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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。
/ D# y- D6 b0 a& ]" M  A

& U9 |' l9 j4 r$ P/ e( z$ o- L$ o% @
; E8 I$ X- U' a' z$ B$ d0 c( d[ 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:" @1 p; ~9 o! Q& @
SUMMARY OF THE OFFERING4 U! e! D) h9 v; B8 O" }
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’’.' Y# t# ^5 x$ k8 `1 z; [# a  j- Z) J
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
8 Y3 N. D* d) v+ _! pAmount: $150,000,000 (6,000,000 shares).7 _3 |2 R; b) N: h* e7 \) u; T
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
3 `% B; k$ P, t0 MPrincipal Characteristics of the Preferred Shares Series 18; k# ]% P6 K9 v2 x, t  C% D+ E4 [
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed% W$ c1 r6 P1 J' y1 ]0 O7 m2 {
non-cumulative preferential cash dividends, as and when declared by the# A  D: \! X" ?' M9 ^# r
Board of Directors, subject to the provisions of the Bank Act, for the initial
" e: ~' e5 h9 m' ^5 F* ~8 hperiod commencing on the closing date and ending on and including
1 _0 Q8 J9 \* MFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
* {# i4 G7 \  b5 H25th day of February, May, August and November in each year, at a rate) e( A- |" L$ h, v# _
equal to $0.40625 per share. The initial dividend, if declared, will be payable- b2 N, S* z( A( l. {" n$ g' Z, m
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing" @+ P! {. a8 l; m6 {
date of December 11, 2008.
( d: Y4 p' G0 ^" Q, P3 b6 [' wFor each five-year period after the Initial Fixed Rate Period (each, a
% K# E" E& F" P* v‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
; p# |% R  k4 r- ]6 z. Z: @, DSeries 18 will be entitled to receive fixed non-cumulative preferential cash" u4 l$ ~3 g! h+ `/ ]4 D( |
dividends, as and when declared by the Board of Directors, subject to the
; f5 g$ d; |$ L0 @- H. eprovisions of the Bank Act, payable quarterly on the 25th day of February,0 `, M' b* _9 z. g' [2 a  R
May, August and November in each year, in the amount per share per annum$ r7 V. X; v2 [7 E) q) z
determined by multiplying the Annual Fixed Dividend Rate applicable to6 M$ k# [: a  U: a) A* h, |1 ^
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend6 @; M3 D$ j/ `3 L
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
* i( P& l1 o1 wBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
5 `( L% T$ |. m: m8 o, aof such Subsequent Fixed Rate Period and will be equal to the sum of the* j9 `2 ~' W- U
Government of Canada Yield on the applicable Fixed Rate Calculation Date! l) V3 O9 ^8 S* K8 _
plus 3.83%.
+ C$ S" K0 ^0 i; UIf the Board of Directors does not declare a dividend, or any part thereof, on
( P+ l3 d& h% i/ B+ f  `the Preferred Shares Series 18 on or before the dividend payment date for a
5 e+ i0 V9 V  U: I1 M7 w2 wparticular quarter, then the entitlement of the holders of the Preferred" D$ y; B/ p" |' I4 T* \/ h8 Y
Shares Series 18 to receive such dividend, or to any part thereof, for such
; ^: w' D" E0 R$ o4 bquarter will be forever extinguished.5 l- ^5 c. y( X* {0 k6 u
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
3 p0 x* K2 ]0 ^1 {  X" KSuperintendent and to the provisions described below under ‘‘Details of the
$ N7 i- H" J7 I9 a) sOffering — Certain Provisions of the Preferred Shares Series 18 as a/ N, _5 j- E3 Z6 ?, g' E" D
Series — Restrictions on Dividends and Retirement of Shares’’, on
3 B/ }0 H: c3 i$ E; EFebruary 25, 2014 and on February 25 every five years thereafter, on not
$ M; Q& U  S0 t7 m1 w8 Tmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any' ~2 w% E: r& K4 D' O
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
1 n$ |. Z# U, V/ \6 Zwithout the consent of the holder, by the payment of an amount in cash for
+ H6 A! _3 O  s& ?; }each such share so redeemed of $25.00 together with all declared and unpaid0 `3 Z. ^8 t( |( j* U
dividends to the date fixed for redemption., i8 C, t. {# u6 C4 j
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic' J8 \( z2 W# f+ i$ ~
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
* A/ n4 y9 E- G$ O4 P" m) Kthe right, at their option, to convert, on February 25, 2014 and on# T, x# B% N7 K4 ^& Q7 U
S-4
, ^2 Q# B. i0 [  ~. `+ G5 P& UFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
2 F) w& k' M+ dor all of their Preferred Shares Series 18 into an equal number of Preferred2 s' k" {/ X! m# @( J! f0 c
Shares Series 19 upon giving to the Bank notice thereof not earlier than
, C: P1 _4 l& t  j% p) L0 Z30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
, Z4 G& ?# H+ S; g5 qpreceding, a Series 18 Conversion Date.3 P5 s5 r% C1 Q+ r5 x9 z
Automatic Conversion If the Bank determines, after having taken into account all shares tendered2 \* d) ?* B7 z+ m0 J- U
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares; n: m/ z3 `: U# J2 P# i
Series 19, as the case may be, that there would be outstanding on such
6 b2 K, ]" J0 j- t, M. A7 aSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,: V' u: J4 @. d$ A7 W' }
such remaining number of Preferred Shares Series 18 will automatically be
, J6 `' M3 x0 `, ^converted on such Series 18 Conversion Date into an equal number of1 m! w& y# t. H0 E% E2 ]
Preferred Shares Series 19. Additionally, if the Bank determines that, after  l& \/ a" L/ O/ I: O
conversion, there would be outstanding on such Series 18 Conversion Date1 h; A' `  r3 g# d' i( S6 a9 [
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares, o" Z9 w( J8 b$ ]1 W$ T1 k1 R" g
Series 18 will be converted into Preferred Shares Series 19.
1 O) ~- s# q, N/ IVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares6 p6 K4 J  W- ?( D7 V; G* t8 `7 R
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
3 _. Z1 g+ F/ n% n# gany meeting of the shareholders of the Bank unless and until the first time at
) o' c! n4 I) Fwhich the Board of Directors has not declared the whole dividend on the6 w6 E' k4 Q. P7 d5 d
Preferred Shares Series 18 in any quarter. In that event, subject as8 V/ e+ _4 M) J9 I
hereinafter provided, the holders of Preferred Shares Series 18 will be
" t/ Y9 |0 g' ^: t$ \entitled to receive notice of, and to attend, meetings of shareholders at which
9 r! d; ^  C! D3 z' J4 Fdirectors of the Bank are to be elected and will be entitled to one vote for! u& \9 z" A" q7 w3 }. ~/ e
each Preferred Share Series 18 held. The voting rights of the holders of the6 ?5 w8 @$ e" ]8 t, s9 b
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of' p- {/ R) B& Y" j6 V- `4 N
the first dividend on the Preferred Shares Series 18 to which the holders are
: w0 u' ~- [# z; @/ \$ tentitled thereunder subsequent to the time such voting rights first arose until8 @5 @3 |* }/ h3 R1 |
such time as the Bank may again fail to declare the whole dividend on the# X6 k/ }( N6 ^! z! z
Preferred Shares Series 18 in respect of any quarter, in which event such: B2 k2 |: i+ t0 J6 A1 D
voting rights will become effective again and so on from time to time.
7 j0 f% W( x% \2 K1 S/ cPrincipal Characteristics of the Preferred Shares Series 19
  _4 {6 e' J5 M' v( I/ HDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
( o( E) b% Q: R' Lfloating rate non-cumulative preferential cash dividends, as and when( _  c2 l: `0 n( j# i
declared by the Board of Directors, subject to the provisions of the Bank Act,
$ q$ ]( C9 _$ ^0 e/ Lpayable quarterly on the 25th day of February, May, August and November% j! w2 c+ x# L
in each year, in the amount per share determined by multiplying the
4 P& ~" @1 A7 T; n; w' oapplicable Quarterly Floating Dividend Rate by $25.00.& _& T& u! G: N" @6 |6 k0 O
On the 30th day prior to the commencement of the initial quarterly dividend4 N' F& e* l; @% a) M+ {; r
period beginning on February 25, 2014, and on the 30th day prior to the first
$ S2 t+ |$ }5 S* Wday of each subsequent quarterly dividend period (the initial quarterly2 z% I' G: \5 a& h) s1 A: g
dividend period and each subsequent quarterly dividend period is referred to0 p! x: v% f$ J( X, g" C* `% }
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
, r  n6 @$ v6 o/ }7 W7 @4 y1 A4 e- QQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate* @# C# I% W1 h( |  y
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
5 {# \; J. k4 E$ T- R' kT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days1 j* w: j8 y* N: a; Q/ Z" g
elapsed in the applicable Quarterly Floating Rate Period divided by 365)! h! [/ X& u4 O% k0 V1 _% }
determined on the 30th day prior to the first day of the applicable Quarterly
; O9 H8 \2 s" \& g- U8 V: S$ lFloating Rate Period." g' w  i% ?7 \9 v" A* M- d7 s# t6 H
S-5- f) U  I6 m9 c1 a* p! P6 R, R/ ^
If the Board of Directors does not declare a dividend, or any part thereof, on6 k/ j8 ^7 y! e" ]
the Preferred Shares Series 19 on or before the dividend payment date for a
6 f( G; R$ H1 rparticular quarter, then the entitlement of the holders of the Preferred
% k9 M5 |. S- v% \2 lShares Series 19 to receive such dividend, or to any part thereof, for such. x9 Z( g' O! D8 a
quarter will be forever extinguished.' n0 u; R" F, b
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
. h" ]% f  i$ v4 bSuperintendent and to the provisions described below under the heading/ N  ~9 u% g( i3 _. z
‘‘Details of the Offering — Certain Provisions of the Preferred Shares' i) h! R) I4 o" _/ U: K* a
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
8 Q) ~6 ?- p2 T# H, F# z1 I4 Ton not more than 60 nor less than 30 days’ notice, the Bank may redeem all
/ }  E, p% T7 ], x4 n$ Qor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
+ Q# v. v& p. A" x6 ?6 S: S" yoption without the consent of the holder, by the payment of an amount in
) n4 P# T/ k8 o" f7 `% u. y3 jcash for each such share so redeemed of (i) $25.00 together with all declared  v( e& N1 Q" A/ b0 u  `
and unpaid dividends to the date fixed for redemption in the case of
5 n8 p' T& Y, n. Z$ B, X/ Y# P0 uredemptions on February 25, 2019 and on February 25 every five years
* S$ M3 O# y. l6 _  {thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
/ B9 k; T% q1 k2 q$ G( H& v8 \the date fixed for redemption in the case of redemptions on any other date
6 O4 d0 B/ X# A; @! u; I( zon or after February 25, 2014.( K- t9 ?' S6 R, e/ b& d
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
% \. i" M0 q/ IShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
# `% A0 Q: {6 s0 N! _! a- pthe right, at their option, to convert, on February 25, 2019 and on1 l2 S$ n% ^5 Q" H. [. H/ T% ]/ M1 e
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any& T* A2 B$ V- x. s* H5 N" {: d
or all of their Preferred Shares Series 19 into an equal number of Preferred; s# l! F8 C3 N  @
Shares Series 18 upon giving to the Bank written notice thereof not earlier! x' i% b+ b& S( _
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
2 H5 L' e2 n0 r- w15th day preceding, a Series 19 Conversion Date.3 |8 `' G+ y# \' e8 {
Automatic Conversion If the Bank determines, after having taken into account all shares tendered; h$ ^/ g8 t, ]1 |8 Q8 P
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares) g3 u1 n5 S% a. K( ?3 b: n( ]
Series 18, as the case may be, that there would be outstanding on such  d) }" _6 G$ ~
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
9 I4 _& s0 y7 l6 F# ]such remaining number of Preferred Shares Series 19 will automatically be
+ Y' r9 i. \$ n$ l1 econverted on such Series 19 Conversion Date into an equal number of8 R" A2 A! B3 z  O
Preferred Shares Series 18. Additionally, if the Bank determines that, after' Z3 J' O8 T! t6 \7 W: w/ k3 p! Z
conversion, there would be outstanding on such Series 19 Conversion Date( n6 ^0 @8 x: u$ g6 ?  u5 U+ M
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
" E$ y1 E4 Q" @. q% k! \( \# w" GSeries 19 will be converted into Preferred Shares Series 18.
- d9 K' Z" s3 @! Q$ D+ g# IVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
% B, E/ S' D0 t9 Q9 d) K% ^% iSeries 19 will not be entitled as such to receive notice of, attend, or vote at,1 P% F1 v- U7 ~% ~) p0 k- ~2 g
any meeting of the shareholders of the Bank unless and until the first time at
1 T/ [% I3 ~" I' p+ twhich the Board of Directors has not declared the whole dividend on the
% U+ L9 l- b1 I: q* HPreferred Shares Series 19 in any quarter. In that event, subject as) S$ m+ U- K  C: a- Z3 y: ~
hereinafter provided, the holders of Preferred Shares Series 19 will be5 i) I/ a- }% F4 C  b2 A# r/ j! E7 V
entitled to receive notice of, and to attend, meetings of shareholders at which
; I: E+ }! h8 H1 qdirectors of the Bank are to be elected and will be entitled to one vote for/ V) A0 u' o7 P& P0 |( {
each Preferred Share Series 19 held. The voting rights of the holders of the
" L$ x/ ?$ P9 D& ?( Z+ h, kPreferred Shares Series 19 will forthwith cease upon payment by the Bank of! ~* O0 W# }+ {) I0 S( K% H
the first dividend on the Preferred Shares Series 19 to which the holders are4 i" ?3 q: s6 E0 \
entitled thereunder subsequent to the time such voting rights first arose until- d2 n- G! |  X4 v
such time as the Bank may again fail to declare the whole dividend on the
" c& f! `9 f: R  f* ?2 {: cPreferred Shares Series 19 in respect of any quarter, in which event such
8 C+ \+ M+ m# Lvoting rights will become effective again and so on from time to time.
3 R! A, O/ y; |, LS-6; ]2 K' r/ [9 @, S
Priority: The preferred shares of each series of the Bank will rank on a parity with+ l: d; k  B1 X- G  l& ?
every other series and are entitled to preference over the common shares of3 O7 \: X1 |% {9 O
the Bank and over any other shares of the Bank ranking junior to the
( w( s2 x* J! l) f3 c* hpreferred shares with respect to the payment of dividends and upon any
- `1 f. s7 |0 Tdistribution of assets in the event of the liquidation, dissolution or
0 M8 U0 B6 i6 {1 Pwinding-up of the Bank.1 v' R$ k, `3 p: E+ {+ `8 [
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
; N) J. u+ Z: MDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares4 m) E, `/ }" ?+ \  U, {5 o
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
6 ^9 \8 ^. |4 A( Hdividends 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。6 _8 c) m# v7 l
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。
大型搬家
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 18:26 | 显示全部楼层
* ^" `$ m3 z$ n2 |
# y' \$ [: ?  J- @+ i! e) z+ U
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
2 v! Z+ j, `" t( V! U8 G9 r+ ]. I
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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