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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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- n* f- u3 R1 ~6 L5 D6 V[ 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:; Y; f3 o4 Q$ B
SUMMARY OF THE OFFERING0 H" y2 T, e( D# k# q
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’’.
# k4 S: Q# }6 a% yIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
( W9 Q8 s  c7 y4 h( n4 [, DAmount: $150,000,000 (6,000,000 shares).& n, T3 N7 y! Q8 p& K% O: u
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
& k3 t; [7 H6 ~Principal Characteristics of the Preferred Shares Series 18; e$ K: T3 |6 p. y& O6 c
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed5 _/ s- r6 i" ^" J; S
non-cumulative preferential cash dividends, as and when declared by the
( i5 R$ M9 U* q# Y" W& Q+ UBoard of Directors, subject to the provisions of the Bank Act, for the initial& }7 y- \5 e+ \  x/ t$ \2 p
period commencing on the closing date and ending on and including% C) D, `5 T5 N
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
9 C# @! H! \4 E& Z: P+ c25th day of February, May, August and November in each year, at a rate
. P( v& q# S( J) F1 z7 o& r: gequal to $0.40625 per share. The initial dividend, if declared, will be payable6 s* `7 p. g$ N4 x) t0 M+ M
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
* K! V9 o% [5 t2 J- q$ Hdate of December 11, 2008.( L8 v, i- W. L! R& h4 f: d  K
For each five-year period after the Initial Fixed Rate Period (each, a
& W& o9 i2 D% c! W+ c4 `( b% t2 @‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares3 q" K$ {, C5 _1 j6 ?% M- @6 f
Series 18 will be entitled to receive fixed non-cumulative preferential cash
" _. I7 V  v8 ddividends, as and when declared by the Board of Directors, subject to the( C- K. r" t* J& j
provisions of the Bank Act, payable quarterly on the 25th day of February,
* q! y$ R  R7 g8 \6 l' o6 |May, August and November in each year, in the amount per share per annum$ s* T2 v) A& q# B' k: t; q
determined by multiplying the Annual Fixed Dividend Rate applicable to- V% M6 P4 Y  A) \; l
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend) p" Q9 l8 \6 ?* B3 R
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
0 u/ U2 |# i1 Q* P0 |5 e- J2 tBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
, j7 Q2 V' F3 o9 {of such Subsequent Fixed Rate Period and will be equal to the sum of the/ v* a  d! ~, y
Government of Canada Yield on the applicable Fixed Rate Calculation Date# L8 @! ?1 S% G/ {! F1 B( |8 ^7 Q
plus 3.83%.
$ d; ]" ^. h1 D' Z  ^If the Board of Directors does not declare a dividend, or any part thereof, on- ?# K6 R2 [' V' f2 t/ X$ T$ c
the Preferred Shares Series 18 on or before the dividend payment date for a
) @1 j1 l. V9 L2 E- Lparticular quarter, then the entitlement of the holders of the Preferred
0 `* P6 Y8 A/ J/ Q* h7 b! rShares Series 18 to receive such dividend, or to any part thereof, for such
/ U: C; ~5 i! b) fquarter will be forever extinguished.
4 ?6 A( p0 p, i, L/ u  v2 i0 _4 lRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
( ^+ ^/ F3 T  m7 A* \/ ~7 bSuperintendent and to the provisions described below under ‘‘Details of the
8 P% ~8 w+ `  \6 fOffering — Certain Provisions of the Preferred Shares Series 18 as a
" u* g0 D' s5 \. ^9 hSeries — Restrictions on Dividends and Retirement of Shares’’, on
7 z5 I2 U$ v( F" i% gFebruary 25, 2014 and on February 25 every five years thereafter, on not
1 P# S6 z* b1 x/ A+ D' Jmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
: E, L  U4 T8 e& Xpart of the then outstanding Preferred Shares Series 18, at the Bank’s option  h  S* Y: ?( @3 E  C; t- e
without the consent of the holder, by the payment of an amount in cash for/ V$ `: {: R2 w1 c' W# \( R3 ~4 S5 w
each such share so redeemed of $25.00 together with all declared and unpaid( j+ c8 @7 p5 X5 `
dividends to the date fixed for redemption.: @( d9 S5 [0 p: N& p# ]0 a, p
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
+ U( O5 d4 O4 a6 M  m- XShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have4 G2 T! I, y. V6 N  _# w
the right, at their option, to convert, on February 25, 2014 and on* I! x1 |, ^7 S  e1 }
S-4
1 ?) L. Z& F- G! x$ a/ CFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
3 ?6 u6 I* K! A& [or all of their Preferred Shares Series 18 into an equal number of Preferred9 i1 ]1 v4 }* p: L
Shares Series 19 upon giving to the Bank notice thereof not earlier than
* Y! }- M, k/ C- C6 j30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
7 F! K4 N+ y5 f- {preceding, a Series 18 Conversion Date.
8 v/ _7 B5 B$ `4 cAutomatic Conversion If the Bank determines, after having taken into account all shares tendered+ B4 p! _* |' Y: P2 K% G
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares6 E6 K, [; x& n( `
Series 19, as the case may be, that there would be outstanding on such) y# ]( T$ f3 L+ ~1 e. q# d( K
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,3 X7 S" V" Q$ k. r) P1 _# z) _3 r; ^
such remaining number of Preferred Shares Series 18 will automatically be
' @4 m. [$ T/ f/ T- K) P0 E& r& L3 ~converted on such Series 18 Conversion Date into an equal number of% v+ U, {( x- x/ P  [. E( q
Preferred Shares Series 19. Additionally, if the Bank determines that, after
" m% L, x' K1 H5 Y# X/ R4 q+ aconversion, there would be outstanding on such Series 18 Conversion Date" V; l+ V2 Y6 i
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
+ `6 I" e' n; i7 RSeries 18 will be converted into Preferred Shares Series 19.! x0 f" z" L, O
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares- g4 n. }6 U; B9 o6 V
Series 18 will not be entitled as such to receive notice of, attend, or vote at,' P- k3 q; y& ?0 L9 x9 y2 V
any meeting of the shareholders of the Bank unless and until the first time at9 _$ s" ~% s! V* E4 g
which the Board of Directors has not declared the whole dividend on the. f8 z8 ]  @4 i4 [7 A+ p
Preferred Shares Series 18 in any quarter. In that event, subject as
+ U0 I$ s3 \2 q, V1 d# `: Mhereinafter provided, the holders of Preferred Shares Series 18 will be; k4 z+ Q. t4 A; {
entitled to receive notice of, and to attend, meetings of shareholders at which
! j: t. ~: ~1 U1 ^2 Wdirectors of the Bank are to be elected and will be entitled to one vote for
! B/ M* N& L3 o% O4 @each Preferred Share Series 18 held. The voting rights of the holders of the; Z3 ^7 f4 L0 s, g2 ]
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
2 v" K; P/ m; d) l* ]: b3 |9 `the first dividend on the Preferred Shares Series 18 to which the holders are
2 _  o; R9 H9 x" T/ p4 J* ]/ Gentitled thereunder subsequent to the time such voting rights first arose until( K, Z& Y0 V$ q3 _
such time as the Bank may again fail to declare the whole dividend on the7 O- d" q8 p6 s5 z! K
Preferred Shares Series 18 in respect of any quarter, in which event such
7 D0 d. \% t0 ?: J* a. c7 uvoting rights will become effective again and so on from time to time.) o1 Q7 V) c5 e; j% W# O* `+ Y2 i
Principal Characteristics of the Preferred Shares Series 19& H8 M1 K5 J6 q0 i: g+ Y
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive- A) L) B& K& \
floating rate non-cumulative preferential cash dividends, as and when5 J2 S0 `, N7 J$ s  v! Y+ @
declared by the Board of Directors, subject to the provisions of the Bank Act,
6 l7 f4 ]# y0 Ipayable quarterly on the 25th day of February, May, August and November- |$ h- i7 D* n/ i0 C* J( M/ c
in each year, in the amount per share determined by multiplying the7 v% R/ x/ H" Q
applicable Quarterly Floating Dividend Rate by $25.00.( I$ B7 C( i2 T% _6 d
On the 30th day prior to the commencement of the initial quarterly dividend7 R& b2 T7 o  O
period beginning on February 25, 2014, and on the 30th day prior to the first& n0 _. ]" I4 E4 K4 v
day of each subsequent quarterly dividend period (the initial quarterly# q! R2 {1 O$ X' z! n
dividend period and each subsequent quarterly dividend period is referred to% T6 D, l7 g/ {
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the2 c( t) q- a* @) G! C9 Z% F* c
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate4 p; a0 j0 _! c; X' d
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the% W. a( S- A) |$ r8 M, `; d
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
! l9 t9 _/ X! Z$ [# B" O7 M( ?6 kelapsed in the applicable Quarterly Floating Rate Period divided by 365)9 J" b% V9 i: d( I  X) k
determined on the 30th day prior to the first day of the applicable Quarterly  K3 Y* E9 {0 j9 J9 P/ `! O$ c! R' B" B
Floating Rate Period.
) Z& q/ f, E9 A& c; lS-5+ j& S3 I- v. G8 q
If the Board of Directors does not declare a dividend, or any part thereof, on$ c& w2 z  h( k( @( _, A
the Preferred Shares Series 19 on or before the dividend payment date for a3 M" B. O- o) I& U
particular quarter, then the entitlement of the holders of the Preferred* j& S$ G7 U! s  L( g" O
Shares Series 19 to receive such dividend, or to any part thereof, for such
0 k' Y& T# x& \$ P' cquarter will be forever extinguished., z$ B# o+ v/ B2 E5 Z3 L6 u2 p
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
$ a: }$ U6 e/ K4 e3 g$ `Superintendent and to the provisions described below under the heading
/ P( {3 `5 a% Z4 u: B+ {‘‘Details of the Offering — Certain Provisions of the Preferred Shares
3 M0 o0 C$ e; L1 h9 ZSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
  t1 J8 l0 [6 Jon not more than 60 nor less than 30 days’ notice, the Bank may redeem all0 E2 r7 `2 G/ }  Q, V5 b) z; z# X
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s4 R7 ~% C/ O* }6 x5 r3 R, j
option without the consent of the holder, by the payment of an amount in% v7 N, |9 v0 J$ E8 C. U0 S6 P* p
cash for each such share so redeemed of (i) $25.00 together with all declared
- @' g. m+ f6 Y3 Eand unpaid dividends to the date fixed for redemption in the case of
- l- u. ^8 X5 k) k1 Q" @redemptions on February 25, 2019 and on February 25 every five years
* U' c1 s$ F# I6 x. x( r0 D6 Cthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
; h5 A3 @4 a1 U8 b& Mthe date fixed for redemption in the case of redemptions on any other date
4 @6 a) g. W8 s4 ron or after February 25, 2014.
4 j. x( ~4 F9 \5 w  _; {4 XConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
. ?$ \9 |4 w" U4 ^( s. j  B" }Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have8 e/ [. E0 Y# t
the right, at their option, to convert, on February 25, 2019 and on
6 c/ y5 I, w- r3 s" VFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
/ G- i1 t% ?+ f, Q4 Bor all of their Preferred Shares Series 19 into an equal number of Preferred# t# i7 Q/ h% j* M
Shares Series 18 upon giving to the Bank written notice thereof not earlier5 ?: B7 {$ ^+ _6 l3 G! j
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the9 j5 x1 R$ d" q, t" z: @& L9 `/ G& \
15th day preceding, a Series 19 Conversion Date.1 g! S5 Z( I8 ~
Automatic Conversion If the Bank determines, after having taken into account all shares tendered( e: B. O. M, H" m2 L/ C
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
% _3 t5 z4 k% ~4 {5 }! mSeries 18, as the case may be, that there would be outstanding on such
( k' R7 f' T  C! m9 H+ s, i5 `0 MSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
( y3 d3 Q' A8 Bsuch remaining number of Preferred Shares Series 19 will automatically be
! l5 t/ _8 T: \; Tconverted on such Series 19 Conversion Date into an equal number of
( }+ O* x, p6 a, l# FPreferred Shares Series 18. Additionally, if the Bank determines that, after
7 `, n% k/ N  \3 X( k/ b! Z( Fconversion, there would be outstanding on such Series 19 Conversion Date9 x- V- C/ i1 I8 b. }
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
5 s4 [9 Y! m, ZSeries 19 will be converted into Preferred Shares Series 18.
4 G/ X5 c% Y# |Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
9 _3 R  e1 ~" v$ u; A( I- P7 wSeries 19 will not be entitled as such to receive notice of, attend, or vote at,& T3 ?. Y5 _) Q+ e7 S8 ]+ k6 W3 d
any meeting of the shareholders of the Bank unless and until the first time at+ @% i# d  `( f* R9 v- `0 Y$ c
which the Board of Directors has not declared the whole dividend on the
* b1 z/ X- }, `, w8 I5 Z! ePreferred Shares Series 19 in any quarter. In that event, subject as
; b* n8 F; R( H4 W3 L1 D2 _% Phereinafter provided, the holders of Preferred Shares Series 19 will be) h5 j, i: K5 Z" |2 W
entitled to receive notice of, and to attend, meetings of shareholders at which
2 T( b& O& v  R: }7 @2 F) s# |: Pdirectors of the Bank are to be elected and will be entitled to one vote for# R( J& E* @& G  i- s* ?
each Preferred Share Series 19 held. The voting rights of the holders of the! D, ~2 a; o7 @5 T) x2 i, Q
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
8 t" U- q2 `( a) p6 a' lthe first dividend on the Preferred Shares Series 19 to which the holders are! I: z# \: m$ U: W' Z, r! z
entitled thereunder subsequent to the time such voting rights first arose until
( f" X/ T+ i$ n3 ~# n- }4 x4 V$ Ysuch time as the Bank may again fail to declare the whole dividend on the. F2 T* U0 W  e6 R
Preferred Shares Series 19 in respect of any quarter, in which event such
* h8 B, P$ J9 Q; Z3 v1 `, Jvoting rights will become effective again and so on from time to time.$ o5 J" `. H9 q
S-6
* m- ^7 R, b& bPriority: The preferred shares of each series of the Bank will rank on a parity with3 \% H+ M* c/ M9 U
every other series and are entitled to preference over the common shares of
" U/ ~8 P4 D/ w+ a/ s/ N( Lthe Bank and over any other shares of the Bank ranking junior to the6 m7 e( e( y9 z6 j& c1 n2 P
preferred shares with respect to the payment of dividends and upon any# u4 b& w, u9 c, F5 m* M5 P4 _
distribution of assets in the event of the liquidation, dissolution or
- l2 [- {: |1 twinding-up of the Bank.
! a, `! }' `- A3 qTax on Preferred Share The Bank will elect, in the manner and within the time provided under
6 y- M) R' a* k! e9 o- y& nDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
( F$ `5 c0 G+ {9 h% h$ ?( g# JSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
( Y/ b" H+ Z0 V% cdividends 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。' U2 |& z# [, l2 X; o
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

/ {. w/ \/ X& x7 U# i3 }8 s3 T( s% U" t
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。; D! {) s0 y% i; `2 m& c
3 t- y( p' ?, c' j6 r9 e5 p7 ]9 ~
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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