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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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[ 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:4 G1 X* G, x- K: N/ t% ^0 o( N
SUMMARY OF THE OFFERING
. ?, z7 y. }# pThis 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’’.9 q; P+ E& K9 {2 g1 C
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
  ]" A" P) s5 }Amount: $150,000,000 (6,000,000 shares).% J2 x) E% g: \( m4 r
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
" {# F: C; ], m# Z+ e+ j& HPrincipal Characteristics of the Preferred Shares Series 18
0 ]! Q! s( ^3 Q6 T' ?Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
4 H/ o* d4 n* r& w% s( ~non-cumulative preferential cash dividends, as and when declared by the+ B$ }$ H' @) J
Board of Directors, subject to the provisions of the Bank Act, for the initial
' x+ p0 @! A( v5 Y5 L/ Tperiod commencing on the closing date and ending on and including
6 p* \8 [9 Y- a7 LFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the: W  K* `& @7 {' j  c
25th day of February, May, August and November in each year, at a rate" M1 Z. J9 I* B
equal to $0.40625 per share. The initial dividend, if declared, will be payable; h+ O/ x" G" ]4 d
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
( R# I( W9 o/ ~7 n4 Vdate of December 11, 2008.
* i; X; ~' [4 k1 K+ @* sFor each five-year period after the Initial Fixed Rate Period (each, a
5 }; N. L  p' h9 A‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
- e* q  s1 O9 dSeries 18 will be entitled to receive fixed non-cumulative preferential cash' q# q& N; c, j* K
dividends, as and when declared by the Board of Directors, subject to the
) C3 B  u: w! T- q* O$ tprovisions of the Bank Act, payable quarterly on the 25th day of February,
/ [$ O; m. L8 ]- SMay, August and November in each year, in the amount per share per annum
1 }8 b9 Q, _6 a6 Edetermined by multiplying the Annual Fixed Dividend Rate applicable to3 Q3 Q, d9 y2 e) E
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend8 g- W2 w$ n) x) N
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the6 p0 N) d" e: n2 O  p3 l" I/ H
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
$ J' y2 `4 I6 |! ], q/ z& o% Hof such Subsequent Fixed Rate Period and will be equal to the sum of the" b6 m# W5 f2 E/ `$ h2 Q7 F- X
Government of Canada Yield on the applicable Fixed Rate Calculation Date
0 z# U( u/ @. {5 z0 P9 ?plus 3.83%.
* A1 x) z8 P$ l; S/ e% T) n6 JIf the Board of Directors does not declare a dividend, or any part thereof, on; I  S* g, j9 t
the Preferred Shares Series 18 on or before the dividend payment date for a
: d4 @% c6 r6 K! o6 A, `7 Aparticular quarter, then the entitlement of the holders of the Preferred0 K: |# f. a' A' P3 ]0 o+ z
Shares Series 18 to receive such dividend, or to any part thereof, for such6 J+ x0 K5 D3 Q8 \# s
quarter will be forever extinguished.
7 ~; }5 z. ^* A7 S8 w( }Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
/ j5 f* b: d$ K4 F& a- tSuperintendent and to the provisions described below under ‘‘Details of the" V7 P) @  \5 Q& L$ j+ J  N
Offering — Certain Provisions of the Preferred Shares Series 18 as a
2 k) ]' g5 ], ~) wSeries — Restrictions on Dividends and Retirement of Shares’’, on0 b2 E% p- A1 a* O9 \8 R2 {. d
February 25, 2014 and on February 25 every five years thereafter, on not& a- ^. a# r% Q  ]
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any/ H0 u9 J3 E7 @- t& l& V
part of the then outstanding Preferred Shares Series 18, at the Bank’s option% D8 H$ E# o4 b$ N$ \2 x2 F- K
without the consent of the holder, by the payment of an amount in cash for
  I5 g4 a3 L" [2 V& veach such share so redeemed of $25.00 together with all declared and unpaid
, g5 ^7 s. j) S( Idividends to the date fixed for redemption.0 H/ A$ }; E6 z8 c
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
( f! [+ o" l+ U3 uShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
) i2 K- Q) T- r7 t3 ^2 v9 h4 Kthe right, at their option, to convert, on February 25, 2014 and on9 [; o8 P+ \& Y( v# ~9 |5 C
S-4
' {  x# U; @% P" @4 o  O0 |February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
# H& J: ^9 p/ `or all of their Preferred Shares Series 18 into an equal number of Preferred) Z& |' g8 e# z' l% r" b  _5 ]9 g
Shares Series 19 upon giving to the Bank notice thereof not earlier than
# C! p2 o2 P+ P' w1 @- f- u30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
) \5 R. z/ v7 epreceding, a Series 18 Conversion Date.9 ~" y! `+ s0 H. |) t, \
Automatic Conversion If the Bank determines, after having taken into account all shares tendered. z5 I0 m. W' H
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares$ \! [. i8 V4 A5 b
Series 19, as the case may be, that there would be outstanding on such- R6 ]- D8 M# c3 e
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
5 I* [; x2 B% S$ ?/ N% G; Tsuch remaining number of Preferred Shares Series 18 will automatically be! {  k; d5 g- h; r& B" `- A: ~
converted on such Series 18 Conversion Date into an equal number of2 s. q0 J3 p( t0 S; _
Preferred Shares Series 19. Additionally, if the Bank determines that, after0 p& A" Q1 z! q0 U9 K
conversion, there would be outstanding on such Series 18 Conversion Date
2 c# d, \+ R( o3 H2 C' qless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
& w$ d4 s+ C# `5 G4 W% BSeries 18 will be converted into Preferred Shares Series 19.
3 C/ b7 C: h6 |Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
  H4 P% J* L2 f4 y1 N1 rSeries 18 will not be entitled as such to receive notice of, attend, or vote at,0 q4 t; V6 M  v! E
any meeting of the shareholders of the Bank unless and until the first time at
9 p) T2 E: f) H. w- Lwhich the Board of Directors has not declared the whole dividend on the& C- {4 q/ w% O5 W0 j; L
Preferred Shares Series 18 in any quarter. In that event, subject as
) b! S1 P1 ~+ I: w" r4 \5 d0 Ihereinafter provided, the holders of Preferred Shares Series 18 will be
2 j: P+ Y$ z5 R9 x5 Uentitled to receive notice of, and to attend, meetings of shareholders at which
3 V6 ^# e! j' n1 rdirectors of the Bank are to be elected and will be entitled to one vote for8 ^# m. O4 h3 X
each Preferred Share Series 18 held. The voting rights of the holders of the4 g! I/ ~7 u# n% O/ U* q
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of2 j2 d/ s! _9 ~
the first dividend on the Preferred Shares Series 18 to which the holders are; I% B+ N/ B  |
entitled thereunder subsequent to the time such voting rights first arose until3 h0 P3 F) ?* D+ H% \) n; [; I6 q& v( c
such time as the Bank may again fail to declare the whole dividend on the
- R  J! `: L  J( r4 VPreferred Shares Series 18 in respect of any quarter, in which event such
8 x! n# E  b& A  _. r; M; [voting rights will become effective again and so on from time to time.8 O) o6 T* C. a& ?. w7 u$ q- H6 j
Principal Characteristics of the Preferred Shares Series 19
& D4 Y( G' A/ q7 oDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
) z& _( |" \! h: a1 D* v/ Cfloating rate non-cumulative preferential cash dividends, as and when
0 U! ~/ o; U7 ^! [declared by the Board of Directors, subject to the provisions of the Bank Act,
; m$ r9 S" O) R! A/ I3 @3 D4 Dpayable quarterly on the 25th day of February, May, August and November
" d$ l# \8 f) T, B0 xin each year, in the amount per share determined by multiplying the
3 n' y! m9 n  i* `5 C: |- k% ~, }applicable Quarterly Floating Dividend Rate by $25.00.7 S5 A; G; q/ Q$ d
On the 30th day prior to the commencement of the initial quarterly dividend" O& r' a" i% n# I4 F+ H" q; R
period beginning on February 25, 2014, and on the 30th day prior to the first
5 n: ?7 f# v' i" P+ `' h, U2 bday of each subsequent quarterly dividend period (the initial quarterly
& [, l- n. @# Q4 Odividend period and each subsequent quarterly dividend period is referred to
; f4 Q( w6 z7 N2 ]as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the5 o$ Z" P! Z7 o: q
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
  y  i# {* h& ^8 |9 Q2 @& L4 w- R$ N$ sPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
' Y2 t8 J+ D9 J) `2 |. d; v8 Q: j1 x8 eT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days; W1 c. j0 U1 }: R3 O
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
4 v3 R" U  j3 j, qdetermined on the 30th day prior to the first day of the applicable Quarterly2 Z" I7 e9 y# n* i1 `) l0 W/ b
Floating Rate Period./ D% ?6 g# J5 L4 I
S-5/ @8 J0 e% K- T' ]
If the Board of Directors does not declare a dividend, or any part thereof, on3 g) u* T  f7 K% e! D1 T
the Preferred Shares Series 19 on or before the dividend payment date for a- G: I+ Z; o& g% _# i, J
particular quarter, then the entitlement of the holders of the Preferred
$ m, k4 j$ u* i; F' f! O6 y3 l# g1 AShares Series 19 to receive such dividend, or to any part thereof, for such
7 z4 ?- z5 \+ D8 [1 Fquarter will be forever extinguished.
) O! J' X1 s4 }/ y8 I# @Redemption: Subject to the provisions of the Bank Act and to the prior consent of the2 F4 z& u9 S" `1 {9 [: R$ `! L
Superintendent and to the provisions described below under the heading$ ?! C6 c5 c2 [. a
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
  O* P3 c3 a& |8 j1 Y' ?Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,6 d7 c" V" X) _  [7 _
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
6 f+ R' K/ h- \$ E; Jor any part of the then outstanding Preferred Shares Series 19, at the Bank’s# d* T; N% a& a( @& b
option without the consent of the holder, by the payment of an amount in3 O, k% r  |7 T0 m0 v* k" V0 p
cash for each such share so redeemed of (i) $25.00 together with all declared
  P$ |) x+ V* `- z' d+ h, h4 d& Eand unpaid dividends to the date fixed for redemption in the case of
; |5 T7 S9 D; V; y& l. H1 e" |redemptions on February 25, 2019 and on February 25 every five years
6 N* v. I4 {& _- \8 athereafter, or (ii) $25.50 together with all declared and unpaid dividends to
+ `; o& _, b; c2 A* j: a& H) ?the date fixed for redemption in the case of redemptions on any other date* f# D1 {7 p8 _% x( T
on or after February 25, 2014.
7 B# }& C: J" T3 j8 B6 KConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
: R2 i: }6 J+ [8 z- K/ o8 WShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have8 D* y5 O# W0 [- d+ f/ g6 A( ~
the right, at their option, to convert, on February 25, 2019 and on
& u9 \4 }' F  C$ J) cFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
: F6 o5 o) {2 _6 K1 }1 u6 R) @2 oor all of their Preferred Shares Series 19 into an equal number of Preferred. x7 c& |) v, j( F0 E
Shares Series 18 upon giving to the Bank written notice thereof not earlier
! Z  X: ~# P* s8 ?; W. k) j: vthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the) d7 t4 Y7 c0 y: Y/ M
15th day preceding, a Series 19 Conversion Date.* G" [! x3 t! K! B- y) p
Automatic Conversion If the Bank determines, after having taken into account all shares tendered% k: a1 ~7 k7 |6 c5 }
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
, Y3 E! ~3 b7 i9 a( RSeries 18, as the case may be, that there would be outstanding on such
6 @5 H2 y; Z) SSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,( X& p& O9 J$ u( B
such remaining number of Preferred Shares Series 19 will automatically be( `/ x5 J; o% K- x
converted on such Series 19 Conversion Date into an equal number of7 q% P9 L1 l/ \. |( ]
Preferred Shares Series 18. Additionally, if the Bank determines that, after- h+ D0 ~$ o; P
conversion, there would be outstanding on such Series 19 Conversion Date
  |3 r3 Y9 D( ~2 G+ Tless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
1 o0 U! j3 ?: SSeries 19 will be converted into Preferred Shares Series 18.
# R( o3 a; @' |  E8 CVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares/ S+ n' y) g% F4 c6 D1 I
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
4 l- N5 |: o2 [2 b6 Oany meeting of the shareholders of the Bank unless and until the first time at
/ E( Q: y, t8 x6 L8 Zwhich the Board of Directors has not declared the whole dividend on the
- t* ?8 e/ r2 O, a5 o. K1 p: _; qPreferred Shares Series 19 in any quarter. In that event, subject as
9 C  u$ Q0 L. [: }, Dhereinafter provided, the holders of Preferred Shares Series 19 will be
: t3 u! ?. ~6 D) l& U5 y% Y8 V# tentitled to receive notice of, and to attend, meetings of shareholders at which
/ K/ r1 H, f# n8 U2 Ndirectors of the Bank are to be elected and will be entitled to one vote for
3 E# d& z  [( q. x6 ]each Preferred Share Series 19 held. The voting rights of the holders of the
. K( G7 H& D9 u# ?9 P6 `Preferred Shares Series 19 will forthwith cease upon payment by the Bank of# v& v- i( Q- B( r; |9 A
the first dividend on the Preferred Shares Series 19 to which the holders are
) S1 Y5 z3 k5 y% U7 @9 o/ F5 Jentitled thereunder subsequent to the time such voting rights first arose until
9 E. N- D: W0 b# msuch time as the Bank may again fail to declare the whole dividend on the3 n7 G3 O0 @, l3 b
Preferred Shares Series 19 in respect of any quarter, in which event such
2 f: t" ]( R) ~- ^; zvoting rights will become effective again and so on from time to time.$ V: h4 t& K4 Y$ F0 A5 w/ s0 ~3 E
S-6
' n4 A" d% f7 M, k; E* xPriority: The preferred shares of each series of the Bank will rank on a parity with, f$ B0 v' K! a/ z! ?; u# K1 K2 Y
every other series and are entitled to preference over the common shares of: D# ?4 V2 Y  E, a
the Bank and over any other shares of the Bank ranking junior to the' j/ o: Q/ D( g; S
preferred shares with respect to the payment of dividends and upon any
# j4 Z/ p8 H/ w2 R$ Gdistribution of assets in the event of the liquidation, dissolution or5 @2 ]7 q) C" {6 \" k
winding-up of the Bank.
  N6 H2 l. o  }Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
. s4 h9 i, I. o4 M: JDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
, F9 T1 }: m" i) @3 XSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
8 C% P, _, C; F) x5 c$ @; R4 F' Fdividends 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。
. ^5 @/ \& h; d  s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
" e. z' A$ D5 p  h7 w3 N
% a: |7 `$ z8 l$ p- L
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
# G% A0 w1 J9 U
4 c( k4 c& P7 q2 [4 c4 H4 r2 Ccall 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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