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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。" {! o' J) D, |& G% p

$ p0 l" ?7 [- {8 `. {  \, S6 q4 u! Z7 S
# v* U) U- H. x0 V5 U( ?/ U[ 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:
/ e: M7 c3 O) Y( ]& f4 _1 s$ fSUMMARY OF THE OFFERING
( i; r  K# M4 Q5 X9 C5 GThis 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 y( U: X( y6 ]3 AIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.; K# ]; Z) d1 n) `
Amount: $150,000,000 (6,000,000 shares).
. O) m1 k: R& |  l* [. bPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
- Y: `; i: f) OPrincipal Characteristics of the Preferred Shares Series 18
7 Q, n) R2 v% L3 Z! xDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
4 P) b( ~% a8 @& |+ r, hnon-cumulative preferential cash dividends, as and when declared by the0 z+ ?( \0 A& N6 @2 @7 M
Board of Directors, subject to the provisions of the Bank Act, for the initial) T3 ]: y0 }( M3 W; q; M1 H
period commencing on the closing date and ending on and including
- R4 K1 |- e2 P( G0 N" V+ d& eFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
0 j5 p5 S+ Z+ ~: l25th day of February, May, August and November in each year, at a rate
2 M" ], p9 E) q9 {9 i0 eequal to $0.40625 per share. The initial dividend, if declared, will be payable
7 i: ?. L" L* g1 m! eMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
( o0 R: e  f0 t7 Q# o+ \date of December 11, 2008.
8 U" Q3 r2 z' ^+ L! OFor each five-year period after the Initial Fixed Rate Period (each, a
& V- G, U0 \) x0 z1 N3 W+ g% t‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares. c- M4 i* W5 p
Series 18 will be entitled to receive fixed non-cumulative preferential cash: Q' L) T/ ^, d8 E( R3 o9 k
dividends, as and when declared by the Board of Directors, subject to the8 j8 _8 \& H9 X+ ]4 s6 z+ P% I  v9 X
provisions of the Bank Act, payable quarterly on the 25th day of February,
# g' h" ?& H7 jMay, August and November in each year, in the amount per share per annum
' O- \5 [$ }" zdetermined by multiplying the Annual Fixed Dividend Rate applicable to% a( z- r: {; c# y
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend1 _# B: [* d* G  @
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the) C3 X! Q4 r# E4 _, I+ ?! T
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day! D  d. C- ?' U, |' h( i0 d
of such Subsequent Fixed Rate Period and will be equal to the sum of the
; u9 e- a' @* K, K% |  c* fGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
5 K+ x; Z' s# Z- \/ N6 Wplus 3.83%." v' k1 @9 p0 i' g" K
If the Board of Directors does not declare a dividend, or any part thereof, on7 O( S4 @( \+ u! K
the Preferred Shares Series 18 on or before the dividend payment date for a1 I' ^: k0 M4 t& {5 ~4 S# F/ y4 w
particular quarter, then the entitlement of the holders of the Preferred
# ?2 r' {) r$ e# X' L& u. _7 Q" JShares Series 18 to receive such dividend, or to any part thereof, for such
! s$ D( H$ t/ U# z- ]quarter will be forever extinguished.
0 L$ G  M' w6 T* xRedemption: Subject to the provisions of the Bank Act and to the prior consent of the! G' k$ L$ \  M  |) M) Y
Superintendent and to the provisions described below under ‘‘Details of the
$ K+ u% l! l1 j7 x% HOffering — Certain Provisions of the Preferred Shares Series 18 as a- @" j1 k' T6 f8 e
Series — Restrictions on Dividends and Retirement of Shares’’, on
3 R% A( L4 t& AFebruary 25, 2014 and on February 25 every five years thereafter, on not
" P1 e! s! g* M6 kmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any- w0 W$ W* H/ x- v5 F: D
part of the then outstanding Preferred Shares Series 18, at the Bank’s option7 D  K' c  q# P  ?: n
without the consent of the holder, by the payment of an amount in cash for) e+ r, s3 t: r6 {% U& D2 F' t, E2 z
each such share so redeemed of $25.00 together with all declared and unpaid
! J: C+ i3 z+ O. s5 B7 |3 Wdividends to the date fixed for redemption.: n2 q! [, r( j( E
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
4 S! ?9 C6 m6 g% CShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have1 j* \* y! f" e  |1 Z8 g
the right, at their option, to convert, on February 25, 2014 and on( z* q1 D7 y* R" T
S-4
9 z) Z( R6 Y% M8 A3 J6 n6 G4 hFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
9 o$ E% e7 l# z- p: ?$ w- c% tor all of their Preferred Shares Series 18 into an equal number of Preferred
! \7 _: e7 X4 i/ z4 R6 yShares Series 19 upon giving to the Bank notice thereof not earlier than) U4 K7 v4 @( v; u0 r! T) C
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day$ i* J4 ^( n( |$ k. G
preceding, a Series 18 Conversion Date.
0 Y$ T; l; L- y8 \Automatic Conversion If the Bank determines, after having taken into account all shares tendered' f1 U, i8 I0 ~, n3 F2 {
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares: t6 ]6 Z' e& ?% Z( H2 E
Series 19, as the case may be, that there would be outstanding on such8 |5 i9 G5 K+ ]/ G2 l) a
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
0 t3 c3 `; Z7 h$ y* qsuch remaining number of Preferred Shares Series 18 will automatically be
& _+ e) f0 ?4 d* Aconverted on such Series 18 Conversion Date into an equal number of9 d& n4 x( X6 D9 U. q; S5 l
Preferred Shares Series 19. Additionally, if the Bank determines that, after$ }) b$ p8 H$ |1 ?7 K/ u
conversion, there would be outstanding on such Series 18 Conversion Date
2 K- n. C+ H& I* m7 d* }, zless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
- j, D5 u" K1 f+ b. }; ySeries 18 will be converted into Preferred Shares Series 19.: o  Z( `8 S8 J0 B1 s& U3 Q( `
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
0 _. U* G/ \# L0 S9 k3 CSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
9 D0 }" l3 P8 l/ k+ Cany meeting of the shareholders of the Bank unless and until the first time at) `( q; Y: c' c5 w5 [3 b1 l
which the Board of Directors has not declared the whole dividend on the4 `0 A1 k- B, q% f5 G; I
Preferred Shares Series 18 in any quarter. In that event, subject as5 ^( i9 d3 X5 W3 f
hereinafter provided, the holders of Preferred Shares Series 18 will be& f; u) u  H" ?! F
entitled to receive notice of, and to attend, meetings of shareholders at which9 }" `; A1 w2 }) Z( W; I, O/ x
directors of the Bank are to be elected and will be entitled to one vote for
4 c5 \. G5 `3 s! Leach Preferred Share Series 18 held. The voting rights of the holders of the
+ x* ~( \  b* ~$ X& ZPreferred Shares Series 18 will forthwith cease upon payment by the Bank of& n/ E" o( z# q; d" N* ]
the first dividend on the Preferred Shares Series 18 to which the holders are0 |: K" p4 N  c" {4 v$ \* O0 M
entitled thereunder subsequent to the time such voting rights first arose until
* ~+ u* }  I" ]# Jsuch time as the Bank may again fail to declare the whole dividend on the
# X. v+ v1 \7 o1 |8 e2 H2 R6 x9 L3 WPreferred Shares Series 18 in respect of any quarter, in which event such0 a7 F4 o1 I# r" t4 i! Q" L# Q
voting rights will become effective again and so on from time to time.
& t4 A  e- j9 vPrincipal Characteristics of the Preferred Shares Series 19
- q, r" h0 e$ H# j% aDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
" G3 U$ s$ I4 pfloating rate non-cumulative preferential cash dividends, as and when
# m2 S/ ^* K; [) R* N' _declared by the Board of Directors, subject to the provisions of the Bank Act,
. D3 Z8 S) @1 v+ t& T0 Upayable quarterly on the 25th day of February, May, August and November
, j% @/ e) u3 Z4 R3 V0 cin each year, in the amount per share determined by multiplying the
: \% d: N( N& ^% O. ?applicable Quarterly Floating Dividend Rate by $25.00.4 d% I8 e6 u  ~1 K! w
On the 30th day prior to the commencement of the initial quarterly dividend  S, c' ~& D1 M0 U
period beginning on February 25, 2014, and on the 30th day prior to the first
( j: W& W8 `" v- `' c- [9 vday of each subsequent quarterly dividend period (the initial quarterly
+ c9 s2 f3 _% S/ z: G$ v, ?dividend period and each subsequent quarterly dividend period is referred to
$ V( C# D9 U+ T0 _' Z& r  ias a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
( z3 Z4 d* j4 v. K. U! M8 ~Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
7 C. y, g/ E/ }1 w/ fPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
7 o- T. u& u, _( W" cT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
+ \) d/ r( G4 q: h( x) \( y) kelapsed in the applicable Quarterly Floating Rate Period divided by 365)
# B1 G4 _9 h1 m1 p( [; R+ sdetermined on the 30th day prior to the first day of the applicable Quarterly( m9 d7 g4 @4 g  f1 D- p2 `
Floating Rate Period.; u& d  Y2 h' v& p
S-5: r4 h3 a8 p6 r: Z& u
If the Board of Directors does not declare a dividend, or any part thereof, on
9 U% X7 \4 J5 V; `% ]& Vthe Preferred Shares Series 19 on or before the dividend payment date for a, ^& W- q0 H+ c* P
particular quarter, then the entitlement of the holders of the Preferred
; N4 f7 |0 X7 N# h3 YShares Series 19 to receive such dividend, or to any part thereof, for such
9 d9 |; e4 {' ~quarter will be forever extinguished.
$ a% h. Y0 Q; e- B( tRedemption: Subject to the provisions of the Bank Act and to the prior consent of the0 o0 [2 U# D8 m8 _, @4 Q. o1 K
Superintendent and to the provisions described below under the heading
/ L% S; r; Q7 Z- c( u- E& A8 V‘‘Details of the Offering — Certain Provisions of the Preferred Shares
! E8 D. r- }% _6 g( a+ _, _Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,! Y* U% W% a0 b. b3 t1 E
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
3 L$ W0 r4 V% B. Q: _1 N% nor any part of the then outstanding Preferred Shares Series 19, at the Bank’s. P& z" f+ W. `7 T3 m$ y
option without the consent of the holder, by the payment of an amount in1 D, R9 w8 f  }- v. y1 C
cash for each such share so redeemed of (i) $25.00 together with all declared: c( p% n- C/ O. \! B' v
and unpaid dividends to the date fixed for redemption in the case of
$ ~+ m% q) F  S- Gredemptions on February 25, 2019 and on February 25 every five years
8 P, p+ `  G! h5 kthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
+ A7 c( }, y' d* Q* Y/ g& i/ Ethe date fixed for redemption in the case of redemptions on any other date' M) [2 K& S6 x# E
on or after February 25, 2014.
$ V* g; z! Y3 r8 ^: ^5 CConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic! I* |9 ^' [: [
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have8 m( T2 q; H  n4 x; V
the right, at their option, to convert, on February 25, 2019 and on
, g# e  W  ]! c# X0 }2 P0 lFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any* m3 L) P! m& H, w1 Z& G+ s
or all of their Preferred Shares Series 19 into an equal number of Preferred
2 C! @1 a! J6 |# L. JShares Series 18 upon giving to the Bank written notice thereof not earlier
& [8 M2 |& E! Rthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the0 ^8 G5 h: c8 L/ {& r
15th day preceding, a Series 19 Conversion Date.
& f. y% x6 S9 E5 L  H8 Z  uAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
' C  }# _- n( U  o* R7 T; }Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares$ D, t* H# ^, s  S
Series 18, as the case may be, that there would be outstanding on such- f, G, p$ S, g0 z% ^
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,! X9 \) Y. n  e$ l2 u- Q
such remaining number of Preferred Shares Series 19 will automatically be
" f0 W5 v" q* R3 F, xconverted on such Series 19 Conversion Date into an equal number of# @' }0 F  D8 y6 u" w; L9 c/ G
Preferred Shares Series 18. Additionally, if the Bank determines that, after
# m$ n& `. q1 zconversion, there would be outstanding on such Series 19 Conversion Date3 x1 q$ L# g/ e8 C7 e- x) B7 }
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares, ^5 U# Y3 f( x5 ?0 I7 L3 G
Series 19 will be converted into Preferred Shares Series 18.
# G; B5 W" `+ z( c% mVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
& \/ @# O5 `! I9 v2 |) `Series 19 will not be entitled as such to receive notice of, attend, or vote at,
" Q* @2 c& p+ b* Zany meeting of the shareholders of the Bank unless and until the first time at. p  u. {8 Q! U: m. n
which the Board of Directors has not declared the whole dividend on the
9 |) O9 R+ C4 r: oPreferred Shares Series 19 in any quarter. In that event, subject as% Z. v- ]* L# u8 O) q
hereinafter provided, the holders of Preferred Shares Series 19 will be
5 n( f# ~) ~: j. J% Rentitled to receive notice of, and to attend, meetings of shareholders at which
% s- s% N0 N* E' ^* Mdirectors of the Bank are to be elected and will be entitled to one vote for$ o# t- N% F7 D- w: I% M# H
each Preferred Share Series 19 held. The voting rights of the holders of the
8 T0 W# O& l8 Z! TPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
; F- K  |$ r+ z' Zthe first dividend on the Preferred Shares Series 19 to which the holders are5 z- F4 d$ c& U5 V
entitled thereunder subsequent to the time such voting rights first arose until) @) q$ O- ~# c6 |4 ~/ A
such time as the Bank may again fail to declare the whole dividend on the
1 k$ Z$ H* T, ?7 MPreferred Shares Series 19 in respect of any quarter, in which event such, V# p0 p/ i' j9 r) U  n$ E6 s
voting rights will become effective again and so on from time to time.
- T" A1 m0 `5 a6 I! uS-6
2 q. j! k5 A# h1 aPriority: The preferred shares of each series of the Bank will rank on a parity with1 N5 |! X; h! b/ _2 k$ {  L
every other series and are entitled to preference over the common shares of
" k1 O( U0 o+ U' f: r, g# e. Zthe Bank and over any other shares of the Bank ranking junior to the
7 [2 O; `. ?& I8 bpreferred shares with respect to the payment of dividends and upon any+ ]" r- U1 w# ]
distribution of assets in the event of the liquidation, dissolution or
5 R, T& g# O) t& u! F" \& D, ~winding-up of the Bank.
. w' v, U8 f+ H0 k7 rTax on Preferred Share The Bank will elect, in the manner and within the time provided under8 c( k- [" g" |4 ?: z
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares8 w+ Q9 F$ F2 D
Series 18 and Preferred Shares Series 19 will not be required to pay tax on# o; G  J& ], W* e3 X4 Y8 p6 i+ w) u
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。
: I3 w1 ]4 z1 x" g1 M3 _8 ^, |0 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
/ g! G% d; N- {6 e6 H, R, k! z

/ E$ v/ t" M  |  S) t6 M下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
9 w" ]/ J. x* P; @6 \' W
' a3 T0 W" Y6 ecall 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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