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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。+ L1 `+ d4 _1 K. @6 I

: D+ f$ @) m/ U" S) Z6 y  j" P
# x) M  L6 @7 ?) H1 w  \* d[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
鲜花(26) 鸡蛋(0)
 楼主| 发表于 2008-11-29 16:58 | 显示全部楼层
下面是BMO的:$ n, w5 f1 \- d, j1 r" P4 {$ g! v$ ~
SUMMARY OF THE OFFERING
) p! M  G( \! N% h4 LThis 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’’.
. x; M) t; I2 q9 S: VIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
5 B2 {/ L. T# ^  o" dAmount: $150,000,000 (6,000,000 shares).
  J0 b& p4 ^" O+ I) f: }+ LPrice and Yield: $25.00 per share to yield initially 6.50% per annum.- a% e6 i! K$ g& G1 K$ U/ [
Principal Characteristics of the Preferred Shares Series 18
8 c. k/ s, ]0 b9 \1 w" q  u+ CDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
. {' R  ?! |, K: N% R0 W  xnon-cumulative preferential cash dividends, as and when declared by the
" L4 @6 {+ K% ~( RBoard of Directors, subject to the provisions of the Bank Act, for the initial& A2 A4 o" _1 c0 _: @# W) F* H+ b" ?
period commencing on the closing date and ending on and including' z* G# T0 s0 g
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the2 v' M: \5 j( v3 t3 S* F
25th day of February, May, August and November in each year, at a rate- t! t% }/ \" u4 m" l. v2 l# H- Q: f6 \
equal to $0.40625 per share. The initial dividend, if declared, will be payable
( N/ V( M- h& q* zMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
1 l/ a/ b3 K. }$ M% Adate of December 11, 2008.
, O) z( f' A- Q7 }6 F/ Q5 {* V- @For each five-year period after the Initial Fixed Rate Period (each, a2 ^( o. _( ?* m
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares9 a# A+ F- H* H6 w5 d& X9 `
Series 18 will be entitled to receive fixed non-cumulative preferential cash
$ C4 z- z, w/ c3 |8 M1 f+ B- a- Hdividends, as and when declared by the Board of Directors, subject to the
, ^0 A( \7 H1 a( T  y9 k: O5 F0 Sprovisions of the Bank Act, payable quarterly on the 25th day of February,
6 H. g6 e# L$ z/ v' z+ O2 o7 lMay, August and November in each year, in the amount per share per annum
7 G; X" ]4 _+ i% }# Jdetermined by multiplying the Annual Fixed Dividend Rate applicable to) e' Z: u/ f) |+ h+ p7 F
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
) c1 s1 G" v1 S. S' M* u# G. bRate for the ensuing Subsequent Fixed Rate Period will be determined by the
9 Y: c. a# A( }. ^& Y3 UBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
: C7 a+ n6 Y- `( E5 b; ~* Nof such Subsequent Fixed Rate Period and will be equal to the sum of the, I" ^, m( g* n& ~. l4 i) H8 ?
Government of Canada Yield on the applicable Fixed Rate Calculation Date
  F2 O3 }) U- q4 w9 Z# U  ~8 tplus 3.83%.* q0 r: k2 [  X: p. l* h! L% Q  }( g
If the Board of Directors does not declare a dividend, or any part thereof, on2 k9 k* _! d3 ~( z  ^
the Preferred Shares Series 18 on or before the dividend payment date for a7 c: G' G$ x+ Y; |5 N+ ?+ N3 u
particular quarter, then the entitlement of the holders of the Preferred) h" J9 I- b$ o
Shares Series 18 to receive such dividend, or to any part thereof, for such( L* R( ~- s( U: m1 A
quarter will be forever extinguished.8 |1 L' b, r. `6 u
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the" q( R7 T9 z8 L7 y5 x( P0 _& }8 a
Superintendent and to the provisions described below under ‘‘Details of the2 p( l% k3 \, \5 ~
Offering — Certain Provisions of the Preferred Shares Series 18 as a
- Q" x7 n4 _! I: eSeries — Restrictions on Dividends and Retirement of Shares’’, on
6 D" j- G$ j) H. r" }5 J3 qFebruary 25, 2014 and on February 25 every five years thereafter, on not
: w& D; H' F5 Y( umore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
/ Y  ?0 u+ V% T5 _- rpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
2 e) ]% {2 E0 R; z4 x, T& Swithout the consent of the holder, by the payment of an amount in cash for
% W6 K3 W/ z' m9 Qeach such share so redeemed of $25.00 together with all declared and unpaid
6 F( k2 {  h" `/ adividends to the date fixed for redemption.
' A# {4 }' j! n/ P( F1 P5 `Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic4 g  L  d5 D* o, N  _
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
  p" ~" b* b) C$ D$ m; Vthe right, at their option, to convert, on February 25, 2014 and on4 l6 }5 f% p1 b( x+ q3 Q8 }
S-4  }8 \# l  Y" {  V( v  }
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
8 H5 f  N% [! W( tor all of their Preferred Shares Series 18 into an equal number of Preferred
- t0 `3 [$ K% V! Q# M8 Z+ I, s+ h6 OShares Series 19 upon giving to the Bank notice thereof not earlier than2 i4 k% J7 S5 E
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
2 b9 m/ Q$ h; @3 hpreceding, a Series 18 Conversion Date.
1 g. d' b/ _+ NAutomatic Conversion If the Bank determines, after having taken into account all shares tendered! K9 t. X7 Y# T0 d: v) q4 K' [
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
2 V1 |/ \9 X. G0 }& i) JSeries 19, as the case may be, that there would be outstanding on such
- g( u: f& g$ pSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,2 I7 R/ P, Y1 C; z  ?' M* w
such remaining number of Preferred Shares Series 18 will automatically be# C' d- p/ F" m' Z  B6 W  `
converted on such Series 18 Conversion Date into an equal number of
2 ]- ~6 J" F1 [* x" HPreferred Shares Series 19. Additionally, if the Bank determines that, after' p  h/ g: V! c
conversion, there would be outstanding on such Series 18 Conversion Date- A6 x' M( B3 h) `- W# p- ?3 \
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
7 P7 X4 ]) R+ Q3 E5 l( |- o$ r; gSeries 18 will be converted into Preferred Shares Series 19.0 y3 C; I/ _" l4 f
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
' [" G+ b4 u. pSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
2 X& I2 W( {# p; n* ~any meeting of the shareholders of the Bank unless and until the first time at
0 A7 Q1 J+ o* k- o9 X% Y4 B2 bwhich the Board of Directors has not declared the whole dividend on the! [# W1 q- H" j! D' [" f, Y; f; Y
Preferred Shares Series 18 in any quarter. In that event, subject as" h- v/ t4 s" m& j' \, [) B
hereinafter provided, the holders of Preferred Shares Series 18 will be
) J4 F0 F; I# u  rentitled to receive notice of, and to attend, meetings of shareholders at which
5 X: V' y! b+ e& K* {/ a( \directors of the Bank are to be elected and will be entitled to one vote for- Z! j  J* |. \
each Preferred Share Series 18 held. The voting rights of the holders of the: c! L, q& s2 n7 R; _
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
2 J& B. U4 }' a" d& [the first dividend on the Preferred Shares Series 18 to which the holders are
2 ~. Z) F- i3 {7 y% |  hentitled thereunder subsequent to the time such voting rights first arose until
  U+ T: d5 m/ a8 b* Z. Msuch time as the Bank may again fail to declare the whole dividend on the4 F# s4 q+ S6 R
Preferred Shares Series 18 in respect of any quarter, in which event such
' ?' b6 c8 A: }  N! b3 i5 jvoting rights will become effective again and so on from time to time.
& x: i- h- D; |% m: h- GPrincipal Characteristics of the Preferred Shares Series 19
( g! t: A' x, M  l7 m6 |7 U1 o  tDividends: The holders of the Preferred Shares Series 19 will be entitled to receive7 @6 V2 h* V9 @/ n
floating rate non-cumulative preferential cash dividends, as and when1 D- T3 W5 j. N: @+ I" m' V
declared by the Board of Directors, subject to the provisions of the Bank Act,1 ^* X4 u$ f$ u8 k7 j1 b* ~$ ?, |8 {
payable quarterly on the 25th day of February, May, August and November( o1 d0 G& ^, v( ?2 g1 c
in each year, in the amount per share determined by multiplying the& _6 @' U  k! @1 N! W2 ~  t& x
applicable Quarterly Floating Dividend Rate by $25.00., b. N0 F7 s, T- I% f
On the 30th day prior to the commencement of the initial quarterly dividend
# o) x! g  ~8 l0 ]. U" Lperiod beginning on February 25, 2014, and on the 30th day prior to the first
- [  J: w% g! {+ ^day of each subsequent quarterly dividend period (the initial quarterly- H% O  y4 N  K7 x2 s  [
dividend period and each subsequent quarterly dividend period is referred to3 p3 v- y( o& r& z/ y. U/ ~* K
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
3 o$ e* n7 D6 m% W% k$ B5 E: @+ rQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
$ A6 v' {* f9 _0 Q6 R. K  GPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the; g9 l, ^6 }. ?
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days4 Z$ e5 I% F# z1 ]9 A* Y' H
elapsed in the applicable Quarterly Floating Rate Period divided by 365)1 B* r$ v- K  D/ J' u7 }( z+ e
determined on the 30th day prior to the first day of the applicable Quarterly
& B- ]8 ~9 e  H6 ?2 l( cFloating Rate Period.- g* `$ E/ J5 s  u
S-5
& b! X1 Y* E* W- VIf the Board of Directors does not declare a dividend, or any part thereof, on$ b( u  Y1 t# |' r% r5 P/ O
the Preferred Shares Series 19 on or before the dividend payment date for a
4 k/ m5 _! G" f6 r, a6 X! L# ~particular quarter, then the entitlement of the holders of the Preferred3 T" i# n" E  V4 m: x7 r
Shares Series 19 to receive such dividend, or to any part thereof, for such9 n0 o$ u" `' m, y- [9 k" s7 G
quarter will be forever extinguished.1 ^  U3 V+ A/ z$ J
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
6 U& v; w5 Q2 E/ r2 P9 T6 ?4 s+ fSuperintendent and to the provisions described below under the heading6 R: s( k( {5 ]7 S( U
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
2 i  x) z) r" B! D6 S( u' BSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
  }6 N5 N+ P+ C0 C, ~* j- von not more than 60 nor less than 30 days’ notice, the Bank may redeem all" u) y) l0 d5 s9 j
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
* Z6 p; b$ p& m4 p4 a$ w. joption without the consent of the holder, by the payment of an amount in5 r! X" j9 B9 X+ H
cash for each such share so redeemed of (i) $25.00 together with all declared
. d: R' j5 R0 X; qand unpaid dividends to the date fixed for redemption in the case of1 A4 h$ ~: d+ Q% S1 a
redemptions on February 25, 2019 and on February 25 every five years, d2 I% Y* r# y- I0 N7 l! n! p
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
. B9 I% _# h+ \* p3 J# {the date fixed for redemption in the case of redemptions on any other date, G7 l; {* e/ h4 U5 O6 m
on or after February 25, 2014.
% J, V2 e3 K/ X) }. ?/ q- L* t0 JConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
- s. S/ m; Y7 ?Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
5 ~: k2 u/ e9 W) Q( o$ y, s0 zthe right, at their option, to convert, on February 25, 2019 and on; _6 K- R. d1 x2 |- w
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any5 |% W& D; x" c  T; A! j# j
or all of their Preferred Shares Series 19 into an equal number of Preferred. t0 L- w$ X0 T1 b. c" K7 q+ P
Shares Series 18 upon giving to the Bank written notice thereof not earlier1 a( x7 Z$ P. ^, ?$ i
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
1 e3 u' d# T6 u4 C3 F/ @15th day preceding, a Series 19 Conversion Date.) O- q+ ?6 c2 P7 \. i6 F3 P6 G
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
! n3 R  t: U8 VProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares- s& r! f" l8 b& Y6 k
Series 18, as the case may be, that there would be outstanding on such. V  W! D# \! R" p- d& ~1 A
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
) z- |0 m* j" w: o7 S. H' b# ^such remaining number of Preferred Shares Series 19 will automatically be0 [; [. a: X/ H2 W+ T5 g& R! I! @
converted on such Series 19 Conversion Date into an equal number of
* f- m) F) Y" p9 u3 I1 UPreferred Shares Series 18. Additionally, if the Bank determines that, after3 K3 W+ u, Y: H, {( d3 i- ]
conversion, there would be outstanding on such Series 19 Conversion Date- P" T4 ?* l9 n& c$ K- r
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares$ p8 q- @( y! f( V
Series 19 will be converted into Preferred Shares Series 18.3 R7 v  k' p1 s
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
% I, A$ n8 O( M  d. [Series 19 will not be entitled as such to receive notice of, attend, or vote at,
7 g; l0 |7 `  g2 [+ bany meeting of the shareholders of the Bank unless and until the first time at
! [5 ^3 ?9 J( W$ l8 Swhich the Board of Directors has not declared the whole dividend on the
  A) ]+ E6 ~  H8 i: P! N* t. IPreferred Shares Series 19 in any quarter. In that event, subject as
2 E$ h# T+ M; A$ F/ L: c% shereinafter provided, the holders of Preferred Shares Series 19 will be( B! _4 P! i# t4 y' ?/ @' G
entitled to receive notice of, and to attend, meetings of shareholders at which* I6 `" p# J2 M
directors of the Bank are to be elected and will be entitled to one vote for2 @* n5 @: X3 ]+ z: X7 E1 K) J; Y
each Preferred Share Series 19 held. The voting rights of the holders of the) r8 T* e, {/ Y5 J; T4 D* T$ [* ]& Q& v
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of$ Y; V- w; G" P! C
the first dividend on the Preferred Shares Series 19 to which the holders are
- `# J/ ^  j) Ventitled thereunder subsequent to the time such voting rights first arose until( `/ v- j3 U' M) {8 S9 g
such time as the Bank may again fail to declare the whole dividend on the/ z; ?4 z: p; d5 M5 f
Preferred Shares Series 19 in respect of any quarter, in which event such
" L7 y: U; P, A9 Vvoting rights will become effective again and so on from time to time.1 y( d! f; v( q7 @) k( G
S-60 j( |( n: Z. l" Q& Y1 D  }
Priority: The preferred shares of each series of the Bank will rank on a parity with3 M) V! _7 S6 _% Z* O9 f1 ^
every other series and are entitled to preference over the common shares of
$ v( N" F" C" J$ u/ ^* c" u3 cthe Bank and over any other shares of the Bank ranking junior to the4 x6 a, z- a+ c! ^8 b" m
preferred shares with respect to the payment of dividends and upon any. S3 l: T. h8 l4 w$ [  D
distribution of assets in the event of the liquidation, dissolution or
8 u3 l' M1 X  k4 ?winding-up of the Bank.
( `$ I" d0 j0 zTax on Preferred Share The Bank will elect, in the manner and within the time provided under8 C0 n" v& j) i/ i$ U3 u5 P5 p3 |2 L
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares& w3 ~* ~" t2 f$ e" U
Series 18 and Preferred Shares Series 19 will not be required to pay tax on: u- I! \  i* W8 O1 n' o
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。
# G7 x$ v- D& M% h" @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( p% ?6 c2 |$ h; B( {5 q% T* W" I8 P6 K0 C5 g
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
" F0 E- _$ B% ~7 ~1 y3 f% x, z* P6 i/ t5 \- T- u" E( V
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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