/ [- S4 c
Floating Rate Period.
4 |& T. Q8 S( b* x- G* k9 s' DS-5% a, d1 C- b8 D. f1 `9 d; ^
If the Board of Directors does not declare a dividend, or any part thereof, on5 p) I# V9 _, k. ?6 Z) `0 n
the Preferred Shares Series 19 on or before the dividend payment date for a
9 }! Y8 s* m9 q4 I' f7 Iparticular quarter, then the entitlement of the holders of the Preferred9 J4 D; S* i$ l# `7 e# v' k
Shares Series 19 to receive such dividend, or to any part thereof, for such  _. Z9 ]: ~9 x* b" g( x
quarter will be forever extinguished.
# d+ i" E2 }4 y# ~Redemption: Subject to the provisions of the Bank Act and to the prior consent of the# T9 o& o2 q5 Y1 s
Superintendent and to the provisions described below under the heading
% i" B* ?8 m9 Y( |, I8 w‘‘Details of the Offering — Certain Provisions of the Preferred Shares
5 g. Y4 U0 d/ b$ ?1 I3 S) dSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
: Q3 \2 m  I9 T, ~3 ~$ Oon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
& z: }7 s0 q/ h7 n! l. s9 N. bor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
' l" w& F' k, y/ Voption without the consent of the holder, by the payment of an amount in
8 C4 z4 ^- b0 N6 R$ v' _cash for each such share so redeemed of (i) $25.00 together with all declared+ k9 j$ s+ e. p  W3 C
and unpaid dividends to the date fixed for redemption in the case of* G+ e* V) v$ g7 H: }
redemptions on February 25, 2019 and on February 25 every five years
8 A/ U  e0 S2 b6 L0 Z3 O& @4 D6 Lthereafter, or (ii) $25.50 together with all declared and unpaid dividends to2 Z* M$ g7 }$ R, E2 ~4 F" D' M
the date fixed for redemption in the case of redemptions on any other date# n7 [+ b& n* v0 R$ w1 [
on or after February 25, 2014.! e& ^7 K8 c  W, _  V
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
: h7 A, k% y- }) e; {4 BShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have! d, L- b6 v+ W' n3 b/ Q
the right, at their option, to convert, on February 25, 2019 and on- Z0 P: I) c4 ?- n! J3 Q" T3 O, E
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
, A3 n3 t% f; o, M/ ?or all of their Preferred Shares Series 19 into an equal number of Preferred
5 P5 R2 ^; m7 ]& E" ZShares Series 18 upon giving to the Bank written notice thereof not earlier
% k1 h' t% ^  {( u7 U) pthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
7 w8 l6 F' d% N, V) ^15th day preceding, a Series 19 Conversion Date.
; d- a- N6 F) P0 A* sAutomatic Conversion If the Bank determines, after having taken into account all shares tendered9 _4 p6 E) L. d' `4 y. z" l
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
+ ?5 j& m. ^* H/ p" \# ASeries 18, as the case may be, that there would be outstanding on such* c6 n5 i* F( Q% v/ \' N
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,9 I9 d$ |0 \% x
such remaining number of Preferred Shares Series 19 will automatically be
- r/ y- p' K4 F6 Z: p9 Vconverted on such Series 19 Conversion Date into an equal number of5 }6 q0 v3 B* E' I
Preferred Shares Series 18. Additionally, if the Bank determines that, after  Q0 K$ ]% k- }1 Y; |% ^3 D
conversion, there would be outstanding on such Series 19 Conversion Date6 V/ N3 f$ L2 X' {
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
7 e% c9 S! s! cSeries 19 will be converted into Preferred Shares Series 18., l" b3 s; G1 g9 U( A) @8 j
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
' ?- H; y9 _% S8 {# j/ \! |4 e) v% R6 FSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
/ G& o9 ]! Z; r, n: ~/ m0 {any meeting of the shareholders of the Bank unless and until the first time at
1 B* `  N, N# c' i: l2 U: Iwhich the Board of Directors has not declared the whole dividend on the2 E. O$ J! b6 [
Preferred Shares Series 19 in any quarter. In that event, subject as
) F" r* u6 N7 T3 ^hereinafter provided, the holders of Preferred Shares Series 19 will be
0 ~! g4 H" e  r  g- ?, yentitled to receive notice of, and to attend, meetings of shareholders at which
6 D$ Y( g* B6 ~+ Ldirectors of the Bank are to be elected and will be entitled to one vote for/ Q$ [. W! ^& ^  P/ {8 S$ Z
each Preferred Share Series 19 held. The voting rights of the holders of the6 S- t. N/ n0 O7 A2 t& X
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
  _! n, \; z# L( gthe first dividend on the Preferred Shares Series 19 to which the holders are
. `; X6 N, o* \: S& K2 r# Centitled thereunder subsequent to the time such voting rights first arose until
. V8 N: [7 z. q4 i% c& u! msuch time as the Bank may again fail to declare the whole dividend on the
' y+ a4 U7 V5 H1 C6 D' \Preferred Shares Series 19 in respect of any quarter, in which event such" x$ `5 J! \) b$ |" f
voting rights will become effective again and so on from time to time.7 S! i- f* G6 }* h* E/ A
S-61 R/ K) I7 w' C9 U$ D/ P9 i* q" w
Priority: The preferred shares of each series of the Bank will rank on a parity with
* a" {  C4 J& g! p+ i, |every other series and are entitled to preference over the common shares of  F9 b/ U0 m1 w7 L) x1 |
the Bank and over any other shares of the Bank ranking junior to the: t* {7 k6 F# p: s6 `0 m
preferred shares with respect to the payment of dividends and upon any2 Y+ @7 B$ u8 G: j
distribution of assets in the event of the liquidation, dissolution or. X& f! r9 F( N( X" m$ A- K
winding-up of the Bank.
$ A# _1 D6 f3 t, `4 fTax on Preferred Share The Bank will elect, in the manner and within the time provided under
% A/ b9 U' B4 d% g" Z" vDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares7 i" d* _0 {! n# n
Series 18 and Preferred Shares Series 19 will not be required to pay tax on$ X8 L$ T+ K2 F1 A/ a  X0 A
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。
' b* i+ F0 Y1 ]% l今天讲座如何?
大型搬家
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

& M% N9 g3 C$ G! d5 E
0 U4 S0 ^4 }9 E) X: D, F下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
  \5 X; G* b. H, P' b* H
  ]/ m. ^( B2 p1 Y: p% h/ z& Tcall 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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