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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。  Y) J- a8 e4 o) I# q% P) r* l

6 R  X1 A& J( p  c; @
1 `( M" S- c) [. c! V% `) l( c9 A, q[ 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 m- j3 B& F6 h% [; f4 Q* s- zSUMMARY OF THE OFFERING
: Q. F- o! n8 q5 K- z; |1 _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’’.
# u0 C  p* x* j; [  \/ N" B, MIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
& i" K  {1 D, B( C  l' b: t% oAmount: $150,000,000 (6,000,000 shares).! F8 q1 X6 O% r: O6 o/ B/ l
Price and Yield: $25.00 per share to yield initially 6.50% per annum.# F2 ?7 R& p* E2 ]
Principal Characteristics of the Preferred Shares Series 18
3 f; ]6 V9 n4 a) s2 PDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed7 T' C. o: |% n/ J" u. X6 N
non-cumulative preferential cash dividends, as and when declared by the
% x( A! Z3 v- r; {& S4 SBoard of Directors, subject to the provisions of the Bank Act, for the initial
% U' a7 N! T7 z5 Y4 [- a+ N9 @9 d3 R" Q9 ^period commencing on the closing date and ending on and including# T3 U7 x4 ?" n( x# _( T% K5 h
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the  O) J6 u, T! G- }7 D( h/ r% G
25th day of February, May, August and November in each year, at a rate
8 }1 L  ^2 K& D3 h: hequal to $0.40625 per share. The initial dividend, if declared, will be payable
+ w+ z. \# u/ `  [3 ?May 25, 2009 and will be $0.73459 per share, based on the anticipated closing. n& i* i+ q3 H* n
date of December 11, 2008.
: A5 x8 c( D9 G0 Q3 }For each five-year period after the Initial Fixed Rate Period (each, a. L- K& \9 `' j8 u
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares: @) ~# s5 [) g, g+ S
Series 18 will be entitled to receive fixed non-cumulative preferential cash+ v8 C3 j' j, C) A) {9 \& x% y
dividends, as and when declared by the Board of Directors, subject to the
! H# K( f& P2 h" Z9 D2 u) dprovisions of the Bank Act, payable quarterly on the 25th day of February,
& E1 c, c% X6 s" b; ~May, August and November in each year, in the amount per share per annum8 t3 v) N/ F. W& o% _
determined by multiplying the Annual Fixed Dividend Rate applicable to
$ K$ {" ~, I& ~1 X  p. tsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
9 ~- b% [' ?  k/ W0 [. ~# q# zRate for the ensuing Subsequent Fixed Rate Period will be determined by the  T- U1 M6 g8 L- U0 A) ~, P
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day' v+ G! V! f$ w0 \9 R7 C
of such Subsequent Fixed Rate Period and will be equal to the sum of the  i+ G. `; v. H0 k
Government of Canada Yield on the applicable Fixed Rate Calculation Date
- m; x4 w5 [& w9 A5 R  iplus 3.83%.
9 @- s. m' n1 o+ Y( F4 xIf the Board of Directors does not declare a dividend, or any part thereof, on
6 }8 T% N) ^* a. a0 Y! lthe Preferred Shares Series 18 on or before the dividend payment date for a
" ~9 U- Y% I$ t9 I$ s( rparticular quarter, then the entitlement of the holders of the Preferred  i) Z* X' K/ S6 H9 ?
Shares Series 18 to receive such dividend, or to any part thereof, for such
+ H2 O0 ?1 G2 E3 \( C  vquarter will be forever extinguished.+ ~, g0 n2 q, o, Y5 b
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
4 O' }8 L- A( K; k4 J$ e0 |Superintendent and to the provisions described below under ‘‘Details of the$ F; T  O, j* \7 @5 c
Offering — Certain Provisions of the Preferred Shares Series 18 as a4 r& t: R+ T7 r' q) K/ D; g
Series — Restrictions on Dividends and Retirement of Shares’’, on+ s% N- C) Q$ _/ Q" Q4 E
February 25, 2014 and on February 25 every five years thereafter, on not* v: }8 J$ e4 g& _; M
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any* y: p" N1 Y) g
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
) {! M9 r: o( l0 ywithout the consent of the holder, by the payment of an amount in cash for
4 F0 ?' d, D' r- peach such share so redeemed of $25.00 together with all declared and unpaid
  T9 w% n. P' D2 N9 Idividends to the date fixed for redemption.
1 ]# n. F1 S+ X9 X; F# r' xConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
7 Z0 e  Q# }$ UShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
4 P( y1 j  S7 ythe right, at their option, to convert, on February 25, 2014 and on
) y' }, H  C! ~+ F7 F9 BS-4" e  x' j" Q- [4 i9 w1 @) r
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
" @4 \) |: C& E  aor all of their Preferred Shares Series 18 into an equal number of Preferred
3 o2 G+ Q. Y/ F* \! eShares Series 19 upon giving to the Bank notice thereof not earlier than0 t6 l3 z7 V; \7 |, v. V
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day  |, d: s6 x  l* Y! A
preceding, a Series 18 Conversion Date.
0 [# i5 q7 H  H% ~; h) `Automatic Conversion If the Bank determines, after having taken into account all shares tendered
" f; i# }6 `; E9 w6 |. TProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
. x3 h) O& P; h- q* FSeries 19, as the case may be, that there would be outstanding on such
, y) @& G/ ?2 W8 P5 GSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,0 B0 u( ?* x% q! `; y+ i, N
such remaining number of Preferred Shares Series 18 will automatically be
2 X. o* o+ }7 H8 R8 J  zconverted on such Series 18 Conversion Date into an equal number of- o. A; k! ^2 j% H0 L! m5 z. Z0 c4 @
Preferred Shares Series 19. Additionally, if the Bank determines that, after
8 |! I1 t5 c, G8 a2 P: C/ ?conversion, there would be outstanding on such Series 18 Conversion Date
1 I' Y: L+ M7 y: U3 U' c/ {, Eless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
0 M6 Z3 Y+ W+ y. [: M1 V7 bSeries 18 will be converted into Preferred Shares Series 19.$ o+ _: z& y7 |! K, `( R- W
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares  e# s, G% _1 u- [
Series 18 will not be entitled as such to receive notice of, attend, or vote at,: G" d' K5 ~& D' v9 G8 Q
any meeting of the shareholders of the Bank unless and until the first time at2 b+ U" ?! S, i- v, y- F
which the Board of Directors has not declared the whole dividend on the
1 C- |1 o& y) H/ x" Q( G9 aPreferred Shares Series 18 in any quarter. In that event, subject as
" Q. {3 z$ M4 i3 K7 Z' ?$ ^hereinafter provided, the holders of Preferred Shares Series 18 will be
2 r- G7 h  Y5 V  J2 }* {entitled to receive notice of, and to attend, meetings of shareholders at which2 n, @0 K! r! k2 z6 A( S+ g
directors of the Bank are to be elected and will be entitled to one vote for9 W( P3 k, {) ^7 _( C' k
each Preferred Share Series 18 held. The voting rights of the holders of the& A8 J, ?* z' Z% v  z; Q8 P
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
$ K- ]& x( [; P2 j. Pthe first dividend on the Preferred Shares Series 18 to which the holders are" u& ]/ h. W7 L- J8 L, P6 a
entitled thereunder subsequent to the time such voting rights first arose until0 H* J) ?" M4 z9 q% _, P: _; V
such time as the Bank may again fail to declare the whole dividend on the
4 I. r* M8 O$ u/ v% bPreferred Shares Series 18 in respect of any quarter, in which event such
, O* w: R9 R8 L: B" l; kvoting rights will become effective again and so on from time to time.2 X- ]  {& O6 N  X
Principal Characteristics of the Preferred Shares Series 19
6 |8 r; J1 p) k9 ~) `& EDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
! k1 ]( b" z8 g3 E) L  ?  u& |floating rate non-cumulative preferential cash dividends, as and when4 H1 I$ H7 k. A/ f2 v" l0 C, c
declared by the Board of Directors, subject to the provisions of the Bank Act,
8 L# p# P" }. o9 i/ g+ epayable quarterly on the 25th day of February, May, August and November
6 P8 @8 ^' F, q! _; E, C+ {/ Tin each year, in the amount per share determined by multiplying the
( ]. L1 t5 U2 }2 n3 napplicable Quarterly Floating Dividend Rate by $25.00.
+ a$ F7 Z% `+ o" P, |On the 30th day prior to the commencement of the initial quarterly dividend
# J- s& l! J" g3 g; g) uperiod beginning on February 25, 2014, and on the 30th day prior to the first
6 e# h/ h! C/ r4 N/ ?day of each subsequent quarterly dividend period (the initial quarterly
1 L. g1 j- |8 Z  j! Qdividend period and each subsequent quarterly dividend period is referred to& |; Q# K% r3 H# @
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
$ P/ Y3 d8 G$ D- B1 `( uQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate: u5 m, h9 y8 U5 V0 w& K
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
9 V9 q5 H% X6 e- OT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days6 R$ ?. Q+ p7 `6 u6 b1 e% W
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
; _% _, W' Q: \5 J9 [0 |( Wdetermined on the 30th day prior to the first day of the applicable Quarterly
. x0 o+ V: f9 K- Y5 K! d1 ^2 V- QFloating Rate Period.
6 q& n8 }2 t) h' l: N# {% B3 zS-56 @/ A( A7 \4 {1 D- s
If the Board of Directors does not declare a dividend, or any part thereof, on
" @5 Q4 }; g! d0 v, Tthe Preferred Shares Series 19 on or before the dividend payment date for a; M( `/ {2 S$ S8 a# g' k& m
particular quarter, then the entitlement of the holders of the Preferred- z# T7 s& u. G2 v/ C
Shares Series 19 to receive such dividend, or to any part thereof, for such
, h; E" w( t- W4 l5 P- y" @quarter will be forever extinguished.
- ?* W3 p! o" g  dRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
+ n' }+ l# {$ a' C$ O$ MSuperintendent and to the provisions described below under the heading9 u; Q5 e' A) I* C$ Q
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
5 F3 N9 {4 h1 ]" H* r! W! x( [9 x/ hSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,- v4 V3 X, n1 X3 A- d' H  R
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all! x% E6 T3 ~  O1 C6 a. ~/ G
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
( Z# q+ r2 w+ H9 Foption without the consent of the holder, by the payment of an amount in* E# O/ ~; p/ W) o- u2 `
cash for each such share so redeemed of (i) $25.00 together with all declared1 r. U  f( h$ c0 e
and unpaid dividends to the date fixed for redemption in the case of  p0 b$ X1 m; Q1 _- H
redemptions on February 25, 2019 and on February 25 every five years4 _. J# s$ ^( v  b# }/ n
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to* d4 K- ?& z( ~9 n2 L* r
the date fixed for redemption in the case of redemptions on any other date9 h8 u: [0 f: b9 z9 m, u
on or after February 25, 2014.
8 s, O- H  `6 A8 h6 O0 h& kConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic3 C) k- p9 q8 _1 a( U
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
$ r. A5 N! K% M- O7 H* p+ lthe right, at their option, to convert, on February 25, 2019 and on" ]2 j0 q2 y: n5 z- h2 P5 }
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
/ j5 i7 D' q) p5 T6 ?or all of their Preferred Shares Series 19 into an equal number of Preferred# s! a9 c& ], n) y* O" R' k
Shares Series 18 upon giving to the Bank written notice thereof not earlier# w7 K: P1 z$ E/ E9 V
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the% Q8 Q' l2 t- X
15th day preceding, a Series 19 Conversion Date.* i1 w/ Z" W2 z) H5 a* |0 }
Automatic Conversion If the Bank determines, after having taken into account all shares tendered  q" K: i; g# ^# O  |- j( f) a
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares* e4 N% a5 W+ m3 c. x7 E- [
Series 18, as the case may be, that there would be outstanding on such: w8 o& @' O; `& V9 f' T
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,0 Z- N" S* q; c
such remaining number of Preferred Shares Series 19 will automatically be+ k* }- m6 o$ Q7 z8 ?% x, B
converted on such Series 19 Conversion Date into an equal number of
6 L$ G8 A7 W+ C& hPreferred Shares Series 18. Additionally, if the Bank determines that, after0 s' ?% U0 R+ T& ]8 F9 n8 x, o
conversion, there would be outstanding on such Series 19 Conversion Date  j. ^" v3 @- \3 ?1 F
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares1 e7 \. g3 z- c$ |+ }8 O' C) P
Series 19 will be converted into Preferred Shares Series 18.
4 _/ v. v' O( j- jVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
" C% w; n) @2 x( [7 m7 FSeries 19 will not be entitled as such to receive notice of, attend, or vote at,3 Z  W9 h7 l; D
any meeting of the shareholders of the Bank unless and until the first time at
, G3 d7 V- R, F* g* F9 Dwhich the Board of Directors has not declared the whole dividend on the
- ^. _, W) t+ ^2 VPreferred Shares Series 19 in any quarter. In that event, subject as
# F, {7 C" ]$ T8 Phereinafter provided, the holders of Preferred Shares Series 19 will be4 C6 j3 e1 I* F* p2 C
entitled to receive notice of, and to attend, meetings of shareholders at which' d' G- G; ^1 q# l+ q' H
directors of the Bank are to be elected and will be entitled to one vote for5 y9 R$ t$ N8 Y! }
each Preferred Share Series 19 held. The voting rights of the holders of the, z+ N+ v: ]/ Y$ R5 i
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of/ h( |. P6 B5 x; x' j: w$ f
the first dividend on the Preferred Shares Series 19 to which the holders are; N  ?3 j8 F1 N/ G
entitled thereunder subsequent to the time such voting rights first arose until
2 W$ ]* @( o& ^7 M$ o8 K6 Bsuch time as the Bank may again fail to declare the whole dividend on the
4 u6 {) y4 Z4 _0 J" @3 tPreferred Shares Series 19 in respect of any quarter, in which event such+ A" y- J& U4 `1 k! \
voting rights will become effective again and so on from time to time.1 r  \, m+ F* k& _, }
S-6: C( `3 D# K' u
Priority: The preferred shares of each series of the Bank will rank on a parity with
$ I- q; Q6 u9 C: }every other series and are entitled to preference over the common shares of
& ^  [+ h2 a8 j. ~# s2 W# ~the Bank and over any other shares of the Bank ranking junior to the
9 G6 s' v5 s3 ?, U) ?8 vpreferred shares with respect to the payment of dividends and upon any! j& ^5 h: u* b, b3 o. V
distribution of assets in the event of the liquidation, dissolution or9 V, B4 G9 s  u9 }0 i2 B
winding-up of the Bank.: I( x' v7 v2 t6 C
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
- b3 c! {  |/ x( A  z/ SDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
4 Y  B' f5 O, ^6 J2 g, USeries 18 and Preferred Shares Series 19 will not be required to pay tax on
' _& m% X8 e4 B/ Fdividends 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。
2 ~6 U7 C- ^7 z4 l) j4 x4 M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

7 V  d( G% [3 ~. n) K# Q, y5 U' _; {1 K% ]
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。2 V$ V$ ]1 R) z& D$ S2 S$ [$ S

7 s# Y. {' x1 F" M+ rcall 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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