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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。, u; Z  a7 P6 F: C7 J
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[ 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:
8 E2 j$ f; ]3 J2 E0 W6 I" KSUMMARY OF THE OFFERING
6 W8 ?; P, b7 A1 J' iThis 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’’.. b- d4 E% X3 W
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.+ I* I8 C4 u. L! I
Amount: $150,000,000 (6,000,000 shares).. f& ?& P! \7 x: N1 L. F8 H$ R
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
! p1 y" g  ~1 }8 U: zPrincipal Characteristics of the Preferred Shares Series 18
+ a  B. }6 B% t  T* `  CDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
3 }* L6 u, C: R8 j$ [' Inon-cumulative preferential cash dividends, as and when declared by the! _# R# H8 L1 m; D4 c/ O& N8 o' y' ?
Board of Directors, subject to the provisions of the Bank Act, for the initial, p; [) O: y& N: F* V- p; H9 n4 v. R* {
period commencing on the closing date and ending on and including
# E+ e$ a7 E+ V+ f, a5 G7 jFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the0 j, s* J9 i: c4 U' q; M: v# j
25th day of February, May, August and November in each year, at a rate7 n& C; l/ A* w3 _0 i% r1 P2 [
equal to $0.40625 per share. The initial dividend, if declared, will be payable
! b; j; p+ g) k. y4 yMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing7 ?  O( A$ z- ^9 s: F
date of December 11, 2008.8 w8 `/ m4 P/ D; }0 t+ A: e* y
For each five-year period after the Initial Fixed Rate Period (each, a3 n- h( _& W$ x5 Y( M) D
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
8 c- k$ i3 P. t% [2 l: C# aSeries 18 will be entitled to receive fixed non-cumulative preferential cash, F, {5 G$ @; j! O( q
dividends, as and when declared by the Board of Directors, subject to the6 Z1 D2 e! I! L& W9 Q
provisions of the Bank Act, payable quarterly on the 25th day of February,
. B1 A# N$ y( ]3 e% ?% mMay, August and November in each year, in the amount per share per annum3 Q/ {' s) H5 c
determined by multiplying the Annual Fixed Dividend Rate applicable to5 K: {  m$ n. f* _" `
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend3 r  w* b5 u5 K) [' k
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
5 U& x$ _, i" ]Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
- n/ X3 X8 J. S7 bof such Subsequent Fixed Rate Period and will be equal to the sum of the
" r( R; m% C$ I, qGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
) A0 @" Q2 J  H; a+ j9 |( Xplus 3.83%.
3 }% L' Q/ z: g& p2 r' C  d! ]If the Board of Directors does not declare a dividend, or any part thereof, on
$ y9 p. _& e  P; o  E( Pthe Preferred Shares Series 18 on or before the dividend payment date for a0 ?$ O, c+ ^/ B- w
particular quarter, then the entitlement of the holders of the Preferred
: N9 z3 B' w6 b4 i9 NShares Series 18 to receive such dividend, or to any part thereof, for such
$ B" }2 a4 w9 |! i& y' j" Qquarter will be forever extinguished.! P% @( b4 P$ f* ~
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
; j( _6 l: r6 K* ^# E9 ]Superintendent and to the provisions described below under ‘‘Details of the' E8 j1 p( W/ X! V8 R
Offering — Certain Provisions of the Preferred Shares Series 18 as a
- K5 J+ L- [- }/ r3 p% U/ c' wSeries — Restrictions on Dividends and Retirement of Shares’’, on
1 Y, L; q( _4 K1 q# U) uFebruary 25, 2014 and on February 25 every five years thereafter, on not
5 z" M1 z% N) q8 {/ ^more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
& N5 H& j+ ^$ k$ ?part of the then outstanding Preferred Shares Series 18, at the Bank’s option) x$ r& c( g! g( p# `
without the consent of the holder, by the payment of an amount in cash for
6 g$ F, V* X; Veach such share so redeemed of $25.00 together with all declared and unpaid7 C, i! s! `+ ~* k* t
dividends to the date fixed for redemption.
' n4 R0 t" L8 [4 A2 LConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic; E' x+ Y# W! u) M; Y2 ?, `
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have6 m- U6 A3 O4 W0 [/ q5 b- M2 E: q
the right, at their option, to convert, on February 25, 2014 and on2 i7 T8 T( N, j# h  ^/ |) p2 G( [
S-4
7 `" n/ S+ D  H4 @1 H$ W' aFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
* P$ A2 q5 z0 g5 s2 q: e: Qor all of their Preferred Shares Series 18 into an equal number of Preferred/ W/ _; V; m4 N1 G9 h1 h
Shares Series 19 upon giving to the Bank notice thereof not earlier than* g1 [: v% Z7 Q
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day. B6 t6 t! \  b: f) R9 s
preceding, a Series 18 Conversion Date.
& v  u3 I8 s& p$ x- L5 gAutomatic Conversion If the Bank determines, after having taken into account all shares tendered- m$ ]! H0 K5 ]
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
3 V! ]0 L! R. C. e/ n4 u2 QSeries 19, as the case may be, that there would be outstanding on such( J) D" X" \' H$ N
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
" J; ]. `9 Y8 I5 u, nsuch remaining number of Preferred Shares Series 18 will automatically be/ T% N! {4 h/ ?: h
converted on such Series 18 Conversion Date into an equal number of$ f, ]3 b+ s4 N3 P7 G9 Y, h0 M
Preferred Shares Series 19. Additionally, if the Bank determines that, after
8 j8 ?9 K2 ]) ~/ w- ~- ]conversion, there would be outstanding on such Series 18 Conversion Date
& ^5 g# Z2 v$ E- \" fless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
! o3 ?3 e0 H# ~Series 18 will be converted into Preferred Shares Series 19.
* e! b- z: }# q  AVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares4 Y" i& j! T. E4 @# D' U$ J/ Q& |
Series 18 will not be entitled as such to receive notice of, attend, or vote at," T; X3 t# |1 x! m: d+ o+ j
any meeting of the shareholders of the Bank unless and until the first time at
4 w( U5 a, Z0 cwhich the Board of Directors has not declared the whole dividend on the
& K4 P# p. n; P) tPreferred Shares Series 18 in any quarter. In that event, subject as5 K# J- h7 y" `, p' x7 ]# y
hereinafter provided, the holders of Preferred Shares Series 18 will be% D  n: U" c7 e9 q
entitled to receive notice of, and to attend, meetings of shareholders at which
' W# C0 O6 n5 Y8 d: bdirectors of the Bank are to be elected and will be entitled to one vote for
% ]1 Q, ]+ s* d6 k& z' eeach Preferred Share Series 18 held. The voting rights of the holders of the/ ?, B( ]3 x3 M7 X
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of3 C3 X+ @2 C- @8 o  r, c/ A( {
the first dividend on the Preferred Shares Series 18 to which the holders are0 a4 J1 C: Y$ `2 _0 ~2 v$ o2 j
entitled thereunder subsequent to the time such voting rights first arose until1 ?/ T. |5 r9 O# Y. h
such time as the Bank may again fail to declare the whole dividend on the. M' O2 w+ z+ F2 F# p- U' w! a
Preferred Shares Series 18 in respect of any quarter, in which event such
% c+ Y* m& }" n& r4 D7 v7 Pvoting rights will become effective again and so on from time to time.! ?) S# Y% x9 _- e7 `( I# F
Principal Characteristics of the Preferred Shares Series 19+ L! D, W0 n9 `. Z' p
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
' i5 w# `3 _* K: u* q1 ]floating rate non-cumulative preferential cash dividends, as and when1 n# V4 C* O9 m9 A0 o3 x$ \( w
declared by the Board of Directors, subject to the provisions of the Bank Act,
% _; F6 t" I4 Cpayable quarterly on the 25th day of February, May, August and November
) R- U- Z( n' |! X; f! Uin each year, in the amount per share determined by multiplying the, Q. Z1 u/ u& U$ ^9 V2 {6 d
applicable Quarterly Floating Dividend Rate by $25.00.- W6 O3 o+ y0 m
On the 30th day prior to the commencement of the initial quarterly dividend
- T* H$ D! |% v! fperiod beginning on February 25, 2014, and on the 30th day prior to the first8 Z. Q; X5 Y6 t/ O# t
day of each subsequent quarterly dividend period (the initial quarterly$ W+ c! T2 [# I/ z. V
dividend period and each subsequent quarterly dividend period is referred to
4 H  D% i6 L8 r0 qas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
+ [7 ?( e" e+ r5 FQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
. T& J) u% P: S) L2 b7 ZPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the  P7 R3 U3 ^. |- N2 g) c  U: M9 j0 h
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
3 ?% C% {; o3 Q; C8 |elapsed in the applicable Quarterly Floating Rate Period divided by 365)
  b, B. U% h' V( s# f! edetermined on the 30th day prior to the first day of the applicable Quarterly* I& x) u9 l0 {  c
Floating Rate Period.
$ X/ k6 [$ H5 WS-5+ U- q* `) Q2 J) E
If the Board of Directors does not declare a dividend, or any part thereof, on
  w& O) i" [$ s/ X' r) f3 ?4 _the Preferred Shares Series 19 on or before the dividend payment date for a
8 O8 c+ U8 ^2 H3 z# Pparticular quarter, then the entitlement of the holders of the Preferred1 u, [! [0 e8 a) p, J
Shares Series 19 to receive such dividend, or to any part thereof, for such
7 ^% u8 o$ H/ t! _0 [quarter will be forever extinguished.
4 I% ]; B9 ?6 MRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
5 ?; f9 h8 D4 [/ {. rSuperintendent and to the provisions described below under the heading
$ L+ n3 e3 d% U9 H+ J‘‘Details of the Offering — Certain Provisions of the Preferred Shares
% Q- ^: W1 z. h6 _2 Q% o9 eSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,. I: t: f# B* q" W5 o
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
1 F6 G: m* D: n6 L  @or any part of the then outstanding Preferred Shares Series 19, at the Bank’s- y5 ^. B4 p( g% a9 U
option without the consent of the holder, by the payment of an amount in4 j  U# U5 X3 E
cash for each such share so redeemed of (i) $25.00 together with all declared$ X. L. G. H4 f) a- j& Z
and unpaid dividends to the date fixed for redemption in the case of
: K, s1 G5 F- @. e; E; O6 e( ^redemptions on February 25, 2019 and on February 25 every five years- J# E( m8 k8 k! g3 }7 c
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to* r. T- {8 Y+ }7 N3 q
the date fixed for redemption in the case of redemptions on any other date
- I6 a$ O$ Z; k7 Zon or after February 25, 2014.3 l8 ^" ~2 ?' l. O( X( |& ^. P8 c
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic, F& W2 Y% _# W7 h9 D' Q
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
" D/ k8 T, G8 c" Nthe right, at their option, to convert, on February 25, 2019 and on& ]+ j/ Z' i0 l8 e3 ?+ a# I
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any7 x2 I! q" Y1 k
or all of their Preferred Shares Series 19 into an equal number of Preferred2 c# {" f- l8 F, w8 L8 b
Shares Series 18 upon giving to the Bank written notice thereof not earlier! E/ U5 ]; R5 ^& \! P: @' j
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
3 i5 V& r- J) v1 {( D' g15th day preceding, a Series 19 Conversion Date.4 ]8 d/ J  u4 z0 T/ s. k
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
7 d* a4 ?2 s! d! `Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares; O6 x1 ^: S: Y! c0 m3 h# q
Series 18, as the case may be, that there would be outstanding on such
4 p5 V' \% p: J! q. T" ^. xSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
6 Q3 I' k7 Q+ Dsuch remaining number of Preferred Shares Series 19 will automatically be+ ]; x) W- B- e6 z  p4 g
converted on such Series 19 Conversion Date into an equal number of. @. q; m+ Q( O8 h8 U5 i
Preferred Shares Series 18. Additionally, if the Bank determines that, after
, X; W0 ^2 e& o% V; ?9 A; Hconversion, there would be outstanding on such Series 19 Conversion Date
) R" p! a0 D5 ]+ d5 Y" {less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares7 U* J; M4 k, D& B
Series 19 will be converted into Preferred Shares Series 18.
& O# ]! W) E( M: I& bVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
5 h' |; A/ a  p+ c! ]Series 19 will not be entitled as such to receive notice of, attend, or vote at,' G4 ~4 L+ e; P, ^  Z# `
any meeting of the shareholders of the Bank unless and until the first time at
: L) M- y/ M4 ]: G" `which the Board of Directors has not declared the whole dividend on the  f: b  ?  ^: r) v* q5 K
Preferred Shares Series 19 in any quarter. In that event, subject as; g8 P& A3 x0 s! f1 ~* \
hereinafter provided, the holders of Preferred Shares Series 19 will be
/ I) `2 e3 a, A8 w" @7 E6 Wentitled to receive notice of, and to attend, meetings of shareholders at which
. W0 w+ k7 s) ]  w+ e1 ], R5 Ldirectors of the Bank are to be elected and will be entitled to one vote for9 G! }3 e8 O8 D4 K* m+ J  I5 P; O
each Preferred Share Series 19 held. The voting rights of the holders of the
6 Y4 n, z1 U; \Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
0 n4 ~* y. A+ M1 ]1 i2 M9 Kthe first dividend on the Preferred Shares Series 19 to which the holders are
" _, g" H9 y- k* j+ \4 _entitled thereunder subsequent to the time such voting rights first arose until4 l  U& @3 R8 c9 K+ @0 D6 h, D
such time as the Bank may again fail to declare the whole dividend on the
# o' {- v# H! D' a( n1 S- U. _Preferred Shares Series 19 in respect of any quarter, in which event such
, ?' b0 V& r2 ~3 y0 |/ c' Y: D4 pvoting rights will become effective again and so on from time to time.
: l* z4 K/ g! i4 \S-6
3 u  d& F, ]0 ^4 D( S) L6 DPriority: The preferred shares of each series of the Bank will rank on a parity with  f+ d& a6 E3 c; _
every other series and are entitled to preference over the common shares of
  {* W2 W; S& rthe Bank and over any other shares of the Bank ranking junior to the% w& a; C: ?5 s' _& w
preferred shares with respect to the payment of dividends and upon any! y% F/ J" V" f: H& R9 A9 ~
distribution of assets in the event of the liquidation, dissolution or
3 P6 S" v' |2 S* L( M$ s+ u) [winding-up of the Bank.- [+ \( J7 I% V4 Z# v# m) D
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under$ b: X7 P/ Z/ u1 u8 U# t, N9 O; G  A
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares# ~1 z9 S5 _( V, v
Series 18 and Preferred Shares Series 19 will not be required to pay tax on5 ~/ L# f; O9 t2 b: F; @& Q
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。9 c" V$ Q8 t8 J
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
  y$ g8 {& x8 {
2 ~, B: J) l( i2 E  ~" p7 j& A2 D
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
# S* N* E* `6 e  ?0 j1 r$ ~5 c/ x2 F
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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