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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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1 s' }& s$ ~5 f- z/ m- N
" u9 r0 S! |, J" V3 U& w[ 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:8 E& l( t3 V; ^: z# T! E+ ]7 o2 H
SUMMARY OF THE OFFERING
2 Z0 C* @6 h8 t' NThis 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’’.
7 ^+ K& _: y9 K" cIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
/ e( o' f. D( O6 n; H* RAmount: $150,000,000 (6,000,000 shares).* l5 P" v' [; }2 N" G" z
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
* a8 N0 f/ N. U0 p& ~6 `  qPrincipal Characteristics of the Preferred Shares Series 18) i: h. g6 e/ W9 a
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed: s1 y: ?3 x( I1 ~$ X
non-cumulative preferential cash dividends, as and when declared by the
9 n1 k& f. R" w: {Board of Directors, subject to the provisions of the Bank Act, for the initial4 X2 A' Y; U3 Q: m5 c
period commencing on the closing date and ending on and including
/ A9 w' s, _' a9 hFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the6 f, \7 e% j  D9 r% a5 G: W4 _1 G
25th day of February, May, August and November in each year, at a rate; [! H) |/ W: N  e5 h3 d, p
equal to $0.40625 per share. The initial dividend, if declared, will be payable
* V# c+ |' Y$ ^May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
8 T2 b7 Z* m+ I3 h; Gdate of December 11, 2008.5 M0 i# [( f2 i( C4 v
For each five-year period after the Initial Fixed Rate Period (each, a$ f3 r2 \2 Z) ^
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares5 l. ?" d* Z' V  c4 n2 i, N
Series 18 will be entitled to receive fixed non-cumulative preferential cash/ @! J$ E1 z3 n9 k
dividends, as and when declared by the Board of Directors, subject to the
' B3 R( l# K0 x' j$ d/ ?provisions of the Bank Act, payable quarterly on the 25th day of February,# ~+ Z$ l9 ]) [) y( L
May, August and November in each year, in the amount per share per annum
/ |; [' q" l9 H! Udetermined by multiplying the Annual Fixed Dividend Rate applicable to! i# E# j" r7 G
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
/ o! z0 P. |& \& mRate for the ensuing Subsequent Fixed Rate Period will be determined by the  H7 K  t9 t; g; U. B, a  c9 G$ U( k
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
- f! u* w* o& Q- @7 b; E; y$ ?' yof such Subsequent Fixed Rate Period and will be equal to the sum of the4 t! ~4 n5 b3 U6 v$ q* o
Government of Canada Yield on the applicable Fixed Rate Calculation Date
1 P% n* T* g0 E0 g. X/ Bplus 3.83%.
& z1 ?) i) }7 ~# QIf the Board of Directors does not declare a dividend, or any part thereof, on
1 O' q) T6 q0 `8 c( P* a& pthe Preferred Shares Series 18 on or before the dividend payment date for a5 O8 d: |' k! S/ Y. S
particular quarter, then the entitlement of the holders of the Preferred3 [$ H7 C, g" p' X* w0 ]1 H
Shares Series 18 to receive such dividend, or to any part thereof, for such! A- M0 l& |- E) p4 R
quarter will be forever extinguished.
( n4 z% E/ L9 ~3 k/ t8 z' ?0 I$ _Redemption: Subject to the provisions of the Bank Act and to the prior consent of the) Z8 Z* N+ V1 J1 a
Superintendent and to the provisions described below under ‘‘Details of the7 n3 g3 o$ d* _- B8 s) w! y+ F9 p' k
Offering — Certain Provisions of the Preferred Shares Series 18 as a0 w0 `9 w( F( t( D/ ~
Series — Restrictions on Dividends and Retirement of Shares’’, on
3 Z. S2 B/ m) ^3 W, v$ P6 V! OFebruary 25, 2014 and on February 25 every five years thereafter, on not+ }( Q9 Z5 ^" ?9 ~' {
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any) c" Z7 f; z. P' W( u8 }
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
2 s- p+ N$ R  V8 j: K4 iwithout the consent of the holder, by the payment of an amount in cash for
: X2 S* v+ @5 }" }$ }' {each such share so redeemed of $25.00 together with all declared and unpaid
) |6 I# P. f6 }! n" P. y7 Kdividends to the date fixed for redemption.7 v% I: K0 \' n2 r; j
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic9 p4 Z/ C. \& I8 N" s/ s
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have0 b+ |- @1 [' O5 Z. O  n
the right, at their option, to convert, on February 25, 2014 and on# s. N' h9 z3 J4 {2 R# ^
S-4
  P/ q/ T1 P, f0 P# kFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any/ Z9 S* V# D' F: }9 o
or all of their Preferred Shares Series 18 into an equal number of Preferred: `$ t+ I, K; x* `5 e# ^
Shares Series 19 upon giving to the Bank notice thereof not earlier than
, t& {$ x, L. Z9 [" _30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day- X; Z" e. z: B9 x4 z
preceding, a Series 18 Conversion Date.
! y; h/ p2 _: R; y2 s' w( X7 H. ?1 `8 GAutomatic Conversion If the Bank determines, after having taken into account all shares tendered' I; w: Y; M, ~# w) U- O
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
* F+ E4 S2 g" `* w2 h/ [7 e: \Series 19, as the case may be, that there would be outstanding on such# F6 Y% k9 P, A3 k, {0 ?
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,# N3 _3 y7 T% o1 T, C' u3 C* s$ a, J
such remaining number of Preferred Shares Series 18 will automatically be9 ^+ S% R- ]3 r/ Q2 u
converted on such Series 18 Conversion Date into an equal number of: l. G; \' t, N8 _
Preferred Shares Series 19. Additionally, if the Bank determines that, after* [7 B/ ?7 m4 z
conversion, there would be outstanding on such Series 18 Conversion Date
  R8 k. ]( A! _4 Pless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares% h6 H: K* Y/ d: t
Series 18 will be converted into Preferred Shares Series 19.& q) W2 B- R/ c4 k9 h/ X
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
* \# O) i& E' x/ `8 ESeries 18 will not be entitled as such to receive notice of, attend, or vote at,
. Z3 D; S: b4 J' d7 W  ~( f: p- dany meeting of the shareholders of the Bank unless and until the first time at4 Q' q, J3 `& Y2 O: B  G
which the Board of Directors has not declared the whole dividend on the
6 o, w1 {# `+ f: I  `Preferred Shares Series 18 in any quarter. In that event, subject as
2 L# I; ?) e/ A. y. ~3 F7 Whereinafter provided, the holders of Preferred Shares Series 18 will be  V* w+ V+ v$ w- m0 w' b
entitled to receive notice of, and to attend, meetings of shareholders at which
! ?6 i9 m3 u0 N6 {directors of the Bank are to be elected and will be entitled to one vote for
5 E8 ]' z" {1 d3 Y4 Reach Preferred Share Series 18 held. The voting rights of the holders of the
3 A  t% w. z0 z. t( Q5 O/ B$ YPreferred Shares Series 18 will forthwith cease upon payment by the Bank of+ k9 `" ]; k' [. U) G
the first dividend on the Preferred Shares Series 18 to which the holders are' a/ @' ?, A# L$ J+ l. \
entitled thereunder subsequent to the time such voting rights first arose until
' G: I; {: y2 u$ V3 N$ Csuch time as the Bank may again fail to declare the whole dividend on the
+ m" |$ s- t& G, K2 _: [( K" M- BPreferred Shares Series 18 in respect of any quarter, in which event such
) i0 U' q6 A* Nvoting rights will become effective again and so on from time to time.
% ~1 }6 U3 x2 j6 Z  VPrincipal Characteristics of the Preferred Shares Series 19
* F. |0 l: }( s. K" d2 M" Q, z1 m; VDividends: The holders of the Preferred Shares Series 19 will be entitled to receive8 s. d) ^  N* N. \' X# d
floating rate non-cumulative preferential cash dividends, as and when
$ {! l; |: O( K' r6 g3 Mdeclared by the Board of Directors, subject to the provisions of the Bank Act,
8 b! |( |2 N& i4 n  `6 t8 bpayable quarterly on the 25th day of February, May, August and November4 _# [- d; e/ A" c0 Y. @
in each year, in the amount per share determined by multiplying the
: ?1 x0 r" t* M) K/ \applicable Quarterly Floating Dividend Rate by $25.00.0 H5 g/ M. i! E3 H
On the 30th day prior to the commencement of the initial quarterly dividend; ]1 `: K, x) @& G. B; a; `- E
period beginning on February 25, 2014, and on the 30th day prior to the first
. O" R9 l  Q4 Zday of each subsequent quarterly dividend period (the initial quarterly0 I; h  {& ~: z; u% {7 K
dividend period and each subsequent quarterly dividend period is referred to. Y5 A4 e+ |; h+ R; h$ `
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
' C. B* w! ~* o3 dQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate5 r; v; y: Y- k
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
, X9 T6 Y+ b  ~6 s$ TT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days, y0 o( S0 f8 N. U! Q
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
5 v0 }; }: |' @( p9 T3 `4 g* tdetermined on the 30th day prior to the first day of the applicable Quarterly2 h0 B% {, |3 [0 z7 _* P2 H
Floating Rate Period.
# a$ q) S- T% E: O& B, F  `S-5. P3 r( P  K6 O
If the Board of Directors does not declare a dividend, or any part thereof, on, L( M! E! N3 s
the Preferred Shares Series 19 on or before the dividend payment date for a
4 X3 M$ V4 [8 X6 b! j: b. d: Vparticular quarter, then the entitlement of the holders of the Preferred8 R( ^2 v% a5 C3 x; C* b; ]( K: u
Shares Series 19 to receive such dividend, or to any part thereof, for such
0 F  n8 G7 `: {/ `: j+ Cquarter will be forever extinguished.; |5 m. J" [, Y2 V1 k9 v3 E/ W0 s, }% v
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the. H, [! B. ^- r/ k- O! ?, K. M
Superintendent and to the provisions described below under the heading7 D( P8 Y! n% Y1 \4 X* g3 i
‘‘Details of the Offering — Certain Provisions of the Preferred Shares" y( C4 {' a3 S3 N7 G3 `) k( M
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
: m- ~) ^7 `' i1 o. Qon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
$ j) ?$ Z* {, ^# ?1 {or any part of the then outstanding Preferred Shares Series 19, at the Bank’s* F* ?, P) b9 F8 |8 M( Y3 p# f4 D
option without the consent of the holder, by the payment of an amount in
" S. }5 p# i( l/ J' w5 rcash for each such share so redeemed of (i) $25.00 together with all declared! X3 u  p) E2 Y8 N
and unpaid dividends to the date fixed for redemption in the case of
9 x! L- Y8 a. g$ A" Y: Credemptions on February 25, 2019 and on February 25 every five years- }8 h- E8 j/ h$ C! A( }
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
3 v6 L/ n$ `* x5 B7 ]the date fixed for redemption in the case of redemptions on any other date
) o! `0 I  R8 g- @- ^7 }& zon or after February 25, 2014.
  c% o% j) u, nConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic# h) k8 V! |0 }2 J
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
! u( p2 }/ {+ P+ r8 [. Ythe right, at their option, to convert, on February 25, 2019 and on
4 r+ D5 f( s! HFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any5 K9 M8 C7 z! f/ }$ L
or all of their Preferred Shares Series 19 into an equal number of Preferred; M2 V: Z! e! q
Shares Series 18 upon giving to the Bank written notice thereof not earlier
6 r1 I1 @. F; K* r+ S# rthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the+ p* @0 C: T& Y8 e
15th day preceding, a Series 19 Conversion Date.
7 A9 t9 r) |) s; W  O6 lAutomatic Conversion If the Bank determines, after having taken into account all shares tendered- q5 J+ ]! g% Z! I
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
; X" Y, |& y8 Z- K% y( s5 k+ @# G- RSeries 18, as the case may be, that there would be outstanding on such+ U! b' Q# @' I# \0 b. Y7 E
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
' U4 v: W, C! U# K- O3 ^such remaining number of Preferred Shares Series 19 will automatically be
+ }; U' {; d( x; [4 z2 w* z( L: ?1 oconverted on such Series 19 Conversion Date into an equal number of
& o9 M3 a: a: v- h% A% r; Q0 x5 hPreferred Shares Series 18. Additionally, if the Bank determines that, after% `- q% i0 c! @' U
conversion, there would be outstanding on such Series 19 Conversion Date, g9 Y$ h0 J4 F
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
6 {1 \3 t8 ?, v* aSeries 19 will be converted into Preferred Shares Series 18.8 w4 D) v; F7 m( s/ H4 `$ E. O1 H. ?
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares$ D4 A9 O! |" @  S, A& l
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
4 Y6 W( q/ p: k/ J- j2 F3 bany meeting of the shareholders of the Bank unless and until the first time at/ P2 ]- A) o- G8 m# g
which the Board of Directors has not declared the whole dividend on the
+ P7 W( G/ m3 J' ^7 h9 Z# {0 S& ~$ kPreferred Shares Series 19 in any quarter. In that event, subject as- W( Z8 S: e: u7 N! d( S
hereinafter provided, the holders of Preferred Shares Series 19 will be
0 `2 e5 v: U" Tentitled to receive notice of, and to attend, meetings of shareholders at which* Z+ ?+ s& a0 n! t; X$ ^0 [
directors of the Bank are to be elected and will be entitled to one vote for
% C1 i; `3 }+ \0 _: d( Y$ ^each Preferred Share Series 19 held. The voting rights of the holders of the) A# F0 o/ U$ R  y
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of2 Z- e* G: r# a6 P0 u; V, i
the first dividend on the Preferred Shares Series 19 to which the holders are
0 }' Q% t$ O9 oentitled thereunder subsequent to the time such voting rights first arose until
6 L6 O- }* F5 |1 Esuch time as the Bank may again fail to declare the whole dividend on the
* ?* n: E) D$ ~% Q( q! \* t9 ^% R3 _: nPreferred Shares Series 19 in respect of any quarter, in which event such9 ~5 C3 _" V; s6 r  q5 |
voting rights will become effective again and so on from time to time.% A4 y. K) T0 N# Q. y, d# C  r8 A
S-65 D$ L- m% v8 J. p/ z7 }) P
Priority: The preferred shares of each series of the Bank will rank on a parity with. N8 U0 o0 c# x4 T9 J3 s
every other series and are entitled to preference over the common shares of
4 J  b5 y8 G. {the Bank and over any other shares of the Bank ranking junior to the
' F+ i6 f8 G4 S+ }* f+ upreferred shares with respect to the payment of dividends and upon any& f6 C! `; n6 S+ V  y4 [2 R* }
distribution of assets in the event of the liquidation, dissolution or0 N& a& Z4 k# E/ Z; Q3 C
winding-up of the Bank.
3 Q7 f& \4 S2 P/ N0 D. |Tax on Preferred Share The Bank will elect, in the manner and within the time provided under, b% B- e/ Q& j
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
. E& w) a6 z8 i4 R- g8 q- \4 Y/ zSeries 18 and Preferred Shares Series 19 will not be required to pay tax on* @1 o, e3 D1 |+ R( l4 E/ `! E  f- c
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。
" c* o8 B% c& j' T! L今天讲座如何?
大型搬家
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
* T" }; W7 \' Z2 _4 K: B

& ?$ A. d# Y, \# w# u下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。4 s; B' ], n# v1 {0 Y& ]$ d6 m
' P% S$ s% [4 y& ~; p4 F
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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