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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。7 x: H7 |# N! }& M
$ c% M2 G( [6 D! q2 Y
" E9 P" Z9 N3 f3 R* K$ x- ~
[ 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:
! x$ p* Q: j* [0 h9 F. uSUMMARY OF THE OFFERING
# Z4 G, q7 G9 G  t4 d& dThis 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’’.) c/ s& R5 W, }2 I/ c# d
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
* B$ q' Z5 N% L9 H$ |( c( PAmount: $150,000,000 (6,000,000 shares).  X4 G$ a8 z  O) ^- d6 [# m
Price and Yield: $25.00 per share to yield initially 6.50% per annum.. v/ N: U# I. Q  z6 S0 Z+ b
Principal Characteristics of the Preferred Shares Series 18
$ p+ k3 s* A; ZDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed$ k9 w* E, N1 L- s* j' ^7 @
non-cumulative preferential cash dividends, as and when declared by the
% e, _+ r6 Y1 C. GBoard of Directors, subject to the provisions of the Bank Act, for the initial
& |2 y3 G* c3 a$ ^period commencing on the closing date and ending on and including4 g6 }: D1 P4 J
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
. o) O; Q: O# a/ _) |25th day of February, May, August and November in each year, at a rate* _$ p5 G  T1 H1 n6 U* M0 m
equal to $0.40625 per share. The initial dividend, if declared, will be payable
& @+ C6 z9 _, O; T  AMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing: Y3 B0 s: F' ]
date of December 11, 2008.- ^3 a. v6 x" C, P0 e
For each five-year period after the Initial Fixed Rate Period (each, a" w4 }3 B: h7 K9 O( Q1 m) u
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
6 j8 n' b" ^4 D' w# D0 O$ G/ `Series 18 will be entitled to receive fixed non-cumulative preferential cash
$ s5 Z" d9 s/ v; r; ]6 \dividends, as and when declared by the Board of Directors, subject to the
+ a" ?& Y5 K1 G% H7 z7 Iprovisions of the Bank Act, payable quarterly on the 25th day of February,
% o* }( l; y9 o1 \$ CMay, August and November in each year, in the amount per share per annum* s/ K$ ^- I0 g
determined by multiplying the Annual Fixed Dividend Rate applicable to, \8 b1 N+ p4 B! B4 _$ b6 n
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend6 t* S9 n- z3 _
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the0 V- i1 O# |- R# n  t# F  p
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
5 [# ^( r/ G- W# s+ }8 w9 Bof such Subsequent Fixed Rate Period and will be equal to the sum of the
2 }. m- o( @9 H2 cGovernment of Canada Yield on the applicable Fixed Rate Calculation Date) i0 A2 L, t" s& C  R
plus 3.83%.1 Y$ F8 o! H4 k0 N) c# B3 S: d
If the Board of Directors does not declare a dividend, or any part thereof, on
1 U2 l+ U; X0 A% z% }the Preferred Shares Series 18 on or before the dividend payment date for a
2 m( N+ y7 }6 B& A0 ?, w, G) @) E9 Lparticular quarter, then the entitlement of the holders of the Preferred
/ x1 o$ ]5 H! `# y0 l- D6 L! @Shares Series 18 to receive such dividend, or to any part thereof, for such0 W$ g0 ]! V  m2 I
quarter will be forever extinguished.
" G8 z% X: U3 X( \0 @# YRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
! n2 ?% G# {, ?! X/ X9 ASuperintendent and to the provisions described below under ‘‘Details of the8 \6 {* n3 T5 O+ U+ y# ]! U
Offering — Certain Provisions of the Preferred Shares Series 18 as a
" l- }' f7 S+ K% w9 m8 cSeries — Restrictions on Dividends and Retirement of Shares’’, on
7 \% `" Q- z, D6 ?1 Z; J- G. @February 25, 2014 and on February 25 every five years thereafter, on not
5 m9 O5 ?) ], P" O! C8 o: Cmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any6 ~/ ]! i4 H3 ^3 [; G
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
! j& N7 S2 g0 ?1 R. z0 xwithout the consent of the holder, by the payment of an amount in cash for
$ _% M4 y% [" @1 K4 @each such share so redeemed of $25.00 together with all declared and unpaid# x' h3 M2 O% E# V
dividends to the date fixed for redemption.* @. E6 e2 g$ a& H! h% c  p8 o
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
; o, l( S# C: |( w1 P' s7 oShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
# `& t3 Y2 Y, M$ Z4 M; C$ E( N6 A9 Xthe right, at their option, to convert, on February 25, 2014 and on
! A8 F, _4 d) u6 T5 t4 W+ e9 oS-4
7 G2 G+ S$ n6 E) ~- j0 W) }February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
3 x( K( [* a- S( Nor all of their Preferred Shares Series 18 into an equal number of Preferred6 _8 l7 W, N6 E
Shares Series 19 upon giving to the Bank notice thereof not earlier than/ h+ B8 J. V/ C. D
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
; x; P: w, o4 V& Wpreceding, a Series 18 Conversion Date.- ~+ T  O* K% y, R" u8 c8 k0 R
Automatic Conversion If the Bank determines, after having taken into account all shares tendered- S  c0 }9 y& [* H5 G  v( l
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
+ V# l& J8 m; @5 ?  f0 \Series 19, as the case may be, that there would be outstanding on such: W1 T$ {: _! h4 {( c- y7 Z/ h2 u
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
8 }: E7 J3 S& g3 F. N* E  ~7 usuch remaining number of Preferred Shares Series 18 will automatically be
8 w: L- B9 I2 z3 V; Hconverted on such Series 18 Conversion Date into an equal number of
5 q( K# t3 d, i7 I* p4 @) U' FPreferred Shares Series 19. Additionally, if the Bank determines that, after
7 I% P' _* ^8 Y3 V+ ?! Uconversion, there would be outstanding on such Series 18 Conversion Date, }, H: w9 a) l9 x3 a
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
4 J+ T# T' g4 cSeries 18 will be converted into Preferred Shares Series 19.
* k7 p. c+ B+ W& ]: I. TVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
* F( |2 v9 K! r: wSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
, J# K7 ~6 }! k; k3 y5 R( \any meeting of the shareholders of the Bank unless and until the first time at
( A5 ~( q$ \8 r* D$ F* ]# x4 i7 Zwhich the Board of Directors has not declared the whole dividend on the
2 o  A# _' A0 E7 r" t% Q; WPreferred Shares Series 18 in any quarter. In that event, subject as3 i6 ^! m; R# H$ C* n
hereinafter provided, the holders of Preferred Shares Series 18 will be
% Z) E" M6 }* ~. i% Z2 c2 Zentitled to receive notice of, and to attend, meetings of shareholders at which
( y0 M/ w$ S- g5 i# Jdirectors of the Bank are to be elected and will be entitled to one vote for
& A: p3 u% Z$ Yeach Preferred Share Series 18 held. The voting rights of the holders of the$ i. Z, i) k/ A5 ?. `
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
& S" `9 K- M' x6 q8 Q0 bthe first dividend on the Preferred Shares Series 18 to which the holders are) S( }# D# r' \
entitled thereunder subsequent to the time such voting rights first arose until/ z3 R0 I/ p  J- J. v
such time as the Bank may again fail to declare the whole dividend on the$ m% E! ^( |2 ?1 H# s+ t
Preferred Shares Series 18 in respect of any quarter, in which event such
* ^) }: c2 }$ j( k1 Ivoting rights will become effective again and so on from time to time.' I0 H7 O) d  b8 {' \$ r* t
Principal Characteristics of the Preferred Shares Series 19( z) u9 R% f7 ]. ~& C
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
6 i9 p* E1 Z7 ]" g4 t3 efloating rate non-cumulative preferential cash dividends, as and when- D, e( a! A" {' v$ t" h
declared by the Board of Directors, subject to the provisions of the Bank Act,
5 N; d3 V1 d$ z* `payable quarterly on the 25th day of February, May, August and November
! r0 w, m, c; _+ Z+ A+ min each year, in the amount per share determined by multiplying the
$ j% m, n5 H' ?2 y' ]9 eapplicable Quarterly Floating Dividend Rate by $25.00.
; ?! @; j: Y' |' V$ n+ T! FOn the 30th day prior to the commencement of the initial quarterly dividend4 P6 R& Y  E8 K8 O( f
period beginning on February 25, 2014, and on the 30th day prior to the first
+ Z. T3 ]# ~6 Zday of each subsequent quarterly dividend period (the initial quarterly8 U5 G% \+ z7 I: j% W8 [
dividend period and each subsequent quarterly dividend period is referred to' U1 ~  Q- |) \$ t
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
+ y8 ~0 G) [5 u& c/ PQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate; T& z) s8 @4 C( ~0 p5 C
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the/ v2 ?  C9 q& \. }; z
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days! o, Q- N& L: P
elapsed in the applicable Quarterly Floating Rate Period divided by 365)+ m- S" I: P/ l9 @) Q+ I
determined on the 30th day prior to the first day of the applicable Quarterly
1 t2 Y; C2 Q( x. mFloating Rate Period.
4 S& [3 o3 N. i; Q) f* tS-5
2 N/ H" i, w  C/ ZIf the Board of Directors does not declare a dividend, or any part thereof, on
7 u$ N6 e! R6 J3 m4 i+ qthe Preferred Shares Series 19 on or before the dividend payment date for a
2 n8 O4 Z* Y9 s3 e" o" J# Fparticular quarter, then the entitlement of the holders of the Preferred9 C" ~/ Z# z9 r
Shares Series 19 to receive such dividend, or to any part thereof, for such
1 s; W; f! ^; ^0 m* Z5 [: m, Uquarter will be forever extinguished.
3 J! G$ U: l& d) C0 P* YRedemption: Subject to the provisions of the Bank Act and to the prior consent of the7 m; s1 @* M2 d0 ~& R% q" ^0 c
Superintendent and to the provisions described below under the heading% ^) }& G& h% b0 |8 U8 d" _
‘‘Details of the Offering — Certain Provisions of the Preferred Shares; H8 ]: I( g% S: w" Y
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,  K+ P6 D' y( t: q1 K/ t
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all8 l  _8 R& {# n' n
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s& j$ [% U2 d/ h
option without the consent of the holder, by the payment of an amount in
1 J% G5 s4 v7 H$ Acash for each such share so redeemed of (i) $25.00 together with all declared
8 ~0 Z5 \- H2 P) W9 dand unpaid dividends to the date fixed for redemption in the case of
' C5 I, H& D6 W( vredemptions on February 25, 2019 and on February 25 every five years
7 C+ G6 K+ w3 Wthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
/ I3 A1 z: y$ w7 y! `7 |: Mthe date fixed for redemption in the case of redemptions on any other date
( I' j. h) N8 \1 D9 ^: b8 Kon or after February 25, 2014.8 B& G. u# w6 ^, K5 ^! J& z7 A
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
0 e( @+ A8 }4 H+ w0 m6 t$ XShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have0 \! m+ R7 ~- m
the right, at their option, to convert, on February 25, 2019 and on" l- t: }! O3 e, O* G& o8 Z
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any( K: X# r1 d9 K- d" D; v& l$ @, J
or all of their Preferred Shares Series 19 into an equal number of Preferred: A$ g4 G2 j% h+ S9 _: ^
Shares Series 18 upon giving to the Bank written notice thereof not earlier
/ j# C' V( ^" Tthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the/ r! R: a+ J5 p( R# G% K  j( i
15th day preceding, a Series 19 Conversion Date.# U5 x3 [: K) A* R" l
Automatic Conversion If the Bank determines, after having taken into account all shares tendered  x( ~! l0 c! _- o
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
+ Z. P8 Q7 \. T/ z. K9 ^Series 18, as the case may be, that there would be outstanding on such
* N, ?: v6 b9 y, XSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,- V% T, z/ a2 F( e& g7 _
such remaining number of Preferred Shares Series 19 will automatically be$ u9 ~& B! f) i# C% u: h
converted on such Series 19 Conversion Date into an equal number of8 a$ ^! T8 W/ `. ?  y( T" \
Preferred Shares Series 18. Additionally, if the Bank determines that, after- V* E' G' x* T
conversion, there would be outstanding on such Series 19 Conversion Date6 O, d  h$ `( Z6 ~
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares7 d6 ]4 f) b* X, C8 l
Series 19 will be converted into Preferred Shares Series 18.
' v! T2 M6 s& T+ V( m1 |" Q8 PVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
( @; v5 O/ t% D( rSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
. i: H# s; s/ F. [any meeting of the shareholders of the Bank unless and until the first time at3 L0 p/ ]' M# K$ T: I) W
which the Board of Directors has not declared the whole dividend on the
0 S+ l, c* T8 |5 b- G3 \Preferred Shares Series 19 in any quarter. In that event, subject as
' K% Y( n7 _0 G8 r* q! G+ chereinafter provided, the holders of Preferred Shares Series 19 will be, b) m! F) U" V/ v  }0 i# p& d+ k: a9 l
entitled to receive notice of, and to attend, meetings of shareholders at which
. s/ C& D0 i  a! p3 ~& {directors of the Bank are to be elected and will be entitled to one vote for
8 G. g& p0 i3 q$ ^: v3 eeach Preferred Share Series 19 held. The voting rights of the holders of the) k* i, b% R0 c" l" H
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
( ]  k9 d) r1 D7 a! ?" l: Rthe first dividend on the Preferred Shares Series 19 to which the holders are
  H9 \* d! b, E6 u/ Z1 p" K  pentitled thereunder subsequent to the time such voting rights first arose until8 ]3 b" b/ n; Z/ o
such time as the Bank may again fail to declare the whole dividend on the$ z& z# N8 G- V! p4 j, |
Preferred Shares Series 19 in respect of any quarter, in which event such6 B1 ?" G" e- [
voting rights will become effective again and so on from time to time.4 l9 T3 L/ @. I: C8 f2 f8 F
S-6
% G5 f6 g0 t# V" R6 GPriority: The preferred shares of each series of the Bank will rank on a parity with
# D' H( e' A" F  ?5 M$ g- r3 N; Vevery other series and are entitled to preference over the common shares of
7 V  c: {4 ^) I- M5 A, {$ }the Bank and over any other shares of the Bank ranking junior to the! y& o" _7 d7 R! v+ d
preferred shares with respect to the payment of dividends and upon any+ W* ]; h+ p8 |6 k
distribution of assets in the event of the liquidation, dissolution or6 C' O1 U$ Q$ E5 r" |* Z8 x$ j
winding-up of the Bank.4 v( a/ T& \# B% T. k
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under4 g& k! D( h- e0 a& c
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares% _9 `' O+ J2 V' u1 H  x
Series 18 and Preferred Shares Series 19 will not be required to pay tax on8 P1 w6 N" \9 `5 b) t9 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。9 |9 f( N, Z: E& B- K) e' \' k
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
  r1 A+ F, y# V1 y* [: K

1 S+ o7 Y4 ?9 E) j7 G3 c6 r/ J- O5 ?下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。' ]# R% A' d* w# ^

1 k5 M) W$ X3 A+ }, M  v' b- [& 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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