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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。( u2 Y+ _7 y5 `* T, g* ^
1 `2 ~/ J8 u& U0 G+ [

8 C+ N8 o) t3 X8 M; N8 a: {[ 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:+ _* L; G% K3 {
SUMMARY OF THE OFFERING
8 l# h, e4 i2 `; _( C3 oThis 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 z/ z% w# e) n! P$ eIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
& W% M: I$ S& X5 H% t* aAmount: $150,000,000 (6,000,000 shares).
( G+ H+ O  [' k5 z4 {+ z; q9 W# ]+ ~Price and Yield: $25.00 per share to yield initially 6.50% per annum.
& ]4 }3 E) e+ q% APrincipal Characteristics of the Preferred Shares Series 18
5 w8 }8 h8 ]9 J# w4 A( U; dDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
- E, D/ Y3 {( M3 g) Z" ]& Mnon-cumulative preferential cash dividends, as and when declared by the
6 ]9 u# r! u) _0 N7 WBoard of Directors, subject to the provisions of the Bank Act, for the initial
- I. @" |. `. r/ Iperiod commencing on the closing date and ending on and including
1 C. U, R) J+ q. S6 ^8 aFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the. N- ]! x- v. P0 w# ?7 \
25th day of February, May, August and November in each year, at a rate
% j# q* U9 h. j+ \equal to $0.40625 per share. The initial dividend, if declared, will be payable. w# k% d. u  c) f% ]* |
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
4 ]) \% \! s# Udate of December 11, 2008.
1 x' r" {) n' A1 v( V. P7 ^9 IFor each five-year period after the Initial Fixed Rate Period (each, a  s1 X& n/ A' r
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
4 b9 [9 _8 P0 c: `/ d7 t, F1 ~+ V9 e" ~Series 18 will be entitled to receive fixed non-cumulative preferential cash
/ O) V3 U* J* k7 Z' ?dividends, as and when declared by the Board of Directors, subject to the
: m3 X! @3 d; c7 T1 k9 c7 ~provisions of the Bank Act, payable quarterly on the 25th day of February,9 x2 f/ b- H: g2 m* n
May, August and November in each year, in the amount per share per annum0 L1 F7 y0 n* u* K3 V- I* A
determined by multiplying the Annual Fixed Dividend Rate applicable to5 @  n6 Z3 ^4 X, `% J/ [
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
4 d$ X4 j; p% X7 ORate for the ensuing Subsequent Fixed Rate Period will be determined by the
- |3 a' h6 ]' h1 f) jBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day4 ]- P& I6 c. w4 }
of such Subsequent Fixed Rate Period and will be equal to the sum of the
# q" ?5 i' N, @7 S. `& sGovernment of Canada Yield on the applicable Fixed Rate Calculation Date. |: E% W. R3 i' k" X1 Y9 f
plus 3.83%.; r& _" s# V; c- F* t
If the Board of Directors does not declare a dividend, or any part thereof, on
9 R" e0 N' k& q/ g2 V" w4 N% xthe Preferred Shares Series 18 on or before the dividend payment date for a
3 K9 J; c" L) R0 k6 H6 dparticular quarter, then the entitlement of the holders of the Preferred! Y6 A7 ]8 p+ q+ W: v* J1 d
Shares Series 18 to receive such dividend, or to any part thereof, for such
/ Q. n% I( ~0 H, O' ~* r6 B3 _quarter will be forever extinguished.
! \$ t3 K! @1 ]/ YRedemption: Subject to the provisions of the Bank Act and to the prior consent of the- E9 X& `) d. L3 B5 z
Superintendent and to the provisions described below under ‘‘Details of the
+ A2 R- w& M/ B# \0 X* }  z! P: Q: Q1 ^Offering — Certain Provisions of the Preferred Shares Series 18 as a! ~, ~# d4 y7 F: O
Series — Restrictions on Dividends and Retirement of Shares’’, on) W9 i  _$ z1 ], V
February 25, 2014 and on February 25 every five years thereafter, on not1 b  W# i# i6 K! w, _
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any$ ]  B, n% C5 G. C& @
part of the then outstanding Preferred Shares Series 18, at the Bank’s option! ^; x( z1 b. J
without the consent of the holder, by the payment of an amount in cash for# U! Q  \8 w0 R* \2 S+ R; C
each such share so redeemed of $25.00 together with all declared and unpaid
- _3 q- \( m! @8 J+ X3 }dividends to the date fixed for redemption.9 Y; B7 e( ]: p: t
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic6 q/ i% }4 s$ a$ ?+ m" V' s
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have" L, ]! K; g6 z1 v& M  |2 H
the right, at their option, to convert, on February 25, 2014 and on7 b0 b7 u7 q  d
S-4
2 V5 c( g, D8 F  [3 L( ]" hFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
$ E7 C3 L* I. @' Y, x) v8 D. zor all of their Preferred Shares Series 18 into an equal number of Preferred
- D$ r* {$ n( fShares Series 19 upon giving to the Bank notice thereof not earlier than5 z8 Q6 q* t" l
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
8 z8 L, V# M0 Y6 H' |- T! Epreceding, a Series 18 Conversion Date./ D$ m& u6 _1 G8 S2 S) {
Automatic Conversion If the Bank determines, after having taken into account all shares tendered: O6 {9 Q$ x5 y3 Q8 o3 U3 I) q
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
; A0 `9 `$ M- b7 t. p9 QSeries 19, as the case may be, that there would be outstanding on such
! C. j/ p7 D# A7 B0 T+ q1 DSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,3 C- x. V/ g6 W' l# G
such remaining number of Preferred Shares Series 18 will automatically be
2 R! f+ I6 {5 G4 uconverted on such Series 18 Conversion Date into an equal number of) T8 b# ~5 ~" e
Preferred Shares Series 19. Additionally, if the Bank determines that, after
0 p5 a: t  t, k5 {conversion, there would be outstanding on such Series 18 Conversion Date
4 g6 |% F4 S, i0 Mless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
. F# T, o8 H3 _- wSeries 18 will be converted into Preferred Shares Series 19.
- i3 J6 L  B/ g. LVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
4 I# b1 x4 k! @Series 18 will not be entitled as such to receive notice of, attend, or vote at,
( }3 t4 z" Y8 U# @9 v! p, Xany meeting of the shareholders of the Bank unless and until the first time at6 I$ _% ^3 @" B8 i8 O. r: G
which the Board of Directors has not declared the whole dividend on the
, k( w$ y/ x3 @( pPreferred Shares Series 18 in any quarter. In that event, subject as
. a. D! L" d" ghereinafter provided, the holders of Preferred Shares Series 18 will be
1 c4 Q: D  M5 n6 T% s$ ^( I* uentitled to receive notice of, and to attend, meetings of shareholders at which- {( O, y9 y3 c. P- `3 ^
directors of the Bank are to be elected and will be entitled to one vote for
% U- J7 G) G# U/ B: B$ {( D" \each Preferred Share Series 18 held. The voting rights of the holders of the
" _' P3 k8 q. h$ Q0 Y% k0 OPreferred Shares Series 18 will forthwith cease upon payment by the Bank of( K% n7 O9 o- k$ J) H( P
the first dividend on the Preferred Shares Series 18 to which the holders are
# E/ l" r. c: G9 Q  Gentitled thereunder subsequent to the time such voting rights first arose until
6 v$ l8 j3 ~  x- i2 |9 f' r( p7 G( ]such time as the Bank may again fail to declare the whole dividend on the, i( M: G' ]7 z3 b
Preferred Shares Series 18 in respect of any quarter, in which event such
. ]7 F4 o+ m9 d( tvoting rights will become effective again and so on from time to time.4 l, T6 G0 c& [+ J( M/ h
Principal Characteristics of the Preferred Shares Series 195 c7 {* {- m( u, M8 z
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
- ~0 j& J3 P+ H& c2 M, g: @3 nfloating rate non-cumulative preferential cash dividends, as and when
# F; P5 ^8 a- Q. P+ n8 t( \* gdeclared by the Board of Directors, subject to the provisions of the Bank Act,$ H* ~" S! e2 d4 r; O1 D
payable quarterly on the 25th day of February, May, August and November# m: G- X% Q  x% X8 q
in each year, in the amount per share determined by multiplying the/ R1 D; m& H( W4 |; _/ ]' x
applicable Quarterly Floating Dividend Rate by $25.00.
' y  W# q4 P. l7 UOn the 30th day prior to the commencement of the initial quarterly dividend
' Q% m$ b2 @6 t6 {$ qperiod beginning on February 25, 2014, and on the 30th day prior to the first
. ^5 }/ i- U" t. S/ e: r( tday of each subsequent quarterly dividend period (the initial quarterly
. \! o$ U  d) E3 ydividend period and each subsequent quarterly dividend period is referred to
* l! K0 O! s  Q5 o/ `2 `as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the1 v# {' J5 o4 @
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate: X7 M! Z6 U; K; l' G! Y- O
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
/ v) @; N# L- i8 @! M9 k& c5 Q# MT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
7 `' Q8 [5 t6 m: ^elapsed in the applicable Quarterly Floating Rate Period divided by 365)* l6 I2 A5 l% Z
determined on the 30th day prior to the first day of the applicable Quarterly
6 S% a* X3 m3 c  w/ c5 h" WFloating Rate Period.0 p, h1 M' ^. l
S-54 E: M% L  Z8 F8 Y. k3 p. [
If the Board of Directors does not declare a dividend, or any part thereof, on
2 Y2 f/ b8 T# w( othe Preferred Shares Series 19 on or before the dividend payment date for a
& D' W  E/ \# m: aparticular quarter, then the entitlement of the holders of the Preferred, C! g! Z! i* E1 M* _% N9 E
Shares Series 19 to receive such dividend, or to any part thereof, for such
+ V- M  s' Q- ~* T0 D, x# squarter will be forever extinguished." O6 l. q) n; Z$ U3 \
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
- I8 _: I/ U1 ZSuperintendent and to the provisions described below under the heading" l  G4 y9 r; n: ?8 V! X3 ?  O
‘‘Details of the Offering — Certain Provisions of the Preferred Shares3 @2 M& h- D6 d
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
2 Q8 Z* d5 w. d; m# o& j1 ~on not more than 60 nor less than 30 days’ notice, the Bank may redeem all' {* z0 v  L; f0 t
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s# B% X( x3 P7 e5 |) e
option without the consent of the holder, by the payment of an amount in" w5 j( [* {( f# Q: P" Z
cash for each such share so redeemed of (i) $25.00 together with all declared
6 r; v8 }1 B3 land unpaid dividends to the date fixed for redemption in the case of
- g6 S5 A/ l: \5 }, S" I! P  Credemptions on February 25, 2019 and on February 25 every five years4 _: E9 n7 r6 X: r+ e1 O2 j" K
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
6 O0 h& q) y& ~0 ~' [0 w- qthe date fixed for redemption in the case of redemptions on any other date7 z$ ?% y7 c# b, d/ p+ R! `
on or after February 25, 2014.
# N! F& V1 H* r  j$ B( N, x$ d# |Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
6 ?* L# Z! w5 o6 a0 P! ]! _Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have% Q2 I$ B8 o- k! K2 x
the right, at their option, to convert, on February 25, 2019 and on3 P' |0 y: V( K; k/ G# z
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
+ ~  C0 Z1 O" i7 k3 nor all of their Preferred Shares Series 19 into an equal number of Preferred" B- T, g, `4 g* F% ]; e4 L( N
Shares Series 18 upon giving to the Bank written notice thereof not earlier
2 }9 P, _& k# s1 l7 o6 p* T( |than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
( L& ~/ o5 y7 }# Q15th day preceding, a Series 19 Conversion Date.
/ \, b6 m* @2 I. p7 W  T0 IAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
5 Y- o# S0 X+ ?$ Z# ]0 G. \, q1 iProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares& X* y2 W3 N4 U. Q) ~. B3 f8 L
Series 18, as the case may be, that there would be outstanding on such% ^0 |0 d' Z: |& I! i
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,! g- B- R; q$ I* X
such remaining number of Preferred Shares Series 19 will automatically be
8 x/ h6 j- a4 U( I6 I3 u  P4 [7 c* D$ Wconverted on such Series 19 Conversion Date into an equal number of
# `5 C2 E+ V3 Z+ ~& P9 jPreferred Shares Series 18. Additionally, if the Bank determines that, after: A& U2 S& ]3 \  p7 I  m/ e
conversion, there would be outstanding on such Series 19 Conversion Date
- B. z4 |- }: [) x5 x: gless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares/ M4 {7 Z, u9 J; K+ |7 `/ w0 ^  _, J
Series 19 will be converted into Preferred Shares Series 18.- B; Y; ^+ H. P& ?5 U! `
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares2 b) [9 N; b$ ?! u' `7 u# Z. k
Series 19 will not be entitled as such to receive notice of, attend, or vote at,6 m( C( B- i8 Y4 J: z; K
any meeting of the shareholders of the Bank unless and until the first time at! }$ p  l1 H4 q5 }7 I
which the Board of Directors has not declared the whole dividend on the
$ ?; M7 {  v+ e+ ^( O( tPreferred Shares Series 19 in any quarter. In that event, subject as
' a2 k; p9 z9 q6 C  h) {hereinafter provided, the holders of Preferred Shares Series 19 will be4 U" w. \7 x) p3 V
entitled to receive notice of, and to attend, meetings of shareholders at which- }) w* `) e# }( ]/ `2 W
directors of the Bank are to be elected and will be entitled to one vote for
, `) D4 }# B0 o1 y' X- Keach Preferred Share Series 19 held. The voting rights of the holders of the8 v) V$ K. z  }; Y: S2 a: D2 v
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of- y( W7 {$ `# A8 H% F' s; W/ \
the first dividend on the Preferred Shares Series 19 to which the holders are! H, r% Q+ A0 c3 L! i. o
entitled thereunder subsequent to the time such voting rights first arose until
7 _$ t7 ^$ J6 ^such time as the Bank may again fail to declare the whole dividend on the
: s; ^% F, f. y& o/ ^. I) FPreferred Shares Series 19 in respect of any quarter, in which event such- @" n5 j9 [+ \* s0 m
voting rights will become effective again and so on from time to time.7 v, n  q6 G6 G5 e. H. j$ U
S-64 q' P* z2 _  m" e2 ]/ g# W4 t3 g
Priority: The preferred shares of each series of the Bank will rank on a parity with
6 Y: S3 Y0 B7 S7 u) x4 bevery other series and are entitled to preference over the common shares of
. D  R- f% T. R9 v8 r8 A* lthe Bank and over any other shares of the Bank ranking junior to the$ e4 V, k6 _  q# k
preferred shares with respect to the payment of dividends and upon any
6 d$ m$ P' o& Z  j' S* @0 pdistribution of assets in the event of the liquidation, dissolution or4 {# ]# A7 B  M4 J# n
winding-up of the Bank.
$ A- j) |4 E1 F4 }Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
8 c4 O) `  D$ v2 `Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
2 x' d' |% a, z% L/ ASeries 18 and Preferred Shares Series 19 will not be required to pay tax on
: ?: ?5 I5 d  a, idividends 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。
$ i8 y+ |1 X' T, D) Z- G* y4 D' C& r! x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

4 V, U' w. E; L0 z8 l
1 x2 h  {7 x  I/ f# a下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。/ }& _; [; w. r  c

( \' }( g# R- H, m) ucall me.. 780 6699880 转101
大型搬家
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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