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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:  w5 o( C9 E0 k$ `* m
SUMMARY OF THE OFFERING
7 m  o4 [/ H& D/ X0 @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’’.
+ u7 m3 Z+ Y8 o) KIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
; |0 e% `! ]9 E# S6 i% R4 n9 yAmount: $150,000,000 (6,000,000 shares).! Z/ y  S. ?9 W, `
Price and Yield: $25.00 per share to yield initially 6.50% per annum.% w. V  G* w3 }# c) H+ j4 x
Principal Characteristics of the Preferred Shares Series 18
  E. u7 u/ s9 ^% U1 w  D0 qDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed3 W2 r4 \  p, R' l
non-cumulative preferential cash dividends, as and when declared by the
- G0 u% D  b$ B3 ?Board of Directors, subject to the provisions of the Bank Act, for the initial3 S  ~% ?* B! j) K' ^
period commencing on the closing date and ending on and including
4 c2 e( e2 x, v/ G$ ~4 ~4 ^3 wFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
; l$ j: o6 a# w9 h' J0 j25th day of February, May, August and November in each year, at a rate* ~0 i0 ~) y" }  i1 L8 t
equal to $0.40625 per share. The initial dividend, if declared, will be payable6 q# F+ C+ z. R
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing* g; O4 m3 u# h( m7 }
date of December 11, 2008.3 ^# }6 E6 `0 d) m
For each five-year period after the Initial Fixed Rate Period (each, a
. h/ a9 v5 D% z! o0 M+ U/ W  l1 U$ q‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares1 L2 q+ G1 p7 u) ]  |2 ?
Series 18 will be entitled to receive fixed non-cumulative preferential cash4 q" _! B* }) E& R0 M, C8 z) L; V
dividends, as and when declared by the Board of Directors, subject to the
; B! @! I4 \$ v( T# ^5 q1 R! `provisions of the Bank Act, payable quarterly on the 25th day of February,
( W4 C3 j6 o- g( mMay, August and November in each year, in the amount per share per annum
5 |! W, w$ G- v/ j: {# w3 Sdetermined by multiplying the Annual Fixed Dividend Rate applicable to+ N% I4 _9 d% `% W0 \& O
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend2 h; C" B" t( l8 D$ H
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
; X3 I$ s9 e  O9 q. i- tBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
- ^4 S6 X) `3 e, V) Zof such Subsequent Fixed Rate Period and will be equal to the sum of the) n. M' F, Q7 w& \
Government of Canada Yield on the applicable Fixed Rate Calculation Date: e. E( ]/ D/ n6 h7 b0 f) e3 X  K7 x
plus 3.83%.( V  e9 s+ F5 y5 B( u
If the Board of Directors does not declare a dividend, or any part thereof, on1 X+ e* r2 }0 X6 a
the Preferred Shares Series 18 on or before the dividend payment date for a5 A2 W3 }5 S$ E9 W+ I
particular quarter, then the entitlement of the holders of the Preferred! `) q# I+ F: e0 j
Shares Series 18 to receive such dividend, or to any part thereof, for such
3 `5 g7 P5 A# j7 Dquarter will be forever extinguished.( K' P$ y  E2 q7 g
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the. K; m. I- S( K, G! \6 \
Superintendent and to the provisions described below under ‘‘Details of the
5 _3 F" \# @$ I# g3 X% N3 v2 jOffering — Certain Provisions of the Preferred Shares Series 18 as a' s( v0 X$ Q: R. f. i
Series — Restrictions on Dividends and Retirement of Shares’’, on
- E% _+ B# L5 N; n! ?9 R3 n. b4 S* y# zFebruary 25, 2014 and on February 25 every five years thereafter, on not$ k5 L7 U- M. [/ e
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any( Z! G, Q, x% G( X0 T! M' b
part of the then outstanding Preferred Shares Series 18, at the Bank’s option) M6 D# g& y; i  Z- C( I. f
without the consent of the holder, by the payment of an amount in cash for0 E- j/ e& R) \2 g4 v8 p5 A
each such share so redeemed of $25.00 together with all declared and unpaid4 f% v# `: R: S$ ?: E. p  o: ]2 c
dividends to the date fixed for redemption.: L. g/ c( w8 Q
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
- j/ e6 s# A) Y# c' ~/ cShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
. O( d/ w! N4 O% B" W/ A  H! Z7 pthe right, at their option, to convert, on February 25, 2014 and on
+ z" F8 k1 f2 g8 `2 S6 n- L2 ~S-4
) o; H& ^  a2 S! a" t4 eFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
, s  R8 W* N$ y4 l' o% Hor all of their Preferred Shares Series 18 into an equal number of Preferred
' w7 l# k2 s+ n9 @, q+ C1 S8 [0 KShares Series 19 upon giving to the Bank notice thereof not earlier than
4 s  Q) |# @4 t) l/ [$ o: e7 @2 J30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day# G1 s/ N' P0 M- F  W. n6 c
preceding, a Series 18 Conversion Date.
. |) f/ }. P, \5 A: |' kAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
% k4 y! e$ U$ \. i5 u& r' `Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares, ]: `! ]4 l4 l0 n' ]1 v
Series 19, as the case may be, that there would be outstanding on such! ~: s2 u( Y) o. l
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
3 r7 `/ I, _4 v+ Z6 `. K* osuch remaining number of Preferred Shares Series 18 will automatically be
# m* T/ d1 l4 H* U* d+ [& Kconverted on such Series 18 Conversion Date into an equal number of+ d! j4 Q% W" G' I
Preferred Shares Series 19. Additionally, if the Bank determines that, after
6 H) k' c4 S; j* l! V/ [/ ]! Zconversion, there would be outstanding on such Series 18 Conversion Date
! L! o% @) y" v* ^less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
3 O8 b% T# i7 O; q8 S7 FSeries 18 will be converted into Preferred Shares Series 19.+ f6 H( {5 {% D! p! T
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
; B% K. U% g$ p/ J: rSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
" X0 q& |9 A; G+ [2 Jany meeting of the shareholders of the Bank unless and until the first time at: Z7 t- F- `( ]" u( D
which the Board of Directors has not declared the whole dividend on the+ k+ M7 N, e) ]0 v# _% L6 }
Preferred Shares Series 18 in any quarter. In that event, subject as
& H( g* Q% T% Y! c9 \  ^hereinafter provided, the holders of Preferred Shares Series 18 will be0 r- \$ T* `! g5 m' Q, H, t
entitled to receive notice of, and to attend, meetings of shareholders at which
' J+ \# _# N7 vdirectors of the Bank are to be elected and will be entitled to one vote for: d& l* Q7 L7 \! Z) E7 u  U) r- R
each Preferred Share Series 18 held. The voting rights of the holders of the, T) c! {: ]6 j0 Y. D
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
3 O& r2 h1 n" G1 N6 Jthe first dividend on the Preferred Shares Series 18 to which the holders are
. l" S- d  T  \, v7 m; nentitled thereunder subsequent to the time such voting rights first arose until" n4 C  z8 ]5 v* Y- t: ^
such time as the Bank may again fail to declare the whole dividend on the
! [- R/ A5 F# pPreferred Shares Series 18 in respect of any quarter, in which event such$ O' o4 f* u5 V9 F5 U
voting rights will become effective again and so on from time to time.2 }; z5 |9 H2 t# E
Principal Characteristics of the Preferred Shares Series 19
' z* Y+ I% h2 N6 h8 Y9 p7 VDividends: The holders of the Preferred Shares Series 19 will be entitled to receive# V4 Y3 K+ E6 m7 {
floating rate non-cumulative preferential cash dividends, as and when+ n; M  r/ z" r  f# ?! n, v9 r
declared by the Board of Directors, subject to the provisions of the Bank Act,
  u7 W& x; b  x! p& ?0 F5 Xpayable quarterly on the 25th day of February, May, August and November
% v' ?7 f( Z$ ]  Z5 t: a& ~6 _in each year, in the amount per share determined by multiplying the0 R  b% w8 g, Y8 F' l. s: ]: G3 w
applicable Quarterly Floating Dividend Rate by $25.00.
3 U# B% |; n, v8 J6 cOn the 30th day prior to the commencement of the initial quarterly dividend
" h7 G8 T, R3 S: {# P- l# Hperiod beginning on February 25, 2014, and on the 30th day prior to the first8 C7 x8 u1 z, a4 A$ p8 M- P( j
day of each subsequent quarterly dividend period (the initial quarterly
$ }( D/ w# l& L, O$ N- b- q; bdividend period and each subsequent quarterly dividend period is referred to
4 H3 g5 i. N/ k. }6 L, ?# pas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
( ^0 M4 l6 w4 qQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate& p% T6 T0 c9 ]/ A+ Z; q/ e( v
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the% s2 l7 m/ Q% M+ k* e4 V0 i
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days4 f: ]1 q% w  k
elapsed in the applicable Quarterly Floating Rate Period divided by 365)5 B( L6 C7 {" T! u% _6 N
determined on the 30th day prior to the first day of the applicable Quarterly3 n8 X7 D, [% P' ?% v# k- t
Floating Rate Period.
+ `& c" N! I4 I% C+ c" aS-5
) t. H  x' ]2 y$ u' xIf the Board of Directors does not declare a dividend, or any part thereof, on
* \- K# l! V2 g. f; J0 Pthe Preferred Shares Series 19 on or before the dividend payment date for a- }, x+ ?0 V8 _9 F$ z+ I2 O
particular quarter, then the entitlement of the holders of the Preferred
) D* ?* d5 U0 P! gShares Series 19 to receive such dividend, or to any part thereof, for such- {' ]4 q. A+ K! G
quarter will be forever extinguished./ u( Z* b: D5 G# Y
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
2 X0 V- R0 {; G3 @8 {- j8 i1 \Superintendent and to the provisions described below under the heading
0 d# h3 x( Z( {  `‘‘Details of the Offering — Certain Provisions of the Preferred Shares
% t# Y. c- K' k+ VSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
% x2 g9 s3 {5 y3 p; r$ `9 `* pon not more than 60 nor less than 30 days’ notice, the Bank may redeem all( E: v2 L! Z( }5 z& X" Z5 l+ m9 c
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s/ K4 I/ D. N2 y
option without the consent of the holder, by the payment of an amount in
0 i3 ]) j3 z$ tcash for each such share so redeemed of (i) $25.00 together with all declared( h& G- ]4 I+ J
and unpaid dividends to the date fixed for redemption in the case of
9 D& J8 E, d4 e, i8 hredemptions on February 25, 2019 and on February 25 every five years
  U) H8 ]$ `+ h( ~thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
: v7 ]% N* q8 pthe date fixed for redemption in the case of redemptions on any other date1 K# X. M1 n: G0 b
on or after February 25, 2014.
' m9 D% w, y& m5 G$ t% |/ {Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic9 n2 I& V: q7 j0 D
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have- L3 Z& d+ y. N$ y' j$ o
the right, at their option, to convert, on February 25, 2019 and on
6 J* ]& @$ w6 N9 KFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any' ^. _( O, \8 [% a& E
or all of their Preferred Shares Series 19 into an equal number of Preferred* u- w. Y1 n( P. ]* T2 L& f
Shares Series 18 upon giving to the Bank written notice thereof not earlier
) b- p* x$ ~( m+ E1 k1 ~* T* K6 ythan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
" p  Z, ^- o4 a- T- g  `1 v15th day preceding, a Series 19 Conversion Date.3 Q% Q8 l& g6 w% L; O
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
, P, q8 J  n/ ?. N2 u. C' D4 }Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
5 A) M$ V, q/ S7 L3 b6 @# }Series 18, as the case may be, that there would be outstanding on such
2 ^2 N) I* r4 o+ l& u# USeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
/ S. f2 s& W1 U9 H% m8 osuch remaining number of Preferred Shares Series 19 will automatically be
9 X0 P# i6 H: @" K+ Cconverted on such Series 19 Conversion Date into an equal number of
( H: y  ~* q% r5 _# K5 d' l, o5 h2 oPreferred Shares Series 18. Additionally, if the Bank determines that, after
7 k2 Q; D) F' D& @& Cconversion, there would be outstanding on such Series 19 Conversion Date  m; s7 \. J' n, i: @  t1 g8 u3 U# Z
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares: F0 M4 B; {& G+ Q( W) j+ ]; D# }
Series 19 will be converted into Preferred Shares Series 18.
4 ~2 t: J  d6 X, j7 h+ tVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares: j2 }, G5 i5 B% Y) H. U
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
4 J9 i' J% p# y" U" Tany meeting of the shareholders of the Bank unless and until the first time at4 t8 ~1 F/ P) h/ u/ G
which the Board of Directors has not declared the whole dividend on the
! ?5 ^$ `: `* e7 B0 f  e# ?Preferred Shares Series 19 in any quarter. In that event, subject as
) b4 u, Q- o  `; i" y6 }hereinafter provided, the holders of Preferred Shares Series 19 will be
" X  F' ]" i2 y: ]entitled to receive notice of, and to attend, meetings of shareholders at which
" t4 \+ |0 f( i; v5 Sdirectors of the Bank are to be elected and will be entitled to one vote for
1 i- F7 z  C8 ^0 J. Neach Preferred Share Series 19 held. The voting rights of the holders of the5 C# G2 ~; K4 |2 E
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of1 ?2 X8 [( G2 B" @
the first dividend on the Preferred Shares Series 19 to which the holders are
( l2 m$ k& v5 t, o) C" o( M: Nentitled thereunder subsequent to the time such voting rights first arose until: _; x( y+ z! d0 A% |* g
such time as the Bank may again fail to declare the whole dividend on the4 ~/ o$ V) `$ |% a! k6 w
Preferred Shares Series 19 in respect of any quarter, in which event such$ s- l' a5 a% ]/ G, s
voting rights will become effective again and so on from time to time.
" m9 R5 _+ j1 D8 S2 e/ `S-6
% S0 }" n% |; ?1 oPriority: The preferred shares of each series of the Bank will rank on a parity with
: \* a! ?% z  w- J: severy other series and are entitled to preference over the common shares of
; k+ p8 y+ e+ S* R9 M  Zthe Bank and over any other shares of the Bank ranking junior to the
( C  y2 p9 \: u( o6 k% N/ S* g" jpreferred shares with respect to the payment of dividends and upon any4 `4 \" S5 {( l  z6 o/ [% |# Q
distribution of assets in the event of the liquidation, dissolution or
. G) ]0 E3 |  u/ d8 ~- Swinding-up of the Bank.8 l% o- {4 r7 ?( P; @1 {
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under' U: x4 u, e5 r5 c( |0 d
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares1 |/ O- K' Z5 t3 Z6 g9 z
Series 18 and Preferred Shares Series 19 will not be required to pay tax on+ ^1 S' H+ W: s$ t6 e- E& o) F1 M4 q
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。
" e' N& x5 z& {0 M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
: f) M7 L9 c* ~1 C7 \$ l. Z

  [7 h$ o( G0 s0 U9 L1 o( @下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
& o( @0 r, T! n5 S# S& l8 E; S' @! E/ e
call 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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