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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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; I0 L9 h1 P$ J0 f7 W" M4 S: I" S1 i& S" t6 d
[ 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:
2 t. Z. i" g9 e" p2 SSUMMARY OF THE OFFERING
2 K# j' f; x$ L% G+ yThis 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 t  E  S8 W& ~2 h& l$ \4 fIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.. k, n1 ?6 K+ M+ ~
Amount: $150,000,000 (6,000,000 shares).
% }9 F- H1 S7 q% z, |  x& pPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
! R& Q  o  h4 i) E( o) }0 `Principal Characteristics of the Preferred Shares Series 18
, q# ]; @) c( z( x1 ]) }Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed. m/ I. }- C6 z  R, l* f' ?3 L
non-cumulative preferential cash dividends, as and when declared by the  N/ y$ o/ |% S; K+ y+ @
Board of Directors, subject to the provisions of the Bank Act, for the initial
# M; S, {+ O$ N, D* Q$ O2 Pperiod commencing on the closing date and ending on and including
7 a( M; f# F4 C. q; n; G+ J% I4 PFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
7 }& S: T/ g( s25th day of February, May, August and November in each year, at a rate
# f" {" B- e1 r4 xequal to $0.40625 per share. The initial dividend, if declared, will be payable, M4 G( O' X( N5 E9 N$ o  o
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
* [" Y, I/ Z+ z: q# O( T6 ddate of December 11, 2008.( M. h8 {" Z5 W4 b
For each five-year period after the Initial Fixed Rate Period (each, a7 w6 o- l0 L! t# P3 [
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares' T9 N- C& {7 l1 _% @
Series 18 will be entitled to receive fixed non-cumulative preferential cash
8 ~1 G% k) o* r5 s6 Y. W5 v& Bdividends, as and when declared by the Board of Directors, subject to the
5 Q8 [! b5 j6 _: {2 wprovisions of the Bank Act, payable quarterly on the 25th day of February,
  B. G* z2 v7 _: f  ?+ {May, August and November in each year, in the amount per share per annum
4 U3 h: _. a1 |determined by multiplying the Annual Fixed Dividend Rate applicable to# Y* y4 s) N/ @3 i# V
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend& u# R8 U9 p' y: @" T( ^
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the7 O" F# b5 F+ {2 S! Z8 @
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
6 F, X- }' B' m* }8 u* fof such Subsequent Fixed Rate Period and will be equal to the sum of the
" C- v$ |! c2 x- Y! Y* P7 n: QGovernment of Canada Yield on the applicable Fixed Rate Calculation Date7 l( V* v+ `. v$ a
plus 3.83%.% D* F' Z5 k5 K$ D
If the Board of Directors does not declare a dividend, or any part thereof, on
0 D4 P8 f1 c$ z" |) Ithe Preferred Shares Series 18 on or before the dividend payment date for a( {& h: b5 l, Z& F% s2 X8 h$ i
particular quarter, then the entitlement of the holders of the Preferred  w8 s* S7 P3 N# T0 ^3 t# r
Shares Series 18 to receive such dividend, or to any part thereof, for such
+ N3 _) j8 v, ?3 Vquarter will be forever extinguished.
/ \+ h7 Y. Q! X* H" o: p) VRedemption: Subject to the provisions of the Bank Act and to the prior consent of the( {) H% l/ _' B$ \, A% E9 L
Superintendent and to the provisions described below under ‘‘Details of the
* a) d% p- y! t2 g5 `  U$ }Offering — Certain Provisions of the Preferred Shares Series 18 as a" u6 C  g) b! b. y* i) s: d! K
Series — Restrictions on Dividends and Retirement of Shares’’, on* @  p  h: \# }, [
February 25, 2014 and on February 25 every five years thereafter, on not2 ?9 r: a: _; h' _, r$ g
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any( Z. k- \3 x( @0 M- x; q
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
6 Q2 b0 \$ I4 h9 g# k3 b" w/ v+ C  J0 gwithout the consent of the holder, by the payment of an amount in cash for
# m1 U% T: B+ G9 n8 m) peach such share so redeemed of $25.00 together with all declared and unpaid# }6 @9 j+ i) u( w0 Z
dividends to the date fixed for redemption.8 K% w, r$ \9 L; }
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
! X1 C' c0 y& I4 a& ~) |Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
9 B7 _) d, g" d+ @the right, at their option, to convert, on February 25, 2014 and on
5 g; C( C# O% ~( d( yS-4
/ r' l6 Q" T  t+ HFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
. a& x: B) k6 m4 K" m! ?( ~or all of their Preferred Shares Series 18 into an equal number of Preferred3 l& K: K$ L. `8 [5 x" z+ {" j
Shares Series 19 upon giving to the Bank notice thereof not earlier than
" x; B( L* P, ~: s30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
' s' E8 W- t6 \% B3 I: cpreceding, a Series 18 Conversion Date., n/ `# z1 x7 N0 o5 D( X% `$ h, W
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
/ j/ |* Y( \( s& w( p: }% y) gProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares+ t7 R% l; c  k
Series 19, as the case may be, that there would be outstanding on such
7 _4 o; P. q2 S. B; i8 TSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
9 W: x9 S% f0 o6 K1 r5 Ysuch remaining number of Preferred Shares Series 18 will automatically be
1 i0 B& D" I# r! D. O( z8 fconverted on such Series 18 Conversion Date into an equal number of
& g2 ~2 W5 O( oPreferred Shares Series 19. Additionally, if the Bank determines that, after
6 x+ I- W. K0 F6 J- tconversion, there would be outstanding on such Series 18 Conversion Date- S6 d. U  r; F5 ~" ^& ]
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares$ O/ u/ p% I2 G1 s1 A* R4 K, \: A
Series 18 will be converted into Preferred Shares Series 19.
7 ]! |8 I" \9 V* z7 {+ GVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
, C) d& I* v9 i3 \Series 18 will not be entitled as such to receive notice of, attend, or vote at,
3 g0 A  H( Y9 h9 j5 J; m) ?any meeting of the shareholders of the Bank unless and until the first time at
8 u+ k' S  Z, Mwhich the Board of Directors has not declared the whole dividend on the
0 a! g4 g- a, p7 L  G3 _Preferred Shares Series 18 in any quarter. In that event, subject as. P& A( X; k' h' N( _) e. S$ U$ F( j
hereinafter provided, the holders of Preferred Shares Series 18 will be
5 D1 T2 O, g5 Xentitled to receive notice of, and to attend, meetings of shareholders at which  I5 |  h6 g$ l( C
directors of the Bank are to be elected and will be entitled to one vote for
4 K, A+ n) e7 J+ aeach Preferred Share Series 18 held. The voting rights of the holders of the
* K  M" y" N6 w) ~8 j8 z, LPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
& i, L1 [( U; x1 N! ~5 }, Q9 bthe first dividend on the Preferred Shares Series 18 to which the holders are  N! ?0 e) Q7 G# x
entitled thereunder subsequent to the time such voting rights first arose until% X% _. h9 j8 L
such time as the Bank may again fail to declare the whole dividend on the
9 }. k1 X) @# Z0 |! VPreferred Shares Series 18 in respect of any quarter, in which event such
, x/ V; @; q; l& Y: qvoting rights will become effective again and so on from time to time.7 U: t; \" N+ X7 V0 [' H; j
Principal Characteristics of the Preferred Shares Series 199 |' c- A' i$ v* L) k
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
: _  s& a) f. B2 i0 ?, P3 Bfloating rate non-cumulative preferential cash dividends, as and when: k. \4 M+ z. \- B' N0 L! D+ b' K
declared by the Board of Directors, subject to the provisions of the Bank Act,
8 P. R3 L9 r4 m6 q/ V/ V' ^payable quarterly on the 25th day of February, May, August and November# x/ P# y2 c9 J0 e$ k
in each year, in the amount per share determined by multiplying the
! R  y1 o# U4 E9 V! `applicable Quarterly Floating Dividend Rate by $25.00.6 @' s6 M( e. h" ]+ o
On the 30th day prior to the commencement of the initial quarterly dividend
% c/ q7 A+ [9 s; ~; v% dperiod beginning on February 25, 2014, and on the 30th day prior to the first9 h9 f! z+ K/ `# }( E8 h
day of each subsequent quarterly dividend period (the initial quarterly7 o# I: j+ h, u7 Q- J! A, O( ]
dividend period and each subsequent quarterly dividend period is referred to
5 c& ?! e5 n8 U' w3 }0 x. Las a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the, c0 p2 T5 y: v6 _6 g
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate6 I0 s6 `5 Y* |/ h3 X! A' Z! `
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the9 i- c& `" B; E2 J3 H& x+ J
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days  L8 d! F; m+ b9 q
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
/ Z4 ~( \7 y# J- X, |determined on the 30th day prior to the first day of the applicable Quarterly
' H9 p! S, B5 ~1 D$ ~6 ?' |Floating Rate Period.0 ~1 @" K1 J% K- D/ s" l
S-5
- f7 T* v" K% T3 IIf the Board of Directors does not declare a dividend, or any part thereof, on/ ^9 Z* G, x1 U- }
the Preferred Shares Series 19 on or before the dividend payment date for a
: G  _" _3 m/ L3 nparticular quarter, then the entitlement of the holders of the Preferred
( ?$ [! |6 h/ O& M  Y6 E0 vShares Series 19 to receive such dividend, or to any part thereof, for such
( j. y" U, _& q# h/ uquarter will be forever extinguished.8 j" `2 j' k6 r
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the5 i/ l1 D' q- z: X# Z" N0 Y3 y
Superintendent and to the provisions described below under the heading
( H9 Y7 s9 R0 m" _- ]% j. I8 K* k‘‘Details of the Offering — Certain Provisions of the Preferred Shares
; O) B3 x# i1 }2 R( e1 B7 |2 WSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
; n! u& [. s! r' Gon not more than 60 nor less than 30 days’ notice, the Bank may redeem all' A, k/ d* p* N* Z: a; R$ `
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
8 i& h4 T1 ]/ o' W5 Aoption without the consent of the holder, by the payment of an amount in( d/ f8 `1 Z" [
cash for each such share so redeemed of (i) $25.00 together with all declared& V" r, e; C8 h' D/ j: A
and unpaid dividends to the date fixed for redemption in the case of
; v8 [2 [( B! B% v! X6 gredemptions on February 25, 2019 and on February 25 every five years
% k% W" c  j  fthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
, K8 j# o) v) w5 x+ N, @2 `& Gthe date fixed for redemption in the case of redemptions on any other date5 q- f- u9 U3 C0 E; c
on or after February 25, 2014.
, @$ z$ V5 f. nConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic! M! z! N% ]' {2 _
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
) I0 ~/ [$ B  O% ^9 Z3 Dthe right, at their option, to convert, on February 25, 2019 and on
1 s5 ]$ \& @: K0 c+ a! i$ I2 ~$ Q4 P0 xFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
/ ~  Q) t4 G+ {" `1 p, j6 Ror all of their Preferred Shares Series 19 into an equal number of Preferred; F. \! a$ ?4 H' H; K
Shares Series 18 upon giving to the Bank written notice thereof not earlier% r$ J3 q/ N' R) S4 x; a% Q( z
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
1 g5 [( W. G% J8 {15th day preceding, a Series 19 Conversion Date.
2 p& b/ w7 o3 {, p& {( E) cAutomatic Conversion If the Bank determines, after having taken into account all shares tendered8 v7 H) Z( T7 P
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares- ?$ t* c- \* x; ^1 y7 E( r' m
Series 18, as the case may be, that there would be outstanding on such8 A! h/ l8 K7 P
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
$ [( i2 g' K7 tsuch remaining number of Preferred Shares Series 19 will automatically be! E3 }$ b( D  d" ?
converted on such Series 19 Conversion Date into an equal number of4 _. _9 w' K5 j
Preferred Shares Series 18. Additionally, if the Bank determines that, after) H! C6 b) O) i) t+ T
conversion, there would be outstanding on such Series 19 Conversion Date0 c& B) l) ~2 y* ?6 \( n5 x" z2 u
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares: f) l5 D  i3 o/ Y
Series 19 will be converted into Preferred Shares Series 18.; f1 n8 q5 L- R8 f2 R
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
" s. e. Z2 r# F. m: LSeries 19 will not be entitled as such to receive notice of, attend, or vote at,5 ~! q5 v  R* g" H
any meeting of the shareholders of the Bank unless and until the first time at
/ f) g" C& \5 R  O0 `/ |9 owhich the Board of Directors has not declared the whole dividend on the" W  `! b! j6 {/ R5 ^2 w5 x
Preferred Shares Series 19 in any quarter. In that event, subject as
+ n, j1 b: u, |, ]' F# }) D4 s% Zhereinafter provided, the holders of Preferred Shares Series 19 will be: V3 p$ h7 }) V4 H) m
entitled to receive notice of, and to attend, meetings of shareholders at which
7 M/ r6 x, {* V- ?. ?+ ndirectors of the Bank are to be elected and will be entitled to one vote for, o- w' t# m3 H
each Preferred Share Series 19 held. The voting rights of the holders of the7 J" f4 \: s5 \/ ]
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of; r7 ?4 e1 G) y& k' P
the first dividend on the Preferred Shares Series 19 to which the holders are
- y# [6 K  C, c: G6 H% Yentitled thereunder subsequent to the time such voting rights first arose until
: T4 A2 L* p$ R. b" H, msuch time as the Bank may again fail to declare the whole dividend on the
9 _8 g& u) W( D/ \, bPreferred Shares Series 19 in respect of any quarter, in which event such4 V) p8 F1 X5 N
voting rights will become effective again and so on from time to time.4 s/ P; o; c1 v- p& ^) Q
S-6: H3 c% x% W* a' U/ W" @
Priority: The preferred shares of each series of the Bank will rank on a parity with
7 y3 L* @3 k, ?every other series and are entitled to preference over the common shares of
' x3 S& r# v2 s6 Jthe Bank and over any other shares of the Bank ranking junior to the0 z7 k/ q# V5 v' D0 D5 M  F8 y
preferred shares with respect to the payment of dividends and upon any, ?+ ~5 h7 J# d" s( `5 v. ]
distribution of assets in the event of the liquidation, dissolution or% m/ w. ^" O- }# Z" @
winding-up of the Bank.& W& h  {! W, O2 z1 L. C7 _; w
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
& K5 c5 j. @; f2 v$ j7 e) bDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares' c" `1 B: L7 D
Series 18 and Preferred Shares Series 19 will not be required to pay tax on8 N7 M: j  e: m; M
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。0 o9 H" D% v) Q' l- [
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

! A7 X+ o+ p6 @3 ~" I- {' U6 P9 J2 V  i/ I# E
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
" K1 e6 }: V$ ~4 G8 x/ J: @9 E) }+ S4 s) X6 l6 j
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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