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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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, `5 H1 s: V3 ]  R  }1 K8 z; Q[ 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:
4 o- f, Q. n7 i( p6 R: M3 d+ t( l) oSUMMARY OF THE OFFERING
5 A' U+ W$ Y6 g6 Z1 A& RThis 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’’.
" v0 W) N3 j4 C% y+ c7 zIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.: n, S$ R' _' R) w) ^1 Y
Amount: $150,000,000 (6,000,000 shares).$ Q' R7 n7 V- A( L- J
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
* J# ^( H# U2 Y) r7 k' zPrincipal Characteristics of the Preferred Shares Series 18
  g' \( O! [: pDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
0 X$ \" ^4 Z7 n9 b; w/ cnon-cumulative preferential cash dividends, as and when declared by the
4 a2 b9 B1 p+ o1 @* g1 {Board of Directors, subject to the provisions of the Bank Act, for the initial. \+ o/ u3 d. r: j
period commencing on the closing date and ending on and including
* j% S/ [4 v  i- EFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the: i* C3 J( j: E0 Y2 G0 {% ?
25th day of February, May, August and November in each year, at a rate
$ z0 G3 ^$ V( Q7 K0 l$ R, `equal to $0.40625 per share. The initial dividend, if declared, will be payable, h! @+ k+ x6 A! Z1 w/ t7 D
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing  q& D  Y* F. ~5 a. v3 X5 X$ X$ s
date of December 11, 2008.
/ C' ^5 H7 p0 Z4 Z6 IFor each five-year period after the Initial Fixed Rate Period (each, a
  H6 S2 W4 T. n# j7 c" X4 o0 a# v& W‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
2 d- c, D5 ~3 d- ~" ySeries 18 will be entitled to receive fixed non-cumulative preferential cash4 c9 G" A( Z8 S( ~/ O
dividends, as and when declared by the Board of Directors, subject to the
9 t. g9 k$ t1 L) wprovisions of the Bank Act, payable quarterly on the 25th day of February,6 k  y, o2 X% \& t
May, August and November in each year, in the amount per share per annum; O4 t. N  B. t: q
determined by multiplying the Annual Fixed Dividend Rate applicable to5 p8 ?  N# r' W" J
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
. a4 V2 @+ _# z+ F! zRate for the ensuing Subsequent Fixed Rate Period will be determined by the
" m. t0 J; F. h) j* TBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day% Q& z1 e; G; Q$ n8 c8 `  O
of such Subsequent Fixed Rate Period and will be equal to the sum of the; I2 Z: V# t* N8 W% u! }
Government of Canada Yield on the applicable Fixed Rate Calculation Date
9 p4 x/ ?1 i( U+ ]" ?plus 3.83%.
0 w: n1 r2 E# v: @5 d8 ]If the Board of Directors does not declare a dividend, or any part thereof, on1 g4 {7 Q" `$ A* c# s9 i) {; x0 W7 g) l
the Preferred Shares Series 18 on or before the dividend payment date for a" u8 y- C* o: A3 g/ Q0 I* R( g
particular quarter, then the entitlement of the holders of the Preferred3 ]& l( |; {1 W; F9 |( B& A
Shares Series 18 to receive such dividend, or to any part thereof, for such
+ }& q/ Q$ W% S( I) x" e' @$ Nquarter will be forever extinguished.$ W7 `( L" x9 M& l* E; |5 H3 f
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
1 _2 f0 U# F3 }. i" Y9 KSuperintendent and to the provisions described below under ‘‘Details of the& O1 r0 ^( A( K6 H/ ^
Offering — Certain Provisions of the Preferred Shares Series 18 as a) g, ]1 b$ d* u" t
Series — Restrictions on Dividends and Retirement of Shares’’, on4 W# q  U0 h! J
February 25, 2014 and on February 25 every five years thereafter, on not
& [4 n  i  g( P0 Kmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any  H0 D: C% V8 n- v; }; x
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
" d0 U* o; u+ ]1 fwithout the consent of the holder, by the payment of an amount in cash for
0 R3 _9 c9 T  e1 B( e# Teach such share so redeemed of $25.00 together with all declared and unpaid0 i5 o$ I5 b4 I9 I+ g/ K( B& @8 {
dividends to the date fixed for redemption.0 ~/ x% @9 O/ o' R6 a. p' q
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
0 k8 T/ w" g# l4 t* QShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
* x1 i* }1 t/ g+ y& Athe right, at their option, to convert, on February 25, 2014 and on% z8 i. }1 _) E9 Y. |
S-4
! ]* Q# z4 D! Z% g, xFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any( u; x& f) a) w8 q
or all of their Preferred Shares Series 18 into an equal number of Preferred* y5 r6 r- l8 F1 [) X3 x  M( V
Shares Series 19 upon giving to the Bank notice thereof not earlier than  _- T1 o8 f: |
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day; S- q$ }- Q; i
preceding, a Series 18 Conversion Date.- y/ Q+ C; _0 k! [$ U
Automatic Conversion If the Bank determines, after having taken into account all shares tendered4 F. ]& r: y4 M0 P) }7 P# ~
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
5 `5 n8 i8 ^$ y) V1 C* SSeries 19, as the case may be, that there would be outstanding on such% W0 k4 H# z: d  A' B# k
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,% x; |0 |% R3 ~9 y/ q$ M( X
such remaining number of Preferred Shares Series 18 will automatically be
$ ?! A% u2 g4 n$ B8 wconverted on such Series 18 Conversion Date into an equal number of
% v8 [9 p8 ]" c1 V6 |Preferred Shares Series 19. Additionally, if the Bank determines that, after! ]0 v" S4 d3 M3 ]9 p1 B9 q, V
conversion, there would be outstanding on such Series 18 Conversion Date( D9 p' y0 x7 }
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares  f( @. Y  L: W/ g0 Z+ P
Series 18 will be converted into Preferred Shares Series 19.
' u, J7 z- A$ P- l/ a. ~Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
& N$ ?" E( ?) `4 m% q; oSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
% M" r" B# t  R* x; P) Xany meeting of the shareholders of the Bank unless and until the first time at
! I1 D9 X9 M' G7 Y# Bwhich the Board of Directors has not declared the whole dividend on the
* _6 J* b8 D/ j. {: m# vPreferred Shares Series 18 in any quarter. In that event, subject as
& D+ o; q, a! z+ z/ `+ g! [hereinafter provided, the holders of Preferred Shares Series 18 will be
4 l/ V! ]+ W4 ~4 X2 @0 p- ientitled to receive notice of, and to attend, meetings of shareholders at which
4 `1 ^' K% U6 O; P. q0 \! a8 Xdirectors of the Bank are to be elected and will be entitled to one vote for
7 Y  @8 g. `9 Q7 @( w: v' heach Preferred Share Series 18 held. The voting rights of the holders of the
. ]: x8 `* c3 q4 O7 [# `4 zPreferred Shares Series 18 will forthwith cease upon payment by the Bank of# U8 P  u& M7 J; T
the first dividend on the Preferred Shares Series 18 to which the holders are. ^- Z# W3 J+ z- T( R4 s2 {
entitled thereunder subsequent to the time such voting rights first arose until
& B1 |, {0 i8 K! @  x+ P  Xsuch time as the Bank may again fail to declare the whole dividend on the
2 z% g% _/ D" I! e4 JPreferred Shares Series 18 in respect of any quarter, in which event such: k, e- h3 V" c6 }) t
voting rights will become effective again and so on from time to time.3 V  Q7 w+ @, X. C6 H$ r" G. F7 Z
Principal Characteristics of the Preferred Shares Series 194 T" i7 F2 O( ?& B8 G1 s
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive. c$ W& m8 ]6 r. N& f
floating rate non-cumulative preferential cash dividends, as and when
& p( j/ Z; K4 q  t8 ~4 b( Ndeclared by the Board of Directors, subject to the provisions of the Bank Act,: V( |* U( ?  `
payable quarterly on the 25th day of February, May, August and November' s, s6 d% @4 i5 O; ^8 m2 n3 q
in each year, in the amount per share determined by multiplying the# @# Z2 x! o4 J
applicable Quarterly Floating Dividend Rate by $25.00.
5 l) N3 ~: k) v# mOn the 30th day prior to the commencement of the initial quarterly dividend5 `/ ?& {8 n0 a
period beginning on February 25, 2014, and on the 30th day prior to the first
& o% |5 M8 o% P: Q3 `& U4 f! E- \6 f9 bday of each subsequent quarterly dividend period (the initial quarterly
( g* j, a9 j8 J' J1 y/ m1 W" `. @dividend period and each subsequent quarterly dividend period is referred to
9 G: n' m- p/ w: x( z) A# bas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
1 i, a5 m% a, L8 @: n8 C. vQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
) q- t* a# W/ r/ X: m7 mPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the! i; a5 T% u% w( j! Y: x0 ~
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days5 F) L/ I. q. {$ r: }% T
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
4 E. K% Y7 Q0 ]9 `6 F. Ldetermined on the 30th day prior to the first day of the applicable Quarterly8 k5 Y# d! `9 Q2 T
Floating Rate Period.
/ q" S' }9 \; LS-5
; n, ~$ r$ U, i# H( hIf the Board of Directors does not declare a dividend, or any part thereof, on9 }2 n* t0 M: @# Y9 _. Z( V
the Preferred Shares Series 19 on or before the dividend payment date for a
& w  [+ Y, h$ a( a# y' _: Vparticular quarter, then the entitlement of the holders of the Preferred& [" C2 B. p. ?  H# t- g# [
Shares Series 19 to receive such dividend, or to any part thereof, for such
4 b, q' k" `% ?% w9 f7 x" @quarter will be forever extinguished.
! K' z- G7 \6 X0 M" B( jRedemption: Subject to the provisions of the Bank Act and to the prior consent of the3 Q  h7 A& F9 Q% P+ }+ }, V  y3 H# Y
Superintendent and to the provisions described below under the heading% j  [% o$ Q9 k" y- I$ C
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
9 C. Q6 h' p3 r: X, ~0 ^  MSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,6 w: O& C: x, c
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all! h) v4 y# S0 U, d+ x: Y( ]6 P% f
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s# o0 K9 o! H! t( Q- E+ g. [- K3 \& S
option without the consent of the holder, by the payment of an amount in9 i, U" s* [; P1 Y2 u4 Y
cash for each such share so redeemed of (i) $25.00 together with all declared
; i5 H, l. H# g0 `3 U, e3 `/ t8 |and unpaid dividends to the date fixed for redemption in the case of
7 c/ b: }1 p+ g/ n# Uredemptions on February 25, 2019 and on February 25 every five years  ?, ?& K2 ]. c5 k2 T0 _
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to( i0 s: y6 N3 P7 l7 e( {5 X
the date fixed for redemption in the case of redemptions on any other date
! L) w2 L3 z+ R  Oon or after February 25, 2014.
5 _/ C* t" K+ l: h) z. U2 h: k% V) YConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic9 @" E$ _8 F: P4 f1 X. V
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have7 B2 w9 h7 i% k2 R; g& u, W
the right, at their option, to convert, on February 25, 2019 and on
$ ?: F% W: K5 y# H& EFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any4 n4 p( W! F5 T2 U$ f, M7 C; B
or all of their Preferred Shares Series 19 into an equal number of Preferred
( |1 {7 \8 }" ~3 Z% R" `. w* zShares Series 18 upon giving to the Bank written notice thereof not earlier* O6 t* W- X8 C1 v* U8 v$ V3 t
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
" k0 j/ m1 r$ C! Z7 P3 @* X15th day preceding, a Series 19 Conversion Date." F& [; U+ D' k6 m
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
+ W  I* j& ~, A/ M% ~. C% i9 \Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares9 s+ \8 U& f2 X1 K
Series 18, as the case may be, that there would be outstanding on such; A5 e7 f9 k# [* F, h4 u3 [2 y
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
8 U4 g5 P, q0 T' G7 {9 ^' Lsuch remaining number of Preferred Shares Series 19 will automatically be9 S3 @( V$ P8 }& v
converted on such Series 19 Conversion Date into an equal number of, L: V: k$ e0 J$ M2 S2 z' \! u
Preferred Shares Series 18. Additionally, if the Bank determines that, after7 d# C, r: h. r+ U
conversion, there would be outstanding on such Series 19 Conversion Date9 M! h# U) l6 I7 b, q
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares! L2 I( Q( t" P3 M1 e9 k
Series 19 will be converted into Preferred Shares Series 18.- \$ E  R* O  y6 a  h) a( T3 e5 k
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
  q5 Q6 @5 m' DSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
: q8 h+ Y! c6 m4 d# X" b9 Qany meeting of the shareholders of the Bank unless and until the first time at: k" d8 w( ~! W+ u
which the Board of Directors has not declared the whole dividend on the
( a* F0 e* S, I7 tPreferred Shares Series 19 in any quarter. In that event, subject as( n2 h. D% O$ I
hereinafter provided, the holders of Preferred Shares Series 19 will be
* m6 R3 C( U' T+ ~% ientitled to receive notice of, and to attend, meetings of shareholders at which
2 ^  y% t3 o3 _( jdirectors of the Bank are to be elected and will be entitled to one vote for: }# {$ _9 ?5 N/ Z* a) K
each Preferred Share Series 19 held. The voting rights of the holders of the- w4 j' X! [4 |5 f7 x( e
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
' P1 b  v. j+ C' Vthe first dividend on the Preferred Shares Series 19 to which the holders are
* V; t2 c5 b4 o" H, @- \+ wentitled thereunder subsequent to the time such voting rights first arose until# |6 s2 V: ?, }* o% b# C% V
such time as the Bank may again fail to declare the whole dividend on the, E. V" l) W7 \4 k" W& R
Preferred Shares Series 19 in respect of any quarter, in which event such
" E4 h9 }# O, J. ^  Wvoting rights will become effective again and so on from time to time.
* B: o# p5 L( i. R% Y- A( b1 HS-6
6 U: W; I( N, p* C) }Priority: The preferred shares of each series of the Bank will rank on a parity with2 }0 _; B9 K% i! |: O1 G* T7 V- E
every other series and are entitled to preference over the common shares of' b. Y: V- k/ w2 O% A9 W$ S- M
the Bank and over any other shares of the Bank ranking junior to the$ F0 L6 N+ X/ z( z1 S: x9 n
preferred shares with respect to the payment of dividends and upon any
, z* X& m8 j- h* Pdistribution of assets in the event of the liquidation, dissolution or9 R1 y2 _: B& r# E& h0 k+ e
winding-up of the Bank.
! O/ K6 [9 B& D. qTax on Preferred Share The Bank will elect, in the manner and within the time provided under& B- b+ h0 ~9 G1 Q- G( {
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
+ Y: u4 x# Q8 Q+ HSeries 18 and Preferred Shares Series 19 will not be required to pay tax on# N: q0 Q; l, K' W" Y( E! C( y
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。
" N5 s" a* g) ?) M% n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
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9 X6 G: z) t0 M* c9 ^$ X- r
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。/ @5 J, y4 e3 `8 O6 V6 h0 W7 U

- R" y  O" s4 i9 zcall 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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