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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。
$ y4 N  N$ I- |: v6 o$ O$ L! i: J

" t! d0 X, I3 O) a) B* |+ s8 z1 C1 m6 t6 Z/ d: q8 F
[ 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:
/ b/ G" [& b! a0 R6 c$ D/ bSUMMARY OF THE OFFERING9 e! o/ K. V8 L$ \
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’’.
/ C! T4 Q- P% xIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
$ w9 o) X7 ?: A" Y5 d0 G$ XAmount: $150,000,000 (6,000,000 shares).
0 J$ g, e( r- Q* `Price and Yield: $25.00 per share to yield initially 6.50% per annum.  b; W! E" Z" ^; u& F: p- @1 Y: ]3 Y
Principal Characteristics of the Preferred Shares Series 18
( [" J, s7 w' V- S0 oDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed' W! D1 X1 T8 I) d' J
non-cumulative preferential cash dividends, as and when declared by the
" c7 T& r1 u9 M5 w# e' hBoard of Directors, subject to the provisions of the Bank Act, for the initial( d" g' S! c( C2 R! s; q3 ?6 z8 ]
period commencing on the closing date and ending on and including; X6 q! P& i. _
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the0 x$ P, M3 P. N# u, C
25th day of February, May, August and November in each year, at a rate3 z+ A! ?# q6 d' S% {! F% o
equal to $0.40625 per share. The initial dividend, if declared, will be payable
' h# L  B, \2 R8 FMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
% a4 r. `1 }5 u# x7 O5 w- Ydate of December 11, 2008.
- \/ r0 V2 z, u: V# @/ _( B/ qFor each five-year period after the Initial Fixed Rate Period (each, a
& c1 [- p7 B" n7 k" |# F1 t9 }5 Q‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
. F) Z! G, N, f5 g0 g$ {Series 18 will be entitled to receive fixed non-cumulative preferential cash
/ r8 x; z' Q% |dividends, as and when declared by the Board of Directors, subject to the9 D) H& Q' Y! W" R! N
provisions of the Bank Act, payable quarterly on the 25th day of February,( E9 v: \+ v3 {  C0 ]* ]
May, August and November in each year, in the amount per share per annum
7 k5 l+ p8 k5 L: L/ H" |2 Xdetermined by multiplying the Annual Fixed Dividend Rate applicable to( Q! ^: K+ p% U  R& e. f
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend: h4 U0 V$ }5 [6 ^! E: {
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the' ^/ Q& P) N7 k& y& }  d" X. L# n
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
0 L5 ]7 D: o! W3 B( q1 q! y1 _8 Zof such Subsequent Fixed Rate Period and will be equal to the sum of the# X+ i5 y5 [2 Q
Government of Canada Yield on the applicable Fixed Rate Calculation Date( g/ V: W, u, R5 M. w6 G
plus 3.83%.  d* {" E, D" y2 m
If the Board of Directors does not declare a dividend, or any part thereof, on
5 w  a! ]; H  P( Bthe Preferred Shares Series 18 on or before the dividend payment date for a6 {* n' D9 |8 U5 i+ m
particular quarter, then the entitlement of the holders of the Preferred0 a) z, N9 Q8 }6 g9 ]$ |1 V6 x
Shares Series 18 to receive such dividend, or to any part thereof, for such
. N% P2 L( V$ B, y: \7 fquarter will be forever extinguished.
& O3 e, g6 y- D+ s. K6 }0 D4 wRedemption: Subject to the provisions of the Bank Act and to the prior consent of the- a' `" d% |! U& e1 O4 I
Superintendent and to the provisions described below under ‘‘Details of the
8 L$ _. t1 s& V! E9 C  e6 XOffering — Certain Provisions of the Preferred Shares Series 18 as a
  k5 @8 l( B% ^Series — Restrictions on Dividends and Retirement of Shares’’, on$ T  q% z0 a  R0 t( X0 z  B7 V
February 25, 2014 and on February 25 every five years thereafter, on not3 U) u8 s. H  ]0 a9 }$ y2 a
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any" }% h1 c, U" u! d" `
part of the then outstanding Preferred Shares Series 18, at the Bank’s option# l# y. t: z& G: d7 I9 h
without the consent of the holder, by the payment of an amount in cash for
/ ?8 N$ F3 q. T0 t9 Meach such share so redeemed of $25.00 together with all declared and unpaid% Y: [, I2 k8 E, X* z
dividends to the date fixed for redemption.# Z) h, L( O& _' j6 d
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic3 z4 [9 g0 _0 Q+ _& w
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have0 G4 a" I& V5 R9 K& C3 O5 K
the right, at their option, to convert, on February 25, 2014 and on
/ g2 ~6 E8 C! c# A2 XS-4
4 n) B' @! ?" \: WFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
* N5 w# j5 {: E$ Por all of their Preferred Shares Series 18 into an equal number of Preferred
' a7 Q' y$ h( k# Z/ R9 R, PShares Series 19 upon giving to the Bank notice thereof not earlier than
2 R" s! A7 y; h0 g30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
1 A$ y. z1 x# [preceding, a Series 18 Conversion Date.  t+ h/ S% U- k3 _* h$ P. a
Automatic Conversion If the Bank determines, after having taken into account all shares tendered. m- ?* I& |7 Q/ \' d6 Q4 k( l  f1 P
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares: v% S# V. M0 u3 N9 B5 m; R( l
Series 19, as the case may be, that there would be outstanding on such
  A+ X  q0 r4 \- e. i; ZSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
$ s, E% s/ M  x# S, t9 w0 Qsuch remaining number of Preferred Shares Series 18 will automatically be
4 f9 i& x1 }- f- H+ \' Qconverted on such Series 18 Conversion Date into an equal number of9 W# C5 V% ?4 \& H' b" G, q
Preferred Shares Series 19. Additionally, if the Bank determines that, after2 j4 P( s* F1 U9 D. n: `" O
conversion, there would be outstanding on such Series 18 Conversion Date
4 l2 N) s( U% ^) A& ^less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares6 F& l3 M" v7 w( b
Series 18 will be converted into Preferred Shares Series 19.
" u0 G3 X2 ~7 i% q* _' n% BVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
. o: f, u- M1 u7 u9 O  RSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
8 q) N* X  T5 W( |8 [( V9 m6 z& Vany meeting of the shareholders of the Bank unless and until the first time at, d2 B1 `" ~  r
which the Board of Directors has not declared the whole dividend on the/ G. P3 M) I. l
Preferred Shares Series 18 in any quarter. In that event, subject as* s5 g0 A+ z1 K* Y+ D+ I/ K
hereinafter provided, the holders of Preferred Shares Series 18 will be
/ X! |7 \# b5 L2 s& qentitled to receive notice of, and to attend, meetings of shareholders at which
" D; ], Y4 n5 y) fdirectors of the Bank are to be elected and will be entitled to one vote for
9 [* ^$ U& B/ B5 E+ {+ |1 xeach Preferred Share Series 18 held. The voting rights of the holders of the
+ M+ N/ D% n! u( n) m8 g  MPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
# w  [" H" ?/ Rthe first dividend on the Preferred Shares Series 18 to which the holders are; z! u! u9 g2 `. b) G
entitled thereunder subsequent to the time such voting rights first arose until8 E3 O$ p' `1 h# F
such time as the Bank may again fail to declare the whole dividend on the
3 s6 l% C- x( U# V9 tPreferred Shares Series 18 in respect of any quarter, in which event such
3 J6 x* X% j. y" Z; Y; v8 e9 I5 evoting rights will become effective again and so on from time to time.6 P7 E8 H) L9 X2 X
Principal Characteristics of the Preferred Shares Series 19. T! x2 R5 H# k1 l; C+ f/ a& l7 y
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
  I6 z2 v$ r1 C- U. Mfloating rate non-cumulative preferential cash dividends, as and when4 W8 e# b, r* `, _- g9 z
declared by the Board of Directors, subject to the provisions of the Bank Act,
* E) _& `/ S: p$ b$ qpayable quarterly on the 25th day of February, May, August and November! v7 b) z) h) T* T
in each year, in the amount per share determined by multiplying the
8 f) k+ W0 `9 Q" ^  ]1 J: ?applicable Quarterly Floating Dividend Rate by $25.00./ K" N2 {  _, E: p; Y/ X
On the 30th day prior to the commencement of the initial quarterly dividend
8 D, ~6 ?1 d$ j% @( Bperiod beginning on February 25, 2014, and on the 30th day prior to the first5 `8 }" V6 A" _5 T# Q
day of each subsequent quarterly dividend period (the initial quarterly$ }1 M% n; ~: _; ?7 m5 S
dividend period and each subsequent quarterly dividend period is referred to1 Z% V5 h& u9 r. d) F
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
9 n$ k" Q4 `! z2 r8 U' _- _1 _Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate) s: I( u! J* W2 Z$ c
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the, K5 Q2 x( Y$ r8 A& q* o( w$ I2 Z
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days. b$ E. A9 S; V% a! B2 i, N, ~
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
8 V8 x4 e: w2 l' ndetermined on the 30th day prior to the first day of the applicable Quarterly
& p+ H. M1 V8 W7 _( v- D, ]1 hFloating Rate Period.7 z* l! L) s- o+ t9 d* l
S-5, v9 ?* S. A9 P) C3 _+ c
If the Board of Directors does not declare a dividend, or any part thereof, on
5 v/ {* f' |: W. A% w7 L# u$ c. B" kthe Preferred Shares Series 19 on or before the dividend payment date for a
0 M/ m; x6 M! r% t" cparticular quarter, then the entitlement of the holders of the Preferred
; }" [& c! p* j' l& `Shares Series 19 to receive such dividend, or to any part thereof, for such
9 P1 c9 z5 \/ Y0 L& q) pquarter will be forever extinguished.
+ q# I% f/ r- N+ S0 r* ERedemption: Subject to the provisions of the Bank Act and to the prior consent of the. w3 r2 W1 W/ \6 u3 b; {
Superintendent and to the provisions described below under the heading+ e) c+ Y% Z$ ~! D8 W+ {
‘‘Details of the Offering — Certain Provisions of the Preferred Shares' I- e  D3 c9 W2 k5 V
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,# s8 J3 |: n- B6 A
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all! S% c% w% N) V9 \! E7 I- p
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s- Y; ]; p  ~3 K& L/ y4 f7 f; F
option without the consent of the holder, by the payment of an amount in8 x& c! q: a% a; C
cash for each such share so redeemed of (i) $25.00 together with all declared/ h9 h# h0 y# [, v9 J) t0 O
and unpaid dividends to the date fixed for redemption in the case of
1 k% I& m+ _) k& g1 k, }4 f0 T8 {. b, m6 oredemptions on February 25, 2019 and on February 25 every five years
* \& {" N; C3 ~# l& |thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
* r9 z3 k0 C8 Xthe date fixed for redemption in the case of redemptions on any other date
7 _* q5 {4 z5 x  ?3 pon or after February 25, 2014.
# j8 x$ t; e7 I# _Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic0 F  x1 X3 K  l3 D
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
- ?0 w7 K6 t$ `& Pthe right, at their option, to convert, on February 25, 2019 and on
2 _0 D. J$ l9 [$ I, _  H$ EFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
/ ^0 m5 E+ R' e( Xor all of their Preferred Shares Series 19 into an equal number of Preferred, V4 ?7 K8 I' O$ B; ]0 v* o7 \
Shares Series 18 upon giving to the Bank written notice thereof not earlier$ K) W& Y  e0 c# X) z
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the* |/ w% h4 q" D! a- [1 x* W
15th day preceding, a Series 19 Conversion Date.
; ~! T: G. Y& m2 _# M7 L7 [1 nAutomatic Conversion If the Bank determines, after having taken into account all shares tendered; d! J4 s9 s; M& n# e. N
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares3 B" l0 I5 L: P- o5 A; o
Series 18, as the case may be, that there would be outstanding on such+ i. e) N* a7 t- Z6 L
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
& J$ o- ^0 U3 T% i3 m1 O1 w: csuch remaining number of Preferred Shares Series 19 will automatically be
7 e/ m1 O& K3 a3 }( Bconverted on such Series 19 Conversion Date into an equal number of+ w- B& p% f6 ]0 V5 S
Preferred Shares Series 18. Additionally, if the Bank determines that, after
5 ]- o8 d% F% c% }conversion, there would be outstanding on such Series 19 Conversion Date
! {# P: o( e; k# P. N# J! yless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
: n4 F( ?/ B# `0 `, o) LSeries 19 will be converted into Preferred Shares Series 18.6 Q+ }( Q& b3 a1 \& U
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares6 X! n5 i  C( P( y
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
% d( C5 _' ~0 o2 T* {3 @; Kany meeting of the shareholders of the Bank unless and until the first time at
  y& L6 G3 C/ E7 O5 [, F8 m: ewhich the Board of Directors has not declared the whole dividend on the
/ x9 c" a" U1 @3 X( B# r6 n* c* jPreferred Shares Series 19 in any quarter. In that event, subject as
8 {7 B7 a! T6 C) [hereinafter provided, the holders of Preferred Shares Series 19 will be
; p' g3 O7 n% F* H% k9 l- Eentitled to receive notice of, and to attend, meetings of shareholders at which4 `. [2 e) ]* Z- S. P
directors of the Bank are to be elected and will be entitled to one vote for
$ h, X: k! z0 A* O' a1 p' Ieach Preferred Share Series 19 held. The voting rights of the holders of the
8 K* S5 t- P0 j3 M% A: s1 F& ?$ TPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
: I) Y. ^9 l9 o( ~/ N% p8 V, xthe first dividend on the Preferred Shares Series 19 to which the holders are: K# p5 l5 R; l: ~+ G
entitled thereunder subsequent to the time such voting rights first arose until
' e% B, v4 _8 O3 B- usuch time as the Bank may again fail to declare the whole dividend on the+ |: g3 Z/ H5 U* V8 }- A
Preferred Shares Series 19 in respect of any quarter, in which event such' |* [" |6 z+ @2 I3 }
voting rights will become effective again and so on from time to time.
& d( d) f" ^, O& n! {& z$ iS-6; z3 L  [. D0 ?" ]! P
Priority: The preferred shares of each series of the Bank will rank on a parity with: X" P  k8 `: K1 A2 p  ~, ?
every other series and are entitled to preference over the common shares of0 l3 d: I2 F& c& w
the Bank and over any other shares of the Bank ranking junior to the1 t0 W, ?6 Q, V# l; U' w5 p9 I
preferred shares with respect to the payment of dividends and upon any
: h4 J9 J- ]) S9 J- E/ hdistribution of assets in the event of the liquidation, dissolution or
* s* m( D9 h% p9 S& J4 {* Mwinding-up of the Bank.' P& y2 v9 \' a& Z* K
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under; W" s+ v2 t4 H! L3 }' f
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares$ S. u/ @, k! S% F' ~. _
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
; z" I; p1 y  |; r  }- ?- T$ k+ Qdividends 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。  V0 m* ~* c1 T7 Y
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
' ]( B! m! D! e
* {) w& x5 c: U
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
7 [- Z5 L/ e9 ?1 l* r1 Y
9 v9 q5 S3 A' t/ o% kcall 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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