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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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[ 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:4 H& n1 o) Y- q
SUMMARY OF THE OFFERING
; _: i% L9 k( i2 L& hThis 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’’.
% b7 y" Q, x. [Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.7 ~# c4 c( p/ t/ k
Amount: $150,000,000 (6,000,000 shares).
7 p, Q3 w" B) w" {9 }Price and Yield: $25.00 per share to yield initially 6.50% per annum.9 j( g2 Y- m. S8 g6 w+ D6 q
Principal Characteristics of the Preferred Shares Series 18" X0 ]5 P; Y1 i8 m  v! C
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
5 m  [6 T' I8 N- C4 z' }( ?non-cumulative preferential cash dividends, as and when declared by the/ Y7 o- [3 T* ^  n
Board of Directors, subject to the provisions of the Bank Act, for the initial
8 y: N6 J- I- W4 P; b6 hperiod commencing on the closing date and ending on and including' |* Q( e! P1 ?' W+ j; C. v3 z
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
* c! O3 j1 S; J9 ?25th day of February, May, August and November in each year, at a rate
- |1 ^6 f: u$ x) G$ Gequal to $0.40625 per share. The initial dividend, if declared, will be payable  \0 A0 b" I. H: L% I
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing' k% ], x) g& K/ B  E
date of December 11, 2008.+ \. J" P: Z+ W* g% Q% e" z8 D: L
For each five-year period after the Initial Fixed Rate Period (each, a
. d' Z) q# N/ x9 w* m* V8 H1 d‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
, L6 `4 A. F$ ]/ s* Z( @) t# `Series 18 will be entitled to receive fixed non-cumulative preferential cash: ?* w1 H* J+ ?6 P: ]
dividends, as and when declared by the Board of Directors, subject to the
4 B9 N4 D+ g8 T9 {) `4 R. u. tprovisions of the Bank Act, payable quarterly on the 25th day of February,
4 v3 H3 k* H  R$ r! ^" BMay, August and November in each year, in the amount per share per annum
& C% X* b3 w% {3 Q3 }- ?determined by multiplying the Annual Fixed Dividend Rate applicable to
: E3 n: ]# U" S/ g/ t$ c$ ssuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
7 E5 f- C2 s. E& K* VRate for the ensuing Subsequent Fixed Rate Period will be determined by the
4 J  u6 D- F) R, K$ y1 NBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day# v4 ~& u& `! W' d7 p; e/ ?
of such Subsequent Fixed Rate Period and will be equal to the sum of the# h3 L# \2 x  ?* O4 g
Government of Canada Yield on the applicable Fixed Rate Calculation Date
( s4 a  \0 ?( Tplus 3.83%.: `7 F* d/ \( u2 [' z4 b) _( m! S
If the Board of Directors does not declare a dividend, or any part thereof, on$ N/ ?; d4 ^" a2 k9 w% m' u0 Z
the Preferred Shares Series 18 on or before the dividend payment date for a$ c! A, L- s2 F! m, v( D
particular quarter, then the entitlement of the holders of the Preferred
  W3 m2 h! s( Y+ ~/ o# r' K3 U( zShares Series 18 to receive such dividend, or to any part thereof, for such, @! j/ ]  x2 I4 b$ Z+ r/ U0 J' `
quarter will be forever extinguished.& H5 C+ [5 J3 }3 V# \
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the% s0 N) }7 S( V0 s- M) F
Superintendent and to the provisions described below under ‘‘Details of the) A. M9 t4 [6 [9 h! y
Offering — Certain Provisions of the Preferred Shares Series 18 as a
+ p6 M" {1 S# L& e, }* eSeries — Restrictions on Dividends and Retirement of Shares’’, on1 E, z4 L! R1 f" d3 n
February 25, 2014 and on February 25 every five years thereafter, on not
# U: I7 M. k5 e% u# b3 ~, K% gmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
3 V# `! ^* V5 a7 b# ?0 O* U% t7 Vpart of the then outstanding Preferred Shares Series 18, at the Bank’s option1 b% k; H1 _. h1 D
without the consent of the holder, by the payment of an amount in cash for
) ?- ~- }, `* @% ?8 r" F- g8 L4 y) Beach such share so redeemed of $25.00 together with all declared and unpaid7 H7 A7 l3 D$ |2 g/ W" T8 n
dividends to the date fixed for redemption.$ @2 P+ B# D; d$ I$ R/ Y: x% X& c
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
- X4 F- }; v3 M6 h, D% y, E) X  WShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have( y& x: \) i! V. C" ]# G3 C
the right, at their option, to convert, on February 25, 2014 and on% D$ w% Z5 z, v" I: {0 ^
S-4
( d& ^' C3 y3 S5 W7 o" [February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any( J7 F9 m) p$ J1 Z% c. h" ~
or all of their Preferred Shares Series 18 into an equal number of Preferred
- P6 x( S& ^1 ~% \* R# [' s# H5 `Shares Series 19 upon giving to the Bank notice thereof not earlier than3 g0 f* p* s1 _; x3 H+ T2 L8 D
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
( h- g4 j' V+ V$ J- P6 s. u# n+ h/ z8 ]preceding, a Series 18 Conversion Date.
3 `4 I' h) f0 [; I9 C8 @: m3 rAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
' u" B' B  O9 o" e: x2 wProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares, C' X1 ]& U% j; x- s
Series 19, as the case may be, that there would be outstanding on such
6 \/ q2 S. X& c7 |& C9 U$ |+ TSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
. F8 m  l& Z1 Vsuch remaining number of Preferred Shares Series 18 will automatically be
1 a3 @0 ~& v' r/ x0 b4 \+ h9 |converted on such Series 18 Conversion Date into an equal number of; ~/ M7 t5 v( d9 a
Preferred Shares Series 19. Additionally, if the Bank determines that, after
, l* _( M9 }5 P- g3 T" Sconversion, there would be outstanding on such Series 18 Conversion Date) q% S+ A: l2 Z! t
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares9 n/ G' S5 w6 k% z
Series 18 will be converted into Preferred Shares Series 19.
& I* O9 M0 v3 E  v) ^* z4 q" xVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
5 z7 U$ @. {( O+ D' z% M# sSeries 18 will not be entitled as such to receive notice of, attend, or vote at,. `% S( r; F$ {) N5 d  g
any meeting of the shareholders of the Bank unless and until the first time at
0 I' U1 }# n0 ]+ E, ]* J# p9 pwhich the Board of Directors has not declared the whole dividend on the
. \4 P$ ~/ E( W4 P7 QPreferred Shares Series 18 in any quarter. In that event, subject as0 S1 h: ^9 _9 Q" N: Z
hereinafter provided, the holders of Preferred Shares Series 18 will be
1 u4 w+ p4 [. Z7 b1 @- ventitled to receive notice of, and to attend, meetings of shareholders at which
$ A$ k3 @/ m  k7 idirectors of the Bank are to be elected and will be entitled to one vote for* O! s7 a% D* G) o" `5 h
each Preferred Share Series 18 held. The voting rights of the holders of the
0 Y  X1 j( I( }) D% _$ }Preferred Shares Series 18 will forthwith cease upon payment by the Bank of5 ]2 |+ N/ ]+ H8 U: x" N1 C# R
the first dividend on the Preferred Shares Series 18 to which the holders are6 X# R0 F. A7 J. r8 v  n
entitled thereunder subsequent to the time such voting rights first arose until
9 i; Y9 l3 M  p, \4 bsuch time as the Bank may again fail to declare the whole dividend on the
; @% Y" P. Y' a9 kPreferred Shares Series 18 in respect of any quarter, in which event such
# Z) N' i8 d' Q5 h( f% zvoting rights will become effective again and so on from time to time.: Q" k" n* r% {( u' Y1 r# N* U+ p
Principal Characteristics of the Preferred Shares Series 19( v6 T7 i! t* |% u3 \4 e
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
' T, D4 V2 Y1 V- U+ D4 S1 z1 w$ Jfloating rate non-cumulative preferential cash dividends, as and when
& k3 D) {$ |% J- Fdeclared by the Board of Directors, subject to the provisions of the Bank Act,
' F& B7 J& s8 ~1 R( n0 `payable quarterly on the 25th day of February, May, August and November! {' J% c; l6 y, y4 o
in each year, in the amount per share determined by multiplying the+ z- M3 H# ~0 _- h
applicable Quarterly Floating Dividend Rate by $25.00.
3 ~/ D( }" H1 cOn the 30th day prior to the commencement of the initial quarterly dividend' m: b, j( Q' M* l  \& R, p
period beginning on February 25, 2014, and on the 30th day prior to the first! q! V( f; x8 A
day of each subsequent quarterly dividend period (the initial quarterly
* a/ v, B1 s, udividend period and each subsequent quarterly dividend period is referred to
. @7 h* w% g0 N9 E9 O2 P2 ^as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the" W$ j/ N* m: E) y' _1 v2 I
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
4 A1 ^, i- @. z5 q6 \& DPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
  c7 ~" q7 D5 |& `8 g# ST-Bill Rate plus 3.83% (calculated on the basis of the actual number of days: \! L6 p  O- g/ n+ n7 }# \
elapsed in the applicable Quarterly Floating Rate Period divided by 365)) N9 k& k, w& O( a: [& ~0 C
determined on the 30th day prior to the first day of the applicable Quarterly4 s; f3 A/ A& h: k: L( Y
Floating Rate Period.+ T8 P4 H% V& D  Z1 q& S, [( v  t
S-5
' h$ M7 z' E5 FIf the Board of Directors does not declare a dividend, or any part thereof, on
% M# i4 z" v( U6 @3 _  cthe Preferred Shares Series 19 on or before the dividend payment date for a
- K- e5 S; e6 N) @, bparticular quarter, then the entitlement of the holders of the Preferred7 G5 E9 S' h/ d* f- b
Shares Series 19 to receive such dividend, or to any part thereof, for such
% D5 B% O1 g& M% b) a8 `& h- K# d( Rquarter will be forever extinguished.
6 D+ M% s2 A+ s5 Q5 Q. N% NRedemption: Subject to the provisions of the Bank Act and to the prior consent of the& e- k7 ]& d  V3 p# H
Superintendent and to the provisions described below under the heading1 c7 g* H, G2 V
‘‘Details of the Offering — Certain Provisions of the Preferred Shares& f. y' i0 e+ `4 r5 r% S
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,; P2 @$ k! W, i; z: G
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all; c' m  G  K8 i, N. l. e
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
+ d7 e, F2 B! hoption without the consent of the holder, by the payment of an amount in+ M6 e% S# c! k1 x, e: ?$ a5 I8 o4 r
cash for each such share so redeemed of (i) $25.00 together with all declared1 U8 `6 `& i# F( X0 Y( `+ R# r# ^
and unpaid dividends to the date fixed for redemption in the case of
9 R' t7 T# ]7 N9 n( X) kredemptions on February 25, 2019 and on February 25 every five years
1 D/ ^  [4 g. N8 Bthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
; }6 Y, V1 E; x: F6 a6 V3 y. f& t2 Qthe date fixed for redemption in the case of redemptions on any other date
, R" S# e4 Q7 ?! Q" V7 hon or after February 25, 2014.: N, @/ v% t& U
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic" x( J: A. s! ]6 ^8 P* ?, i- s
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
; d* B1 E  x: Q3 `: f& Dthe right, at their option, to convert, on February 25, 2019 and on- w4 w0 x0 b7 r( d3 P! ]3 R& |  v! c8 ^
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
, U/ A8 d, ~2 y/ `4 E! Kor all of their Preferred Shares Series 19 into an equal number of Preferred
) O  n1 o& U( |/ Y' L3 C, d- m" o( dShares Series 18 upon giving to the Bank written notice thereof not earlier& G3 `+ [  T( d4 D8 z
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the1 e& C/ ^! g# D8 o2 }. V
15th day preceding, a Series 19 Conversion Date.
- R, p2 n8 _) H+ GAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
) I# i3 {& ^4 K6 @  ?4 KProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
4 c/ B& o8 [" j' _4 @$ r* g9 fSeries 18, as the case may be, that there would be outstanding on such
8 o9 }6 m' w! k* Y" l* b( p. ZSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
- _% L8 h2 |( J+ `0 ^such remaining number of Preferred Shares Series 19 will automatically be( U, g! W# R& ^! k4 e  |( w
converted on such Series 19 Conversion Date into an equal number of
4 v2 F+ |2 c' {" B! c" |9 a/ ZPreferred Shares Series 18. Additionally, if the Bank determines that, after
1 B* V" t+ I0 O# y# F5 I) {conversion, there would be outstanding on such Series 19 Conversion Date
, @  R, w: d: Tless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
+ K! n$ c& s9 MSeries 19 will be converted into Preferred Shares Series 18.7 Z3 I- Y- o) R7 k4 F$ v" M: k
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares1 }* t& a9 G! T+ f& v: X) Q8 o
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
4 m/ Y2 q2 W& t+ X. O, qany meeting of the shareholders of the Bank unless and until the first time at
3 @# V" L+ x* ?4 t6 U( a$ e0 s; Iwhich the Board of Directors has not declared the whole dividend on the) U1 b! [$ x$ s0 g
Preferred Shares Series 19 in any quarter. In that event, subject as% _# v/ D4 h% t4 b+ `5 h5 H0 T! T
hereinafter provided, the holders of Preferred Shares Series 19 will be
. K$ {4 \: J! Kentitled to receive notice of, and to attend, meetings of shareholders at which
& U9 q* q: d) [! Ddirectors of the Bank are to be elected and will be entitled to one vote for. y8 {+ U! p4 `8 N% o4 v8 o' G
each Preferred Share Series 19 held. The voting rights of the holders of the
' t3 V: ^. h: s9 q" KPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
( ~' {0 x$ e) I$ rthe first dividend on the Preferred Shares Series 19 to which the holders are
) r8 _  J+ N" u$ ^; g$ m! Oentitled thereunder subsequent to the time such voting rights first arose until
$ G9 E% ?- ]3 e. nsuch time as the Bank may again fail to declare the whole dividend on the
. X" a; K' T% _" p2 D' UPreferred Shares Series 19 in respect of any quarter, in which event such
& \, q9 E' [; @& M4 @voting rights will become effective again and so on from time to time.5 O7 h% N6 ^5 p2 W
S-6/ m6 T1 L% l. Y4 n
Priority: The preferred shares of each series of the Bank will rank on a parity with& v, x% O4 B3 H1 z# k: y3 {; U" p
every other series and are entitled to preference over the common shares of
, F9 r/ M- }+ r  H9 ~8 U7 O7 Pthe Bank and over any other shares of the Bank ranking junior to the* d5 S' M: c( _! n5 x5 j" j
preferred shares with respect to the payment of dividends and upon any" Q) C4 G8 ]2 G* g% `" S2 H
distribution of assets in the event of the liquidation, dissolution or. o! G+ ^" F7 ?9 P7 P
winding-up of the Bank.
. i  o9 [7 V% R9 qTax on Preferred Share The Bank will elect, in the manner and within the time provided under' _2 @6 k& w: x! `4 w
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares# Y* u! }2 Y, \
Series 18 and Preferred Shares Series 19 will not be required to pay tax on0 x! q( m+ k" I: X
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。
+ D( j+ B+ D$ E5 C/ V2 l$ Z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

. o+ X6 v; B! ?/ d. Z) f! `/ U
& M0 d9 j# E: m+ n6 D下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
8 Y1 X* ^. o  @. d- B
" v* S+ A5 U8 h, e% }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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