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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。! [8 `+ u4 ?  s( ?

8 y* ^1 x9 a% M6 W: L9 E. i( }* S$ N; l- W( u7 x
[ 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:
) q; O/ B) }3 @2 D; _SUMMARY OF THE OFFERING
  o+ Q; L5 F+ I  k( F) 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’’.# \, F; V8 e* g" A
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
9 ~: H; e0 f! c  ^  ]! {: F; oAmount: $150,000,000 (6,000,000 shares).
8 }3 m$ ^- r5 f& W$ YPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
; j7 z& J/ F. T( m' APrincipal Characteristics of the Preferred Shares Series 18
, d, ~: R% v5 B0 N" W3 r/ WDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed7 z0 {" j" {0 m, x8 k
non-cumulative preferential cash dividends, as and when declared by the
& S! I" N9 D! F# J7 }  K  _Board of Directors, subject to the provisions of the Bank Act, for the initial( @( X, t+ }, D% E, E
period commencing on the closing date and ending on and including- I7 k, ?2 L5 V
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
1 w4 |0 L' ]$ y% f6 ~25th day of February, May, August and November in each year, at a rate
- S" O: y; P) Dequal to $0.40625 per share. The initial dividend, if declared, will be payable, w5 B. B2 u/ P! Y5 y" W+ f, s) F
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing, J3 G3 U: D7 W
date of December 11, 2008.- |3 e3 m2 R+ `6 K- w# q) X1 E: k
For each five-year period after the Initial Fixed Rate Period (each, a
$ z- X1 v5 B( I; j" f! g‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares: j( t) k2 w' o5 J0 |- b
Series 18 will be entitled to receive fixed non-cumulative preferential cash
3 ?* i* g. P4 ~dividends, as and when declared by the Board of Directors, subject to the& U; n0 h; `$ A7 \/ w8 x1 y
provisions of the Bank Act, payable quarterly on the 25th day of February,% l6 i+ t% K! f" x! }  C
May, August and November in each year, in the amount per share per annum
2 X( Y( H( f" u; K; y1 gdetermined by multiplying the Annual Fixed Dividend Rate applicable to
" t9 M* D0 x% J2 Xsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend8 X! Q( s7 Y. ]) F
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the( t' x+ s: s9 D
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
' i6 v2 x/ `4 Y% ~( ~( kof such Subsequent Fixed Rate Period and will be equal to the sum of the2 ?* q& [$ I6 l) m6 a
Government of Canada Yield on the applicable Fixed Rate Calculation Date3 F  f* o( q+ k) w# O
plus 3.83%.+ `! G, u6 v5 J& f- N1 `
If the Board of Directors does not declare a dividend, or any part thereof, on/ n4 e8 o$ G1 x0 M
the Preferred Shares Series 18 on or before the dividend payment date for a# g. P* W, H6 z
particular quarter, then the entitlement of the holders of the Preferred
+ T6 \4 M8 ^7 d* T7 p) RShares Series 18 to receive such dividend, or to any part thereof, for such  K/ _, X8 P4 y0 w- ?; E
quarter will be forever extinguished.2 z+ D7 C( U  `- ?
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the5 L* ]" l# d6 {" B9 w8 P
Superintendent and to the provisions described below under ‘‘Details of the
0 q+ e; }+ k) u! c) U$ n7 wOffering — Certain Provisions of the Preferred Shares Series 18 as a- k$ @+ \5 F, [. u  w  _. m; K
Series — Restrictions on Dividends and Retirement of Shares’’, on$ I6 c- G5 S, _+ C5 C) E
February 25, 2014 and on February 25 every five years thereafter, on not8 m7 j  v. f3 X" c9 A
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any  ?$ Q* ]0 B- G
part of the then outstanding Preferred Shares Series 18, at the Bank’s option. H0 `3 U+ m- T# i: ^' j7 T
without the consent of the holder, by the payment of an amount in cash for
$ ^0 _$ K& X- k- ?8 neach such share so redeemed of $25.00 together with all declared and unpaid0 K0 i2 Z0 p4 [* K+ k
dividends to the date fixed for redemption.
- |& S  Z' X9 E, xConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
9 Y5 X0 l4 X2 \2 x/ u2 t; aShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
4 f' J. i; H6 W) h$ z- cthe right, at their option, to convert, on February 25, 2014 and on
! b# j1 R/ c7 j. x* \& _2 WS-4
  |# ^" V7 G# uFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
- D$ O0 q' {7 p. aor all of their Preferred Shares Series 18 into an equal number of Preferred9 w( g/ f: U3 d" a* }
Shares Series 19 upon giving to the Bank notice thereof not earlier than7 s/ I' X3 j! ]( _+ n' c! V# Y
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day' c; _' f' u9 U2 k& d
preceding, a Series 18 Conversion Date.
( \) S7 J4 w: U9 gAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
  i, O1 c; u/ o' dProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares/ J. q" `  G) `( y" x) b6 T) [
Series 19, as the case may be, that there would be outstanding on such  k( |; J4 A6 X
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,  b, {) N" p  _$ L+ b% L
such remaining number of Preferred Shares Series 18 will automatically be
1 N& E$ K# n6 `3 mconverted on such Series 18 Conversion Date into an equal number of
/ e* u1 ~: `2 s9 M8 O0 l4 xPreferred Shares Series 19. Additionally, if the Bank determines that, after0 ^  A0 m) @; t, |2 g8 _$ F2 Q
conversion, there would be outstanding on such Series 18 Conversion Date
' g  }1 Z' l3 j( x9 a* Sless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares- x/ H( A; i: J- A8 ~+ m
Series 18 will be converted into Preferred Shares Series 19.6 C7 R) [; t. @( U5 }% z
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares2 J$ t: Y% X+ h  ^+ x2 ]/ G
Series 18 will not be entitled as such to receive notice of, attend, or vote at,) l0 p: N1 f3 u# y/ P6 Y0 I. U& t
any meeting of the shareholders of the Bank unless and until the first time at% t: l5 @" c, S8 r1 d. ~
which the Board of Directors has not declared the whole dividend on the
' |9 L% a1 o# qPreferred Shares Series 18 in any quarter. In that event, subject as: ]: J' J2 i4 U" H
hereinafter provided, the holders of Preferred Shares Series 18 will be5 n2 j7 A5 |2 v$ q8 y( w* A
entitled to receive notice of, and to attend, meetings of shareholders at which
3 z0 q1 j4 W5 w8 q( C/ J! ldirectors of the Bank are to be elected and will be entitled to one vote for
8 Z. z- [. \- b" Ueach Preferred Share Series 18 held. The voting rights of the holders of the4 O- {0 n8 S6 D& l1 [8 S6 p
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of  O' L" x' ], ?0 a) b
the first dividend on the Preferred Shares Series 18 to which the holders are9 }4 n# ?5 _4 P! b* Z( e
entitled thereunder subsequent to the time such voting rights first arose until
" t8 z7 n3 q: @' l+ O0 x6 ]such time as the Bank may again fail to declare the whole dividend on the$ d9 U  F3 r8 X" {$ H' x. ?
Preferred Shares Series 18 in respect of any quarter, in which event such7 B/ e+ n( R& M5 z( @/ l, d
voting rights will become effective again and so on from time to time.
: X/ H) `) d3 @* p( `& o8 A  |6 FPrincipal Characteristics of the Preferred Shares Series 199 G) g9 ]: Y8 B8 f
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
, w( y' {' Z+ efloating rate non-cumulative preferential cash dividends, as and when8 o& v/ ?; T, m4 K
declared by the Board of Directors, subject to the provisions of the Bank Act,6 L6 L% F6 B6 w& k1 C: o
payable quarterly on the 25th day of February, May, August and November
4 X6 O+ Q) V  ?# I9 e9 Tin each year, in the amount per share determined by multiplying the* g3 {3 z3 o! F1 L" a+ }! K6 p9 h
applicable Quarterly Floating Dividend Rate by $25.00., Z0 W5 m1 c  [1 C& X
On the 30th day prior to the commencement of the initial quarterly dividend
, _7 {' r. ^0 wperiod beginning on February 25, 2014, and on the 30th day prior to the first
2 d1 {9 Y9 A2 b+ `0 S/ vday of each subsequent quarterly dividend period (the initial quarterly
' l: {1 d7 ?; m8 cdividend period and each subsequent quarterly dividend period is referred to- U  e9 ^, D% C# g$ [* o6 s
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the) @* D0 T+ Q) K+ @
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate, ^' w0 @9 e+ v; p" Q5 x+ D5 I
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the9 ?: g$ [) w5 e  M$ p
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days  k! ?3 \  M/ r1 |  a+ ]- h
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
  F) m  c( T* mdetermined on the 30th day prior to the first day of the applicable Quarterly& V; c% v  v7 p
Floating Rate Period.
7 G5 B; K% r* y: f; _5 y  gS-5
9 ~6 v, B+ ~( c+ t4 y& C. n: D* kIf the Board of Directors does not declare a dividend, or any part thereof, on* d" x; u1 L. X; i* ]
the Preferred Shares Series 19 on or before the dividend payment date for a2 o) [& O! q7 g# \! Q. z
particular quarter, then the entitlement of the holders of the Preferred
5 d' I7 k, W' H( \" a) |Shares Series 19 to receive such dividend, or to any part thereof, for such
8 i7 m/ ?; K2 ?$ e! \* p; \quarter will be forever extinguished.
* l+ o  V4 w: W! }Redemption: Subject to the provisions of the Bank Act and to the prior consent of the% {5 N" q. S( h
Superintendent and to the provisions described below under the heading2 x8 m4 j; n  }" F2 }% ^' O
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
7 N6 r, B, d1 H& k7 ?Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,' H/ p/ d/ J2 U; K8 |, N- r
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
; D8 e& _4 c* T* ?2 gor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
$ M7 F9 m0 T3 t* hoption without the consent of the holder, by the payment of an amount in
6 j$ V# O& ]) b, d' H* jcash for each such share so redeemed of (i) $25.00 together with all declared
2 }  N) u$ }( z" ?: L2 A' j# hand unpaid dividends to the date fixed for redemption in the case of5 f! t( ^' O% ]. ~, ]7 P2 v
redemptions on February 25, 2019 and on February 25 every five years
4 h' o9 b% m$ i0 \& U( Q* a. athereafter, or (ii) $25.50 together with all declared and unpaid dividends to) U# v. P' r$ |$ B9 m
the date fixed for redemption in the case of redemptions on any other date8 S9 D8 b- O; l0 W: t
on or after February 25, 2014.+ a/ h9 |+ U0 [1 q2 t/ {
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
( h1 A* F) R, p2 v  r2 h  }Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have$ h" o3 M' u) A1 S% H
the right, at their option, to convert, on February 25, 2019 and on1 r  n- }: }, d9 ^
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
4 {) R% D  D  d! U5 G( bor all of their Preferred Shares Series 19 into an equal number of Preferred
" M' y3 ]8 g0 [' C$ PShares Series 18 upon giving to the Bank written notice thereof not earlier) u3 c; ~, U" Q/ ~! m" W7 B
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the# I7 Q" u0 O0 z: K
15th day preceding, a Series 19 Conversion Date." d! W! q- \4 \+ G5 l. l
Automatic Conversion If the Bank determines, after having taken into account all shares tendered9 r4 F( D" O( S* f) @5 b( ~5 a9 C
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
) ^' L2 j0 H  n2 @' F# NSeries 18, as the case may be, that there would be outstanding on such" g! x! K6 P" Z! B
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,, E, s; f7 _8 l4 a6 q: s3 `
such remaining number of Preferred Shares Series 19 will automatically be& ?9 T% [( G6 S( P" w: \
converted on such Series 19 Conversion Date into an equal number of' q0 m+ ^" G9 H8 t
Preferred Shares Series 18. Additionally, if the Bank determines that, after$ H+ }* Q! V& |4 U7 u; W# C1 m
conversion, there would be outstanding on such Series 19 Conversion Date2 `' v2 `, M, O( n8 V2 L
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares8 ?7 t$ T) L& w0 R8 x8 T" k4 _
Series 19 will be converted into Preferred Shares Series 18.
/ l3 p& a3 {  pVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
1 K8 F- {; C* B3 V+ \Series 19 will not be entitled as such to receive notice of, attend, or vote at,
' d& K& ?3 w: q3 G8 ]( C0 M4 tany meeting of the shareholders of the Bank unless and until the first time at' Q; g5 F; P& h! S8 W3 d5 H9 G& R
which the Board of Directors has not declared the whole dividend on the
! Y7 T- c* k2 @8 d' rPreferred Shares Series 19 in any quarter. In that event, subject as- q3 R' o! U. t0 Q) o% r
hereinafter provided, the holders of Preferred Shares Series 19 will be
- P9 c) |; C. V" O6 L2 pentitled to receive notice of, and to attend, meetings of shareholders at which
2 P, I! W$ q" S9 I( d) b. ^directors of the Bank are to be elected and will be entitled to one vote for9 p2 D/ N$ Z! ^( P# W+ w
each Preferred Share Series 19 held. The voting rights of the holders of the
: c# a/ @3 l1 @6 l; wPreferred Shares Series 19 will forthwith cease upon payment by the Bank of0 Y$ m" d6 g  r% ]( A
the first dividend on the Preferred Shares Series 19 to which the holders are
- d' ~' ?/ y9 w8 M& D0 f& o/ gentitled thereunder subsequent to the time such voting rights first arose until
, p4 L- M3 @' X' y$ r  c6 g& Fsuch time as the Bank may again fail to declare the whole dividend on the+ z, ~, a3 p: W. r
Preferred Shares Series 19 in respect of any quarter, in which event such, H6 l0 g1 q1 a2 q8 a" Y2 e! I
voting rights will become effective again and so on from time to time.
1 _+ D: A- G( s+ E9 v( V& H3 dS-6
+ A$ M- F* {6 o3 zPriority: The preferred shares of each series of the Bank will rank on a parity with% c8 u' g3 R' U8 E/ q
every other series and are entitled to preference over the common shares of
, F3 F1 T2 a3 p7 k2 q# ~4 P4 a2 |the Bank and over any other shares of the Bank ranking junior to the
. F3 |! G7 A0 C2 \4 bpreferred shares with respect to the payment of dividends and upon any
4 G5 Y( A: \/ r" @- Adistribution of assets in the event of the liquidation, dissolution or
2 h6 N6 Q( c. Cwinding-up of the Bank.
7 R/ y- ?$ |- W- P' }Tax on Preferred Share The Bank will elect, in the manner and within the time provided under' v5 j9 G( b" l" s
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares+ F9 Z' G& E4 N* t
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
8 Q$ }# n( 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。' b4 g' \2 j9 p$ c
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
+ c: S, I" P' `1 r3 y8 {

$ Y, g# r! l2 c* j+ a下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。: W( v6 p/ R/ J0 f7 ~  }
4 d2 Z; r" g9 f& X# E- i
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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