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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。# D0 M7 C! p; W# Q5 i& y
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0 u: J( ?$ |* z6 H/ I+ V( O
[ 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:
, Q4 x! u/ B2 a; R- Z/ Y1 eSUMMARY OF THE OFFERING
; r, Y$ E7 E- N+ S, \This 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 q2 ?8 u8 N5 h4 p; J( HIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.+ Y/ H" V4 w; c
Amount: $150,000,000 (6,000,000 shares).
% b* {7 H3 U: F+ A, d! h5 C$ ~% B! {7 ]Price and Yield: $25.00 per share to yield initially 6.50% per annum.
1 @  M, O/ F- A' s4 S- MPrincipal Characteristics of the Preferred Shares Series 18% R4 ?0 R' {. R2 s, |  I
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed- [. Y9 K' O" X0 A
non-cumulative preferential cash dividends, as and when declared by the' x$ e3 E% y7 p/ f% Y. l/ x& ?
Board of Directors, subject to the provisions of the Bank Act, for the initial5 @& U# i1 e5 B9 q* j& e5 E9 v
period commencing on the closing date and ending on and including! G& r$ A4 U6 Y) W
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
- C2 v. Z% w. S2 `4 C# I3 a25th day of February, May, August and November in each year, at a rate3 t4 N+ t9 O( v1 A9 {8 Q! Q
equal to $0.40625 per share. The initial dividend, if declared, will be payable& o' e9 X; s( H$ i) x
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
7 p2 h# |1 C1 y) T1 [' cdate of December 11, 2008.
# d. Y  G& [+ `, b# M$ @For each five-year period after the Initial Fixed Rate Period (each, a
0 j  r5 `4 F0 @" B‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
3 z, _) d- F  C& a5 T5 ZSeries 18 will be entitled to receive fixed non-cumulative preferential cash
+ x  f( |$ j. R. I5 Q. o- s* Mdividends, as and when declared by the Board of Directors, subject to the
7 Q# c* |5 q* Lprovisions of the Bank Act, payable quarterly on the 25th day of February,/ e- y/ f3 N* O6 ^- x
May, August and November in each year, in the amount per share per annum" O; j" t. i: Q' q% j, p
determined by multiplying the Annual Fixed Dividend Rate applicable to
- `; P3 Z2 s/ ]+ Msuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend; d- \8 n( t# L0 A
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
0 A% F) Z8 k* c& ?+ VBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
. L! b4 z/ E( s& a+ rof such Subsequent Fixed Rate Period and will be equal to the sum of the
* M, K3 M+ V6 y9 K) nGovernment of Canada Yield on the applicable Fixed Rate Calculation Date& S1 A2 w& h, c6 ]& i2 w4 T- [7 j1 R0 _
plus 3.83%.1 V7 D* e. M4 w' M# |3 ~& J
If the Board of Directors does not declare a dividend, or any part thereof, on2 U) M. A0 E% h5 a7 ?$ ^
the Preferred Shares Series 18 on or before the dividend payment date for a
  j8 L& e3 u# B8 jparticular quarter, then the entitlement of the holders of the Preferred+ e: J8 @" J" ^
Shares Series 18 to receive such dividend, or to any part thereof, for such
) c6 n1 u2 u0 I4 m5 n) }quarter will be forever extinguished.8 X; I5 G1 M" h+ I6 U7 U  f
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the. w  i: I0 P2 k1 Q5 f
Superintendent and to the provisions described below under ‘‘Details of the5 K1 X* h7 K( K9 d" w- n
Offering — Certain Provisions of the Preferred Shares Series 18 as a
% q* O3 M! m4 J# S, rSeries — Restrictions on Dividends and Retirement of Shares’’, on
$ p" z9 ?+ F2 k# W2 A5 R9 ZFebruary 25, 2014 and on February 25 every five years thereafter, on not
3 ?' I* R3 l: Y: i, W  _% Fmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
( B8 Z9 C. O- Q" g1 Kpart of the then outstanding Preferred Shares Series 18, at the Bank’s option/ f: o! T4 z  H' b) w: X: ]
without the consent of the holder, by the payment of an amount in cash for
7 M, g' y, v0 v  m& {" geach such share so redeemed of $25.00 together with all declared and unpaid& K- C8 c) H+ `! k; S
dividends to the date fixed for redemption.' B5 U: ~% I. s" _
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
2 i) Q- }8 z0 @8 \6 o8 dShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have4 N, p! w& a6 P1 i; u, m# w# M# T' a
the right, at their option, to convert, on February 25, 2014 and on1 `" C  |6 J# g) [) {0 U* q  C
S-4
; M6 a% Y4 }: R# \February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any5 F7 K( ~! u. q# ^, W  ~
or all of their Preferred Shares Series 18 into an equal number of Preferred3 m+ M' |- q$ L) J  p- {3 a
Shares Series 19 upon giving to the Bank notice thereof not earlier than
3 P' }6 Q: P6 u, _" @2 {. m30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
5 Q% f: L. o/ X. d: O: d3 |+ `  Tpreceding, a Series 18 Conversion Date.
& l, N. V) }9 X6 XAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
& }8 ^8 s- K- A( i0 i1 R( f8 V) c# J9 UProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
, c( H7 f! c3 C! o: P# lSeries 19, as the case may be, that there would be outstanding on such- t" M2 I  X. Q
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,. J9 |9 v# V2 \: E8 ]) t
such remaining number of Preferred Shares Series 18 will automatically be
  ~* x! L4 o' r8 G/ D+ Fconverted on such Series 18 Conversion Date into an equal number of
2 u7 O" u! }# d, }Preferred Shares Series 19. Additionally, if the Bank determines that, after
' t+ m2 N7 S5 O8 b8 e* H# nconversion, there would be outstanding on such Series 18 Conversion Date
5 Y) |% i' S7 D, s" ~# Y) e2 Jless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
$ c' r/ @6 e1 T8 _! l/ i* h  H. fSeries 18 will be converted into Preferred Shares Series 19.$ m& B1 U. [+ }+ Y- N; X. |
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares6 j. J9 A- P2 P$ p
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
7 ]+ s! l( g6 Y2 ?5 @any meeting of the shareholders of the Bank unless and until the first time at6 `5 [  z0 x  e! P# G1 g
which the Board of Directors has not declared the whole dividend on the
) X2 E/ w) ]0 g6 JPreferred Shares Series 18 in any quarter. In that event, subject as
) V& M: X& N" l5 ^3 Y# x! w( e; ghereinafter provided, the holders of Preferred Shares Series 18 will be
- d2 h3 ]# `# o% ^6 M: nentitled to receive notice of, and to attend, meetings of shareholders at which
1 O/ N. u% t: h% Y: ^$ ^directors of the Bank are to be elected and will be entitled to one vote for
+ X- a# b* Y' y' S- T/ D& qeach Preferred Share Series 18 held. The voting rights of the holders of the
9 }7 Z5 _. m7 E, A. [/ d- yPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
. c' L6 S9 M8 c( f$ c$ f, @the first dividend on the Preferred Shares Series 18 to which the holders are. V; H: \# s3 w
entitled thereunder subsequent to the time such voting rights first arose until
$ J4 n1 g$ g4 E! Isuch time as the Bank may again fail to declare the whole dividend on the
( {6 z5 v5 }! B; bPreferred Shares Series 18 in respect of any quarter, in which event such4 G1 V5 x0 k2 H4 F, v6 T1 ]
voting rights will become effective again and so on from time to time.
& ]- x3 w2 i* \4 F! o0 _) Q( mPrincipal Characteristics of the Preferred Shares Series 199 R( q; ?  j% f1 {% n
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive6 w9 a( ~+ y! i2 ^4 U
floating rate non-cumulative preferential cash dividends, as and when
  d) s# N% E& @, t5 W6 Rdeclared by the Board of Directors, subject to the provisions of the Bank Act,1 J4 J& C3 V5 V' Q0 _! e
payable quarterly on the 25th day of February, May, August and November
' `2 b- M" _; v* l, p5 uin each year, in the amount per share determined by multiplying the9 Q1 \+ d1 r# {& {8 D
applicable Quarterly Floating Dividend Rate by $25.00.+ v: p4 \  h- H: p' q
On the 30th day prior to the commencement of the initial quarterly dividend
& `& H2 L- L  Uperiod beginning on February 25, 2014, and on the 30th day prior to the first
4 _$ e* R8 q7 V) F  f# ~day of each subsequent quarterly dividend period (the initial quarterly+ a2 H% p5 L' j, O& ^
dividend period and each subsequent quarterly dividend period is referred to
+ e3 R, q( V8 P. tas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the! |; m0 s' N$ I+ n+ H  Z
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate4 t& Z+ ^5 V/ A" g* X' f, }* y
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
+ j2 Q. i( l7 Y1 M4 p3 {- {7 n# iT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days% p2 A9 G) i: C( u& a' V
elapsed in the applicable Quarterly Floating Rate Period divided by 365)+ x% G7 j/ _" E9 N  K
determined on the 30th day prior to the first day of the applicable Quarterly
7 [  {2 ^$ k6 XFloating Rate Period.
/ U1 s) j4 c1 Q, MS-5; R5 p3 a1 B# X/ t/ u
If the Board of Directors does not declare a dividend, or any part thereof, on" h- }* m" ]# ]' g0 K1 Q- C+ q
the Preferred Shares Series 19 on or before the dividend payment date for a
! c- v7 i' b4 U- u9 f0 L2 oparticular quarter, then the entitlement of the holders of the Preferred
# \0 J, u7 N' vShares Series 19 to receive such dividend, or to any part thereof, for such
7 m& E5 s. w6 c8 lquarter will be forever extinguished.
% t, I/ E# ^  J9 cRedemption: Subject to the provisions of the Bank Act and to the prior consent of the) e: s) T7 Y" c# d, b* M9 w
Superintendent and to the provisions described below under the heading
0 X# ?( Z- n8 s& T‘‘Details of the Offering — Certain Provisions of the Preferred Shares. W* q7 i! Y% ~  [
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,9 F! V& H2 D+ Z2 B9 A3 H
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
6 N3 c  z6 s: ^* _4 Q4 c/ lor any part of the then outstanding Preferred Shares Series 19, at the Bank’s% E6 N. @$ @3 ~: d; G" ^
option without the consent of the holder, by the payment of an amount in
; o2 c) D4 n6 {# n, X: icash for each such share so redeemed of (i) $25.00 together with all declared# m1 U! X  ], K. [! X* z8 _
and unpaid dividends to the date fixed for redemption in the case of
, w  x% i8 ]4 F  h3 Lredemptions on February 25, 2019 and on February 25 every five years7 c( T/ |  t" G
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
: i8 \1 c3 o' e. `! v% L  r; E; Ithe date fixed for redemption in the case of redemptions on any other date+ [3 C' I  Z% b* W0 i
on or after February 25, 2014.' V7 F) D+ ~& B/ U" ^9 h
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
  j/ f. u# {5 g* R! t+ w! UShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have1 l" l9 J7 k' K7 `* j# A$ v+ ~6 w" J
the right, at their option, to convert, on February 25, 2019 and on8 s& _, }! L3 l# T" P0 ]. ~" E% T
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
+ K$ J6 ^% K% t+ ^+ wor all of their Preferred Shares Series 19 into an equal number of Preferred  B. j, m# P' f
Shares Series 18 upon giving to the Bank written notice thereof not earlier
  A. C! c' ^  m( X; S2 {than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
/ W0 d. ~! {! @2 `" M3 c' _15th day preceding, a Series 19 Conversion Date.
2 H' u8 B5 s' J6 v* TAutomatic Conversion If the Bank determines, after having taken into account all shares tendered( e, o+ C: ^& O+ L1 t/ x
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
9 s' F1 W2 p1 x  m' r5 lSeries 18, as the case may be, that there would be outstanding on such
8 b( ]% g% S' E5 T/ X2 k! O0 rSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,& `' v- h8 ]8 V0 E  b4 y
such remaining number of Preferred Shares Series 19 will automatically be) @! Y' r% h+ {; ~
converted on such Series 19 Conversion Date into an equal number of( X6 @( B" _6 N, R
Preferred Shares Series 18. Additionally, if the Bank determines that, after
2 j# H# K( ~. Y: B4 n# Y; [conversion, there would be outstanding on such Series 19 Conversion Date
* t  z; w/ p' M& kless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
2 y# b' w2 K1 V$ k' P5 u0 o& o- aSeries 19 will be converted into Preferred Shares Series 18.4 T; w1 j' z7 z" D
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
" l- B+ |! W2 e" A( u5 m- hSeries 19 will not be entitled as such to receive notice of, attend, or vote at,/ I# |$ ?  p- X, O$ l
any meeting of the shareholders of the Bank unless and until the first time at
& K: W/ ?/ o! W6 F8 L+ Z7 }# g* ^which the Board of Directors has not declared the whole dividend on the. k2 Y! k- y4 r/ C
Preferred Shares Series 19 in any quarter. In that event, subject as8 {/ L' d, t7 E; t
hereinafter provided, the holders of Preferred Shares Series 19 will be7 T& I6 v5 f5 p8 E1 \. t
entitled to receive notice of, and to attend, meetings of shareholders at which
& @" e: k* M' Udirectors of the Bank are to be elected and will be entitled to one vote for
# m" J0 u" a2 G# {7 }9 Aeach Preferred Share Series 19 held. The voting rights of the holders of the5 B! s7 {; ]0 ?1 `" b  s( o3 w
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
( J* s1 N5 f- q+ f, Ythe first dividend on the Preferred Shares Series 19 to which the holders are
; l6 l; I; n- Q2 R5 Ventitled thereunder subsequent to the time such voting rights first arose until1 a& ]3 D( @0 \% u8 E8 m) Z
such time as the Bank may again fail to declare the whole dividend on the
$ a0 m( S2 p4 a, l, V. _" m: Q3 l+ zPreferred Shares Series 19 in respect of any quarter, in which event such5 n1 s0 v# U- \% H( b. F! ~2 W
voting rights will become effective again and so on from time to time.
* j$ t( x! S- t) BS-6
* R1 X1 y: T8 ]& ?6 Z8 `Priority: The preferred shares of each series of the Bank will rank on a parity with
4 s, f, T. K( devery other series and are entitled to preference over the common shares of
& E" M4 T! G$ l8 pthe Bank and over any other shares of the Bank ranking junior to the
) s/ _% }& _4 s, B) F+ Zpreferred shares with respect to the payment of dividends and upon any2 D( s5 M2 p# L
distribution of assets in the event of the liquidation, dissolution or
$ Y* A; C1 Z4 S- e, y: Fwinding-up of the Bank.; {4 ]- W4 T  T! e
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under" ]0 P7 y, f" y5 G2 i5 d6 l4 H
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares0 w0 j7 J  l% q" {$ n* v# {
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
. ^" C5 w9 c9 Z' f1 {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。
& D) E* d. I( B' g* U: f0 B' f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

- r) s! s% m* V( k! ]/ Z* y" e' s6 H( m2 A& h/ [% {7 j
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。1 e0 e3 I6 A% A9 \, {! h; ~

5 W& C5 |8 X7 ?* A# S$ o( rcall 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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