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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。
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4 S7 ~$ ^$ f7 d% _4 J[ 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:
/ K- c6 ~( J$ U. v- h7 a4 u/ FSUMMARY OF THE OFFERING+ G& K9 _& L0 }! R% t
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’’.3 H+ @7 ~: L4 r( u
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.- V- {' J. V9 a5 i* X
Amount: $150,000,000 (6,000,000 shares).
/ V7 G6 R% O! L3 wPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
& j. n; Q  n% |8 ]Principal Characteristics of the Preferred Shares Series 18( F) p1 o& k4 z2 P7 X* B! V
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
3 }, {1 \7 A+ D" i6 F- Dnon-cumulative preferential cash dividends, as and when declared by the
9 Q9 k. T/ f# T% V, H; g7 lBoard of Directors, subject to the provisions of the Bank Act, for the initial
8 c' H+ V: h; ^: Uperiod commencing on the closing date and ending on and including
# Z4 V4 c+ |2 N# r2 `5 `1 CFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the8 o. w2 o! M6 N+ `
25th day of February, May, August and November in each year, at a rate2 l) Y' v% W) H! v
equal to $0.40625 per share. The initial dividend, if declared, will be payable
7 L& _6 v& n8 v2 c7 WMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing) H% u! Q4 g: [9 F$ ~$ n  F
date of December 11, 2008.
: g/ Q# E/ K  X  T$ u6 yFor each five-year period after the Initial Fixed Rate Period (each, a! J1 q1 M. [+ b" t7 }$ f
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares: [2 q; ~. y- H) R
Series 18 will be entitled to receive fixed non-cumulative preferential cash
9 I$ M  N& T1 a/ @  _  o5 \dividends, as and when declared by the Board of Directors, subject to the
3 A3 ?8 y8 I5 ^$ U3 bprovisions of the Bank Act, payable quarterly on the 25th day of February,
: _  G4 u9 U- s8 R2 ~May, August and November in each year, in the amount per share per annum
2 Y* S, X3 k; A# Zdetermined by multiplying the Annual Fixed Dividend Rate applicable to
, A2 r$ o7 Y; D) `! csuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend2 _& ^5 P' h" w% o
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
5 G6 K- R) |$ Y2 k0 ~Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
4 ?, v" Q+ d+ [& k8 ]; A2 S4 P" `& Sof such Subsequent Fixed Rate Period and will be equal to the sum of the
' |" j& V; q% a$ a  s1 BGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
' L" O$ {# x1 V; T; r- k6 \plus 3.83%.
4 r* ~) r; G$ d' {  JIf the Board of Directors does not declare a dividend, or any part thereof, on
. c$ U. `5 ]+ j* F$ tthe Preferred Shares Series 18 on or before the dividend payment date for a) K* R2 D2 }( L  l4 e1 k8 ?
particular quarter, then the entitlement of the holders of the Preferred
) Z$ S7 g% s) a+ RShares Series 18 to receive such dividend, or to any part thereof, for such; p7 y2 `$ c5 `8 r8 l$ z! u$ d
quarter will be forever extinguished.. K0 l  n1 g4 \( K8 z3 `
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
* F$ W& F3 W5 `8 |Superintendent and to the provisions described below under ‘‘Details of the
, ~2 P* Y* U; V* W* k5 O" }7 [Offering — Certain Provisions of the Preferred Shares Series 18 as a3 k3 |: a8 u* k6 O' b
Series — Restrictions on Dividends and Retirement of Shares’’, on
" r( ]; g# y+ V8 _4 i' gFebruary 25, 2014 and on February 25 every five years thereafter, on not
8 D4 O  m9 m' Umore than 60 nor less than 30 days’ notice, the Bank may redeem all or any0 b  y( j8 N3 G% b
part of the then outstanding Preferred Shares Series 18, at the Bank’s option% H! \% b" V4 n: O
without the consent of the holder, by the payment of an amount in cash for
' z- A7 C$ l' T$ f' f, E! ieach such share so redeemed of $25.00 together with all declared and unpaid; t! C9 S- j5 m
dividends to the date fixed for redemption.' i: W* Q: k/ D5 f/ x$ f; G
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
. H3 Q1 y1 A7 r; X2 vShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have& p8 o2 `& w9 `9 {
the right, at their option, to convert, on February 25, 2014 and on
. ^* c  U% h* R( w, yS-4* S1 l/ f6 V3 O' z4 B3 z5 d
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
5 m& A4 b. H1 S& sor all of their Preferred Shares Series 18 into an equal number of Preferred
0 g+ [4 {9 x2 O/ v; o! ~Shares Series 19 upon giving to the Bank notice thereof not earlier than$ k9 y% {' s1 Z& j) R$ o
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day  J' R7 V8 m9 M8 Q& n& r
preceding, a Series 18 Conversion Date.
4 K2 z0 R+ J2 j4 K5 bAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
( {3 F7 ^5 \1 o4 w8 s& NProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares$ {- ^  f; K8 M3 m7 |! Q
Series 19, as the case may be, that there would be outstanding on such
5 ^; W& ^( i* |. p0 P) PSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
$ _4 C- H8 Y! b& Usuch remaining number of Preferred Shares Series 18 will automatically be1 E/ q" h/ [0 u6 o' r0 [
converted on such Series 18 Conversion Date into an equal number of
: f# z( X9 l5 ]+ {! CPreferred Shares Series 19. Additionally, if the Bank determines that, after2 c0 k# j5 {% @% z$ j  F2 M
conversion, there would be outstanding on such Series 18 Conversion Date3 F: s$ R- r  v1 ^6 o7 v, F
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares7 M8 K/ N  Q) E8 @' I
Series 18 will be converted into Preferred Shares Series 19.: W, H+ O$ n: j6 [) k
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
' w- ]( `! U4 z/ u" V2 t. k2 pSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
8 L( J: H2 @  s" s- Wany meeting of the shareholders of the Bank unless and until the first time at
' j# K. {! C7 Owhich the Board of Directors has not declared the whole dividend on the4 u: l) T2 N  j& }7 X5 B9 v
Preferred Shares Series 18 in any quarter. In that event, subject as
+ ^$ ]% U: l8 ]) ahereinafter provided, the holders of Preferred Shares Series 18 will be! v* t% E& m. p. o
entitled to receive notice of, and to attend, meetings of shareholders at which
9 S; O9 h$ l8 U7 t4 idirectors of the Bank are to be elected and will be entitled to one vote for5 T6 X1 q! B3 Y( k
each Preferred Share Series 18 held. The voting rights of the holders of the
# w, X5 Q1 _) A6 D" ?: a% ?; }Preferred Shares Series 18 will forthwith cease upon payment by the Bank of  r( M' D2 S3 y! I) m
the first dividend on the Preferred Shares Series 18 to which the holders are
+ Q2 Y& M+ H6 S& ^2 Nentitled thereunder subsequent to the time such voting rights first arose until$ ?& W* \8 G+ f$ `: r; s: p, z
such time as the Bank may again fail to declare the whole dividend on the
1 M3 D% J, I. B8 m8 G! J* V6 [Preferred Shares Series 18 in respect of any quarter, in which event such
& N+ U( m9 _0 yvoting rights will become effective again and so on from time to time.
* N1 \9 a7 Y0 J2 o8 F3 B! cPrincipal Characteristics of the Preferred Shares Series 19
7 F& @) u0 z2 C7 N' y  Q1 lDividends: The holders of the Preferred Shares Series 19 will be entitled to receive/ e3 A  J* _5 Q4 h% L" j
floating rate non-cumulative preferential cash dividends, as and when
$ q, e3 o% w/ zdeclared by the Board of Directors, subject to the provisions of the Bank Act,
8 T0 O# [  W$ K1 g# W5 r* l3 ipayable quarterly on the 25th day of February, May, August and November/ F$ s3 C4 l: `* f( H! I
in each year, in the amount per share determined by multiplying the
; n! o* {' u. ~8 tapplicable Quarterly Floating Dividend Rate by $25.00.
4 x, d  i2 R. u2 h1 y$ M8 U' I8 rOn the 30th day prior to the commencement of the initial quarterly dividend
9 d1 |' Y% _, _3 M5 b# ^period beginning on February 25, 2014, and on the 30th day prior to the first* Z5 W" @( O5 Q! ~5 u
day of each subsequent quarterly dividend period (the initial quarterly
* i, \- x5 [& n3 l6 Ndividend period and each subsequent quarterly dividend period is referred to
$ f0 O  D: P8 B+ oas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the" {2 M! ]% N8 v# ^" Y
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate6 D& O- t1 W+ g
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the1 }  Q0 Q- @0 d9 g
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
, k, w# W. l8 n( C, Y9 f8 Velapsed in the applicable Quarterly Floating Rate Period divided by 365)" [$ Z5 U, |, e: `4 {
determined on the 30th day prior to the first day of the applicable Quarterly4 W: X8 H5 s9 w' j* P- J
Floating Rate Period.
1 W" S; }" f- b' S! ~* p' W6 g# rS-5
3 |( f9 f# k# dIf the Board of Directors does not declare a dividend, or any part thereof, on+ C  @- \$ _8 P8 _- |4 z
the Preferred Shares Series 19 on or before the dividend payment date for a( Q# p) w, [) I6 u9 o/ I
particular quarter, then the entitlement of the holders of the Preferred
5 p! p  U+ b* |3 P$ w, FShares Series 19 to receive such dividend, or to any part thereof, for such, Q8 F! f. X/ e2 {7 ^! ~# `
quarter will be forever extinguished.
! x- Y* C2 r+ O' mRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
4 Z7 B# \# q& l, i! {! bSuperintendent and to the provisions described below under the heading) |) m4 ^3 o+ v$ n+ G* q
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
3 x; v' X1 F7 q$ ]! B' h, H, _( uSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,; ^; C& q1 E) w3 J9 v8 f( ~
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all! f7 U/ e0 H) E- \, `
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s# o& L: L$ w) F+ r
option without the consent of the holder, by the payment of an amount in) L0 R. N% D* ^1 c( G
cash for each such share so redeemed of (i) $25.00 together with all declared
6 S# K7 b7 O( V9 Nand unpaid dividends to the date fixed for redemption in the case of
5 |  [3 i( q# Jredemptions on February 25, 2019 and on February 25 every five years
5 k0 H* }& s' g. dthereafter, or (ii) $25.50 together with all declared and unpaid dividends to  `3 C  M$ P/ K% s
the date fixed for redemption in the case of redemptions on any other date
" a1 |+ B4 M/ \5 L. won or after February 25, 2014.2 S* l$ ?7 Z: {! C1 l
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
% \$ v* F4 O+ w6 hShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have; I) o/ L" U4 k! B% K& C- T. ^
the right, at their option, to convert, on February 25, 2019 and on& l! \6 P( g4 \! R" P. f; B& x9 ^9 s
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any0 w, c; C! d2 U5 u8 V
or all of their Preferred Shares Series 19 into an equal number of Preferred/ ^* u0 }$ J( }& U7 t( N- r
Shares Series 18 upon giving to the Bank written notice thereof not earlier
3 k$ a3 ~, {0 s; v( M8 s: Xthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the7 R. e' a5 V; O, o0 h" r0 k
15th day preceding, a Series 19 Conversion Date.
: t* l$ V8 C8 k: E" S0 {9 jAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
+ A8 Y1 r- I8 @3 z0 L. q6 uProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares! ?. L; s  u. ?5 N4 C
Series 18, as the case may be, that there would be outstanding on such
( C# j3 }. n4 _8 s2 eSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
8 x7 n7 n# ?$ D5 S0 Csuch remaining number of Preferred Shares Series 19 will automatically be
& i+ i) p$ ~  y/ k0 r2 G& Aconverted on such Series 19 Conversion Date into an equal number of
; {/ @( ]) t; ]* R9 ?1 PPreferred Shares Series 18. Additionally, if the Bank determines that, after
! \/ F2 v, L" Q; U. d2 L: _conversion, there would be outstanding on such Series 19 Conversion Date: Z$ m. J2 h, C8 T6 g/ ?, |
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares3 p  f1 r  x  G, i# ]" X. P
Series 19 will be converted into Preferred Shares Series 18.
! h& U1 ~! E& g$ s; PVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
% v/ a' `, C4 O+ G; sSeries 19 will not be entitled as such to receive notice of, attend, or vote at,2 ~( q% z3 a; {8 i- U- @
any meeting of the shareholders of the Bank unless and until the first time at- a2 s- m. _4 U
which the Board of Directors has not declared the whole dividend on the9 y' o# n  s+ b6 h! W. o8 ~/ E
Preferred Shares Series 19 in any quarter. In that event, subject as) f; D& i) e6 Z* v3 n" s" O( E% }
hereinafter provided, the holders of Preferred Shares Series 19 will be
5 _7 t! T4 ^# g( b* |entitled to receive notice of, and to attend, meetings of shareholders at which# V5 n9 d& n+ F$ h: S! [: m# I) S- L
directors of the Bank are to be elected and will be entitled to one vote for+ Y% G% C7 |+ T
each Preferred Share Series 19 held. The voting rights of the holders of the
0 n* O) g! g' r) ?8 N6 wPreferred Shares Series 19 will forthwith cease upon payment by the Bank of& P) c! |: [2 S* W) u( E8 p
the first dividend on the Preferred Shares Series 19 to which the holders are
* P. q2 ^, T& O" ], lentitled thereunder subsequent to the time such voting rights first arose until' M! w9 ^6 Z/ E; E7 d3 }7 a
such time as the Bank may again fail to declare the whole dividend on the
. I: Z. b5 E: t! d, {' ^2 ^! C0 \Preferred Shares Series 19 in respect of any quarter, in which event such
6 Q% @, R* X( f( U4 r# A. lvoting rights will become effective again and so on from time to time.7 _' K: D0 v' M. T% R$ g/ Q( K
S-6
8 b0 X( q8 A+ p9 O' k0 Q3 HPriority: The preferred shares of each series of the Bank will rank on a parity with: n- r: s& K- {! Y1 y# X9 f1 X6 P
every other series and are entitled to preference over the common shares of  m' y  C" t$ O, s" v: r/ L" C
the Bank and over any other shares of the Bank ranking junior to the' u7 e4 e; w3 I. W" N' p
preferred shares with respect to the payment of dividends and upon any7 F% e4 o$ d4 G$ c# \
distribution of assets in the event of the liquidation, dissolution or
/ W) c2 ~% c% N2 F; n0 w/ xwinding-up of the Bank.
. E$ F/ x" R& b1 l- o6 hTax on Preferred Share The Bank will elect, in the manner and within the time provided under
2 D* K+ ]1 ^, L1 X2 VDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares. s: z0 _* T+ e. g$ j$ R" i- D/ m. B
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
2 ~+ x) G0 l- M2 hdividends 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 N; g, W  l0 ]
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
; \, e% ^2 x' F4 d& |( W' h% @
: X4 h% C- `, ~' M( X
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。2 A, h% z$ [8 ~; ~5 m4 g

4 \4 q$ V1 e: o" Dcall 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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