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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。% w6 Q. W- a) V2 M$ @  D% t
8 Q0 m' u$ o9 l7 P& z  @$ J2 F# b5 t

9 ^6 L2 h1 y7 X) R' z" `2 N[ 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+ @' f* J. g' `& k4 n$ g: N- f# T' w
SUMMARY OF THE OFFERING/ ^5 k2 [$ j- m
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’’.
6 h7 |4 j. }# L8 ^" i0 |3 o1 _Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
$ T2 P: ~* @4 wAmount: $150,000,000 (6,000,000 shares).
4 P) i1 T6 W1 F0 m& ~  o6 rPrice and Yield: $25.00 per share to yield initially 6.50% per annum.3 [: {' |& L7 Y2 q" {6 K
Principal Characteristics of the Preferred Shares Series 18
$ H/ P( V# E" e! mDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed! w& T; E) z! k/ ^
non-cumulative preferential cash dividends, as and when declared by the8 P3 I. I$ w0 Y$ i) T: M1 P
Board of Directors, subject to the provisions of the Bank Act, for the initial  l8 B$ U: M' T
period commencing on the closing date and ending on and including/ Q& d7 a+ c# f& @
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
9 Q; V% C" h5 P) _: b25th day of February, May, August and November in each year, at a rate
7 N: U3 C( T9 n1 X" h1 u+ x2 \3 Aequal to $0.40625 per share. The initial dividend, if declared, will be payable
. B7 j4 P1 X! e" G! q, a7 z& P; cMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
/ Y5 N# }: Q" Cdate of December 11, 2008.
' |. Q$ K/ P0 G1 u3 o* u# NFor each five-year period after the Initial Fixed Rate Period (each, a0 L% C8 C6 G, N* C2 r5 P2 t  G
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares7 p" r! A: Z! ]7 {
Series 18 will be entitled to receive fixed non-cumulative preferential cash
" y4 U7 x+ r' X# [% pdividends, as and when declared by the Board of Directors, subject to the5 o; t1 z, M; J, P) C1 i
provisions of the Bank Act, payable quarterly on the 25th day of February,. t8 @9 n3 {# b# z* p/ C
May, August and November in each year, in the amount per share per annum3 t7 R2 B' Y; f) o" v. n0 R. W
determined by multiplying the Annual Fixed Dividend Rate applicable to. b! j% Z; S8 b( m. h5 v+ q
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend( ^6 W4 Q( G+ v4 f! p) m
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the2 v/ ?! t+ q- h. p) c
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
, @1 D, @6 C4 l: M+ }) F  J: cof such Subsequent Fixed Rate Period and will be equal to the sum of the6 I/ y- ^7 N% |
Government of Canada Yield on the applicable Fixed Rate Calculation Date
+ x  W2 A1 m1 r# _, x- ?3 mplus 3.83%.+ Y# X6 q8 E. A- f6 @4 N
If the Board of Directors does not declare a dividend, or any part thereof, on0 |9 S2 b, ~; Q1 _) w
the Preferred Shares Series 18 on or before the dividend payment date for a
$ r2 `! X! [, _6 z2 Bparticular quarter, then the entitlement of the holders of the Preferred
/ k7 G, [1 C% hShares Series 18 to receive such dividend, or to any part thereof, for such; S* a7 ]: f- C* F
quarter will be forever extinguished.
, g# P2 A# h! m* [5 z5 lRedemption: Subject to the provisions of the Bank Act and to the prior consent of the& Q  m, a6 w9 E- c7 [  `
Superintendent and to the provisions described below under ‘‘Details of the* ]) @4 N- R) ~4 X( Y
Offering — Certain Provisions of the Preferred Shares Series 18 as a/ N: o$ H: ^# e
Series — Restrictions on Dividends and Retirement of Shares’’, on
3 z4 p& \% k2 ?2 tFebruary 25, 2014 and on February 25 every five years thereafter, on not
$ R# V# u" X- q* ]0 ~more than 60 nor less than 30 days’ notice, the Bank may redeem all or any, J6 [. E) ~. j. v+ N) T" E# ~# L9 d
part of the then outstanding Preferred Shares Series 18, at the Bank’s option" Q4 x7 b8 \7 ~1 _# A1 m, o
without the consent of the holder, by the payment of an amount in cash for: u$ r9 W, f- _  d0 i3 z, l& ?
each such share so redeemed of $25.00 together with all declared and unpaid( T( F: b+ s/ @" t/ m
dividends to the date fixed for redemption.
5 k2 Z7 h$ r4 T1 b" r4 mConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic( ]& d. Z/ a4 o# B5 A+ h  V
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
$ d8 ~& w8 c' h8 Dthe right, at their option, to convert, on February 25, 2014 and on
) x( N) p. `) {S-4
$ V2 U3 L& U( J* E1 N" ^* h+ P) z6 kFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
0 }' P$ ]% _, Wor all of their Preferred Shares Series 18 into an equal number of Preferred
% j& U  H' v- V( @Shares Series 19 upon giving to the Bank notice thereof not earlier than
. r$ F9 A# v, T, ^; y30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day% N% s  t" X) j4 q/ x2 w& {
preceding, a Series 18 Conversion Date.9 E) h8 m- Z* S/ Z
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
5 c- H0 E8 u/ _) b3 L& @3 d  u6 hProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
1 ~( ]3 h- N2 Q- Q" U% PSeries 19, as the case may be, that there would be outstanding on such
! |, U6 p; R0 o# HSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,. T  {- u5 o, q1 [. f7 \
such remaining number of Preferred Shares Series 18 will automatically be
  X& s' L' f! ]converted on such Series 18 Conversion Date into an equal number of
9 }. Z; D3 J/ r3 f# J8 {Preferred Shares Series 19. Additionally, if the Bank determines that, after
9 S& N3 p, i+ l2 t/ I( k& Y5 Dconversion, there would be outstanding on such Series 18 Conversion Date
4 w% M4 D' a9 rless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
! s" d# n9 U8 J) T; t$ \9 \Series 18 will be converted into Preferred Shares Series 19.) b+ |; S( v8 I" q
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
$ i- N  X0 N# v& a4 TSeries 18 will not be entitled as such to receive notice of, attend, or vote at,, h; J) ~( C" m& \3 ]! `7 I' Z- c) N
any meeting of the shareholders of the Bank unless and until the first time at
  ~7 q3 c. ?0 c8 u7 ~( ~which the Board of Directors has not declared the whole dividend on the5 p& h/ T4 z0 g. s
Preferred Shares Series 18 in any quarter. In that event, subject as
, c, d- N5 o5 {hereinafter provided, the holders of Preferred Shares Series 18 will be7 X" j! P, s' }
entitled to receive notice of, and to attend, meetings of shareholders at which
' N5 o' v% F- C  U6 u% Zdirectors of the Bank are to be elected and will be entitled to one vote for
8 _' [" L* x: y  Feach Preferred Share Series 18 held. The voting rights of the holders of the% P" Z/ l4 L; j  T
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
' f$ v8 K5 v- \5 Y$ Nthe first dividend on the Preferred Shares Series 18 to which the holders are: ^* Q5 U2 G6 d% ?+ b
entitled thereunder subsequent to the time such voting rights first arose until$ o  ?6 I) {9 Z
such time as the Bank may again fail to declare the whole dividend on the+ k5 R3 y# K' ^/ F2 B5 r
Preferred Shares Series 18 in respect of any quarter, in which event such
( T4 S& d, ]' X% T9 Cvoting rights will become effective again and so on from time to time.& f, Q5 C& \# z* p/ R( ]9 W
Principal Characteristics of the Preferred Shares Series 19
! A1 x3 g! P, cDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
4 Z+ T" v+ j) `7 ?1 Ofloating rate non-cumulative preferential cash dividends, as and when# Q6 s1 f, i9 V! J3 w
declared by the Board of Directors, subject to the provisions of the Bank Act,' t- {( q# O( Z$ A4 z
payable quarterly on the 25th day of February, May, August and November
! X5 X, H3 _% I) [, g; s6 X1 f! Zin each year, in the amount per share determined by multiplying the
$ V! ?+ A$ ]  s1 p& N" O3 Sapplicable Quarterly Floating Dividend Rate by $25.00.
# Y. A5 V$ U7 x5 d+ k4 j5 ^On the 30th day prior to the commencement of the initial quarterly dividend. l( \6 E: `: m. a" \  |9 [! e
period beginning on February 25, 2014, and on the 30th day prior to the first
9 h% |+ t- c) c. g" k7 Iday of each subsequent quarterly dividend period (the initial quarterly
/ k+ z/ f. ^3 m/ T  z4 N/ {dividend period and each subsequent quarterly dividend period is referred to
9 m$ A9 U* `. t) B4 L( L2 kas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the2 l& P2 [/ ?1 h6 {3 C9 n1 H- t
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
5 s" B4 _+ c8 m6 L4 v- B4 s( nPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the6 Y4 ~4 H4 }- r# U! i/ I
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
" w' z( V) _9 @' Ielapsed in the applicable Quarterly Floating Rate Period divided by 365). s3 Y1 q5 z  H
determined on the 30th day prior to the first day of the applicable Quarterly
# A" S5 \! B, U+ sFloating Rate Period.9 ^4 ^( P9 k. j( L2 ?* n- U
S-5
  \" ~: w0 B% i4 c& d# s3 ZIf the Board of Directors does not declare a dividend, or any part thereof, on8 ]9 {1 v3 a% g) t) q
the Preferred Shares Series 19 on or before the dividend payment date for a
( ^! c" o+ B6 J& R  hparticular quarter, then the entitlement of the holders of the Preferred
$ j$ |* \6 M- R4 M# Z+ G1 IShares Series 19 to receive such dividend, or to any part thereof, for such
! a0 w% A) \  z4 m" ]9 O6 Pquarter will be forever extinguished.
6 V5 B5 d! b, xRedemption: Subject to the provisions of the Bank Act and to the prior consent of the% L6 z# |5 u* ]$ @8 D
Superintendent and to the provisions described below under the heading$ [. p$ l7 H- K* Q1 M
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
) a1 Z" P5 q" J6 M, |Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,) L- J5 G% e2 j- m7 C8 a
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
! l3 Q/ F0 ]# k4 E; Ror any part of the then outstanding Preferred Shares Series 19, at the Bank’s
) s, Q& G$ P. ^1 m5 [: A% i+ Aoption without the consent of the holder, by the payment of an amount in
! `/ }1 `1 t4 l2 I- w2 [cash for each such share so redeemed of (i) $25.00 together with all declared
  h/ t& e- t+ r- F/ |and unpaid dividends to the date fixed for redemption in the case of7 u. G) d& E1 C, b
redemptions on February 25, 2019 and on February 25 every five years$ c8 c* p- ]3 Y& p, K  ?4 m1 k
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to8 f/ O5 k  c; A; H
the date fixed for redemption in the case of redemptions on any other date
. e$ }$ R; z2 o& s4 M: ~' h' Ion or after February 25, 2014.
3 b3 ^" r$ z' N; ]Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
: a) S( t5 B5 BShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have6 G  X# r# `! X" ?3 r# J# ^
the right, at their option, to convert, on February 25, 2019 and on
% |, f' `7 l2 W. G) D$ sFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any% w1 Y, |, x; c9 j# {
or all of their Preferred Shares Series 19 into an equal number of Preferred
* E3 ?5 F7 w; W4 q! X. U5 AShares Series 18 upon giving to the Bank written notice thereof not earlier
9 y  R( j+ |' h3 @than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
9 j% u7 b* {0 h9 m3 e15th day preceding, a Series 19 Conversion Date.5 t* L2 [+ G  j
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
7 X+ T  x! f# j$ ^5 C, ?$ oProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares2 F9 D) w: g* O
Series 18, as the case may be, that there would be outstanding on such
/ n9 E& X" y: d4 y# g  X, O; pSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,2 q. N: d5 |: I/ g. O
such remaining number of Preferred Shares Series 19 will automatically be
0 A* b- T( u/ S" Jconverted on such Series 19 Conversion Date into an equal number of
% J0 u' ~' S4 U. _7 J( u. O8 |) wPreferred Shares Series 18. Additionally, if the Bank determines that, after
( J* O! \6 R2 F( @; b. C. C' `conversion, there would be outstanding on such Series 19 Conversion Date
: k; q+ k" k. I% `less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares* s  n& e# X' g5 q
Series 19 will be converted into Preferred Shares Series 18.
0 P! S; k& t7 |( D7 {. ]  wVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares7 c. C9 Z* N8 w: x# y: B" q
Series 19 will not be entitled as such to receive notice of, attend, or vote at,' C/ K. ]/ k4 h  t. A( d6 a
any meeting of the shareholders of the Bank unless and until the first time at% w. d6 n% K: V, g2 c1 x: F
which the Board of Directors has not declared the whole dividend on the
% m: p) _3 o: n3 g" [# uPreferred Shares Series 19 in any quarter. In that event, subject as9 V( {; c* H6 T6 }+ w7 I
hereinafter provided, the holders of Preferred Shares Series 19 will be% C  \) D+ I( x. C8 U4 W2 J( q& O
entitled to receive notice of, and to attend, meetings of shareholders at which
5 L0 j& g' t6 k% R) I8 Q; [9 odirectors of the Bank are to be elected and will be entitled to one vote for
2 b) v' M; X) S' `) neach Preferred Share Series 19 held. The voting rights of the holders of the# L6 m! F. a; j* f1 T! B2 N
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
) i- H2 n! w0 y  mthe first dividend on the Preferred Shares Series 19 to which the holders are
: e# F$ z8 _! L+ Y# ?0 Q" ?entitled thereunder subsequent to the time such voting rights first arose until# g* B. U  c" n% v
such time as the Bank may again fail to declare the whole dividend on the2 D! l9 m3 A8 U* u9 E
Preferred Shares Series 19 in respect of any quarter, in which event such
. Z# `3 w' ]% e, w) {voting rights will become effective again and so on from time to time.
: @; m' A, ]" XS-6
- o- ~" M0 h' D+ O+ {! u: _Priority: The preferred shares of each series of the Bank will rank on a parity with( _  l- o+ e1 }: b6 g
every other series and are entitled to preference over the common shares of/ b  T$ b( ?& {1 c5 s, D$ C
the Bank and over any other shares of the Bank ranking junior to the( N  h, S0 K& i; Y% o- {
preferred shares with respect to the payment of dividends and upon any
( k  `& ~" x; I% w' s8 L* H, n& m# Bdistribution of assets in the event of the liquidation, dissolution or
- P3 t: A% |7 |+ `+ Z9 Iwinding-up of the Bank.
# c: x4 d. T( [: ?; D% nTax on Preferred Share The Bank will elect, in the manner and within the time provided under
# e9 M( E' c2 Y; [Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
8 [( J1 f8 X+ |) w9 d5 xSeries 18 and Preferred Shares Series 19 will not be required to pay tax on* N* l+ p& V' M" M% {" D5 A" `
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。4 |6 R; L0 @/ c# `
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
$ {, Z1 N. x, Q* l/ [
' X! y. v% H: Y6 ^5 j" A
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
9 I; K. l( O8 n9 Z' o3 Z
; i2 t9 F) E" O  icall 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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