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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。$ f; H% Q* G. f0 L* Z' D! Y

+ i1 ?% ]' R( j- O2 {5 I$ L3 ?4 U
[ 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:  Y$ p, d7 s2 L' ?  K5 y$ Q* H& a
SUMMARY OF THE OFFERING9 _& I3 i5 H# Y, ?3 `/ B$ d
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’’.
2 d$ p( G6 g( I; J" i4 e* aIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
3 z  j+ N: u5 q: b# MAmount: $150,000,000 (6,000,000 shares).
, M% @% G5 }+ O! g3 X5 y) p9 xPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
/ D( E* ?7 ~. o3 rPrincipal Characteristics of the Preferred Shares Series 18
% z$ Q  b" G/ K; nDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
. X! C9 g# T$ _" l1 k) dnon-cumulative preferential cash dividends, as and when declared by the' N2 }0 j% j6 G% c2 G6 w# \1 \
Board of Directors, subject to the provisions of the Bank Act, for the initial7 W" D* e, `2 @0 P9 t9 c
period commencing on the closing date and ending on and including! `0 w$ \7 T3 J6 }1 n* t
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the+ u) T/ P( w4 `
25th day of February, May, August and November in each year, at a rate
* I! D2 U1 ]7 e$ k6 xequal to $0.40625 per share. The initial dividend, if declared, will be payable
2 p+ e# |+ A* k: n! z, mMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing1 ]$ a& g% d. m. f9 A4 c
date of December 11, 2008.
. _% Y( E0 a4 ^7 @" R, EFor each five-year period after the Initial Fixed Rate Period (each, a, M% `9 m. @$ @, L! a& E$ [  w% V
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares! ]/ x7 P* m- d5 N" \
Series 18 will be entitled to receive fixed non-cumulative preferential cash
" O. {2 z6 q: n& _& P" Qdividends, as and when declared by the Board of Directors, subject to the& e% b" w. a: m. t' a* |
provisions of the Bank Act, payable quarterly on the 25th day of February,+ t5 }" f2 q" `: i5 y
May, August and November in each year, in the amount per share per annum- H1 }  s2 h; G+ \
determined by multiplying the Annual Fixed Dividend Rate applicable to8 u/ Z; |1 ~* P/ e- l/ s1 X. X
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend5 v( }0 J5 `/ x( _: C$ A
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
2 ~* _4 x2 [. r4 }$ SBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day/ P7 u0 M% q$ x$ ?$ P! E
of such Subsequent Fixed Rate Period and will be equal to the sum of the6 e) N6 g5 T! y6 k
Government of Canada Yield on the applicable Fixed Rate Calculation Date
7 V2 L# p! E$ D; c) y9 h, p) oplus 3.83%.: g/ M+ ~# e# i7 E1 B* c7 @& s! g- J
If the Board of Directors does not declare a dividend, or any part thereof, on
; ^; |1 d9 r- t& j, Lthe Preferred Shares Series 18 on or before the dividend payment date for a
0 v9 T; r( y6 B% Pparticular quarter, then the entitlement of the holders of the Preferred
) O: A! A" y" s" x& j& VShares Series 18 to receive such dividend, or to any part thereof, for such& W& H% |; ^: m0 t
quarter will be forever extinguished.& ~! U7 M+ w, d& }" o/ m
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the- Q! I8 {4 W+ ]: y+ E% ~& v9 `3 s
Superintendent and to the provisions described below under ‘‘Details of the$ w% ~( X6 l1 R- o2 S
Offering — Certain Provisions of the Preferred Shares Series 18 as a
" x' @& @9 D8 L3 LSeries — Restrictions on Dividends and Retirement of Shares’’, on
; o1 z; B% l: Z5 \+ a* yFebruary 25, 2014 and on February 25 every five years thereafter, on not
% n6 {$ U5 w7 f' c) E9 O; b! K$ o- Kmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
% ], \% e: H+ F/ j8 I! ]part of the then outstanding Preferred Shares Series 18, at the Bank’s option
8 h, d# T( r: Z4 e! k' hwithout the consent of the holder, by the payment of an amount in cash for& B: G) d$ a) i* R1 t
each such share so redeemed of $25.00 together with all declared and unpaid& d" F) b: [% }. u7 o. \
dividends to the date fixed for redemption.8 t- |/ {" e& Y- x4 k" P
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
) X* ?( g! y; b5 d2 HShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have( X& n8 }+ a+ Z* Q) I; T  }: N
the right, at their option, to convert, on February 25, 2014 and on
: ^0 b$ }# v% j( Q# nS-4+ j; n" w# L6 ~. \1 J
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
* w& M; m1 f2 C* J" F, ~& G9 `or all of their Preferred Shares Series 18 into an equal number of Preferred/ E* a" ]6 }+ c( X/ g
Shares Series 19 upon giving to the Bank notice thereof not earlier than
) Z; C* Z+ v& z/ G9 k) q30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
* U) y. l+ z; A3 y& s+ apreceding, a Series 18 Conversion Date.' I* T5 ^, ?0 v9 m( J6 v
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
# r- B6 E; o, m8 C; u  LProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
; y* x* p1 ?0 l: f( Q; I9 ]9 H' KSeries 19, as the case may be, that there would be outstanding on such' `$ I! F# g0 m" M0 d% n( Q7 Y) u! C& k
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
; B( I$ L  P4 B  Ksuch remaining number of Preferred Shares Series 18 will automatically be4 T( R+ @: ]1 Q% O- _; l
converted on such Series 18 Conversion Date into an equal number of
7 r- i" L+ u3 }6 g/ P$ @9 vPreferred Shares Series 19. Additionally, if the Bank determines that, after
5 ~5 c; l/ T! K% ]: s; \conversion, there would be outstanding on such Series 18 Conversion Date- n; X& z" `9 x) Q( R
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
0 Q  |! l9 l, A  I5 m+ a! N2 K8 K# mSeries 18 will be converted into Preferred Shares Series 19.4 j0 U7 z& o2 {1 q& n, \: A
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares. {$ L6 j' `0 B1 q8 W3 b! O. _2 z
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
4 l% u7 q! }( z& D7 B7 fany meeting of the shareholders of the Bank unless and until the first time at1 n9 g% N. ^3 }8 t# `7 ~
which the Board of Directors has not declared the whole dividend on the3 W( U0 V* @& W% V2 C3 N, S  Z
Preferred Shares Series 18 in any quarter. In that event, subject as: A7 c" W2 b4 d$ y$ b" [
hereinafter provided, the holders of Preferred Shares Series 18 will be- X9 U+ C; {5 }' E; G/ K
entitled to receive notice of, and to attend, meetings of shareholders at which- k# W' o  }2 X# B, z
directors of the Bank are to be elected and will be entitled to one vote for
' `8 s; S, I! b% T  Heach Preferred Share Series 18 held. The voting rights of the holders of the
, o) [+ B+ g: vPreferred Shares Series 18 will forthwith cease upon payment by the Bank of! R, `) N# z4 x; @* h
the first dividend on the Preferred Shares Series 18 to which the holders are0 u) e5 N* B6 f) {* T( R& a
entitled thereunder subsequent to the time such voting rights first arose until3 q/ j3 W5 J/ l0 B# n0 f. ?
such time as the Bank may again fail to declare the whole dividend on the3 c3 e2 i: ^/ K, X5 k0 t1 {+ _
Preferred Shares Series 18 in respect of any quarter, in which event such& P* d( H5 t3 o; C: w' |+ m9 x
voting rights will become effective again and so on from time to time.
0 p& I$ O- n! A1 V! x3 F8 \9 D6 R& BPrincipal Characteristics of the Preferred Shares Series 19
8 ?8 r/ Y4 G3 d0 d- n3 D# m1 b5 mDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
0 h3 k" J3 u) m9 ]' ^6 F% H  jfloating rate non-cumulative preferential cash dividends, as and when! y  `) T6 j& [# L0 f
declared by the Board of Directors, subject to the provisions of the Bank Act,
/ R$ F/ T/ D. s, S# X2 Y% Rpayable quarterly on the 25th day of February, May, August and November
+ u/ U$ M# W& z. Bin each year, in the amount per share determined by multiplying the7 {. m- t- N( P1 z
applicable Quarterly Floating Dividend Rate by $25.00.
5 J2 s& ^% p1 F" J% A# mOn the 30th day prior to the commencement of the initial quarterly dividend
4 s7 r& n' k1 H6 i+ F. Fperiod beginning on February 25, 2014, and on the 30th day prior to the first
' d1 `$ @' ~* U5 W& a* g  Bday of each subsequent quarterly dividend period (the initial quarterly/ D6 F+ q/ a. Q. `) U7 v5 g
dividend period and each subsequent quarterly dividend period is referred to
3 ?2 L" j7 U9 L* Uas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
, j$ A5 r5 P! Z) x( rQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate7 s3 N  G0 i) O% ]
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
+ m2 C# u( s* z0 T1 |3 |. \6 FT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days: U" v" u+ Q, Y& x' E  a
elapsed in the applicable Quarterly Floating Rate Period divided by 365)6 @) v6 a' R+ w& I& c
determined on the 30th day prior to the first day of the applicable Quarterly3 s5 {& M( E0 s. f
Floating Rate Period.
5 g& K  _) S. D( {6 P- i& [S-51 w8 ?( o# D: _5 n& Q3 q/ A
If the Board of Directors does not declare a dividend, or any part thereof, on
0 R: C# L" R: p; Y" c. ]the Preferred Shares Series 19 on or before the dividend payment date for a
' k0 |" b' q3 c  x4 hparticular quarter, then the entitlement of the holders of the Preferred
; h4 ]; n* ^0 F1 fShares Series 19 to receive such dividend, or to any part thereof, for such
% |" v8 m( S! r: D6 uquarter will be forever extinguished.+ R' C; |% D" b" Q# s- S0 T* M5 V" t
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the1 N! d4 C' k" g
Superintendent and to the provisions described below under the heading
& g9 `( j/ ^' m. \- u  m3 }‘‘Details of the Offering — Certain Provisions of the Preferred Shares- A) }" |5 x9 Z( u3 v$ A( y$ m7 r
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,* ^/ e$ a+ ]- c! P) d7 V* m5 q" v% L
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all4 i( P. @4 E" s
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
( _3 a" F) J) o: Q5 u- _option without the consent of the holder, by the payment of an amount in
5 u( P" F" L4 V' M) gcash for each such share so redeemed of (i) $25.00 together with all declared3 t0 ]3 x# b6 h$ O" E/ w
and unpaid dividends to the date fixed for redemption in the case of
- ^1 Q9 u3 C* bredemptions on February 25, 2019 and on February 25 every five years
# ^4 q( c0 C! K3 o/ zthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
# s5 W" r; _* x  Athe date fixed for redemption in the case of redemptions on any other date
# ^' z  e- d$ J3 Z+ won or after February 25, 2014.
0 ~7 w! P0 T3 |" n; W6 X! [! TConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic3 r8 o' T: t, S2 h' _
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
2 o* P+ B# ?3 Q# _: D/ d0 m/ P) wthe right, at their option, to convert, on February 25, 2019 and on
% \$ g2 Q. m& C8 m# O: JFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
$ _5 ?4 b1 l* qor all of their Preferred Shares Series 19 into an equal number of Preferred$ e" X7 @1 M4 ^! Z) w# }- E
Shares Series 18 upon giving to the Bank written notice thereof not earlier$ Z5 @" ~/ g1 m$ r8 ]& N
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the! j3 q; [, m9 R. T3 e; n! f
15th day preceding, a Series 19 Conversion Date.6 ]: \5 k7 g' O, }3 ^0 v+ ]
Automatic Conversion If the Bank determines, after having taken into account all shares tendered) M$ i$ s8 {  L4 V
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
! [& I$ h, ?0 [5 sSeries 18, as the case may be, that there would be outstanding on such
% N. c! A& G0 D) t5 ~- J( n6 |Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
0 g4 M5 u9 Z, l( Z$ k% c' gsuch remaining number of Preferred Shares Series 19 will automatically be
" v, i# z, c$ ?8 u1 Z/ R2 k2 Lconverted on such Series 19 Conversion Date into an equal number of; }; [, q4 I1 }! b
Preferred Shares Series 18. Additionally, if the Bank determines that, after
4 c9 X: x+ J, {conversion, there would be outstanding on such Series 19 Conversion Date
. u3 l: T6 L2 c3 V! z0 o, Zless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
4 M8 @2 w/ u0 K' g# W. q2 GSeries 19 will be converted into Preferred Shares Series 18.% |6 @3 _4 V- x
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares, I0 Q; X9 W  c1 b
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
% x8 ?# u$ V& [; K# \" h; Lany meeting of the shareholders of the Bank unless and until the first time at4 z6 o( }, D) X6 V
which the Board of Directors has not declared the whole dividend on the2 v  C* q( [3 \2 h2 u6 V$ W5 {
Preferred Shares Series 19 in any quarter. In that event, subject as9 _' M1 e0 f: Z9 e) v& V2 s, X
hereinafter provided, the holders of Preferred Shares Series 19 will be$ o3 _/ f" L! t6 L& G
entitled to receive notice of, and to attend, meetings of shareholders at which6 u" D/ _$ G* ~  _  A
directors of the Bank are to be elected and will be entitled to one vote for
6 ]/ y5 C6 o) B; r% L) Jeach Preferred Share Series 19 held. The voting rights of the holders of the
' z( \/ b6 M; A3 R1 r( |Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
1 l  G; R: \" J' ?# t! Ythe first dividend on the Preferred Shares Series 19 to which the holders are
9 p8 z* \% J& U* ?7 b, Dentitled thereunder subsequent to the time such voting rights first arose until. B1 ^# o7 O' z# Y
such time as the Bank may again fail to declare the whole dividend on the
1 R! ~# g- f9 ~% APreferred Shares Series 19 in respect of any quarter, in which event such
; H+ F) L) ~+ |: Lvoting rights will become effective again and so on from time to time.5 ]/ s& S( g1 k5 K3 P* S
S-6
+ b: q8 J7 J3 G% ?8 `* `Priority: The preferred shares of each series of the Bank will rank on a parity with2 i2 G" v' |# A* L- L/ z. F) N
every other series and are entitled to preference over the common shares of
7 N9 l& Y4 @6 F# I1 nthe Bank and over any other shares of the Bank ranking junior to the
9 }! T6 o9 v0 fpreferred shares with respect to the payment of dividends and upon any
& \* A/ ^. ]/ s! \$ k8 s* rdistribution of assets in the event of the liquidation, dissolution or
3 P" I6 i4 S/ z9 awinding-up of the Bank.6 Q5 ]8 t8 b: |1 w
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
' x& A$ q; C% T: UDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares" g" g& i$ _9 q; Z9 e& g( \' W( l
Series 18 and Preferred Shares Series 19 will not be required to pay tax on; F# W! X6 U4 v
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。
5 F3 `% T& V. `* C1 M( I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

) l, L1 R3 U% g( |0 n. }6 o
$ L8 x7 J, q6 S$ [5 F. m下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。5 S( J( m5 o$ P1 v
% G2 |, m) I- f* T0 l' l% `
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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