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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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! A+ q' j8 F6 F9 y' g6 |! C* z0 J6 X  m" u0 P: R8 }6 H0 T: ?
[ 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:
  L; h3 `* w* s: o$ {SUMMARY OF THE OFFERING
0 K  `" \) m; O: a9 q' ^" AThis 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’’.2 P$ l( h1 f; n, ^
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
0 n2 Y5 B  |% x4 ~& n; lAmount: $150,000,000 (6,000,000 shares).
# F2 ]; c/ ^3 p" xPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
4 x- o$ f1 D8 K$ D- LPrincipal Characteristics of the Preferred Shares Series 18
! O/ a9 ]/ t. \/ l" ^8 ODividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
4 g) G- _: H( l! N4 r  mnon-cumulative preferential cash dividends, as and when declared by the" w6 ?. \3 j" b* Q
Board of Directors, subject to the provisions of the Bank Act, for the initial6 m( g( K; v# V# Z2 E; ^4 O8 U2 }
period commencing on the closing date and ending on and including$ f% ?2 z. c7 N$ J7 O/ \( y0 e+ t5 Q
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the' X" L$ B! D9 P  L- x$ G  `
25th day of February, May, August and November in each year, at a rate
7 ?' k/ k' \# ]4 M" R% @equal to $0.40625 per share. The initial dividend, if declared, will be payable
. B, V, G$ _& w( }  d. ?May 25, 2009 and will be $0.73459 per share, based on the anticipated closing. A( E( ?. `, W4 z$ W/ p! t
date of December 11, 2008.0 Z2 q* X5 G" V1 A) b& }  @( Q7 e
For each five-year period after the Initial Fixed Rate Period (each, a
; o& k' }) J3 z: W8 V2 |‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
, U5 a+ V5 K$ N: pSeries 18 will be entitled to receive fixed non-cumulative preferential cash
" m* O5 ?& L" l& q5 r3 Sdividends, as and when declared by the Board of Directors, subject to the& t% S1 q5 \) ^! P8 @3 ?4 c. j
provisions of the Bank Act, payable quarterly on the 25th day of February,
, Y7 x/ s3 R8 T4 q1 o% p5 RMay, August and November in each year, in the amount per share per annum' w& ?: K% U2 Y7 H) G
determined by multiplying the Annual Fixed Dividend Rate applicable to# F  [. y2 ]6 u2 J
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend/ k! a2 Y# z9 y/ ~' d- e
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
+ T- c- N  u% q( xBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day- i2 ]3 Y* O$ B2 c
of such Subsequent Fixed Rate Period and will be equal to the sum of the9 h8 T0 s7 r+ F! I$ {2 r
Government of Canada Yield on the applicable Fixed Rate Calculation Date
' |* A8 {/ J% c3 iplus 3.83%.7 S( i& l5 N( e( D
If the Board of Directors does not declare a dividend, or any part thereof, on9 r% h* A2 u9 q& Y: `* \6 R
the Preferred Shares Series 18 on or before the dividend payment date for a; a4 H& L" L4 p
particular quarter, then the entitlement of the holders of the Preferred; J5 s. a8 s  {7 J. V
Shares Series 18 to receive such dividend, or to any part thereof, for such
, T" c) n; V+ K+ Z) K4 t8 ]quarter will be forever extinguished.  h5 c# j$ b' T( g6 ?( c! I
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the1 I+ w  `8 b' z: b8 U
Superintendent and to the provisions described below under ‘‘Details of the
0 t% v9 X! X) A, Y6 u+ R& [Offering — Certain Provisions of the Preferred Shares Series 18 as a4 \4 N& E0 S% {* [# V& R' w
Series — Restrictions on Dividends and Retirement of Shares’’, on
9 G8 V7 ^3 r: F# D5 R) jFebruary 25, 2014 and on February 25 every five years thereafter, on not/ T/ N* J$ C. g
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
9 N7 \" ?$ U( F( Jpart of the then outstanding Preferred Shares Series 18, at the Bank’s option( S8 |: a; e7 }# M9 ?3 q( j( e
without the consent of the holder, by the payment of an amount in cash for
5 [5 N: P& S) a, O# h7 u/ Eeach such share so redeemed of $25.00 together with all declared and unpaid+ J6 w. d1 _2 L2 Q. E  ^: R  p) [
dividends to the date fixed for redemption., P7 k+ A) Z. O) K7 l( P+ X, n
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
3 r8 ~, O  ~% JShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
8 ^7 K0 q$ \, |the right, at their option, to convert, on February 25, 2014 and on
/ Y# K/ U2 L$ wS-4
4 [# h; m/ o3 X& M3 ^+ J7 }) ^; LFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any' i/ R- ^) C. D9 Y) d6 {
or all of their Preferred Shares Series 18 into an equal number of Preferred
3 h3 [- `9 g% W8 w, e, g. d& NShares Series 19 upon giving to the Bank notice thereof not earlier than
: E# G. T/ a+ v$ ?+ B1 E( i30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day) x. T5 J* m4 X5 ^' [
preceding, a Series 18 Conversion Date.
- m, K  u- z- F8 ?Automatic Conversion If the Bank determines, after having taken into account all shares tendered
. ?6 x5 }! [( ^# G! v" lProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
3 L4 V0 {. x$ s; z# ~- h& lSeries 19, as the case may be, that there would be outstanding on such
: W' j( T  A& n; g- F8 BSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
3 U$ Q9 w+ M8 O( L2 M3 Bsuch remaining number of Preferred Shares Series 18 will automatically be8 t; D# c" \, t0 {  [2 C4 q
converted on such Series 18 Conversion Date into an equal number of
0 Y% [% w6 q0 t  H) o* DPreferred Shares Series 19. Additionally, if the Bank determines that, after
, h& f" w% U' _& Lconversion, there would be outstanding on such Series 18 Conversion Date% N' X( ~: E: N: l' x
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
8 x$ a0 f% m, o3 D9 a( t2 ESeries 18 will be converted into Preferred Shares Series 19.
* v, v0 y' E/ z# _& G! K9 Y* ?( WVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares% x" q5 }& x6 I! e# O: b8 L7 X
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
- H" z$ w& P) w+ T/ w6 Y) f6 ^! Lany meeting of the shareholders of the Bank unless and until the first time at& }2 A( w  |* t) }3 Z. Z0 _
which the Board of Directors has not declared the whole dividend on the6 F$ B$ b7 ]+ Y8 I5 q
Preferred Shares Series 18 in any quarter. In that event, subject as. L5 b* ^& S& o% v
hereinafter provided, the holders of Preferred Shares Series 18 will be
3 s" U5 P; X: \' Q0 Lentitled to receive notice of, and to attend, meetings of shareholders at which
) B5 \* w1 H* w+ g  ^: z, p8 Mdirectors of the Bank are to be elected and will be entitled to one vote for# B+ F5 o5 }: m, Y+ Y* M
each Preferred Share Series 18 held. The voting rights of the holders of the
" \5 B9 V4 H" U, V- |Preferred Shares Series 18 will forthwith cease upon payment by the Bank of' m+ S% L1 [% a: `
the first dividend on the Preferred Shares Series 18 to which the holders are, @* {" X" y/ |/ S2 J7 [
entitled thereunder subsequent to the time such voting rights first arose until
0 n$ i) J1 j" `, _. F% n' K$ Ksuch time as the Bank may again fail to declare the whole dividend on the8 I" I6 H7 |: G$ a8 w7 w
Preferred Shares Series 18 in respect of any quarter, in which event such
' w% d. n/ p, Y/ x& b7 ]: b* Q% s7 ovoting rights will become effective again and so on from time to time.
# v- K+ m1 J8 V' E$ Y% Z$ lPrincipal Characteristics of the Preferred Shares Series 19. Q* `+ b' l. z& p
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive4 P8 n3 \3 A( C* c# R6 p/ {" H2 t) n( u, W
floating rate non-cumulative preferential cash dividends, as and when
( o+ O; W6 `2 V1 B1 B# gdeclared by the Board of Directors, subject to the provisions of the Bank Act,
+ R0 n5 L. W, ^$ N$ k, ~# ^" [0 V( Ppayable quarterly on the 25th day of February, May, August and November1 Q( U. q9 k$ ?. k1 {* M7 P' W
in each year, in the amount per share determined by multiplying the
1 q0 A& t, G/ }# i$ L8 |applicable Quarterly Floating Dividend Rate by $25.00.# D4 M( r) l8 u0 {
On the 30th day prior to the commencement of the initial quarterly dividend3 @# \) D5 W5 i; J/ U+ M0 ]
period beginning on February 25, 2014, and on the 30th day prior to the first
$ I7 l, r! E0 p% aday of each subsequent quarterly dividend period (the initial quarterly
" o& X' J! w+ |8 J0 Gdividend period and each subsequent quarterly dividend period is referred to3 t) k; @$ A$ o4 O$ n; X
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the( b" M. y6 {! I
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate/ a+ E- T. `' G, e2 C
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
, j* v" _+ B  N" @T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
* }2 W3 ~+ S  ?% e- P: z, A' ielapsed in the applicable Quarterly Floating Rate Period divided by 365)
  x3 V. k% r: b. k' i4 n2 [determined on the 30th day prior to the first day of the applicable Quarterly7 H0 |' F: x! U+ d( @, r
Floating Rate Period.9 G' t4 x: g" u; @3 u) T. [
S-50 r3 W8 r: u9 n' N4 P
If the Board of Directors does not declare a dividend, or any part thereof, on
" n6 g" }  X7 z4 p8 Rthe Preferred Shares Series 19 on or before the dividend payment date for a
! C, r9 p, \1 C, H' Nparticular quarter, then the entitlement of the holders of the Preferred
) S" [- k& [) t; G' |% |Shares Series 19 to receive such dividend, or to any part thereof, for such% y( V% c$ L# J# o
quarter will be forever extinguished.7 ^" W6 N1 c/ X% \3 ]- |
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
4 l2 _/ u8 V2 {; h  R2 C, M! LSuperintendent and to the provisions described below under the heading; y% Q# X0 W  X9 F
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
; l+ }) ~* `5 d7 z3 {Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
4 u% }$ N, o7 f2 Xon not more than 60 nor less than 30 days’ notice, the Bank may redeem all' j. x7 c+ W; X
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
. Q: w+ X. H& a' w4 ]! poption without the consent of the holder, by the payment of an amount in
6 n! \/ Z- I9 i6 Bcash for each such share so redeemed of (i) $25.00 together with all declared
  _2 L4 Q4 }# H* o( s$ j1 l6 M4 k: nand unpaid dividends to the date fixed for redemption in the case of
2 J$ O/ O# w+ w1 D. m0 oredemptions on February 25, 2019 and on February 25 every five years
: M% ~- N  U6 N! F5 Dthereafter, or (ii) $25.50 together with all declared and unpaid dividends to1 |( H- L* f- h4 q
the date fixed for redemption in the case of redemptions on any other date& s+ A" u% E2 ]; ?3 a. W
on or after February 25, 2014.2 z3 Z' n+ Q) V2 p- \* P0 ~) F: L2 Z
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
5 V8 L, D" p. a* `! _( vShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
8 G; X* s' w$ j3 N$ Q5 Sthe right, at their option, to convert, on February 25, 2019 and on
$ B4 d( U, m' C8 }4 g+ W% f8 ^February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
% W' o' ?" X% ]- Q( Ior all of their Preferred Shares Series 19 into an equal number of Preferred) y4 M, Z: v3 \4 H! w! @
Shares Series 18 upon giving to the Bank written notice thereof not earlier/ o, Q2 V: D3 D1 V1 y. ?8 D- g- w
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the& o' @1 k/ t2 }3 t0 u
15th day preceding, a Series 19 Conversion Date.
; ]& y, w) {: d4 O; l. YAutomatic Conversion If the Bank determines, after having taken into account all shares tendered4 }" Q/ {/ Z2 [4 }9 I
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
4 A5 p/ {1 e2 f7 Q1 OSeries 18, as the case may be, that there would be outstanding on such: ]- n# m# F' f% }$ n) I2 `
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
/ S9 a" O) s- ^such remaining number of Preferred Shares Series 19 will automatically be+ r$ V+ n# k5 i5 \& ]
converted on such Series 19 Conversion Date into an equal number of
& P- e8 q' a1 H  i! n) U& V/ h0 pPreferred Shares Series 18. Additionally, if the Bank determines that, after
. x% A- N$ V5 H* r( u4 uconversion, there would be outstanding on such Series 19 Conversion Date0 f! ?8 n# d' w+ J
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares2 x) y  u6 O0 E# `) H. Q# i
Series 19 will be converted into Preferred Shares Series 18.
9 i8 T# n  ]1 p! l; bVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
4 g8 J- G" H8 j! KSeries 19 will not be entitled as such to receive notice of, attend, or vote at,/ t# H- k% k# d+ N4 P4 h& C
any meeting of the shareholders of the Bank unless and until the first time at
9 i8 b% l. J4 |* Y5 [3 Dwhich the Board of Directors has not declared the whole dividend on the
: m: ?% {3 L3 a3 M$ l) s) B& BPreferred Shares Series 19 in any quarter. In that event, subject as
$ f2 {# W( c* j! phereinafter provided, the holders of Preferred Shares Series 19 will be! ~2 O! P( h3 E, B/ }
entitled to receive notice of, and to attend, meetings of shareholders at which4 d) y$ S9 _9 Y3 Z7 @4 S$ X
directors of the Bank are to be elected and will be entitled to one vote for0 Z9 U3 K3 L3 \1 E
each Preferred Share Series 19 held. The voting rights of the holders of the/ F8 E! S8 b  w# j3 C. `  _$ M% L
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
- a$ Y% a* L' d# w4 ]the first dividend on the Preferred Shares Series 19 to which the holders are
8 F  i) w, k6 U- Y2 C" ientitled thereunder subsequent to the time such voting rights first arose until" C5 H: a* o' M" |& r& k
such time as the Bank may again fail to declare the whole dividend on the! z. R$ y9 _. o9 f
Preferred Shares Series 19 in respect of any quarter, in which event such
, O' O) j2 u2 E3 Ivoting rights will become effective again and so on from time to time.: D/ H+ w, i1 u+ v& Z* X7 Y
S-6
3 m! D- b1 Z0 G  B! l8 lPriority: The preferred shares of each series of the Bank will rank on a parity with! m2 i" Y; |, w
every other series and are entitled to preference over the common shares of
5 R: [1 V7 h1 P- P2 K, zthe Bank and over any other shares of the Bank ranking junior to the
: D5 @: d/ l+ r5 ]preferred shares with respect to the payment of dividends and upon any
& |/ M  \6 Q& A( x" P! Fdistribution of assets in the event of the liquidation, dissolution or
. L1 T! u$ n9 ?" R1 }3 O2 Gwinding-up of the Bank.# C( u8 C) n1 K* g3 }( E  N
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under, j" J( {4 \4 T8 A$ }
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
2 `: I3 C* H7 ZSeries 18 and Preferred Shares Series 19 will not be required to pay tax on7 `8 [) l. i4 p7 m# R
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。% q1 W& p  Y2 W6 T5 K6 X
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
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下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
+ ?/ q6 ~4 |" f( g7 y
+ w/ c5 ]: q6 ^" r$ z6 C( e' G! @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。
大型搬家
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