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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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; I1 l% u0 r0 l0 h  _9 R$ B[ 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 w* S7 |) m/ g; z8 VSUMMARY OF THE OFFERING
' h4 |, w. X9 wThis 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’’.
" J/ ?7 S& `1 k" b$ FIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
- y. h2 D, c  HAmount: $150,000,000 (6,000,000 shares).
; h9 v# j9 z. k. m7 X$ r, A% ZPrice and Yield: $25.00 per share to yield initially 6.50% per annum.# s. l8 |, e: |# o
Principal Characteristics of the Preferred Shares Series 186 Z& w0 b% X0 n8 A; H
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed% W5 D5 ]; F8 F- K- t
non-cumulative preferential cash dividends, as and when declared by the
/ I, J6 f/ D6 K& V3 m& ?Board of Directors, subject to the provisions of the Bank Act, for the initial
% ]4 U+ F( X$ l  D. R3 mperiod commencing on the closing date and ending on and including
) A$ |5 p2 B  M: b8 L- b% @" V1 `February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
+ l+ I/ K. d& {25th day of February, May, August and November in each year, at a rate
% P( v! V6 ^) ?  w6 Gequal to $0.40625 per share. The initial dividend, if declared, will be payable3 q* o2 x4 ]/ A5 |) N" n2 t. w$ p
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing, [& ?0 z; P# h3 b7 \5 E' H, U; L
date of December 11, 2008.
7 A' ]6 P( R+ t0 R3 bFor each five-year period after the Initial Fixed Rate Period (each, a
7 J( d2 o" w$ m( o* O! s! [‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares3 w) ~/ e: ]3 w
Series 18 will be entitled to receive fixed non-cumulative preferential cash
8 q/ O9 s; H. j' V' k' ~dividends, as and when declared by the Board of Directors, subject to the# Y& _, ?' I7 F
provisions of the Bank Act, payable quarterly on the 25th day of February,0 a( F5 `9 R5 Z0 m. k
May, August and November in each year, in the amount per share per annum( m5 w1 Q* W5 p- Q
determined by multiplying the Annual Fixed Dividend Rate applicable to
+ I! k. g# h1 \2 D6 zsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
& F3 X+ Q2 S: Z$ K. e5 w8 @Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
! c$ W  Z3 I  U8 p5 y1 |5 [Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
6 \7 }4 u1 r- `+ nof such Subsequent Fixed Rate Period and will be equal to the sum of the
, l7 F7 b# l/ k! z& LGovernment of Canada Yield on the applicable Fixed Rate Calculation Date& a0 Z9 o3 B( b$ r  M
plus 3.83%.1 Q3 c9 Y! j! B8 [" Q
If the Board of Directors does not declare a dividend, or any part thereof, on
; z! R$ ^9 ?+ n6 F9 J9 Dthe Preferred Shares Series 18 on or before the dividend payment date for a' x/ x* U$ g: a
particular quarter, then the entitlement of the holders of the Preferred
' W8 ?5 f9 L1 j  I. M# O* K* AShares Series 18 to receive such dividend, or to any part thereof, for such
- Y' z3 \$ v: e( D3 T; `4 Zquarter will be forever extinguished.
5 o2 G0 [' O: G9 bRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
7 V: {0 `- a9 y9 y. q& \Superintendent and to the provisions described below under ‘‘Details of the
: y; D' x- A) I- @3 R3 cOffering — Certain Provisions of the Preferred Shares Series 18 as a- F# d: |9 @* \. ^2 G9 N
Series — Restrictions on Dividends and Retirement of Shares’’, on
4 R% s6 l7 m4 v6 mFebruary 25, 2014 and on February 25 every five years thereafter, on not/ E" P- @- ~2 ^% E! J- h
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
. D4 G0 n- I4 h2 _4 ~part of the then outstanding Preferred Shares Series 18, at the Bank’s option7 p2 R; }5 P; T; X$ @) I
without the consent of the holder, by the payment of an amount in cash for% m9 M' a8 q6 h* w
each such share so redeemed of $25.00 together with all declared and unpaid
! \8 Q. h0 y1 odividends to the date fixed for redemption.7 ~$ {$ _) |* M8 ?
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic1 [0 Q+ y1 J( Y  H/ X& A4 s8 `/ t
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
* f0 X2 G1 H* q+ j& Vthe right, at their option, to convert, on February 25, 2014 and on
5 v, p6 G, u% V" ?5 |# `3 g0 HS-4
& C4 r) V4 g& y& m7 _; }February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any' y1 P( a3 c# ^" u/ C, c1 B& j
or all of their Preferred Shares Series 18 into an equal number of Preferred
2 J4 N* m  O# Z+ I5 D  n$ gShares Series 19 upon giving to the Bank notice thereof not earlier than% u: x# d8 m# F
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day6 F" d2 f$ G2 r+ s, C; u
preceding, a Series 18 Conversion Date.
' |7 s, q% M5 {4 f5 }* I. @, k3 sAutomatic Conversion If the Bank determines, after having taken into account all shares tendered" `- i) `. G" i5 b
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
) J5 I1 b( I0 j' oSeries 19, as the case may be, that there would be outstanding on such
: I3 v  o  q; HSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
: `) `) z/ z7 C3 g( L; }, W2 jsuch remaining number of Preferred Shares Series 18 will automatically be
  r9 l7 o- q' V/ [( I8 f- P, }converted on such Series 18 Conversion Date into an equal number of
' N+ ^/ c, L5 V4 dPreferred Shares Series 19. Additionally, if the Bank determines that, after3 [$ D1 R2 y7 {  ~0 C/ d5 N- P
conversion, there would be outstanding on such Series 18 Conversion Date
8 @- @" z5 L/ @8 b8 gless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
6 F; x! a% w7 @, z) lSeries 18 will be converted into Preferred Shares Series 19.3 c0 w' g2 j7 n
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
5 y* P6 B+ j# v/ y0 N6 m" U1 C% }Series 18 will not be entitled as such to receive notice of, attend, or vote at,
7 d% k! z0 i. \any meeting of the shareholders of the Bank unless and until the first time at
% I4 L2 x% M8 a, O/ ]  u9 ewhich the Board of Directors has not declared the whole dividend on the
9 u" d! _$ C, k: LPreferred Shares Series 18 in any quarter. In that event, subject as( C0 N9 q' |5 F
hereinafter provided, the holders of Preferred Shares Series 18 will be) }/ x+ g' v# l' c+ c8 \3 B
entitled to receive notice of, and to attend, meetings of shareholders at which" X9 q- B6 y; p$ l3 P
directors of the Bank are to be elected and will be entitled to one vote for+ [+ S# V6 U* `2 W
each Preferred Share Series 18 held. The voting rights of the holders of the
. _" V' R4 E, x7 fPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
& `" Y0 W$ \1 othe first dividend on the Preferred Shares Series 18 to which the holders are
5 H& k, ^1 K: }% k) N" Ientitled thereunder subsequent to the time such voting rights first arose until3 x+ H* O0 v% Y' r; ^/ c, h
such time as the Bank may again fail to declare the whole dividend on the) ?: E# @% s9 \' l
Preferred Shares Series 18 in respect of any quarter, in which event such& |2 u3 O6 n' F6 e
voting rights will become effective again and so on from time to time.  \" q4 V( r" D% X& r
Principal Characteristics of the Preferred Shares Series 19
# `3 ]7 l4 e: _# j4 G9 nDividends: The holders of the Preferred Shares Series 19 will be entitled to receive2 P0 c2 e$ j9 x% D# l: g, e0 o
floating rate non-cumulative preferential cash dividends, as and when
, t- M/ Y3 G7 o+ A5 O$ J6 hdeclared by the Board of Directors, subject to the provisions of the Bank Act,2 O1 R& k$ l: j! W3 h6 C
payable quarterly on the 25th day of February, May, August and November
  G: _5 q# f, T4 S) tin each year, in the amount per share determined by multiplying the% |: w6 ?3 m. j9 ]# s) R
applicable Quarterly Floating Dividend Rate by $25.00.7 h/ G( ~8 c2 o. I: c( X) r
On the 30th day prior to the commencement of the initial quarterly dividend
' l. \; X; Y: T5 @period beginning on February 25, 2014, and on the 30th day prior to the first
$ L5 h, }$ T  n0 m8 _2 z& f  mday of each subsequent quarterly dividend period (the initial quarterly- x: a. N, ^+ ]1 x& D
dividend period and each subsequent quarterly dividend period is referred to
3 K2 j; G8 R* w% K" w' has a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the7 B# P  C/ H0 G4 _  f  F& g
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
9 p6 n& m# e" O. q' {, @- }Period. The Quarterly Floating Dividend Rate will be equal to the sum of the; b7 ]$ F' @9 `1 O1 T0 j# k) _2 Y+ X
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days% K) [! ^- t0 O3 e5 {
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
  l, v. V0 E8 K& }" J+ ~determined on the 30th day prior to the first day of the applicable Quarterly
( i# |5 m+ f. n; ]! E2 ^Floating Rate Period.
& D) _  y8 j* o7 L( L4 vS-5
5 e/ O1 K2 P7 K/ mIf the Board of Directors does not declare a dividend, or any part thereof, on  I: Q% o& I9 t- q, I" q/ |) c
the Preferred Shares Series 19 on or before the dividend payment date for a8 Z) I  b% P& |* K& D9 `5 H( G
particular quarter, then the entitlement of the holders of the Preferred
. u) o0 Y, z! a" tShares Series 19 to receive such dividend, or to any part thereof, for such7 `4 i) ]; t" h; r+ {5 d1 q  S
quarter will be forever extinguished.
6 ~) a7 j" z: U8 JRedemption: Subject to the provisions of the Bank Act and to the prior consent of the; @/ S" D2 S' j) t2 k. v( `
Superintendent and to the provisions described below under the heading
& C! k$ p# s7 z4 S+ W, x, @* X‘‘Details of the Offering — Certain Provisions of the Preferred Shares
! L0 T* z- g7 J4 K' y7 q& ISeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,* Z5 e9 U4 ]9 p5 x! `( @
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
; ?, l, @& a/ B/ o" Xor any part of the then outstanding Preferred Shares Series 19, at the Bank’s% f% q% ~* _2 h3 Q2 a, J7 o* s1 W
option without the consent of the holder, by the payment of an amount in0 v/ I6 y0 k+ p& H* d
cash for each such share so redeemed of (i) $25.00 together with all declared
( @  k! v+ ~7 Tand unpaid dividends to the date fixed for redemption in the case of
7 j- Y8 s, @5 Y% W- V, m! Yredemptions on February 25, 2019 and on February 25 every five years
0 k& C, y4 T& B; s" athereafter, or (ii) $25.50 together with all declared and unpaid dividends to
$ I/ o  m# a. \the date fixed for redemption in the case of redemptions on any other date/ [6 u! T; y' \
on or after February 25, 2014.
0 x( x" x' z' G6 H# z! C% aConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
# t& f" o8 j2 f& Q* GShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
4 s# e4 U; F( v8 Ethe right, at their option, to convert, on February 25, 2019 and on
: U0 }; w6 j7 c) q: [  m/ |; GFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
& a  N0 D/ g1 c+ A; l( oor all of their Preferred Shares Series 19 into an equal number of Preferred; }2 D8 V" g9 P& N
Shares Series 18 upon giving to the Bank written notice thereof not earlier
8 I4 n: z! E2 k. \0 zthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the. z4 s! Y/ ^, _8 F4 f! N
15th day preceding, a Series 19 Conversion Date.9 _0 n5 N% A% ~) z( [
Automatic Conversion If the Bank determines, after having taken into account all shares tendered7 {+ {* q& Z& e% m: ^
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
. R! z& ]; W; @5 ?* F( k* |: BSeries 18, as the case may be, that there would be outstanding on such( N# l9 r- F/ `/ ~' I' a7 t
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
$ u# {" N/ G' @# Asuch remaining number of Preferred Shares Series 19 will automatically be
1 l/ n1 J, ^. x% f' L& m$ hconverted on such Series 19 Conversion Date into an equal number of
' p8 A( \7 M& rPreferred Shares Series 18. Additionally, if the Bank determines that, after
& N& d; V6 b- iconversion, there would be outstanding on such Series 19 Conversion Date- v  H% d. p2 D; [) ?
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares' j* @( ^/ B7 j4 d. ]! @, N
Series 19 will be converted into Preferred Shares Series 18.
0 t+ \% q$ s) r. LVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
. V& _* S+ o8 D; o# lSeries 19 will not be entitled as such to receive notice of, attend, or vote at,# G% |, W- [6 X. X/ M
any meeting of the shareholders of the Bank unless and until the first time at
+ e5 w7 _7 U' [& ?- Twhich the Board of Directors has not declared the whole dividend on the
+ c; D8 d( ?6 S$ j7 `+ \  |2 L! aPreferred Shares Series 19 in any quarter. In that event, subject as
, a4 x( D* }% N  k7 a0 _2 nhereinafter provided, the holders of Preferred Shares Series 19 will be% p( n6 \: r) _) ?: J# N, @) a
entitled to receive notice of, and to attend, meetings of shareholders at which
9 K. a, \- b0 Z" ndirectors of the Bank are to be elected and will be entitled to one vote for8 x1 M4 X; ^9 v* b/ t9 I' ^0 N& e: g- ]7 J
each Preferred Share Series 19 held. The voting rights of the holders of the% F) h! [7 P  V4 ~; r) V
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of& ]4 g% E7 J5 w& e
the first dividend on the Preferred Shares Series 19 to which the holders are
/ ?* N% s3 [# Dentitled thereunder subsequent to the time such voting rights first arose until
- J, {# h) T$ l% _4 Z0 Q! _8 Csuch time as the Bank may again fail to declare the whole dividend on the. E2 Z1 M  Q! b6 @3 w- ^2 Z0 d/ ?
Preferred Shares Series 19 in respect of any quarter, in which event such
6 K9 W3 _$ y6 m: m2 e) g/ Svoting rights will become effective again and so on from time to time., J* ^5 ^: i9 `
S-6! P1 f2 L- ~- ?' z% @1 m" G! p2 w
Priority: The preferred shares of each series of the Bank will rank on a parity with
3 a4 b$ ]( R/ S, [& @, k  [every other series and are entitled to preference over the common shares of' c' N/ A9 H; i
the Bank and over any other shares of the Bank ranking junior to the& Q: b& U: K0 S# U( L
preferred shares with respect to the payment of dividends and upon any
1 f3 `1 K; B% Wdistribution of assets in the event of the liquidation, dissolution or
4 c* n" x3 x% U# {% G, `: twinding-up of the Bank.
# r; @3 _- }0 h  l, ^- V8 lTax on Preferred Share The Bank will elect, in the manner and within the time provided under
3 L. Y+ e: G" ~- y0 ]) a& }' PDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
, o: P' {1 L# a: m5 I+ p4 bSeries 18 and Preferred Shares Series 19 will not be required to pay tax on# D4 G0 b8 `' j+ w( [
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。
8 I% x& ]2 _+ a" 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

: a0 R" s  |8 y  X/ ~
: i3 _& S" a6 s下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。' i' f3 i9 p( h
5 P) M9 a3 Z0 r) r
call 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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