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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。+ s2 \# \  I+ f8 e

% \/ d$ ~2 m- L& D3 D& m# t% ?/ K6 r1 r2 O" m  C# _
[ 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:" S9 w. m( F7 z1 U" u6 e" j: z
SUMMARY OF THE OFFERING5 Q( Z: C0 _% v* x& A
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’’.! }3 N2 s) b& ?- X9 Q  Y) N
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
  r5 Q/ `; L4 ]7 P  DAmount: $150,000,000 (6,000,000 shares).
7 T/ H' c3 v  Y8 x, \0 P) Z7 `Price and Yield: $25.00 per share to yield initially 6.50% per annum.
9 K( N  M7 z3 @% ^Principal Characteristics of the Preferred Shares Series 18
0 k6 q2 w; Q( r2 J( M1 RDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
- O) Z; o: `! h, ~/ v% Tnon-cumulative preferential cash dividends, as and when declared by the
! Z+ q5 z& @( N, k( NBoard of Directors, subject to the provisions of the Bank Act, for the initial/ k6 J% P7 W5 ^) H
period commencing on the closing date and ending on and including( \; a# s% A5 T1 W* q9 g
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the2 ]8 J% \$ u0 q/ [& i) w! ]
25th day of February, May, August and November in each year, at a rate0 ]: v  o0 K  P
equal to $0.40625 per share. The initial dividend, if declared, will be payable- G. i. o! g/ r3 F, b
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing  @( V5 b! b; G$ X. z. U
date of December 11, 2008.. `! ^7 G6 }) L) y8 x+ g, ]
For each five-year period after the Initial Fixed Rate Period (each, a5 h2 G& V3 f, d8 G# a7 w
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
% ]: _2 g( `) b, D- lSeries 18 will be entitled to receive fixed non-cumulative preferential cash: Q) a! b+ P5 ~
dividends, as and when declared by the Board of Directors, subject to the/ }4 P! z9 B: b4 a! p
provisions of the Bank Act, payable quarterly on the 25th day of February,- Y0 m8 e, O5 Y, N
May, August and November in each year, in the amount per share per annum
9 P2 O; f5 l% N7 b3 e0 M! A  Xdetermined by multiplying the Annual Fixed Dividend Rate applicable to
5 E9 |, G4 s* L: [! Ssuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
9 T( Z5 c# r0 ^! B% LRate for the ensuing Subsequent Fixed Rate Period will be determined by the; ^5 l; J1 k0 M5 H4 a( p
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day5 N8 [9 I5 @- S" r# v
of such Subsequent Fixed Rate Period and will be equal to the sum of the
  G1 A3 z4 T* d9 e/ ]8 c0 b: FGovernment of Canada Yield on the applicable Fixed Rate Calculation Date. i- M5 B7 H. S/ I* r& r
plus 3.83%.- q- U7 B2 T) P  f& ^
If the Board of Directors does not declare a dividend, or any part thereof, on7 H* ?  ]6 {4 n: Q1 U7 ~: Q  g5 ]
the Preferred Shares Series 18 on or before the dividend payment date for a7 |! R  A- [/ M2 q
particular quarter, then the entitlement of the holders of the Preferred# x0 F! ]+ @2 ]) ~2 y
Shares Series 18 to receive such dividend, or to any part thereof, for such
. F) e2 `( }2 Y/ |quarter will be forever extinguished.% Q" q2 k1 \7 I3 W
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the  `" I7 m# _( _
Superintendent and to the provisions described below under ‘‘Details of the' X5 r3 B, X) W6 a
Offering — Certain Provisions of the Preferred Shares Series 18 as a
* G9 }9 V1 c' f# v. n0 Y  ?! pSeries — Restrictions on Dividends and Retirement of Shares’’, on" w% n* O4 e% r+ V& I  p3 m& H/ Q
February 25, 2014 and on February 25 every five years thereafter, on not# D! ^. H/ U( R4 S1 e7 u1 l& |; b
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any6 X2 u; n3 w- k* T. L; h) B: C
part of the then outstanding Preferred Shares Series 18, at the Bank’s option4 d" Y; |5 M$ r; \- v
without the consent of the holder, by the payment of an amount in cash for
  Q" h, _6 k# S' z+ T4 a& yeach such share so redeemed of $25.00 together with all declared and unpaid4 D& m) M$ y2 R9 B* v7 v& ]$ i
dividends to the date fixed for redemption.2 Q- E  g7 U+ P7 r5 p3 N1 z! T
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic. u) C0 Q0 @, K0 I
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have+ U( m2 t0 P! v" w$ s: T
the right, at their option, to convert, on February 25, 2014 and on
* q, F8 N% H/ YS-4
, `- k9 u2 ?6 m( r3 oFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any9 K8 \5 E- c. G. @0 B0 J. Q
or all of their Preferred Shares Series 18 into an equal number of Preferred, X& o0 Q9 B3 Q
Shares Series 19 upon giving to the Bank notice thereof not earlier than& o# B9 M/ F& K8 m# r5 m0 t
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
9 t' L( n9 b& O0 B1 W- y1 ^preceding, a Series 18 Conversion Date.
  q- H. W! S1 \' v3 g4 |Automatic Conversion If the Bank determines, after having taken into account all shares tendered
, g- C& _. z* l1 }" W5 NProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares2 i9 e; K9 v% ~. {) U9 h
Series 19, as the case may be, that there would be outstanding on such) ^9 [( ^0 L+ u8 c) D7 \
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,/ I# Z' F0 n( q0 D
such remaining number of Preferred Shares Series 18 will automatically be
1 J: l9 |  j  H7 c1 S4 B3 ~- O! mconverted on such Series 18 Conversion Date into an equal number of# N! a. H1 E/ ~5 }  _& x
Preferred Shares Series 19. Additionally, if the Bank determines that, after
0 j; a7 h" x/ p. ^- Vconversion, there would be outstanding on such Series 18 Conversion Date
. e4 {. c% v7 T; M# ]7 S% r7 bless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
8 O) k; V# }+ T0 TSeries 18 will be converted into Preferred Shares Series 19.; ]# b1 E: @  {1 [  F& I( X
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares% s- i$ d5 R4 j
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
6 D) f5 h7 t2 a/ t9 @( ?any meeting of the shareholders of the Bank unless and until the first time at9 f2 c5 ]9 t' f$ S4 A
which the Board of Directors has not declared the whole dividend on the
$ }8 ]3 X! A9 M" a. S' hPreferred Shares Series 18 in any quarter. In that event, subject as9 w, l; \( a8 {# C7 f4 j
hereinafter provided, the holders of Preferred Shares Series 18 will be
& r; @& X0 @4 r$ j3 I' p- k. Yentitled to receive notice of, and to attend, meetings of shareholders at which. h, P/ d( l" L" z
directors of the Bank are to be elected and will be entitled to one vote for
  J! D' s5 X' ^4 r, K3 O& N, Veach Preferred Share Series 18 held. The voting rights of the holders of the& l4 S) ]/ ^; X4 H
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
6 b. }) N, w0 O1 _: N; G1 ?: ethe first dividend on the Preferred Shares Series 18 to which the holders are4 y" w: h3 }- c- M
entitled thereunder subsequent to the time such voting rights first arose until
0 W% ], E2 I  d, j  @) P2 `such time as the Bank may again fail to declare the whole dividend on the
8 i( |: [' S- qPreferred Shares Series 18 in respect of any quarter, in which event such: u1 ]7 K1 R& r" w
voting rights will become effective again and so on from time to time.- Z: H' m3 {8 s& d5 G5 x0 d
Principal Characteristics of the Preferred Shares Series 19
+ \# f$ N- M) o8 e8 I* IDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
6 X- U+ G' {. g1 u4 h% T7 Nfloating rate non-cumulative preferential cash dividends, as and when
* z3 X' R1 q9 ^$ h5 }declared by the Board of Directors, subject to the provisions of the Bank Act,
# F. q' l3 j- R0 Kpayable quarterly on the 25th day of February, May, August and November9 f' z! V+ D" j* m2 k+ A9 m
in each year, in the amount per share determined by multiplying the
: s; y. t8 C# N9 w; napplicable Quarterly Floating Dividend Rate by $25.00.
% m3 N  w+ U; e( ZOn the 30th day prior to the commencement of the initial quarterly dividend( E8 U* ~& \0 b* `! ~0 C
period beginning on February 25, 2014, and on the 30th day prior to the first5 e( y5 s# i6 j* r* v
day of each subsequent quarterly dividend period (the initial quarterly
8 l$ j$ N% Y! y3 a: D2 N9 Ydividend period and each subsequent quarterly dividend period is referred to
0 R" {" [* E5 R- Y5 B) nas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the2 z8 K+ t- p* i4 \8 C
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate; T" M3 j+ A. p2 f' _7 I
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
+ @9 K% l* p$ ?$ b1 XT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
$ |7 Y* u- A6 ^& ielapsed in the applicable Quarterly Floating Rate Period divided by 365)2 I) x6 w9 J- D, C' c! z9 _  U
determined on the 30th day prior to the first day of the applicable Quarterly
9 e' n+ _- d8 M+ {Floating Rate Period.
5 A2 J" ~' V! I  ^S-52 m- a/ V4 l& Z) b: j9 g- ]
If the Board of Directors does not declare a dividend, or any part thereof, on
) d/ G9 F/ u& J' H8 [the Preferred Shares Series 19 on or before the dividend payment date for a
' M) a/ y' J9 j# F: {- ^particular quarter, then the entitlement of the holders of the Preferred! W8 g9 M) |6 O4 \! r* p$ P7 l
Shares Series 19 to receive such dividend, or to any part thereof, for such
, i# S! }+ W- n5 T  b- D4 B# aquarter will be forever extinguished.
" _5 l! ?9 X: w/ x, g  f/ cRedemption: Subject to the provisions of the Bank Act and to the prior consent of the0 y/ ]0 d7 \/ W
Superintendent and to the provisions described below under the heading
: q# ]! K* {% Y6 d' F4 s‘‘Details of the Offering — Certain Provisions of the Preferred Shares
8 J  G) n; ^; I" |0 O7 }: zSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
  C6 Y% m& ]( B/ ~on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
9 f( D& C: u# ?  `5 x& dor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
: H2 Q- C) _% H+ ooption without the consent of the holder, by the payment of an amount in' w9 i9 G; h5 m
cash for each such share so redeemed of (i) $25.00 together with all declared6 w- u) H" C9 P* [& G' h
and unpaid dividends to the date fixed for redemption in the case of7 g8 h) }& ~/ y. M7 ?9 f( w$ g
redemptions on February 25, 2019 and on February 25 every five years/ d+ q8 m6 \' F) }
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
' |6 p! u, \* g5 f1 bthe date fixed for redemption in the case of redemptions on any other date
" ^  o: _- _1 ~- d& K/ p& S  n% Z3 J, Yon or after February 25, 2014.
6 O) P% r4 ^- _  O) M& nConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic1 `  h& d- i" e# ]7 Q
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
, P  S( \/ v1 ~) Kthe right, at their option, to convert, on February 25, 2019 and on0 S% I& c; O# i3 Y% y3 [! Z; j
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any/ H4 _4 a5 x7 O8 t0 {9 X( U( Q5 E
or all of their Preferred Shares Series 19 into an equal number of Preferred- ^& e$ v% Z8 L) k: N
Shares Series 18 upon giving to the Bank written notice thereof not earlier
3 X" Q. m7 [8 A8 Athan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the) b- O3 V, n0 d% f
15th day preceding, a Series 19 Conversion Date.
2 |$ V4 ~" u( j9 LAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
5 i! p- r8 Z9 K) B. FProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
& j) |0 N: I2 m$ e& ~Series 18, as the case may be, that there would be outstanding on such; u: u0 T, D' s  b& s& _
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,) A, q1 o6 T7 u
such remaining number of Preferred Shares Series 19 will automatically be) k; i( L0 t0 E8 A9 |1 U. Y! g( m
converted on such Series 19 Conversion Date into an equal number of
9 V2 U+ f  I* n9 @- zPreferred Shares Series 18. Additionally, if the Bank determines that, after
( e& u2 S( R2 u, E) ?6 J5 Dconversion, there would be outstanding on such Series 19 Conversion Date) |1 h2 ?; Q! C/ l* k  [" `
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
" H8 q0 f7 D/ W8 w5 K- A6 m, cSeries 19 will be converted into Preferred Shares Series 18.( U. g; k- }+ K6 e& ]' }5 W
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
3 B- P% U( X5 m: \9 l3 }Series 19 will not be entitled as such to receive notice of, attend, or vote at,: v2 H' r" |- {, G1 l/ U
any meeting of the shareholders of the Bank unless and until the first time at* t% K/ x! }4 V: J# s: E: h
which the Board of Directors has not declared the whole dividend on the
3 A9 W) |! P7 m2 y" ~7 e& rPreferred Shares Series 19 in any quarter. In that event, subject as/ I. Z4 f1 x6 V# o+ G: l. C
hereinafter provided, the holders of Preferred Shares Series 19 will be# s: a; \' r$ W
entitled to receive notice of, and to attend, meetings of shareholders at which
$ H: \# w4 q# C, ]directors of the Bank are to be elected and will be entitled to one vote for8 }6 @' e( @9 H- X
each Preferred Share Series 19 held. The voting rights of the holders of the  E  U( [; a7 A, o1 d
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
  M8 F+ k" D8 Y: e* ?; f# V' `* xthe first dividend on the Preferred Shares Series 19 to which the holders are1 c$ o- I4 A" p6 A
entitled thereunder subsequent to the time such voting rights first arose until( d8 i; Z( o* d  `5 z
such time as the Bank may again fail to declare the whole dividend on the% Y1 S5 ~5 C5 H/ G- I0 o
Preferred Shares Series 19 in respect of any quarter, in which event such' m1 K9 X; w1 I
voting rights will become effective again and so on from time to time.7 K5 a, S, U# E# w# q: u3 S
S-6
$ E( s! I  I9 z4 QPriority: The preferred shares of each series of the Bank will rank on a parity with
7 A+ D' Q( Z  _8 uevery other series and are entitled to preference over the common shares of4 Y" v8 J" w0 E" w7 _0 J" M
the Bank and over any other shares of the Bank ranking junior to the
$ W9 i3 X& }) A% V3 R' Jpreferred shares with respect to the payment of dividends and upon any
/ M; n( o& d4 [2 H& \; a4 p, Tdistribution of assets in the event of the liquidation, dissolution or+ [# M7 \+ I5 l1 `
winding-up of the Bank.
/ U, `2 s4 x% J1 C3 ]Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
0 q3 C9 y! |# B" @# j. zDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares$ ?* @& g/ C8 E! W6 r
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
$ C5 X) n# J6 r2 w. ~; Edividends 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。2 K! F* T5 I8 U
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
6 f$ |+ Z) F" D4 j4 g

/ y; A% o- D2 E- ~: s) n下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
, L! N" ~8 m1 r$ K' `( C; i
: o$ Y7 c( K5 K" L0 L. V4 R/ b! Y" Zcall 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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