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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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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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8 a' i2 ~% v3 |" t9 a: r) m/ f

( q  y# x$ g, g& k  @( L[ 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:) \" O+ W( {; ?9 ?! w6 s
SUMMARY OF THE OFFERING! M6 E) S1 v; w8 U: S
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’’.
+ G" d4 |3 u( |9 |% EIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.! H, E) n) b9 K3 C
Amount: $150,000,000 (6,000,000 shares).
6 m* f# L5 }( w9 ~! D$ E$ DPrice and Yield: $25.00 per share to yield initially 6.50% per annum.* q' [  `1 f7 s: K1 G$ l
Principal Characteristics of the Preferred Shares Series 18+ X+ K2 ~: X9 D- V  _* M3 |; H% k
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
7 l, t  ~& {# S. V8 ?) h6 Dnon-cumulative preferential cash dividends, as and when declared by the4 U3 z& m! }: J; H, L1 I! u
Board of Directors, subject to the provisions of the Bank Act, for the initial$ l; ~* s3 [/ [! F/ K; S) g
period commencing on the closing date and ending on and including6 \7 m2 x, S* t. I- h
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
- O$ A5 m7 _+ B/ D) ^8 j3 k25th day of February, May, August and November in each year, at a rate
& T/ h/ e4 o) D( L' s; A/ wequal to $0.40625 per share. The initial dividend, if declared, will be payable9 H2 {  C- E9 `3 S9 A: [( l5 ^
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing. L, i* U( L! j; E4 {
date of December 11, 2008.5 O$ k' ^9 K8 @% {, _8 h8 \2 P
For each five-year period after the Initial Fixed Rate Period (each, a
. M9 W8 S. `1 Z7 V! `‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
; O! h" r, A- m7 ?% qSeries 18 will be entitled to receive fixed non-cumulative preferential cash8 s5 |7 M" S( h( e0 r& l+ m( |
dividends, as and when declared by the Board of Directors, subject to the
* C0 J) \1 Q8 w# @1 l& ]provisions of the Bank Act, payable quarterly on the 25th day of February,( \  W# ~  }6 |2 g' X* b% }; V9 L
May, August and November in each year, in the amount per share per annum
0 a* H! S" M8 C# f% }determined by multiplying the Annual Fixed Dividend Rate applicable to. m% c! i( f2 d; }% J( K
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend6 K! P' h% v& ]* n; z" T8 C
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
) [. G0 G" [6 Y6 k1 k; U9 D# uBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day( S1 w" W. b1 `$ H2 {. L( z
of such Subsequent Fixed Rate Period and will be equal to the sum of the3 r  ]! {+ S8 f
Government of Canada Yield on the applicable Fixed Rate Calculation Date
5 m; v5 \' r( g) u9 qplus 3.83%.
4 o6 g$ p3 M* N: f+ A6 ZIf the Board of Directors does not declare a dividend, or any part thereof, on6 n9 m& d" h0 l+ |3 \0 ]/ |
the Preferred Shares Series 18 on or before the dividend payment date for a! K( B3 ^' Z- C8 {  K/ u
particular quarter, then the entitlement of the holders of the Preferred2 |) q* h! S: H/ l- L2 s
Shares Series 18 to receive such dividend, or to any part thereof, for such# Y7 k) l+ i8 T7 V; X
quarter will be forever extinguished.+ y! y% h) ?: z  B# v- O
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the1 p. H3 Z2 ~2 M+ E( o3 k% Q
Superintendent and to the provisions described below under ‘‘Details of the; |( M% E$ g8 }+ I+ n& c/ C
Offering — Certain Provisions of the Preferred Shares Series 18 as a( I0 _' O: D( G4 p) o! b" F3 u2 u- Q
Series — Restrictions on Dividends and Retirement of Shares’’, on
0 o- \/ Y; Z9 F7 u; v' rFebruary 25, 2014 and on February 25 every five years thereafter, on not
( S* F7 B7 U' ]1 z1 H( x+ |more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
( t, m+ a; k1 i. N  ]$ F& d* ypart of the then outstanding Preferred Shares Series 18, at the Bank’s option
7 O8 k$ F3 B5 r: v  `' bwithout the consent of the holder, by the payment of an amount in cash for
1 N& C* y  k' p: O+ seach such share so redeemed of $25.00 together with all declared and unpaid. B3 O% ?# A. k8 V# [
dividends to the date fixed for redemption.$ e: F9 `+ T) d, T6 Z- |; V
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
. @- G1 B5 L" u7 S* o- ]Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have  k% q7 m! s  ?8 t/ r* h; ?! u/ i/ P
the right, at their option, to convert, on February 25, 2014 and on
2 D5 y5 @# c1 ^  ?* G: o9 y$ b: kS-4
& O* g* V( h. _( Y5 `3 |, z( @* nFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any6 g9 u/ V' ^8 x4 Y
or all of their Preferred Shares Series 18 into an equal number of Preferred1 `& S/ V1 ^- O
Shares Series 19 upon giving to the Bank notice thereof not earlier than5 U* [0 m, l$ C, [7 u$ u/ p  E
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
, E) g/ y. r. K3 r9 |& F8 tpreceding, a Series 18 Conversion Date.9 q- P% I5 z5 K1 v# w
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
4 m" R" Z$ Y; O* L0 nProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares5 o/ x3 G9 |# w$ e; X5 o
Series 19, as the case may be, that there would be outstanding on such* n. B- @$ N! g' d1 C, v
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,& m& s& w7 ]: n& Z- G- {8 |! n
such remaining number of Preferred Shares Series 18 will automatically be4 J8 K3 K! k/ V+ b4 j8 z" Y; o
converted on such Series 18 Conversion Date into an equal number of$ U% C2 _1 K! ^7 b6 _
Preferred Shares Series 19. Additionally, if the Bank determines that, after4 j3 O! F: {: U3 r1 ]/ C/ R
conversion, there would be outstanding on such Series 18 Conversion Date! j2 F0 y6 X! B5 D' j' n5 A) K
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares! r! m  D1 Q& r) _1 c4 J6 S
Series 18 will be converted into Preferred Shares Series 19.
# W- ?: N' g2 N) k5 ]0 e1 r) cVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares" _8 ~- ]7 i& M7 H1 V3 `7 V9 F8 D) w
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
9 Q0 T& ?( n5 L$ o% kany meeting of the shareholders of the Bank unless and until the first time at
$ C2 k4 G3 b# T/ E/ C- T0 Mwhich the Board of Directors has not declared the whole dividend on the
8 U+ f5 l: D1 m$ r  q! E/ vPreferred Shares Series 18 in any quarter. In that event, subject as& P1 Y; ?6 n& N# F& g# t
hereinafter provided, the holders of Preferred Shares Series 18 will be  P9 K. o: F8 S5 I
entitled to receive notice of, and to attend, meetings of shareholders at which
, p7 y- x5 U+ kdirectors of the Bank are to be elected and will be entitled to one vote for
' h2 @3 a% s5 X3 peach Preferred Share Series 18 held. The voting rights of the holders of the
" U& \4 J" k4 x! U; {; [% KPreferred Shares Series 18 will forthwith cease upon payment by the Bank of9 j- \% b) y# ~! j. @
the first dividend on the Preferred Shares Series 18 to which the holders are2 b3 X* |$ f3 D3 j2 k/ A; a. Y2 t' y/ N
entitled thereunder subsequent to the time such voting rights first arose until% L! u  E7 P- w6 E  T, r7 d
such time as the Bank may again fail to declare the whole dividend on the
8 y1 [) ]# o4 F4 C9 C* sPreferred Shares Series 18 in respect of any quarter, in which event such
1 A* {! ~+ j+ {- e2 g, wvoting rights will become effective again and so on from time to time.% x. j/ ~4 R/ E: O
Principal Characteristics of the Preferred Shares Series 19( o5 d9 L3 X9 D1 _4 e4 }# C# U
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
5 j# _0 e  F" o9 ^3 N  C' afloating rate non-cumulative preferential cash dividends, as and when( H4 W; E9 h. @: g! V9 u
declared by the Board of Directors, subject to the provisions of the Bank Act,
5 k$ b% @$ h& p/ t# Opayable quarterly on the 25th day of February, May, August and November
/ Y0 s" z, V% _in each year, in the amount per share determined by multiplying the$ D9 x- `# M6 m
applicable Quarterly Floating Dividend Rate by $25.00.
9 |6 t- d/ C: X$ T' f6 cOn the 30th day prior to the commencement of the initial quarterly dividend. o$ v) g. `( _  D1 Z; h! S8 d
period beginning on February 25, 2014, and on the 30th day prior to the first* i: X' B% Z9 R# Q
day of each subsequent quarterly dividend period (the initial quarterly( ]# S7 S& I6 r) H4 J5 P
dividend period and each subsequent quarterly dividend period is referred to
8 G6 t1 d) p, x# y! yas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the9 i; y& }1 P" M8 m
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate( i$ E  A6 N, ?( `6 [
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the. n8 {% I' m/ K. Z" y: Z
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
% q4 j- y4 W$ }) Q' v2 Helapsed in the applicable Quarterly Floating Rate Period divided by 365)
5 m" p3 N, M% H* g$ a( Odetermined on the 30th day prior to the first day of the applicable Quarterly
0 C& I5 s5 @4 j7 K6 D- kFloating Rate Period.
/ D" G8 i# a7 v2 `: FS-58 i! l" A5 G$ S' d8 A
If the Board of Directors does not declare a dividend, or any part thereof, on
  A; P( R" \2 {8 B5 ~the Preferred Shares Series 19 on or before the dividend payment date for a3 R# g1 Z$ ]: Y+ v4 T
particular quarter, then the entitlement of the holders of the Preferred
% G$ y; }8 [0 H- l' |2 n6 pShares Series 19 to receive such dividend, or to any part thereof, for such
/ a4 W( Z8 X7 q* F. U8 K( t8 iquarter will be forever extinguished.' f$ ^! W9 f, x/ G4 n) @: R$ ^
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the3 D; ^. r7 p/ u
Superintendent and to the provisions described below under the heading
# k& ~" h' S2 \‘‘Details of the Offering — Certain Provisions of the Preferred Shares
4 Z9 s9 E# S$ a0 X! G8 v$ {5 L3 mSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
# S$ P1 X/ E, x5 Q( don not more than 60 nor less than 30 days’ notice, the Bank may redeem all
2 F6 T) k  |: u1 s) J& Vor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
1 U2 u9 C* {1 S! u; @; Moption without the consent of the holder, by the payment of an amount in7 K* u$ j7 x3 N* C7 i1 A
cash for each such share so redeemed of (i) $25.00 together with all declared5 Z2 a6 t+ [4 ^7 v
and unpaid dividends to the date fixed for redemption in the case of
' N( @( S$ t7 @redemptions on February 25, 2019 and on February 25 every five years# f% }1 L9 f( k4 G8 X
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
& w5 f$ U  M5 zthe date fixed for redemption in the case of redemptions on any other date
1 o' u9 [* z' r) I$ Z# v. \+ xon or after February 25, 2014.4 H8 j4 u% j5 V
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic( f- M  D% u- e6 w* ~  s9 X
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have# T* L! s" E. q. O) s
the right, at their option, to convert, on February 25, 2019 and on& h: H3 [1 {' R: ^
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
) P" [7 p8 ]- i1 S6 Aor all of their Preferred Shares Series 19 into an equal number of Preferred
" }% R/ q7 @7 [Shares Series 18 upon giving to the Bank written notice thereof not earlier) p# U, N/ O) @
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
& F6 E; }0 i' x5 b8 f! ~15th day preceding, a Series 19 Conversion Date.
( D4 T; h, N+ Y; QAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
. {+ h5 a2 b, ^  R& _Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares. W2 K( j6 F) b! d4 Z8 c3 y: B! _
Series 18, as the case may be, that there would be outstanding on such
% D' Q& o( l  Q( D9 f0 u9 }* LSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
% G7 X* y. V% Q% F. Csuch remaining number of Preferred Shares Series 19 will automatically be* A- H0 z9 o7 C( C4 m
converted on such Series 19 Conversion Date into an equal number of
  V" @9 W. h" |' V' r- x: }& W2 O0 O- `Preferred Shares Series 18. Additionally, if the Bank determines that, after
4 V6 R! u% x5 Qconversion, there would be outstanding on such Series 19 Conversion Date
; _+ w+ d0 B  S# y3 nless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
: T/ l: ?7 o7 D4 {: n4 vSeries 19 will be converted into Preferred Shares Series 18.
# L. E7 ?4 n; A* T# F) bVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares! r2 f+ Z; h" V2 D9 S5 j, s1 B
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
% X( j& U& \* P, d; A5 X$ {any meeting of the shareholders of the Bank unless and until the first time at! \' f3 z* L) o% M, [7 b
which the Board of Directors has not declared the whole dividend on the
% j) {5 N: k% k$ N1 xPreferred Shares Series 19 in any quarter. In that event, subject as
7 S" c9 S8 T) t8 r! i2 xhereinafter provided, the holders of Preferred Shares Series 19 will be
' [$ D. e; a& g6 d, \entitled to receive notice of, and to attend, meetings of shareholders at which
' x1 n% }: Y" F8 r3 L5 `directors of the Bank are to be elected and will be entitled to one vote for
6 }' s# J: _, w4 h5 d9 n3 [! Aeach Preferred Share Series 19 held. The voting rights of the holders of the
3 B; Q9 s" l3 Z# gPreferred Shares Series 19 will forthwith cease upon payment by the Bank of6 |7 k0 k) g. O1 U9 V" }; |& X6 _
the first dividend on the Preferred Shares Series 19 to which the holders are! F- [3 f, W( J2 j. H' ]
entitled thereunder subsequent to the time such voting rights first arose until
9 Z; j3 V+ v& C2 f6 lsuch time as the Bank may again fail to declare the whole dividend on the: z% l( n2 @7 l. w' J) Y1 W
Preferred Shares Series 19 in respect of any quarter, in which event such
0 _% F6 z( _9 w4 g3 g7 g! Qvoting rights will become effective again and so on from time to time.
9 e8 L, r9 M& h! q# `S-6+ y* b4 i+ w" p$ \: @
Priority: The preferred shares of each series of the Bank will rank on a parity with
( M5 X' ], e8 ], F6 ^1 E/ Revery other series and are entitled to preference over the common shares of
8 J6 j( r9 {9 Q4 p4 _the Bank and over any other shares of the Bank ranking junior to the9 X6 p( k) r; j, u# @0 e- A6 K; \
preferred shares with respect to the payment of dividends and upon any
( e& ]) m, x9 t4 ~. o& @0 `" sdistribution of assets in the event of the liquidation, dissolution or. E$ z7 V4 \9 H$ P' n9 W- c3 I
winding-up of the Bank.6 I9 V8 l3 B  s( Z, d5 l
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under, ?! \- I8 Z$ X/ |, V; N2 [
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
6 h+ Z1 I' x8 q& W  e: p" gSeries 18 and Preferred Shares Series 19 will not be required to pay tax on& {: \. d* t: K* J4 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。
1 u+ W& r) x% I$ o4 y; W; [今天讲座如何?
大型搬家
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

& p1 {; O: z) y# p
! C7 c1 h4 S5 o& t2 x. E下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
( ]" {: A/ k1 d  }- k& d
  ?' _5 H1 A( |, x$ P" Ccall 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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