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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。
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4 T( X7 f; j  h2 \* t[ 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:
3 z9 q* _; a; t2 W( R% ]SUMMARY OF THE OFFERING
5 f" Q8 V+ O! b! M" X/ X, vThis 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’’.& u7 ^! o  R2 r& O4 Z# L! l
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
/ c; A$ D( L/ rAmount: $150,000,000 (6,000,000 shares).
: o6 h# {9 H) c) O  h3 ^& BPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
: A# J$ j) j) m" k/ FPrincipal Characteristics of the Preferred Shares Series 18
1 J7 I2 n- T, gDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed9 Y# s0 y8 s% k8 P! x9 W6 Y6 J
non-cumulative preferential cash dividends, as and when declared by the
9 `, U& b" R$ N8 _/ U# m+ L: }Board of Directors, subject to the provisions of the Bank Act, for the initial, o$ h* a/ k) n1 l
period commencing on the closing date and ending on and including% I/ S. }7 S+ H" |  v- {
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
0 D2 S- o  V6 U3 q" i2 z" M25th day of February, May, August and November in each year, at a rate
4 Y' ]$ p  S2 t& ]& f& I4 Mequal to $0.40625 per share. The initial dividend, if declared, will be payable" d/ F* k& W8 l% E: F
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
/ p' b4 T$ ?( Jdate of December 11, 2008.# }# Q* a( V( k6 \2 v( o8 {) E$ a
For each five-year period after the Initial Fixed Rate Period (each, a0 J0 M# n7 @% @0 l* P+ a
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares1 A  k5 D6 ?6 e9 }5 @+ s
Series 18 will be entitled to receive fixed non-cumulative preferential cash
8 b- v8 s! R/ P, f6 }* H5 ]8 Q& |dividends, as and when declared by the Board of Directors, subject to the
3 O' a- H. t- E4 zprovisions of the Bank Act, payable quarterly on the 25th day of February,& s# [5 b4 @- K1 @  r1 I
May, August and November in each year, in the amount per share per annum% b: H7 J0 P$ p2 I  ]  [# ^
determined by multiplying the Annual Fixed Dividend Rate applicable to7 a! u; O4 P: K$ N, K* I3 i
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
8 c, H, _. x$ }Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
' b2 y8 ]- M3 x' Q: N* g. @Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day: r0 m+ U$ d# {4 O# ?
of such Subsequent Fixed Rate Period and will be equal to the sum of the
2 D/ l$ w$ E0 Y, ]Government of Canada Yield on the applicable Fixed Rate Calculation Date
2 Z: g% I8 e2 q3 @  S0 Yplus 3.83%.2 B" L# P  N  H0 W: X
If the Board of Directors does not declare a dividend, or any part thereof, on
0 ]3 l8 b' Y) f, [the Preferred Shares Series 18 on or before the dividend payment date for a- r0 {1 V, M5 Q  K" t  X# m" D
particular quarter, then the entitlement of the holders of the Preferred
' @. T! T; K) q" D7 {0 Y; rShares Series 18 to receive such dividend, or to any part thereof, for such: j3 Y7 D) m% i' B
quarter will be forever extinguished.
& g9 b% v8 v* ?3 u, z# N" q" bRedemption: Subject to the provisions of the Bank Act and to the prior consent of the) [  |' ~5 O- G- K) O* S
Superintendent and to the provisions described below under ‘‘Details of the
7 A/ z( ]" Y7 i3 Y9 @Offering — Certain Provisions of the Preferred Shares Series 18 as a) \' x7 X, w$ {% M" d4 ?* f
Series — Restrictions on Dividends and Retirement of Shares’’, on5 d$ U) v$ f5 ]0 V# Q
February 25, 2014 and on February 25 every five years thereafter, on not! t- Q! m; t3 V. j6 `2 u& J
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any) G; `, r. f! `7 Y
part of the then outstanding Preferred Shares Series 18, at the Bank’s option( z8 z, k" L' z1 P
without the consent of the holder, by the payment of an amount in cash for) B2 Y2 i( T" A
each such share so redeemed of $25.00 together with all declared and unpaid% d0 y4 ?0 {8 I$ m
dividends to the date fixed for redemption.
0 u, L: G. u1 D1 h6 wConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
/ g9 n3 N6 F5 ^$ M, `( @5 VShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
: ^5 R  A8 R3 }: {the right, at their option, to convert, on February 25, 2014 and on. T4 A# ?- q" m- X- J; E* F& D
S-4
$ j* n+ z( t, D1 f( lFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
8 K* Y8 t/ T4 |* U2 `or all of their Preferred Shares Series 18 into an equal number of Preferred
# N7 q. N5 t1 O' oShares Series 19 upon giving to the Bank notice thereof not earlier than4 O% s+ F& A9 t, a
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day* ?  U  e# }+ ?0 r1 v/ ?
preceding, a Series 18 Conversion Date.6 x$ I6 I% [% w0 J/ j
Automatic Conversion If the Bank determines, after having taken into account all shares tendered: I, l; p6 l; y
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares' X1 Z, R4 [+ H# Q4 ^* }$ e, r
Series 19, as the case may be, that there would be outstanding on such
$ T9 i# |3 x/ j- g% Z9 c* @Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
5 m1 W# {% i4 Q+ i2 Z- q8 c" fsuch remaining number of Preferred Shares Series 18 will automatically be
8 K  V; ^$ T# w5 _' @converted on such Series 18 Conversion Date into an equal number of& y: c& m/ v7 D  k5 D  r
Preferred Shares Series 19. Additionally, if the Bank determines that, after# O' Y5 e# P5 i+ U4 P  e+ I
conversion, there would be outstanding on such Series 18 Conversion Date
1 ^% v; R6 p& ~* W3 c+ F& l" wless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares0 e- w. [8 b. X! B7 ~  q
Series 18 will be converted into Preferred Shares Series 19.1 d0 Y, b* X( E. s2 n* X; A, N7 }6 v4 w
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
3 ]* _$ x0 c2 s; y2 v! JSeries 18 will not be entitled as such to receive notice of, attend, or vote at," ~& e. t# ^$ w3 n
any meeting of the shareholders of the Bank unless and until the first time at
) e1 f& H1 J8 {5 S) Q* ^which the Board of Directors has not declared the whole dividend on the; B% t) P! K8 H+ q
Preferred Shares Series 18 in any quarter. In that event, subject as
* q5 Y- p6 G$ `& U/ @hereinafter provided, the holders of Preferred Shares Series 18 will be
/ g: N# n& a1 u8 D3 i( centitled to receive notice of, and to attend, meetings of shareholders at which
) C& g$ q" p+ r+ a  ddirectors of the Bank are to be elected and will be entitled to one vote for  v' p: O! U$ C/ E* c( _% Y
each Preferred Share Series 18 held. The voting rights of the holders of the2 ]1 u2 F2 F. j9 L( [
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
8 Z9 D4 d3 O( lthe first dividend on the Preferred Shares Series 18 to which the holders are
2 a2 x, ?" V/ l3 Yentitled thereunder subsequent to the time such voting rights first arose until
* f2 v, T/ h: Msuch time as the Bank may again fail to declare the whole dividend on the! d+ _; a$ s" `
Preferred Shares Series 18 in respect of any quarter, in which event such
+ ~* S" a% y# Wvoting rights will become effective again and so on from time to time.. w1 {8 x6 f' ]: y
Principal Characteristics of the Preferred Shares Series 19
7 |  I) K# q$ MDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
  c+ @0 K3 w; q) r$ X% Rfloating rate non-cumulative preferential cash dividends, as and when$ M9 R& N% v$ W/ r: ]2 p
declared by the Board of Directors, subject to the provisions of the Bank Act,7 s; m: r: R/ z; D: m+ w( J
payable quarterly on the 25th day of February, May, August and November
" I: j1 _/ _6 z; o6 `in each year, in the amount per share determined by multiplying the
+ U/ z1 I/ F, P8 O! {' }! U! D; Sapplicable Quarterly Floating Dividend Rate by $25.00.5 j- P" l: o: O
On the 30th day prior to the commencement of the initial quarterly dividend
3 R+ U" w8 y) R2 u1 R( H! i; q# o; Vperiod beginning on February 25, 2014, and on the 30th day prior to the first! K% E! T/ p( [* U) B
day of each subsequent quarterly dividend period (the initial quarterly
8 y8 X! s8 D8 h% ddividend period and each subsequent quarterly dividend period is referred to* a& r0 [4 G: @, U' `& y( a* G
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
/ F3 k+ K# k' h6 V% l2 c) f. X( H/ \8 cQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate; H  {, F" M0 z/ ]3 v! O1 r4 Q2 \
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
2 m5 `( @5 ]5 K/ l+ lT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
4 w8 r1 Y$ d6 O% p) @$ K$ B7 b( ~elapsed in the applicable Quarterly Floating Rate Period divided by 365)% v" f! f$ n0 E9 y  J
determined on the 30th day prior to the first day of the applicable Quarterly/ u9 o2 N* \0 n+ s( i# q
Floating Rate Period.
- Z1 Q* j2 `0 v; e/ H# y7 sS-5
2 |' B" H6 s- ]9 G# O# v* {If the Board of Directors does not declare a dividend, or any part thereof, on
4 o9 ]0 k! u4 m8 ]) u& }. v% Bthe Preferred Shares Series 19 on or before the dividend payment date for a& K) v4 J" ]# o7 m7 r5 a3 Q( [
particular quarter, then the entitlement of the holders of the Preferred
. C8 a6 i; J. B6 F& t) a- F- H8 GShares Series 19 to receive such dividend, or to any part thereof, for such9 `3 o/ J' V# u6 g9 c0 U. d
quarter will be forever extinguished.
9 x% e& X9 J, Y8 p$ dRedemption: Subject to the provisions of the Bank Act and to the prior consent of the: n9 O: G7 S4 S2 @9 B! w6 y
Superintendent and to the provisions described below under the heading; T1 S9 l7 X4 d; K
‘‘Details of the Offering — Certain Provisions of the Preferred Shares. f4 x; H. o3 \. z+ Z
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
7 Y2 V% R  P& d8 n: Fon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
$ E) L0 b; E9 @+ {, V0 xor any part of the then outstanding Preferred Shares Series 19, at the Bank’s: w2 G$ ?0 b: i# e9 i6 T
option without the consent of the holder, by the payment of an amount in
! o! I7 r9 m# I* K7 acash for each such share so redeemed of (i) $25.00 together with all declared* Z# j+ m5 E) T
and unpaid dividends to the date fixed for redemption in the case of, L$ j: O9 p  C8 Y# F7 ^
redemptions on February 25, 2019 and on February 25 every five years% j. F/ g4 i* t- ]
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
: k2 V. i/ v' q: I5 wthe date fixed for redemption in the case of redemptions on any other date
. e& {3 {" W2 w7 Y- V8 B, l! bon or after February 25, 2014.6 }- x$ ~6 k! k" I& P# n* C, k
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic; h9 p! b6 Y5 T2 ]% y. X4 [
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have6 A2 o$ \  v; O; G9 c
the right, at their option, to convert, on February 25, 2019 and on
& e0 ]& ^% N/ ~' n+ GFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any6 c9 c9 P. f5 Y: ]2 W: R$ P$ B" q
or all of their Preferred Shares Series 19 into an equal number of Preferred
: P, g8 y  w+ Y; y5 H; R6 R* HShares Series 18 upon giving to the Bank written notice thereof not earlier
/ h) }/ W* `* J/ O9 ethan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the0 }2 T* ^& Q. M5 f
15th day preceding, a Series 19 Conversion Date.& t3 S! Z! m& m. w
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
/ u8 K+ r9 p' O( cProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares+ D9 {6 Y! S' g- ?) v5 ~. B
Series 18, as the case may be, that there would be outstanding on such
3 U# @( L* j% R5 L5 h" MSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,' ^( F* m# r4 R4 c6 W
such remaining number of Preferred Shares Series 19 will automatically be
1 i2 S6 b: Q' G' vconverted on such Series 19 Conversion Date into an equal number of1 V3 m- v$ m; E
Preferred Shares Series 18. Additionally, if the Bank determines that, after
2 F* c9 o# P- B+ M; C' h+ Fconversion, there would be outstanding on such Series 19 Conversion Date
) h( c" i6 ~8 R3 kless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares+ `) M6 v% y( v' \: u# q: L1 T
Series 19 will be converted into Preferred Shares Series 18.+ ]' e4 \% B! n* h* a7 p
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
: R) R0 {2 Y$ s. PSeries 19 will not be entitled as such to receive notice of, attend, or vote at,6 e/ h0 C' h/ H  n5 H" ?
any meeting of the shareholders of the Bank unless and until the first time at
; f) {% k; Y% |which the Board of Directors has not declared the whole dividend on the
; d( ?) ?8 P6 k7 gPreferred Shares Series 19 in any quarter. In that event, subject as
7 x. y1 ]2 O: [- x% u; Ehereinafter provided, the holders of Preferred Shares Series 19 will be
, g( o! F' Y% i5 Bentitled to receive notice of, and to attend, meetings of shareholders at which2 v5 B* V: D+ P0 [/ O6 k
directors of the Bank are to be elected and will be entitled to one vote for% l: T' `3 T) @: R/ o9 {0 C7 v
each Preferred Share Series 19 held. The voting rights of the holders of the
3 A- m4 h- n; ~Preferred Shares Series 19 will forthwith cease upon payment by the Bank of& c( C& }8 h7 g! z; ]- P) }, D. k
the first dividend on the Preferred Shares Series 19 to which the holders are. x6 d1 \* D3 w! E6 m
entitled thereunder subsequent to the time such voting rights first arose until
) s7 O% ~# D, |$ p- [such time as the Bank may again fail to declare the whole dividend on the0 z% [7 h/ H6 s( s: J
Preferred Shares Series 19 in respect of any quarter, in which event such
! a8 q2 q6 l- G6 `( k8 Ivoting rights will become effective again and so on from time to time.
4 G5 T4 j$ [+ j. i; KS-6
: p7 c9 C& v" v# DPriority: The preferred shares of each series of the Bank will rank on a parity with$ h& ~# p- t5 K8 G% @6 Z
every other series and are entitled to preference over the common shares of
: |" X4 O& B; ?& @! xthe Bank and over any other shares of the Bank ranking junior to the
- o3 X+ z" _9 o0 @: ^5 G" Mpreferred shares with respect to the payment of dividends and upon any
" m$ y( i1 H. ~0 O) Z& W! kdistribution of assets in the event of the liquidation, dissolution or
4 e) M% W" ~& i2 ]  e5 Kwinding-up of the Bank.$ _% ~" N' a. u% ^; d
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
) w7 M& O1 J* \+ d+ _+ TDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
* R! L; A: r/ h( ^  @Series 18 and Preferred Shares Series 19 will not be required to pay tax on# [3 [/ v: [5 r- f5 y
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  q; K# F! e1 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
" W# _5 l* z7 G& y

) T' K: x6 ^. a0 ]: b下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
- `! s# U3 a$ h
: Q9 c. h7 g0 P3 a( C1 ycall 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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