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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。5 p( l% j# C' H1 ?. v

) O0 ~8 t* q- t; G  H- f# V' T# d: K; D
[ 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:' \, @: M+ u9 j  x
SUMMARY OF THE OFFERING+ G+ L# Y/ S2 L0 ]3 u. f7 M4 v
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’’.
0 b! @+ o+ V4 _* r. V, YIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.% g- L) k6 q+ W1 _7 G0 J, ]1 `" g
Amount: $150,000,000 (6,000,000 shares).: w, U6 V4 t) x1 I/ Z, W$ [
Price and Yield: $25.00 per share to yield initially 6.50% per annum.- z. K, I1 Q% I' h
Principal Characteristics of the Preferred Shares Series 183 l4 v9 o+ i9 m+ X" I
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed% ?: B# x; {7 `- f- f* M, p2 r
non-cumulative preferential cash dividends, as and when declared by the5 ?  J+ ]* y# g( ^
Board of Directors, subject to the provisions of the Bank Act, for the initial
$ a0 r, z5 P! @% d# F6 \period commencing on the closing date and ending on and including
# c' R( k3 {: }  l$ `$ \February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
( y! U8 P! A! r& X1 n7 h' W" d25th day of February, May, August and November in each year, at a rate
- o( r' J: t, w# {equal to $0.40625 per share. The initial dividend, if declared, will be payable# F# O: U# e( c4 z% x! f7 l$ U
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
6 K( s' |! h  L" ldate of December 11, 2008.7 J% n- E2 F, B0 B* y  O
For each five-year period after the Initial Fixed Rate Period (each, a3 S& L& u7 V; q+ M
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares* b" Y# y; e+ k! Y8 F9 R1 r
Series 18 will be entitled to receive fixed non-cumulative preferential cash
! ^/ E- R: s. f7 `4 e+ ?0 edividends, as and when declared by the Board of Directors, subject to the
* q, M: `: g. h4 _9 |provisions of the Bank Act, payable quarterly on the 25th day of February,
- a8 P  X; o& gMay, August and November in each year, in the amount per share per annum: K. n, b! g9 K
determined by multiplying the Annual Fixed Dividend Rate applicable to" S* i0 k3 F  p% j: c
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend7 _! s# F$ h% b. r# R4 w  u% o- Q
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the8 ~5 O5 A' I! Z9 ?* F
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
+ x1 b' g* ?( _7 W6 gof such Subsequent Fixed Rate Period and will be equal to the sum of the, w- D% L" d! M+ d5 Q/ O& S
Government of Canada Yield on the applicable Fixed Rate Calculation Date
0 R7 p% G" O$ s2 a8 k$ Z4 iplus 3.83%.* J& a( m  Q9 ~0 k: {1 G: V
If the Board of Directors does not declare a dividend, or any part thereof, on: M4 Q0 z; [# d; x
the Preferred Shares Series 18 on or before the dividend payment date for a
" S5 u: ]! W! G6 l$ g. S) _particular quarter, then the entitlement of the holders of the Preferred( ?' y+ P% W+ c* F
Shares Series 18 to receive such dividend, or to any part thereof, for such
4 @* ]/ E" s% ^% Wquarter will be forever extinguished.
. @/ ~" d0 \) Q* r' cRedemption: Subject to the provisions of the Bank Act and to the prior consent of the# h$ F0 I1 _1 w6 m4 S+ A
Superintendent and to the provisions described below under ‘‘Details of the
0 u! {) z. H/ \& k3 mOffering — Certain Provisions of the Preferred Shares Series 18 as a0 [, s9 D! v. j& D
Series — Restrictions on Dividends and Retirement of Shares’’, on' u- I. D5 e7 ^+ S7 |( G( d# Y- c3 z4 c4 M
February 25, 2014 and on February 25 every five years thereafter, on not
5 H% X6 \4 Q& G6 _, Q# W& emore than 60 nor less than 30 days’ notice, the Bank may redeem all or any) c$ l8 C! I* O: _8 z
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
- M- k: g* F  W. N& t3 Mwithout the consent of the holder, by the payment of an amount in cash for
, l, L3 z2 v+ Weach such share so redeemed of $25.00 together with all declared and unpaid, d: Y. ]3 d1 t+ Q$ n+ P, o
dividends to the date fixed for redemption.& o# I, Q9 {9 f; M. X
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
6 t% a2 W" _# W% BShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have: k/ N4 O* s# n4 K2 u1 @4 B
the right, at their option, to convert, on February 25, 2014 and on
  Q8 t% ]0 I7 K" e4 J( H. GS-4$ a/ ~6 f& _; R/ T1 V$ ~
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any* c4 Y* A: n. K- @5 g
or all of their Preferred Shares Series 18 into an equal number of Preferred
" x$ Y0 l) ^0 u0 S, m& nShares Series 19 upon giving to the Bank notice thereof not earlier than
+ b. u/ `$ c% y8 I30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day1 Y) s5 {; w. ^% q6 @3 f
preceding, a Series 18 Conversion Date.6 R  A- a2 ?9 V( k! Z
Automatic Conversion If the Bank determines, after having taken into account all shares tendered3 o9 U  N7 D- {2 V7 ~; f2 l: C+ E
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares, W2 l0 Y& N$ G) t: a4 U/ q9 q
Series 19, as the case may be, that there would be outstanding on such" X! s; e- m5 i* Q5 ~7 B+ ^4 |  t
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,/ }/ T, F& ^  y' x4 t
such remaining number of Preferred Shares Series 18 will automatically be
7 ?5 Y7 D& A( N  G5 a# K5 ^3 Rconverted on such Series 18 Conversion Date into an equal number of9 j3 @& V# O! F9 K" P* M1 T8 o
Preferred Shares Series 19. Additionally, if the Bank determines that, after9 D& I* @) P) d: y) U- L, O! c, O
conversion, there would be outstanding on such Series 18 Conversion Date% d" N; |9 q( c2 ?$ O: \5 ^9 J- J
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
# Y: F  l" e& w" H( LSeries 18 will be converted into Preferred Shares Series 19.
: A5 n) W  N  ~  _' XVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
' o) ^" C4 Y+ z5 }9 jSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
6 R+ Z4 {! u+ u5 s* M1 Many meeting of the shareholders of the Bank unless and until the first time at/ V3 Q2 |! t' _( D2 U/ X. w3 U# ^
which the Board of Directors has not declared the whole dividend on the+ |, K& E8 b+ {( g# f) i" F% Y
Preferred Shares Series 18 in any quarter. In that event, subject as
* S) W, ?3 M- k2 yhereinafter provided, the holders of Preferred Shares Series 18 will be
% b0 e% ~. W% j: Y; N$ U- yentitled to receive notice of, and to attend, meetings of shareholders at which0 [+ G6 K: Z/ c
directors of the Bank are to be elected and will be entitled to one vote for
; \# j: \. V* `6 l1 Deach Preferred Share Series 18 held. The voting rights of the holders of the7 L, g: D+ v0 f4 S/ ^$ g1 [8 y" I! f
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
' p9 e) }* ~. H9 e/ B. Nthe first dividend on the Preferred Shares Series 18 to which the holders are% r" w- t* Y0 ]) G' W" b- p
entitled thereunder subsequent to the time such voting rights first arose until
: S7 ^/ x3 @- esuch time as the Bank may again fail to declare the whole dividend on the4 W# P: t- y: _( Y+ l) w
Preferred Shares Series 18 in respect of any quarter, in which event such
1 c3 k. f+ E# p- D+ Q8 Wvoting rights will become effective again and so on from time to time.
% g1 L3 A+ Y  M( _/ tPrincipal Characteristics of the Preferred Shares Series 19
/ w5 b/ M5 i, hDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
1 {7 m7 X* t' v0 Sfloating rate non-cumulative preferential cash dividends, as and when: g4 c3 b2 l7 w* Q8 \: y6 x" w
declared by the Board of Directors, subject to the provisions of the Bank Act,5 e8 B& D8 P7 `& s1 q+ K
payable quarterly on the 25th day of February, May, August and November
% W! H/ h' [, s0 N5 q, H, win each year, in the amount per share determined by multiplying the
9 @: s  c7 J, N+ a. ^applicable Quarterly Floating Dividend Rate by $25.00.$ e, O: ?$ }4 p, k  Z
On the 30th day prior to the commencement of the initial quarterly dividend% v* h- w, Y" J, ^. I
period beginning on February 25, 2014, and on the 30th day prior to the first, t% l0 I* p* j8 P0 p
day of each subsequent quarterly dividend period (the initial quarterly
  C& H: Y1 ]  q+ I/ S* D4 ?. ^6 Gdividend period and each subsequent quarterly dividend period is referred to- q" K* V6 s9 S% ^$ m( L  U8 b
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the* ?$ `# Y% {: }6 q
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate! ?4 A4 m: |  h) k
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
% ?: t) H& K$ A4 BT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days( a& J- X) ^6 |3 p+ d) f/ G- c
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
% ?8 z. J6 E* udetermined on the 30th day prior to the first day of the applicable Quarterly
4 W" C" u$ N! J0 \2 p# i4 OFloating Rate Period.: ]$ Y2 o% N( P( n" M
S-5
+ P* i. e  ^7 b7 iIf the Board of Directors does not declare a dividend, or any part thereof, on
8 F9 O( P3 v" Z4 m5 q3 e2 ?2 Bthe Preferred Shares Series 19 on or before the dividend payment date for a
  k! v) Z7 G8 f; a( [5 ?. m! p0 xparticular quarter, then the entitlement of the holders of the Preferred/ C8 u0 h6 y0 m. s6 Q5 ]/ J/ G
Shares Series 19 to receive such dividend, or to any part thereof, for such
+ H; _& d+ ^7 x' W  H  S2 _# J5 oquarter will be forever extinguished.: r& h5 U3 ?# q" f/ `
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the; f; a! e3 G' q1 T0 J& c
Superintendent and to the provisions described below under the heading
3 u1 x4 |  `, j& l* a3 V6 l‘‘Details of the Offering — Certain Provisions of the Preferred Shares5 g+ r7 }: t1 ^1 M; ~4 y" ]
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
8 y, R* ^# G6 u/ gon not more than 60 nor less than 30 days’ notice, the Bank may redeem all! t* p6 }! z" u
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s" z: k% U- G! o/ {1 M4 y
option without the consent of the holder, by the payment of an amount in4 N# i- U+ Z+ q8 h7 k" s3 n6 c
cash for each such share so redeemed of (i) $25.00 together with all declared
: l* m& _9 Y2 {. i# ~and unpaid dividends to the date fixed for redemption in the case of/ t& f+ P" w3 G8 X. `& j0 r
redemptions on February 25, 2019 and on February 25 every five years+ j* P0 u0 V' x7 q9 O
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
- ]2 b) O& M& W- T3 K3 Othe date fixed for redemption in the case of redemptions on any other date
  M% I( c2 Z  H! p: Non or after February 25, 2014.
  b. o4 `( |; T( f# pConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
  I. ~8 I$ ]9 F& j; n. S. OShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have& Q: x$ G" i+ v( }
the right, at their option, to convert, on February 25, 2019 and on
( _( v* f" ^; b% ~1 ]* D# f' B6 fFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
' }$ u5 ]* H, q0 l) S. V( ~or all of their Preferred Shares Series 19 into an equal number of Preferred' @/ X% b  Z0 e  z- M  [; w
Shares Series 18 upon giving to the Bank written notice thereof not earlier
4 p- w  Q, p6 k7 W1 A7 @# ^- Jthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the' j: c. K5 M' l7 l2 u7 F* j
15th day preceding, a Series 19 Conversion Date.$ k2 [) [9 [! O* O/ I
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
" w6 m, q4 [0 R4 E% i6 IProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares( t6 Y7 |1 A( a9 s& H  a5 q6 u
Series 18, as the case may be, that there would be outstanding on such( J% u( V4 b& V6 B2 s; c
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,' I2 Q) r9 L+ S4 n$ z
such remaining number of Preferred Shares Series 19 will automatically be
& l6 \6 X9 Z5 Y& ?converted on such Series 19 Conversion Date into an equal number of
6 E0 q3 x! A. G7 qPreferred Shares Series 18. Additionally, if the Bank determines that, after) [. e! t( H: H7 c5 v( w0 |8 `: ]1 ^
conversion, there would be outstanding on such Series 19 Conversion Date$ v" ]# K) A5 N2 r9 C
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
; }; J# p4 r0 g: XSeries 19 will be converted into Preferred Shares Series 18.
- |4 Z0 ^& Q/ ~  ]% ]! N1 G' \Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares: {$ u' _$ \2 j' q
Series 19 will not be entitled as such to receive notice of, attend, or vote at,) g0 ]4 r2 F7 X5 u- G& \: p( v
any meeting of the shareholders of the Bank unless and until the first time at
7 g; }7 x9 Z( g. w9 J5 E* j9 ywhich the Board of Directors has not declared the whole dividend on the! I3 e7 d; }1 f! k& v7 l8 `
Preferred Shares Series 19 in any quarter. In that event, subject as
% H  m% b6 x8 q" Zhereinafter provided, the holders of Preferred Shares Series 19 will be
/ e+ B2 Q" T0 Q$ k. O$ sentitled to receive notice of, and to attend, meetings of shareholders at which/ X  O; l( z3 w( A" S& n6 k
directors of the Bank are to be elected and will be entitled to one vote for
0 G4 U0 }/ n2 i& }8 weach Preferred Share Series 19 held. The voting rights of the holders of the
# h' }; \# B2 @( j8 pPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
+ D7 z% }6 b; T  k+ G  M  Q7 Mthe first dividend on the Preferred Shares Series 19 to which the holders are
7 O6 E' b0 r, Rentitled thereunder subsequent to the time such voting rights first arose until
0 l$ B! Q" W/ @9 ]6 l& lsuch time as the Bank may again fail to declare the whole dividend on the
& a, @( s! @( b# n/ U# U% Z' jPreferred Shares Series 19 in respect of any quarter, in which event such
9 h( c, g3 q; _" x/ I7 Vvoting rights will become effective again and so on from time to time., B0 P. B& y( c# ~8 D, Q
S-67 [+ [, w" |* V. Q* d- j- J9 W
Priority: The preferred shares of each series of the Bank will rank on a parity with
! S* y7 x0 B4 i" V1 revery other series and are entitled to preference over the common shares of
3 D8 A0 D! Y0 rthe Bank and over any other shares of the Bank ranking junior to the; |) r0 I5 P% V$ N+ R7 @, U
preferred shares with respect to the payment of dividends and upon any
% M- \# Q8 p: f% F" Rdistribution of assets in the event of the liquidation, dissolution or
3 T2 l) _1 P0 R  w1 R& d6 Kwinding-up of the Bank.
" M1 j& j: ~/ |+ S8 ^Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
$ S8 E% b' Q' z, h8 ADividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares2 R3 W' P$ f0 K+ N) q1 x3 W
Series 18 and Preferred Shares Series 19 will not be required to pay tax on7 _( W# ]$ y; o% i3 W8 r
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。
; K- h; T& _/ N. {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

' K; _+ g+ g1 O, v* l; e" |) M) Z+ d3 G/ G" X
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。- S: X6 B# n, p: o8 j
  w2 l7 O6 }* U' G# q+ S; ]. S
call me.. 780 6699880 转101
大型搬家
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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