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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
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和GIC。不过这种Preferred Share是一种股票,其风险比基金和GIC都大。
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[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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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:, ]3 [% y- h9 K, z% Z' s
SUMMARY OF THE OFFERING
& j. B$ [/ u: C/ J! h/ JThis 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’’.
) }* V% d" Z3 E7 {9 Y; N6 `Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.7 x. C6 x" r4 q( W) m5 p- e
Amount: $150,000,000 (6,000,000 shares).
3 @8 J7 }( ]4 @7 k/ M; e. YPrice and Yield: $25.00 per share to yield initially 6.50% per annum., @  v( B& h. {" u6 y
Principal Characteristics of the Preferred Shares Series 18
$ w& a3 F" h* `. N. \$ {8 gDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
. i6 a  V  d. b2 t$ ~2 r( Pnon-cumulative preferential cash dividends, as and when declared by the$ M, n' _8 F/ |" E% }  m
Board of Directors, subject to the provisions of the Bank Act, for the initial
% ^" \7 R* s! gperiod commencing on the closing date and ending on and including/ h' h( |/ D+ r  P" E
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the; n, W! E! e# w
25th day of February, May, August and November in each year, at a rate3 y4 ]1 j8 k) W) `1 |$ z" l0 }, {
equal to $0.40625 per share. The initial dividend, if declared, will be payable
# x$ g9 X" j1 B8 P" w3 uMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing( P! ~& r" b& ?, f) R+ q' L/ n8 i" V
date of December 11, 2008.3 P, x7 r0 M5 I9 z
For each five-year period after the Initial Fixed Rate Period (each, a
' A- X  A* l/ P6 z9 L5 p) Z! ]2 k‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
$ r+ Q  B5 N& b3 }$ M' l3 wSeries 18 will be entitled to receive fixed non-cumulative preferential cash* D4 A) O' a( g# K0 @6 d
dividends, as and when declared by the Board of Directors, subject to the
" O$ u* r2 A" Cprovisions of the Bank Act, payable quarterly on the 25th day of February,
! X* H! N, X  W) C& U$ J# YMay, August and November in each year, in the amount per share per annum
0 q" e& ~( H. p+ M) I4 ?determined by multiplying the Annual Fixed Dividend Rate applicable to
8 I, i6 y7 \9 x; n  g( i: nsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
1 D( k% L; q% S0 P: x. I# K1 |" wRate for the ensuing Subsequent Fixed Rate Period will be determined by the( t% o; y8 u1 T7 p0 e! f
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day: J- {/ L/ m7 B" Q: x
of such Subsequent Fixed Rate Period and will be equal to the sum of the
% O3 ^- [3 ^- f+ t4 W3 f' g0 m+ HGovernment of Canada Yield on the applicable Fixed Rate Calculation Date& b" i: O2 G. ~7 }1 c
plus 3.83%.: N, W; F# ?0 j4 ~4 N9 F
If the Board of Directors does not declare a dividend, or any part thereof, on" n- d9 C6 G5 c$ D$ s# q. M
the Preferred Shares Series 18 on or before the dividend payment date for a3 M7 r4 b, s1 J1 E. ?7 p* b0 B! P
particular quarter, then the entitlement of the holders of the Preferred7 b8 ^6 L6 h- u
Shares Series 18 to receive such dividend, or to any part thereof, for such5 ]% T/ `# z& z. r% k) c
quarter will be forever extinguished.0 q* j& j# ~8 ]5 I" ~
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
0 E+ m0 L* A$ X: JSuperintendent and to the provisions described below under ‘‘Details of the
& E4 v7 P" a3 R8 d3 |! FOffering — Certain Provisions of the Preferred Shares Series 18 as a3 l6 f. I. j- {) \
Series — Restrictions on Dividends and Retirement of Shares’’, on
' }" M; {3 {6 I+ _+ Y3 ^9 UFebruary 25, 2014 and on February 25 every five years thereafter, on not( w1 e, i, q. ~" J' u3 x
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any# O$ U3 N& b0 T! I
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
; b7 B* e6 G6 _2 [- @1 T% Zwithout the consent of the holder, by the payment of an amount in cash for
$ I/ z' V4 f+ a% i! Q3 Y* ?3 oeach such share so redeemed of $25.00 together with all declared and unpaid  s% B. Y. Z) W
dividends to the date fixed for redemption.7 V4 Z2 I3 `7 F4 d, z9 y: q
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
4 U2 X! }) |2 I3 R) d3 `4 o2 K+ |% W$ BShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have- a7 G6 S& s+ ?* t$ L. H+ k! B. }- L
the right, at their option, to convert, on February 25, 2014 and on2 E: W2 \+ O1 Y, z6 k! d
S-4
5 K: X/ e4 b2 T, T# Q. ~- GFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any" H3 r2 a) a' j
or all of their Preferred Shares Series 18 into an equal number of Preferred
0 s( s* V) P! w; ]0 @3 A, sShares Series 19 upon giving to the Bank notice thereof not earlier than3 R+ M5 h0 a! l% G+ s
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day* |6 G0 }4 `/ ^& m3 z" I% h
preceding, a Series 18 Conversion Date.6 |) K$ d+ r& Z, z4 i
Automatic Conversion If the Bank determines, after having taken into account all shares tendered- L1 c- V7 h4 ^- P6 {- l# r
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares- M" ~* w7 M+ U: A* ]
Series 19, as the case may be, that there would be outstanding on such" Z6 R) S5 {4 b! l: d* o* _* ~) ^
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
' I# z5 I4 N- u5 Jsuch remaining number of Preferred Shares Series 18 will automatically be0 L4 h9 {) I5 r2 N
converted on such Series 18 Conversion Date into an equal number of- f/ Z0 ~+ y- ~5 h( t
Preferred Shares Series 19. Additionally, if the Bank determines that, after) a5 e  }/ B$ o# n* Z
conversion, there would be outstanding on such Series 18 Conversion Date
% F3 C5 K; U' ~/ w2 w( Xless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares6 D& J' f' o# i1 [- h8 N
Series 18 will be converted into Preferred Shares Series 19.( f; a4 e! ]& F: ?" S
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares/ f+ |& O/ @. A( ]: O
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
# |: U$ @- U% ]. r% A7 D. uany meeting of the shareholders of the Bank unless and until the first time at1 i+ n  Z$ u: ~* Q- X: S" R7 {
which the Board of Directors has not declared the whole dividend on the# S, ?. z& x# s: o& ^& ]
Preferred Shares Series 18 in any quarter. In that event, subject as
% w+ t  G4 o) u7 bhereinafter provided, the holders of Preferred Shares Series 18 will be4 l' A' [! \+ @. W
entitled to receive notice of, and to attend, meetings of shareholders at which. _4 t, `4 N2 v
directors of the Bank are to be elected and will be entitled to one vote for
+ W3 W0 |5 o5 T, y/ K2 `) m& qeach Preferred Share Series 18 held. The voting rights of the holders of the2 M6 Y7 \# l" k8 r. s6 G
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of; ]9 `0 v& `1 q$ y; r0 Q5 s9 y
the first dividend on the Preferred Shares Series 18 to which the holders are% ~& U6 B9 E1 u2 e! H: C4 I3 Z
entitled thereunder subsequent to the time such voting rights first arose until
1 {4 z) }" K6 a) d) y/ u" Wsuch time as the Bank may again fail to declare the whole dividend on the
; m; j& U. Q* ePreferred Shares Series 18 in respect of any quarter, in which event such! r& t3 ]/ `% m
voting rights will become effective again and so on from time to time.: P/ j0 Z, p% y. ]
Principal Characteristics of the Preferred Shares Series 19
6 E7 P1 H1 ^& Z- JDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
8 [% y% L$ z$ V9 d4 Mfloating rate non-cumulative preferential cash dividends, as and when
6 P- S) G9 k1 j4 A9 c6 zdeclared by the Board of Directors, subject to the provisions of the Bank Act,+ r, ~: v5 ~: M% v; y$ b) S$ b
payable quarterly on the 25th day of February, May, August and November
9 p4 _( d' S, s) C0 i4 ein each year, in the amount per share determined by multiplying the. Z, h" q. Z+ \
applicable Quarterly Floating Dividend Rate by $25.00.+ ~! {. l. e/ S$ [6 ~% _9 m
On the 30th day prior to the commencement of the initial quarterly dividend
0 q" _+ }  Y. b  M! k, tperiod beginning on February 25, 2014, and on the 30th day prior to the first
* h2 s! g& e$ V+ K0 Pday of each subsequent quarterly dividend period (the initial quarterly% }& d6 k- ~/ z' q
dividend period and each subsequent quarterly dividend period is referred to0 f, E% j/ S( c. c. y5 y2 p) q5 H
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the5 s. Q7 W) i  M! y* d
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
+ i) j" o0 L; a" f; I7 TPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
+ Y2 U3 |# r. w4 w; iT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days/ Z& Z9 ~! U4 N4 I- p
elapsed in the applicable Quarterly Floating Rate Period divided by 365)9 G" g" P* U- H9 N2 p- ?
determined on the 30th day prior to the first day of the applicable Quarterly
# d( Q9 W8 ?  A  f+ g% ^( ~Floating Rate Period.
/ k) s( Q+ C3 Y' VS-5  l) t: Y3 ?' P8 ~& R& m( p; g
If the Board of Directors does not declare a dividend, or any part thereof, on4 L3 W8 ^- G7 }- i# \7 T
the Preferred Shares Series 19 on or before the dividend payment date for a4 M) C6 U' M* Z( J
particular quarter, then the entitlement of the holders of the Preferred
2 E% A* x4 t1 H6 _Shares Series 19 to receive such dividend, or to any part thereof, for such, E- M. I" @/ q5 {/ f
quarter will be forever extinguished.
. a7 e9 j  e: X) e# ERedemption: Subject to the provisions of the Bank Act and to the prior consent of the% ~! G. J$ X2 E$ Y8 @  Y8 r, G5 N
Superintendent and to the provisions described below under the heading  Q, e$ N3 D& b
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
/ t$ v6 ~6 F5 R; K3 D, KSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’," F) R+ P9 w& f. \0 B/ H
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all" z7 g$ P+ F2 A6 I/ V9 h
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
3 x! [# `8 {+ }0 {option without the consent of the holder, by the payment of an amount in
( J3 L1 p' S' G. ]cash for each such share so redeemed of (i) $25.00 together with all declared
. a' E/ L4 P9 v. E3 ?4 C* qand unpaid dividends to the date fixed for redemption in the case of
3 o, Z+ S9 }4 {4 sredemptions on February 25, 2019 and on February 25 every five years
% R% X, a( g/ S( Y' [9 F& ithereafter, or (ii) $25.50 together with all declared and unpaid dividends to
% U$ y# |6 r- Hthe date fixed for redemption in the case of redemptions on any other date8 u: d% i$ y% y; n, p
on or after February 25, 2014." Z0 h& A, n: P- c1 I
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic7 I: I7 }! ?; }. R7 J0 B, S; |
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
7 e: P. h' C2 s& f# c: Athe right, at their option, to convert, on February 25, 2019 and on0 M; v, c# r- q
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
/ K) v- q$ ?3 }0 L, c% Yor all of their Preferred Shares Series 19 into an equal number of Preferred
: q5 r1 {& Q7 e( v4 N4 P2 [Shares Series 18 upon giving to the Bank written notice thereof not earlier
7 ]# Z+ W- x6 w6 }- `& dthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the4 y/ L% M+ L) }6 B  E
15th day preceding, a Series 19 Conversion Date.
* h0 f  [- K! M! c: ]. e  qAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
  \6 _* k5 {, R; y3 V$ M: eProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares! t4 c% p5 p4 V! d
Series 18, as the case may be, that there would be outstanding on such
% ?7 {( b& V1 o+ U& HSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
2 x! R  X8 v+ ~) N. B/ B  Msuch remaining number of Preferred Shares Series 19 will automatically be2 m& o8 k+ I0 n" W* R: ]; K
converted on such Series 19 Conversion Date into an equal number of1 @: H; S! j: c( O! {5 l
Preferred Shares Series 18. Additionally, if the Bank determines that, after* J& l. l0 d# I: l( v5 J9 e0 X1 m
conversion, there would be outstanding on such Series 19 Conversion Date# q% i, \. a0 b+ S
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
3 i1 {. F8 d% a( nSeries 19 will be converted into Preferred Shares Series 18.) P$ Q6 E4 c+ v6 w
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
, X! e3 o1 r) @: iSeries 19 will not be entitled as such to receive notice of, attend, or vote at,/ F2 ]5 K" ]% C
any meeting of the shareholders of the Bank unless and until the first time at
+ f" Y0 s, A( m7 \3 x% @3 h" ]9 [which the Board of Directors has not declared the whole dividend on the
- E9 I% `! `; m, b6 s# W( IPreferred Shares Series 19 in any quarter. In that event, subject as
9 `; _3 e3 U! ?2 d* S/ Xhereinafter provided, the holders of Preferred Shares Series 19 will be
* @$ c' y& `/ `7 hentitled to receive notice of, and to attend, meetings of shareholders at which* E" s7 }7 y) g$ Y
directors of the Bank are to be elected and will be entitled to one vote for
( H9 f$ Y- T& `5 \each Preferred Share Series 19 held. The voting rights of the holders of the1 P6 W& g- b! r4 s6 W# \4 \+ t/ U: S
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of+ q- q4 z% L# w& Q' d
the first dividend on the Preferred Shares Series 19 to which the holders are* P; d0 m( L' a+ w8 n6 a% e/ x
entitled thereunder subsequent to the time such voting rights first arose until" t$ ?9 y- u! w% }* ~
such time as the Bank may again fail to declare the whole dividend on the1 E' l  C) S- h8 Z4 p0 E0 s$ s
Preferred Shares Series 19 in respect of any quarter, in which event such+ Q8 i8 k( W8 G5 O$ r% r% `) e6 o; C
voting rights will become effective again and so on from time to time.
7 f- S; ]2 A/ a5 ?, e( f9 tS-6& p! T; R: m% J& f, F0 U, l' z
Priority: The preferred shares of each series of the Bank will rank on a parity with& M* u9 z9 C0 p/ W( d
every other series and are entitled to preference over the common shares of# L5 q8 K! N# v3 D9 \  x
the Bank and over any other shares of the Bank ranking junior to the
3 A4 K; l+ X) }; h9 Hpreferred shares with respect to the payment of dividends and upon any
+ e5 |6 @( o6 L, ]distribution of assets in the event of the liquidation, dissolution or, v- a) z8 o$ t, l
winding-up of the Bank.+ q- k9 E* [$ i/ `7 F, e
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under# ?2 ]/ P' b  l1 x* D
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares" l/ E3 F& B( [1 F4 `
Series 18 and Preferred Shares Series 19 will not be required to pay tax on; c' ~4 l, L+ ^' b) Y* w0 P
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。
  u3 Z. I7 i2 \! H8 ~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
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

! b+ Q3 K9 E' x8 R0 K
) o; N. J2 N$ y# |: z/ E: f下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
0 ?1 e" H- {$ I! L- e3 ?4 M6 b$ Y
+ S# Y* z" U- d* \& Qcall 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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