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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。0 j$ L8 E2 X6 i7 s# m: E( L

+ j7 d/ G8 a3 S# {& A4 q3 l0 P: v' [+ R- O
[ 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:! [8 j% \- H6 T4 ?2 s
SUMMARY OF THE OFFERING& X0 D0 ^; A1 ?( ]+ r
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’’.
$ G( _. b6 q  |5 ?Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
2 l0 n8 ?% l8 \/ AAmount: $150,000,000 (6,000,000 shares).
6 u0 z5 ~* X& S( SPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
! M: S" L5 b9 v. s6 U7 Z7 NPrincipal Characteristics of the Preferred Shares Series 189 K3 ]$ r0 J1 r! J
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed! j* ?3 T5 B8 ]8 N3 W" d$ H
non-cumulative preferential cash dividends, as and when declared by the
" H/ A# A  B) ]7 k5 w. zBoard of Directors, subject to the provisions of the Bank Act, for the initial+ y( P: Z4 s2 m" `0 D; I
period commencing on the closing date and ending on and including0 d" B+ Q/ k( o. ]6 [  ~# X
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
, C2 l8 S0 W, b1 d, H25th day of February, May, August and November in each year, at a rate
4 C5 B- g6 a* f; _  Sequal to $0.40625 per share. The initial dividend, if declared, will be payable
% @6 ^# V$ G! H! OMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
8 {* s4 n( b  k- b4 {0 edate of December 11, 2008.5 F- ^& T, B1 r  T; l( S
For each five-year period after the Initial Fixed Rate Period (each, a4 Y9 J6 I& n6 |4 p( ^
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares2 l( R% `+ I, n$ B
Series 18 will be entitled to receive fixed non-cumulative preferential cash
8 {8 G) n4 i4 P, `! q  f" p) v/ Kdividends, as and when declared by the Board of Directors, subject to the
. ~# K& {1 ^/ Q2 `provisions of the Bank Act, payable quarterly on the 25th day of February,
8 N7 T& s# ~6 X& g# C4 C- QMay, August and November in each year, in the amount per share per annum3 G1 [. K3 q. s- J7 ]
determined by multiplying the Annual Fixed Dividend Rate applicable to. c; w8 U& ~# d0 V2 S
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend; ]! X: b# N4 i7 [  Y
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the( C! c+ i8 B) f) H: ?. ]9 n  _0 k
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day8 h2 t+ Y, \+ p0 H- n& U
of such Subsequent Fixed Rate Period and will be equal to the sum of the
0 @9 _3 B% ?) F! d) U" R; PGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
$ K& y) I. o2 {. {2 qplus 3.83%.
/ N5 g" f( r) ^& \If the Board of Directors does not declare a dividend, or any part thereof, on
, m* q- Z3 }7 {$ Lthe Preferred Shares Series 18 on or before the dividend payment date for a1 h; c0 E0 \7 w) m
particular quarter, then the entitlement of the holders of the Preferred
; @# k5 j5 Q4 V2 @$ nShares Series 18 to receive such dividend, or to any part thereof, for such( s, b- I7 \" E8 Y
quarter will be forever extinguished.3 `0 q3 z+ y2 M  G6 Z5 L( ?4 N
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
6 I& P# ~# x1 W" gSuperintendent and to the provisions described below under ‘‘Details of the
/ k$ z% {* ^; ?- X$ N5 nOffering — Certain Provisions of the Preferred Shares Series 18 as a
& t: z* D& w) f) O/ ~& {, JSeries — Restrictions on Dividends and Retirement of Shares’’, on3 Q7 k4 v3 a( @
February 25, 2014 and on February 25 every five years thereafter, on not. r; v7 E+ b8 {9 m0 j
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
" k7 n/ R- Y* E4 t0 Gpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
3 A9 [1 S1 }4 e- O) B, A' `; S# Bwithout the consent of the holder, by the payment of an amount in cash for/ c8 ^$ x. I/ K/ m3 P0 ~
each such share so redeemed of $25.00 together with all declared and unpaid
: {6 B, `; r+ W$ y* Kdividends to the date fixed for redemption.
+ R8 T6 u  Y& y: QConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic6 b) w4 R* ~) T& b/ ]& y
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have; W, P- Z; `9 _0 b1 g5 I
the right, at their option, to convert, on February 25, 2014 and on
0 \& Z3 b8 D( V6 }S-4
8 f1 b+ |/ C0 F* B9 ?' {4 R( iFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
& g: R3 ^1 D5 J: p3 a" ]3 i* w% }7 \or all of their Preferred Shares Series 18 into an equal number of Preferred
- z4 \  N$ A" c( o" u8 ~Shares Series 19 upon giving to the Bank notice thereof not earlier than
8 D' [7 u( \9 y  y30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day2 C; l* v3 X# {' B! a3 z
preceding, a Series 18 Conversion Date.
, Y( k' h/ c! {; {. gAutomatic Conversion If the Bank determines, after having taken into account all shares tendered1 R* u. x; G0 I  T3 I
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares; T9 `: g9 ^, N; o
Series 19, as the case may be, that there would be outstanding on such
" K8 _: z8 i! @+ k9 ], k" i. H+ kSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,0 I8 p- m# D6 B% d
such remaining number of Preferred Shares Series 18 will automatically be! q# O; v( A0 [0 Q( }" j, D
converted on such Series 18 Conversion Date into an equal number of8 a( j/ P% C: q7 ?& {0 Q
Preferred Shares Series 19. Additionally, if the Bank determines that, after) w7 N$ z! h, q6 z: a, j
conversion, there would be outstanding on such Series 18 Conversion Date
6 g3 G( y+ q! K$ aless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
' s8 `: ~$ u0 q9 T1 L; SSeries 18 will be converted into Preferred Shares Series 19.. u4 D1 W# @( q: j2 r7 ?
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
/ ~% f  F+ z+ X+ L% k- c4 qSeries 18 will not be entitled as such to receive notice of, attend, or vote at,+ |7 ~! X  f" D3 c0 q
any meeting of the shareholders of the Bank unless and until the first time at
, L- E$ y9 o; a. h% lwhich the Board of Directors has not declared the whole dividend on the4 T5 _" D3 S$ e! ]6 E8 t1 C
Preferred Shares Series 18 in any quarter. In that event, subject as- _) X0 `4 @6 B! p0 P) N) L
hereinafter provided, the holders of Preferred Shares Series 18 will be
! @: x+ ^6 I% K+ Bentitled to receive notice of, and to attend, meetings of shareholders at which
8 f. b# b: F- N( Y) k. Vdirectors of the Bank are to be elected and will be entitled to one vote for
4 j* Q  W/ Y3 ]/ r# l' c: D5 Deach Preferred Share Series 18 held. The voting rights of the holders of the
# N( h$ y4 `+ t" UPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
8 n& B/ H- T6 I% E0 Tthe first dividend on the Preferred Shares Series 18 to which the holders are
% b: m% s" l) m5 I- q* f  G% kentitled thereunder subsequent to the time such voting rights first arose until  S1 R' I4 Y) i
such time as the Bank may again fail to declare the whole dividend on the& [" Y% r6 i# P/ R
Preferred Shares Series 18 in respect of any quarter, in which event such
$ x- J, p8 z# J5 J  _3 c% ^; |voting rights will become effective again and so on from time to time.' `3 A4 m0 p6 X+ X& Y! p, n! {/ _
Principal Characteristics of the Preferred Shares Series 19) E  I' R4 N3 V+ w6 m
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive/ f% Q% Y  R* s# ^7 R
floating rate non-cumulative preferential cash dividends, as and when: I9 m1 R9 o8 b) K, l
declared by the Board of Directors, subject to the provisions of the Bank Act,
7 h6 a- \/ ?2 o; qpayable quarterly on the 25th day of February, May, August and November
, t( B# q& Z; M! ]in each year, in the amount per share determined by multiplying the
6 i, H/ \! d' f/ D& Iapplicable Quarterly Floating Dividend Rate by $25.00.% g0 V! S7 m+ S, q
On the 30th day prior to the commencement of the initial quarterly dividend
8 a! a) e- z7 h* ?period beginning on February 25, 2014, and on the 30th day prior to the first
$ N" y1 ?, [  y% O: }, K0 a$ }day of each subsequent quarterly dividend period (the initial quarterly
5 x! }: Y$ H; edividend period and each subsequent quarterly dividend period is referred to2 v1 q7 B$ q8 a
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the' ]9 v! A( q' r' _' `/ Y
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate8 N8 s+ [2 I' Y' M6 {
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the+ Y5 W+ g" b* M. s4 F$ f% e* c& U
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days$ v$ f! u3 u8 v# ~
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
7 t% i' |3 [! K' k& O+ [- _determined on the 30th day prior to the first day of the applicable Quarterly' x& I9 h" {# H0 h& s. c9 J
Floating Rate Period.6 v2 y( q# z& `) `. z" f' G
S-5' @; d  Z7 C3 R4 ~: q3 X4 V" U# v
If the Board of Directors does not declare a dividend, or any part thereof, on' [, B. ]( |' T9 r8 ~$ M9 g8 V6 h
the Preferred Shares Series 19 on or before the dividend payment date for a$ l: a; Z) T6 U9 E1 j
particular quarter, then the entitlement of the holders of the Preferred
# W. y' W' ?, y4 \7 |Shares Series 19 to receive such dividend, or to any part thereof, for such* \2 u  W3 U& U- m7 F3 i, i3 T0 k
quarter will be forever extinguished.. F1 f6 W/ P! d
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
7 t0 T/ z) S- f' ?# H* G" CSuperintendent and to the provisions described below under the heading+ ^' r  S- F& f! p! {
‘‘Details of the Offering — Certain Provisions of the Preferred Shares5 f$ B2 n* t4 ]% F9 X
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
# p" O  P. j) J; S( Mon not more than 60 nor less than 30 days’ notice, the Bank may redeem all# e! t6 Q0 O, C% a1 l
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s: Z/ ]! l- y) S9 v# I* O# r
option without the consent of the holder, by the payment of an amount in
  k9 j8 y6 [2 ~1 G7 V0 m$ acash for each such share so redeemed of (i) $25.00 together with all declared
* r6 m9 j9 x. r7 U% K# V# zand unpaid dividends to the date fixed for redemption in the case of) g$ O+ M: l8 ?3 G/ |
redemptions on February 25, 2019 and on February 25 every five years/ o! A, a) M& `# x5 B
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
7 \3 O' a4 b( g. h, |the date fixed for redemption in the case of redemptions on any other date! H2 d* G& ^8 @2 e3 m9 ?) Y' C
on or after February 25, 2014.
: D" B* g. B( yConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
/ a) w5 D- {3 Q  O8 s( wShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
; J4 [3 q5 T$ y5 _5 p& Ethe right, at their option, to convert, on February 25, 2019 and on
3 m  L  D, I9 }) u+ n5 m! Z% WFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any) P( A4 V" a6 [9 B4 E* T4 o5 L
or all of their Preferred Shares Series 19 into an equal number of Preferred8 p& o! n7 K* x  A! u& _
Shares Series 18 upon giving to the Bank written notice thereof not earlier8 J' Z, e4 K1 y0 b) b
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
; z. [7 Y) x: |% y) _0 V15th day preceding, a Series 19 Conversion Date.+ m# o" K1 b  Q" Z$ x
Automatic Conversion If the Bank determines, after having taken into account all shares tendered+ Q+ U: Y. [6 X6 Z  w( ^5 e% L
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
# s0 a' i/ c9 k7 y5 M8 P& l+ e" qSeries 18, as the case may be, that there would be outstanding on such, N8 [% \3 m  X2 A
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
" V7 P( c% ^1 ^such remaining number of Preferred Shares Series 19 will automatically be" L4 L9 K1 H7 x" @6 O! Z- }. E
converted on such Series 19 Conversion Date into an equal number of3 R5 Y8 f" l. E+ T' Q4 c
Preferred Shares Series 18. Additionally, if the Bank determines that, after
3 A: R$ I5 b% w/ A6 J1 p$ |: Zconversion, there would be outstanding on such Series 19 Conversion Date
( Z' D' z3 {0 }0 W9 n3 Hless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
1 I& w# t8 b* K( I, N2 c, TSeries 19 will be converted into Preferred Shares Series 18.
4 ~% t% q1 p+ Y) v! A9 A' CVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares; j: C# V1 x* u! f
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
; ~" y- M  \0 d8 }& gany meeting of the shareholders of the Bank unless and until the first time at2 M2 T( a  q8 ?* Y. X. ?( i6 y
which the Board of Directors has not declared the whole dividend on the
, b. g  \; S9 N, ]) Z6 R+ ]" ]Preferred Shares Series 19 in any quarter. In that event, subject as
1 W) V9 g# P0 u7 `+ V. G! qhereinafter provided, the holders of Preferred Shares Series 19 will be
8 o; `* R1 u. q0 S8 ?  i3 Sentitled to receive notice of, and to attend, meetings of shareholders at which7 t6 E+ b5 j. I6 k" q$ Y
directors of the Bank are to be elected and will be entitled to one vote for. Q" N# ^  k! v, M+ N1 L( f
each Preferred Share Series 19 held. The voting rights of the holders of the
8 X' g0 D5 o5 O. |- C$ D: B6 G( JPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
. U, Y* K3 e; W+ f0 T$ qthe first dividend on the Preferred Shares Series 19 to which the holders are7 J3 j9 u% @; M; F- v4 u. s5 L: ?' x
entitled thereunder subsequent to the time such voting rights first arose until
: P- `& @4 r" L9 c# gsuch time as the Bank may again fail to declare the whole dividend on the
& w* K! F: o1 t' `2 K0 zPreferred Shares Series 19 in respect of any quarter, in which event such) @; ?/ g& E& B- ]2 u
voting rights will become effective again and so on from time to time.6 a) C  J7 {4 r# [
S-6
( x: R' P! t  W! W' B3 a: K7 t, aPriority: The preferred shares of each series of the Bank will rank on a parity with
$ }- c3 a4 D+ @& [9 ^2 T" F8 Severy other series and are entitled to preference over the common shares of
; X7 b& M& ^7 {6 n6 bthe Bank and over any other shares of the Bank ranking junior to the& p7 Y0 v9 X, L% B9 z
preferred shares with respect to the payment of dividends and upon any. ^  A# V/ E0 ]0 b
distribution of assets in the event of the liquidation, dissolution or
' D4 E5 n2 ~( G# c+ Y/ Ywinding-up of the Bank.
- `2 R; ~9 v* o+ x- YTax on Preferred Share The Bank will elect, in the manner and within the time provided under
0 t, _- a2 q# y% H6 ~* iDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
! V; f) a8 H' g1 z  p, `' E: I4 bSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
' W$ h! E- B: a6 vdividends 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。
- e5 F0 o2 T" F$ z: x3 y* ^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, N6 A, W; C6 r/ }
% x4 G* `; @5 |: Q
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。+ i% }& Q0 n) q5 D( W0 o  m

3 Q7 `1 m! d( acall 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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