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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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' U6 k, b# w  H, v+ G! T4 {4 C5 T- N0 a! x0 S/ b
[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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 楼主| 发表于 2008-11-29 16:58 | 显示全部楼层
下面是BMO的:; h& W' u& j3 W& d- s# g& Y/ N
SUMMARY OF THE OFFERING) \1 z: F( c; U; u
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’’.
% k, o& L- a$ Q' t; ]2 XIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
1 e& P* J6 i# E4 yAmount: $150,000,000 (6,000,000 shares).
. H* j6 B  \- |! a& \Price and Yield: $25.00 per share to yield initially 6.50% per annum.
. j6 S, ~$ n- V$ }( g- r% gPrincipal Characteristics of the Preferred Shares Series 18
/ B3 p& ]: q& ?8 h% a8 n* DDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
9 V: W+ \( D: O. |. |  h# R5 Xnon-cumulative preferential cash dividends, as and when declared by the
' u3 U$ P8 O% uBoard of Directors, subject to the provisions of the Bank Act, for the initial
7 C9 ^* ^  d# tperiod commencing on the closing date and ending on and including
7 N5 w, d3 _" eFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
! g# M/ u1 V/ L( p. t; |25th day of February, May, August and November in each year, at a rate
! {( Q( H. B; e+ X' iequal to $0.40625 per share. The initial dividend, if declared, will be payable
5 k1 C/ ^  c( c( mMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing5 z+ L1 W7 Y$ a9 y4 z
date of December 11, 2008.
% c; I% Z' |$ h! Y; w" \For each five-year period after the Initial Fixed Rate Period (each, a+ x- n4 N# h" N) l3 G
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares6 ?; S. ^  g) e. J7 F& G) a
Series 18 will be entitled to receive fixed non-cumulative preferential cash  O6 z# C3 T3 T3 Q1 G0 ^
dividends, as and when declared by the Board of Directors, subject to the1 q* `3 D1 {% f* Q' _2 i! h
provisions of the Bank Act, payable quarterly on the 25th day of February,% U6 |7 D- F( c
May, August and November in each year, in the amount per share per annum
, p+ d$ A4 P5 I% k& I. @) N8 i" c! u2 mdetermined by multiplying the Annual Fixed Dividend Rate applicable to
9 K5 Q$ n, r# A( W; _/ [* U  ^such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend/ i5 [) x1 S& A1 p
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the6 ?) H7 `+ W7 }0 ?
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
' ^, o' p# M; U- s) t( `of such Subsequent Fixed Rate Period and will be equal to the sum of the. Q# Z* ~$ Z- j: Y5 B
Government of Canada Yield on the applicable Fixed Rate Calculation Date
% f5 p/ A' V/ A0 j2 gplus 3.83%." P0 m3 d8 t# D7 ^- _0 @8 x! y: j
If the Board of Directors does not declare a dividend, or any part thereof, on
/ J% w6 K9 C, ?# c, p- j5 ^the Preferred Shares Series 18 on or before the dividend payment date for a
% s/ p$ u/ g# @- pparticular quarter, then the entitlement of the holders of the Preferred% T- \% D( R* w0 ~0 |
Shares Series 18 to receive such dividend, or to any part thereof, for such- V8 E- U' s. |; O
quarter will be forever extinguished.
8 ^, S/ }' N  d0 l2 zRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
0 t( l& D0 D( B5 x" V2 MSuperintendent and to the provisions described below under ‘‘Details of the9 ?6 ^" @+ y2 j# N2 O, P  k
Offering — Certain Provisions of the Preferred Shares Series 18 as a: ]$ ~' B& t" e; C
Series — Restrictions on Dividends and Retirement of Shares’’, on
) C0 |3 Y& R* ~3 _. s2 W4 W$ d/ uFebruary 25, 2014 and on February 25 every five years thereafter, on not7 p& J) O, K' n
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
% l. C& T2 ^" Z- U  X6 @part of the then outstanding Preferred Shares Series 18, at the Bank’s option
, g# _+ k' O# u# _3 X: ^8 ]3 Zwithout the consent of the holder, by the payment of an amount in cash for
7 l' I8 q$ a5 }) beach such share so redeemed of $25.00 together with all declared and unpaid
7 ~! T; D0 Y- }1 u* U0 edividends to the date fixed for redemption.
  b! q$ p. a3 d! B9 Y$ L) QConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
* Z6 e% _# d" A  Z4 |4 o3 OShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have! S, ?& G4 Z' B) V# K
the right, at their option, to convert, on February 25, 2014 and on1 C6 b; z; ^; f+ ^4 K
S-48 c* J0 r$ ~: n( L
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
" a7 A) o* H- xor all of their Preferred Shares Series 18 into an equal number of Preferred/ ]# r7 b! t, S& ~$ B/ y
Shares Series 19 upon giving to the Bank notice thereof not earlier than
1 Q7 s% q& U3 o) E  \& x- E30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
+ l4 }  D( i6 c4 _# |preceding, a Series 18 Conversion Date.+ c& _% n( x) @) k+ t
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
7 F8 G( U; n+ Z7 N$ F: mProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
3 }- E+ h6 b- |- u) J, @Series 19, as the case may be, that there would be outstanding on such: E2 k1 F7 @* P# L! {4 [
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
* C/ A# b) C4 w6 I/ p9 Q; qsuch remaining number of Preferred Shares Series 18 will automatically be
8 S5 ^7 Q' b5 [( }5 O) @converted on such Series 18 Conversion Date into an equal number of5 @8 _8 W& O! M% i' J
Preferred Shares Series 19. Additionally, if the Bank determines that, after; z3 o$ C0 t" S. }  j
conversion, there would be outstanding on such Series 18 Conversion Date
( O! T. {( l8 k; wless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
6 }) H' }* w- \Series 18 will be converted into Preferred Shares Series 19., o5 U+ U9 E5 |2 L
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
7 w! ~- T6 ^. ]1 X8 v4 _Series 18 will not be entitled as such to receive notice of, attend, or vote at,, \4 H- n1 q' C
any meeting of the shareholders of the Bank unless and until the first time at* g% E4 w/ z0 @
which the Board of Directors has not declared the whole dividend on the6 ~5 ~6 {" Y, N" B; t
Preferred Shares Series 18 in any quarter. In that event, subject as5 W, r1 E& \) \5 ?0 i2 I" J" c
hereinafter provided, the holders of Preferred Shares Series 18 will be/ o; f, V) K8 B; v0 F$ E
entitled to receive notice of, and to attend, meetings of shareholders at which$ N2 b# {5 h/ P. V# G; ~
directors of the Bank are to be elected and will be entitled to one vote for
  A, U2 S% G' P6 w3 seach Preferred Share Series 18 held. The voting rights of the holders of the$ S! h9 k/ `8 q/ o1 M+ T
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of5 C& U: t: G  q/ G1 j0 j2 f
the first dividend on the Preferred Shares Series 18 to which the holders are
6 ^; R, L$ {% v/ z8 ^* o4 o: F# Centitled thereunder subsequent to the time such voting rights first arose until8 B: e! t" c: \8 U- @
such time as the Bank may again fail to declare the whole dividend on the4 s1 n* u: N3 e/ Z0 a8 H# n
Preferred Shares Series 18 in respect of any quarter, in which event such
3 X8 z" ^4 @) o* s* v: \voting rights will become effective again and so on from time to time.) b( d, L. W- |, _' W- x! p' f
Principal Characteristics of the Preferred Shares Series 190 a6 ^9 _: l2 X6 A6 y" Z
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
0 p. ^$ m# e+ ifloating rate non-cumulative preferential cash dividends, as and when
& {, n* v7 Y3 |; U6 Qdeclared by the Board of Directors, subject to the provisions of the Bank Act,
5 n6 g# f2 o) y  U) fpayable quarterly on the 25th day of February, May, August and November" ~7 S( d- t& P  g' [
in each year, in the amount per share determined by multiplying the; c5 E, z6 o9 k
applicable Quarterly Floating Dividend Rate by $25.00.' N5 }; f8 t$ E' ~; A8 D+ M
On the 30th day prior to the commencement of the initial quarterly dividend3 P8 a7 y& H) d7 z6 E
period beginning on February 25, 2014, and on the 30th day prior to the first$ K9 @6 U" H( x6 ~, P
day of each subsequent quarterly dividend period (the initial quarterly
' U2 ?( b% N5 W) wdividend period and each subsequent quarterly dividend period is referred to; E9 S3 ]) X% Y
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
6 u8 Z4 I7 P' c4 ^& XQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
! R6 ~: e2 F: Q6 lPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
8 E# _# ?, d/ RT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
% `: c/ S& U4 i1 E, o0 Velapsed in the applicable Quarterly Floating Rate Period divided by 365)
" M( Z2 c: h# ?) X0 @4 U5 sdetermined on the 30th day prior to the first day of the applicable Quarterly
) U  o4 i' v/ @: V& q; E  m1 pFloating Rate Period.( Y: j9 E6 |8 d/ Y. s; V
S-5  F( D: O/ g. y% x+ N
If the Board of Directors does not declare a dividend, or any part thereof, on( m0 e/ \$ e. [2 k4 Y7 i( _
the Preferred Shares Series 19 on or before the dividend payment date for a
0 p3 m& m5 a. t, R; Q: Lparticular quarter, then the entitlement of the holders of the Preferred
4 O- Q; |: J6 k' t5 o2 P% k2 b0 b- xShares Series 19 to receive such dividend, or to any part thereof, for such
9 y( G  {: i' kquarter will be forever extinguished.
+ N  Y- C, P8 O0 GRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
! O( h6 f3 j' N9 A  V+ SSuperintendent and to the provisions described below under the heading
& l5 {$ \( ^4 |. l‘‘Details of the Offering — Certain Provisions of the Preferred Shares
8 ]# Y) }4 M6 G+ F% eSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
2 H3 z$ E. J' X6 a1 s8 c; kon not more than 60 nor less than 30 days’ notice, the Bank may redeem all+ ^& X# o, {2 O/ f0 W- l' F$ X' E9 R
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
* g7 L& k  R; [7 ?: {- goption without the consent of the holder, by the payment of an amount in
; ^) Z+ m0 x4 Q, W, P$ Z$ ?cash for each such share so redeemed of (i) $25.00 together with all declared
6 A% u  @* H4 i- Cand unpaid dividends to the date fixed for redemption in the case of2 Z! J  Y; d0 M: k8 O- U
redemptions on February 25, 2019 and on February 25 every five years( x2 k6 h, s# o) H8 j5 a0 _
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
, y2 X( v( i$ k0 n- hthe date fixed for redemption in the case of redemptions on any other date
" L/ p! u8 @1 y5 j/ i& ^" p% Hon or after February 25, 2014.6 z/ k1 l) }' P9 N
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic: K( [* |& X$ i: ^
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have$ S& ~/ ?; N# Z& Z8 |
the right, at their option, to convert, on February 25, 2019 and on+ V4 Y0 F/ v$ m" j7 P3 r# g8 z( S
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any+ ~& E# ^( s4 p1 C
or all of their Preferred Shares Series 19 into an equal number of Preferred
- T/ \" n- O1 l5 fShares Series 18 upon giving to the Bank written notice thereof not earlier
) I3 A6 B  v  ~6 u) Uthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the" u) k8 ^% a  k
15th day preceding, a Series 19 Conversion Date.! U8 i9 V7 d. L: k# F3 K
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
# O. Q# Z  j, pProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares  O9 Z/ C" ~- T& I" f: Z2 O2 E
Series 18, as the case may be, that there would be outstanding on such9 h$ P6 x  x3 t
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
. r: t. u3 ?% R! lsuch remaining number of Preferred Shares Series 19 will automatically be# {! T+ U& d7 n1 a6 E) e3 A4 F% z
converted on such Series 19 Conversion Date into an equal number of
% {& Q* W5 e* N  aPreferred Shares Series 18. Additionally, if the Bank determines that, after7 [3 h$ m8 U: G0 Q
conversion, there would be outstanding on such Series 19 Conversion Date, X, P5 {: V! v9 @
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
0 {' n2 ~2 c: O: F: w- _2 CSeries 19 will be converted into Preferred Shares Series 18.$ z9 {8 ?; k4 F- z& S
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
4 t" O- x, x7 G( p9 k0 z  C$ kSeries 19 will not be entitled as such to receive notice of, attend, or vote at,' s, d( K. f  U- n5 R
any meeting of the shareholders of the Bank unless and until the first time at# l& M7 x+ v  G* k! k; G" g
which the Board of Directors has not declared the whole dividend on the
( X- k! q3 b& j% j2 T/ [9 _0 g$ ZPreferred Shares Series 19 in any quarter. In that event, subject as0 S9 h4 k9 z6 ~% _, O! }
hereinafter provided, the holders of Preferred Shares Series 19 will be
* g8 H" \/ ?* l& V: Y7 H, Hentitled to receive notice of, and to attend, meetings of shareholders at which
  d/ h' K+ P# r7 B% idirectors of the Bank are to be elected and will be entitled to one vote for
6 z0 G6 |$ M  a# Xeach Preferred Share Series 19 held. The voting rights of the holders of the# E$ a3 o: e% i; p2 X
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of+ `1 W( `3 d" B* @
the first dividend on the Preferred Shares Series 19 to which the holders are
" k. M7 w2 O6 [6 ?( G1 v# s2 u, @9 nentitled thereunder subsequent to the time such voting rights first arose until9 b- e* X% ~9 x0 I' O' Y! _
such time as the Bank may again fail to declare the whole dividend on the7 U7 s4 Q% h5 ?+ N
Preferred Shares Series 19 in respect of any quarter, in which event such
( ?. b  c" k: G+ F7 V6 o2 Yvoting rights will become effective again and so on from time to time.
  e% j% z- `/ e7 j5 JS-6
% ^  e$ u/ g7 V, e7 tPriority: The preferred shares of each series of the Bank will rank on a parity with. t5 p( F6 H: m" q4 z# U
every other series and are entitled to preference over the common shares of  a1 ^2 \6 b  t! i7 E
the Bank and over any other shares of the Bank ranking junior to the
+ V( ?5 ^* M. }, l" Hpreferred shares with respect to the payment of dividends and upon any
" ]7 @# o/ T6 s7 sdistribution of assets in the event of the liquidation, dissolution or
' Z0 M$ }2 Q3 F4 r" |/ `winding-up of the Bank.
* X+ q" ?9 r% M; r2 S* x7 R, |0 y$ ZTax on Preferred Share The Bank will elect, in the manner and within the time provided under
- {7 x: {3 G4 H/ _- [- W$ ?4 n! v0 _7 m5 DDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares5 T, F( I9 q$ q! w
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
2 X$ s) U5 I" o' _$ H3 x6 zdividends received on such shares under Part IV.1 of such Act.
大型搬家
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。
7 x0 w- c. Q. E; A$ e7 ]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

- a' ?3 u" F) h: E6 d- B- U/ K
, c# ]  j# t  U# }1 W! g下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
3 j& n' J: S2 G& Q/ o4 I6 `. D( I+ t& C( P3 t$ h# X! L4 J
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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