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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。
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: S. S  y+ ~7 K& `/ F( S$ P8 z

2 K6 e( C0 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:# L, f# K3 }# R
SUMMARY OF THE OFFERING$ ^  b$ v8 S0 S  F7 ?$ 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’’.
& `# Z' t# @+ q  }# aIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.+ Q& X* R, E0 v/ N
Amount: $150,000,000 (6,000,000 shares).
/ h1 ?1 Y- a( [$ _7 R$ ?Price and Yield: $25.00 per share to yield initially 6.50% per annum.+ d) J5 @, r( ?- @% d, i* t
Principal Characteristics of the Preferred Shares Series 18' A2 S$ k& r6 M$ w! k) D4 t& g. z
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed& H3 [4 p4 T3 f. p( J9 a
non-cumulative preferential cash dividends, as and when declared by the
* y6 h5 n/ |7 V' S' G7 A& HBoard of Directors, subject to the provisions of the Bank Act, for the initial
; ^, R, O) c( K0 @% B: u) lperiod commencing on the closing date and ending on and including" U) Z! ?) X! U$ Z, m9 S) w
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
# k' v7 P! P" {25th day of February, May, August and November in each year, at a rate
6 q" `7 f# F  C! ^equal to $0.40625 per share. The initial dividend, if declared, will be payable
4 M# Q! k# P  u( \May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
. v6 q8 k9 k. Z6 Mdate of December 11, 2008.
; q+ I3 U. H1 s8 IFor each five-year period after the Initial Fixed Rate Period (each, a
$ p+ o4 i7 t9 I5 W+ ~" ~- B‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares; z5 h' c" i  F9 L5 P$ C
Series 18 will be entitled to receive fixed non-cumulative preferential cash1 h: D& B' {# `5 n- }2 T: s/ V
dividends, as and when declared by the Board of Directors, subject to the! A) D& z; ~8 }3 |- P
provisions of the Bank Act, payable quarterly on the 25th day of February,9 k" W5 v' i8 o3 {
May, August and November in each year, in the amount per share per annum
2 G1 y. l- g" K- R7 ^determined by multiplying the Annual Fixed Dividend Rate applicable to
0 Z; I$ Q; K; _8 L* Q: Ysuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
4 @5 }# o6 o, I5 \# X% S* _3 dRate for the ensuing Subsequent Fixed Rate Period will be determined by the4 n; P5 @! Y6 J' m$ @% P
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day/ U) x: @: u- B$ r; u
of such Subsequent Fixed Rate Period and will be equal to the sum of the
# ^+ I0 L) i' y* @! {Government of Canada Yield on the applicable Fixed Rate Calculation Date+ L( v% Z  u, [5 l
plus 3.83%.( t0 ]/ ~0 s0 U: ?% c
If the Board of Directors does not declare a dividend, or any part thereof, on4 f3 z5 [# j$ \# [
the Preferred Shares Series 18 on or before the dividend payment date for a
; k9 @8 {( ~% g+ N2 {particular quarter, then the entitlement of the holders of the Preferred
" Y& ^# h) X$ V" O, ?- Y# OShares Series 18 to receive such dividend, or to any part thereof, for such/ H8 z$ K1 P; e6 S1 A
quarter will be forever extinguished.* x% S+ \9 `; F, l1 d; a' R
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
$ Q! h. O( u8 W: _+ QSuperintendent and to the provisions described below under ‘‘Details of the6 ^6 K; _$ y) J5 z: {
Offering — Certain Provisions of the Preferred Shares Series 18 as a9 E9 y) H! C# Q5 c4 ~3 _
Series — Restrictions on Dividends and Retirement of Shares’’, on
$ H9 o$ R9 A/ {# Q% ?' xFebruary 25, 2014 and on February 25 every five years thereafter, on not
5 G4 i; H  X, L1 E1 g& Z$ Vmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
; r1 h, F' F* O0 ~' {+ v  x( cpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
2 y( g: v) F" W+ A/ j& _without the consent of the holder, by the payment of an amount in cash for8 H. B8 N1 r6 W) o! d! a5 @' Q
each such share so redeemed of $25.00 together with all declared and unpaid
3 {3 L4 r7 |- A  [dividends to the date fixed for redemption.. i2 M/ E& g- u: o
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic+ c* B0 m8 J2 {  C. [' V' C8 c& g  ^
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
2 h3 {; d; u4 X: t3 Xthe right, at their option, to convert, on February 25, 2014 and on: z1 m6 Y) z7 [3 k* k. }  \
S-4
, P; K+ Q; l: V2 T; O/ `February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
$ {3 h- f* j% S* z# D4 T: Q( P1 Por all of their Preferred Shares Series 18 into an equal number of Preferred
. L4 S+ K& e3 mShares Series 19 upon giving to the Bank notice thereof not earlier than: P# i9 @7 O: W
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day. |4 v8 y8 q0 E4 x0 y' {/ U7 J0 J
preceding, a Series 18 Conversion Date.
% E& [7 T3 D5 {# ]5 [& u( g+ xAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
% u  }5 ]; l0 u' YProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
$ N& ^2 e+ ?; v/ r) e8 v4 iSeries 19, as the case may be, that there would be outstanding on such
1 ]% h- Y1 N/ ~Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18," X6 D5 L9 Z0 K* c
such remaining number of Preferred Shares Series 18 will automatically be
. ~) w; |( L0 Y1 `8 h; O$ Wconverted on such Series 18 Conversion Date into an equal number of; D. q: H3 c# @' |' j" m/ J' q& o* v
Preferred Shares Series 19. Additionally, if the Bank determines that, after0 ?& h) y3 X# r$ A) B
conversion, there would be outstanding on such Series 18 Conversion Date
1 {) A* \: X( fless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares8 Y9 j1 ^5 J- X6 Z; m1 C
Series 18 will be converted into Preferred Shares Series 19.
& o: d' S* h8 EVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
& m! [; ~) w0 ISeries 18 will not be entitled as such to receive notice of, attend, or vote at,
& b6 v1 S1 f2 f# K' ]. qany meeting of the shareholders of the Bank unless and until the first time at+ `! n/ g. U8 @6 N% _+ D
which the Board of Directors has not declared the whole dividend on the
! ]9 I" L! x7 h( n# @Preferred Shares Series 18 in any quarter. In that event, subject as* z) u* s# }0 ~+ ~$ P
hereinafter provided, the holders of Preferred Shares Series 18 will be$ L; Q0 l) V4 T8 `. u' j6 L
entitled to receive notice of, and to attend, meetings of shareholders at which
7 J" Y, m* x' Z7 e) Ddirectors of the Bank are to be elected and will be entitled to one vote for* _7 p: x: ~! t5 C3 J  S2 i
each Preferred Share Series 18 held. The voting rights of the holders of the
1 x/ w$ {! c! G6 K; T6 APreferred Shares Series 18 will forthwith cease upon payment by the Bank of/ P# i( S2 Q3 V5 z, J
the first dividend on the Preferred Shares Series 18 to which the holders are
6 ?1 S; k& z, x- mentitled thereunder subsequent to the time such voting rights first arose until4 d8 f- S: W0 k7 q+ w" s4 y7 y
such time as the Bank may again fail to declare the whole dividend on the3 Y4 T5 t" C# z, E4 }% E0 @" L! f
Preferred Shares Series 18 in respect of any quarter, in which event such
4 [" S& K1 J; A! B8 n' u& Yvoting rights will become effective again and so on from time to time.
( ~4 a4 k/ @/ H* H& fPrincipal Characteristics of the Preferred Shares Series 19
0 A- g! H! y* r) e( I4 v5 X5 u# d+ ODividends: The holders of the Preferred Shares Series 19 will be entitled to receive
0 i; |9 r+ h+ s4 P; \( `floating rate non-cumulative preferential cash dividends, as and when
. ?0 _) i2 c' A. E! i. }declared by the Board of Directors, subject to the provisions of the Bank Act,& Q1 T" w5 l* ~4 G2 q: u
payable quarterly on the 25th day of February, May, August and November8 a/ t5 l7 {/ w/ w1 @1 p" q
in each year, in the amount per share determined by multiplying the4 N0 ~" L' n" X" _. a
applicable Quarterly Floating Dividend Rate by $25.00.1 z4 ]. u0 w$ S! y
On the 30th day prior to the commencement of the initial quarterly dividend( n0 _6 z  \* R; X0 I" X
period beginning on February 25, 2014, and on the 30th day prior to the first2 i8 |+ R, l) F9 t! X( M: `$ _
day of each subsequent quarterly dividend period (the initial quarterly! v) o2 E- ]: S8 p; G
dividend period and each subsequent quarterly dividend period is referred to9 H: P# B2 g: z: ?
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the9 `/ r: c  z0 B$ P2 h! ]
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
4 D3 ~4 c1 z4 i! m' [, O5 HPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
1 }& F6 c4 Z' r0 E; G$ q( ^6 dT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days- F5 S' F3 h( H8 A) J
elapsed in the applicable Quarterly Floating Rate Period divided by 365)0 y; h% S2 h3 E2 ^- M
determined on the 30th day prior to the first day of the applicable Quarterly2 J& ~' f9 u* _$ C& Q, e
Floating Rate Period.% r& w# A9 c& t6 h( d
S-5/ _, c; \) m% |# @: [
If the Board of Directors does not declare a dividend, or any part thereof, on
1 `& O* e5 [: a4 Y- k8 \1 Kthe Preferred Shares Series 19 on or before the dividend payment date for a
1 L$ o1 Y; `# x& U$ @particular quarter, then the entitlement of the holders of the Preferred
8 e+ a  E" M% r* @6 s4 F8 B. C. HShares Series 19 to receive such dividend, or to any part thereof, for such( n9 j9 w0 G( v3 g9 s
quarter will be forever extinguished.
# I' J7 V( K8 t9 \" PRedemption: Subject to the provisions of the Bank Act and to the prior consent of the4 e! `8 L  Y. {+ y% f0 G- M* W
Superintendent and to the provisions described below under the heading
* L2 i$ p; I% |" M0 u‘‘Details of the Offering — Certain Provisions of the Preferred Shares
, f8 }) I/ f$ _4 ]- X: d# QSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,7 f2 B9 P9 w# A; I
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all% c: s, x+ T5 H6 `
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
3 N4 z% ]/ o) P7 S+ Foption without the consent of the holder, by the payment of an amount in5 @$ Y2 i: H! k' t
cash for each such share so redeemed of (i) $25.00 together with all declared/ i6 l; {& u) S4 l, [
and unpaid dividends to the date fixed for redemption in the case of( T) A" R$ w) t: s) _6 n
redemptions on February 25, 2019 and on February 25 every five years
; Q: p& q2 T0 N+ Y  kthereafter, or (ii) $25.50 together with all declared and unpaid dividends to3 N  h! t) ^& p' }$ X
the date fixed for redemption in the case of redemptions on any other date4 t+ e8 F' _# i; X( `/ h- [2 v9 S9 g' e0 M
on or after February 25, 2014.
7 F" }- L, ?5 r7 LConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
; Y& ?/ K$ I0 l, M# jShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have% d. ]  j  j1 R9 H
the right, at their option, to convert, on February 25, 2019 and on3 C" Q, \- k2 B- O* ?( K
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
& a. M2 L' |' q6 q6 Ror all of their Preferred Shares Series 19 into an equal number of Preferred( _8 j* j" @- Z' V4 Q( q$ r
Shares Series 18 upon giving to the Bank written notice thereof not earlier
& L7 \+ o, ^( {/ [9 Bthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the  g$ ^0 Z( i0 o/ g. K2 ]6 @
15th day preceding, a Series 19 Conversion Date.6 L- W- Z& D" Y
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
/ [8 m1 q! b8 T7 t" r+ ~6 o+ [Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
2 C$ h  w' _" f  `: vSeries 18, as the case may be, that there would be outstanding on such
; D6 \: A! |& TSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,; \! ~" g5 V$ L# P0 O1 P- t& V
such remaining number of Preferred Shares Series 19 will automatically be
$ e2 k) y0 M9 _converted on such Series 19 Conversion Date into an equal number of
1 P3 x! R4 O, ?. _Preferred Shares Series 18. Additionally, if the Bank determines that, after6 F4 r9 y5 j- q
conversion, there would be outstanding on such Series 19 Conversion Date
: Y5 f; A8 ~" k- q8 u! y8 N/ sless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
- w) ]2 q( m4 V& Y+ w: kSeries 19 will be converted into Preferred Shares Series 18.
- M' e8 r2 X1 V: L* K0 hVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares, a6 t$ G/ m% W# u+ s7 e$ `6 ?% S
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
1 w0 o% |) C, s0 p1 a; O6 ]any meeting of the shareholders of the Bank unless and until the first time at& M5 Q* d* ]) v: }* R) A
which the Board of Directors has not declared the whole dividend on the
! e: S  g9 O! o$ m- }+ N4 MPreferred Shares Series 19 in any quarter. In that event, subject as& j' o  ~. {7 ~
hereinafter provided, the holders of Preferred Shares Series 19 will be
. l4 C6 |7 j& j5 wentitled to receive notice of, and to attend, meetings of shareholders at which8 O) G7 I" P$ ~9 H/ H
directors of the Bank are to be elected and will be entitled to one vote for% A0 b9 v* m- x  c
each Preferred Share Series 19 held. The voting rights of the holders of the
& Z, L. M+ h2 t, M3 h2 YPreferred Shares Series 19 will forthwith cease upon payment by the Bank of; W& v/ z: l# X9 _
the first dividend on the Preferred Shares Series 19 to which the holders are
7 A# K! G, ]( `! j5 {5 uentitled thereunder subsequent to the time such voting rights first arose until# N: d. @/ w1 J( Z2 Z' P& n
such time as the Bank may again fail to declare the whole dividend on the5 n5 ^2 n( \) d
Preferred Shares Series 19 in respect of any quarter, in which event such% C* X5 ^  ~8 B; m- b( l0 f( ]
voting rights will become effective again and so on from time to time.* j; z3 T3 @; C: P" N* ~
S-6: {+ _9 w- ~$ z. `5 Z! P0 f
Priority: The preferred shares of each series of the Bank will rank on a parity with
+ \0 `$ ~6 W0 Jevery other series and are entitled to preference over the common shares of3 Y1 S2 \$ @6 S
the Bank and over any other shares of the Bank ranking junior to the, K" c0 l4 [: O; F
preferred shares with respect to the payment of dividends and upon any4 q5 X# M- e; a0 l; S2 |
distribution of assets in the event of the liquidation, dissolution or9 D( ^' A  b; K0 b
winding-up of the Bank.+ B2 t+ U( U, Y) |
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under% o, H# b. M; v7 A' B
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
# h+ T- g$ J+ \- ^4 ?" T* A; y, U- A8 rSeries 18 and Preferred Shares Series 19 will not be required to pay tax on2 @, `3 D' L$ E8 i0 ^1 ^
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。
% s: }7 t. h1 O$ Q) ]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
+ k" g/ V, G4 `! M9 W

4 u0 m: @2 [. Z' e( a0 j4 g- W下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
& u5 l. X6 w, B7 c7 Y8 r1 F
5 x, `0 G' W1 W" T; F5 t; l( ~# dcall 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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