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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。" F& m" _: h. U( ?3 v) S* b
8 P. r6 {( n' b0 ^
' y4 L4 `0 z) ], X/ W+ i2 e* ]. ]( Z' z
[ 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:9 j6 m9 L& f; @+ w& E! E
SUMMARY OF THE OFFERING. o) @" m9 i( I. W2 c, L7 e% Y1 }
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’’.
+ ]  F+ o  |! Q& H$ F( hIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.( A7 T8 n8 S! P
Amount: $150,000,000 (6,000,000 shares).
6 c- f6 J" `. Z6 A, [* ?3 ZPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
9 p+ w- o8 c8 R! x2 bPrincipal Characteristics of the Preferred Shares Series 181 N4 A3 s+ ?6 c: s
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed4 \& W; f2 x$ l/ h6 |2 m
non-cumulative preferential cash dividends, as and when declared by the
! D- P6 b' k7 o! S8 T/ KBoard of Directors, subject to the provisions of the Bank Act, for the initial
/ H- C- t& U. ?1 Mperiod commencing on the closing date and ending on and including+ s* D2 m% ]9 e; P) j/ E% A& R. k
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
$ G( z, R. F9 q+ e* }25th day of February, May, August and November in each year, at a rate
% r- |3 V! Q/ z; ?. jequal to $0.40625 per share. The initial dividend, if declared, will be payable: Y% W+ o% x# E0 g7 y1 w8 ^
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing& J/ K, `: i8 p8 X2 k' p
date of December 11, 2008.' x7 N! Q, B; a  l
For each five-year period after the Initial Fixed Rate Period (each, a; P! Q& q; }5 F! Y
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares6 i5 _4 H  q2 y1 A" t/ A
Series 18 will be entitled to receive fixed non-cumulative preferential cash
' F3 J" Y! F. U* ?' \: n$ T: o( Edividends, as and when declared by the Board of Directors, subject to the* B. M1 t2 ^9 k
provisions of the Bank Act, payable quarterly on the 25th day of February,
7 u, S/ i, i, m4 w' t1 O4 r2 Z" tMay, August and November in each year, in the amount per share per annum6 J% M7 J6 G. L7 d2 \
determined by multiplying the Annual Fixed Dividend Rate applicable to" t! q$ A0 n0 j4 |+ S. R
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
8 S/ u/ t. A9 a5 D% N$ }Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
" I- ~( t3 Q/ H/ B4 Z5 T+ X. KBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day* N; y/ }$ n/ X6 c
of such Subsequent Fixed Rate Period and will be equal to the sum of the/ f% N1 w6 g* E" I
Government of Canada Yield on the applicable Fixed Rate Calculation Date
8 t8 t* ~+ t( i- e1 t! O: Tplus 3.83%.9 p0 C$ ]( L' c
If the Board of Directors does not declare a dividend, or any part thereof, on! \, g" Y* C% n+ \0 n
the Preferred Shares Series 18 on or before the dividend payment date for a" `2 n" |0 K# R6 E" j& g
particular quarter, then the entitlement of the holders of the Preferred
$ X% [9 V; a1 _" QShares Series 18 to receive such dividend, or to any part thereof, for such3 X% |; h1 o  U( `2 D8 {
quarter will be forever extinguished.# }8 ?* V' J& ~( X* }
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the' Z( M2 j0 a6 Q, E* Y( |) \
Superintendent and to the provisions described below under ‘‘Details of the
$ X; Q! r- Y7 B/ HOffering — Certain Provisions of the Preferred Shares Series 18 as a
* ]) t/ l+ u; YSeries — Restrictions on Dividends and Retirement of Shares’’, on0 r: J+ @+ M5 K) D$ I1 f. H
February 25, 2014 and on February 25 every five years thereafter, on not
1 `* J3 ^0 T- R5 I! Tmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
$ c- a8 p' ~2 [7 Gpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
! {1 p# D4 H! }$ {/ k  Rwithout the consent of the holder, by the payment of an amount in cash for9 {3 Y" Y# Y7 B9 M" `" T  o
each such share so redeemed of $25.00 together with all declared and unpaid
$ f, l* f. W6 b0 f, Gdividends to the date fixed for redemption.
$ V: X* i8 V+ Z5 gConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
; h8 t, f; n- b- O, B* jShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
2 \  {- L3 z: p6 m/ p, r# E1 |the right, at their option, to convert, on February 25, 2014 and on
3 K% X( d! Z) p* nS-49 C" }3 K3 G  d8 x
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
" v6 b- A5 }; d- C6 _  i- Sor all of their Preferred Shares Series 18 into an equal number of Preferred
+ i% b; I* V( n" ?: Y: x. R- ZShares Series 19 upon giving to the Bank notice thereof not earlier than& V6 v! A# x: w/ i3 B' j& X- m0 j( `% K0 `
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day' Q+ _9 |0 H4 Q7 t: [
preceding, a Series 18 Conversion Date.( p2 G1 H6 T! p1 C; o
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
5 N+ f% R' p% wProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares2 O, s& L- [; S
Series 19, as the case may be, that there would be outstanding on such" |- h8 {- `$ L# w0 S
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,7 x& ^2 ~2 e+ K% N5 A. _0 u& U. T
such remaining number of Preferred Shares Series 18 will automatically be
& j4 }- j8 n: Y0 E& f- \converted on such Series 18 Conversion Date into an equal number of
1 _7 H2 h/ u9 d! O3 y3 PPreferred Shares Series 19. Additionally, if the Bank determines that, after5 f, X/ b8 ?5 o
conversion, there would be outstanding on such Series 18 Conversion Date3 q$ A9 Y  U+ t! E, y: }) x% e
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares) `5 t; M' ^% E  a  m0 A+ T, L
Series 18 will be converted into Preferred Shares Series 19.
, ~4 O" N' P4 s! E/ T0 tVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
8 v% g$ L. ?/ ~7 HSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
0 z& ?' {% _5 I2 D% Yany meeting of the shareholders of the Bank unless and until the first time at% u& ]+ O0 Q+ G+ c" d
which the Board of Directors has not declared the whole dividend on the
& P. e$ k  Z* V2 _5 p1 X6 H$ P2 bPreferred Shares Series 18 in any quarter. In that event, subject as: {. [% J; ?& [* t! l: s. {
hereinafter provided, the holders of Preferred Shares Series 18 will be
5 C* ?" [, ~* @8 R& ientitled to receive notice of, and to attend, meetings of shareholders at which' M+ o7 n: H3 V3 g: y& J
directors of the Bank are to be elected and will be entitled to one vote for
& E' j: m' a5 `each Preferred Share Series 18 held. The voting rights of the holders of the" {8 x2 S5 q0 m/ {2 n  h
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
, h6 k$ i1 f, ?0 k( Nthe first dividend on the Preferred Shares Series 18 to which the holders are
+ o" ?, a* Z+ |, i5 h2 l0 L) @entitled thereunder subsequent to the time such voting rights first arose until0 G4 e8 T; _$ G' q* }9 N1 \
such time as the Bank may again fail to declare the whole dividend on the
* m( x$ S+ Q, nPreferred Shares Series 18 in respect of any quarter, in which event such
' f  `- g4 X5 Dvoting rights will become effective again and so on from time to time.
" n5 Q3 h& w7 l( L7 i4 r+ C" ePrincipal Characteristics of the Preferred Shares Series 19
& O+ A; F# ^6 p/ h6 f, |2 F6 V- ?4 |Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive8 I+ X8 R2 w) G' B( f3 O( d; p
floating rate non-cumulative preferential cash dividends, as and when
4 b6 ^7 L1 j% w# R/ B8 j, ^declared by the Board of Directors, subject to the provisions of the Bank Act," r3 L) v1 @# s" v7 l
payable quarterly on the 25th day of February, May, August and November/ a1 D  h' g6 {6 k  G, A6 O5 i2 S
in each year, in the amount per share determined by multiplying the4 B: ^& A+ ]3 G$ C) l
applicable Quarterly Floating Dividend Rate by $25.00.# i, b) A) _  w- \
On the 30th day prior to the commencement of the initial quarterly dividend2 \4 y  ~8 ^9 n& f: [6 M7 m
period beginning on February 25, 2014, and on the 30th day prior to the first% S6 o5 P# G- H# s5 w9 g
day of each subsequent quarterly dividend period (the initial quarterly
' C/ B0 D1 {, R3 z) F7 S  @' C+ i$ _dividend period and each subsequent quarterly dividend period is referred to9 P' F% ?% f! d  v- t9 k
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
9 i) C% w5 h* D0 `  QQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
' \7 l/ a3 ~6 W, ?" O! I: v: }1 GPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
1 q, X: c* M! r3 ?0 w' T; tT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days- E- h  u9 z2 @4 `0 x# k& K/ ?/ ^* F
elapsed in the applicable Quarterly Floating Rate Period divided by 365)! |/ y% H5 ]" \$ v( Z4 r' |+ Y
determined on the 30th day prior to the first day of the applicable Quarterly
0 S0 t/ X6 d6 q% hFloating Rate Period.
/ f! h9 r( ^5 V' O# y6 RS-55 Q8 F/ a* i2 ~: \  U, j
If the Board of Directors does not declare a dividend, or any part thereof, on! t% u! i$ r+ f( Z3 ?
the Preferred Shares Series 19 on or before the dividend payment date for a
5 e( ^0 h7 E6 f4 S, k8 pparticular quarter, then the entitlement of the holders of the Preferred. ]2 F; h6 `  A
Shares Series 19 to receive such dividend, or to any part thereof, for such
1 J, Q6 Z+ x  tquarter will be forever extinguished.
/ q$ W/ o8 z5 T: o8 o1 p, a* pRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
7 }4 p+ V5 w& D; A1 RSuperintendent and to the provisions described below under the heading
  A& X6 B+ w+ c  {- o‘‘Details of the Offering — Certain Provisions of the Preferred Shares
/ P1 e8 R" i3 y4 i* @Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,8 A$ ]7 o5 d8 t1 [
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
# o% n3 }  |6 Z0 _0 Wor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
6 a3 ~$ S/ Z5 Koption without the consent of the holder, by the payment of an amount in0 w# L, j6 l( G* {0 ^
cash for each such share so redeemed of (i) $25.00 together with all declared
0 G, d$ L1 n$ R0 D8 Tand unpaid dividends to the date fixed for redemption in the case of
+ `6 ~0 M! f! Q$ X" f" rredemptions on February 25, 2019 and on February 25 every five years
6 v, ~+ d5 Q% M" P. `thereafter, or (ii) $25.50 together with all declared and unpaid dividends to9 W' K- H( z# `) d$ d, S
the date fixed for redemption in the case of redemptions on any other date8 L% |' w. m' W7 h  R9 I" o' R6 j
on or after February 25, 2014.
( B% `5 V) N% M4 U, nConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic" }% h2 d# g) e7 D: Q% Y% e4 w& F
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have& v0 V2 P  N' i0 ^, b2 f, \
the right, at their option, to convert, on February 25, 2019 and on
& R" a% T# @( s; s; e3 @( cFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
' X  @6 f% L* x6 x' ^( e  d# S- ^8 Bor all of their Preferred Shares Series 19 into an equal number of Preferred
3 ~, V6 R' y- r. w$ I% SShares Series 18 upon giving to the Bank written notice thereof not earlier
7 t& }+ L" ~! u  J0 bthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
+ d& @( \) ?9 q, \* b/ }7 c15th day preceding, a Series 19 Conversion Date.% E. m, l. d( P; O* o
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
/ |7 I6 ]! G0 T+ [1 G0 G" w5 fProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
+ |' ~6 k0 Q( I# e# O$ {+ A3 BSeries 18, as the case may be, that there would be outstanding on such6 J. T) H, S2 ?# e7 P5 [; u) |
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
! w. q8 A. h1 l1 Csuch remaining number of Preferred Shares Series 19 will automatically be
1 K. y; i# ?) P1 L  Gconverted on such Series 19 Conversion Date into an equal number of2 \3 N' r2 M* S) E4 B: V
Preferred Shares Series 18. Additionally, if the Bank determines that, after
1 J% i, l% ~8 M. ~$ v8 {& u. y: Mconversion, there would be outstanding on such Series 19 Conversion Date
- Y+ Y0 v9 P& g0 X/ A( qless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares8 p, r6 M, g# {$ U
Series 19 will be converted into Preferred Shares Series 18.: t1 i9 E# B: ]8 [$ z2 _& T7 T9 W/ O
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares0 c7 ]4 F" A. }6 {% s) T
Series 19 will not be entitled as such to receive notice of, attend, or vote at," A* X* g9 d" w. p
any meeting of the shareholders of the Bank unless and until the first time at5 Z) L, f: e2 N# ^: H; T
which the Board of Directors has not declared the whole dividend on the; [; U5 ^* g1 [# w5 R+ {
Preferred Shares Series 19 in any quarter. In that event, subject as
# L; D& f% e5 \* C9 ^+ m2 a2 w& rhereinafter provided, the holders of Preferred Shares Series 19 will be
! S) K3 |% a" E1 R4 sentitled to receive notice of, and to attend, meetings of shareholders at which. k" Y- B& Z2 }
directors of the Bank are to be elected and will be entitled to one vote for& i$ ]  ^" \  M) d4 m$ I0 [7 a
each Preferred Share Series 19 held. The voting rights of the holders of the
% q! }" V* O' E: Z  B) L! T3 nPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
1 U$ @& o: o! ~/ Qthe first dividend on the Preferred Shares Series 19 to which the holders are2 v+ g- M' C1 e# r, E" c' b
entitled thereunder subsequent to the time such voting rights first arose until
8 N; P5 a" ~, A: a& q& F1 jsuch time as the Bank may again fail to declare the whole dividend on the
8 p2 ]6 H) M8 i, _9 bPreferred Shares Series 19 in respect of any quarter, in which event such# u- L) `9 N2 k0 M; ?( [
voting rights will become effective again and so on from time to time.) @+ Z' q3 |3 ?2 m- h
S-6
" L: P! H* ?5 z" Q9 j, K4 wPriority: The preferred shares of each series of the Bank will rank on a parity with8 ?) Y5 v0 r* g* C3 q$ h
every other series and are entitled to preference over the common shares of
# g; L$ P$ O) d( Y( G4 [the Bank and over any other shares of the Bank ranking junior to the
5 S* P- f+ O" e, i9 Opreferred shares with respect to the payment of dividends and upon any$ _; D6 u% M+ w3 q" m" n
distribution of assets in the event of the liquidation, dissolution or
) t) v8 A0 K. x% U+ Q" K) D2 Bwinding-up of the Bank.
& s( `9 S) p% j: O4 w" J, Q; `2 `Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
: I0 S$ E9 v, }# t6 U3 j1 XDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
1 h/ `2 e* ^9 M* ], KSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
, o# V4 d' h1 w9 b2 b1 T8 tdividends 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。2 x0 \, @. O) {, l% j* Y. 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。
大型搬家
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 18:26 | 显示全部楼层

2 }: a( a: W4 t
( W) W. H. r8 @6 U下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。+ F' y. q( b1 H9 I. b- Z% w; q* M
% y# m* i7 e' [
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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