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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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[ 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:0 l  y. ?( d# l
SUMMARY OF THE OFFERING
; p  q. f, T" ~) ZThis 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’’.
" d' |* u7 M( @( o' {Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.: ^$ M3 x% a+ ^9 M, _" q  ~5 T
Amount: $150,000,000 (6,000,000 shares).
) q: c2 f$ W7 NPrice and Yield: $25.00 per share to yield initially 6.50% per annum.+ `: J1 ?4 n/ s! ]
Principal Characteristics of the Preferred Shares Series 18% j$ e5 R- H' f
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
: |; |' Y8 ]2 K/ U. H) Lnon-cumulative preferential cash dividends, as and when declared by the
: n; M& z, u0 yBoard of Directors, subject to the provisions of the Bank Act, for the initial* J: O+ ]5 E, f& O  p
period commencing on the closing date and ending on and including3 g3 D1 C+ w5 E) N3 k% S. }! b% }* _
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the/ V) Q- M9 u3 S) A' l
25th day of February, May, August and November in each year, at a rate
  N+ K) ]# @7 uequal to $0.40625 per share. The initial dividend, if declared, will be payable# `# \7 D# v9 }8 s
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
& @: `7 v, `5 L, j5 k# G* w" }date of December 11, 2008.! X6 K! U& l/ ^8 e. n7 }
For each five-year period after the Initial Fixed Rate Period (each, a6 e: _7 ~! n: u" m$ i. A
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
+ T* L) J; [- BSeries 18 will be entitled to receive fixed non-cumulative preferential cash
) ~0 b- a- K& a0 {; _* {dividends, as and when declared by the Board of Directors, subject to the4 }9 A  `% j3 h& r
provisions of the Bank Act, payable quarterly on the 25th day of February,; K! B2 e1 W  J' w" E4 C
May, August and November in each year, in the amount per share per annum
. `2 C# ]! ^/ G5 Udetermined by multiplying the Annual Fixed Dividend Rate applicable to
+ `8 ]/ i) g: ?such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend8 t  U& {9 v: \5 o# X! H7 i
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the$ ?9 a7 |$ ~( Y; k! U& ?4 p
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day2 v" E' b/ f* m5 x0 ]% ^7 Y$ M  f
of such Subsequent Fixed Rate Period and will be equal to the sum of the
. D3 B& Z6 {, xGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
# h" N* L5 D1 H( W6 h  L5 Nplus 3.83%.
" ^5 I+ L  i" l. H) e; k5 rIf the Board of Directors does not declare a dividend, or any part thereof, on
9 V2 h5 _8 h. h3 |the Preferred Shares Series 18 on or before the dividend payment date for a( G# ~9 W' E3 i; _, D7 y
particular quarter, then the entitlement of the holders of the Preferred( j( g! I( L+ j; n% h% j# b
Shares Series 18 to receive such dividend, or to any part thereof, for such
9 z" D/ {9 P0 U  d0 I& H* q+ g' ^2 p# Zquarter will be forever extinguished.
8 X2 W: c7 a7 K# eRedemption: Subject to the provisions of the Bank Act and to the prior consent of the4 O; h! j" n  a! g
Superintendent and to the provisions described below under ‘‘Details of the
( n: A9 W5 `) s6 mOffering — Certain Provisions of the Preferred Shares Series 18 as a8 S0 Y, C+ T/ z# @
Series — Restrictions on Dividends and Retirement of Shares’’, on3 r, Z; B4 \0 u7 Z3 x/ y% i* X
February 25, 2014 and on February 25 every five years thereafter, on not
* o6 P$ w) R6 w. M) Vmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
- S: f) |/ O. K( X" L% c& Opart of the then outstanding Preferred Shares Series 18, at the Bank’s option$ V8 F/ g+ z0 }) d
without the consent of the holder, by the payment of an amount in cash for, I- M- F" T& @% u' V
each such share so redeemed of $25.00 together with all declared and unpaid
5 r/ K% w( t! W8 f( E2 T8 Zdividends to the date fixed for redemption.% v/ D7 _8 B" r7 p  M
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic" q# ~  ?* a% z! |
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
7 k" H" c9 \7 Dthe right, at their option, to convert, on February 25, 2014 and on0 V/ ]8 k& L0 ~. U! _0 @  Q
S-4
# v( U( @( S& Q/ W# YFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any. Z/ i/ u' P5 s! M, p' u- v. w
or all of their Preferred Shares Series 18 into an equal number of Preferred, L& J! h) C, c
Shares Series 19 upon giving to the Bank notice thereof not earlier than( o0 P* l( |. \5 `) {
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day, x  \9 T; O5 d3 ^  {4 d' P- E  m
preceding, a Series 18 Conversion Date.
8 D; y2 G% q) ?; g6 O% p0 nAutomatic Conversion If the Bank determines, after having taken into account all shares tendered& W1 ~* P% s0 Y6 A. Q& T
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
: ^$ n3 C6 q6 B- z1 ZSeries 19, as the case may be, that there would be outstanding on such
! ?2 N% s# s% n! h" \7 Z7 H7 ]- NSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,4 Q& c  ?1 H6 M2 G
such remaining number of Preferred Shares Series 18 will automatically be$ n6 H. ^/ v- o2 a4 X
converted on such Series 18 Conversion Date into an equal number of
2 k6 `+ U' c, M% ?Preferred Shares Series 19. Additionally, if the Bank determines that, after
+ a* Y  q7 I4 _conversion, there would be outstanding on such Series 18 Conversion Date" Z) f0 j: H6 _: a' S  Q
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
# M" U" o+ Y# _" E0 P" ^! w+ hSeries 18 will be converted into Preferred Shares Series 19.
0 C! H: O/ y5 f3 J* lVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
9 V% m3 ]; |% q4 X  Z' ySeries 18 will not be entitled as such to receive notice of, attend, or vote at,; D6 T: d+ N9 r
any meeting of the shareholders of the Bank unless and until the first time at
/ l/ X& g# H( I5 K7 _which the Board of Directors has not declared the whole dividend on the  X3 r5 S/ _6 ?7 T' V
Preferred Shares Series 18 in any quarter. In that event, subject as
2 u; a) ]$ q# y9 c/ d8 K* ihereinafter provided, the holders of Preferred Shares Series 18 will be
6 l: }; F, W" fentitled to receive notice of, and to attend, meetings of shareholders at which( B0 O# E; |; g$ U# y* c
directors of the Bank are to be elected and will be entitled to one vote for
& O0 \1 r6 h9 \each Preferred Share Series 18 held. The voting rights of the holders of the
3 g0 k9 i; P9 l, @4 Q+ V0 E0 |Preferred Shares Series 18 will forthwith cease upon payment by the Bank of0 L. D1 r3 j* t. P' h' B
the first dividend on the Preferred Shares Series 18 to which the holders are3 ?7 \7 b) ^$ Z; W4 x5 ^' z
entitled thereunder subsequent to the time such voting rights first arose until6 g; Z" M2 N1 H; l# W" p" T
such time as the Bank may again fail to declare the whole dividend on the* X* u3 N7 d6 Q& [, p% Q8 l
Preferred Shares Series 18 in respect of any quarter, in which event such
; N1 _9 C4 ?- L6 evoting rights will become effective again and so on from time to time.
( Y* U6 a7 K+ X  E3 r5 C; S  dPrincipal Characteristics of the Preferred Shares Series 19
% q: f4 A9 m; B, [& n8 H) LDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
3 {5 V3 v! \( W$ G% Ofloating rate non-cumulative preferential cash dividends, as and when
3 n1 r9 k$ w6 x* U) N; Vdeclared by the Board of Directors, subject to the provisions of the Bank Act,
5 Z" e- d8 L  s$ z/ g& [payable quarterly on the 25th day of February, May, August and November
' C* v# t8 B, g8 d6 b) Gin each year, in the amount per share determined by multiplying the
0 H0 g8 {. V  u' c) Oapplicable Quarterly Floating Dividend Rate by $25.00.
+ L! Z5 m1 ~) T5 `% VOn the 30th day prior to the commencement of the initial quarterly dividend# g* Z: k$ `0 I" D' ?
period beginning on February 25, 2014, and on the 30th day prior to the first- }# Y* w1 J2 m" I% X
day of each subsequent quarterly dividend period (the initial quarterly
! d" ^4 R3 r. v& h) Cdividend period and each subsequent quarterly dividend period is referred to
/ w+ k# w2 F- D  j! `+ qas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
8 z1 r; f1 Y- H* D4 U3 HQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate5 g# P: T# k- X0 l3 }, j
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
, i: G9 h1 Y" L1 h  |6 `8 U; j3 M/ k' f4 eT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days) |7 ]7 ^2 e  Y9 d+ b! z: r
elapsed in the applicable Quarterly Floating Rate Period divided by 365)! ]% ?& x1 _3 O/ o
determined on the 30th day prior to the first day of the applicable Quarterly: J" o& s" J! Z
Floating Rate Period.
& n0 f- y" b" m: ~- _: jS-50 v; i3 p8 h) y; u% S
If the Board of Directors does not declare a dividend, or any part thereof, on
! s9 {4 n: f0 s5 x5 H$ cthe Preferred Shares Series 19 on or before the dividend payment date for a
5 W2 n. G5 H+ G7 V% D; E1 e, u* Fparticular quarter, then the entitlement of the holders of the Preferred
: t9 c; \- ]: o2 T4 aShares Series 19 to receive such dividend, or to any part thereof, for such
  _+ J3 X, k# ~+ b, v( X* f# W5 F- iquarter will be forever extinguished.; X7 I6 k' g' X) ^$ o$ {9 g3 _$ e
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the7 v# I6 [& M5 \+ J& h' ?
Superintendent and to the provisions described below under the heading0 _% E0 `0 V4 X& o; h( D( n3 k- A+ |( J
‘‘Details of the Offering — Certain Provisions of the Preferred Shares8 @3 L7 G' f# e* Z; R/ J% z
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,5 B/ E# G9 c3 G# {7 x
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
2 c* k: Z3 G8 b- [; o; Zor any part of the then outstanding Preferred Shares Series 19, at the Bank’s) G$ k( n" o+ V! J8 `& A
option without the consent of the holder, by the payment of an amount in6 h' k! H  U3 Y/ j. |
cash for each such share so redeemed of (i) $25.00 together with all declared
5 s$ D: J2 O/ F3 ]% nand unpaid dividends to the date fixed for redemption in the case of
2 h; b1 ?" S& P  F: K/ b2 ]/ wredemptions on February 25, 2019 and on February 25 every five years
+ w- N2 F: I8 r2 r6 G. ~7 ythereafter, or (ii) $25.50 together with all declared and unpaid dividends to$ S4 i) r5 ~# \& Y1 D7 [0 t
the date fixed for redemption in the case of redemptions on any other date3 A3 l" N# ?1 [; Q  K
on or after February 25, 2014.
7 P7 u6 W+ V$ GConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
; t6 S, E6 q# l# WShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
0 k/ {+ r- E0 [# xthe right, at their option, to convert, on February 25, 2019 and on
; X- w% y! n7 lFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
7 w& b. T. N5 J+ R1 C  _or all of their Preferred Shares Series 19 into an equal number of Preferred% {% N: P) D# z* Z# U+ J, H" g/ I
Shares Series 18 upon giving to the Bank written notice thereof not earlier6 F5 E  [7 Y( S" `
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
# {; T, g/ K) S) u; m15th day preceding, a Series 19 Conversion Date.% C8 [# D8 S! ]+ E$ a
Automatic Conversion If the Bank determines, after having taken into account all shares tendered+ X' x- f$ G$ U, B  g) n1 v+ S
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
; @* a4 T7 L* P9 T  l- J) G0 ISeries 18, as the case may be, that there would be outstanding on such
3 p" q% f7 m4 Q& H2 D8 FSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,3 K; ?: v' B- o( o) M& w- c+ {
such remaining number of Preferred Shares Series 19 will automatically be
" P9 K5 C, z5 o2 F. Q+ `converted on such Series 19 Conversion Date into an equal number of
* k/ A- Z- V" }, DPreferred Shares Series 18. Additionally, if the Bank determines that, after9 u. ]# ^5 c; @' \2 @
conversion, there would be outstanding on such Series 19 Conversion Date
+ b4 o9 o" }( j) Z  M* z  cless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
# n/ u+ Z; {0 @7 VSeries 19 will be converted into Preferred Shares Series 18.' L1 W6 T, M2 t- z
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
3 U- E6 Q) ^4 l; k* @; mSeries 19 will not be entitled as such to receive notice of, attend, or vote at,3 F' K/ {- \8 o7 o5 l, ^
any meeting of the shareholders of the Bank unless and until the first time at) g- w- f! ?( r4 B! I
which the Board of Directors has not declared the whole dividend on the1 P; _2 ?% M) E0 }' Y/ F! R( I5 U
Preferred Shares Series 19 in any quarter. In that event, subject as
/ u! E( A! u4 _9 chereinafter provided, the holders of Preferred Shares Series 19 will be
4 G/ z2 `% x9 p4 h* h$ u8 Dentitled to receive notice of, and to attend, meetings of shareholders at which
% m. ]+ @! ^% w. ~- Tdirectors of the Bank are to be elected and will be entitled to one vote for; S, X) T. C. s' F, B; d* M) C+ W( ^
each Preferred Share Series 19 held. The voting rights of the holders of the1 u9 U; H4 V  I. [8 H
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
; D' S! A6 y% ~: w# X4 K' c% Z. W" Rthe first dividend on the Preferred Shares Series 19 to which the holders are
) k0 B. f& p& h4 o7 uentitled thereunder subsequent to the time such voting rights first arose until* F8 e+ l( ^$ E
such time as the Bank may again fail to declare the whole dividend on the( c: D" f5 g% r! G. L3 G
Preferred Shares Series 19 in respect of any quarter, in which event such
# g; Y+ j/ n* O1 kvoting rights will become effective again and so on from time to time.
1 f$ j5 i* {8 J$ ^% ZS-6
* C# g: V( B5 g' o# D0 VPriority: The preferred shares of each series of the Bank will rank on a parity with
2 ^' E: w; Z$ b! O2 }; Z: kevery other series and are entitled to preference over the common shares of
. N* H/ N. P' P5 l! [( D& ~the Bank and over any other shares of the Bank ranking junior to the
  l# }! Z3 p) ]2 a% c% `preferred shares with respect to the payment of dividends and upon any+ @* B# D! ^* |, Y7 ]/ T
distribution of assets in the event of the liquidation, dissolution or
' j2 s! g( {& z2 p' Swinding-up of the Bank.! v, I' v3 s) x+ f1 i) Q
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
/ {1 G8 o+ V$ v" k) |( o; f; E  @, cDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares/ U) ^; Z7 H! R. W8 }
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
3 ^# z$ w6 p" K4 p& p  Mdividends 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。7 x& ?# C* D+ i8 Q1 m8 F. a& L
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& B" O! Z: D4 U
* c. L; D+ a4 M+ E  g
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
3 d3 M/ e6 q3 U* }6 E; [( a7 T
6 F: u4 l2 M% ?3 c# Z& c' lcall 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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