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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。
% y6 \0 C9 s- J$ `5 `
! Y- i9 M, \$ q0 O8 j

1 b' g( u) r+ z) ?. M8 ][ 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:& b2 I9 \/ m# V, o6 Q5 R* z
SUMMARY OF THE OFFERING
5 C$ p  R- a' W; 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’’.8 @6 j, W; r, L0 l3 L% Z1 w1 u' L
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
  X2 X* h+ u( b- K+ h. aAmount: $150,000,000 (6,000,000 shares).
5 m9 o% ~& Q" @: l" SPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
( e5 |5 v6 {4 c2 b+ UPrincipal Characteristics of the Preferred Shares Series 18* |4 q( ^1 s, Z3 [! P1 O
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
" F2 X' M+ f# R' {" {non-cumulative preferential cash dividends, as and when declared by the
3 o/ y8 E6 v, Q' y* w. F1 i1 XBoard of Directors, subject to the provisions of the Bank Act, for the initial
4 N( u9 ]9 |5 `% c$ A/ speriod commencing on the closing date and ending on and including* D# K% o. J, w* x- U  E
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the5 A  b) O' V5 W* e) S& U8 t
25th day of February, May, August and November in each year, at a rate
( H$ d- Z; M8 ^equal to $0.40625 per share. The initial dividend, if declared, will be payable
0 y! y2 P; m4 d/ j! y, _: MMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing5 ~/ b5 e% M  d1 z6 w
date of December 11, 2008.
* ]2 Y% M- Q5 K" f* zFor each five-year period after the Initial Fixed Rate Period (each, a
' j) Z( A2 h) t, D& \2 K" R, n' m‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares4 M7 A4 K9 }6 k) R: P
Series 18 will be entitled to receive fixed non-cumulative preferential cash; I" t. M/ w: p, h1 V( F0 X4 n* [
dividends, as and when declared by the Board of Directors, subject to the
$ h$ C) W6 u" S7 d$ Iprovisions of the Bank Act, payable quarterly on the 25th day of February,- S: t; F, O, Y, ]) x
May, August and November in each year, in the amount per share per annum6 ]+ ~$ L. |* Z
determined by multiplying the Annual Fixed Dividend Rate applicable to6 M+ Q& B! W: i# o4 `; m2 l0 F
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
4 F, X4 |! e$ GRate for the ensuing Subsequent Fixed Rate Period will be determined by the+ d4 u) B& Z) Z  y7 a
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day6 O3 B( d' j# ~5 N
of such Subsequent Fixed Rate Period and will be equal to the sum of the0 M0 \* Q+ q0 O* z" j8 D
Government of Canada Yield on the applicable Fixed Rate Calculation Date
0 \: y5 _( c3 Hplus 3.83%.; k* g4 N: I. |9 [2 B
If the Board of Directors does not declare a dividend, or any part thereof, on0 b- z/ l4 b$ |3 u( @6 ?' p
the Preferred Shares Series 18 on or before the dividend payment date for a3 `0 m/ ^) X) |9 D
particular quarter, then the entitlement of the holders of the Preferred) F8 v5 J3 ^+ h  ]0 B4 d+ d
Shares Series 18 to receive such dividend, or to any part thereof, for such
9 I( z- z( m# d6 u% n# y8 Oquarter will be forever extinguished.' w& D3 q* ]" b, z6 D+ v9 @
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
/ ~: t$ R" d4 D0 s! x/ J; gSuperintendent and to the provisions described below under ‘‘Details of the) J, d/ e0 V! E  R8 Q# r7 }  Z
Offering — Certain Provisions of the Preferred Shares Series 18 as a
  p6 f2 A4 N  ^9 f& `, n  S; KSeries — Restrictions on Dividends and Retirement of Shares’’, on( |+ o  e, @6 ^1 s; \; ]8 L7 P" r8 Z
February 25, 2014 and on February 25 every five years thereafter, on not
0 I9 n, K7 [' S$ `0 vmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
% z: C' ?3 E' {* k' Y1 Z" f$ [" ipart of the then outstanding Preferred Shares Series 18, at the Bank’s option
: U! j& A' Q/ `4 F7 F+ @9 m. qwithout the consent of the holder, by the payment of an amount in cash for) P" V7 s6 _' l2 M2 M2 r; @
each such share so redeemed of $25.00 together with all declared and unpaid
9 j: P# p/ J9 I: adividends to the date fixed for redemption.
9 ^+ @3 D- \) g6 B1 }5 ~0 d  yConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic/ r( e  H1 T- y+ K0 |
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
7 S- [5 E) H% wthe right, at their option, to convert, on February 25, 2014 and on
/ t2 m9 f1 I: o: YS-4
+ q& F3 T) i# |. W7 H% ]! UFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
, k6 ^; w9 ~: y% v2 `: x% oor all of their Preferred Shares Series 18 into an equal number of Preferred. w: w( E! S3 G, w8 }9 h
Shares Series 19 upon giving to the Bank notice thereof not earlier than
/ U3 d  O5 g* Z0 V2 E30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
; {+ j+ n: K* X0 M) Jpreceding, a Series 18 Conversion Date.) E  ^% T8 R1 \: }- `, V
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
) k0 V: m$ v: M# }: |# vProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares/ v/ o- V1 s! f4 K% k" \9 q
Series 19, as the case may be, that there would be outstanding on such
. @" C- L! r$ ~8 SSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
" ?+ s( d4 ]/ F+ m5 ]* R9 Asuch remaining number of Preferred Shares Series 18 will automatically be
6 L: i2 f5 v6 @converted on such Series 18 Conversion Date into an equal number of
5 N" p) s+ W5 V5 Q2 UPreferred Shares Series 19. Additionally, if the Bank determines that, after
9 {/ X# J$ Q1 Dconversion, there would be outstanding on such Series 18 Conversion Date
) u3 b6 N: c' p+ |. U5 P7 C% }4 z, Jless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares( z) F2 {9 K8 y2 n
Series 18 will be converted into Preferred Shares Series 19.
# E! P, Q9 t5 `6 T7 {$ a$ q: JVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
  |, ?6 j) B; E4 e" i9 T. lSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
6 z  }( x' F0 s+ ~any meeting of the shareholders of the Bank unless and until the first time at! Y$ O) M5 ?+ O5 Y. H' x
which the Board of Directors has not declared the whole dividend on the
$ X1 [: ^8 q9 U0 I5 tPreferred Shares Series 18 in any quarter. In that event, subject as
" D/ W3 H! l' s3 a' P/ \! o) ^, Yhereinafter provided, the holders of Preferred Shares Series 18 will be9 }+ W7 v6 s. a
entitled to receive notice of, and to attend, meetings of shareholders at which, S2 N  L' {1 Y! [6 ]0 X
directors of the Bank are to be elected and will be entitled to one vote for  R3 Z: Q2 T5 q8 F  r  ~
each Preferred Share Series 18 held. The voting rights of the holders of the/ i8 U- n& G% S9 u& J& D5 n
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
5 @7 O7 x- O3 ?3 E/ Hthe first dividend on the Preferred Shares Series 18 to which the holders are9 U+ _/ ?9 q, @5 m& G. \  n6 P
entitled thereunder subsequent to the time such voting rights first arose until
9 \7 Z: T& q* k2 k$ @such time as the Bank may again fail to declare the whole dividend on the
  L, W& c1 X, R  w, }Preferred Shares Series 18 in respect of any quarter, in which event such
6 N7 {; |4 {5 y2 ?1 G+ @* pvoting rights will become effective again and so on from time to time.* y# v: p; Q8 y8 |5 k  L
Principal Characteristics of the Preferred Shares Series 19
, H9 C1 ^/ Q' o9 g, m* HDividends: The holders of the Preferred Shares Series 19 will be entitled to receive' Q8 |, D: f. [7 o! p
floating rate non-cumulative preferential cash dividends, as and when
2 v2 {% I" V8 W+ A3 [declared by the Board of Directors, subject to the provisions of the Bank Act,
2 @& E7 C9 o5 P1 A( gpayable quarterly on the 25th day of February, May, August and November
. u6 e, m2 ^$ ^& |in each year, in the amount per share determined by multiplying the
" J9 s! k! ^9 y; y) y$ lapplicable Quarterly Floating Dividend Rate by $25.00.0 B1 ~5 z5 g9 h9 c
On the 30th day prior to the commencement of the initial quarterly dividend
3 j1 T- g0 |) W* X8 xperiod beginning on February 25, 2014, and on the 30th day prior to the first
% K# X4 ?  e. T+ Q* a( _1 p+ Yday of each subsequent quarterly dividend period (the initial quarterly
: [7 F+ b7 j/ vdividend period and each subsequent quarterly dividend period is referred to
3 h/ V# K* o. }, u$ H2 c4 ]as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
) q( Y) `, ]! [3 q" b% w9 tQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate/ c2 b& V) T# G, |6 }& J- b9 R
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
  ?+ Q" w" p( g& m5 y; c5 F) PT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days; J  m3 V0 t8 X) ]6 r% ?. {
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
( S/ Q! J7 d! d* h5 k1 T3 ?determined on the 30th day prior to the first day of the applicable Quarterly/ Z2 L3 `, p) y. s: i
Floating Rate Period.' g# P! q) _$ Z  p
S-5
) J& _; Y4 Q/ D; uIf the Board of Directors does not declare a dividend, or any part thereof, on4 Z* Q) U8 q( w3 Q7 W* n
the Preferred Shares Series 19 on or before the dividend payment date for a
: a9 @! F* T+ rparticular quarter, then the entitlement of the holders of the Preferred2 u1 \- ?( p4 y# B+ w, V
Shares Series 19 to receive such dividend, or to any part thereof, for such
. R* [* e3 t: K) _quarter will be forever extinguished., ~/ h9 S$ J' ^9 g2 y( j7 R1 h' z
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
  c* V% s5 ?( o, oSuperintendent and to the provisions described below under the heading/ D5 t  s. \1 s8 M1 b: ]- a3 B* a% [
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
) T! y4 f, o& kSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
3 d* ]& v" v" P1 V/ Lon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
9 h$ T* ~) R7 j5 F% x, |or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
+ B. j2 J2 g/ |option without the consent of the holder, by the payment of an amount in! Z4 Q1 J: b: z( x( [2 I; q
cash for each such share so redeemed of (i) $25.00 together with all declared; Y8 I& Y2 ~4 c7 Z- [( o4 o( O: r
and unpaid dividends to the date fixed for redemption in the case of
; U  [' ?1 j5 y- I* \redemptions on February 25, 2019 and on February 25 every five years) }- Z. ^- D- \" s& N2 L
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to$ E0 t6 y6 {- j# k, ?; R0 {
the date fixed for redemption in the case of redemptions on any other date
" K2 C+ s4 e, s2 Oon or after February 25, 2014.
/ a- \# J' c( y9 S  ~5 z$ _4 K& ?Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic1 h: |" p# A3 j/ H
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
+ U+ ?# ~9 P- F, X; ~; h$ hthe right, at their option, to convert, on February 25, 2019 and on5 ~* G: s' V/ a6 M
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
' v( G4 V4 k9 b* j2 bor all of their Preferred Shares Series 19 into an equal number of Preferred
3 X( S9 P' J- O  D# R, FShares Series 18 upon giving to the Bank written notice thereof not earlier
: M3 G. }3 c" A  M0 _than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the; @- l4 q+ P1 Z8 @! c3 F1 k" l
15th day preceding, a Series 19 Conversion Date.4 v- F* }! p. M/ A& V
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
. a' |2 o* u7 c5 u6 mProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
% b1 M$ w5 p% N/ Z, L& zSeries 18, as the case may be, that there would be outstanding on such+ T' o7 O7 Z2 U! p/ t
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,1 B' u/ O9 S5 F& \; Q
such remaining number of Preferred Shares Series 19 will automatically be
8 y6 z& u1 C2 o5 x4 ~0 k% |* W2 yconverted on such Series 19 Conversion Date into an equal number of
1 d% ]+ W2 ]" `( NPreferred Shares Series 18. Additionally, if the Bank determines that, after
( A" x9 s% u5 W1 s+ G% `$ D! sconversion, there would be outstanding on such Series 19 Conversion Date
9 w4 d* E- s- M6 \' F$ _* {less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares0 g3 A6 L- y" I
Series 19 will be converted into Preferred Shares Series 18.6 s6 [7 ]8 C/ W9 ^, ]9 F, y( t
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares7 f7 d4 O+ L6 x0 D3 p; ^& l# v. {  @% f; M
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
, \9 e) g0 b* z) W7 z7 Rany meeting of the shareholders of the Bank unless and until the first time at
5 [$ L! P7 |& x2 o2 r( Hwhich the Board of Directors has not declared the whole dividend on the
6 Y5 G+ A+ Q  p& r* e. {Preferred Shares Series 19 in any quarter. In that event, subject as9 K( L  P) ~% m( W+ Q$ d6 Q& T# w
hereinafter provided, the holders of Preferred Shares Series 19 will be- B. Q' U( i- A7 Y4 ], `" F
entitled to receive notice of, and to attend, meetings of shareholders at which& `! n; d: p( [0 N9 V% a9 p* `
directors of the Bank are to be elected and will be entitled to one vote for
9 O6 Y, C2 }- ]& e# Qeach Preferred Share Series 19 held. The voting rights of the holders of the8 r8 L3 J8 A- |# @8 W" f: v
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
4 ^6 I6 F; W( K% Xthe first dividend on the Preferred Shares Series 19 to which the holders are
& C& ?" M! D5 Y5 qentitled thereunder subsequent to the time such voting rights first arose until
8 K- z1 \. x  J( C, \such time as the Bank may again fail to declare the whole dividend on the
- w8 N9 c. B4 n0 u/ r: }6 \Preferred Shares Series 19 in respect of any quarter, in which event such: e% Y. v) L7 k7 ^) M9 v
voting rights will become effective again and so on from time to time.4 m( z7 b6 k2 r) Y3 Z8 I* C9 `
S-6
; U! f. X, k* ~5 K* tPriority: The preferred shares of each series of the Bank will rank on a parity with
( H5 H2 v( y  Q5 o6 Cevery other series and are entitled to preference over the common shares of& J7 M3 @: ^  G
the Bank and over any other shares of the Bank ranking junior to the
2 g* }% z9 v+ ]5 {$ C! I, gpreferred shares with respect to the payment of dividends and upon any
7 M6 x2 Q4 t( u$ x/ mdistribution of assets in the event of the liquidation, dissolution or
" G& n4 ^0 _7 Z/ n1 Hwinding-up of the Bank.2 y3 G0 s6 i# `9 ?
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under: S2 G; `  y$ h7 l
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
  ~. ?5 Q9 A8 K! }+ I" Q2 S! vSeries 18 and Preferred Shares Series 19 will not be required to pay tax on1 ^0 w' N) G% G1 c6 _" k% p
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。/ Y% N! ~# ~" y) [; D# Q
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

/ i$ z1 f5 C: E4 w$ E! Y6 y0 J+ p1 v: c; o* I
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。9 E8 p# V8 X8 U$ u( B

! y+ W' |# I9 C- r% l. Wcall 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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