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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。  `4 M: H, ?$ a  w
9 J9 G; x' \* v. P" P

$ M/ O' T' r$ B0 w( M' Q/ c[ 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:
% W2 A! c# {5 E8 HSUMMARY OF THE OFFERING
2 W) Z  W" X9 \) D  NThis 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’’.$ r% a! }, W0 G$ ~
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
& r. [+ F  j0 B6 C% O5 ~, F4 q# {Amount: $150,000,000 (6,000,000 shares).
  U4 x0 g$ O; W' @$ s6 n3 U) M, BPrice and Yield: $25.00 per share to yield initially 6.50% per annum.1 m) K- o  v; W) ]
Principal Characteristics of the Preferred Shares Series 182 H+ R& U, g0 \6 e. C2 T9 Q
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed1 X! c( A+ P8 @  s9 ]8 W! @& [
non-cumulative preferential cash dividends, as and when declared by the$ Q2 O+ c9 n. s) \6 n* z( U6 D
Board of Directors, subject to the provisions of the Bank Act, for the initial4 s- k! M! Y$ ]) K6 h( i4 L
period commencing on the closing date and ending on and including
8 z0 v6 c3 [  p) R0 r! jFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the" S& g& D2 m  C, Y, D/ w8 e
25th day of February, May, August and November in each year, at a rate
" b5 d1 D! U& t* ]0 f& [equal to $0.40625 per share. The initial dividend, if declared, will be payable
7 J) ^. a/ T9 V* E' Q! ]2 i# VMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing: w  v* V; w  K% b+ @
date of December 11, 2008./ H9 J& V$ t3 M7 V/ f+ d( p
For each five-year period after the Initial Fixed Rate Period (each, a' E) b2 C8 Q6 M! p  ^9 R
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
0 j8 ^% @- A6 X0 q+ u0 \' R8 Z) USeries 18 will be entitled to receive fixed non-cumulative preferential cash
7 r/ I1 i" x; E7 a3 Fdividends, as and when declared by the Board of Directors, subject to the
' t$ I: I. a! h- R7 D9 Yprovisions of the Bank Act, payable quarterly on the 25th day of February,
  R! u: I  a7 R/ tMay, August and November in each year, in the amount per share per annum% f4 R0 K) W8 B% R  O$ }1 Y; [9 Z
determined by multiplying the Annual Fixed Dividend Rate applicable to
+ e1 a8 U$ O; U1 ?4 Ksuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend: r3 C- B# p7 Q2 ~5 X7 q! x  D
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the) H4 B+ B: x4 M$ f4 T
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
! x( O6 N( Q. m/ _/ p6 C+ q% lof such Subsequent Fixed Rate Period and will be equal to the sum of the9 l4 a5 o6 v" _+ m) Q6 o. |' a3 F: f' k
Government of Canada Yield on the applicable Fixed Rate Calculation Date" z) y) ^9 P; f7 Q
plus 3.83%.
- K6 a; y; g# c2 f; D, U5 FIf the Board of Directors does not declare a dividend, or any part thereof, on
5 s7 u: r* l+ m' I* x! A& ethe Preferred Shares Series 18 on or before the dividend payment date for a
7 c; b7 |3 [) e, F1 M5 }7 pparticular quarter, then the entitlement of the holders of the Preferred
) t% K  U* z! U( v8 O$ u0 sShares Series 18 to receive such dividend, or to any part thereof, for such
" _" y5 W  l( ^9 V- U4 Dquarter will be forever extinguished.
' B4 N+ t% e' C1 w/ o4 y5 o: p, xRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
. R% ?7 {3 p6 r  ]Superintendent and to the provisions described below under ‘‘Details of the' j( W* {1 C6 Y
Offering — Certain Provisions of the Preferred Shares Series 18 as a
3 W6 A: x' v% t0 ESeries — Restrictions on Dividends and Retirement of Shares’’, on
& d6 T/ h. f2 m  B9 |February 25, 2014 and on February 25 every five years thereafter, on not/ ]$ u' Z$ n0 S) }) B- z  Q
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
) M' r8 L+ [+ l$ @8 [& i/ npart of the then outstanding Preferred Shares Series 18, at the Bank’s option
& G2 K4 w2 E/ z) ^8 ]9 H3 xwithout the consent of the holder, by the payment of an amount in cash for
6 W. q1 H! u; w! Oeach such share so redeemed of $25.00 together with all declared and unpaid/ t4 B+ `, d1 c3 U' P
dividends to the date fixed for redemption.
8 B3 W) g9 c* q3 D1 W& u! mConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
) D! t6 W5 c6 R! p2 x6 \Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have1 @" H: T" f# b5 B
the right, at their option, to convert, on February 25, 2014 and on
  p, {! E, K# C8 O! h& |S-4
3 m5 h+ C$ D2 uFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any1 ^; }; y+ a$ N" r. u
or all of their Preferred Shares Series 18 into an equal number of Preferred. v, \, M% e4 @5 B3 I! R
Shares Series 19 upon giving to the Bank notice thereof not earlier than1 x  `! v4 L: e; T5 s% F  Z; B
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
) G. u8 F2 |4 E! ?, Q$ m  }1 Dpreceding, a Series 18 Conversion Date.  |# i- X% e8 K
Automatic Conversion If the Bank determines, after having taken into account all shares tendered3 b( m) O' u6 [( j. O) @) |
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
; A# b. l3 ?5 V  B/ k4 ]Series 19, as the case may be, that there would be outstanding on such. W* @. F8 m: C/ Y0 d& d4 }- u3 O
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,) I+ J  W( u, m4 _4 }9 G1 @) w
such remaining number of Preferred Shares Series 18 will automatically be
- X" L5 ~+ O/ |3 z1 _converted on such Series 18 Conversion Date into an equal number of
' V5 a" H! X( f. PPreferred Shares Series 19. Additionally, if the Bank determines that, after% Y5 a3 g- m( H0 {' G* A
conversion, there would be outstanding on such Series 18 Conversion Date
1 ~5 N; B8 N* `1 z! h& Qless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares- W6 n: ~& @& E- l( n6 O1 I
Series 18 will be converted into Preferred Shares Series 19.
2 e6 p1 o0 }& e2 xVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares1 g7 u8 s, Y: P1 q3 T
Series 18 will not be entitled as such to receive notice of, attend, or vote at," s* ], d3 R4 k- P
any meeting of the shareholders of the Bank unless and until the first time at
' b* n* [' s2 w# `" d: M, d9 S, S- Vwhich the Board of Directors has not declared the whole dividend on the, {: K2 Y0 H4 ?. l& W
Preferred Shares Series 18 in any quarter. In that event, subject as' u& K4 p. @; ~# p( b7 {  u
hereinafter provided, the holders of Preferred Shares Series 18 will be
1 K% c4 b# ?) w2 h$ N2 k3 H; Yentitled to receive notice of, and to attend, meetings of shareholders at which2 f0 b  }7 Z$ E( Z+ k" Z
directors of the Bank are to be elected and will be entitled to one vote for
  o0 J1 D& Y$ y2 C9 [each Preferred Share Series 18 held. The voting rights of the holders of the
. _7 k2 K- U0 ~/ QPreferred Shares Series 18 will forthwith cease upon payment by the Bank of6 d( X7 G  K* Q; C/ _7 a2 m" ~
the first dividend on the Preferred Shares Series 18 to which the holders are
; L2 u; f* ?- x; gentitled thereunder subsequent to the time such voting rights first arose until) o) G; p( ^) N3 O/ Y; h5 k
such time as the Bank may again fail to declare the whole dividend on the
5 U, `5 I3 g* Y3 v$ ?Preferred Shares Series 18 in respect of any quarter, in which event such, u" O# i4 _# \$ D
voting rights will become effective again and so on from time to time.
1 e. v' x& l0 f8 RPrincipal Characteristics of the Preferred Shares Series 196 E( w( h1 J/ Z5 a! f3 D
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive8 Z, a- P, v# Q  L- X& v; o) @2 c
floating rate non-cumulative preferential cash dividends, as and when) q0 q: o, i: z0 z8 K9 Z" O
declared by the Board of Directors, subject to the provisions of the Bank Act,
+ S  d: J6 F% Q, M) W7 tpayable quarterly on the 25th day of February, May, August and November
! u1 M! F7 f6 H* O' pin each year, in the amount per share determined by multiplying the
, |/ `0 Z9 n/ J) Q& Yapplicable Quarterly Floating Dividend Rate by $25.00.
& Y7 ]4 x2 b' C- A& T5 q( u7 h& \On the 30th day prior to the commencement of the initial quarterly dividend
: R2 C  |  K5 speriod beginning on February 25, 2014, and on the 30th day prior to the first* t' }$ z7 d  d6 w7 k* G' m! E
day of each subsequent quarterly dividend period (the initial quarterly' {4 Q$ L* ?% ]# s  R( \
dividend period and each subsequent quarterly dividend period is referred to
- _( b) w# u  {  v7 x3 @" P/ Tas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
; u+ P" C( v3 D$ p/ E- |Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate7 N" C* q( K& ^+ _& v
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
( P: ?5 x" \7 F& ZT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days' O: X$ P) V5 v' j
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
4 k, I8 W7 S( g3 Q2 j2 c- Y8 T1 [determined on the 30th day prior to the first day of the applicable Quarterly' B1 ?# J7 V" F
Floating Rate Period.. `  A9 p# B" P( i( T
S-5
& C$ C0 K9 U8 g7 ~If the Board of Directors does not declare a dividend, or any part thereof, on. h- G# O1 d  K) F3 \
the Preferred Shares Series 19 on or before the dividend payment date for a
8 Q( i! P( B; Lparticular quarter, then the entitlement of the holders of the Preferred0 F% ?. }$ u5 A0 d/ O
Shares Series 19 to receive such dividend, or to any part thereof, for such$ v! B! s. i) M  h7 ?- U4 j& |
quarter will be forever extinguished.
& k6 i" [# r! L# iRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
0 r: m. t  I6 g4 u* V6 k2 m# ySuperintendent and to the provisions described below under the heading& y' f6 }: p  M- O
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
$ L0 B8 l; l& b# \  t9 iSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
$ j# y( H: {1 _  Z1 U) Pon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
" ?! o# r" J, qor any part of the then outstanding Preferred Shares Series 19, at the Bank’s) K. ]7 W+ E6 E7 e; Z4 y, P' a
option without the consent of the holder, by the payment of an amount in- Q6 M" x" F' f, _
cash for each such share so redeemed of (i) $25.00 together with all declared9 {4 {* a5 g  M0 ?! l" }; u4 m
and unpaid dividends to the date fixed for redemption in the case of: l: S# W2 d. ]8 K0 y5 P, T$ p& z
redemptions on February 25, 2019 and on February 25 every five years5 m! J8 C0 |8 W* N" J* D7 V5 o
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
& w' j2 B" j( p, [the date fixed for redemption in the case of redemptions on any other date9 I7 e& H" U, c  v: H5 o
on or after February 25, 2014.
0 K. |) {- Z: b/ \- R+ `3 HConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic/ S" h0 N) g. U/ u
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
5 v" p; \* {6 x. Hthe right, at their option, to convert, on February 25, 2019 and on2 p1 |* `- ]$ Y1 Z
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any2 e8 v7 s! x( H+ ]
or all of their Preferred Shares Series 19 into an equal number of Preferred9 }$ i. a" [- o$ D  }
Shares Series 18 upon giving to the Bank written notice thereof not earlier8 W0 Q1 _2 d7 y9 |$ p' ^$ ~# j3 x1 C
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
! _* g1 O: L# z1 Q' y' R15th day preceding, a Series 19 Conversion Date., W8 A- G5 r% h* m7 [, z4 \
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
' O9 ~0 B  _  H- |! P4 _Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares" M7 ~  Q# `9 k0 o
Series 18, as the case may be, that there would be outstanding on such, z6 W7 u+ e7 [! @4 u6 V! Z
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
" M# H; l3 ~) isuch remaining number of Preferred Shares Series 19 will automatically be
8 b1 P* E7 P, l$ Zconverted on such Series 19 Conversion Date into an equal number of, q; Q- T/ P- \$ f: _
Preferred Shares Series 18. Additionally, if the Bank determines that, after
7 f5 y; E' s7 H: S' A. I  @* yconversion, there would be outstanding on such Series 19 Conversion Date
0 z$ R# B: U: V3 I6 h- |; cless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
, D3 K/ m3 u1 G( x! _% J) V4 PSeries 19 will be converted into Preferred Shares Series 18., Q$ O9 u0 y% f. W5 M
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
7 E$ P, |0 J- g  D% RSeries 19 will not be entitled as such to receive notice of, attend, or vote at,$ G. c4 d# i5 ?( q/ J$ V, c
any meeting of the shareholders of the Bank unless and until the first time at' e% ~: t6 E7 k- D; ~  ^( b, C0 ~
which the Board of Directors has not declared the whole dividend on the+ |: X' g4 N7 q5 w9 U
Preferred Shares Series 19 in any quarter. In that event, subject as
2 i/ X1 W: L; a3 V6 jhereinafter provided, the holders of Preferred Shares Series 19 will be# m6 @. W  e- f  p4 a
entitled to receive notice of, and to attend, meetings of shareholders at which! ~4 r8 K, N; E. V& y0 N% N$ ]
directors of the Bank are to be elected and will be entitled to one vote for) h+ M4 Y5 n8 I$ b* C, G/ E
each Preferred Share Series 19 held. The voting rights of the holders of the" d1 |! `' T6 g0 A
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
& \# M1 Y$ [% Kthe first dividend on the Preferred Shares Series 19 to which the holders are5 t/ Q4 w2 a! u! I
entitled thereunder subsequent to the time such voting rights first arose until
' [+ z2 S, g7 f4 l+ j& Q! Z1 Zsuch time as the Bank may again fail to declare the whole dividend on the5 i9 o4 s# N$ M0 [9 t& F5 Y
Preferred Shares Series 19 in respect of any quarter, in which event such8 G( f; P; G, h! `  Y/ I0 `
voting rights will become effective again and so on from time to time.
! A% s  Y( G, B3 H2 s: LS-64 u# K$ A2 T1 S, A' b+ h. ?
Priority: The preferred shares of each series of the Bank will rank on a parity with+ I; ^8 f( B6 E/ r
every other series and are entitled to preference over the common shares of4 C6 H: H  ~4 a) o& u# `
the Bank and over any other shares of the Bank ranking junior to the/ o: |/ e( a) b- q
preferred shares with respect to the payment of dividends and upon any
% ], y( K& h8 a  f5 [! ]5 Ldistribution of assets in the event of the liquidation, dissolution or
2 s! L8 O9 i$ L( |6 \: Q" A3 k, u6 h8 }winding-up of the Bank.9 K  Q* _1 K: ~) c
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under8 K/ H/ _2 L* L6 ]* e5 |
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
1 G+ {! K/ S1 t5 L; I4 ?8 gSeries 18 and Preferred Shares Series 19 will not be required to pay tax on0 G, m! D/ U, \+ h0 C* q- f" N
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。
$ g6 y/ o; M  c+ U2 y今天讲座如何?
大型搬家
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

; ]. L8 Y# k$ D0 z; M' |8 `4 R6 \2 t  K, f9 I+ W
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
7 i8 D) K' }3 _! M* I7 \, N( I
% }# \7 ~% d4 \" [1 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。
大型搬家
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