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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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[ 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:$ P  s6 J' \% l- R  J6 H. j# @
SUMMARY OF THE OFFERING
, _7 H6 p) Z0 d9 Y4 ^/ TThis 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’’.% O8 W! I1 k  _& U% T, K
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18., b4 P4 y0 z* V6 r" S) R5 @% |
Amount: $150,000,000 (6,000,000 shares).4 [/ ^: z* j1 ?$ W! ?+ F& D1 B5 M% J
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
, y7 m- H  X$ M' [Principal Characteristics of the Preferred Shares Series 18
2 y- ?. i) `- v( zDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
" N) q; ]. q5 ]8 |non-cumulative preferential cash dividends, as and when declared by the
' B# h' c% Y  k) x' P2 r% G: ]Board of Directors, subject to the provisions of the Bank Act, for the initial- I' p3 Y' C+ f; \, x, g# o
period commencing on the closing date and ending on and including$ C( k, \  D6 x1 e7 Y5 {0 h2 p  H4 G
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
8 Z0 F) n! l9 |, q% a( u% C; v25th day of February, May, August and November in each year, at a rate# H" o; S0 i% ?3 W# Z
equal to $0.40625 per share. The initial dividend, if declared, will be payable
/ A: Z1 @: y& ]5 ?# z8 \: j6 nMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing  t  h" t6 W: P2 F$ E0 |
date of December 11, 2008.
7 D: u1 w3 _: }; m! X0 B' ?! I( \) xFor each five-year period after the Initial Fixed Rate Period (each, a- b( x4 a1 b/ G. h7 s- X5 ]; J
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares% L2 {/ j5 @. B: r( D  U6 v4 l; Y
Series 18 will be entitled to receive fixed non-cumulative preferential cash7 ]4 u9 X+ J/ G7 Y
dividends, as and when declared by the Board of Directors, subject to the
0 U! V$ n# }) D7 H% `( K9 `; L% K2 Sprovisions of the Bank Act, payable quarterly on the 25th day of February,* p: @" @+ Z# \: D) H8 r7 Z  o% G
May, August and November in each year, in the amount per share per annum5 i  x# j4 t  R. t& U
determined by multiplying the Annual Fixed Dividend Rate applicable to
( @7 N7 L7 A& R. r9 F3 Dsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
9 I* X0 ?- H8 a1 LRate for the ensuing Subsequent Fixed Rate Period will be determined by the1 g% Y% s& U2 Y/ ^( l: J
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
* a% L) k6 }# v  {5 Mof such Subsequent Fixed Rate Period and will be equal to the sum of the4 o) Z# Y4 q3 w' Y% d
Government of Canada Yield on the applicable Fixed Rate Calculation Date
) H9 J& G4 e# ]9 Z5 J  ~3 s" f7 ^$ rplus 3.83%.
* p# v9 ], I1 k# d/ p/ uIf the Board of Directors does not declare a dividend, or any part thereof, on
( t3 _. t1 P  D+ Rthe Preferred Shares Series 18 on or before the dividend payment date for a- q+ T3 }4 u9 V5 B3 a
particular quarter, then the entitlement of the holders of the Preferred" ~: a& @1 Q3 ^# c7 m
Shares Series 18 to receive such dividend, or to any part thereof, for such$ V. A+ b3 b. e9 r
quarter will be forever extinguished.
2 l( O# c% P# Y: b& mRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
- P" p/ v( I' B7 t5 I/ [Superintendent and to the provisions described below under ‘‘Details of the% B1 O0 o1 ]2 L, f3 \/ e
Offering — Certain Provisions of the Preferred Shares Series 18 as a4 E' l! t) j' f- L2 V% b, ]
Series — Restrictions on Dividends and Retirement of Shares’’, on# i" X: x; Q$ \& s
February 25, 2014 and on February 25 every five years thereafter, on not
; e! `" _6 D4 \2 E4 Nmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any/ I3 Z3 P4 A7 m0 w( e0 v' r) o2 H
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
6 t3 {- N! Q7 S/ ?  n% pwithout the consent of the holder, by the payment of an amount in cash for! ]# B' I5 q  B: l$ z" I
each such share so redeemed of $25.00 together with all declared and unpaid# J4 M0 a! b, I/ D# g/ j3 d. [2 A: K
dividends to the date fixed for redemption.. D; \/ k& ?- s3 G- \! Q( h" X
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
- I9 ]0 N9 L7 q4 h2 qShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have; Y# Q' l3 S  S9 n% u$ q  @9 t5 L) h  |6 O
the right, at their option, to convert, on February 25, 2014 and on! H: V% V2 {# d0 U1 V
S-4
* `4 @2 t2 n/ X5 A  o: k1 ~+ o/ }February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any+ y* u- ~( a4 e. h8 `
or all of their Preferred Shares Series 18 into an equal number of Preferred3 t, G7 z9 b+ r; t2 K: }- ?
Shares Series 19 upon giving to the Bank notice thereof not earlier than
3 w6 H4 ]6 A3 a+ j( s30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day+ V- @. {% ]! o
preceding, a Series 18 Conversion Date.
9 m6 ~6 V/ `4 ~+ W: B4 c) i( e9 |( UAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
( [7 v* a& F8 [  m: SProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
2 @; D; S+ ]5 iSeries 19, as the case may be, that there would be outstanding on such
+ Q6 l9 a% L( U1 N' P6 M, uSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,8 w; ]5 M1 Z8 h9 M) K' A9 \/ }& k, Z
such remaining number of Preferred Shares Series 18 will automatically be( R8 @3 x  @4 k  K% K4 \3 |
converted on such Series 18 Conversion Date into an equal number of
  g# t* p; q  QPreferred Shares Series 19. Additionally, if the Bank determines that, after
. h' D# u. o4 d8 r) Bconversion, there would be outstanding on such Series 18 Conversion Date$ X6 R7 ^3 J, f2 q9 m" n4 V2 t- Z7 |
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares2 i7 b, L# b1 C
Series 18 will be converted into Preferred Shares Series 19." k$ I, w7 B7 @0 k# \
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
7 A% i  G3 O. Y! d6 A! V* k6 t& fSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
: i0 r" }" R# |* C" @6 z' G. W7 fany meeting of the shareholders of the Bank unless and until the first time at
% }& O: }8 o" L+ |which the Board of Directors has not declared the whole dividend on the8 x- k; ]- Q( z; V
Preferred Shares Series 18 in any quarter. In that event, subject as5 p% l$ g9 D& \4 d$ I$ d8 k! [/ L" E
hereinafter provided, the holders of Preferred Shares Series 18 will be, V& d! D0 G3 L' i
entitled to receive notice of, and to attend, meetings of shareholders at which
6 c; Y: ]3 m7 bdirectors of the Bank are to be elected and will be entitled to one vote for
9 E& u6 \! T. P2 \3 Y4 H1 Neach Preferred Share Series 18 held. The voting rights of the holders of the
# M' Y, H& y. uPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
- p6 g, r+ x& {& s' k8 _9 [the first dividend on the Preferred Shares Series 18 to which the holders are
- ]- Q6 [$ V2 u# tentitled thereunder subsequent to the time such voting rights first arose until
, O) S( K$ U2 m, e1 V! x  esuch time as the Bank may again fail to declare the whole dividend on the
! e, T$ V- X- [5 Z4 W" S8 v  HPreferred Shares Series 18 in respect of any quarter, in which event such; v5 V3 c8 l# @0 n# h
voting rights will become effective again and so on from time to time.
8 h+ |. V& C' r" f8 T! A8 s0 Q# g) C3 _Principal Characteristics of the Preferred Shares Series 19
; M/ r8 J! x* v& l3 vDividends: The holders of the Preferred Shares Series 19 will be entitled to receive8 w7 ]4 _2 ^+ B6 X8 S. d; h
floating rate non-cumulative preferential cash dividends, as and when7 d3 n; U  F/ z( ?2 ^3 y/ X
declared by the Board of Directors, subject to the provisions of the Bank Act,% H# k4 s; W1 l/ |  k7 p/ G
payable quarterly on the 25th day of February, May, August and November; ^1 r% f$ e  N/ U* q# Y# S
in each year, in the amount per share determined by multiplying the
' ?, Y) R8 F6 o6 F* f& k0 A1 Z0 gapplicable Quarterly Floating Dividend Rate by $25.00.& K. G1 D, j2 N; i
On the 30th day prior to the commencement of the initial quarterly dividend8 h7 F& Q* e' A7 _8 T- N
period beginning on February 25, 2014, and on the 30th day prior to the first2 Z& l$ z& [) B4 R7 d
day of each subsequent quarterly dividend period (the initial quarterly
" F1 s" n: z  y/ o0 Idividend period and each subsequent quarterly dividend period is referred to
5 R* _# y  ~2 E% ?- gas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the' Y& V3 d5 |$ m
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
' m; j0 a$ j* U/ Y% C- yPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
  b  [: h& Z- v) c  R7 I+ cT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
; |# F  x* d& T' Q. j8 I+ xelapsed in the applicable Quarterly Floating Rate Period divided by 365)
( O$ V3 }7 a9 s5 S/ s: k2 `5 c% D! Vdetermined on the 30th day prior to the first day of the applicable Quarterly
& i' z. \6 I2 g" W- A% nFloating Rate Period.
3 k  x" D6 j1 v# |S-5
3 V' O2 f8 W( @& |) qIf the Board of Directors does not declare a dividend, or any part thereof, on
' o5 U2 U) k. Q$ _1 |" x$ u9 d3 Lthe Preferred Shares Series 19 on or before the dividend payment date for a
8 ^" @3 {% U3 A: F  |2 a1 Kparticular quarter, then the entitlement of the holders of the Preferred6 r3 o3 S' R+ H* i
Shares Series 19 to receive such dividend, or to any part thereof, for such: t: \9 `4 h- i/ \
quarter will be forever extinguished.3 A' O( B% {. \/ L
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the% U) F# ~. P7 ], Y6 ?
Superintendent and to the provisions described below under the heading; L7 I  D) W( ~' |
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
3 U! D9 R& j  Q6 Q: ZSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,+ G$ i4 _. x3 c0 f7 ?
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all& k9 \, d! p+ L8 d8 L, i/ J
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s1 H8 I8 T( l, `  s; W' X1 a2 P
option without the consent of the holder, by the payment of an amount in
5 H' g' h" I7 v4 Y% Mcash for each such share so redeemed of (i) $25.00 together with all declared7 b5 G) j6 P- U( z' W! e% P
and unpaid dividends to the date fixed for redemption in the case of
+ C3 B1 Y' t$ i* y2 T) o0 Predemptions on February 25, 2019 and on February 25 every five years; X/ e4 `/ f& p7 J
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
$ n& {$ h8 I! |+ I+ ^7 Gthe date fixed for redemption in the case of redemptions on any other date
; g. i/ {( o, w3 ^on or after February 25, 2014." Z2 C' P/ U  V; P. |
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
' K9 c" Q4 H( P3 Y6 E0 b8 }Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
* @7 C9 ~- O5 U$ Z- \the right, at their option, to convert, on February 25, 2019 and on
" M* X$ {7 M. d0 I2 f9 S6 x0 AFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
! M$ o$ T6 S- I7 J, M% C/ mor all of their Preferred Shares Series 19 into an equal number of Preferred  I8 W" N  [; ]- I& |4 R
Shares Series 18 upon giving to the Bank written notice thereof not earlier% m, x5 k- N7 ~1 d
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the& P* c* a: p  E, a
15th day preceding, a Series 19 Conversion Date.: _! \* X2 {' _7 f* ]
Automatic Conversion If the Bank determines, after having taken into account all shares tendered, ]+ _& G7 m% V3 e4 W
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares. g  k- m7 V# }
Series 18, as the case may be, that there would be outstanding on such
! x* T, U. o; \- t3 A. h4 n" [Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,' p# a7 |: y  d
such remaining number of Preferred Shares Series 19 will automatically be/ t# ^5 [  B) l$ R. l1 ?' d
converted on such Series 19 Conversion Date into an equal number of6 r+ U1 z% k7 C4 @1 j% P
Preferred Shares Series 18. Additionally, if the Bank determines that, after6 H, V3 D- l0 G1 y  \# m/ j6 y
conversion, there would be outstanding on such Series 19 Conversion Date3 H: @: R" f+ i: v+ N9 \  a4 w
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares+ Z+ m- e0 T- _5 f6 q, q
Series 19 will be converted into Preferred Shares Series 18.1 s& r) j/ Z9 z) F0 O4 {& _, W% h
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares+ p% w1 _- {: G8 u8 A' L4 o9 g  F
Series 19 will not be entitled as such to receive notice of, attend, or vote at,: c( ~5 m7 _. n
any meeting of the shareholders of the Bank unless and until the first time at
2 L' k( V' m/ L/ b5 I8 m, Cwhich the Board of Directors has not declared the whole dividend on the' c2 k8 a% G: t( K( g9 K
Preferred Shares Series 19 in any quarter. In that event, subject as
% a/ {# w! G& jhereinafter provided, the holders of Preferred Shares Series 19 will be
. t( [9 C2 i" ?8 u8 Oentitled to receive notice of, and to attend, meetings of shareholders at which
* N, U! Y! Z' Jdirectors of the Bank are to be elected and will be entitled to one vote for
& |- B  Q. T) Veach Preferred Share Series 19 held. The voting rights of the holders of the
  p  F/ J, C% V7 p; P: w0 RPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
3 j$ S& Z* ]2 H& O* P3 Mthe first dividend on the Preferred Shares Series 19 to which the holders are
2 M) h8 Z( W  Y0 qentitled thereunder subsequent to the time such voting rights first arose until
! b8 Q: B; E+ [# o& Y! H( `such time as the Bank may again fail to declare the whole dividend on the
# O! C9 R4 J/ D8 r$ a1 z: BPreferred Shares Series 19 in respect of any quarter, in which event such3 q& M3 z8 K* F. z2 n
voting rights will become effective again and so on from time to time.
" z" s# h8 e+ m$ p& e( PS-6: f/ a- e$ ^4 G( n- Q/ z  @$ H
Priority: The preferred shares of each series of the Bank will rank on a parity with0 b% b) N! p  d
every other series and are entitled to preference over the common shares of
  d, ?6 Y- |. a3 j  Cthe Bank and over any other shares of the Bank ranking junior to the
( V* T$ n( z; p4 Ppreferred shares with respect to the payment of dividends and upon any
, t# _9 G: o. E7 Vdistribution of assets in the event of the liquidation, dissolution or# j$ c5 Z! A! |) w( u# V5 U* D3 z
winding-up of the Bank.* Z( [* p* b# `+ O8 k' L
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
9 S% y1 }% |+ @3 t* G2 `Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
' d# E  N8 s0 n4 ?9 k- zSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
, M, X; b* u4 B3 N# |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。+ {2 m- }* J+ n6 J% F7 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
/ K/ `5 ]. q6 X8 k) R

# u8 Z$ x3 U0 ~1 v下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
; b- [, i! k5 H  S
$ S! @4 I, r5 a8 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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