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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。8 A: E. \4 ~+ M7 F+ X

7 J6 K, Z/ W: w  u$ }
. e' F/ w& {1 s% O0 l[ 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:
5 A! C! f7 A4 w% O+ l4 vSUMMARY OF THE OFFERING3 i3 l& [5 a9 c: g# 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’’.
( e) b) O8 R+ J( RIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.' h! f; G% ~& ^7 X. A( l
Amount: $150,000,000 (6,000,000 shares).3 l8 v! _% ~; S6 J4 _
Price and Yield: $25.00 per share to yield initially 6.50% per annum." Z1 q: E4 j- X; {) I
Principal Characteristics of the Preferred Shares Series 18
. }3 g  m2 m5 s3 F" b) {Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
0 ~/ ~4 t2 U/ J& inon-cumulative preferential cash dividends, as and when declared by the2 |. l; j; v3 k% T; w
Board of Directors, subject to the provisions of the Bank Act, for the initial5 ?' w/ `) T0 ~& \3 M$ W) z' {
period commencing on the closing date and ending on and including
# B' X" V" i- ]: JFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the$ I7 U' x( T/ D- `4 w( t& Q. G& z
25th day of February, May, August and November in each year, at a rate2 t* m/ k- E$ _) c0 X
equal to $0.40625 per share. The initial dividend, if declared, will be payable( G* }" R' |% I2 B; L) R
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing( {1 G3 I& t; P" W$ Q
date of December 11, 2008.: e/ O6 L% ]* Y1 C
For each five-year period after the Initial Fixed Rate Period (each, a
0 Q! l& n+ H( ?2 H‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
4 g, y1 O: P6 x; X: |# g* b" N4 x" USeries 18 will be entitled to receive fixed non-cumulative preferential cash
. c' f" a; q% K6 s2 X. k1 h& Ldividends, as and when declared by the Board of Directors, subject to the1 |' S7 U) j8 h- V) l3 ^
provisions of the Bank Act, payable quarterly on the 25th day of February,
' G5 ~. O0 O( u& o+ S& n4 v. sMay, August and November in each year, in the amount per share per annum
" t6 ^  }" G/ j# Z" Mdetermined by multiplying the Annual Fixed Dividend Rate applicable to
# k2 {+ Z" @/ E" ?! _4 Y( ?such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
% J, K$ v4 ~! ?5 M; p" P; JRate for the ensuing Subsequent Fixed Rate Period will be determined by the
3 ]2 I" s% K! \- R# e0 PBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day9 R* s' a$ G( K" f" i& D3 G
of such Subsequent Fixed Rate Period and will be equal to the sum of the
2 G, L# T: I- A& GGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
( {7 g# k; A- j" {4 splus 3.83%.
. i  t. R! i6 Q" y2 I& g- q" l$ k3 PIf the Board of Directors does not declare a dividend, or any part thereof, on8 [( c' a7 G6 J$ }! `" B! a
the Preferred Shares Series 18 on or before the dividend payment date for a/ v, `* V5 w7 g1 \) f4 m
particular quarter, then the entitlement of the holders of the Preferred0 G1 F  ]; _# F7 o) y9 ^3 \
Shares Series 18 to receive such dividend, or to any part thereof, for such
" l) s% l! S. X0 r5 F  k5 g& Z! Tquarter will be forever extinguished.$ k" _$ ?6 u# X! S% F: F
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the0 o3 ^0 K' D$ y4 C* G. {# M
Superintendent and to the provisions described below under ‘‘Details of the# O( b" r5 C0 f
Offering — Certain Provisions of the Preferred Shares Series 18 as a( d5 Z+ l3 z% ?2 o, w# i! l8 j
Series — Restrictions on Dividends and Retirement of Shares’’, on" U: s; J' H: q; F# ]' N* v2 {1 u: C
February 25, 2014 and on February 25 every five years thereafter, on not
9 i9 ^% P" I% l' H. Omore than 60 nor less than 30 days’ notice, the Bank may redeem all or any4 G: p% q6 Z  Q" V6 A
part of the then outstanding Preferred Shares Series 18, at the Bank’s option& u0 D7 [$ T& r5 s
without the consent of the holder, by the payment of an amount in cash for- i' H, E& b" d# Q* e. R
each such share so redeemed of $25.00 together with all declared and unpaid, f, c- U9 j; `
dividends to the date fixed for redemption.3 i: a# P# B" `9 `. r8 g8 J! Z
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic! E# W9 F4 y/ z# u7 r. a4 B0 k
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have! |3 g5 y* R3 x' i
the right, at their option, to convert, on February 25, 2014 and on
# E' a7 a* G+ L+ g) M8 G( y+ {4 FS-4
. I$ D/ ~- R' k2 gFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
% W  P+ x# U6 N( y9 Y6 oor all of their Preferred Shares Series 18 into an equal number of Preferred
( T/ R9 x+ z% T3 w) T2 R, ^% EShares Series 19 upon giving to the Bank notice thereof not earlier than" `0 ]" S: @8 g0 q
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day4 L1 S% ]* b: X/ x; f
preceding, a Series 18 Conversion Date.' h4 ^9 @  v6 ^0 y7 m  }/ \
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
* F" ^- k( L. s- XProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
9 A2 T# b4 t- e- f/ z5 E# VSeries 19, as the case may be, that there would be outstanding on such
  S* N( B1 e: G! mSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
/ L/ g& L& O# M( {8 psuch remaining number of Preferred Shares Series 18 will automatically be5 r* u5 ~+ t: ~: g9 W% ?
converted on such Series 18 Conversion Date into an equal number of% q9 X" A/ r/ C; ]/ X. Z' K) v
Preferred Shares Series 19. Additionally, if the Bank determines that, after
0 M# u- }4 B+ c' H# M' N  Mconversion, there would be outstanding on such Series 18 Conversion Date
$ }. s0 d. j- V' @1 dless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
/ U. ?" ^5 t" Y( ?. ~$ gSeries 18 will be converted into Preferred Shares Series 19.
, a2 _' N5 ?6 r( s( ~Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
- b. h; V2 N8 [* N8 c) ESeries 18 will not be entitled as such to receive notice of, attend, or vote at,
$ _4 d8 m. N1 _any meeting of the shareholders of the Bank unless and until the first time at; H- n$ Q! X9 j. k/ m- [* B# n
which the Board of Directors has not declared the whole dividend on the1 F$ ~& ~' s3 F5 M  d: H
Preferred Shares Series 18 in any quarter. In that event, subject as
- a1 C1 q7 n2 H# uhereinafter provided, the holders of Preferred Shares Series 18 will be
, b! f  J8 m+ B) ^: hentitled to receive notice of, and to attend, meetings of shareholders at which# e2 [5 l  c8 A3 f
directors of the Bank are to be elected and will be entitled to one vote for
4 f; V1 E; y) n8 O0 Deach Preferred Share Series 18 held. The voting rights of the holders of the
, s5 _0 s5 W1 m6 d$ pPreferred Shares Series 18 will forthwith cease upon payment by the Bank of2 k5 }1 O- F! f" o+ a
the first dividend on the Preferred Shares Series 18 to which the holders are; t8 c' Z9 ]) S/ o' n/ q) F
entitled thereunder subsequent to the time such voting rights first arose until3 v3 T" W  u% F' k3 m/ r
such time as the Bank may again fail to declare the whole dividend on the
1 K- {* D( T- BPreferred Shares Series 18 in respect of any quarter, in which event such
& X* B% D" Q+ T; z2 m+ qvoting rights will become effective again and so on from time to time.
) F' }* Z3 t' M) T6 i# _Principal Characteristics of the Preferred Shares Series 196 E: I# }2 T, \+ k% A. t4 m
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive( a  I+ E. \6 z* A  }3 B+ w
floating rate non-cumulative preferential cash dividends, as and when
- N6 a7 ]  [4 W/ X8 o1 udeclared by the Board of Directors, subject to the provisions of the Bank Act,0 w( c' |3 O9 f# R, l4 u
payable quarterly on the 25th day of February, May, August and November
, J1 Z: j# C( min each year, in the amount per share determined by multiplying the+ W( R! S  }! {$ Q
applicable Quarterly Floating Dividend Rate by $25.00.6 i& [# r( R; C( n' M0 }. A. D
On the 30th day prior to the commencement of the initial quarterly dividend$ d/ ]4 Z, Q% o: t$ G- l% I7 }' k8 B
period beginning on February 25, 2014, and on the 30th day prior to the first( C& P5 d" @+ z3 f
day of each subsequent quarterly dividend period (the initial quarterly! R! ], ]  |1 W/ g, L! Z! P
dividend period and each subsequent quarterly dividend period is referred to
+ p5 T" U% w) m9 Z: U; Mas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
$ J$ Q( P7 V2 Y) h( u) zQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate. K8 v& v% a3 M( S9 }5 Z
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
5 }/ L5 R8 V: @# ET-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
# q0 f6 A& F/ w; v5 d4 delapsed in the applicable Quarterly Floating Rate Period divided by 365)
% l. s1 e  F( I8 m7 }determined on the 30th day prior to the first day of the applicable Quarterly
2 u" l7 j( @- R) X7 B9 x1 UFloating Rate Period.7 D) F1 `& v* h9 s8 |: [
S-54 F+ {; x& h7 P' }( R6 s8 X- w
If the Board of Directors does not declare a dividend, or any part thereof, on( N4 F: }" c5 J+ F" ?
the Preferred Shares Series 19 on or before the dividend payment date for a
/ {: o3 N. y$ g+ c$ Q" w, ~particular quarter, then the entitlement of the holders of the Preferred1 y5 t4 w5 G, v9 E# u
Shares Series 19 to receive such dividend, or to any part thereof, for such
0 L" S6 \7 O* Z. \quarter will be forever extinguished.
+ m& t+ Y! a# l0 Q9 }Redemption: Subject to the provisions of the Bank Act and to the prior consent of the/ I( l3 K6 W9 i2 d. |0 G" Z, t
Superintendent and to the provisions described below under the heading
# |- l/ q; S8 A1 y- T1 R‘‘Details of the Offering — Certain Provisions of the Preferred Shares) }+ R& K3 x! p
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,8 L; e# b& Q7 e2 z9 K, z/ @- U
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all- \  z4 _# l& R% v# ~5 ^
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
- B, A0 O1 ^  z& l1 a& K% |  Loption without the consent of the holder, by the payment of an amount in
; s5 K' |) V; B- q7 ~- Zcash for each such share so redeemed of (i) $25.00 together with all declared
! u# Y8 J8 v; B. P: H& E) fand unpaid dividends to the date fixed for redemption in the case of
6 i* R7 K6 f- @' ]( \6 predemptions on February 25, 2019 and on February 25 every five years2 E  H6 D5 c2 x/ L: v
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
2 V4 x6 E1 F, _  i4 C6 P" T1 D* Y5 Y5 Bthe date fixed for redemption in the case of redemptions on any other date
3 m7 u$ p: {( Q+ ^1 d- j4 u) von or after February 25, 2014.
5 ?5 t$ T+ H# R  q. @* VConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
, m- p$ A' L9 \' u  [Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have" J) {7 \! m8 |* N: }! c
the right, at their option, to convert, on February 25, 2019 and on
$ \) X# G' r8 B- q; ]February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any2 v8 i% a& _6 R7 R  e
or all of their Preferred Shares Series 19 into an equal number of Preferred
  d# n6 {* C* x/ B1 X2 ~Shares Series 18 upon giving to the Bank written notice thereof not earlier
/ `: Z  y; M' v" ~9 r' Pthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
, w! [4 c( ^. _+ t$ K  s15th day preceding, a Series 19 Conversion Date., L6 C5 V) p& M2 ^/ n
Automatic Conversion If the Bank determines, after having taken into account all shares tendered7 x$ {) Z% G/ ^; k  S9 D
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
, ^. r) p* m& v# r$ N! [8 @Series 18, as the case may be, that there would be outstanding on such- V) L# Y# Q$ X3 m# D
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,  k1 f+ l' K! N# o/ }1 G1 {0 l
such remaining number of Preferred Shares Series 19 will automatically be
1 q( ]/ K: n! E" l0 {converted on such Series 19 Conversion Date into an equal number of
) k7 ?) R$ m  Y  ~1 a8 x8 kPreferred Shares Series 18. Additionally, if the Bank determines that, after4 E, k. F( a5 }
conversion, there would be outstanding on such Series 19 Conversion Date( b7 L/ |! q9 c3 k  {  D' [$ B2 i
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
  i( O- I$ F- Z, fSeries 19 will be converted into Preferred Shares Series 18.
$ u4 D  V  F  v$ g( x6 `; n/ A3 sVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares7 _3 b, c- A7 }
Series 19 will not be entitled as such to receive notice of, attend, or vote at,: h8 m# H" {# w8 D6 S; y
any meeting of the shareholders of the Bank unless and until the first time at
' Q9 R7 T/ M# M7 Q- X4 W) e4 Wwhich the Board of Directors has not declared the whole dividend on the
3 \4 s5 }1 A. k" R" YPreferred Shares Series 19 in any quarter. In that event, subject as7 r: Q$ U  M  H* T6 I' }
hereinafter provided, the holders of Preferred Shares Series 19 will be
+ ]- x. E" N4 ~9 M2 f7 E: Zentitled to receive notice of, and to attend, meetings of shareholders at which
2 {; Y/ w" h/ j  ^: F# hdirectors of the Bank are to be elected and will be entitled to one vote for
5 }) X- G- F7 U* D/ h: geach Preferred Share Series 19 held. The voting rights of the holders of the
. N# I2 j* ]- I6 oPreferred Shares Series 19 will forthwith cease upon payment by the Bank of0 @5 t+ {0 p9 |) w1 f
the first dividend on the Preferred Shares Series 19 to which the holders are
' r$ h8 V4 q' f/ X& `% m& y; Aentitled thereunder subsequent to the time such voting rights first arose until
  a7 o, H' R# T  P4 e3 [such time as the Bank may again fail to declare the whole dividend on the
2 p+ h2 I8 u/ A5 sPreferred Shares Series 19 in respect of any quarter, in which event such
4 _6 x, i- ~6 T4 hvoting rights will become effective again and so on from time to time.
3 o4 K& x) k8 F, m, K+ dS-6
  q' G" K0 |$ P; p( }# gPriority: The preferred shares of each series of the Bank will rank on a parity with
% h' {0 |/ f/ k' Y8 Eevery other series and are entitled to preference over the common shares of+ [2 Q8 v. h* @
the Bank and over any other shares of the Bank ranking junior to the
  X/ I# j9 u! r5 o) k0 ppreferred shares with respect to the payment of dividends and upon any
2 }8 H/ z, Q' Idistribution of assets in the event of the liquidation, dissolution or2 D% F$ Q& [# n9 @, |7 \% b& c
winding-up of the Bank.
  Q4 O3 A* L. l: o2 P- X5 {) bTax on Preferred Share The Bank will elect, in the manner and within the time provided under
% r9 r) W( T1 YDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
& o; j- F1 @+ l/ zSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
4 U. q; [0 O' J* d6 t4 u7 I- Idividends 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 i/ a: p% P3 ~1 M% P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

, l4 e+ H. m+ T! P
& `' u* {8 {0 B; ^; i- _; }下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。" L& E& e6 N3 R$ ^  k

/ D+ y! j/ w3 [8 Y9 qcall 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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