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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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( P" `' ]( X8 H$ I[ 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:$ C2 @/ S& h4 L0 V% G3 w" l
SUMMARY OF THE OFFERING
& f# r9 D. A3 F. d9 jThis 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’’.& [8 c3 A2 H- Z9 H9 j
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
0 M, I$ D  `% t7 dAmount: $150,000,000 (6,000,000 shares).
" E5 z! U0 y" d$ O% rPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
6 `4 n0 }/ I! wPrincipal Characteristics of the Preferred Shares Series 18* N% Q' a3 B4 L* H
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
+ W6 U1 r! I; W7 {; O" lnon-cumulative preferential cash dividends, as and when declared by the# e) \. O- p* }* M* V
Board of Directors, subject to the provisions of the Bank Act, for the initial% i5 o3 _8 p4 r
period commencing on the closing date and ending on and including+ P& L: e: |! t! H: E3 O5 J! h
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
9 l4 k/ ]# }( w5 W; n2 ^/ D0 ]: |25th day of February, May, August and November in each year, at a rate
2 `. G; X. z; v0 x3 Bequal to $0.40625 per share. The initial dividend, if declared, will be payable# k1 Z% e  I; d& w
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing4 Z0 r- H2 J6 k: A4 t6 s$ ]* h
date of December 11, 2008.
( P" K: E% E# R; U+ r& e* RFor each five-year period after the Initial Fixed Rate Period (each, a
$ z& B" W) w  K‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares9 S$ V) b& m6 g- R( G' B
Series 18 will be entitled to receive fixed non-cumulative preferential cash0 B' X# v7 [) O/ ]" \7 I
dividends, as and when declared by the Board of Directors, subject to the
' s" e6 M7 P; V" q8 Gprovisions of the Bank Act, payable quarterly on the 25th day of February,3 z+ w% E& t5 L; _/ B) Y  q
May, August and November in each year, in the amount per share per annum
0 j1 V: c; u7 e1 F4 Zdetermined by multiplying the Annual Fixed Dividend Rate applicable to
0 A* L$ j7 F- o; Z. ]6 |such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend# k7 P/ ^/ D: a1 A' T' p/ c
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the6 T1 A" W  D9 @- @& z9 W  o2 c
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day5 _  f% A# d! z& W+ L( U
of such Subsequent Fixed Rate Period and will be equal to the sum of the
& a: I  }9 A4 K2 y/ N9 K5 jGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
3 O2 v$ L; Q" Z& T' g4 nplus 3.83%.
- l- z* T3 e# i" Q! j9 f: iIf the Board of Directors does not declare a dividend, or any part thereof, on
7 e" P8 z4 ~4 z6 Fthe Preferred Shares Series 18 on or before the dividend payment date for a# \. {, Q7 ]/ v
particular quarter, then the entitlement of the holders of the Preferred
  d( G; }- u& x. q0 }6 OShares Series 18 to receive such dividend, or to any part thereof, for such
3 e( R" d! Z; h% ^; `+ K& pquarter will be forever extinguished./ G/ m7 \9 ~9 n) F! r3 @; z
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the6 ]. X' y' a" l0 _6 t! j
Superintendent and to the provisions described below under ‘‘Details of the  v2 M) q+ G% E& h7 S
Offering — Certain Provisions of the Preferred Shares Series 18 as a! ]. b  v2 z- U) U8 n8 d" ?5 R
Series — Restrictions on Dividends and Retirement of Shares’’, on- t% o, s# X4 f
February 25, 2014 and on February 25 every five years thereafter, on not
( b0 G5 e( B" U, H! D5 c4 f* L& _more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
9 k! K% |5 R( x6 r7 H& P3 m% }part of the then outstanding Preferred Shares Series 18, at the Bank’s option9 Y( x; Z  H2 c$ q8 M
without the consent of the holder, by the payment of an amount in cash for' N( n$ X/ w* o
each such share so redeemed of $25.00 together with all declared and unpaid# \0 M7 ~1 x' k( ?5 H4 X; Y( N) L. u8 z
dividends to the date fixed for redemption.; ?' h6 D$ j2 `1 [4 K8 u9 W
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic! `# n% S: C" l3 z& g) G2 i: {
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have8 u) I4 \" g: d/ N% M) c
the right, at their option, to convert, on February 25, 2014 and on
+ m5 ^- A8 ~3 {6 g9 G9 g; I6 ]S-45 c6 u& [+ N3 H& `& D* y" I
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
! h5 ?/ h& x$ S0 _8 O; `5 @or all of their Preferred Shares Series 18 into an equal number of Preferred. R3 P0 Q( q0 @6 f5 W. n
Shares Series 19 upon giving to the Bank notice thereof not earlier than, d0 q! X) p5 d5 ^& h
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
) i! l7 s9 _. ]* j$ _preceding, a Series 18 Conversion Date.
9 U, H0 {7 b. vAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
$ ^+ O7 ?0 p5 ?& }- Y) `2 t6 W% hProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares" }8 A5 O+ R3 ^! x3 x
Series 19, as the case may be, that there would be outstanding on such/ X% s7 g. m3 x- s1 }# Q+ ~
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
9 V2 R9 _( T* y; \6 C' T( l% w5 n0 rsuch remaining number of Preferred Shares Series 18 will automatically be& C, {8 w* q  W: E7 L( ?1 C- x
converted on such Series 18 Conversion Date into an equal number of: j. r: v8 t3 U" ]3 _- t  n5 B
Preferred Shares Series 19. Additionally, if the Bank determines that, after
1 G  A8 U9 r5 E( Zconversion, there would be outstanding on such Series 18 Conversion Date. q  [2 f2 ^1 z; e- C$ P; }/ T
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares% U/ E4 G$ f5 E- X& N
Series 18 will be converted into Preferred Shares Series 19.; h( l! e& l0 j/ U  n) U
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
" [4 ?- U! q( w$ M2 I" \. nSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
* ^2 b  r8 f# W: k6 jany meeting of the shareholders of the Bank unless and until the first time at, m) w' M  {: y
which the Board of Directors has not declared the whole dividend on the- S$ v$ m4 L- o" M# g+ `
Preferred Shares Series 18 in any quarter. In that event, subject as/ N. R5 b  F3 m- e
hereinafter provided, the holders of Preferred Shares Series 18 will be! R, K- e$ y- _7 D0 E- K  J
entitled to receive notice of, and to attend, meetings of shareholders at which
5 S. Z! I& l% L2 ?, Z; e% idirectors of the Bank are to be elected and will be entitled to one vote for1 n: v: d4 U; s0 ?
each Preferred Share Series 18 held. The voting rights of the holders of the
% A' K+ P; N2 gPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
! I3 J# [9 E! M2 x3 t# Hthe first dividend on the Preferred Shares Series 18 to which the holders are
8 ^) s6 o/ Q: Wentitled thereunder subsequent to the time such voting rights first arose until
" ~6 g* [+ p9 m% v. Z2 qsuch time as the Bank may again fail to declare the whole dividend on the2 ^5 U1 j, m( `2 a7 f
Preferred Shares Series 18 in respect of any quarter, in which event such
6 x9 c2 H6 Y3 P/ ~voting rights will become effective again and so on from time to time.
7 s6 [  `! Z) T3 fPrincipal Characteristics of the Preferred Shares Series 19
# U  R5 H+ n9 d8 i; k& W8 NDividends: The holders of the Preferred Shares Series 19 will be entitled to receive! P# ^. Y3 R; ]- C' b) G$ ~
floating rate non-cumulative preferential cash dividends, as and when
8 R  G( ~- W/ B8 ?declared by the Board of Directors, subject to the provisions of the Bank Act,
2 G* i2 N7 y% w3 o/ G: x3 |- bpayable quarterly on the 25th day of February, May, August and November' z4 F  ~- V1 A1 I& M
in each year, in the amount per share determined by multiplying the
* o: M4 e' P8 n* y. l8 n) {applicable Quarterly Floating Dividend Rate by $25.00." h$ c4 a1 }/ ?! N: e  [6 s8 ?
On the 30th day prior to the commencement of the initial quarterly dividend3 k: r" G" C6 h5 ~* Q6 Q/ M$ l
period beginning on February 25, 2014, and on the 30th day prior to the first& t3 t! t/ E% P( ?
day of each subsequent quarterly dividend period (the initial quarterly
- A* u7 v8 U3 S) ndividend period and each subsequent quarterly dividend period is referred to- r6 V( l! |7 a& A$ l8 \6 P8 k/ ^
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
( G% ?" y# h) s$ r! m; oQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
$ p: u# i" Y) T, q/ lPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the+ @/ ?# @( F0 I: L! V: H" \& M
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days( `- ]) s+ V. c7 W1 j8 X
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
1 F- [* ^! B' Edetermined on the 30th day prior to the first day of the applicable Quarterly- ?) u* A+ d) H+ P3 r# [) Y4 h
Floating Rate Period.+ x+ `$ O  B2 H3 C- y% E# w+ j, k
S-59 e: m3 c5 @) R1 P# `  n0 b
If the Board of Directors does not declare a dividend, or any part thereof, on
3 P' U- X& g+ C: Qthe Preferred Shares Series 19 on or before the dividend payment date for a  l. p+ M9 ?- R3 P' Q, g1 H
particular quarter, then the entitlement of the holders of the Preferred5 L1 J  \7 y& |3 C9 N
Shares Series 19 to receive such dividend, or to any part thereof, for such+ t2 E) N2 M! t6 h' Y8 f4 ]% z
quarter will be forever extinguished.) s1 x8 S: b7 H" s, {
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
; N: \* v3 ~' h6 }# VSuperintendent and to the provisions described below under the heading" R' e9 h. s9 }/ U) O7 y3 O- I
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
- q; Q2 Q. T# ]# OSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,1 L/ b! _& Z9 e0 B2 ?* N
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all/ z% z) e, C' r, u2 Z
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
, E+ c+ W& i1 A3 l: ~option without the consent of the holder, by the payment of an amount in
2 ?! Q" {- n0 x, }cash for each such share so redeemed of (i) $25.00 together with all declared
1 C; R+ t# s( V& |5 G: _8 ^and unpaid dividends to the date fixed for redemption in the case of# K0 r0 x) u* q0 K
redemptions on February 25, 2019 and on February 25 every five years
3 ?7 g8 z! i; S9 z* V4 N% [thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
) s% A  |9 k$ ?- ^. e' ^% p/ @  Wthe date fixed for redemption in the case of redemptions on any other date
% r: {, B( E& ~" Qon or after February 25, 2014.* T' t* u8 f3 {% R
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
( t0 }+ R# {& z% O1 M& v# x# FShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
+ J( l3 c' _. @/ \4 z* athe right, at their option, to convert, on February 25, 2019 and on
2 ^* o$ |7 F( K* g# }February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
! X0 `3 s6 Q7 _. n/ i7 zor all of their Preferred Shares Series 19 into an equal number of Preferred
7 `) B# p: ]3 ^Shares Series 18 upon giving to the Bank written notice thereof not earlier' }7 T$ [& R7 z$ Y  B+ F1 r
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the2 Y8 M$ r0 f7 B/ N
15th day preceding, a Series 19 Conversion Date.$ e8 G- b$ p' Y
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
6 x0 R% f, B+ z. s$ p! K& D& B. a: _Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
: L* Y) d3 S; I; g% ESeries 18, as the case may be, that there would be outstanding on such) X. F+ [! t! V
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
5 M, @% A9 d8 R: m  l) i4 o% Tsuch remaining number of Preferred Shares Series 19 will automatically be) e, u9 d; u" y1 @" I
converted on such Series 19 Conversion Date into an equal number of
" z& w: R0 m) l% u- RPreferred Shares Series 18. Additionally, if the Bank determines that, after1 d1 t5 {  R- i2 _5 M+ U' ^  v( g
conversion, there would be outstanding on such Series 19 Conversion Date' o, e2 O! x$ Z4 R5 V$ ]2 V0 ~
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares7 i, x" H& ?9 Y( ?: z4 y% o, }
Series 19 will be converted into Preferred Shares Series 18.. v) z6 {5 i! u* @2 l- W" m
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares( @0 h0 z* q& u! v, g8 Q& J
Series 19 will not be entitled as such to receive notice of, attend, or vote at,; _$ X8 O$ f; X
any meeting of the shareholders of the Bank unless and until the first time at9 i- @- Q' j2 w8 d( e/ M% u5 Z
which the Board of Directors has not declared the whole dividend on the
+ @3 D  _! I" g5 yPreferred Shares Series 19 in any quarter. In that event, subject as0 ^$ g. B; b" K6 o2 C8 ], E( E, |: b
hereinafter provided, the holders of Preferred Shares Series 19 will be
4 }- D0 R9 U4 ]" S, _. \  aentitled to receive notice of, and to attend, meetings of shareholders at which
, v+ l* X; N! X) Rdirectors of the Bank are to be elected and will be entitled to one vote for2 E% N: T+ S2 F7 H4 [+ ^- o
each Preferred Share Series 19 held. The voting rights of the holders of the* R5 a1 y+ b. h2 T/ C. m/ B' u- _. U
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of7 w$ K  R; S# }& y/ l
the first dividend on the Preferred Shares Series 19 to which the holders are
! A% u6 t) _1 V3 b- {, N$ m- hentitled thereunder subsequent to the time such voting rights first arose until
- S9 ^  S+ ~4 B' P1 bsuch time as the Bank may again fail to declare the whole dividend on the
/ g, F' W, y& a  s8 ?& L4 APreferred Shares Series 19 in respect of any quarter, in which event such
, L( `( P9 O& T$ ^  K  i" f2 Qvoting rights will become effective again and so on from time to time.
/ L  E$ \4 K# `; F8 V- ]S-62 r" L% ?( O/ z! U  f; L
Priority: The preferred shares of each series of the Bank will rank on a parity with
+ x$ X( G3 v" ], Revery other series and are entitled to preference over the common shares of
: ]! T* Q; m2 a2 K, e( _5 j& Uthe Bank and over any other shares of the Bank ranking junior to the3 e$ j: _9 Y# q' u
preferred shares with respect to the payment of dividends and upon any
$ C: D: m1 T  ]3 N8 pdistribution of assets in the event of the liquidation, dissolution or$ A# H" n7 W( }* N. }
winding-up of the Bank.& ^: ?( Q+ i. q, f8 ^1 l
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
' a  ]# R4 P+ h' k$ zDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
. W2 ~  K' j# s6 K! HSeries 18 and Preferred Shares Series 19 will not be required to pay tax on0 a0 Q  X2 J- _1 h9 U2 d# u) z$ p* @
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。
, T) u/ d4 O9 g9 b1 c0 ~0 V9 ~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: z& p9 J/ a. G6 a2 G
3 _* k+ x7 }$ _3 p
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
1 X/ @+ U% `% W+ {3 A1 |- X
0 P( W, T0 V& Icall 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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