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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 t! B& f. B/ W2 c  K

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* _' y4 k, d" W' w  D+ W2 O- K1 U[ 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:6 i4 u) [+ e# z. @3 q+ @& J1 t6 L
SUMMARY OF THE OFFERING9 f( s9 W/ L- |' f+ m9 n" e4 @
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’’.
6 _  B0 w/ K+ l& C9 U  c, \" sIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
7 r; b. I4 ]& e( [Amount: $150,000,000 (6,000,000 shares).
' ^% `+ S, B/ RPrice and Yield: $25.00 per share to yield initially 6.50% per annum.5 F* @! A0 h# F
Principal Characteristics of the Preferred Shares Series 189 N4 M& l. {5 S9 }
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed+ y( |* z5 j$ Z  Y; N* N4 H
non-cumulative preferential cash dividends, as and when declared by the( t. [0 U  h5 _6 y
Board of Directors, subject to the provisions of the Bank Act, for the initial% b  j( ^+ k" G, `7 V
period commencing on the closing date and ending on and including
0 @3 l$ b0 D( e4 d. [9 W4 fFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the& K2 E5 l  K+ B6 B% _, J) @: n! c
25th day of February, May, August and November in each year, at a rate. o: x: N) l7 [8 V
equal to $0.40625 per share. The initial dividend, if declared, will be payable
; L( A& S; h! z2 D# AMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
9 _8 N1 G: L- l& \6 y" C, ~date of December 11, 2008.- T1 H. o- F1 {2 }' @3 w3 b
For each five-year period after the Initial Fixed Rate Period (each, a
' N$ r8 d3 t/ I! c: _! c1 p3 Q‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares2 R9 F4 s# f! e( @7 A0 D7 N& N
Series 18 will be entitled to receive fixed non-cumulative preferential cash6 Q0 q9 S7 p  U& V1 h
dividends, as and when declared by the Board of Directors, subject to the. P; S8 D, k% j6 w6 p: d
provisions of the Bank Act, payable quarterly on the 25th day of February,! g6 k' [5 E% m. M- G
May, August and November in each year, in the amount per share per annum
6 k" ^7 K& E# d# b! a5 t- B4 B1 odetermined by multiplying the Annual Fixed Dividend Rate applicable to- Z3 s1 x3 ]) A# D, C5 j
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
# A+ z4 `5 j6 M$ pRate for the ensuing Subsequent Fixed Rate Period will be determined by the$ W, I3 J8 G" i3 e4 N, a
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day7 L4 O: H0 [* U  }3 {  q' s0 _. U
of such Subsequent Fixed Rate Period and will be equal to the sum of the+ m, M# q# \0 f$ h3 |. R
Government of Canada Yield on the applicable Fixed Rate Calculation Date  z( R4 a. S& l8 `6 B$ M9 I/ {
plus 3.83%.4 o5 B: r3 J0 m  X8 @
If the Board of Directors does not declare a dividend, or any part thereof, on
4 P$ i! B) o2 a$ M" b# ythe Preferred Shares Series 18 on or before the dividend payment date for a% g: Z" g  [, \
particular quarter, then the entitlement of the holders of the Preferred
9 Z) Z* k1 u3 m- k& `Shares Series 18 to receive such dividend, or to any part thereof, for such; J( `& a# S' P
quarter will be forever extinguished.
7 y8 c/ j8 r6 D4 C5 DRedemption: Subject to the provisions of the Bank Act and to the prior consent of the7 B- q4 }. c' [; W7 r- p
Superintendent and to the provisions described below under ‘‘Details of the1 L6 V( s6 u3 v7 G
Offering — Certain Provisions of the Preferred Shares Series 18 as a: X# j" n7 R, S9 `8 R# z1 y
Series — Restrictions on Dividends and Retirement of Shares’’, on
+ ?7 S; b3 y) m" DFebruary 25, 2014 and on February 25 every five years thereafter, on not3 E  x7 K) ?8 p+ A
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
. a0 |9 R# n# bpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
" n4 `/ b: N6 Z% P1 U' _without the consent of the holder, by the payment of an amount in cash for
; N1 @0 \: r& p* {4 k  reach such share so redeemed of $25.00 together with all declared and unpaid
( k" }8 S4 J* f  w0 h  idividends to the date fixed for redemption.% ?9 E* o2 ~9 H# O6 X3 h
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
3 _8 w- R9 w  J; W2 _0 IShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have( x+ h5 w6 l# j6 k2 I
the right, at their option, to convert, on February 25, 2014 and on9 o& `, l5 r+ k: v
S-4, |% I$ X9 E6 C3 {
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
: w2 f% ]' [4 T0 u6 D( [or all of their Preferred Shares Series 18 into an equal number of Preferred( J4 ?  s* @1 j0 Y6 U' [- A
Shares Series 19 upon giving to the Bank notice thereof not earlier than: W* O. d1 s3 e
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
% S  g( g7 u0 x2 f1 E# j8 `preceding, a Series 18 Conversion Date.0 n& J5 `; @1 W+ H
Automatic Conversion If the Bank determines, after having taken into account all shares tendered$ I. J" T) Y' u7 M
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
0 r' T6 S# @! w+ r8 S  A  lSeries 19, as the case may be, that there would be outstanding on such5 D: T" L- r4 S' ~# E
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,  @5 T/ e0 L2 _" R
such remaining number of Preferred Shares Series 18 will automatically be
; c4 ^* f; Q2 B: Lconverted on such Series 18 Conversion Date into an equal number of
) s8 m, s# U; c4 c5 ^* R3 [Preferred Shares Series 19. Additionally, if the Bank determines that, after
: ^5 K, l8 P- s) H' ]7 iconversion, there would be outstanding on such Series 18 Conversion Date
. |) R8 y& E: c0 I; D. D) Tless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
1 s9 Q: W% E+ K% Z" b: |' O6 cSeries 18 will be converted into Preferred Shares Series 19.1 b3 I0 V- i9 }8 y% D" c
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
: ?1 q. i" S+ A% c$ eSeries 18 will not be entitled as such to receive notice of, attend, or vote at,( K3 D" ]# r6 A' k& v+ h+ `' I6 N
any meeting of the shareholders of the Bank unless and until the first time at
# S# L# i4 m# h& ]4 J5 Ewhich the Board of Directors has not declared the whole dividend on the6 i8 E) f# {" R8 q/ e
Preferred Shares Series 18 in any quarter. In that event, subject as% H( Q# I( a, q" J; w  @
hereinafter provided, the holders of Preferred Shares Series 18 will be, ]$ _" e& g# v' B5 Q) S; w5 S% w
entitled to receive notice of, and to attend, meetings of shareholders at which" b# ^7 q9 f, p: r2 ?9 W# g4 s
directors of the Bank are to be elected and will be entitled to one vote for; v5 V2 }8 m) {* e* s
each Preferred Share Series 18 held. The voting rights of the holders of the
' I- i2 ~" M5 Z: |+ {% JPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
9 \/ r0 f1 Y& ~1 z9 Jthe first dividend on the Preferred Shares Series 18 to which the holders are
; n1 l* y. k: Gentitled thereunder subsequent to the time such voting rights first arose until
3 p. }+ d( G* ?& e0 B5 jsuch time as the Bank may again fail to declare the whole dividend on the5 B! N+ w, [1 {- X/ e: p; g
Preferred Shares Series 18 in respect of any quarter, in which event such
! Q& u8 Q6 i6 l" X, X$ r5 H& P. Avoting rights will become effective again and so on from time to time.
/ U; k' s6 E  ?7 _3 W1 mPrincipal Characteristics of the Preferred Shares Series 19
# J+ i$ O- _6 LDividends: The holders of the Preferred Shares Series 19 will be entitled to receive4 a; T. U- m; _& B! n% R
floating rate non-cumulative preferential cash dividends, as and when- l) G2 u2 {4 s  E
declared by the Board of Directors, subject to the provisions of the Bank Act,* X1 E& [+ L9 Z) T9 z
payable quarterly on the 25th day of February, May, August and November
+ l  _1 E" Q) A" g  c) Jin each year, in the amount per share determined by multiplying the! k/ C/ t6 X$ k
applicable Quarterly Floating Dividend Rate by $25.00.
2 s7 e' \' I% ZOn the 30th day prior to the commencement of the initial quarterly dividend
- A' e% r: q: Y5 q3 {+ Jperiod beginning on February 25, 2014, and on the 30th day prior to the first, r2 i& e" Y4 t) r
day of each subsequent quarterly dividend period (the initial quarterly# j9 Y! }. g1 ^6 t- z  B& j
dividend period and each subsequent quarterly dividend period is referred to2 X6 R! X( h4 }
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the; ~( I- C$ ~3 @8 a" t
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate( g6 T8 J0 F+ x
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
/ e: n0 \3 r2 y4 }7 l; U5 l$ T; GT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
) t- i5 N- W' L4 g) @; W4 Jelapsed in the applicable Quarterly Floating Rate Period divided by 365)
  C' u5 O, N' m) |! G! t! fdetermined on the 30th day prior to the first day of the applicable Quarterly
# B, f) [4 Q7 j& i$ hFloating Rate Period.$ _+ u% p( T: ^; W' m9 v
S-5
+ e8 g, U) V0 O: D- K; o% R9 JIf the Board of Directors does not declare a dividend, or any part thereof, on
3 {- H. E% _: p9 B" g+ M1 kthe Preferred Shares Series 19 on or before the dividend payment date for a. j8 y* f1 j! ?; G
particular quarter, then the entitlement of the holders of the Preferred
8 s- ~. q6 ]2 [( m& TShares Series 19 to receive such dividend, or to any part thereof, for such. }* v) `, I+ c& ]8 b1 C
quarter will be forever extinguished." Z/ m3 }4 b' I, G! t' L% ?/ `
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the2 F& e8 k0 j3 G5 j0 g  j8 g, O
Superintendent and to the provisions described below under the heading
, L2 H: X2 h: }& ?% k8 C/ K‘‘Details of the Offering — Certain Provisions of the Preferred Shares$ H0 g  r* Z; x% k
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
1 t. A; i- p- f. z. L- ~" g0 f" @on not more than 60 nor less than 30 days’ notice, the Bank may redeem all% e1 q4 z# q4 V
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s4 m7 i; c4 z/ p# z7 I& {
option without the consent of the holder, by the payment of an amount in1 i: u' }+ J1 C* \* ]6 L* ^6 g/ m7 m
cash for each such share so redeemed of (i) $25.00 together with all declared* ^1 h' F: Q& T$ a; F. H5 ?% y. j
and unpaid dividends to the date fixed for redemption in the case of& r( F5 X# ~6 W: b6 X
redemptions on February 25, 2019 and on February 25 every five years
# I% I8 I2 m+ Xthereafter, or (ii) $25.50 together with all declared and unpaid dividends to- ?5 ^( A. m8 P" |6 c# M1 I" d7 K+ F
the date fixed for redemption in the case of redemptions on any other date; n8 a5 Y# A# Q; C) c, ]
on or after February 25, 2014.
% k; C7 |( A4 j5 S# ~Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
( I( _0 _1 u6 U5 L* j; d% QShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have4 A# c  O' p9 g) M% U( r+ n6 W
the right, at their option, to convert, on February 25, 2019 and on1 d6 x: l' x" Y# A0 G
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
4 a) F8 _6 m/ por all of their Preferred Shares Series 19 into an equal number of Preferred# Y& w: G' _: ?- p5 M$ e5 A8 m
Shares Series 18 upon giving to the Bank written notice thereof not earlier
1 @( U! A/ M$ R2 Xthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the; u+ k2 E3 t2 E
15th day preceding, a Series 19 Conversion Date.+ x- e* m: @' j/ P, @4 U( U3 x: O
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
* J% E/ d$ _4 O0 t1 a- P% {& }Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares# h$ Q0 i9 m$ b% n' a9 u# B
Series 18, as the case may be, that there would be outstanding on such0 w: A' x  k. J
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
! t: G$ z! C- H, O; v5 c! a8 bsuch remaining number of Preferred Shares Series 19 will automatically be
1 S2 t' l2 w' p- ~. f' s3 }3 ?converted on such Series 19 Conversion Date into an equal number of9 |) ~. f1 Q! f5 X8 \
Preferred Shares Series 18. Additionally, if the Bank determines that, after
0 X- q& `4 v! @: ]0 r( p, r3 xconversion, there would be outstanding on such Series 19 Conversion Date% N3 O* I- v% U: q
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares) [  X: V7 Z% L2 I9 F, p8 a' ]% H  B
Series 19 will be converted into Preferred Shares Series 18.; `6 G, F1 D4 j: ~7 M
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares1 X! o9 W. y  _' Y2 y1 E
Series 19 will not be entitled as such to receive notice of, attend, or vote at,0 j: }/ ~9 C. `
any meeting of the shareholders of the Bank unless and until the first time at# U) g9 C; g* P$ e9 o& X
which the Board of Directors has not declared the whole dividend on the: q8 f' y' u. \, w2 C" J
Preferred Shares Series 19 in any quarter. In that event, subject as
" X2 U7 V. p; x+ C7 S, shereinafter provided, the holders of Preferred Shares Series 19 will be
9 V4 u+ d+ Q1 sentitled to receive notice of, and to attend, meetings of shareholders at which3 M' K. D0 K9 Z
directors of the Bank are to be elected and will be entitled to one vote for- B6 K- |' X. ^1 K0 o5 f( f
each Preferred Share Series 19 held. The voting rights of the holders of the
- y8 {  ^6 o/ K. D7 JPreferred Shares Series 19 will forthwith cease upon payment by the Bank of9 e  b2 d  V4 B& M9 P
the first dividend on the Preferred Shares Series 19 to which the holders are' {2 A+ a/ O/ L  n, R
entitled thereunder subsequent to the time such voting rights first arose until2 D( i: C# L% K  r
such time as the Bank may again fail to declare the whole dividend on the, O: o- w5 \  q# D
Preferred Shares Series 19 in respect of any quarter, in which event such
, {: ]9 ~8 q- H% q/ o) R* Y) ^1 z# |voting rights will become effective again and so on from time to time.
7 J/ G6 v4 A8 o" y% F# n4 jS-6, k5 A) f& T3 \/ F
Priority: The preferred shares of each series of the Bank will rank on a parity with3 w  G; I3 h3 H: P& R
every other series and are entitled to preference over the common shares of
6 e4 J, p* [' H- ~; A) i" Dthe Bank and over any other shares of the Bank ranking junior to the
+ N- P* H3 p1 g. H7 p8 B; F" J8 Y/ upreferred shares with respect to the payment of dividends and upon any
7 L! Z) B# ~7 {/ U7 E- |  Xdistribution of assets in the event of the liquidation, dissolution or2 q9 C$ w$ l# [: P2 U  g
winding-up of the Bank.* [7 E0 b9 D! H7 |
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
4 W9 p+ f4 N3 H8 z* C' vDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
6 F- B. @2 q/ _% l' vSeries 18 and Preferred Shares Series 19 will not be required to pay tax on$ N& C5 @' B! t" O& c; Q/ q1 S& K
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。
* t1 @$ S# Z# W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
, f* Y; O" F' x

; c0 J' ?! F" }% T% C. |6 p下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
4 v' \# @  b6 K1 |$ h2 A# q, m/ S& k  U& }4 H! s0 \# d
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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