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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。) O8 H/ F( B- _: ^3 {* r9 N! l
1 V9 _) b7 v' C# A' B

: S; Y1 F9 c' W/ v* c$ l# W[ 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:
: |. J; Z0 D* x- |SUMMARY OF THE OFFERING! ?2 J/ \% ?! }  J, j: D* u( u
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 y8 ~+ E9 \1 M3 X6 E8 D4 PIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.5 [( z  x; t, U
Amount: $150,000,000 (6,000,000 shares).# A7 m& p5 C5 y( W6 R
Price and Yield: $25.00 per share to yield initially 6.50% per annum.2 P1 z5 K" {) k4 J3 `7 O/ V" t
Principal Characteristics of the Preferred Shares Series 18
# ~+ I, c4 ?0 EDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed' j$ B) [5 e6 o. p% B6 x, [
non-cumulative preferential cash dividends, as and when declared by the6 C: E, i* w& r( ]/ t- U
Board of Directors, subject to the provisions of the Bank Act, for the initial( n8 [% i3 k. K
period commencing on the closing date and ending on and including
& M) I+ U% r; y) s/ g+ RFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
$ f3 e! N) O8 @/ O- z25th day of February, May, August and November in each year, at a rate6 x9 ~# A* ^% n6 E$ p
equal to $0.40625 per share. The initial dividend, if declared, will be payable4 E" k) [' m0 t; e% j
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
6 s- m. v3 U7 I/ j. b0 ]+ Y; [5 Idate of December 11, 2008.! r6 f# r9 b# p6 a
For each five-year period after the Initial Fixed Rate Period (each, a
$ e) c- t/ t0 l  @8 `0 [" L5 P‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
& J7 F8 Y9 n7 F% s: C6 |+ HSeries 18 will be entitled to receive fixed non-cumulative preferential cash" b" s1 T; s/ S" c& B
dividends, as and when declared by the Board of Directors, subject to the
4 [/ D2 m" D; {; }1 I, w6 d" tprovisions of the Bank Act, payable quarterly on the 25th day of February,6 k$ o9 g$ R2 I) R& A& {
May, August and November in each year, in the amount per share per annum. K: p$ X2 n/ G7 r; z3 _
determined by multiplying the Annual Fixed Dividend Rate applicable to
  I9 n% {6 Q/ v$ t1 t' ]such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
1 m0 H) ^. }7 H6 s* [+ b# iRate for the ensuing Subsequent Fixed Rate Period will be determined by the
# ]" T2 e& S) z- n; S* I1 }4 r' sBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day9 L" o' w- ^, I2 P
of such Subsequent Fixed Rate Period and will be equal to the sum of the: H+ o6 J9 |: P) ]- m
Government of Canada Yield on the applicable Fixed Rate Calculation Date0 q+ p2 v* j3 b) N$ s4 K; D9 A
plus 3.83%.
0 S* y- ?& G; ]/ DIf the Board of Directors does not declare a dividend, or any part thereof, on
$ Y3 V3 Y7 Q, S  bthe Preferred Shares Series 18 on or before the dividend payment date for a' t+ V; p1 j; ]( r! @' E( w1 ]
particular quarter, then the entitlement of the holders of the Preferred5 n6 t! n1 z6 X) u3 ?+ }
Shares Series 18 to receive such dividend, or to any part thereof, for such5 r" m4 |  ?; L/ K, K
quarter will be forever extinguished.2 D9 ]1 R6 O; n7 F% h, `- X
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
8 D' E# A6 w  p9 ^. O' l' DSuperintendent and to the provisions described below under ‘‘Details of the
0 t0 ^' k7 `5 LOffering — Certain Provisions of the Preferred Shares Series 18 as a
! a" e5 l# [' V- z# j* p3 TSeries — Restrictions on Dividends and Retirement of Shares’’, on
+ q' Q% i; ^7 r& jFebruary 25, 2014 and on February 25 every five years thereafter, on not) [7 g) c4 P: _
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any* @1 ]& z& \" e6 }
part of the then outstanding Preferred Shares Series 18, at the Bank’s option  T5 V! Q& x8 L- z- c, c
without the consent of the holder, by the payment of an amount in cash for
. E6 g% A8 u1 [3 keach such share so redeemed of $25.00 together with all declared and unpaid- v: E2 H1 G+ \' ?+ e" |" b
dividends to the date fixed for redemption.
( ~& _4 r: I5 H' @6 s) ]& bConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic! H& f/ G' h+ z& G9 u- N) f- F
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
( E* h. B$ \  X9 C2 Q) Hthe right, at their option, to convert, on February 25, 2014 and on5 p; B9 Z! z0 U4 T/ P
S-4$ j4 a, j6 O! f& X8 k
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any2 J* @$ K' Z/ i! j
or all of their Preferred Shares Series 18 into an equal number of Preferred0 z5 ?% i* I+ c6 S
Shares Series 19 upon giving to the Bank notice thereof not earlier than# r* V; T0 X0 i7 j
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
2 D) s) Q! @2 S+ e. S; X+ T( dpreceding, a Series 18 Conversion Date.$ q2 [8 a, m) L  G+ W4 Q
Automatic Conversion If the Bank determines, after having taken into account all shares tendered2 g' \& _$ H5 r+ L0 g8 q1 @
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
0 y8 e+ e" v( i: uSeries 19, as the case may be, that there would be outstanding on such  h1 |7 d) n! c& X- t; v6 B
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
9 W+ N% I6 M! D# q  @such remaining number of Preferred Shares Series 18 will automatically be
/ _& N/ _" X: lconverted on such Series 18 Conversion Date into an equal number of
: s8 l$ S% w1 TPreferred Shares Series 19. Additionally, if the Bank determines that, after
1 I9 V1 S* E# E. x2 ?' sconversion, there would be outstanding on such Series 18 Conversion Date! x- i+ ?2 Y# X. h6 ?
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
: g+ s) L/ [) `* @4 wSeries 18 will be converted into Preferred Shares Series 19.; W" |: F( p% G  t/ P, c) y
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares, E  d1 J6 ^; D
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
* g9 H/ e. V7 @2 J2 r8 d& Eany meeting of the shareholders of the Bank unless and until the first time at1 Y. a7 Y+ d4 Z
which the Board of Directors has not declared the whole dividend on the8 K# w2 Y5 J/ r) O9 e# D& v& q
Preferred Shares Series 18 in any quarter. In that event, subject as
: g8 p4 p) B. S7 jhereinafter provided, the holders of Preferred Shares Series 18 will be
- d; ]: E4 `" W9 x. e! z3 ^entitled to receive notice of, and to attend, meetings of shareholders at which1 F3 X5 o/ n5 X2 |3 D. ]# H; R+ c
directors of the Bank are to be elected and will be entitled to one vote for
0 s  \' q- C3 n* t/ ?each Preferred Share Series 18 held. The voting rights of the holders of the
6 E+ i; U" T  }  {! S4 |! x7 SPreferred Shares Series 18 will forthwith cease upon payment by the Bank of5 v# m2 K  }0 {
the first dividend on the Preferred Shares Series 18 to which the holders are
7 D, A! s( m3 F/ z0 D: r$ sentitled thereunder subsequent to the time such voting rights first arose until
  Z7 l  b9 V; Ysuch time as the Bank may again fail to declare the whole dividend on the$ ?+ _. Y3 G$ i7 T, h! c
Preferred Shares Series 18 in respect of any quarter, in which event such# @: K0 l- B: G8 Y
voting rights will become effective again and so on from time to time.2 Z3 m, t! I( q/ l
Principal Characteristics of the Preferred Shares Series 19
% ^8 H$ k' T1 ?Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
0 o  r: Y: x6 p- [$ D. Efloating rate non-cumulative preferential cash dividends, as and when
7 {- p3 i6 N. L9 Rdeclared by the Board of Directors, subject to the provisions of the Bank Act,
% }  q& v8 C7 |5 P5 `2 \payable quarterly on the 25th day of February, May, August and November
1 S4 f3 d/ Q. n' ^( fin each year, in the amount per share determined by multiplying the
- w( W& O% V% b2 fapplicable Quarterly Floating Dividend Rate by $25.00.
$ U$ d/ u% x8 ?) l1 yOn the 30th day prior to the commencement of the initial quarterly dividend9 e) v! G# L4 @6 a, r
period beginning on February 25, 2014, and on the 30th day prior to the first' s( J$ Y, x7 b1 V2 o
day of each subsequent quarterly dividend period (the initial quarterly: v0 G' p" ]6 [, y! }! d8 c3 N6 k" m
dividend period and each subsequent quarterly dividend period is referred to# u2 H  s8 R' [3 s
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
* N+ N7 D6 G; x' {+ lQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
% Z& f/ t9 i) c2 T) X+ mPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
; V" p2 P* E$ U+ \$ u# FT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
% i& R$ ^! Y* {  helapsed in the applicable Quarterly Floating Rate Period divided by 365), E$ \% r# F+ ?+ m
determined on the 30th day prior to the first day of the applicable Quarterly* z* t& ]1 c- A) {7 U6 y
Floating Rate Period.3 _7 H0 U5 g/ W" d
S-59 L: t9 W) D1 j
If the Board of Directors does not declare a dividend, or any part thereof, on
. i1 M7 {9 |4 F7 Nthe Preferred Shares Series 19 on or before the dividend payment date for a
2 w7 [/ F; A, L, P( p+ Yparticular quarter, then the entitlement of the holders of the Preferred3 `8 a& ~2 y, y6 x' U+ D
Shares Series 19 to receive such dividend, or to any part thereof, for such
  |4 I9 @) T6 C2 cquarter will be forever extinguished.# W. i1 p$ I( l" U3 B
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
) h/ v( m2 X- l8 C+ }( D/ N( oSuperintendent and to the provisions described below under the heading5 a' Z$ E; S8 J3 g' s
‘‘Details of the Offering — Certain Provisions of the Preferred Shares, ^! S2 x: E& S% u5 r
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
! l8 G! M8 c1 ?1 q& J6 Jon not more than 60 nor less than 30 days’ notice, the Bank may redeem all! ]- T: S& Y, l0 R/ b
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
/ y. [4 Z' h& }% {& loption without the consent of the holder, by the payment of an amount in. m+ A7 u* c/ B5 K5 T8 S
cash for each such share so redeemed of (i) $25.00 together with all declared- O7 l; t" [" t2 W8 S6 d- D
and unpaid dividends to the date fixed for redemption in the case of6 ]( r2 @8 u8 q0 @4 h8 y* i
redemptions on February 25, 2019 and on February 25 every five years2 x1 M0 H. z; F8 e; I$ M
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to. L+ j! H+ b9 u. u
the date fixed for redemption in the case of redemptions on any other date
  v: ]- S$ j, ~; Z, }2 ion or after February 25, 2014.# ]' y/ N- Z/ t% s3 ]/ M
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic+ F/ n% B7 z5 s- R6 `
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have3 a$ u, {8 `  ~8 c% d' P- V
the right, at their option, to convert, on February 25, 2019 and on7 }5 y2 b; F2 J  I2 S
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any4 s7 C; f3 K+ R/ d% _+ N/ D. {* j- s
or all of their Preferred Shares Series 19 into an equal number of Preferred
' s1 X: \% I& R; aShares Series 18 upon giving to the Bank written notice thereof not earlier+ e. B  g, _0 Y2 w
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the$ s5 _2 q3 r/ g1 z. L7 B
15th day preceding, a Series 19 Conversion Date.
$ K7 `. Q4 }5 \: w! {2 W" DAutomatic Conversion If the Bank determines, after having taken into account all shares tendered5 `9 {. |, s% \$ F: ?
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
$ h. Y- R6 L8 _Series 18, as the case may be, that there would be outstanding on such
: ]  m2 R) r# z6 nSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
$ L- S: P  F) v0 f0 Xsuch remaining number of Preferred Shares Series 19 will automatically be
8 ]- Y; u4 Z: G+ @* ^converted on such Series 19 Conversion Date into an equal number of
' N& y. e9 T4 KPreferred Shares Series 18. Additionally, if the Bank determines that, after
/ I( d. r6 q& A$ I  G/ G4 N7 I& sconversion, there would be outstanding on such Series 19 Conversion Date# ?1 V& X( W+ A0 i" i
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
& i+ e& q" }* \9 m2 i3 x, ?0 H; dSeries 19 will be converted into Preferred Shares Series 18.% f. S" r; \3 [$ s/ `
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares; h- k  J. ~* M% u0 Z+ R3 u
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
8 |- f- K. W# ?% Kany meeting of the shareholders of the Bank unless and until the first time at$ p/ D$ d0 S" m  C- t
which the Board of Directors has not declared the whole dividend on the  H  g, t/ H" K5 a. ~' {( L3 M
Preferred Shares Series 19 in any quarter. In that event, subject as/ V+ J; J4 T$ x' M/ w0 \: L
hereinafter provided, the holders of Preferred Shares Series 19 will be
2 p4 N6 W- b5 C/ Mentitled to receive notice of, and to attend, meetings of shareholders at which
- ]$ E/ ~' g: w1 x( qdirectors of the Bank are to be elected and will be entitled to one vote for" J# s/ k4 b" J: Y6 ]! K5 [
each Preferred Share Series 19 held. The voting rights of the holders of the) l* Y) o8 w2 ~: o( _
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of1 K' I: J- f! i% h1 X8 w$ l
the first dividend on the Preferred Shares Series 19 to which the holders are7 p3 r! i- z: e4 D" Z5 S2 h
entitled thereunder subsequent to the time such voting rights first arose until* X4 G# j# r. [: u& L
such time as the Bank may again fail to declare the whole dividend on the  @% a7 o# F* P/ Z
Preferred Shares Series 19 in respect of any quarter, in which event such9 D6 P: B8 h  `
voting rights will become effective again and so on from time to time.. o4 I) @& }  ^
S-6
* b$ L  ~. o, m& b9 I2 E7 \! qPriority: The preferred shares of each series of the Bank will rank on a parity with. D7 B0 ^( G+ p# H/ ]
every other series and are entitled to preference over the common shares of
& X9 Q" Z5 X+ d* Ithe Bank and over any other shares of the Bank ranking junior to the
, V) |; T2 ^& X& ~* G; b% ]preferred shares with respect to the payment of dividends and upon any
% C$ M+ h) u$ V7 u3 U, j5 ~distribution of assets in the event of the liquidation, dissolution or
8 `- {1 z/ B! E1 C( X% @4 r3 r" twinding-up of the Bank.
1 @: r- |) Z: JTax on Preferred Share The Bank will elect, in the manner and within the time provided under8 a, e1 w& [$ T0 k
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
4 F5 N  c3 E  a6 PSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
* t9 o( P/ G3 u1 Z2 I. Edividends 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。
; q; ?9 L& y7 }% K8 ~  f今天讲座如何?
大型搬家
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
7 d. c/ x4 P/ L5 M% n5 Q
. s8 B$ w8 C5 ?
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。; E+ }0 o! T" s: E/ d0 i1 s5 O+ s. P
0 H$ Q+ N* q4 P2 ^
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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