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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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[ 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:
+ r* o8 `9 _+ I6 w; Y* k& {SUMMARY OF THE OFFERING
2 Y1 t# y+ |3 cThis 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’’.
9 W, L8 I7 h: zIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.  ^1 j" I$ [: O& x! l% |: P
Amount: $150,000,000 (6,000,000 shares).
9 J# d4 q% ]- d7 O# a& aPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
2 d) G" _8 S( _5 R, _- J8 TPrincipal Characteristics of the Preferred Shares Series 18
9 v0 r2 T. A  rDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed9 q0 ~" o) j* R
non-cumulative preferential cash dividends, as and when declared by the
- x# J: m7 Z/ rBoard of Directors, subject to the provisions of the Bank Act, for the initial  L) T, z# ^$ ]" K; f
period commencing on the closing date and ending on and including  `% b7 l) Z" X7 x0 ]8 w
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
5 o# o( u$ k6 v( O. e25th day of February, May, August and November in each year, at a rate
  e2 A6 u' u6 g- Kequal to $0.40625 per share. The initial dividend, if declared, will be payable
; u- `' Y6 E: ^* v3 m* ~# r% ^May 25, 2009 and will be $0.73459 per share, based on the anticipated closing: i. _5 `( b2 @6 t9 H% K
date of December 11, 2008.
9 O2 [% b: |  Q/ K5 L6 ~: a$ T  B& `For each five-year period after the Initial Fixed Rate Period (each, a* [# a9 _1 r- U0 k5 p+ D
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
  E" C  K( G0 X/ VSeries 18 will be entitled to receive fixed non-cumulative preferential cash
4 S; d" k; d! l2 Bdividends, as and when declared by the Board of Directors, subject to the% A. t0 ~* F  c% C; q" H
provisions of the Bank Act, payable quarterly on the 25th day of February,
4 R% f) S3 D( ~- a6 l2 G; N( SMay, August and November in each year, in the amount per share per annum
' b$ ~" a  ]& W9 s% ldetermined by multiplying the Annual Fixed Dividend Rate applicable to
9 ~7 X7 S1 J/ @  Fsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend) o/ B/ Y2 h3 D7 i
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
4 o9 U  Q* O: n3 `7 |. }6 hBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
" U& E. D% B2 @) Q: ~+ V' V0 Z4 m9 rof such Subsequent Fixed Rate Period and will be equal to the sum of the! |! R' o& `. w2 x% q" y
Government of Canada Yield on the applicable Fixed Rate Calculation Date
; e: [+ o  \% S2 h3 a4 [* iplus 3.83%.
( b* Q$ H% H: l, f9 U& BIf the Board of Directors does not declare a dividend, or any part thereof, on+ y0 O: v! |2 V2 s8 U. B
the Preferred Shares Series 18 on or before the dividend payment date for a4 ^( _& n: e8 u: G8 N% Z8 T
particular quarter, then the entitlement of the holders of the Preferred4 X4 z0 J4 ^. j5 m# V  q
Shares Series 18 to receive such dividend, or to any part thereof, for such, z% S0 z5 V% [: l( K
quarter will be forever extinguished.. Z. D) K( j; F0 H- L2 s
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the+ o4 I. }4 D5 ]7 ~8 K9 {
Superintendent and to the provisions described below under ‘‘Details of the
8 T& b1 I9 t3 I! e, p5 U* JOffering — Certain Provisions of the Preferred Shares Series 18 as a
* T) `* z% y1 N) DSeries — Restrictions on Dividends and Retirement of Shares’’, on; O3 x9 Q/ |# O5 R; Q8 H* U4 P
February 25, 2014 and on February 25 every five years thereafter, on not
* W. f- I6 w7 J7 G3 u: P1 Ymore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
8 U" N7 G2 X( l" [0 I- c0 K) |part of the then outstanding Preferred Shares Series 18, at the Bank’s option! T- M, _# M' w' t& R
without the consent of the holder, by the payment of an amount in cash for
  B; e1 e) b# I( Leach such share so redeemed of $25.00 together with all declared and unpaid- k1 ^! ?+ Y: q. t0 {7 `) R
dividends to the date fixed for redemption.9 a' _% ?+ ~5 R! ?6 N0 O3 W& j0 C
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
- G( v! M+ O6 JShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have  e4 i# C0 T8 [$ H
the right, at their option, to convert, on February 25, 2014 and on
8 I: F' n+ i+ p! ^5 gS-4
( V2 l! ~! V" X& F1 G. Z. \February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
2 k$ K* u2 ?0 Q6 Q* x  t8 sor all of their Preferred Shares Series 18 into an equal number of Preferred8 H* V- o& c$ n0 `% W% w: C4 `
Shares Series 19 upon giving to the Bank notice thereof not earlier than$ B8 ]2 U' ?3 X2 T
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day% p# g# P& d/ U6 ?
preceding, a Series 18 Conversion Date.6 u. U- N; z2 l; {
Automatic Conversion If the Bank determines, after having taken into account all shares tendered) I' w5 k" |* q
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
- h  E- I+ d  K: I6 x4 TSeries 19, as the case may be, that there would be outstanding on such
1 V' D3 ]' h* {* |0 hSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
1 G7 P4 ?- B  g/ Ksuch remaining number of Preferred Shares Series 18 will automatically be
  D7 m. `, A) q5 P  x/ T& `converted on such Series 18 Conversion Date into an equal number of1 t1 ?& I# x2 A- d4 S$ @9 w
Preferred Shares Series 19. Additionally, if the Bank determines that, after
1 E) {' i6 H4 z" O( h# yconversion, there would be outstanding on such Series 18 Conversion Date& F; s$ X; B+ ?* l7 j! u
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares* h! s; U+ p" v
Series 18 will be converted into Preferred Shares Series 19.( p$ |" [* T4 @: ?! M
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares, c/ \  Y& b; L9 P; V# y
Series 18 will not be entitled as such to receive notice of, attend, or vote at,7 V  b" Y" T1 k' J. ^1 H% p
any meeting of the shareholders of the Bank unless and until the first time at
" {% U3 ^4 h5 Y3 E1 G8 Twhich the Board of Directors has not declared the whole dividend on the
6 T. s' K) m& e0 OPreferred Shares Series 18 in any quarter. In that event, subject as
) J. l3 d' T/ z' L4 e6 y2 ohereinafter provided, the holders of Preferred Shares Series 18 will be5 J8 S  {$ z' M- G
entitled to receive notice of, and to attend, meetings of shareholders at which
6 c! |5 ?  X: P- _, [& cdirectors of the Bank are to be elected and will be entitled to one vote for* Z8 p# ^6 s. n& ^9 b6 ^% @
each Preferred Share Series 18 held. The voting rights of the holders of the2 O; J/ ~1 h4 m6 ^
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of! z+ @6 p# y6 {& s7 a) {
the first dividend on the Preferred Shares Series 18 to which the holders are
, }7 a, d' t8 ]entitled thereunder subsequent to the time such voting rights first arose until
/ f  u9 k( C* t2 a" Q4 V" }4 fsuch time as the Bank may again fail to declare the whole dividend on the
2 j& C/ j5 B' I: gPreferred Shares Series 18 in respect of any quarter, in which event such, M' K# F: z& V6 A
voting rights will become effective again and so on from time to time.4 V/ t5 _9 {  b, s$ B
Principal Characteristics of the Preferred Shares Series 19! i; f# u# O1 q- n$ `
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
# a7 `- A* N- Y7 P3 ]floating rate non-cumulative preferential cash dividends, as and when
# ^6 o( M9 |! V6 pdeclared by the Board of Directors, subject to the provisions of the Bank Act,
! d0 ]. w% s( E0 _, R/ Lpayable quarterly on the 25th day of February, May, August and November9 `( }0 `" L- g2 I2 W+ b, d
in each year, in the amount per share determined by multiplying the, e0 D7 v6 K7 O0 R
applicable Quarterly Floating Dividend Rate by $25.00.
( T  L2 @1 |: w- BOn the 30th day prior to the commencement of the initial quarterly dividend& F. P" ~4 b# h
period beginning on February 25, 2014, and on the 30th day prior to the first8 G, H2 f+ H* W- l
day of each subsequent quarterly dividend period (the initial quarterly
2 ?6 g5 e  d3 c% zdividend period and each subsequent quarterly dividend period is referred to
$ l# s# S6 w5 O- q2 A! bas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
! u4 @2 l' l8 q( dQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate- _% V* G) x- g$ K& q3 z
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
* N2 U* y+ \6 O4 i  w) mT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days& y+ C( q! j  [1 g$ K5 D1 V
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
1 x" ]/ H9 k+ R6 u2 t. M& ~# d. ^determined on the 30th day prior to the first day of the applicable Quarterly
' {, ?9 B  u( N- N0 \Floating Rate Period.
2 y7 o/ \4 H$ o( j4 jS-5  w+ g% [3 z+ m7 f: i0 o" c3 H- B+ E
If the Board of Directors does not declare a dividend, or any part thereof, on) R& U$ D  p2 M5 [" G  W
the Preferred Shares Series 19 on or before the dividend payment date for a
: j1 b+ k2 L* E8 @) B% B% rparticular quarter, then the entitlement of the holders of the Preferred
+ p' `0 ]6 b9 d- ~6 F9 |Shares Series 19 to receive such dividend, or to any part thereof, for such! j- ]: m- V" J2 l# K
quarter will be forever extinguished.
$ U* e. T# D: x% A  YRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
) [- F4 d: k3 x9 |1 |1 nSuperintendent and to the provisions described below under the heading
$ ~$ W# v0 [+ U‘‘Details of the Offering — Certain Provisions of the Preferred Shares  Q, p+ r  S5 `% ?, H0 o
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
5 @  P# \; @- Zon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
+ H# G* `. H& ]3 M; Hor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
0 y/ u. N0 S9 i1 D! zoption without the consent of the holder, by the payment of an amount in; H+ j4 X* b3 a
cash for each such share so redeemed of (i) $25.00 together with all declared
% h) Q* k2 p3 Uand unpaid dividends to the date fixed for redemption in the case of
9 w1 @' y- a& U! O' P- Z/ aredemptions on February 25, 2019 and on February 25 every five years3 Y, p; |$ `4 T7 l
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
. h! F8 S; K( s1 O+ O# }the date fixed for redemption in the case of redemptions on any other date
7 I3 c5 N% P/ U. ?0 o  T" Aon or after February 25, 2014.
6 t/ ^9 k8 E+ |/ P+ PConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
& I0 O1 ?7 i5 `+ H1 p+ PShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
& X" O, r0 D" J$ M# \, tthe right, at their option, to convert, on February 25, 2019 and on
1 N4 s" X8 j: V( ?/ [February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
4 K" B; V/ |( x. R% ^8 lor all of their Preferred Shares Series 19 into an equal number of Preferred; F, t4 X; A! y, q% T6 N7 b
Shares Series 18 upon giving to the Bank written notice thereof not earlier4 e  S% ]: q1 r* \
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the2 o' d& M( d! r
15th day preceding, a Series 19 Conversion Date.
& t0 ?: a& `2 u% qAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
" v; P: w" C  s) g6 `* EProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
' p6 i: ]5 C8 h' r$ P4 ]Series 18, as the case may be, that there would be outstanding on such& U, Q% j0 }2 P2 ?1 z
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,% U. T# [3 N7 t/ H& w
such remaining number of Preferred Shares Series 19 will automatically be. i: d( |1 E. z5 T# v8 X
converted on such Series 19 Conversion Date into an equal number of
" ~7 l0 K' y( g4 }1 `7 hPreferred Shares Series 18. Additionally, if the Bank determines that, after
  {1 k0 X5 F' H; qconversion, there would be outstanding on such Series 19 Conversion Date: ?) N# v- T# q" i, `
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares6 U7 s& @6 h9 h0 E/ [0 {
Series 19 will be converted into Preferred Shares Series 18.4 \- t0 _8 `8 v% {
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
3 G9 H- q2 n% ]. U- FSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
2 M; `1 L4 N9 \! @; N, _any meeting of the shareholders of the Bank unless and until the first time at# ?& Z* B' z1 ]3 T
which the Board of Directors has not declared the whole dividend on the9 ^+ O0 k: m& ]' [# x
Preferred Shares Series 19 in any quarter. In that event, subject as) T' e1 v3 Y/ z; L- L( F
hereinafter provided, the holders of Preferred Shares Series 19 will be( [1 N. {" w5 X! k+ x, @
entitled to receive notice of, and to attend, meetings of shareholders at which
. H) V. I8 v- ]# Q- q( e% }; xdirectors of the Bank are to be elected and will be entitled to one vote for' O0 }: m& r; `- w- U
each Preferred Share Series 19 held. The voting rights of the holders of the
. }% v0 F6 j( e3 x6 nPreferred Shares Series 19 will forthwith cease upon payment by the Bank of+ |# e+ g% r, j3 F( ]# @! g
the first dividend on the Preferred Shares Series 19 to which the holders are
3 ?: ]  K# w5 {- J* dentitled thereunder subsequent to the time such voting rights first arose until% J+ ^: M) P. R
such time as the Bank may again fail to declare the whole dividend on the# s; g& ?$ G) J
Preferred Shares Series 19 in respect of any quarter, in which event such
3 C4 P4 q9 F' j  h, ]7 ]: Pvoting rights will become effective again and so on from time to time.
: P- S/ G6 ~  y' d. ]( Q+ j! WS-6
' H! J. J$ T5 u$ r8 b1 u3 S. o& jPriority: The preferred shares of each series of the Bank will rank on a parity with
# m, a. r6 b1 t! {2 B4 m1 oevery other series and are entitled to preference over the common shares of1 @# @/ ?# s/ o
the Bank and over any other shares of the Bank ranking junior to the/ E' `( n: j6 M  \/ o/ o
preferred shares with respect to the payment of dividends and upon any6 J0 c+ f( y" l( u' C
distribution of assets in the event of the liquidation, dissolution or
  P: y3 I: D* l' cwinding-up of the Bank.
% S! A  |: F+ t5 L7 iTax on Preferred Share The Bank will elect, in the manner and within the time provided under
4 ~. S) r% W8 ?Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
$ _+ H; F+ j* ^, y' d) w9 xSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
8 ~. G  r; s' W; S5 s' 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。
0 ~) D# u  K( C* F) U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

4 I& w' c! f1 P3 _+ X- m
9 |* ^* K. Z+ y  n下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。4 p; g- Z7 n3 K; V" n
4 O! D: ~4 _! s' O
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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