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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 n! |) m3 [) f2 v* R2 B. z- D" ^' v+ n* _9 s- p( ?* l
[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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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:. x1 o4 g- b0 n1 \3 K
SUMMARY OF THE OFFERING
0 i' b4 X# _5 Z* k6 V  }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’’.0 @. M- k/ p- `: e+ f
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
9 c. J0 k" N1 EAmount: $150,000,000 (6,000,000 shares).* _& i, ~  m* F, m; c
Price and Yield: $25.00 per share to yield initially 6.50% per annum.6 F& }% V% y. ?4 B
Principal Characteristics of the Preferred Shares Series 18
2 z- Q* U. e/ U+ a- G; }Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
. h7 H$ T" _+ [: Y- E7 w; x0 b8 a) k, gnon-cumulative preferential cash dividends, as and when declared by the
; j, W6 M: X2 A. B$ xBoard of Directors, subject to the provisions of the Bank Act, for the initial
* R7 t* C! D7 \5 |period commencing on the closing date and ending on and including
& y" R" o: G# U) [February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
* X4 v0 }, F+ v' _/ H4 l25th day of February, May, August and November in each year, at a rate8 z% r3 a& h  ?2 `4 k" f
equal to $0.40625 per share. The initial dividend, if declared, will be payable
3 |! |, I3 T9 o; A3 s) sMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing/ I# t# m1 K1 _
date of December 11, 2008.% H" R: M( Z1 h) m5 p5 Q3 w' E
For each five-year period after the Initial Fixed Rate Period (each, a2 W. o0 L" N  u6 p+ ~9 m& i$ r
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
( M$ J3 A! y, sSeries 18 will be entitled to receive fixed non-cumulative preferential cash
' K; a3 o: K8 O/ @dividends, as and when declared by the Board of Directors, subject to the
2 J( {# u3 J/ z8 P7 B) ~provisions of the Bank Act, payable quarterly on the 25th day of February,0 J/ U9 L' }% N9 g: m/ z4 F
May, August and November in each year, in the amount per share per annum! q; \6 I1 U( ~3 }- w
determined by multiplying the Annual Fixed Dividend Rate applicable to
6 ]6 c, q( H! e5 n5 xsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend* e3 Z7 F/ s9 t0 L7 B! T
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
' a& F, g# X! x% x3 C* K! R/ yBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
: B8 ?9 L( R/ L$ _of such Subsequent Fixed Rate Period and will be equal to the sum of the
8 h2 G& n9 x  _3 a  ^; |Government of Canada Yield on the applicable Fixed Rate Calculation Date2 B3 Q6 w+ Y: u; X
plus 3.83%., f- A" C- p% F: p* j- m
If the Board of Directors does not declare a dividend, or any part thereof, on* l4 H$ j$ p; R8 e" T; s, ?; l
the Preferred Shares Series 18 on or before the dividend payment date for a
. ~8 x3 ]+ z2 A9 s) R$ p9 mparticular quarter, then the entitlement of the holders of the Preferred% |+ [$ w- ^, B4 |1 e" `
Shares Series 18 to receive such dividend, or to any part thereof, for such
* a" J9 k1 k7 t+ e' K! A% G& {quarter will be forever extinguished.
& S! V# H0 d6 E5 x( L( |  o4 yRedemption: Subject to the provisions of the Bank Act and to the prior consent of the: |2 g; N" ~% D' e
Superintendent and to the provisions described below under ‘‘Details of the
: b8 W: ^8 j" `6 j+ @0 Q. ^Offering — Certain Provisions of the Preferred Shares Series 18 as a6 I. S! ^6 f" Z* |. y3 E; C) g8 {
Series — Restrictions on Dividends and Retirement of Shares’’, on
. ]7 B/ A" D; {- F; f9 w; ]February 25, 2014 and on February 25 every five years thereafter, on not* [! J, j6 I2 f0 K
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any$ q1 F: L, V7 A% E
part of the then outstanding Preferred Shares Series 18, at the Bank’s option0 S5 o4 b" ^) W$ u' B& I/ g
without the consent of the holder, by the payment of an amount in cash for
) u6 A; x" q/ x' m: }' Q. Reach such share so redeemed of $25.00 together with all declared and unpaid2 p9 n* X0 S$ Q4 C1 b8 W/ ~. V) J
dividends to the date fixed for redemption.: b& z: Q" O2 W# m6 J  \! O6 w  d' P
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
: z. L( X, h9 g( O3 |- XShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
8 l2 D' P" R. \2 `; Lthe right, at their option, to convert, on February 25, 2014 and on$ U9 B0 Z7 s6 G5 u
S-4! v7 h5 O2 r' s/ @9 y
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any8 d; _8 N0 W! ~: T# P& I4 i/ X+ f3 A( V
or all of their Preferred Shares Series 18 into an equal number of Preferred; p4 ^% Y9 f  I6 \/ l0 S( F' D, B- }
Shares Series 19 upon giving to the Bank notice thereof not earlier than9 s" W, ?3 U, |9 \
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
5 ]$ p  ^2 }4 I$ P' Xpreceding, a Series 18 Conversion Date./ v+ ?* O5 E' Y! [( f% m
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
. O' B. D9 M3 |, `Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
  y* ?4 q5 q7 D' H6 KSeries 19, as the case may be, that there would be outstanding on such
( `2 F! g) o7 o! k& K) n$ ]Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
2 r# J/ h; r3 a$ nsuch remaining number of Preferred Shares Series 18 will automatically be
: l2 ?( v( W- f% y( K4 S2 Z  sconverted on such Series 18 Conversion Date into an equal number of8 T* n& j( {* s; K' y
Preferred Shares Series 19. Additionally, if the Bank determines that, after# P0 S  M1 M  w1 g# K
conversion, there would be outstanding on such Series 18 Conversion Date
5 f+ g" c& j& n: ?3 d% w* z9 S- hless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares. Z: ^' u% q* k) U
Series 18 will be converted into Preferred Shares Series 19.
! e0 @: O; f+ O2 d# P8 NVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
2 ~7 I' }6 t; SSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
# Y! ^' U  }1 I6 |+ V( M. F$ Xany meeting of the shareholders of the Bank unless and until the first time at) o+ q* [: C, a* d7 a* L
which the Board of Directors has not declared the whole dividend on the, n4 q- ~1 @) G% ?3 o
Preferred Shares Series 18 in any quarter. In that event, subject as
& E. E) E8 j# T+ `) ?) [hereinafter provided, the holders of Preferred Shares Series 18 will be
3 R5 |4 _* B. Z7 W" bentitled to receive notice of, and to attend, meetings of shareholders at which
1 H- o, {& f$ k# g3 d6 q+ F, kdirectors of the Bank are to be elected and will be entitled to one vote for
* C( k6 b) P( ?: \. Qeach Preferred Share Series 18 held. The voting rights of the holders of the
7 V- {4 ]! k, o. i7 S2 ~$ Z/ iPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
$ V; u* W  w: D3 D4 ?8 L6 C5 ~the first dividend on the Preferred Shares Series 18 to which the holders are
: K; Q9 L$ q) Z4 ]entitled thereunder subsequent to the time such voting rights first arose until
+ o# K, ?: p# K2 g: F& a; m6 Q. ?such time as the Bank may again fail to declare the whole dividend on the
; s; M& r* a# Z2 O; E$ oPreferred Shares Series 18 in respect of any quarter, in which event such' K, N+ }! g7 d: M
voting rights will become effective again and so on from time to time.5 O  H) s: [3 ^1 K: R9 e0 Y' z
Principal Characteristics of the Preferred Shares Series 194 X/ A8 u9 n3 W- o0 \0 E
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive' l8 V8 V$ w; x' d% g+ o6 h5 k+ C
floating rate non-cumulative preferential cash dividends, as and when/ |. ?+ M. i! L1 h2 A
declared by the Board of Directors, subject to the provisions of the Bank Act,& r. [" I2 ~: S& f/ n, O6 o
payable quarterly on the 25th day of February, May, August and November
+ V- y9 r' ]: [) K) J* Y1 ~0 {in each year, in the amount per share determined by multiplying the& w( C1 j: s: {! }" I$ j
applicable Quarterly Floating Dividend Rate by $25.00.& H7 M( p5 n" }1 m- w2 i& ~: o3 l
On the 30th day prior to the commencement of the initial quarterly dividend
2 S9 z* `* J& E, Qperiod beginning on February 25, 2014, and on the 30th day prior to the first
/ v. Z) l5 n& R! @2 a6 iday of each subsequent quarterly dividend period (the initial quarterly$ u* J; P: G; Z3 r& }" d) T4 T& g( Q
dividend period and each subsequent quarterly dividend period is referred to
, p& E* |1 g' E) T2 yas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
  V/ z. ^; {) f" Y" aQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate$ Z- ^1 p% i/ C  ~9 [! o* ^+ D
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the! T; R0 @+ l: T
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
$ D2 Z) ?# h- ]: _; U$ g% S6 z( W6 T5 ielapsed in the applicable Quarterly Floating Rate Period divided by 365)' I  v- L/ d, C! J
determined on the 30th day prior to the first day of the applicable Quarterly8 k/ D  \7 `  d1 w
Floating Rate Period.$ W7 w0 {4 P& I$ y7 @1 U
S-5; G/ q# @  B( R3 a+ p2 n. Z
If the Board of Directors does not declare a dividend, or any part thereof, on
8 T/ s' F, m2 H$ L1 M' Kthe Preferred Shares Series 19 on or before the dividend payment date for a
" @* q& z! c0 A+ h$ Kparticular quarter, then the entitlement of the holders of the Preferred0 r2 B! ~6 Z0 L
Shares Series 19 to receive such dividend, or to any part thereof, for such8 L8 x+ v( }) c6 H
quarter will be forever extinguished.# _* T( ?# e8 L! _- s  u
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the, A* Y7 P& {/ {/ B/ J7 N
Superintendent and to the provisions described below under the heading0 g/ @, @6 s: W& G+ u
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
/ h- k# s, I( S, xSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
) ?$ \4 q/ `4 A, K1 S& _) qon not more than 60 nor less than 30 days’ notice, the Bank may redeem all0 x0 M9 i& f6 ?/ q5 a: W
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
1 l8 w; F" }8 Q6 G) R2 voption without the consent of the holder, by the payment of an amount in
& C& {" C" `; {( h8 p* R/ T# `cash for each such share so redeemed of (i) $25.00 together with all declared8 s) b4 P- |, \$ b
and unpaid dividends to the date fixed for redemption in the case of
3 [* R  O7 J/ h6 A3 @redemptions on February 25, 2019 and on February 25 every five years# h3 T( t+ T6 H  ]4 N* n
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to( Q1 v0 S3 M( z' V. k5 a5 P
the date fixed for redemption in the case of redemptions on any other date0 A' O8 \, k. d2 M
on or after February 25, 2014.
8 n0 y4 b- O) o5 lConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic' Z- `: c/ `9 X6 a7 Y2 _
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have* K1 D. J: Q+ v7 X7 d3 p1 x4 H' a
the right, at their option, to convert, on February 25, 2019 and on5 s' \" |. z  v6 R7 b" W% J$ S5 q& k
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
/ t- P, c2 g6 X4 e% ~or all of their Preferred Shares Series 19 into an equal number of Preferred" C6 x0 c. v6 D2 K9 F
Shares Series 18 upon giving to the Bank written notice thereof not earlier, }$ g( P7 V8 O2 i7 G( w( j
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the7 [* E; B$ ]0 B' L0 v
15th day preceding, a Series 19 Conversion Date.
* ~4 n0 o& W$ m( N0 }2 b; J7 P8 ?Automatic Conversion If the Bank determines, after having taken into account all shares tendered
1 a! ?. i' ^5 ?5 mProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares# l% v! i0 `) }0 i9 J5 l6 S
Series 18, as the case may be, that there would be outstanding on such
3 S' a# k; p/ X1 \( J0 v0 n$ M5 `Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
6 ^! |* e5 ^1 p5 k$ B0 U. c& xsuch remaining number of Preferred Shares Series 19 will automatically be" s  ~4 n, x& E  h  u/ Z
converted on such Series 19 Conversion Date into an equal number of0 y, J) V$ S/ A
Preferred Shares Series 18. Additionally, if the Bank determines that, after
! ?# M  ^! V2 n9 P2 r# p/ Aconversion, there would be outstanding on such Series 19 Conversion Date$ h9 w" b; V$ g7 q2 d1 L
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
# O0 i6 h' [/ p  v, n/ _! g. O9 JSeries 19 will be converted into Preferred Shares Series 18.. Q4 ?+ I* L6 U0 Y5 z9 x; P
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
8 w+ ^# _5 E* h6 h" y& gSeries 19 will not be entitled as such to receive notice of, attend, or vote at,  q/ H  y7 T- h$ I- x; g
any meeting of the shareholders of the Bank unless and until the first time at
. ]; f( Q( ]: Z1 L0 @; }which the Board of Directors has not declared the whole dividend on the
4 I6 G( O1 U; E* V! k; CPreferred Shares Series 19 in any quarter. In that event, subject as9 T* ?* {3 d: Q+ R
hereinafter provided, the holders of Preferred Shares Series 19 will be% M4 n6 j2 B; `& h. H
entitled to receive notice of, and to attend, meetings of shareholders at which& I4 c; T9 m) G  q( r1 `) {7 w
directors of the Bank are to be elected and will be entitled to one vote for3 E; a+ L+ M* q) ]) E( @
each Preferred Share Series 19 held. The voting rights of the holders of the
" V2 R# p' Y: F6 aPreferred Shares Series 19 will forthwith cease upon payment by the Bank of7 J2 Y' f0 J4 b" k! n
the first dividend on the Preferred Shares Series 19 to which the holders are# k* Y! z2 Z* L& R# V7 y
entitled thereunder subsequent to the time such voting rights first arose until
2 Y2 g4 V: h6 H) H5 C9 p- O) }such time as the Bank may again fail to declare the whole dividend on the
0 _4 _, z; |( V8 ?1 n/ N7 e) zPreferred Shares Series 19 in respect of any quarter, in which event such+ M5 U5 l# ^# U
voting rights will become effective again and so on from time to time.
: z. a/ H1 }/ P6 CS-6
5 s7 P: w" J8 y" \( jPriority: The preferred shares of each series of the Bank will rank on a parity with. x5 K& h1 N- ?2 R
every other series and are entitled to preference over the common shares of
: c0 u: _# `9 q9 f4 z& ~1 kthe Bank and over any other shares of the Bank ranking junior to the+ {( U6 B# J$ \) f$ F" w( ?* n
preferred shares with respect to the payment of dividends and upon any! Z9 C! l* P' C& Q+ D
distribution of assets in the event of the liquidation, dissolution or1 M9 c: p/ o) e' B; T' \5 H
winding-up of the Bank.
7 j7 s  k9 i" y% pTax on Preferred Share The Bank will elect, in the manner and within the time provided under/ V+ `3 p; |% |
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
" `  w7 C$ u; T' R, qSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
1 S) r" K9 v& g/ Gdividends 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。4 r+ Z$ m1 ^& u  Z7 P' P9 F
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
( m! [$ }  i2 P1 o' o" u

* x3 d$ L5 O2 k  @下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。1 r- `1 y0 x  }* N! k. ]) b2 g
$ l7 Z1 Z( ^3 `4 _" y2 A$ T1 Z/ L- H
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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