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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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" ?. R, P5 Z3 r$ w' r! D8 G. K+ f% B[ 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:
, J7 e* ~( Z6 D: J% SSUMMARY OF THE OFFERING
4 @4 J' p! |4 H  c8 k/ UThis 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’’.& |: j( B% c  T" Z
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.5 z6 @# J' y& [% E. Z' \
Amount: $150,000,000 (6,000,000 shares).
: q- S8 v& |  A" p2 ^7 XPrice and Yield: $25.00 per share to yield initially 6.50% per annum.  h* t2 V& ^- k9 s+ c* R- G( D* x4 U8 j
Principal Characteristics of the Preferred Shares Series 18
! f$ s3 D' s4 n: o& T3 }Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
. r8 |; }& c9 Gnon-cumulative preferential cash dividends, as and when declared by the7 m& D2 [( [' e/ k$ c5 T$ m
Board of Directors, subject to the provisions of the Bank Act, for the initial
  T! W% M6 T- T8 p" i$ }( ]$ kperiod commencing on the closing date and ending on and including3 W5 w' {# D& g7 `% S
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the# h6 g2 p4 n! B, ]& W5 X
25th day of February, May, August and November in each year, at a rate
+ }. g4 J7 z5 j2 z+ cequal to $0.40625 per share. The initial dividend, if declared, will be payable
* ]$ {8 {7 r6 I8 FMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing, l8 v% \8 K; Y+ m. b1 l4 o) x
date of December 11, 2008.
# k+ n- v, g: {) x7 r2 xFor each five-year period after the Initial Fixed Rate Period (each, a; s  t9 ]. }4 _* b3 A
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
3 e0 |* O9 {1 L) _Series 18 will be entitled to receive fixed non-cumulative preferential cash
+ F! B4 L5 ~' w% k1 r/ S: Rdividends, as and when declared by the Board of Directors, subject to the
2 T, `$ U  l1 v' L& b9 X6 [8 Q% sprovisions of the Bank Act, payable quarterly on the 25th day of February,; I7 ^7 Y) r) G) p& `; u% F
May, August and November in each year, in the amount per share per annum! Q: H% Y5 D% }
determined by multiplying the Annual Fixed Dividend Rate applicable to
- I& R4 _8 W7 h0 }# vsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend" W+ T( s( U) R, K
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the+ v. U$ I3 e7 t9 L( g& }
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
8 a( v7 I4 a6 x8 \+ r( Xof such Subsequent Fixed Rate Period and will be equal to the sum of the. o2 |8 a6 r5 c, y, q4 R; [
Government of Canada Yield on the applicable Fixed Rate Calculation Date/ P; K6 i" v, l+ @
plus 3.83%.
9 {- O: N7 v1 ~' N9 Y+ nIf the Board of Directors does not declare a dividend, or any part thereof, on* `1 ?9 \1 `( O
the Preferred Shares Series 18 on or before the dividend payment date for a
- i7 |: q- s& z2 i2 O7 Nparticular quarter, then the entitlement of the holders of the Preferred
6 C5 J/ W4 |% a8 tShares Series 18 to receive such dividend, or to any part thereof, for such
* z# n0 k  x/ S. Q7 F: V2 }quarter will be forever extinguished.4 c5 E5 t+ q% B5 G0 J$ N2 t2 m
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the3 o9 G8 Y% ~7 `& U3 q/ B
Superintendent and to the provisions described below under ‘‘Details of the8 u5 e  Y' r$ r0 I8 P1 K2 S
Offering — Certain Provisions of the Preferred Shares Series 18 as a2 i( q5 s- Y# f- X& s" x- |
Series — Restrictions on Dividends and Retirement of Shares’’, on
3 o& j/ Q4 V6 v7 q+ EFebruary 25, 2014 and on February 25 every five years thereafter, on not/ E2 p) l/ Y4 M% u+ [- V" m  V
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
8 i$ }0 _9 D6 V3 h) ^6 ^: Qpart of the then outstanding Preferred Shares Series 18, at the Bank’s option" O; ^* L' X2 s) t' P
without the consent of the holder, by the payment of an amount in cash for
3 M% E! W, x7 O2 D) L7 o/ L1 d2 qeach such share so redeemed of $25.00 together with all declared and unpaid' V8 p6 T: Y- w- C: v
dividends to the date fixed for redemption.6 G: t, Q( N4 {# u
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic1 j% N3 A" m/ S8 F. x
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
0 _0 L/ d2 [8 p" fthe right, at their option, to convert, on February 25, 2014 and on
& Z9 v  }' @% u5 F' H& ^S-4) d1 S' f% F0 @' w, m$ A7 Z
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
' x; O7 |4 H5 D# x7 jor all of their Preferred Shares Series 18 into an equal number of Preferred$ x  p, |  [7 F, b
Shares Series 19 upon giving to the Bank notice thereof not earlier than
: E2 `6 s% q/ K  t30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day1 F1 N! l) w5 e6 g4 H
preceding, a Series 18 Conversion Date.) [( x& n. K3 s$ w5 Z- ~  K
Automatic Conversion If the Bank determines, after having taken into account all shares tendered, F( c& M- m2 f9 T8 |, K! D
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
8 L+ ^; L; [- Y. E1 K7 rSeries 19, as the case may be, that there would be outstanding on such
' |- m8 {% N$ [2 ASeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,0 k! A& v) _! n+ c& h4 P1 m
such remaining number of Preferred Shares Series 18 will automatically be3 A6 R. u5 ~4 M! x, I
converted on such Series 18 Conversion Date into an equal number of9 D2 _1 u4 H1 v/ q# q7 z2 {
Preferred Shares Series 19. Additionally, if the Bank determines that, after
- y, |  A, M: G8 R* [conversion, there would be outstanding on such Series 18 Conversion Date+ S* ^( X( k) M0 b8 W$ c4 ^( u
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares4 ^) D( i2 I  J. d+ E
Series 18 will be converted into Preferred Shares Series 19.
2 p% C% V! B( _+ z; W: TVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
8 @3 q( i4 W1 Q6 wSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
9 Q& ~0 v5 ]! h1 o4 f" zany meeting of the shareholders of the Bank unless and until the first time at$ A  Z% @. K5 F5 g- r
which the Board of Directors has not declared the whole dividend on the
& s" k; P; H" `  lPreferred Shares Series 18 in any quarter. In that event, subject as
' X4 n. P; _1 t+ c1 \% W3 T0 Bhereinafter provided, the holders of Preferred Shares Series 18 will be
5 d) @2 e# s4 Y( Q/ oentitled to receive notice of, and to attend, meetings of shareholders at which
9 F& W# X# V  ]directors of the Bank are to be elected and will be entitled to one vote for
* w+ K" D2 E$ ^5 o; k! Heach Preferred Share Series 18 held. The voting rights of the holders of the
: D$ W3 L2 ]% jPreferred Shares Series 18 will forthwith cease upon payment by the Bank of: X+ T! ^& t0 [
the first dividend on the Preferred Shares Series 18 to which the holders are
7 `" ^! y; f4 C7 L1 u$ oentitled thereunder subsequent to the time such voting rights first arose until
1 m- @& N1 g9 G- n$ @; Ksuch time as the Bank may again fail to declare the whole dividend on the
( N# }7 o9 q2 ]( V) B( E2 I, ?8 gPreferred Shares Series 18 in respect of any quarter, in which event such; a1 W% N, X7 P' ?2 h
voting rights will become effective again and so on from time to time.$ v3 X8 E0 Q7 v( R4 i+ m
Principal Characteristics of the Preferred Shares Series 19. i! Q' I) r" h6 u1 U& ~
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive  H: A5 n: a( M
floating rate non-cumulative preferential cash dividends, as and when
% W$ |1 ^. d$ `2 E8 @) ]declared by the Board of Directors, subject to the provisions of the Bank Act,9 R& K" E( |3 @6 q- B  _
payable quarterly on the 25th day of February, May, August and November7 r% |! I9 q2 p5 u: l6 c
in each year, in the amount per share determined by multiplying the
- E& v! [1 f0 ~0 e( h+ y. o7 uapplicable Quarterly Floating Dividend Rate by $25.00.
3 b6 J& I0 Q, C4 POn the 30th day prior to the commencement of the initial quarterly dividend
1 p  e! p% M$ o# d5 J2 uperiod beginning on February 25, 2014, and on the 30th day prior to the first
4 `; h( h- _& r$ G; B; p/ yday of each subsequent quarterly dividend period (the initial quarterly
! ~; @1 |, S- N8 [2 E  N' Fdividend period and each subsequent quarterly dividend period is referred to
' B3 T/ i8 a" Q8 das a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
$ m4 C+ T7 C% B7 O/ ZQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
% P+ {5 @6 I& E9 n  M  YPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
5 T  t4 q! Z* VT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
7 d0 p/ f  L% f6 A  Z" ]9 Zelapsed in the applicable Quarterly Floating Rate Period divided by 365)
. F! j: X& p6 l! G8 ydetermined on the 30th day prior to the first day of the applicable Quarterly
% A: D, n! k( c& KFloating Rate Period., B5 \' u" b* B3 j0 `  G, d
S-5
. J5 I- k  N! h2 g' L# qIf the Board of Directors does not declare a dividend, or any part thereof, on7 o* T6 j7 B. Y; A) M% D
the Preferred Shares Series 19 on or before the dividend payment date for a
* Y1 C$ s( a" k( `/ D0 Y& U* Sparticular quarter, then the entitlement of the holders of the Preferred7 L- Q' G8 T+ g3 x- `$ W
Shares Series 19 to receive such dividend, or to any part thereof, for such
& R: `/ M. |: Q; r$ Pquarter will be forever extinguished.
' O3 a+ ^1 i5 l- r- L; F5 hRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
# e& E" p  M2 P# hSuperintendent and to the provisions described below under the heading5 t1 |; `" ?5 C+ y- d& @
‘‘Details of the Offering — Certain Provisions of the Preferred Shares0 T' k7 n7 O* p2 H9 x/ E0 w  I) Z; i
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
$ r2 J6 `4 \+ A0 |on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
' p; x/ f0 G" F' G) Uor any part of the then outstanding Preferred Shares Series 19, at the Bank’s  \- n. K. f$ S
option without the consent of the holder, by the payment of an amount in  G' B0 }8 _2 c1 ^1 _. v
cash for each such share so redeemed of (i) $25.00 together with all declared2 O% @7 s$ m. n+ v( N; Z- x) g
and unpaid dividends to the date fixed for redemption in the case of
/ I) u" b: c. }redemptions on February 25, 2019 and on February 25 every five years7 O; A5 c* R$ t, i% V  D  V8 Z
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
, K/ \1 G9 L4 u+ W9 m0 S& B" athe date fixed for redemption in the case of redemptions on any other date4 C0 G; T$ `* T2 P6 }5 Y8 y
on or after February 25, 2014.0 r# f. U6 D9 L! ]
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
! t7 s3 w# w/ a0 Q% r! s6 H, ZShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
5 v+ k0 M* |6 V0 z0 V+ y; ~the right, at their option, to convert, on February 25, 2019 and on
3 @. g3 E$ P2 d3 F3 zFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
) y) P: R2 o- I% i# {: a, tor all of their Preferred Shares Series 19 into an equal number of Preferred
" r2 F" J& M8 P' NShares Series 18 upon giving to the Bank written notice thereof not earlier7 O4 v+ O; }' y! X) g9 R
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
( ]2 q/ J$ ]- t  T, f8 ]15th day preceding, a Series 19 Conversion Date.
3 U" y0 V# g- q. N2 J0 o: ~Automatic Conversion If the Bank determines, after having taken into account all shares tendered
0 {, k5 S7 g% T5 ~% \3 v) ZProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
& _) `8 n- U4 R4 ZSeries 18, as the case may be, that there would be outstanding on such
: q- w! V& M) o- ^2 L' ]Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
) a  R+ o  P. _% Z( C7 Ksuch remaining number of Preferred Shares Series 19 will automatically be
! `& ^, n* S& z" ~$ Wconverted on such Series 19 Conversion Date into an equal number of
- V# S, R0 W4 P/ hPreferred Shares Series 18. Additionally, if the Bank determines that, after
- e( F+ ^' U" sconversion, there would be outstanding on such Series 19 Conversion Date' `+ B, z+ C0 M& h6 \# Y  A# K
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares6 I7 I% U2 \5 o6 C. K
Series 19 will be converted into Preferred Shares Series 18.' Z- g" u4 v7 u( q" f" x  c
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
0 Q7 B, r. J; e% l) b. G8 A* P0 l+ `Series 19 will not be entitled as such to receive notice of, attend, or vote at,
& l  ?8 a7 \; v  K8 T- ~% ~any meeting of the shareholders of the Bank unless and until the first time at1 ^2 Q9 Q8 O0 F* _% C
which the Board of Directors has not declared the whole dividend on the2 l) n% \' O; O4 S8 O
Preferred Shares Series 19 in any quarter. In that event, subject as" v. W6 o/ R6 u7 V* I
hereinafter provided, the holders of Preferred Shares Series 19 will be' D7 ^1 F$ r* P' }3 I. A
entitled to receive notice of, and to attend, meetings of shareholders at which+ H, [9 t, a, _5 W
directors of the Bank are to be elected and will be entitled to one vote for
' ?4 ^( U7 {. B  Ueach Preferred Share Series 19 held. The voting rights of the holders of the7 g2 o/ q# R, q. G" I' O7 y4 P
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of  _% ~. q3 ^1 M2 V
the first dividend on the Preferred Shares Series 19 to which the holders are  d& G. \- r! Q/ a) w
entitled thereunder subsequent to the time such voting rights first arose until
1 r' G" s& N; L, Z( L* |  D8 j- ]such time as the Bank may again fail to declare the whole dividend on the' t) i/ L6 b& T. I: Y# }
Preferred Shares Series 19 in respect of any quarter, in which event such
* K3 l2 l) n0 I+ g% P6 n: fvoting rights will become effective again and so on from time to time.8 k8 E6 {; \0 I% V1 s. P
S-6
- h) q- s$ I/ @- C3 F3 g9 `# tPriority: The preferred shares of each series of the Bank will rank on a parity with
, C2 [/ ^6 i5 k4 [2 K3 K4 Z# Qevery other series and are entitled to preference over the common shares of
- _8 W9 W" E6 h6 F! Kthe Bank and over any other shares of the Bank ranking junior to the! Q5 S( m" T( C$ V
preferred shares with respect to the payment of dividends and upon any
# J+ Q* V( ?8 T9 I: D5 m+ pdistribution of assets in the event of the liquidation, dissolution or( c* ^9 s! w, k0 g( \  O
winding-up of the Bank.
7 E0 g$ Q  o' P. z* b' zTax on Preferred Share The Bank will elect, in the manner and within the time provided under
3 U5 a+ o4 y8 H! {) d- B; m% }& eDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
) k2 f& b/ R9 f1 d. }Series 18 and Preferred Shares Series 19 will not be required to pay tax on* O5 [( k, o4 B  T* d- C0 Q9 Z8 ^
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。
* X" ^' S, [2 B4 h9 o8 }& q: ?5 k0 U# 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
* D$ d7 }! r7 ?/ o4 Q) q/ v5 V( l
- R  y1 [, `' e' I* f
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
, f. x) S% `4 N, T. i
  s2 A/ \9 C$ [5 Ocall 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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