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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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6 B$ T. P) @8 A! V( V[ 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:
- G  u# M6 i& K) }: n, y; jSUMMARY OF THE OFFERING
8 B7 K* o4 D) ?5 \- i* b6 [' M1 x7 SThis 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’’.
6 P; a9 v& [2 q' N* m, x/ w: sIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.! ]( n/ ~" d6 j! {! U0 k! _
Amount: $150,000,000 (6,000,000 shares).+ i3 x5 f8 k# W6 n/ m/ C0 g" K: J, V
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
, v: p4 z/ s7 o3 SPrincipal Characteristics of the Preferred Shares Series 18
& [( m  Z! ]9 G' _" @. pDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed# O3 X+ h  }  x0 B4 w* r4 N
non-cumulative preferential cash dividends, as and when declared by the
1 c! A  F! p& [* B4 XBoard of Directors, subject to the provisions of the Bank Act, for the initial' r- B! F) d: s. d
period commencing on the closing date and ending on and including- W" [; m8 z  `8 u$ a
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
8 P- d+ Z9 {3 Z25th day of February, May, August and November in each year, at a rate5 h6 l* H5 T+ j3 d$ B- s, L& Q
equal to $0.40625 per share. The initial dividend, if declared, will be payable
/ {  D7 E: Z4 c7 I4 |May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
8 B: \* Q1 ~5 ]. X9 i3 h/ z0 idate of December 11, 2008.; `- D$ Y: E/ g8 \' w
For each five-year period after the Initial Fixed Rate Period (each, a
# Y  @* B/ a& W, G8 q) d: ?# Q‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares9 B$ |1 }1 X" b) Q
Series 18 will be entitled to receive fixed non-cumulative preferential cash
0 T4 _- I. o' z' P0 ]dividends, as and when declared by the Board of Directors, subject to the9 G# d2 b3 O9 e
provisions of the Bank Act, payable quarterly on the 25th day of February,
' T+ p0 c, y- CMay, August and November in each year, in the amount per share per annum
0 s. ^* O. b: K8 Gdetermined by multiplying the Annual Fixed Dividend Rate applicable to" [. q% h% J0 W2 z& r* \
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend: n7 y. O' E8 v% s% b
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the6 s' V& S& V6 l5 q& A" X; Q
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
8 _$ c: X. u7 x5 f+ |of such Subsequent Fixed Rate Period and will be equal to the sum of the
& k5 w6 {0 T% d( R8 [Government of Canada Yield on the applicable Fixed Rate Calculation Date0 _/ M2 [* k5 y5 j
plus 3.83%.: l8 f9 v% z4 T) |
If the Board of Directors does not declare a dividend, or any part thereof, on& x, b6 }3 y; Y9 ^1 g5 u( l
the Preferred Shares Series 18 on or before the dividend payment date for a; V, @( r& P: u+ b* N
particular quarter, then the entitlement of the holders of the Preferred' ~4 t" B8 C; d
Shares Series 18 to receive such dividend, or to any part thereof, for such5 y" z* U: B6 F5 E7 u5 a
quarter will be forever extinguished.$ q* \" Q  I+ b# R: V* G
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the1 `7 R0 J5 e, ]. o& M
Superintendent and to the provisions described below under ‘‘Details of the% f4 p+ Q1 |+ c
Offering — Certain Provisions of the Preferred Shares Series 18 as a" K% L5 f9 |$ X  o+ C: a) U2 ^
Series — Restrictions on Dividends and Retirement of Shares’’, on
% ?% B/ T9 Y( n& S; s  M9 NFebruary 25, 2014 and on February 25 every five years thereafter, on not
$ M/ z: S6 t! l- y* Q9 N" E! nmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
% l" N; U- X1 E' Fpart of the then outstanding Preferred Shares Series 18, at the Bank’s option# o4 L, G- r0 i! I8 f
without the consent of the holder, by the payment of an amount in cash for
& Y# P# y" M3 m" @4 p. M4 |7 @: [* U: Reach such share so redeemed of $25.00 together with all declared and unpaid
5 t( l) j4 G0 G1 {9 x1 X3 Ndividends to the date fixed for redemption.$ B6 U: T3 L: U8 e8 A
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
& ^' w+ p  y; JShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have$ L2 l/ i4 R  M+ Z7 j1 j5 g
the right, at their option, to convert, on February 25, 2014 and on7 x6 |* Z. {' b9 Z
S-4
9 b: `7 V% m5 D& a8 Y8 d& o+ x2 cFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
3 s  k( w8 T+ ?+ a) n1 hor all of their Preferred Shares Series 18 into an equal number of Preferred
! \9 K6 W6 H  P' P+ z# N0 OShares Series 19 upon giving to the Bank notice thereof not earlier than
( |3 J% g2 }$ _6 @# T; J4 ?7 u30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day; x# f. s7 ~2 ?& U+ R1 ^
preceding, a Series 18 Conversion Date.
  J# c, G% ^- o) YAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
% Y, ], O! K+ E5 Z# G4 K/ H3 RProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares3 i, c* T' Z2 c5 F1 ]# x' [1 `
Series 19, as the case may be, that there would be outstanding on such0 n! p) y4 G* x" |$ @( v6 g/ p; V3 n
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
- r8 P. [! H7 R( {) Y6 Wsuch remaining number of Preferred Shares Series 18 will automatically be4 i! K1 I; F6 `) B5 K
converted on such Series 18 Conversion Date into an equal number of/ z/ |: j) F7 R: Z: t5 d; s/ C
Preferred Shares Series 19. Additionally, if the Bank determines that, after
8 K: d! o4 k. W* Bconversion, there would be outstanding on such Series 18 Conversion Date6 _. F  ~( m( _2 m0 P2 b; [
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
0 a4 D0 D0 V, |3 I& K# HSeries 18 will be converted into Preferred Shares Series 19.
9 I+ }$ Y$ B0 K* H# lVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares. K6 x4 q" i, \' X# b
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
0 E4 V$ l4 w" h+ J' h" s8 lany meeting of the shareholders of the Bank unless and until the first time at( J2 y7 m3 ]0 V- R6 s8 K4 e; ?
which the Board of Directors has not declared the whole dividend on the
, N1 d+ U6 |' ~5 R  JPreferred Shares Series 18 in any quarter. In that event, subject as$ Y  D4 L- ~1 [6 O6 z9 [
hereinafter provided, the holders of Preferred Shares Series 18 will be
/ t/ y+ n4 p4 C. ientitled to receive notice of, and to attend, meetings of shareholders at which
3 P/ @2 A! Q1 qdirectors of the Bank are to be elected and will be entitled to one vote for* O: g7 c8 N0 G" D. ]
each Preferred Share Series 18 held. The voting rights of the holders of the
# n6 T  T9 z2 c3 G. ~- V4 K4 QPreferred Shares Series 18 will forthwith cease upon payment by the Bank of" N  ?' i: J$ P
the first dividend on the Preferred Shares Series 18 to which the holders are
% p3 L7 u* S/ Z# E- Mentitled thereunder subsequent to the time such voting rights first arose until
0 _) [3 ^) k' M. j, T5 X1 m( Fsuch time as the Bank may again fail to declare the whole dividend on the
* S$ a4 a3 T# |Preferred Shares Series 18 in respect of any quarter, in which event such
& ^2 J4 ?9 y4 K* Ivoting rights will become effective again and so on from time to time.
/ g. g# ?# T1 w; iPrincipal Characteristics of the Preferred Shares Series 196 ~5 U! D7 U9 f; K, e. G7 O! I
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
4 O% c6 X6 A2 [) X' }; P1 s+ Vfloating rate non-cumulative preferential cash dividends, as and when2 K4 K& C4 L+ o* I
declared by the Board of Directors, subject to the provisions of the Bank Act,
8 o6 ^5 e9 D& v5 _4 Y0 s6 qpayable quarterly on the 25th day of February, May, August and November
+ o% H& ?/ E" [: V9 q- p) S7 ]! Lin each year, in the amount per share determined by multiplying the
7 t. W: I7 w( n2 @applicable Quarterly Floating Dividend Rate by $25.00.0 r( r  N2 M. Z9 Z5 M
On the 30th day prior to the commencement of the initial quarterly dividend
! I( J  c0 b* e7 c9 Y# Jperiod beginning on February 25, 2014, and on the 30th day prior to the first. w" v/ Y) X7 n) d
day of each subsequent quarterly dividend period (the initial quarterly- Z$ D7 s/ j4 G! ^- z* S
dividend period and each subsequent quarterly dividend period is referred to
% |$ p" l) j; d9 `& \' g0 Fas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
( C% v, Z, N) \% G% D5 e* pQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
2 p! \# D0 [7 B) F! vPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the8 S: O( E5 n; V  A, L
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
# E. e! Z% Q4 j& A6 }2 }elapsed in the applicable Quarterly Floating Rate Period divided by 365)
- @: \. [$ W  m' p. z0 |determined on the 30th day prior to the first day of the applicable Quarterly; b2 w, g8 t& o' E. ]
Floating Rate Period." L/ u  j- G* D8 ]
S-5
$ o  r' ?6 j+ L9 P( n* Y2 R( TIf the Board of Directors does not declare a dividend, or any part thereof, on* k+ z/ M% K& }7 r, \% ?
the Preferred Shares Series 19 on or before the dividend payment date for a
! K2 V' q' s, nparticular quarter, then the entitlement of the holders of the Preferred
/ B$ |( Y1 u, l) l3 HShares Series 19 to receive such dividend, or to any part thereof, for such
; C4 \( Y4 A. M( v1 wquarter will be forever extinguished.
/ ]3 Z) L+ ]/ g5 f9 XRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
% K+ P  I- d8 x& T0 u8 y. t$ s& ~Superintendent and to the provisions described below under the heading# p3 P* w" D/ N9 L; A' s9 u  m/ k
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
0 I+ \) Q: @8 T0 I; A/ D# t. b1 KSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
. j# Y0 ?% X8 fon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
7 }, i1 \. L; |or any part of the then outstanding Preferred Shares Series 19, at the Bank’s2 v9 z( e% I4 r1 ?4 {* y
option without the consent of the holder, by the payment of an amount in
0 B3 s1 r& `0 y: i" T2 ecash for each such share so redeemed of (i) $25.00 together with all declared
8 \3 ~) N! C2 y. G$ _4 V' ^and unpaid dividends to the date fixed for redemption in the case of
2 F0 J8 c8 C8 \) \6 J$ l6 Wredemptions on February 25, 2019 and on February 25 every five years
; W( `* k$ J5 n$ j  hthereafter, or (ii) $25.50 together with all declared and unpaid dividends to: ?  @9 q9 r: B/ U
the date fixed for redemption in the case of redemptions on any other date& M# f1 o- ~( m
on or after February 25, 2014.
, ?9 C$ g* \0 v2 ?Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
; L0 E6 X$ e$ i7 n9 y' TShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
/ N: D; n' c9 y1 D3 Othe right, at their option, to convert, on February 25, 2019 and on  W& }7 e! w3 p* T) C& g6 r" A
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any" e% B3 u" p: d9 N
or all of their Preferred Shares Series 19 into an equal number of Preferred/ P% R4 o6 ]% w& v- R2 k  I
Shares Series 18 upon giving to the Bank written notice thereof not earlier
6 h& r, P: G# z3 x6 R3 ^than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the  a8 h3 `, X& D- m' W9 I) s" u. U
15th day preceding, a Series 19 Conversion Date.
( ~$ l% `1 b# Q8 O3 e4 O9 ]Automatic Conversion If the Bank determines, after having taken into account all shares tendered
, n6 V. s" \; K& j' }0 dProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares( y! o* S6 X$ ]: `: u5 M: ~
Series 18, as the case may be, that there would be outstanding on such4 ]" [0 M# H# s7 M
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
3 f7 o0 O2 ~- b! Ysuch remaining number of Preferred Shares Series 19 will automatically be! s" Z8 ^# d- r) v1 A
converted on such Series 19 Conversion Date into an equal number of
9 S, p0 G0 q0 R3 T4 \% D- PPreferred Shares Series 18. Additionally, if the Bank determines that, after
7 g& T) t% U' x4 @conversion, there would be outstanding on such Series 19 Conversion Date* J6 k+ O% j, D$ I5 X! m' O3 g
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares2 }" T6 n; h/ R! E8 k. z1 x
Series 19 will be converted into Preferred Shares Series 18.
( P: M) u' j* oVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
# Q" p, U' C+ M" v$ x' b  _Series 19 will not be entitled as such to receive notice of, attend, or vote at,
, B$ s+ _5 `8 {$ _  r) Jany meeting of the shareholders of the Bank unless and until the first time at
2 {- b+ E: H9 V0 dwhich the Board of Directors has not declared the whole dividend on the
; U5 N7 s% q* h# `' ~* f$ LPreferred Shares Series 19 in any quarter. In that event, subject as, u7 C: V4 n5 S# ]& Q9 a
hereinafter provided, the holders of Preferred Shares Series 19 will be
6 x6 I- H9 S( e  Sentitled to receive notice of, and to attend, meetings of shareholders at which: l$ V) V: F6 g! @# R
directors of the Bank are to be elected and will be entitled to one vote for
$ B) g! D% D: y& r. z+ |each Preferred Share Series 19 held. The voting rights of the holders of the5 c: T) u. |. E* R' N2 N4 W) I: T
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
/ W0 n4 z" @" X7 d+ K+ Bthe first dividend on the Preferred Shares Series 19 to which the holders are
4 E* d- q- Z! u6 eentitled thereunder subsequent to the time such voting rights first arose until; V& u; w6 @/ S) {& @+ M; A% r
such time as the Bank may again fail to declare the whole dividend on the0 K" f0 T* n- M# u' P9 a
Preferred Shares Series 19 in respect of any quarter, in which event such7 n& p$ S' d  G4 n- o' ?
voting rights will become effective again and so on from time to time.: k2 x! u0 m* c' E3 F+ H! L, {
S-61 l/ v6 V" L1 {- p4 h$ d9 u
Priority: The preferred shares of each series of the Bank will rank on a parity with8 X8 f% K- P1 y
every other series and are entitled to preference over the common shares of
! @" Z  A8 V2 P* Z# ythe Bank and over any other shares of the Bank ranking junior to the/ t8 @: T: A  u: C: p3 d. P
preferred shares with respect to the payment of dividends and upon any1 h- C9 o1 z8 `# R
distribution of assets in the event of the liquidation, dissolution or: X5 h! s" |4 o
winding-up of the Bank.4 |' T/ @! W# d2 C+ U% u% X
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
- b7 g" S% L, C9 S  [. ], F! m) vDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares& M5 _. q8 g/ n" N
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
5 [' f" u' }  i+ d/ sdividends 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。7 h/ {. m1 ~' V& H7 \9 X' d1 }
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

, ]  T( b) [: u3 k. i% y0 _5 _7 i- u$ h4 l' f$ B- s
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
. Z0 j  j! j  B! g
0 K! v. x% S+ s9 ]3 Pcall 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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