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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。
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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:
% h  \) F$ c5 G* ASUMMARY OF THE OFFERING3 N# D0 @  N2 _' ?/ t
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’’.  j- ^1 {+ K1 p7 F" _
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
: a5 O4 e- R  z( s# k: G/ uAmount: $150,000,000 (6,000,000 shares).
- p* b  G* ]$ R; G4 D& v0 _2 vPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
' J7 \7 r5 u& ^1 t/ ^Principal Characteristics of the Preferred Shares Series 184 @* {7 S" O2 s# o5 e: Q
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed; S' s8 G% P: [; b
non-cumulative preferential cash dividends, as and when declared by the) H% n% F3 s1 ]! n% L
Board of Directors, subject to the provisions of the Bank Act, for the initial
- i6 f7 }- P6 s; H+ B* J: _( aperiod commencing on the closing date and ending on and including+ x  R/ d7 y5 r! ]9 [7 N3 }
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the3 _( H  {9 _+ b) J' N1 m. l+ |( n
25th day of February, May, August and November in each year, at a rate2 o( o0 }. U' B. i; }. |
equal to $0.40625 per share. The initial dividend, if declared, will be payable$ H9 O( t: ~" _
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
9 U/ U2 C: @0 d0 s: jdate of December 11, 2008.
* j9 `  x7 Z9 i1 w1 M+ K5 d6 B! |For each five-year period after the Initial Fixed Rate Period (each, a
0 S) Z4 n' S5 L  I; u* o. J& W‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares1 l9 z' J6 ^6 @/ ^
Series 18 will be entitled to receive fixed non-cumulative preferential cash
7 a( @, z3 O" M  `" ]! Gdividends, as and when declared by the Board of Directors, subject to the
8 u) @- i, i" d! y5 h, E4 Tprovisions of the Bank Act, payable quarterly on the 25th day of February,! G2 O/ r$ W; A7 J$ G* X
May, August and November in each year, in the amount per share per annum
9 Y6 s! t* X+ m6 W+ S* E: F1 fdetermined by multiplying the Annual Fixed Dividend Rate applicable to
% f! a8 H" J/ o1 ?/ U- C# c2 fsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend2 M+ o2 }- j) ?/ y7 V
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
0 y" l7 q. K+ \& hBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day: ?5 ~3 i7 d! L' o4 v( F
of such Subsequent Fixed Rate Period and will be equal to the sum of the3 j: L* m* G- M, C! [. b5 I
Government of Canada Yield on the applicable Fixed Rate Calculation Date" g+ G/ H5 i% P2 M3 V9 B  d1 s
plus 3.83%." U! R* o) D3 C: y5 u- ?
If the Board of Directors does not declare a dividend, or any part thereof, on
3 I- u3 `& D. M2 P4 b# n1 @) athe Preferred Shares Series 18 on or before the dividend payment date for a  J  {0 g+ f- s8 b( l
particular quarter, then the entitlement of the holders of the Preferred: x; @' H; g" N. r( H8 t
Shares Series 18 to receive such dividend, or to any part thereof, for such! }9 Y1 W+ _5 m
quarter will be forever extinguished./ w9 A- C: a" |: A8 f
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
# T* r6 q$ z( @Superintendent and to the provisions described below under ‘‘Details of the8 ^! U$ @# R9 a, Z3 ?. y
Offering — Certain Provisions of the Preferred Shares Series 18 as a) X2 ?* m; Y: h7 @: X) [: {6 ?
Series — Restrictions on Dividends and Retirement of Shares’’, on
2 }! a. B2 b5 ?February 25, 2014 and on February 25 every five years thereafter, on not4 V4 }$ F; Y" J! O' C3 }
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any( I# {  |2 z/ r, w8 o- M
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
8 _) I+ ]( Z+ |) G7 Owithout the consent of the holder, by the payment of an amount in cash for
7 C( I2 b/ D1 Jeach such share so redeemed of $25.00 together with all declared and unpaid0 I3 g1 S: j: U9 N- r, r9 y% t
dividends to the date fixed for redemption.  h9 y1 O. }  C3 A% `
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic6 C" `7 i8 M$ \  Z) u
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
8 j9 o) h/ c4 T! [the right, at their option, to convert, on February 25, 2014 and on& A8 U2 f  o2 i0 L% ~1 v
S-4
+ L# S+ P- H: `+ d- V3 cFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any4 n, [& s$ @1 ~5 ], [! E3 ]
or all of their Preferred Shares Series 18 into an equal number of Preferred
8 l  j0 d* l8 `( I" z4 QShares Series 19 upon giving to the Bank notice thereof not earlier than* i* c( K9 C/ t- P6 U& H
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day, A' C2 h) a3 w5 g! E' @
preceding, a Series 18 Conversion Date.
, q8 I$ [0 `7 H& @' ?Automatic Conversion If the Bank determines, after having taken into account all shares tendered$ c3 }* j* K" j  T& c$ i
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
5 I* e+ V. g. B* {8 P4 q+ cSeries 19, as the case may be, that there would be outstanding on such
; O3 b; J$ a" ]) N% p! o1 ZSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
3 N; ?- ~/ q# |$ A2 ^such remaining number of Preferred Shares Series 18 will automatically be
, S" N% g; R- i- _converted on such Series 18 Conversion Date into an equal number of3 O2 M- Z& r3 C1 J
Preferred Shares Series 19. Additionally, if the Bank determines that, after. a. D% D* `) L
conversion, there would be outstanding on such Series 18 Conversion Date
/ [/ p, U: z8 u* D2 ~4 {7 Uless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares* a# e% \0 Z5 J0 c
Series 18 will be converted into Preferred Shares Series 19.: t8 |: Q1 h: c- F4 x3 B
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares; A9 y% @. M7 B9 c
Series 18 will not be entitled as such to receive notice of, attend, or vote at,' |' `1 Y: Y9 n+ b5 b
any meeting of the shareholders of the Bank unless and until the first time at
# f9 Y6 o! |9 f% Fwhich the Board of Directors has not declared the whole dividend on the6 o9 @8 B7 ?  ?+ q
Preferred Shares Series 18 in any quarter. In that event, subject as5 P3 _3 }4 D5 V! S$ X
hereinafter provided, the holders of Preferred Shares Series 18 will be( ^% v4 _! F9 R# j; k% g( d% ]
entitled to receive notice of, and to attend, meetings of shareholders at which
5 J1 z: J2 I" qdirectors of the Bank are to be elected and will be entitled to one vote for
6 |2 j2 |9 F" ^/ I# Neach Preferred Share Series 18 held. The voting rights of the holders of the
6 ^% K' Z0 _' ?Preferred Shares Series 18 will forthwith cease upon payment by the Bank of& \/ U9 Y! q2 ~. Z( u
the first dividend on the Preferred Shares Series 18 to which the holders are; F6 |/ F( q! s7 l. R7 c/ L1 k5 s  ~
entitled thereunder subsequent to the time such voting rights first arose until, \" p8 w+ U9 W3 U# T# F/ O
such time as the Bank may again fail to declare the whole dividend on the& w, G- f/ Y7 H
Preferred Shares Series 18 in respect of any quarter, in which event such$ C8 _4 T4 o# X( |0 O9 {
voting rights will become effective again and so on from time to time.
' x# ~% T$ k, T6 q: S( aPrincipal Characteristics of the Preferred Shares Series 19( o' k9 v- M3 g; g& i3 C
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive* q2 T$ s# ^. V" z0 ^* \, U
floating rate non-cumulative preferential cash dividends, as and when
" n1 Y& I, m# R' h1 bdeclared by the Board of Directors, subject to the provisions of the Bank Act,4 N' C/ E4 ?6 H2 R) G
payable quarterly on the 25th day of February, May, August and November0 e, `: r% ^. k$ D4 d( X  Y
in each year, in the amount per share determined by multiplying the  P' z5 u$ a( l- ^
applicable Quarterly Floating Dividend Rate by $25.00.
4 A: u% y: w* `$ u. U3 x4 [On the 30th day prior to the commencement of the initial quarterly dividend
7 z2 c+ k! \) g# Q( P$ p: f) }7 pperiod beginning on February 25, 2014, and on the 30th day prior to the first
  E9 u' i& |: a5 h# o% ^* vday of each subsequent quarterly dividend period (the initial quarterly
4 f* f$ o/ x2 f8 m! Q% Udividend period and each subsequent quarterly dividend period is referred to
' X, d  i& @2 k, i5 yas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
. \: e0 P$ `) b& H! s! I9 fQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
" O/ G2 U# g+ `2 d6 j5 O+ KPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the1 P( _4 r  b3 ]$ B0 h
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days2 ^, j  D/ \. k# w7 V- a0 c) x
elapsed in the applicable Quarterly Floating Rate Period divided by 365)) y2 j% p* p, @. g
determined on the 30th day prior to the first day of the applicable Quarterly8 D) c. S$ I4 @, ?, p8 ]
Floating Rate Period./ }9 a: H, z* d8 B
S-57 W! q  ^9 H8 C. F
If the Board of Directors does not declare a dividend, or any part thereof, on: `2 q- j$ i& _7 _+ \& H* x6 A
the Preferred Shares Series 19 on or before the dividend payment date for a- n( i5 }0 o9 ?% ]$ k. c7 G3 I7 l9 l
particular quarter, then the entitlement of the holders of the Preferred; K: }% x9 b2 U( O3 ~6 Z
Shares Series 19 to receive such dividend, or to any part thereof, for such
/ W" j+ @" J* v9 J4 G' x2 n  fquarter will be forever extinguished.
  l* w2 s# c5 E/ P) ]# H+ }/ C, \Redemption: Subject to the provisions of the Bank Act and to the prior consent of the& J7 H9 {9 M/ K, n
Superintendent and to the provisions described below under the heading8 |1 W3 g  H, S5 K
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
4 e( e9 F! @9 I; o& v# M2 K$ v1 JSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
( ~% s1 ^* M% z( u( @on not more than 60 nor less than 30 days’ notice, the Bank may redeem all) h8 M+ U1 W& n: z
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
+ c# [$ `# m, p; W' n* p) noption without the consent of the holder, by the payment of an amount in
$ Z. U9 j, r$ [0 U. ?cash for each such share so redeemed of (i) $25.00 together with all declared3 |, W% y% D+ \+ _7 O8 J5 s! o
and unpaid dividends to the date fixed for redemption in the case of
& b5 \( ]9 w+ c* f) G/ N3 }, ?$ Qredemptions on February 25, 2019 and on February 25 every five years
8 k1 G8 ^& D& W5 b" D8 Pthereafter, or (ii) $25.50 together with all declared and unpaid dividends to9 j: K% q; u1 G; Y( U
the date fixed for redemption in the case of redemptions on any other date+ D! B6 L7 p/ k+ q4 T* m1 U4 S# _3 j1 Q
on or after February 25, 2014.
% ?" }; {5 t* V4 x% f! {Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
! i, c& i/ I. T3 o' {  r1 X' E, dShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
2 m+ x( f* y" v4 g% Z9 C: Pthe right, at their option, to convert, on February 25, 2019 and on
5 i  G- d/ A2 p( q& oFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any$ D* H- s/ H! L, m3 e. [
or all of their Preferred Shares Series 19 into an equal number of Preferred& \" `# y7 n2 W0 L! S! I% {4 M
Shares Series 18 upon giving to the Bank written notice thereof not earlier
* c4 @. \2 Q4 Z# G6 m& Mthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
7 I4 t/ _. X% s$ a+ ~# a15th day preceding, a Series 19 Conversion Date.
0 _7 \  z9 @! d/ r- ZAutomatic Conversion If the Bank determines, after having taken into account all shares tendered0 O0 U  B5 p. w
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares0 B( }) M/ F4 ^+ O# _
Series 18, as the case may be, that there would be outstanding on such
5 w' G0 P: M0 a6 P" i: L" cSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,$ w4 H; I! ?  l1 D4 ^/ u' Y
such remaining number of Preferred Shares Series 19 will automatically be& }5 U% _( h2 o0 K* P" c; Z
converted on such Series 19 Conversion Date into an equal number of0 M& I/ o- w* U
Preferred Shares Series 18. Additionally, if the Bank determines that, after# _( Q' K; O7 q- H! o* N
conversion, there would be outstanding on such Series 19 Conversion Date
, w/ t7 ~8 ~& @: Y. \less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares& |6 m3 c; ~) W4 z; G3 ]. u3 x6 A
Series 19 will be converted into Preferred Shares Series 18.  u; q4 R2 }" O) q9 o% b9 j
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares. ]5 [& M& ^, ^$ N- I
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
3 @' A3 P) M) z& P. \( wany meeting of the shareholders of the Bank unless and until the first time at
; _: C+ a- w- [which the Board of Directors has not declared the whole dividend on the
- g, b$ r4 u1 N$ m# y9 B: iPreferred Shares Series 19 in any quarter. In that event, subject as
( o- _/ S; a4 K1 f3 G" Ghereinafter provided, the holders of Preferred Shares Series 19 will be
7 T5 y6 h: e* T! `3 `- T( P* sentitled to receive notice of, and to attend, meetings of shareholders at which7 b) z9 q% e) p4 p
directors of the Bank are to be elected and will be entitled to one vote for
5 S1 j9 s. B  J9 ]5 r9 Keach Preferred Share Series 19 held. The voting rights of the holders of the
: J/ N5 p4 s" {2 h+ r* D6 Z; JPreferred Shares Series 19 will forthwith cease upon payment by the Bank of3 ^; N- m1 C, X$ Y# K7 f
the first dividend on the Preferred Shares Series 19 to which the holders are
8 u9 K4 J* U( `entitled thereunder subsequent to the time such voting rights first arose until0 N+ f5 R) r* ~
such time as the Bank may again fail to declare the whole dividend on the5 [% @- b! Q) P9 H
Preferred Shares Series 19 in respect of any quarter, in which event such
( r0 D; M5 E/ r; T1 Avoting rights will become effective again and so on from time to time.
- m2 a0 W: o. u3 z( VS-6
6 g+ W, {0 `0 @& j% u  p: h: B6 ePriority: The preferred shares of each series of the Bank will rank on a parity with6 J( a" H/ Z: W
every other series and are entitled to preference over the common shares of1 u5 q3 ?3 {9 r+ Z
the Bank and over any other shares of the Bank ranking junior to the* Y. U3 g1 W9 s
preferred shares with respect to the payment of dividends and upon any
; K* H" q/ i2 @0 V$ H  Edistribution of assets in the event of the liquidation, dissolution or  J# |+ K* M8 a. N' R
winding-up of the Bank.
& @" [/ t* u: K% i( \2 ^- k+ [Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
" d, u  I3 a+ wDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares  b7 c$ [: K* ^
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
  k9 m, m# ]: tdividends 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。
7 _* p  t- ]# I- 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

+ i0 r7 c& p/ A' `6 E* k: U# Y0 L/ Q
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
1 X4 s; H0 [" U% m5 _+ [+ }9 X' \
$ E" h) [' G1 c- z7 j: \( icall 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。
大型搬家
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