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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。, Z* x3 o' G; _' _9 E! @
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$ n4 N$ d/ p/ U5 Q' J: `5 y
[ 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:8 O; y, Y% j" M1 W
SUMMARY OF THE OFFERING
6 T7 ]) c) `9 P  H% o1 UThis 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’’.+ L2 g1 o0 h( u
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
* b. F+ J$ U* B. z0 i. h- U4 iAmount: $150,000,000 (6,000,000 shares).
& k* x% D, v5 c- u$ P5 c+ DPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
* Y- M* p2 i! Y- G, SPrincipal Characteristics of the Preferred Shares Series 18
4 B- r+ b8 u* W. gDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
. I& j( T* J+ X2 gnon-cumulative preferential cash dividends, as and when declared by the
; x  g* P" K' f2 n& `! ]/ `7 |Board of Directors, subject to the provisions of the Bank Act, for the initial9 x3 S7 T- S7 E
period commencing on the closing date and ending on and including
$ x3 M/ T3 e' `+ ^, x: ~February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
& @1 i2 X5 C) k3 E# L25th day of February, May, August and November in each year, at a rate
7 s8 G& P  T; Y- {2 [7 u; Z+ vequal to $0.40625 per share. The initial dividend, if declared, will be payable. D% V, A6 n6 {: [. y/ X+ R# `  J
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing9 B1 i, ~1 r& |
date of December 11, 2008.* }5 F/ f" ~3 Z5 d
For each five-year period after the Initial Fixed Rate Period (each, a
; F1 M: M& r# h, l! V' H‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares7 h8 @$ n5 R6 L. V! b5 G; Z& J# ^
Series 18 will be entitled to receive fixed non-cumulative preferential cash* c' J6 Z9 u0 e; C
dividends, as and when declared by the Board of Directors, subject to the7 m! d* v6 n; l- h: j! j- r+ s
provisions of the Bank Act, payable quarterly on the 25th day of February,
( d) G& u$ H8 B' YMay, August and November in each year, in the amount per share per annum
2 ?* _* V( W+ sdetermined by multiplying the Annual Fixed Dividend Rate applicable to  ^1 p7 p! |% Z) e; q
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
0 W$ A  u. Q9 D2 d, b4 URate for the ensuing Subsequent Fixed Rate Period will be determined by the& u4 y' S. k# C: n
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
6 W  K: Q3 f3 Nof such Subsequent Fixed Rate Period and will be equal to the sum of the
/ X9 U; [% Z; d9 w: bGovernment of Canada Yield on the applicable Fixed Rate Calculation Date4 T  i, Q. O) l
plus 3.83%.
2 X3 T: m- G: m2 S# |& `9 L, dIf the Board of Directors does not declare a dividend, or any part thereof, on
, h& U% T! f& p/ B  Cthe Preferred Shares Series 18 on or before the dividend payment date for a
, v8 G( S: ^* k/ \particular quarter, then the entitlement of the holders of the Preferred+ z5 C$ L6 @2 N5 B9 i  ?
Shares Series 18 to receive such dividend, or to any part thereof, for such; y& B7 Y; t. k" X' g
quarter will be forever extinguished.5 r2 V% z# O# l. N+ M; q$ G
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the; @# Q9 l* d, c8 U1 i2 e9 q$ N7 x
Superintendent and to the provisions described below under ‘‘Details of the! O7 E" e# s; i* f5 T
Offering — Certain Provisions of the Preferred Shares Series 18 as a
) a' r' A: C' A" A5 H6 kSeries — Restrictions on Dividends and Retirement of Shares’’, on
  S' E+ Y; J3 ?; g8 Q& MFebruary 25, 2014 and on February 25 every five years thereafter, on not+ y) q& w! j0 |7 |- T6 s% t( [
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
9 @; n- i' Z9 N, a6 Y: w' ]part of the then outstanding Preferred Shares Series 18, at the Bank’s option
2 r( {9 T0 X3 n( R$ E* o/ {without the consent of the holder, by the payment of an amount in cash for+ E7 i! i3 ]0 g
each such share so redeemed of $25.00 together with all declared and unpaid
! Q: F+ Z2 _9 r- o+ Ndividends to the date fixed for redemption.) u: l/ Y# Z2 ?/ |7 C
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
% |2 K( Z* n5 P. W6 U8 i/ eShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have* H6 B: m# z9 D6 u' q+ u
the right, at their option, to convert, on February 25, 2014 and on
; f' W! @- y3 ^4 r+ G, m% r! F& XS-4, l. o% S$ c: Z$ g
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any. o+ _$ d  Q2 b9 T4 V( c# [; T
or all of their Preferred Shares Series 18 into an equal number of Preferred
4 t" z5 B$ y. J  q2 c# {$ aShares Series 19 upon giving to the Bank notice thereof not earlier than* z. k1 M, t; S$ m. [& Y3 k' ]5 N
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day- I2 }5 I9 |2 l& D
preceding, a Series 18 Conversion Date.. }: e6 Q) z: L
Automatic Conversion If the Bank determines, after having taken into account all shares tendered5 ~5 O% C; l: l' ~' Y  y3 t5 ?4 R
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
' n/ ^; F, L9 |6 n9 |2 \Series 19, as the case may be, that there would be outstanding on such- Y" n0 t) L+ u/ z+ A* X
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
+ q5 P! p% w& i& u7 S: jsuch remaining number of Preferred Shares Series 18 will automatically be
  |2 X6 y( X8 \converted on such Series 18 Conversion Date into an equal number of- m: n; _- S, n
Preferred Shares Series 19. Additionally, if the Bank determines that, after& b" c2 N4 @$ g7 \
conversion, there would be outstanding on such Series 18 Conversion Date0 z4 Y! s9 {% h" ^9 Y  V
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares( @# G/ ~( x, I
Series 18 will be converted into Preferred Shares Series 19.! K, [' o' k2 @4 ?' a7 h% h
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
( `/ R  x  K+ h4 ^  U% p* i0 \Series 18 will not be entitled as such to receive notice of, attend, or vote at,
8 C, V' u# g, Tany meeting of the shareholders of the Bank unless and until the first time at# k* X+ V0 a- Z) }* E7 ~4 b$ @
which the Board of Directors has not declared the whole dividend on the* Q0 Q: B, X1 H
Preferred Shares Series 18 in any quarter. In that event, subject as
" ^7 \8 j& H: @, H0 Qhereinafter provided, the holders of Preferred Shares Series 18 will be
  `) w" t0 w; C# l5 L8 ~$ ~entitled to receive notice of, and to attend, meetings of shareholders at which
0 b; B" b8 x4 M8 H" Z8 P4 X/ kdirectors of the Bank are to be elected and will be entitled to one vote for
- |1 E2 t* O2 Weach Preferred Share Series 18 held. The voting rights of the holders of the
* H- J$ O5 c! q' u5 p9 zPreferred Shares Series 18 will forthwith cease upon payment by the Bank of8 S4 v4 B* H  W- ^5 N' c, K. l, r- J
the first dividend on the Preferred Shares Series 18 to which the holders are
, w% K& k$ k. \4 h6 }! T3 }: mentitled thereunder subsequent to the time such voting rights first arose until. t  H$ U, r5 f
such time as the Bank may again fail to declare the whole dividend on the# V! y( [5 ?" m6 S* a9 s
Preferred Shares Series 18 in respect of any quarter, in which event such8 U/ g' w, p$ v  O1 b5 L" e
voting rights will become effective again and so on from time to time.3 O* A9 f4 N2 t6 d6 C( `/ y
Principal Characteristics of the Preferred Shares Series 19
& B, r2 r; ?8 e; |4 zDividends: The holders of the Preferred Shares Series 19 will be entitled to receive* p  o6 G0 y6 n- J- v6 h
floating rate non-cumulative preferential cash dividends, as and when$ B  S3 i3 D3 [7 H/ ~
declared by the Board of Directors, subject to the provisions of the Bank Act,
2 S$ M: J5 Z3 c# x9 b/ Rpayable quarterly on the 25th day of February, May, August and November: e: N5 E, x; F; E7 J2 M
in each year, in the amount per share determined by multiplying the
9 e# k; x) |! W7 P9 ?applicable Quarterly Floating Dividend Rate by $25.00.
& G2 {+ I" j+ \7 l0 |On the 30th day prior to the commencement of the initial quarterly dividend
" d# T3 m8 {' F* q" gperiod beginning on February 25, 2014, and on the 30th day prior to the first  Q: I3 e2 L$ K
day of each subsequent quarterly dividend period (the initial quarterly
( f' J( M: V! \dividend period and each subsequent quarterly dividend period is referred to
  Z! H# w# ^) n( x) {( T: M$ h, cas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the1 `/ Y2 N2 o0 n
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate; |( l' V& {: d$ u4 H  q
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
- E5 l: @" A/ k' f0 pT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
# P8 S0 ^. ^1 N2 l. melapsed in the applicable Quarterly Floating Rate Period divided by 365)! j. J: a& l. q8 ~! ?; y6 a
determined on the 30th day prior to the first day of the applicable Quarterly
2 t/ r) E5 ?  ^) `Floating Rate Period.
, w+ C0 @5 P9 jS-5' V; A/ u  w8 X( B4 W3 W% F; y1 @; ]
If the Board of Directors does not declare a dividend, or any part thereof, on
- k% l8 p3 D: U  Q" f4 ethe Preferred Shares Series 19 on or before the dividend payment date for a
( L6 w. A6 F& h6 e6 z9 E! Hparticular quarter, then the entitlement of the holders of the Preferred0 e3 c, n/ O9 t6 ?
Shares Series 19 to receive such dividend, or to any part thereof, for such* @$ C' t- I  u: M( P
quarter will be forever extinguished.
& f& b* n1 s: P* P9 wRedemption: Subject to the provisions of the Bank Act and to the prior consent of the: j& H; Q7 @$ X9 c
Superintendent and to the provisions described below under the heading% C6 A9 k" k2 i$ z' Y
‘‘Details of the Offering — Certain Provisions of the Preferred Shares0 [  m6 x, G% M; L, j9 `2 P! R
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
% D) Z0 `3 @) B: Non not more than 60 nor less than 30 days’ notice, the Bank may redeem all
2 Z; q* W8 N8 y4 Tor any part of the then outstanding Preferred Shares Series 19, at the Bank’s# K" @6 X8 d+ T
option without the consent of the holder, by the payment of an amount in
7 @0 P/ ]) P6 L7 D" l  o  T) `cash for each such share so redeemed of (i) $25.00 together with all declared2 C& E, F  ~) @7 W3 \6 @' c
and unpaid dividends to the date fixed for redemption in the case of
9 ^; s0 q! o. jredemptions on February 25, 2019 and on February 25 every five years4 ]2 b# M1 U, h) G% K5 d( ~- z: Z
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
5 @% V# c$ J# a9 ?the date fixed for redemption in the case of redemptions on any other date
  ~0 B0 G8 v/ g+ K- pon or after February 25, 2014.1 V; r5 }0 f3 T6 c) O2 n
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
* s; l" G& L2 kShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
" i4 f7 v& W5 _! ]( ythe right, at their option, to convert, on February 25, 2019 and on
& o' h6 |! @! Z: Q5 x5 b& jFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any9 F( c; I+ {# {! G& \  L5 h3 w0 D$ q
or all of their Preferred Shares Series 19 into an equal number of Preferred
3 X3 T& S+ d  h& O& UShares Series 18 upon giving to the Bank written notice thereof not earlier; C1 o. e) m0 y1 p1 S# C% c
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the9 a4 T2 P- u+ ^% X) {. |
15th day preceding, a Series 19 Conversion Date.6 I9 [- Z' P. u
Automatic Conversion If the Bank determines, after having taken into account all shares tendered6 Y2 x7 J& G7 i/ _0 {% }1 v
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
' e: r/ n) Z3 S/ O* F  CSeries 18, as the case may be, that there would be outstanding on such
. [, A5 ~/ m$ I+ d+ h, QSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,) e$ p% T' a; W- \- V
such remaining number of Preferred Shares Series 19 will automatically be1 M/ }# T, N2 |
converted on such Series 19 Conversion Date into an equal number of
* M) l& h# x. [' e6 b; _  q$ S5 WPreferred Shares Series 18. Additionally, if the Bank determines that, after
$ w0 ?: D7 x! ]" v1 v# |" Zconversion, there would be outstanding on such Series 19 Conversion Date, Z: ^( `: U7 L  s% `' B& e
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
& c0 N' x$ V% c7 u& u9 fSeries 19 will be converted into Preferred Shares Series 18.
/ P8 R% e  Q/ s- U" g! k7 `$ P& ^Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares% _  G+ J; m+ S
Series 19 will not be entitled as such to receive notice of, attend, or vote at,; @. ~9 V; V2 Q* z8 m6 E% ~4 z
any meeting of the shareholders of the Bank unless and until the first time at9 e# _1 r/ N8 E: M- }' O9 [. {( v
which the Board of Directors has not declared the whole dividend on the( R, c/ P; P& Y! [3 i) R
Preferred Shares Series 19 in any quarter. In that event, subject as6 p% q, p: Y* I+ l, p
hereinafter provided, the holders of Preferred Shares Series 19 will be
! F( ]7 J# @  A' r5 gentitled to receive notice of, and to attend, meetings of shareholders at which
- r* Y9 c: u+ b9 Tdirectors of the Bank are to be elected and will be entitled to one vote for
, c- t, Q, j  k4 Feach Preferred Share Series 19 held. The voting rights of the holders of the
6 x! G9 f) a! f2 S  RPreferred Shares Series 19 will forthwith cease upon payment by the Bank of! b, a" `; w  P- {. w
the first dividend on the Preferred Shares Series 19 to which the holders are: ~5 c9 h4 P5 t- _! b
entitled thereunder subsequent to the time such voting rights first arose until
% b) z& {- `% U: K) ~) `such time as the Bank may again fail to declare the whole dividend on the: l! Z# o, A& L
Preferred Shares Series 19 in respect of any quarter, in which event such
- }: a) z9 S2 I1 S( k6 evoting rights will become effective again and so on from time to time.% b, r6 r4 V; V; Q, {5 f7 h/ ?+ q
S-6
/ J7 r/ c/ O) @( D: iPriority: The preferred shares of each series of the Bank will rank on a parity with
9 W! ~2 X1 s+ T: f  E1 ]every other series and are entitled to preference over the common shares of% c: w) W, M1 b* G
the Bank and over any other shares of the Bank ranking junior to the: Y& o, M% s: _+ l
preferred shares with respect to the payment of dividends and upon any$ ]  S! c, o) A2 s: |( e; ]
distribution of assets in the event of the liquidation, dissolution or
% J$ q% V& d. Z  \9 Lwinding-up of the Bank.; O% ^6 y& D6 }- y3 k, y; ?
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under, p3 W  G9 R! k$ E
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares, @6 x* X! ?/ K# }8 \5 Q& Y  V/ r
Series 18 and Preferred Shares Series 19 will not be required to pay tax on. h  S) L% l0 V  T3 c
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。. I. W6 Y5 a9 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

4 O( T2 i$ G$ O
2 V" w. d7 x# [! |5 x2 n+ Z下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。0 E. S( X$ Z. l4 h7 d

; n, W( j8 C/ U1 M: k% `2 jcall 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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