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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。: b9 n  f$ B% }% u' v7 ]4 I

: ^! h6 a% \$ P- j3 t
4 f) ?1 ]. _4 P  H) I: ~  q[ 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:
& L' s1 q% N$ l( ]1 FSUMMARY OF THE OFFERING# Q( T, u1 Y' d3 _  I  t: R
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’’.
$ r9 Z0 R: q* T2 _8 cIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
2 L" ^" l% E: w$ UAmount: $150,000,000 (6,000,000 shares).) k! R( `( m# l% p  O
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
0 o$ g' q  x# w0 z/ U6 {Principal Characteristics of the Preferred Shares Series 18
' ]9 H& B7 A9 \% s$ PDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
, C- c- Y6 _6 {4 D- Enon-cumulative preferential cash dividends, as and when declared by the
+ e- @, R' \2 m9 t% ~Board of Directors, subject to the provisions of the Bank Act, for the initial2 h1 D5 I/ _6 ~: _4 Z! x
period commencing on the closing date and ending on and including
$ ^" }9 f- U+ H/ p& a! ^+ G* ^February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
. |( ^5 l( i3 A9 }25th day of February, May, August and November in each year, at a rate5 y  b& _+ u4 r' |4 B8 n9 Z
equal to $0.40625 per share. The initial dividend, if declared, will be payable6 q6 g. X  b6 \' L9 x: |
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
6 Q$ j6 p5 \" o: d' cdate of December 11, 2008.
6 S0 X4 L* x  ?# t2 L* _For each five-year period after the Initial Fixed Rate Period (each, a
" X1 P" `: E5 j) s% P- d‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
5 I, E( r9 s- {- Z3 T: N  qSeries 18 will be entitled to receive fixed non-cumulative preferential cash/ x4 c7 G+ v  E
dividends, as and when declared by the Board of Directors, subject to the* r) H" [' s' F6 ]/ k5 A
provisions of the Bank Act, payable quarterly on the 25th day of February,
  C% I* l; x  J0 z( t4 v1 i1 MMay, August and November in each year, in the amount per share per annum. L- ~1 I/ y# \+ m" A
determined by multiplying the Annual Fixed Dividend Rate applicable to' T3 k+ J; o$ V6 }8 b
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
7 b  B. T  F5 Q7 ^$ URate for the ensuing Subsequent Fixed Rate Period will be determined by the0 m. t+ f! P4 z& X0 w
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day0 N2 `  l  E( W0 h
of such Subsequent Fixed Rate Period and will be equal to the sum of the
; A% o; r6 C  C6 T# ~/ {Government of Canada Yield on the applicable Fixed Rate Calculation Date) S$ P8 f% C1 [0 m5 z
plus 3.83%.# c* Q. D  C) F1 b* p5 Z
If the Board of Directors does not declare a dividend, or any part thereof, on
# n6 G+ v- d/ w& b, s. `. o3 ethe Preferred Shares Series 18 on or before the dividend payment date for a2 w6 Q, j  k/ b) e# j+ k
particular quarter, then the entitlement of the holders of the Preferred
3 c* Q* p) Q! gShares Series 18 to receive such dividend, or to any part thereof, for such. \7 t5 |9 [* }5 N* |9 ~2 S3 |! f% ~
quarter will be forever extinguished.; Z4 b1 s. w  o: P
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
0 D' ^8 r( Z+ `* O3 u+ E/ C) VSuperintendent and to the provisions described below under ‘‘Details of the  ?" |: o2 i& G; I1 d) _, Z* k$ G
Offering — Certain Provisions of the Preferred Shares Series 18 as a
+ v2 e  p) Z& B1 R: QSeries — Restrictions on Dividends and Retirement of Shares’’, on6 I) A7 [& ~' |& R$ Q
February 25, 2014 and on February 25 every five years thereafter, on not
, ?; f  c8 R' k+ Umore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
+ v* n2 X: U( d# o/ X5 W& q, rpart of the then outstanding Preferred Shares Series 18, at the Bank’s option/ v6 Y/ i8 U2 N
without the consent of the holder, by the payment of an amount in cash for+ c* O0 P$ q. W6 ~6 Q7 S
each such share so redeemed of $25.00 together with all declared and unpaid
5 p* J+ L. N, W; B8 Vdividends to the date fixed for redemption.  K' U$ `4 M5 K# w
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
/ _- @( _. Y$ i& {! w/ `# xShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
: D; M3 J! x0 Tthe right, at their option, to convert, on February 25, 2014 and on0 [7 d1 z( c: _3 |* _' `# o
S-4& Z8 x- X/ [- D$ P7 ?8 j
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any) H3 l8 i( S3 f
or all of their Preferred Shares Series 18 into an equal number of Preferred
0 B" D! Z% D' E  ^Shares Series 19 upon giving to the Bank notice thereof not earlier than
+ @/ U1 A; k+ r" C9 k30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
' v2 t/ E2 b+ o6 u" ^5 v" Rpreceding, a Series 18 Conversion Date./ U; z2 g+ x0 [& |2 K
Automatic Conversion If the Bank determines, after having taken into account all shares tendered$ B: W( y( A% {; u" }' y. W
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
7 y( U) V8 c% ?6 ~1 ZSeries 19, as the case may be, that there would be outstanding on such
, T, j1 E; L1 X8 XSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
9 @  {- Q' [( k/ y0 r/ C( `. Osuch remaining number of Preferred Shares Series 18 will automatically be4 l: |& I1 [/ ^- E! c
converted on such Series 18 Conversion Date into an equal number of! J. k. x2 X6 `$ Y
Preferred Shares Series 19. Additionally, if the Bank determines that, after7 P5 T% F% p9 u+ G, g- {' k
conversion, there would be outstanding on such Series 18 Conversion Date0 @6 N) f+ J) s* r9 d4 |3 v
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares$ B; U( w) P  a3 w4 A! \* h
Series 18 will be converted into Preferred Shares Series 19.- U4 J/ o/ Q5 q/ L
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares! l/ R# T  r0 s9 }" R% I
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
% P% G9 u2 i  I, G7 xany meeting of the shareholders of the Bank unless and until the first time at( t) g( o- u* t, l
which the Board of Directors has not declared the whole dividend on the6 ?. x6 W+ G. ?" d" i6 w
Preferred Shares Series 18 in any quarter. In that event, subject as! L( ~, V5 j2 F1 M
hereinafter provided, the holders of Preferred Shares Series 18 will be: K0 R9 m) v2 ^2 Z1 Y0 m
entitled to receive notice of, and to attend, meetings of shareholders at which
( H1 ^( R+ ?6 `/ |  z! O" Edirectors of the Bank are to be elected and will be entitled to one vote for' H! l7 A. p- w6 z( h/ ~
each Preferred Share Series 18 held. The voting rights of the holders of the
9 F, \- |* K# y/ }; _6 o3 uPreferred Shares Series 18 will forthwith cease upon payment by the Bank of: P3 h1 L" K# }+ K" i2 p
the first dividend on the Preferred Shares Series 18 to which the holders are
8 b* ~; O2 y4 H7 H9 x0 c, u/ `0 ~+ Xentitled thereunder subsequent to the time such voting rights first arose until
% A# u& [$ E' [# Y# [such time as the Bank may again fail to declare the whole dividend on the
! l/ r, V8 {# B" SPreferred Shares Series 18 in respect of any quarter, in which event such; l# Q; f  }8 Q. R0 M" P# [2 }) a
voting rights will become effective again and so on from time to time.
9 q* k7 s' g" ]" y6 f- vPrincipal Characteristics of the Preferred Shares Series 19
+ i; {3 ^; _# j. t/ dDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
4 |1 t* J% T: t4 s: vfloating rate non-cumulative preferential cash dividends, as and when
3 t) [& }7 l2 ?; o: W" Rdeclared by the Board of Directors, subject to the provisions of the Bank Act,  R3 o- N% _  g$ o
payable quarterly on the 25th day of February, May, August and November
: X, a5 Y+ ], _6 z5 B5 b: Z% vin each year, in the amount per share determined by multiplying the5 h4 F5 k7 K0 P0 u( M
applicable Quarterly Floating Dividend Rate by $25.00.: L1 a- D( D) e4 n# b
On the 30th day prior to the commencement of the initial quarterly dividend
6 X0 a, b6 m4 N, R1 P  S3 D! s5 kperiod beginning on February 25, 2014, and on the 30th day prior to the first
2 ^$ Y! [6 I4 r/ J! J3 d7 Pday of each subsequent quarterly dividend period (the initial quarterly
$ t1 \0 L! s! g/ d: [dividend period and each subsequent quarterly dividend period is referred to/ P# _- M+ K, k$ z4 z; @
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the" J: U: D; p" W/ }
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
  K/ Q- h8 j, ?0 C4 JPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the* `. L3 c5 r& S8 T# `
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
! I5 b5 _. Q( R5 `' U+ C6 X1 L4 h1 ]elapsed in the applicable Quarterly Floating Rate Period divided by 365)+ G& \. g+ b: S- j) j- r
determined on the 30th day prior to the first day of the applicable Quarterly3 `/ |$ A6 q5 R0 x' c1 q
Floating Rate Period.
4 v- L4 @+ @; ?$ lS-5
/ T# r9 ?5 {  s( m6 p2 C4 Q+ MIf the Board of Directors does not declare a dividend, or any part thereof, on8 e+ e0 D" y9 {! W
the Preferred Shares Series 19 on or before the dividend payment date for a! S7 `/ C# _) m7 E% ]
particular quarter, then the entitlement of the holders of the Preferred8 k( E8 Z2 }& v5 Y
Shares Series 19 to receive such dividend, or to any part thereof, for such
4 ?- L, m1 q0 g: Iquarter will be forever extinguished.; w4 w( ?7 |: k) z6 g
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
5 a% D4 ~" x8 m% y% i( {1 d4 QSuperintendent and to the provisions described below under the heading
" N. {7 U& @5 h0 d9 }! V‘‘Details of the Offering — Certain Provisions of the Preferred Shares. l% g  x8 W' Z4 Y8 ~8 _. ~6 Z
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
% z7 l: {' M9 A9 Eon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
0 q0 `1 w# Z6 R5 r) _or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
; p- C% M* [& @, B1 ]/ Koption without the consent of the holder, by the payment of an amount in9 _  p* ?1 l3 i4 S
cash for each such share so redeemed of (i) $25.00 together with all declared
) U( K" U8 i; v- g, Fand unpaid dividends to the date fixed for redemption in the case of" |/ }1 F6 f0 O% [( {
redemptions on February 25, 2019 and on February 25 every five years2 Q+ f& t3 ]& F6 g
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
5 d# S6 C) r" O: Vthe date fixed for redemption in the case of redemptions on any other date8 o. X1 b4 `! A3 h- z1 g
on or after February 25, 2014.9 h6 Z8 S$ w4 ~6 O: `( r
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
5 K: g5 E6 o3 z2 DShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have* l* X3 _) n3 s; T8 }8 T& h
the right, at their option, to convert, on February 25, 2019 and on
& x# L+ `* ?# z+ Z, JFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
* l6 v3 _: n1 [  h  Tor all of their Preferred Shares Series 19 into an equal number of Preferred
  O- I* s5 G, y3 z  FShares Series 18 upon giving to the Bank written notice thereof not earlier
( v! N, _. K$ z+ U6 L; j$ g! _than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the8 q+ r  V( Y# M2 \; p# [! c
15th day preceding, a Series 19 Conversion Date.6 |6 N% Q! J9 {$ m& }
Automatic Conversion If the Bank determines, after having taken into account all shares tendered- ]" F0 e7 P3 {
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
( G! ?' z' Q/ S/ I! KSeries 18, as the case may be, that there would be outstanding on such
* h- p+ z) _) y# P% z" r0 {Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,- G1 X! j" w: w7 U0 o% u$ Q9 L
such remaining number of Preferred Shares Series 19 will automatically be
" Y; O4 |  i, ]converted on such Series 19 Conversion Date into an equal number of' O8 \% g$ Z1 t$ @7 E2 d6 d, x' k
Preferred Shares Series 18. Additionally, if the Bank determines that, after* Z3 k8 z: c0 H' P6 O- N* d
conversion, there would be outstanding on such Series 19 Conversion Date5 C7 R6 \4 k. _, I- G1 {* X
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares/ e* L4 {* @' U* b0 M1 n+ V
Series 19 will be converted into Preferred Shares Series 18.
7 B5 ?! [) ?1 mVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
7 J* T; h( k1 [8 K) }Series 19 will not be entitled as such to receive notice of, attend, or vote at,
# n$ _- l0 e0 Jany meeting of the shareholders of the Bank unless and until the first time at
( Z4 o" h- R( Nwhich the Board of Directors has not declared the whole dividend on the
# l  c; Z0 F" G, h9 ^Preferred Shares Series 19 in any quarter. In that event, subject as
* T. S; w* u& ]9 {hereinafter provided, the holders of Preferred Shares Series 19 will be
/ Z0 M7 [# c1 p" M- S  X6 z; ^4 xentitled to receive notice of, and to attend, meetings of shareholders at which' u2 O% z% B; t. q$ f4 F3 V! [
directors of the Bank are to be elected and will be entitled to one vote for
' r5 E2 h' H9 ]' O* F3 N5 y+ ieach Preferred Share Series 19 held. The voting rights of the holders of the$ {$ g8 P! o& P3 ~0 g! j/ U' Q
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
' p9 E  z2 @2 l' Tthe first dividend on the Preferred Shares Series 19 to which the holders are
0 K+ p( R" Q1 \( J$ y; z* P" G9 {1 Tentitled thereunder subsequent to the time such voting rights first arose until) J3 [2 [% i1 W; q) g$ \
such time as the Bank may again fail to declare the whole dividend on the3 L4 v' h: {' F
Preferred Shares Series 19 in respect of any quarter, in which event such
/ z: @6 Q  \5 P9 z4 y% Lvoting rights will become effective again and so on from time to time." h# x7 D# e3 M7 |
S-6" x. _+ I5 q* r: M$ i% j4 Q
Priority: The preferred shares of each series of the Bank will rank on a parity with
" H+ c% L+ v5 c6 s6 l0 \' ?every other series and are entitled to preference over the common shares of" f" E* m8 E  s: p6 k
the Bank and over any other shares of the Bank ranking junior to the6 O  {' A  a/ i* `; w
preferred shares with respect to the payment of dividends and upon any; `6 d7 w6 I$ Y6 W) q
distribution of assets in the event of the liquidation, dissolution or
* _' Y+ u6 |, k9 g9 }; d- ywinding-up of the Bank.
6 c- ^( y( Q5 ^! ~! m* e5 R' tTax on Preferred Share The Bank will elect, in the manner and within the time provided under
2 @. x. J' A: G+ p8 hDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares% Z: w3 `( h- l2 _6 G" Q
Series 18 and Preferred Shares Series 19 will not be required to pay tax on# B6 I& {# k+ O
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 t! P' ~: i4 R
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。
大型搬家
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 18:26 | 显示全部楼层
9 P5 l% T/ n+ S" a* k
+ i* Y; ]% M! C+ M
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。5 m6 v# G0 G5 K+ d1 o; z# ^# [7 V
( X/ V) x' X0 |. K6 G+ B' y3 P
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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