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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。
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[ 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:  B! v" d+ a  ^# ]
SUMMARY OF THE OFFERING- O7 j8 K' i8 V( t( c7 k
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’’.
0 f/ ~  x9 `+ m7 v9 J" dIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
" Y) q  q9 L+ W: E; cAmount: $150,000,000 (6,000,000 shares).7 Q9 ~7 P8 {0 A4 z: C0 G
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
0 X- K3 o+ T+ r  ~2 mPrincipal Characteristics of the Preferred Shares Series 18' Z  P4 n) _9 p" S3 K: }' K
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed: k, b4 G  L4 j$ L3 H
non-cumulative preferential cash dividends, as and when declared by the
8 j7 `. o/ _' X2 RBoard of Directors, subject to the provisions of the Bank Act, for the initial  a9 q' G) s& Z' b, A+ K! F
period commencing on the closing date and ending on and including1 r1 ^+ v+ s+ n
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
/ |7 _2 X: Y9 K* N% r, |3 p/ m+ ?8 i25th day of February, May, August and November in each year, at a rate. o  o- u3 n) K. O, ^$ ?
equal to $0.40625 per share. The initial dividend, if declared, will be payable
5 p2 p4 g  q& b+ x( bMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
' F3 e- ]0 W: F, h( Edate of December 11, 2008.- V& b! Y; r% G7 t
For each five-year period after the Initial Fixed Rate Period (each, a6 J3 t/ q1 f1 P( ^- M
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares6 v  A; N  `' i8 \, J& n
Series 18 will be entitled to receive fixed non-cumulative preferential cash/ S0 ?! R" r/ V$ P6 `0 J
dividends, as and when declared by the Board of Directors, subject to the5 e6 V) T1 k6 X! z
provisions of the Bank Act, payable quarterly on the 25th day of February,! L, s+ d' s' v/ n- I
May, August and November in each year, in the amount per share per annum
4 R' x: p5 y9 r: ydetermined by multiplying the Annual Fixed Dividend Rate applicable to& v7 j8 p2 _- o9 F1 q4 v
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend3 \2 [) r5 \( l, i- u
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the, [! E$ f$ s' W, t& l% q# s' b
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day5 @" E. u8 t0 e$ t. N; A* B+ |8 y0 z' m
of such Subsequent Fixed Rate Period and will be equal to the sum of the
2 {. U0 _: @" K5 DGovernment of Canada Yield on the applicable Fixed Rate Calculation Date$ m0 p3 a* X1 }0 t7 W3 j7 n
plus 3.83%.
5 O, t* O/ B! Z. N% g" h& e  lIf the Board of Directors does not declare a dividend, or any part thereof, on
3 x2 v. \# m( k% @, \the Preferred Shares Series 18 on or before the dividend payment date for a
, E3 u0 j# ?3 D+ f+ g- i3 P1 ?particular quarter, then the entitlement of the holders of the Preferred
, m/ q0 ^* R& _0 HShares Series 18 to receive such dividend, or to any part thereof, for such- r; z  k* y! l; ?; w7 |) F( }  `
quarter will be forever extinguished.% F( V4 z- u4 D7 H* e) D3 r
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
3 H. c  @+ F1 a- E) A5 }5 N5 TSuperintendent and to the provisions described below under ‘‘Details of the# X$ x; t! ^; h5 s
Offering — Certain Provisions of the Preferred Shares Series 18 as a
, ^8 ^$ m' ]3 u/ x* w; TSeries — Restrictions on Dividends and Retirement of Shares’’, on
2 N/ a# R5 d& D& |# S- W1 DFebruary 25, 2014 and on February 25 every five years thereafter, on not
3 l* ^3 e8 h9 z% u( `' }2 m& S9 vmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any% s! {. n; |* V4 ?& O. B3 L9 o
part of the then outstanding Preferred Shares Series 18, at the Bank’s option2 D- X; _8 E6 x9 W
without the consent of the holder, by the payment of an amount in cash for: u) E' ^# w/ ]9 o
each such share so redeemed of $25.00 together with all declared and unpaid
- R# B+ e, [. J5 c# z- {) u3 f; Vdividends to the date fixed for redemption.8 q; W2 [& r7 a
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic: n% H! D2 x) G' m1 S1 t4 k0 T. _/ U
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have/ u, X4 w0 X0 Y" v: [
the right, at their option, to convert, on February 25, 2014 and on
# _! M! q/ `; E. l1 oS-4
/ ]2 W. o4 _/ C# GFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
* v, W# m1 K/ j4 r7 Z9 T4 Por all of their Preferred Shares Series 18 into an equal number of Preferred$ Y6 A* |, W: m/ e: Q
Shares Series 19 upon giving to the Bank notice thereof not earlier than- J* u! H- @( @& X; o' x1 ?  T0 B
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day1 o: W% A8 M3 U5 o
preceding, a Series 18 Conversion Date.
+ O( {: {4 y9 |2 c% J4 L, N4 yAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
% q# V" @, ]( U* B; z& ~' ZProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares" r7 F1 ?2 h, j! |$ m1 Q. \
Series 19, as the case may be, that there would be outstanding on such0 q3 Q5 p: x; V; \5 C6 I7 p
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,8 V& }" K. u9 t7 {
such remaining number of Preferred Shares Series 18 will automatically be
" Z  X" ~1 g# Q  F9 u# Gconverted on such Series 18 Conversion Date into an equal number of9 G. r" V& A2 |, q! J  _# c6 O1 y2 p
Preferred Shares Series 19. Additionally, if the Bank determines that, after
" f- w/ H4 o, Gconversion, there would be outstanding on such Series 18 Conversion Date0 i! j0 d- g0 A, f8 y- J/ d+ Z. Z
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
$ I9 x4 B( [7 }! w9 }" l9 E# NSeries 18 will be converted into Preferred Shares Series 19.
$ n. b1 I0 G5 c: L: q) R4 fVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares3 F2 @& t  ~& y
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
) D, }# Y8 r: Q7 ?5 f0 y% N. Gany meeting of the shareholders of the Bank unless and until the first time at) X1 G7 ~& V  n" p; ~
which the Board of Directors has not declared the whole dividend on the
# P4 ?) s  Z8 R/ \8 lPreferred Shares Series 18 in any quarter. In that event, subject as# M1 \* S/ z8 @2 ]: e
hereinafter provided, the holders of Preferred Shares Series 18 will be0 R' A0 P$ ^2 h0 E7 a9 C6 O" m
entitled to receive notice of, and to attend, meetings of shareholders at which6 X' F. t5 ]1 C
directors of the Bank are to be elected and will be entitled to one vote for
  d0 v1 K! y' Q0 B) {each Preferred Share Series 18 held. The voting rights of the holders of the/ k& P4 H/ |! ]& L
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of6 z* F5 z+ w% z* A" }2 J
the first dividend on the Preferred Shares Series 18 to which the holders are
- w% z3 L) s9 h5 G4 Ientitled thereunder subsequent to the time such voting rights first arose until
( K, j  |) [8 `" b' {5 x% y7 e) M" N# J  }such time as the Bank may again fail to declare the whole dividend on the
' W9 S: x7 I! F. z5 z. ~Preferred Shares Series 18 in respect of any quarter, in which event such8 E& ?, w$ c$ p
voting rights will become effective again and so on from time to time.9 P" c7 J8 O2 I
Principal Characteristics of the Preferred Shares Series 19
9 p! \% w1 [1 T# z' W  a  JDividends: The holders of the Preferred Shares Series 19 will be entitled to receive( Y7 l( _3 w7 k, m
floating rate non-cumulative preferential cash dividends, as and when
+ A# X& e: C# b, |; [declared by the Board of Directors, subject to the provisions of the Bank Act,! T/ |9 ~% A4 ]4 _( b
payable quarterly on the 25th day of February, May, August and November
" z2 w  R0 I* x, x" uin each year, in the amount per share determined by multiplying the
. e$ T. F" U! S! e, c  happlicable Quarterly Floating Dividend Rate by $25.00., ~1 c- e0 x( C  Z, Y4 D
On the 30th day prior to the commencement of the initial quarterly dividend
( Q" b% q. |( R# p* Z6 Iperiod beginning on February 25, 2014, and on the 30th day prior to the first
3 {! [3 N3 E/ e5 P, qday of each subsequent quarterly dividend period (the initial quarterly
5 l( P3 l7 l7 `" K; _& hdividend period and each subsequent quarterly dividend period is referred to- P6 |7 ]; ^  x6 y
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the& G& a  d1 Z/ ~* [+ |" V9 F+ C
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate1 x% _% P& J% C5 T: s  ^- h
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the( L" N4 k) T5 k9 ?
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days2 n3 `- @4 Y; ^, e0 i# i
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
8 l1 ]* N5 ]8 d/ Z8 \determined on the 30th day prior to the first day of the applicable Quarterly
' h2 H. k: ?: v3 yFloating Rate Period.
/ D) o- D  a# Y/ HS-5
6 x) ]1 P8 V. d# r) G( O' vIf the Board of Directors does not declare a dividend, or any part thereof, on
! k9 p: P/ w1 B5 c& Z, Athe Preferred Shares Series 19 on or before the dividend payment date for a- x7 J  p* q, W! r/ x( b5 t* k. b
particular quarter, then the entitlement of the holders of the Preferred3 c4 m- r& _0 L- Z
Shares Series 19 to receive such dividend, or to any part thereof, for such
* L# v) Q* l  Kquarter will be forever extinguished.
0 m& X- h2 @, c5 b+ I9 f& VRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
- r0 s0 z: y' H" z* D+ tSuperintendent and to the provisions described below under the heading9 c1 A9 c" Y9 x8 S* A( C2 }7 ~
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
) T0 ~  i  |& n. TSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,; ~7 j4 [. `2 M* X
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
6 t& v  c+ @- x! M; _or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
, M* n/ `) }7 `5 z" Poption without the consent of the holder, by the payment of an amount in8 {4 m6 N- l8 q. u
cash for each such share so redeemed of (i) $25.00 together with all declared
8 H- M9 R7 D9 z) {and unpaid dividends to the date fixed for redemption in the case of( O  \0 k8 O' t" s
redemptions on February 25, 2019 and on February 25 every five years/ X; k0 d# z# q2 S
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to% f/ p9 H/ M1 X6 s$ U0 G1 |: F( c
the date fixed for redemption in the case of redemptions on any other date
0 e- E9 o3 Y3 _2 d6 qon or after February 25, 2014.7 D; \$ z( G/ h% C$ y% {
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
0 Q; ~: I  o" v7 X; B  _Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
7 J. q/ f  q( x  P$ [the right, at their option, to convert, on February 25, 2019 and on
2 Z# M2 M; a! YFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any* Y9 c! M; w5 ~+ w+ n: G; T
or all of their Preferred Shares Series 19 into an equal number of Preferred+ S$ S4 r% Y- |- r
Shares Series 18 upon giving to the Bank written notice thereof not earlier
  F7 y+ K/ ^8 P. Kthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the& c$ q3 X0 n, J/ |
15th day preceding, a Series 19 Conversion Date.
* q* k2 z6 w/ q0 r5 RAutomatic Conversion If the Bank determines, after having taken into account all shares tendered- ]8 `0 `7 r- r
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
2 v7 Y* w5 F7 ^' G* _Series 18, as the case may be, that there would be outstanding on such6 p! ~0 V# @, u4 v8 D
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
0 j+ Q8 g4 M; F# V5 o- \5 qsuch remaining number of Preferred Shares Series 19 will automatically be: m$ [/ X5 ~# _* i$ D. T5 {5 ?5 K
converted on such Series 19 Conversion Date into an equal number of
# @+ w7 J3 f. |1 S% T/ MPreferred Shares Series 18. Additionally, if the Bank determines that, after
( c4 A. @# `5 A1 p3 k: Vconversion, there would be outstanding on such Series 19 Conversion Date
0 x, {, T8 D0 K. C: P3 `3 Cless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
" o# u8 ?& g5 W: y+ {- q" NSeries 19 will be converted into Preferred Shares Series 18.
  I- D' r- L1 A7 [Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
3 {2 M5 v- q  m9 `/ Y, USeries 19 will not be entitled as such to receive notice of, attend, or vote at,' s- D7 A6 c, A# _
any meeting of the shareholders of the Bank unless and until the first time at. r6 G/ B' _2 x1 n+ @
which the Board of Directors has not declared the whole dividend on the" Y  e% `% o6 D/ B2 d$ r/ M+ f1 N. _
Preferred Shares Series 19 in any quarter. In that event, subject as
% ?1 b7 Y2 @# d) x, z. |8 ehereinafter provided, the holders of Preferred Shares Series 19 will be
# e# g8 s# H/ C% y. wentitled to receive notice of, and to attend, meetings of shareholders at which" k7 E1 r# o+ d7 o5 w
directors of the Bank are to be elected and will be entitled to one vote for
4 @& w& ], g; D- H6 Q0 veach Preferred Share Series 19 held. The voting rights of the holders of the
# z* o' a7 D& VPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
& Z0 A; i$ W0 R# p: G* g  ithe first dividend on the Preferred Shares Series 19 to which the holders are3 U- K! @, y9 m, Y  T! n8 A, ?- W
entitled thereunder subsequent to the time such voting rights first arose until, t6 a3 ^' @% ~) J4 a( s4 Y2 }
such time as the Bank may again fail to declare the whole dividend on the0 A# d$ D: ]- R% o
Preferred Shares Series 19 in respect of any quarter, in which event such
7 ^9 W/ c% G2 c! b* x5 Kvoting rights will become effective again and so on from time to time.
7 {$ j9 M& o) D9 Q) R, G+ s! ?S-6. E2 A2 u  u" [
Priority: The preferred shares of each series of the Bank will rank on a parity with
6 Z  j+ _& {- Z. x5 Yevery other series and are entitled to preference over the common shares of. T- ?' j; v( [. Z
the Bank and over any other shares of the Bank ranking junior to the
, B7 W$ U, v- g7 s9 {( s) ipreferred shares with respect to the payment of dividends and upon any
# w. L5 @/ X2 S2 N8 N1 E% v, edistribution of assets in the event of the liquidation, dissolution or7 r# c- i/ u2 e
winding-up of the Bank.! M% \7 |5 J1 D: `+ g* H+ }
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
+ e6 [+ Z. V$ {5 y; h3 L0 YDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares, Z6 g  ?* Z% R- U: V$ p
Series 18 and Preferred Shares Series 19 will not be required to pay tax on6 t( B  G" M* f& f
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。
* I" `# i9 }, e% O% H- X! `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

7 ?- ?  D% X" j5 {7 k/ Z, [7 l3 @0 Q5 \+ N6 E. R/ ]3 A, B: y
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
8 v, J3 _# c. d4 @$ z) v) l
& O) z8 ~; Z7 @; L9 c- c1 Dcall 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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