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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。% a. y) f: e# r5 M

" k! T& V# T' X6 \: R5 s5 x9 |
# R* l; }( ^# @* H[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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 楼主| 发表于 2008-11-29 16:58 | 显示全部楼层
下面是BMO的:
. R2 C  z8 @, M6 K! @* M+ A; ^SUMMARY OF THE OFFERING1 H9 w2 T9 r% |; W+ u5 m* F
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’’.& I' }- A. s/ Y) R) M
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
3 c+ W7 Q1 }5 k; @% sAmount: $150,000,000 (6,000,000 shares).
6 a0 c0 g1 e4 T8 ~Price and Yield: $25.00 per share to yield initially 6.50% per annum.
5 X2 T/ T- ]7 s- n- UPrincipal Characteristics of the Preferred Shares Series 185 p" X4 ~  _% H) o
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed! {+ Q5 p' B; N
non-cumulative preferential cash dividends, as and when declared by the
5 Z! H/ q# J; G7 l8 lBoard of Directors, subject to the provisions of the Bank Act, for the initial
6 R6 X0 ~4 I$ U6 l5 g$ B" ?% m$ H; Fperiod commencing on the closing date and ending on and including5 q, Q% h1 E* c* S2 s5 I  z
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the5 }( h& P3 t; N! [6 D/ o
25th day of February, May, August and November in each year, at a rate
' h  |; }# C4 ?( |9 H: C  x4 ~equal to $0.40625 per share. The initial dividend, if declared, will be payable% N0 N! y: ~% O
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing8 i/ s. B) E0 ~' |
date of December 11, 2008.
: {8 @- z+ y- k2 j% p* g/ g' f* V: {For each five-year period after the Initial Fixed Rate Period (each, a/ `; j" @- L1 m0 G& H  w
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares% m5 Z) x- p0 _1 e6 E
Series 18 will be entitled to receive fixed non-cumulative preferential cash
+ M% J9 X) G0 u, r0 W4 ^dividends, as and when declared by the Board of Directors, subject to the1 z! s3 P0 \3 {  E/ s( o+ ^
provisions of the Bank Act, payable quarterly on the 25th day of February,
& t: A& K8 T6 @May, August and November in each year, in the amount per share per annum
2 R$ n7 L% B5 t" Wdetermined by multiplying the Annual Fixed Dividend Rate applicable to7 j. k6 i) Y5 I- h+ S
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend7 y, D+ g3 b# d! S
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the+ F+ d4 B# {/ c: o  X+ p) P
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day1 y2 N. {7 Q  z& \
of such Subsequent Fixed Rate Period and will be equal to the sum of the- d8 c$ y' J# r- k4 B$ a
Government of Canada Yield on the applicable Fixed Rate Calculation Date
2 D  ~- `9 V1 n* h4 Lplus 3.83%.
0 }# M& S: a- y7 \5 eIf the Board of Directors does not declare a dividend, or any part thereof, on. a: ^/ B$ A3 |! m; ^* ]
the Preferred Shares Series 18 on or before the dividend payment date for a
% n8 g* _: c1 L% _/ l, {" H& Mparticular quarter, then the entitlement of the holders of the Preferred
( S% J/ c' D  `' z) O6 \Shares Series 18 to receive such dividend, or to any part thereof, for such2 B( u  \5 W0 {3 n
quarter will be forever extinguished.9 C2 N# J0 G7 L5 N
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
3 J5 j, n6 H$ X; hSuperintendent and to the provisions described below under ‘‘Details of the
* @. i8 I# j4 u% N$ r$ P! K  }Offering — Certain Provisions of the Preferred Shares Series 18 as a- n! d, @+ E( j  j5 U) O
Series — Restrictions on Dividends and Retirement of Shares’’, on  g/ a6 i# y$ K* F2 f* M
February 25, 2014 and on February 25 every five years thereafter, on not( y  O0 t% _9 H+ ]1 i
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any, y. K# ^# F& D" E. }8 x
part of the then outstanding Preferred Shares Series 18, at the Bank’s option- x( c$ j2 g6 K, W) s- z" u0 f
without the consent of the holder, by the payment of an amount in cash for
8 N" O7 x; X/ ?8 _( B* \: ]each such share so redeemed of $25.00 together with all declared and unpaid' c5 M0 B1 d$ w: V
dividends to the date fixed for redemption.
" I( W" i0 ]/ C. a5 L1 J7 cConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
+ Q' [8 }+ L# l- I$ b/ [& n! LShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have/ m2 P3 \" L! e# r0 O; q* A
the right, at their option, to convert, on February 25, 2014 and on
: k6 R* A: @9 v% c* O" K  ZS-4
! a$ h! D8 o% G  X% ^# c; E+ Q4 u( yFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
) Y7 G3 c7 U$ r& M4 ?+ I0 Hor all of their Preferred Shares Series 18 into an equal number of Preferred( Q* B/ f# h5 m8 u$ j6 }; b5 j( z
Shares Series 19 upon giving to the Bank notice thereof not earlier than( \+ \( Q6 ^( `
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
+ b% s9 U0 n5 P5 Ypreceding, a Series 18 Conversion Date.
  u  b2 n! D4 m8 m$ {! B& MAutomatic Conversion If the Bank determines, after having taken into account all shares tendered4 t. M# |0 `/ y7 U  N0 t4 r
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares( U! V  X; w" t7 R5 j
Series 19, as the case may be, that there would be outstanding on such& l/ o+ K0 Z3 o* Q
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
- `3 |2 T: w2 fsuch remaining number of Preferred Shares Series 18 will automatically be  k4 v1 a# n7 b! I; O
converted on such Series 18 Conversion Date into an equal number of
. g3 W5 k! ^# Q: E# l3 L9 _) TPreferred Shares Series 19. Additionally, if the Bank determines that, after
7 h4 Y- H. X' i; Hconversion, there would be outstanding on such Series 18 Conversion Date
% t, i6 e/ }9 h2 q4 Wless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares! S8 D% a8 q! N, H1 k( R( [
Series 18 will be converted into Preferred Shares Series 19.0 {+ U4 l+ r( u! n* @
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
& k# `2 z' O2 g+ S, v! oSeries 18 will not be entitled as such to receive notice of, attend, or vote at,! j0 g( k7 ]  N+ f6 Y) W
any meeting of the shareholders of the Bank unless and until the first time at4 w7 Z# y5 a9 e. W. h* `) |
which the Board of Directors has not declared the whole dividend on the* T4 v; M" F! q* T' l8 N, J
Preferred Shares Series 18 in any quarter. In that event, subject as+ C8 m# V% X! l, q4 k4 D
hereinafter provided, the holders of Preferred Shares Series 18 will be
( e; B# l! C3 u' u8 rentitled to receive notice of, and to attend, meetings of shareholders at which
/ W) ~2 z9 [+ r: Z+ Qdirectors of the Bank are to be elected and will be entitled to one vote for" @! z0 `. a0 F8 f" a* W& L
each Preferred Share Series 18 held. The voting rights of the holders of the) k. h+ V6 Q( w8 T
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
9 v& x, k* R# v" n2 K* `the first dividend on the Preferred Shares Series 18 to which the holders are
$ X# U3 o9 T8 P2 C1 M, }entitled thereunder subsequent to the time such voting rights first arose until
& c6 x" l6 @  t* K. F* q- @such time as the Bank may again fail to declare the whole dividend on the
1 _9 e) _. I7 cPreferred Shares Series 18 in respect of any quarter, in which event such
. p8 h' |# u; _$ f) F! \) wvoting rights will become effective again and so on from time to time.0 \6 J& L0 m- M  m# l
Principal Characteristics of the Preferred Shares Series 19" H, d! R' G# s. i
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
8 G) y: S5 n% L' ?floating rate non-cumulative preferential cash dividends, as and when
! w% P0 j' z( O  Bdeclared by the Board of Directors, subject to the provisions of the Bank Act,, L9 m/ i+ g* q) ^6 t
payable quarterly on the 25th day of February, May, August and November: i- E( p- m# P9 }# a- A, x  p
in each year, in the amount per share determined by multiplying the$ Z9 }4 c! D. ^  k& e/ X
applicable Quarterly Floating Dividend Rate by $25.00.
3 J+ u# A4 N& U3 ?! n& A- ~On the 30th day prior to the commencement of the initial quarterly dividend
+ T; V) }: D4 I9 Aperiod beginning on February 25, 2014, and on the 30th day prior to the first
: u/ O: `5 E% P8 mday of each subsequent quarterly dividend period (the initial quarterly
# R4 c* ]5 r  @& Jdividend period and each subsequent quarterly dividend period is referred to; `# ^! d9 ^, g! ^# V
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
5 O8 D/ k. Z/ B5 P- WQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate  M* \& W: t7 g2 N8 e, g( g
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the3 U) k! F2 M# v0 o
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
6 k7 N  s9 ^7 |  c- p  delapsed in the applicable Quarterly Floating Rate Period divided by 365)
" A. m# ^% X) J: Qdetermined on the 30th day prior to the first day of the applicable Quarterly
' G) `' u" L: T* x! vFloating Rate Period.9 d$ ^+ a4 R0 E$ i$ R# `  A
S-5' {+ [; m" {3 R; K4 a& _) }; U0 Q0 t
If the Board of Directors does not declare a dividend, or any part thereof, on
, m7 `/ Y0 g9 cthe Preferred Shares Series 19 on or before the dividend payment date for a
2 E7 W, n' f2 \" z7 d/ bparticular quarter, then the entitlement of the holders of the Preferred/ S3 q; I6 J, v4 D" C/ N
Shares Series 19 to receive such dividend, or to any part thereof, for such
! x: x7 _( h) @9 M" J. O) Jquarter will be forever extinguished.
; Q7 `1 A# `+ ~Redemption: Subject to the provisions of the Bank Act and to the prior consent of the; h6 \: s6 [( s2 O! `
Superintendent and to the provisions described below under the heading
1 F- {% G. b; ^‘‘Details of the Offering — Certain Provisions of the Preferred Shares) P. K$ h, R$ ~
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
. j3 ~3 c1 [9 X( u5 {on not more than 60 nor less than 30 days’ notice, the Bank may redeem all& a; g; L: f4 N( i2 @7 n. w
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
" d1 H/ |/ l# o& U* ^" d6 _3 _option without the consent of the holder, by the payment of an amount in0 E$ Y7 g) Y6 ?
cash for each such share so redeemed of (i) $25.00 together with all declared
! O5 G1 K" I/ i. U( _and unpaid dividends to the date fixed for redemption in the case of2 Z" h9 z! e$ F& h8 P
redemptions on February 25, 2019 and on February 25 every five years
6 D) T: ]" F% P8 ?0 P  _thereafter, or (ii) $25.50 together with all declared and unpaid dividends to4 f$ H9 N' o8 I& n3 |
the date fixed for redemption in the case of redemptions on any other date
+ ]. E$ Z, F2 @! }3 don or after February 25, 2014.; [2 p, H( f9 [; @) {8 \4 r3 @
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
2 A4 V) n% p3 ]5 M  q0 p' \6 {/ {Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
5 R6 i+ D7 P3 J/ O( W. x# x  Rthe right, at their option, to convert, on February 25, 2019 and on: x- V$ v! ~( N; Z% j
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
+ I3 V/ ]: b% lor all of their Preferred Shares Series 19 into an equal number of Preferred& c1 q% X( v+ @, `: X3 m) \
Shares Series 18 upon giving to the Bank written notice thereof not earlier
/ ^2 l' {( w5 n5 d  h  qthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the  N4 d- W) |9 p* f
15th day preceding, a Series 19 Conversion Date.. g% Y$ A5 s* P$ u
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
" s! D- k( z2 p$ ], OProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares; h' w, e# |' D; L" v
Series 18, as the case may be, that there would be outstanding on such
3 [4 g" S0 R. k- K4 s- eSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
* A& l) ~8 G4 L3 A! Qsuch remaining number of Preferred Shares Series 19 will automatically be
- Q9 D! f* ^2 b& z. z5 Cconverted on such Series 19 Conversion Date into an equal number of
( W( j6 Q6 z$ _( w5 ~/ e8 EPreferred Shares Series 18. Additionally, if the Bank determines that, after+ v+ X1 Y. x7 I6 p5 R2 ~# K! ~( `- L
conversion, there would be outstanding on such Series 19 Conversion Date
; D# M* a. [/ w; a: Kless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
1 d  P# w& s- ~* a( S: j6 I' [Series 19 will be converted into Preferred Shares Series 18.
3 m4 C8 C1 d  [8 `  ]- G+ w' hVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares, M1 A5 o  d' N9 `& `, S2 v1 Q
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
' i" t( f8 X0 U3 L9 O- E! @0 E7 qany meeting of the shareholders of the Bank unless and until the first time at: g7 }, e( |5 c' ]
which the Board of Directors has not declared the whole dividend on the
. P5 D9 p2 t2 `5 d. Z( }( H: ePreferred Shares Series 19 in any quarter. In that event, subject as
; s! t. K' z/ K4 d/ A& W5 f' Vhereinafter provided, the holders of Preferred Shares Series 19 will be
6 R# Y+ P$ y9 n, ientitled to receive notice of, and to attend, meetings of shareholders at which
9 O9 s$ U: n# B3 `! ?+ ^directors of the Bank are to be elected and will be entitled to one vote for; Z* C8 A% m3 W+ K2 Y2 N
each Preferred Share Series 19 held. The voting rights of the holders of the
* g* ~& T/ X6 q  NPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
: `( {0 u# k5 v/ j9 p/ h) @the first dividend on the Preferred Shares Series 19 to which the holders are
; U( w2 X# m$ U; {entitled thereunder subsequent to the time such voting rights first arose until
( @1 E) G8 g2 A/ C8 ]1 ksuch time as the Bank may again fail to declare the whole dividend on the& z7 z* r- a' u3 u6 s: a5 L
Preferred Shares Series 19 in respect of any quarter, in which event such
) U9 i: t3 @9 ?' G( H4 ?/ Gvoting rights will become effective again and so on from time to time.. u: X9 P; o; T) e: [- T; R  D
S-6
0 I1 @* `$ F* m( x8 o% U  EPriority: The preferred shares of each series of the Bank will rank on a parity with
9 u% w; j. o( U) ^& P* Xevery other series and are entitled to preference over the common shares of! U( w5 o: J8 N0 L  Z/ [$ [5 E
the Bank and over any other shares of the Bank ranking junior to the1 D5 k" p1 ]' Q+ u2 z
preferred shares with respect to the payment of dividends and upon any4 l1 S" m& T( ]
distribution of assets in the event of the liquidation, dissolution or
3 F! O; j) N! F  c8 F5 Qwinding-up of the Bank.) ]8 E3 I% a0 E
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
) {2 s% _$ }* q5 }& |% Y0 F" ODividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares0 z/ r  ?4 ^9 x: E2 @$ q
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
; u3 f6 I4 ?: @6 M+ X! U  Ddividends 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。
8 R6 C2 Z) b, C( D6 r! _: 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
$ j  H; k1 b1 h2 x* |1 l
# k' g/ C" ?/ @
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
, z/ I2 e  p( `% X
' o+ b+ V& V% j$ s1 n5 A, A4 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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