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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。* {9 ]* }* }% \+ T+ v' S: |: t
" d% d; X  ^& R2 r

) j( f. H# |8 N4 x# x, d( l[ 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:
- H* g) D1 _- J; V2 y( R) J1 E" uSUMMARY OF THE OFFERING
! c* O) l4 u' j* z% X* }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’’.
# L: j, n- I% n1 jIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
/ ]$ |4 `- B5 M4 F) `Amount: $150,000,000 (6,000,000 shares).  ?. ^, F1 V: j6 V+ P! t  |
Price and Yield: $25.00 per share to yield initially 6.50% per annum.4 N8 X3 e$ s) {0 ^5 D
Principal Characteristics of the Preferred Shares Series 18  x* r, c/ d" G3 }) f7 x( W# N
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed6 H. x2 z9 T: d" Z8 \1 F: u
non-cumulative preferential cash dividends, as and when declared by the
0 t3 D8 x1 ~) q* }8 b+ UBoard of Directors, subject to the provisions of the Bank Act, for the initial, ?  S1 l- b! S) [' z
period commencing on the closing date and ending on and including/ }) [! n1 b: z! s9 L: w4 u- g
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the! g2 o5 J7 c( p: N* _+ y/ K
25th day of February, May, August and November in each year, at a rate& x8 f5 I/ G$ d+ Z/ }$ b  N
equal to $0.40625 per share. The initial dividend, if declared, will be payable
* f3 w, R9 c  J; Y; w( P7 a2 HMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing% Y+ e9 k/ S; C% p5 V
date of December 11, 2008.7 v; N5 O% J" }0 n3 H$ c2 v
For each five-year period after the Initial Fixed Rate Period (each, a
7 z* R& d" }7 V) q9 w‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
0 l4 z! F/ J" \& _( d. ~Series 18 will be entitled to receive fixed non-cumulative preferential cash
" w* {" D  `% Y: l; Ddividends, as and when declared by the Board of Directors, subject to the
) o& {: `( p+ L3 Aprovisions of the Bank Act, payable quarterly on the 25th day of February,8 X+ I% G9 [9 v. s
May, August and November in each year, in the amount per share per annum; X9 m3 G2 s, c8 G
determined by multiplying the Annual Fixed Dividend Rate applicable to. V; k) A6 z/ @
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend/ r. L& P3 d0 ?( [8 r. |- u
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the; g5 U5 C1 R+ o# ]' x
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day8 o* Z5 {7 j* z- y, ]: ?
of such Subsequent Fixed Rate Period and will be equal to the sum of the1 O. X% K2 h& p; Z4 X/ e' x' U
Government of Canada Yield on the applicable Fixed Rate Calculation Date
2 m  ^- R& O1 G2 pplus 3.83%.
4 S% ]# Q% ?0 }2 \3 a$ i8 ]If the Board of Directors does not declare a dividend, or any part thereof, on% H# I6 A: {' f/ h/ N" s  v: L
the Preferred Shares Series 18 on or before the dividend payment date for a, x  L2 w. i3 g+ z3 S
particular quarter, then the entitlement of the holders of the Preferred
1 z/ W$ J( L7 WShares Series 18 to receive such dividend, or to any part thereof, for such$ x+ j" d" w9 h) ~; L; l
quarter will be forever extinguished.
  ?' d# v8 d! e& N  U; kRedemption: Subject to the provisions of the Bank Act and to the prior consent of the4 t( K3 e- c  i1 R& F) U
Superintendent and to the provisions described below under ‘‘Details of the1 O' @# O9 ?6 A, q+ z/ }  Z4 S
Offering — Certain Provisions of the Preferred Shares Series 18 as a
4 B! D* a1 }" F) BSeries — Restrictions on Dividends and Retirement of Shares’’, on
$ ]) ?/ I, I7 R) k# BFebruary 25, 2014 and on February 25 every five years thereafter, on not
5 e- l4 s" e+ i$ ~# r( x$ Qmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any! H5 ~' d2 b+ \) I6 O8 `( q% A
part of the then outstanding Preferred Shares Series 18, at the Bank’s option5 P$ k9 `! x) N9 B
without the consent of the holder, by the payment of an amount in cash for, m: G- X8 X' @
each such share so redeemed of $25.00 together with all declared and unpaid, X$ T6 R/ P+ j0 s' c% n, P$ m) a
dividends to the date fixed for redemption.
! g9 E' ?5 F% F, p; d/ h/ ~: d9 ?; pConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic( K* K4 y, d9 k5 M3 \
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
* P1 ^/ z7 K- j8 Xthe right, at their option, to convert, on February 25, 2014 and on1 n' n" }) [: X8 ]8 W! f% m5 [
S-45 P9 |  T& P& |3 L; H) y
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any! \* a9 f% u0 t, J4 V9 }# J/ c
or all of their Preferred Shares Series 18 into an equal number of Preferred
* `6 v9 C; k1 X4 }3 J: @5 Y6 B5 h) P6 AShares Series 19 upon giving to the Bank notice thereof not earlier than: Y0 ]  a' k  s. ?7 _! k) u( u
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day7 z- S* G3 |5 t3 D4 d; B' j
preceding, a Series 18 Conversion Date.
, m4 K% X0 D! q5 bAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
/ q* Y4 F$ E9 }1 H. q# aProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares$ [" ^& h5 {1 x% e% J& j
Series 19, as the case may be, that there would be outstanding on such
+ d9 E9 V! `+ W( e1 USeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,' @+ p3 @  H" \: |
such remaining number of Preferred Shares Series 18 will automatically be
1 n0 \2 F  ~% F* p1 b5 a/ wconverted on such Series 18 Conversion Date into an equal number of
3 q# b- P; @1 V- GPreferred Shares Series 19. Additionally, if the Bank determines that, after
/ m4 l4 w( t- W& X2 oconversion, there would be outstanding on such Series 18 Conversion Date
! C1 _1 W( l1 Xless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares0 [4 A5 R3 M( a: M, Y, N; J
Series 18 will be converted into Preferred Shares Series 19.
1 b4 h# R7 @: G4 [* }* p2 sVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
' B. a( e' }4 `, b* y, SSeries 18 will not be entitled as such to receive notice of, attend, or vote at,9 y- s, g5 C# \) q3 V
any meeting of the shareholders of the Bank unless and until the first time at' {( ~4 y. @0 G0 i2 M$ x
which the Board of Directors has not declared the whole dividend on the/ L5 [7 I9 n" M) h+ H: W* u
Preferred Shares Series 18 in any quarter. In that event, subject as
3 f5 A- @8 a5 c( Y) k* `hereinafter provided, the holders of Preferred Shares Series 18 will be, ~& h9 g& ~! B
entitled to receive notice of, and to attend, meetings of shareholders at which7 u* S. u% e5 |* ?  n0 A
directors of the Bank are to be elected and will be entitled to one vote for$ P. V! }2 ?+ z# y
each Preferred Share Series 18 held. The voting rights of the holders of the7 g$ S  G7 O1 K* @- x: S- i" |
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of8 r. E* [% Z  X7 |  K3 a3 L
the first dividend on the Preferred Shares Series 18 to which the holders are
! }0 j1 b" H( m: Sentitled thereunder subsequent to the time such voting rights first arose until+ v: B9 R0 Y' Q2 b' m9 o
such time as the Bank may again fail to declare the whole dividend on the
5 ]. }- x8 }. @) t9 f9 V* `Preferred Shares Series 18 in respect of any quarter, in which event such: z- c6 g- @2 G$ U+ F6 q# y
voting rights will become effective again and so on from time to time.
; ^& |) r+ X5 `& _& P/ Q; @' yPrincipal Characteristics of the Preferred Shares Series 19& M$ d3 Q+ p' X9 T5 U) u0 {
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
- u& K# I, J# _  e6 ffloating rate non-cumulative preferential cash dividends, as and when4 ?7 U; ?  r$ j4 U2 B2 Y5 R
declared by the Board of Directors, subject to the provisions of the Bank Act,% W: u- ]* y. z6 O$ @' [, w
payable quarterly on the 25th day of February, May, August and November
' v' O5 s5 x7 J) |4 o7 E: fin each year, in the amount per share determined by multiplying the
( `) y/ {. O- X% b' napplicable Quarterly Floating Dividend Rate by $25.00." @& e9 d$ y& |! n% W# _) T
On the 30th day prior to the commencement of the initial quarterly dividend2 j) U) {% A  j% O# U
period beginning on February 25, 2014, and on the 30th day prior to the first
8 w* h' |" N; H( x) w* ?# wday of each subsequent quarterly dividend period (the initial quarterly' b% n7 m' K0 }7 ?: r' T: R/ V
dividend period and each subsequent quarterly dividend period is referred to8 X7 J* g  I9 f6 z9 }
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
/ {& o1 X3 b) hQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
# [( j7 O3 C* GPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
, }5 w+ y& A6 W; g# F- i! zT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days' N! R& P8 c* J) ~; C8 M( G
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
! \  ^. [9 _. ]( ^determined on the 30th day prior to the first day of the applicable Quarterly
: Q7 A. d# x+ f+ J# f0 h8 {( eFloating Rate Period.
% C# H: A3 a4 t1 k$ Q  ~! NS-5& i+ c+ i3 p- h% ~2 j% O2 e
If the Board of Directors does not declare a dividend, or any part thereof, on
1 ~- A9 o/ q) D$ A3 Q5 n1 [the Preferred Shares Series 19 on or before the dividend payment date for a+ F$ O* R, x; o# \. \  h
particular quarter, then the entitlement of the holders of the Preferred& |# M) u! C( z  C5 X1 k
Shares Series 19 to receive such dividend, or to any part thereof, for such0 f- A/ Q, s1 D3 {
quarter will be forever extinguished.
  Z, s: ~5 i; r! n, R" v+ ^Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
2 c% F. }' ~8 p* x8 ~Superintendent and to the provisions described below under the heading5 l/ _& n9 ?- X! s
‘‘Details of the Offering — Certain Provisions of the Preferred Shares0 @5 f" F# a  P" r: x
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,% g3 ^) ?. d1 H# h- J* S9 V9 l
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
/ ^7 U; s, o- v! ~or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
- |( i& O3 N5 |( g0 e  ?5 N2 Noption without the consent of the holder, by the payment of an amount in- [- h/ |5 m/ h' O; p! p# j
cash for each such share so redeemed of (i) $25.00 together with all declared' F6 G, ?# W3 H' f
and unpaid dividends to the date fixed for redemption in the case of* \) R' k5 R" D, ^& }
redemptions on February 25, 2019 and on February 25 every five years7 Y4 W" u3 {0 L$ {- n) K7 T
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
4 k3 R7 ]0 C1 h8 F! kthe date fixed for redemption in the case of redemptions on any other date) V: h4 z6 H, M0 }) l
on or after February 25, 2014.1 Y& ~% t& f6 T& _% t" S7 e
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic6 f5 p- Y1 z" r  u' t5 a4 ?. y7 x
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
6 T( M6 f2 N: }9 g; i' [" W7 ithe right, at their option, to convert, on February 25, 2019 and on3 h8 v% n+ `4 ?3 {& S: h
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any9 Q+ q! _+ C" K0 I
or all of their Preferred Shares Series 19 into an equal number of Preferred
9 \' s& l. m5 j- \; wShares Series 18 upon giving to the Bank written notice thereof not earlier
7 }7 U0 q  K- j) u4 l1 T. Kthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
  f0 a' ^- |+ X- N" _+ b15th day preceding, a Series 19 Conversion Date.* }( X! p" K( _/ H3 v: {
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
% A" t  h1 x6 D4 W9 l5 zProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares# e+ \3 k- V/ ]2 V- ~
Series 18, as the case may be, that there would be outstanding on such/ E1 h% I2 W% C: x: Z; z: s
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
8 @. n! q# d, c, M, dsuch remaining number of Preferred Shares Series 19 will automatically be6 f5 m# \" X  u* x; C
converted on such Series 19 Conversion Date into an equal number of2 N5 V& t6 z7 R+ {6 E7 ?
Preferred Shares Series 18. Additionally, if the Bank determines that, after
$ S! y+ J  C# n4 W6 Jconversion, there would be outstanding on such Series 19 Conversion Date
/ E1 |5 s# `5 \# [7 G' F4 F0 ]" X" @  }less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares7 b7 y7 o4 J7 z/ f' s' g2 ?
Series 19 will be converted into Preferred Shares Series 18.
: A* _$ @) ]( L8 [Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
: V( P$ X5 h! Y- qSeries 19 will not be entitled as such to receive notice of, attend, or vote at,+ Y1 D* S* j, k+ E# \7 F
any meeting of the shareholders of the Bank unless and until the first time at' P& i5 {. H5 [" t0 j- q
which the Board of Directors has not declared the whole dividend on the
5 r! ^: N/ Q: y7 NPreferred Shares Series 19 in any quarter. In that event, subject as
9 c& D6 ^) T+ ^; f7 N4 v9 Khereinafter provided, the holders of Preferred Shares Series 19 will be
, R( T. ^2 x8 O% {6 E7 c  ^" i: lentitled to receive notice of, and to attend, meetings of shareholders at which2 N' \/ e: L, U( r/ g3 D
directors of the Bank are to be elected and will be entitled to one vote for! ?3 q# G9 c: c
each Preferred Share Series 19 held. The voting rights of the holders of the! |) m! \6 a1 ~7 {3 `+ S* g
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
; b9 D7 P3 a" d) w2 ]) E( e% j% Tthe first dividend on the Preferred Shares Series 19 to which the holders are
3 {. A0 G+ g/ Xentitled thereunder subsequent to the time such voting rights first arose until0 R* ^/ o' n5 w; i( i7 Q
such time as the Bank may again fail to declare the whole dividend on the6 b  K1 X) G4 T6 [% Z
Preferred Shares Series 19 in respect of any quarter, in which event such. B! _4 [1 i: V5 A8 h2 F
voting rights will become effective again and so on from time to time.
3 d% k( N6 u5 }3 F$ K4 q% cS-6/ l( i  {% f2 ^% W7 |; I
Priority: The preferred shares of each series of the Bank will rank on a parity with) J7 q, h: O/ x3 ^
every other series and are entitled to preference over the common shares of
8 n5 {7 b; H+ X: V+ H3 nthe Bank and over any other shares of the Bank ranking junior to the5 ~0 Z) A' E* a
preferred shares with respect to the payment of dividends and upon any
  A, g- j5 W: o3 P$ \distribution of assets in the event of the liquidation, dissolution or
7 r  r  C- r# O0 J( s0 _& lwinding-up of the Bank." G  F$ w' t/ V0 b1 I% @$ q
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under8 M" j8 T* n1 c- a) T* |
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares7 }# v- o- u4 O" Y9 _" P
Series 18 and Preferred Shares Series 19 will not be required to pay tax on) E' ~1 H% {0 S! R( [1 w
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。) B0 U  n' T2 _2 i2 Z: b
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
2 v, d- Z! r$ e$ X

! }8 X$ A+ j6 g. n5 e- x: [下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
7 S1 _- y+ c8 l' q' i- H+ J3 |9 z: C  g3 k
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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