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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。. }+ {( v$ ]- a+ e' c( L

! Z; D; k" y$ D& _0 }  A
: o. s' A1 f: g* {2 K[ 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:+ ^2 @! A$ O0 H" n
SUMMARY OF THE OFFERING1 _: }; b" w$ {0 H
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’’.# t- ]- G, O, k' f. [8 H7 c; U- ~
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.( j* @( O6 `# ]- s3 |; D/ x' |, h6 W
Amount: $150,000,000 (6,000,000 shares).9 ]% _! ]2 \: g
Price and Yield: $25.00 per share to yield initially 6.50% per annum.- Y3 C1 s( J, h
Principal Characteristics of the Preferred Shares Series 185 o: E7 R4 m0 @# \$ f* h# X( Z
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed/ ?7 N; `$ ]/ K$ a1 m; u+ X
non-cumulative preferential cash dividends, as and when declared by the! C6 [1 ~( k5 m8 R- ~9 \
Board of Directors, subject to the provisions of the Bank Act, for the initial
0 Q6 I7 D5 D1 Uperiod commencing on the closing date and ending on and including
# h- G9 Q  c7 P7 g8 nFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the2 U2 Z4 F0 L( |) k6 i( f7 n/ }
25th day of February, May, August and November in each year, at a rate
8 b# \1 @$ S. g. a" Mequal to $0.40625 per share. The initial dividend, if declared, will be payable) T* e, F8 P/ Z
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
4 a4 y! P3 k7 ]' h/ jdate of December 11, 2008./ A# c( r/ O2 b- g
For each five-year period after the Initial Fixed Rate Period (each, a0 B" Z4 g6 Y, v' I& @
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
0 S% I+ D1 t0 F! p- o4 MSeries 18 will be entitled to receive fixed non-cumulative preferential cash
. i6 W& j. b8 l+ _" ^1 K' ?1 ndividends, as and when declared by the Board of Directors, subject to the
: H$ {% V! l" Cprovisions of the Bank Act, payable quarterly on the 25th day of February,) Z7 {7 l, o$ |
May, August and November in each year, in the amount per share per annum0 ~$ o7 [2 n% N6 P4 g$ y
determined by multiplying the Annual Fixed Dividend Rate applicable to8 f8 T1 ?" D% l, A
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend3 D) U! X3 d" L4 F! R9 Q7 [
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
/ V' L( G$ _- }' s: wBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
8 s) @  w5 e1 gof such Subsequent Fixed Rate Period and will be equal to the sum of the
! D, p' V" i$ v% @Government of Canada Yield on the applicable Fixed Rate Calculation Date
6 r& S" v& \8 O) a) o0 [, Gplus 3.83%.* w- z& O! y" }4 L
If the Board of Directors does not declare a dividend, or any part thereof, on
5 {' I7 d1 f& z1 z* M) bthe Preferred Shares Series 18 on or before the dividend payment date for a$ [9 d) \2 ]" y8 i* x% V
particular quarter, then the entitlement of the holders of the Preferred
/ |" y. Z/ C! L" j- X% f( vShares Series 18 to receive such dividend, or to any part thereof, for such
1 }6 \- R9 L9 K/ O& Z8 Fquarter will be forever extinguished.
- I* G$ S7 t5 eRedemption: Subject to the provisions of the Bank Act and to the prior consent of the; q. t1 D( m/ N+ l* u% E7 J
Superintendent and to the provisions described below under ‘‘Details of the+ L4 Z4 h& q: F9 R" `$ ~
Offering — Certain Provisions of the Preferred Shares Series 18 as a
4 D) [! Y8 _( Z! D, a  u- n9 FSeries — Restrictions on Dividends and Retirement of Shares’’, on
* ?* g' r9 i8 q7 X2 h* H" vFebruary 25, 2014 and on February 25 every five years thereafter, on not, j5 P$ c4 K( @- b
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any* B  p/ r% s" G8 O; n- n
part of the then outstanding Preferred Shares Series 18, at the Bank’s option7 R1 n% P) C% G
without the consent of the holder, by the payment of an amount in cash for
$ y$ F3 j& s( r. e7 Y! x! c" A! neach such share so redeemed of $25.00 together with all declared and unpaid
$ p6 o9 u* H5 [  `2 Idividends to the date fixed for redemption.
8 N# E5 P2 {% B3 b9 \) Q6 nConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic! w1 g' I+ Y5 ?; k9 [1 s  a- L
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have0 l" S# M6 H) ^9 t
the right, at their option, to convert, on February 25, 2014 and on
3 ~- Q' @3 S* T! iS-4% z# I7 `1 A) b' V% j' R( \
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any6 l2 y! ]7 `' |4 O+ }3 t0 I
or all of their Preferred Shares Series 18 into an equal number of Preferred
5 o" }+ f& I: v" @# ]/ z, _* hShares Series 19 upon giving to the Bank notice thereof not earlier than
" k; u9 |. o. h7 c' `- Y8 j30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day7 D) Y+ `( H- U/ y# i6 w
preceding, a Series 18 Conversion Date.
( _1 \* Q, W7 `; fAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
* Q1 T, |( V1 W* k, z/ [Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
0 v  _# z% N! g9 mSeries 19, as the case may be, that there would be outstanding on such' S3 j+ S% U1 T. D" \+ `
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,5 w* `; G: P' x" l- K
such remaining number of Preferred Shares Series 18 will automatically be' A: E4 a  K8 @6 w. j, E) Z
converted on such Series 18 Conversion Date into an equal number of* y+ A1 T  \! ~& x* u  U/ B
Preferred Shares Series 19. Additionally, if the Bank determines that, after
- Q4 i2 n* w$ M8 b5 zconversion, there would be outstanding on such Series 18 Conversion Date  a0 I8 c6 y  M$ [! D
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares/ X& z; m/ c2 p. J9 {: Q$ I5 T6 I+ w
Series 18 will be converted into Preferred Shares Series 19.% c4 a8 Z7 m1 o0 Z
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
3 I6 B; N/ }$ f2 w" d& KSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
0 y- @4 m+ M. }+ h2 @" c& l8 l1 i3 Qany meeting of the shareholders of the Bank unless and until the first time at
8 {3 p9 }) Z% v) V' k$ A9 Nwhich the Board of Directors has not declared the whole dividend on the; M8 H5 H6 X* N. n% x
Preferred Shares Series 18 in any quarter. In that event, subject as5 M" \7 c: S/ t; g
hereinafter provided, the holders of Preferred Shares Series 18 will be( |& _0 B! W  j5 N; D* c
entitled to receive notice of, and to attend, meetings of shareholders at which
8 v5 i) E( K- ydirectors of the Bank are to be elected and will be entitled to one vote for
/ i9 \+ g0 h' Leach Preferred Share Series 18 held. The voting rights of the holders of the4 c% E8 E7 y: l# [6 ~3 O" g
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of, W3 y" f0 j0 p
the first dividend on the Preferred Shares Series 18 to which the holders are& U; s9 ]; b% c3 }  A. q
entitled thereunder subsequent to the time such voting rights first arose until! q6 q$ f7 n8 _$ k! V9 X
such time as the Bank may again fail to declare the whole dividend on the' t5 a  Z; B/ j, D# t2 }
Preferred Shares Series 18 in respect of any quarter, in which event such" |# G' I2 z1 g% f
voting rights will become effective again and so on from time to time.
" n/ s1 u3 a, n/ I2 a0 w  xPrincipal Characteristics of the Preferred Shares Series 19- Y# K) R* d- |3 _- s& S8 w
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
% k8 v8 f$ U6 N) K% q( t( zfloating rate non-cumulative preferential cash dividends, as and when4 U$ L8 R$ F1 k9 |  |. u( V- U# H0 M
declared by the Board of Directors, subject to the provisions of the Bank Act,- e6 z4 I  a0 U: S  b# b
payable quarterly on the 25th day of February, May, August and November
' f' p0 N4 Z6 vin each year, in the amount per share determined by multiplying the
& r$ p" S1 X9 @7 X0 Wapplicable Quarterly Floating Dividend Rate by $25.00.
5 f8 `# \1 S# o* x2 j: |: Z  FOn the 30th day prior to the commencement of the initial quarterly dividend  k5 }2 U: k- k) {
period beginning on February 25, 2014, and on the 30th day prior to the first, Q8 [' P. ^" T' F  i- _
day of each subsequent quarterly dividend period (the initial quarterly
5 h3 e0 k; B+ G4 g. c8 Bdividend period and each subsequent quarterly dividend period is referred to$ U( i" O/ I: D
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
' D; |2 ?% {" Y, x& s. n4 kQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate2 n8 b' m4 k; P% {! G- D  {
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
, n( z" D" w* ~: T( [9 |* o' G% uT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
2 Q. V' T5 I* H- Felapsed in the applicable Quarterly Floating Rate Period divided by 365)4 A0 i4 ~+ W: r" y* A4 S
determined on the 30th day prior to the first day of the applicable Quarterly5 B2 X# B* C" A5 r# _
Floating Rate Period.
+ E4 f. D% ?' k4 wS-5+ G  ?/ z) v4 X6 Z& E$ q2 [# n
If the Board of Directors does not declare a dividend, or any part thereof, on
( @( @( `1 ^& j  t* i* a" ?the Preferred Shares Series 19 on or before the dividend payment date for a0 E* r4 a7 e" @1 M7 L$ c
particular quarter, then the entitlement of the holders of the Preferred
  X& q) M$ }+ e1 K; k$ f! ?Shares Series 19 to receive such dividend, or to any part thereof, for such
* d& J& [+ P" k1 u! H' Vquarter will be forever extinguished.* X. N( B. A% v5 x8 }
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the1 [7 M9 U4 r1 x7 z7 V
Superintendent and to the provisions described below under the heading
* \  I$ Y- c9 C& o5 f8 e/ x2 t‘‘Details of the Offering — Certain Provisions of the Preferred Shares# v( t( j$ V# v# V2 v
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,7 B3 `2 j- S* u5 N/ z& i
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
: y3 `. a1 q- j% S5 Y0 Nor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
8 T% L" Z1 e6 [, M2 y+ b+ O: x/ }option without the consent of the holder, by the payment of an amount in. A. u' D$ @+ d/ C$ f7 [, [8 c7 A
cash for each such share so redeemed of (i) $25.00 together with all declared! L0 h+ c0 ^. @4 }
and unpaid dividends to the date fixed for redemption in the case of& ~* N- G3 }! {! X  C: H
redemptions on February 25, 2019 and on February 25 every five years
- z- ?% k8 Z% x$ p5 u( L/ rthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
: o8 @$ c9 m& U+ rthe date fixed for redemption in the case of redemptions on any other date
+ m7 a5 c5 ?- B! }4 Hon or after February 25, 2014.% q) I/ F( [9 @. m
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic( E8 t) z: Y7 w. f) i) P
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
1 z9 }4 s  d8 F+ Ethe right, at their option, to convert, on February 25, 2019 and on. `" b+ l  N1 ~- N# O
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any% n% h/ `, o& V# D% f
or all of their Preferred Shares Series 19 into an equal number of Preferred
( `0 t6 H2 r) K$ x  c5 [Shares Series 18 upon giving to the Bank written notice thereof not earlier
; i* ~, C. ?) K& M$ b; gthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
7 N, v3 U9 `4 d8 I1 N3 g4 _* @15th day preceding, a Series 19 Conversion Date.
5 C; m9 f0 ~' h$ {' h& k( N5 kAutomatic Conversion If the Bank determines, after having taken into account all shares tendered4 S0 N: ]8 w: I! ]! A2 \
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
6 Z) f& x6 _3 j% l3 L& FSeries 18, as the case may be, that there would be outstanding on such3 p# j9 [: I, _- L# P
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,8 A2 j, H6 `/ o
such remaining number of Preferred Shares Series 19 will automatically be0 ^% r) l# u. ]0 h/ c
converted on such Series 19 Conversion Date into an equal number of
- P# n# ^: V0 j3 UPreferred Shares Series 18. Additionally, if the Bank determines that, after) Q9 p9 q" j4 u" C+ k
conversion, there would be outstanding on such Series 19 Conversion Date
5 B) Q3 \! Y- Q( C/ Gless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
9 o2 x% ~( F# B3 B. TSeries 19 will be converted into Preferred Shares Series 18.
" ]0 _8 M9 i- G& F- [$ T* Y. \3 rVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares$ @5 S2 _! p# d7 w
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
' [2 D- d# F5 Y2 D/ j. w: N7 L2 B# O/ n! Wany meeting of the shareholders of the Bank unless and until the first time at
" J+ J+ Z" y* D6 I9 \which the Board of Directors has not declared the whole dividend on the% W. u+ l9 ]. X
Preferred Shares Series 19 in any quarter. In that event, subject as2 x: M" |6 O3 o7 ~; t
hereinafter provided, the holders of Preferred Shares Series 19 will be3 ~2 f+ B: w# U( b, d5 S
entitled to receive notice of, and to attend, meetings of shareholders at which
: R& z! t0 q& }* J' E# rdirectors of the Bank are to be elected and will be entitled to one vote for; T6 L  ^  O  L5 P; Q- h
each Preferred Share Series 19 held. The voting rights of the holders of the/ m  c' K( }1 v& _: w* C
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
7 A& j4 `! X+ y6 G8 Kthe first dividend on the Preferred Shares Series 19 to which the holders are
. a# x) `# x" s4 yentitled thereunder subsequent to the time such voting rights first arose until
7 y( m% l$ t4 B- Z6 msuch time as the Bank may again fail to declare the whole dividend on the& h/ L+ v, Q2 j' ~* {8 x
Preferred Shares Series 19 in respect of any quarter, in which event such  F7 ?# v) t, T2 z0 A2 S1 K
voting rights will become effective again and so on from time to time.6 [2 |4 O6 K! i+ h
S-6- j4 n. U& q' Y% }( c0 O
Priority: The preferred shares of each series of the Bank will rank on a parity with- k' S: G. x0 m1 T% H
every other series and are entitled to preference over the common shares of
; z" s+ y0 r" E- ]7 |& Lthe Bank and over any other shares of the Bank ranking junior to the; e- @; E& v1 P% r3 U
preferred shares with respect to the payment of dividends and upon any# w$ N4 _4 T& b
distribution of assets in the event of the liquidation, dissolution or8 r3 F  W" U- I, F$ W; p
winding-up of the Bank.
, ?$ J9 ~3 X0 t, ~0 P1 HTax on Preferred Share The Bank will elect, in the manner and within the time provided under9 x" e3 l, D6 t
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares1 O  C" N+ G7 l/ F, X$ _
Series 18 and Preferred Shares Series 19 will not be required to pay tax on5 n" W4 Y" B' {8 ]5 c  O
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。
0 p4 r7 m8 v8 I: D3 K7 d* f3 z& s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
" M$ Q% {$ b" |9 d& ^

6 J# n/ x+ E- u' `: b下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。, Y9 p0 @0 e" C

) ]- ^6 U+ u6 _0 A, ~call 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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