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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。  U: o  {, @$ q& y6 b- ~8 v& c

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[ 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:
+ Y0 Y+ G8 D/ G+ Y+ |) T5 m+ b8 tSUMMARY OF THE OFFERING& l( G- g: E$ G. ~* _
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 {; v  P( U2 d' N, o0 A
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
8 w: M2 H) ?6 z- `% `3 {* l2 ~* mAmount: $150,000,000 (6,000,000 shares).- ^' A% B. }; S' g" n
Price and Yield: $25.00 per share to yield initially 6.50% per annum., g9 [, q, u3 W% r8 y; D' u, p
Principal Characteristics of the Preferred Shares Series 189 V( p& A9 O$ Z
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
2 \: ~1 E0 S: s8 ?. m' M1 fnon-cumulative preferential cash dividends, as and when declared by the8 l9 {: N7 `. P
Board of Directors, subject to the provisions of the Bank Act, for the initial
" a" o8 E2 ^" `; V4 f! Y) vperiod commencing on the closing date and ending on and including. B  V+ {. i4 v( B/ l2 G
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the6 w# w, o$ r* w
25th day of February, May, August and November in each year, at a rate6 j, H: ~# Q4 w
equal to $0.40625 per share. The initial dividend, if declared, will be payable2 k9 X, P  t, d0 d5 {9 C% {$ x: m
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
! a. h( C  C* V# ^2 Odate of December 11, 2008.
3 z' f5 l3 ]2 q. ~6 [# X7 @7 C+ eFor each five-year period after the Initial Fixed Rate Period (each, a
1 }" T$ i" S( j2 U2 ]+ \+ a0 o) ^‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares( S% T$ _0 y* v# L8 |
Series 18 will be entitled to receive fixed non-cumulative preferential cash3 \$ }0 p6 V0 T  q" s- a" ^
dividends, as and when declared by the Board of Directors, subject to the
: a+ K  K" s7 b. K$ [' V- a8 K7 Aprovisions of the Bank Act, payable quarterly on the 25th day of February,7 v, \$ Z! y! r& Q- O
May, August and November in each year, in the amount per share per annum3 W6 W$ Z3 `4 P' b- S5 @- w
determined by multiplying the Annual Fixed Dividend Rate applicable to
  q6 s7 q0 J9 csuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend, |+ k% l/ B0 m" F2 L+ b
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
& Q0 Q3 c! n2 E3 a' CBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day  r0 P9 w: c7 y- K! W5 B+ j! x
of such Subsequent Fixed Rate Period and will be equal to the sum of the9 v1 ]1 \$ ]6 G7 Z
Government of Canada Yield on the applicable Fixed Rate Calculation Date
- W) E7 o$ r8 U, E$ C% e4 kplus 3.83%.
( n$ A2 O. c+ r$ S' _If the Board of Directors does not declare a dividend, or any part thereof, on# K  A  Q6 {  \; M/ C( a
the Preferred Shares Series 18 on or before the dividend payment date for a
7 x: P$ j7 o! w' Aparticular quarter, then the entitlement of the holders of the Preferred4 Y9 `* L0 `2 I1 X! j" K
Shares Series 18 to receive such dividend, or to any part thereof, for such
  L" |" T) R9 @  v4 equarter will be forever extinguished.- }) \4 r$ ^& _# A! w7 ]% @
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
- r+ j+ R- H6 _! |3 P- dSuperintendent and to the provisions described below under ‘‘Details of the) ~, @/ Y# i6 r5 g. p+ |: Q8 o
Offering — Certain Provisions of the Preferred Shares Series 18 as a
' ^1 v) [, o) U5 E7 vSeries — Restrictions on Dividends and Retirement of Shares’’, on
, ~, Y# y4 T/ n- ]' z$ }2 ~( w; f" gFebruary 25, 2014 and on February 25 every five years thereafter, on not& f( K6 c" @9 v! |# F4 i/ t  Y
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
# [+ r& I2 Z2 _0 L* ^- Y0 Jpart of the then outstanding Preferred Shares Series 18, at the Bank’s option/ ^  F% Z1 L: C  V; s$ Y# F1 ~
without the consent of the holder, by the payment of an amount in cash for
, H2 L4 t: K  s* c  reach such share so redeemed of $25.00 together with all declared and unpaid
3 d+ \) k  C5 g; I# {- M+ q+ N' [) |* Hdividends to the date fixed for redemption.& T# Y/ B. `2 s7 a, n& L4 T! W) @
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic, s: o% [+ @- e: v1 b
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have) ^# u! T* T( y
the right, at their option, to convert, on February 25, 2014 and on- g; [1 C$ K4 A) a- c4 A5 s
S-4  c. k, T/ p1 {& h8 Y
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any* ]* g$ C2 {! o& {% v8 @
or all of their Preferred Shares Series 18 into an equal number of Preferred
* h! q; j* z; b$ x% [# i: ^* AShares Series 19 upon giving to the Bank notice thereof not earlier than$ h5 E( z8 w% F
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day- n* |( C4 f4 d0 U! R/ j
preceding, a Series 18 Conversion Date.
& d" X/ [3 ?9 ?1 xAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
* c5 ]3 |3 Z% ], Z( zProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
" n2 k- B5 L; ~; y, `Series 19, as the case may be, that there would be outstanding on such
( g* X$ n9 V6 @+ f6 LSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,0 a# {& x8 z& ]6 }( H) e* G
such remaining number of Preferred Shares Series 18 will automatically be/ i- E2 k4 l. `" p+ ]
converted on such Series 18 Conversion Date into an equal number of
( y( P/ `: \# R: k, w7 CPreferred Shares Series 19. Additionally, if the Bank determines that, after7 q- G+ d! ~9 b! T9 t
conversion, there would be outstanding on such Series 18 Conversion Date
/ w& v. {4 H' l  m! ?! Bless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
" [1 R5 c: r* P2 v+ [/ H& @Series 18 will be converted into Preferred Shares Series 19.2 o) g# m# Y! Y* g& f
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
' U9 V- _% t1 d$ T- ?* J9 E3 _Series 18 will not be entitled as such to receive notice of, attend, or vote at,1 T" F4 F" i" G9 J4 V6 y- i
any meeting of the shareholders of the Bank unless and until the first time at
; n# o# G% n9 ]2 A9 Y- r& ?. d' x! Owhich the Board of Directors has not declared the whole dividend on the
: I6 W! Z# F. }8 j+ ]8 I! mPreferred Shares Series 18 in any quarter. In that event, subject as2 C9 Y1 c) D- E- s$ C' x
hereinafter provided, the holders of Preferred Shares Series 18 will be, `. e( f' O, ~' K' n) f
entitled to receive notice of, and to attend, meetings of shareholders at which2 P! Y) [+ b* p# u3 E9 z0 U
directors of the Bank are to be elected and will be entitled to one vote for
4 M& S3 X3 M# G1 @6 @each Preferred Share Series 18 held. The voting rights of the holders of the
5 q& X* \9 o% X: m& ]  }5 RPreferred Shares Series 18 will forthwith cease upon payment by the Bank of# ?, d2 R( R- L* f1 ?% U8 T1 j
the first dividend on the Preferred Shares Series 18 to which the holders are- V2 z* P$ e7 n: c% Y& e: }: V! B& b4 c
entitled thereunder subsequent to the time such voting rights first arose until
5 i# j. V: j9 j/ j" V, z8 e7 A/ y) M3 Asuch time as the Bank may again fail to declare the whole dividend on the
, \6 a7 }+ K" m9 s; k5 `Preferred Shares Series 18 in respect of any quarter, in which event such; |( c7 i0 D1 b
voting rights will become effective again and so on from time to time.$ W/ \. P* R9 V8 ~
Principal Characteristics of the Preferred Shares Series 19
! x$ V5 G0 v% Q" F1 Y7 P5 RDividends: The holders of the Preferred Shares Series 19 will be entitled to receive; o/ ~9 C$ \8 C1 ~
floating rate non-cumulative preferential cash dividends, as and when
( x+ A! ?: H8 g  {1 b$ a% odeclared by the Board of Directors, subject to the provisions of the Bank Act,
/ L0 a6 c2 |- F. z' A& gpayable quarterly on the 25th day of February, May, August and November' E+ N% s9 u+ ~, g
in each year, in the amount per share determined by multiplying the
+ G/ C9 C$ J( |& L& happlicable Quarterly Floating Dividend Rate by $25.00.
7 {( p* ]4 P( b6 Z) L. [On the 30th day prior to the commencement of the initial quarterly dividend
. P- q" w7 V0 J+ A5 Zperiod beginning on February 25, 2014, and on the 30th day prior to the first9 O9 x0 x! {8 S4 ?5 R/ c. M' ~! k
day of each subsequent quarterly dividend period (the initial quarterly
. L; K) R7 t7 B* M( rdividend period and each subsequent quarterly dividend period is referred to
! Z( X" {7 L$ J! {! \as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the3 G- d! _3 [* {# T$ B, |% X
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate5 [0 C5 b# ]9 E% W* i$ \9 S( Q
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the' Z% O6 B: r; N  ], Z" ?
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
0 t; H/ D) Z% k& aelapsed in the applicable Quarterly Floating Rate Period divided by 365): _  u3 L' _, l) V3 D9 E
determined on the 30th day prior to the first day of the applicable Quarterly4 J; n. g  R9 N- X6 \  i: `  r' L: G
Floating Rate Period.
' i0 p- `8 n. H$ m" R/ Q" cS-57 {; ]3 j% K/ C8 A
If the Board of Directors does not declare a dividend, or any part thereof, on2 L( x7 v1 B% t- K
the Preferred Shares Series 19 on or before the dividend payment date for a3 N$ C  c. S7 l# Z% L; i3 y% K
particular quarter, then the entitlement of the holders of the Preferred8 b- a; g, F- P) H; ^# h
Shares Series 19 to receive such dividend, or to any part thereof, for such" ^3 P! i: a! q. G/ o1 K$ {% M
quarter will be forever extinguished.
, x' F3 L+ h- x; f( P& W; ^Redemption: Subject to the provisions of the Bank Act and to the prior consent of the; y5 |7 k- ]% C, m% Z( `) K
Superintendent and to the provisions described below under the heading
, d+ F: d% V) \0 r‘‘Details of the Offering — Certain Provisions of the Preferred Shares! e5 ~6 u7 m+ b/ Y
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,$ y" ^2 z* ?5 ^# V" u
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
3 @3 a1 k: m& D: ?# [- r7 i- Por any part of the then outstanding Preferred Shares Series 19, at the Bank’s* l( v: y/ }: ?2 H5 R* F0 {- x
option without the consent of the holder, by the payment of an amount in
' \* x) Z7 S( F. Ccash for each such share so redeemed of (i) $25.00 together with all declared/ G: P! d0 _3 W
and unpaid dividends to the date fixed for redemption in the case of
2 H& N- G- k$ _( Credemptions on February 25, 2019 and on February 25 every five years
& Q' L: E$ J, K! C; n. vthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
, t/ ]2 f  }% M! y% A2 L; ]1 Wthe date fixed for redemption in the case of redemptions on any other date
$ j+ \; U# e2 Q: m9 Eon or after February 25, 2014.
& X" e# e. }& g* ]; _1 y8 g5 QConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
" @/ F% r( L! M. V! d9 Z/ gShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
& @1 v- H6 C2 f$ }6 Z/ c4 Zthe right, at their option, to convert, on February 25, 2019 and on
4 S: A' ?7 W3 |$ ~1 Y8 v. t% EFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
, |" U; R% m) _- J. ~or all of their Preferred Shares Series 19 into an equal number of Preferred
( X3 W+ k  k$ p1 {( vShares Series 18 upon giving to the Bank written notice thereof not earlier
6 w+ O2 h4 }6 ]than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the8 E0 Y- |9 y+ R& U$ l6 ^/ q6 ^; h+ `
15th day preceding, a Series 19 Conversion Date.
+ _6 Z3 E) O- H1 L7 _! lAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
2 f2 O/ _" x% e2 \/ T6 [Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
' n8 \/ B9 w1 c# P7 ~+ aSeries 18, as the case may be, that there would be outstanding on such9 @4 A% I, F8 ]+ a
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,( y+ |# h2 ^8 ^. p: H/ c% s
such remaining number of Preferred Shares Series 19 will automatically be
) r3 L- R9 U5 T$ r3 Zconverted on such Series 19 Conversion Date into an equal number of
" `  q3 w: d1 f- ZPreferred Shares Series 18. Additionally, if the Bank determines that, after
& A! T, m. t$ |! ~$ zconversion, there would be outstanding on such Series 19 Conversion Date3 G& _7 W& X3 O, Y- }
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
/ M! {# X' B% l4 WSeries 19 will be converted into Preferred Shares Series 18.) Y& l0 W/ `1 l7 o- Z9 q
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares) K* f+ l- n$ |
Series 19 will not be entitled as such to receive notice of, attend, or vote at,, v+ o1 T. o, F# p7 d' S7 \4 f
any meeting of the shareholders of the Bank unless and until the first time at
& F% ]" v6 L$ L+ j* O# C7 Zwhich the Board of Directors has not declared the whole dividend on the& B* G2 N& C5 ]* b+ J
Preferred Shares Series 19 in any quarter. In that event, subject as
: g& V6 O: t! [# _, {, c8 c: c7 Thereinafter provided, the holders of Preferred Shares Series 19 will be" g; |! d- F+ m
entitled to receive notice of, and to attend, meetings of shareholders at which
3 i3 z  c( C0 V' y7 L. @3 Sdirectors of the Bank are to be elected and will be entitled to one vote for2 R$ A( R" w# m. ]" M) o* ~
each Preferred Share Series 19 held. The voting rights of the holders of the
5 J% h$ E7 [% L  APreferred Shares Series 19 will forthwith cease upon payment by the Bank of# \* r# @" h) v: |! h
the first dividend on the Preferred Shares Series 19 to which the holders are: j6 ]& G$ ^" _
entitled thereunder subsequent to the time such voting rights first arose until2 v- A! ?# k: Y+ N$ M1 X6 f
such time as the Bank may again fail to declare the whole dividend on the
4 B) D3 }  W- A1 qPreferred Shares Series 19 in respect of any quarter, in which event such! s7 m& A+ S- b
voting rights will become effective again and so on from time to time.
' N  h8 h; H" Q" b( _% F+ vS-65 u0 [' R8 d; `6 C0 I
Priority: The preferred shares of each series of the Bank will rank on a parity with( W% v+ }" M2 g/ \/ D3 h" G$ v6 Y8 J
every other series and are entitled to preference over the common shares of
4 s' N  L: S3 S, ?, Ithe Bank and over any other shares of the Bank ranking junior to the) k- x/ _' ^* j! o3 e$ B' X  d& N; u1 B
preferred shares with respect to the payment of dividends and upon any
$ ?+ s" B, e3 @) ^+ {$ [9 Mdistribution of assets in the event of the liquidation, dissolution or
: \) p8 T" p6 [, s% Jwinding-up of the Bank.5 A: Z2 G+ P7 b) _1 {* P4 [
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
2 `1 |& t/ k- n! [( mDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
- I& H7 |. d( ~% h% y7 V$ oSeries 18 and Preferred Shares Series 19 will not be required to pay tax on  c$ h* r: U# A; R. _! J
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。- n1 W* L/ s% X( }/ i! {) F
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
, v* L  a0 i/ L9 I$ O- F
2 J' b, Y/ U- W: N
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
) |; e. K9 ^( N* Q- j. g/ e, P, @" h3 A8 n
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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