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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。9 @, |! @3 i7 P2 {

2 W, D. E, G- M% M  R
- C+ P- A! q( Q[ 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:% ^* O5 k6 q9 ~8 O/ F* F0 i) i# t
SUMMARY OF THE OFFERING" E; A# H( g9 i$ r9 D5 }4 e) F
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’’.
4 F  y* X. w& r7 f( l( L9 a' JIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.# c1 j  b1 N9 ^- w0 z" M) r
Amount: $150,000,000 (6,000,000 shares).
% f5 P# L+ R6 I. s" MPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
2 ~+ y6 l, H5 q3 YPrincipal Characteristics of the Preferred Shares Series 181 b. Z( G6 A8 {# F' `
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
, w+ M6 K7 d. qnon-cumulative preferential cash dividends, as and when declared by the9 G4 ]9 v$ Y7 o' l% r
Board of Directors, subject to the provisions of the Bank Act, for the initial
) L$ d% H$ i% }8 w+ nperiod commencing on the closing date and ending on and including% ?& z; W8 ?; @
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the: N! ^: G8 H) C- ]: s- i1 t
25th day of February, May, August and November in each year, at a rate
4 h# J- X- s8 k2 y, `equal to $0.40625 per share. The initial dividend, if declared, will be payable
' c' H( u% n! J* A% Z$ A" fMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing; x, w) N) Z+ Z5 R7 L$ F
date of December 11, 2008.4 b1 B0 Q5 Q& y
For each five-year period after the Initial Fixed Rate Period (each, a* j# n' p& F8 h1 h+ A* V5 u
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
9 [( t7 d9 e, nSeries 18 will be entitled to receive fixed non-cumulative preferential cash
  F  U# O6 F: rdividends, as and when declared by the Board of Directors, subject to the
* |5 k1 n" r& A0 q: S) oprovisions of the Bank Act, payable quarterly on the 25th day of February,% j4 w* B- K; _, A5 S9 G
May, August and November in each year, in the amount per share per annum
0 s! C. h: j4 I) xdetermined by multiplying the Annual Fixed Dividend Rate applicable to
# g% I7 i9 |0 t# Rsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend( @- }! |( w. s
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
3 D# X& I' R" H% o1 sBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
9 [7 f- T, \% ~* R4 i' `7 Bof such Subsequent Fixed Rate Period and will be equal to the sum of the$ o$ U/ G0 B% ~0 B5 f
Government of Canada Yield on the applicable Fixed Rate Calculation Date
9 m+ u; O6 w6 `: C7 |plus 3.83%.
" U" u4 ^3 Q( c1 U5 x' }- c( IIf the Board of Directors does not declare a dividend, or any part thereof, on
1 c) P0 x* j8 f; B1 n+ Bthe Preferred Shares Series 18 on or before the dividend payment date for a( [, f& z, j9 y. l( I8 v- h" ?  ~; w
particular quarter, then the entitlement of the holders of the Preferred! q* n& _4 q9 A3 v. y; H6 V
Shares Series 18 to receive such dividend, or to any part thereof, for such
% b4 }3 K2 G7 [  d  t$ W6 wquarter will be forever extinguished.3 ?8 u. [! @1 V0 A, F
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the7 @7 B2 ^' F) z$ z
Superintendent and to the provisions described below under ‘‘Details of the- P/ p. y1 M; N7 G, W2 B. [
Offering — Certain Provisions of the Preferred Shares Series 18 as a4 |8 i0 H$ y. v& X6 w
Series — Restrictions on Dividends and Retirement of Shares’’, on; c3 z, p" ]* _6 H3 |  [$ X
February 25, 2014 and on February 25 every five years thereafter, on not
# @' z' H# N% K7 d5 qmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
, M0 x' |: [! E. epart of the then outstanding Preferred Shares Series 18, at the Bank’s option
1 N' E; C: p. B" Rwithout the consent of the holder, by the payment of an amount in cash for
; h; N4 G0 n9 b, M2 Y; meach such share so redeemed of $25.00 together with all declared and unpaid5 b- W' j0 d3 p* `1 d5 L
dividends to the date fixed for redemption.% r6 D  E; o/ m/ ~! [4 z1 k
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
* J3 H/ o. |, k& D/ `$ F( W  SShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have/ X% n) J1 ?2 d" `
the right, at their option, to convert, on February 25, 2014 and on; v& p- ~# X1 A+ S3 B
S-45 s8 n/ |9 f' s! B1 G
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any0 A# I, {4 e5 ^1 r3 A9 s! Q
or all of their Preferred Shares Series 18 into an equal number of Preferred: c9 P/ L9 c7 H: h
Shares Series 19 upon giving to the Bank notice thereof not earlier than
6 g" `$ H1 s4 j30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day1 P3 [: }' O- ?, v& B( b
preceding, a Series 18 Conversion Date.
% h! f) ]" k* p7 I- sAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
. a3 {- g" x; A' C8 S  v5 dProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
' K3 M& o( n& d" h) {, oSeries 19, as the case may be, that there would be outstanding on such8 r  i! s" N+ q2 ?: g. G/ H
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,. S: R6 v) J4 W" D5 z5 D* z. }7 |& e
such remaining number of Preferred Shares Series 18 will automatically be: S6 L0 g: {2 q6 O
converted on such Series 18 Conversion Date into an equal number of4 f7 L8 @5 n( s+ r4 I- V2 k
Preferred Shares Series 19. Additionally, if the Bank determines that, after
/ N- k8 f* @# f* x; P# `, econversion, there would be outstanding on such Series 18 Conversion Date& T, _1 s+ R' C' A/ r3 h* r  X
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
/ ?) a( w2 E. u) m4 GSeries 18 will be converted into Preferred Shares Series 19.) d/ D: _' h3 m: t$ ?+ i
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
+ N$ o% t9 N. z1 J1 K- ]+ Y2 a7 oSeries 18 will not be entitled as such to receive notice of, attend, or vote at,) V' w2 ~; b0 g- ?: w
any meeting of the shareholders of the Bank unless and until the first time at
% I  y0 ~4 ^" \which the Board of Directors has not declared the whole dividend on the2 |3 q3 u; |2 @0 H8 D
Preferred Shares Series 18 in any quarter. In that event, subject as
8 N6 P2 h+ J. H# C7 ?! `hereinafter provided, the holders of Preferred Shares Series 18 will be! }2 x  h  A) `
entitled to receive notice of, and to attend, meetings of shareholders at which) Q; V2 f# |9 l
directors of the Bank are to be elected and will be entitled to one vote for
5 ^# @8 R) p8 o# d! peach Preferred Share Series 18 held. The voting rights of the holders of the
: ?4 y( v- q5 E8 l; t: dPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
8 u& \! v7 v4 j+ R% h! F% }; w5 S: zthe first dividend on the Preferred Shares Series 18 to which the holders are
' j5 L( l* T  }, F3 Y) L6 aentitled thereunder subsequent to the time such voting rights first arose until: z7 c3 V' L) ?4 U4 N0 \
such time as the Bank may again fail to declare the whole dividend on the
" x# F8 {, E% X. y/ g9 Y! {Preferred Shares Series 18 in respect of any quarter, in which event such0 J! B0 l' X* U# n4 M
voting rights will become effective again and so on from time to time.
/ q2 [& y# E( U) W, P4 r' WPrincipal Characteristics of the Preferred Shares Series 19! Q1 k  u! V( G, t+ z2 O
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
  M9 e6 ?  [; yfloating rate non-cumulative preferential cash dividends, as and when. g" i0 U' d$ O' i6 [2 _. p
declared by the Board of Directors, subject to the provisions of the Bank Act,9 R( c' Y2 J: ]
payable quarterly on the 25th day of February, May, August and November, I' W0 R: C9 j7 {/ g3 V5 @
in each year, in the amount per share determined by multiplying the
5 ~* ~' H' H0 F2 R, Kapplicable Quarterly Floating Dividend Rate by $25.00.' I' g. |! |! |" y  ^$ e
On the 30th day prior to the commencement of the initial quarterly dividend, N, i& \9 S1 Z1 L. c( h
period beginning on February 25, 2014, and on the 30th day prior to the first
) ~' D2 P) c7 S5 w: ~/ sday of each subsequent quarterly dividend period (the initial quarterly
5 O) z1 @+ e7 ]6 ~dividend period and each subsequent quarterly dividend period is referred to
* M4 m' q& E/ Fas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the* `$ r, v) T/ R$ N$ d& O
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate; {/ g: `, C" [( S2 \+ b4 i
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the* F  z( Y' G& R# M
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days/ I$ s' _$ l  [2 W1 _/ u/ o
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
" W- n: I0 M" ]. @8 C" o9 Rdetermined on the 30th day prior to the first day of the applicable Quarterly
" N9 h8 W  \5 u: i" vFloating Rate Period.
0 p: ~/ U' J# [9 A" _( d8 Z1 o3 YS-5
4 k5 \3 ?7 m) I3 q# R; sIf the Board of Directors does not declare a dividend, or any part thereof, on5 k# J4 C7 p6 t/ y2 I2 q$ q( [
the Preferred Shares Series 19 on or before the dividend payment date for a
( }. L- I- A- M9 Z* n0 G2 W3 Eparticular quarter, then the entitlement of the holders of the Preferred7 q. I% ]5 H5 I3 b5 [4 K2 u$ R
Shares Series 19 to receive such dividend, or to any part thereof, for such* V' p" U* {& ]. @$ e
quarter will be forever extinguished.8 o/ r6 p/ h9 J/ v( w0 c. \, _# Y
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
- \* _0 S% A: L- NSuperintendent and to the provisions described below under the heading" \7 g% ?( x4 }
‘‘Details of the Offering — Certain Provisions of the Preferred Shares) i9 @( C$ @+ g
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
, A0 w7 X9 \0 j! c8 K4 Non not more than 60 nor less than 30 days’ notice, the Bank may redeem all
# G' z5 L1 D) J* @) dor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
/ g$ Z/ S0 Q  z5 i2 h1 aoption without the consent of the holder, by the payment of an amount in
5 o/ M- U9 o/ w& U' B1 Jcash for each such share so redeemed of (i) $25.00 together with all declared% ^8 O0 x! E" O+ Z
and unpaid dividends to the date fixed for redemption in the case of
% }- w. l8 E5 V$ Q9 lredemptions on February 25, 2019 and on February 25 every five years
( T7 S3 n  m; hthereafter, or (ii) $25.50 together with all declared and unpaid dividends to6 r* q9 O' \0 I- z
the date fixed for redemption in the case of redemptions on any other date8 u, Y) B* p3 @/ @
on or after February 25, 2014.: W* }6 m  E, g/ Y! z
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic$ {% l5 ?+ n4 Q, Z! A
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
) C; d# y! _6 ~; lthe right, at their option, to convert, on February 25, 2019 and on0 n; ]* q# L1 B% o: g
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any' A& w3 V$ Y! w: @4 x
or all of their Preferred Shares Series 19 into an equal number of Preferred
; x7 Z% V6 R% X5 kShares Series 18 upon giving to the Bank written notice thereof not earlier. a' o9 S/ K3 E
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the" f, ^+ d. b9 M  T3 y
15th day preceding, a Series 19 Conversion Date.# u/ I8 m1 B' z! P5 g7 z+ k5 G5 F2 ?
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
, w: f0 k3 W! t. {2 D( a/ W; oProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
6 P- C- |% w& j7 FSeries 18, as the case may be, that there would be outstanding on such
: }% T8 a2 h1 z9 }Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,% v- r5 H9 n) ]. w
such remaining number of Preferred Shares Series 19 will automatically be* `/ T* @% K' H1 L) Z- s
converted on such Series 19 Conversion Date into an equal number of0 R5 N5 A$ P3 b6 Z
Preferred Shares Series 18. Additionally, if the Bank determines that, after
7 y2 _+ ~5 ]- X, `; d; N/ Jconversion, there would be outstanding on such Series 19 Conversion Date% t7 H6 B1 ^  l$ R; y5 @
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
2 r  N! U5 E* OSeries 19 will be converted into Preferred Shares Series 18.
* A" r7 e3 \& q; I- j6 A) _Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares& t& D4 t0 c3 g% p) W1 a
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
( ]! \- _4 v+ }9 V4 I' s/ V! fany meeting of the shareholders of the Bank unless and until the first time at, P4 z; [1 e; y9 l( o; n7 P' s
which the Board of Directors has not declared the whole dividend on the
4 v1 L$ g, D' j4 R  TPreferred Shares Series 19 in any quarter. In that event, subject as
0 I0 Q; g2 l" m9 q& W$ p+ rhereinafter provided, the holders of Preferred Shares Series 19 will be5 W3 V" t1 C# S
entitled to receive notice of, and to attend, meetings of shareholders at which
, F5 u- r  I% A) G2 j3 Q0 N# F6 t) qdirectors of the Bank are to be elected and will be entitled to one vote for* U8 L) }: K& q" Y3 A
each Preferred Share Series 19 held. The voting rights of the holders of the2 V. d7 ]; z' w  j2 U: N: g
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of# M$ ]$ |/ U4 E
the first dividend on the Preferred Shares Series 19 to which the holders are
: ?; z  ]$ s4 u( nentitled thereunder subsequent to the time such voting rights first arose until
+ V7 E# w0 @+ O8 F9 I- }% zsuch time as the Bank may again fail to declare the whole dividend on the5 X% Y6 H7 R8 i8 M5 [5 ?9 l
Preferred Shares Series 19 in respect of any quarter, in which event such
" W" S! @8 q0 A, [3 kvoting rights will become effective again and so on from time to time.
# k5 s9 R. I1 k) C& H8 ]S-6
+ |" r1 @1 ]1 o; R9 k! i- ?: xPriority: The preferred shares of each series of the Bank will rank on a parity with0 H2 u: a0 u" k7 g$ t/ w
every other series and are entitled to preference over the common shares of
1 E  k) p  J  g* }/ K2 B# Kthe Bank and over any other shares of the Bank ranking junior to the  C; X8 f' h8 a
preferred shares with respect to the payment of dividends and upon any1 {3 v  v' O9 J- K0 R
distribution of assets in the event of the liquidation, dissolution or
, z- q9 i& `( C$ i$ D0 Bwinding-up of the Bank.# s0 b0 D3 Z" }# J7 M: I: m: L# {5 w
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under! }: N3 t5 b( C8 A
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
! ?5 q& U/ r8 q/ n. E: _" s9 WSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
$ [# W/ ]) s2 i7 ndividends 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。# k; r5 l8 L$ D, _
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 T; Z& D0 ?! G# K& ^3 W2 |9 B% y$ @! o7 k& N' h6 Z! e
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
8 |8 D) N* V2 G8 X
8 X7 a6 T+ P( `" ncall 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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