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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。$ b5 K6 v0 o: Q! N, ^; g! U/ j8 o
( v) b; H4 i3 e% A8 E+ i' l0 X

, p( J3 R# A" A7 N9 l[ 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:
4 P6 e( g) @# @7 I7 OSUMMARY OF THE OFFERING
2 z9 G8 W% w' t, n) O' fThis 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’’.
" V9 t+ D; |  u8 iIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
# a% b- ^) V: x. A* s/ H& @Amount: $150,000,000 (6,000,000 shares).4 A7 Y7 e% r- o
Price and Yield: $25.00 per share to yield initially 6.50% per annum.4 Y6 }$ m# o- B- t& d2 }0 \5 P, Z
Principal Characteristics of the Preferred Shares Series 18
* P1 i8 m* x( x2 @9 z) I; V4 DDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed0 p: \. j& Y9 H) n
non-cumulative preferential cash dividends, as and when declared by the7 q; L1 _4 [  ]$ u% d% O: M# X
Board of Directors, subject to the provisions of the Bank Act, for the initial
0 @/ B' d" d# V1 s- ~* y0 Zperiod commencing on the closing date and ending on and including2 q, z5 t$ w. b$ A7 n+ k3 a
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
! {) F) @1 L0 t( U& Z25th day of February, May, August and November in each year, at a rate
, ?0 A/ q. k/ |% Z3 Q4 R7 [4 L- Iequal to $0.40625 per share. The initial dividend, if declared, will be payable- [, h/ R: e: \; B! n4 N$ a$ j
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
% ]( @. |8 I+ _4 {2 {date of December 11, 2008.
4 E/ ?! T: P; |4 A5 ]For each five-year period after the Initial Fixed Rate Period (each, a0 F8 P- i# z1 c: A1 G
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
( |6 K) K. q* w5 u/ @Series 18 will be entitled to receive fixed non-cumulative preferential cash
6 q! O9 Z0 Y7 o; Rdividends, as and when declared by the Board of Directors, subject to the
7 `' f% i3 F" t# N3 ~provisions of the Bank Act, payable quarterly on the 25th day of February,, K6 t: ^2 u4 j* ]% Y0 i
May, August and November in each year, in the amount per share per annum  a* @$ A" v* W& K3 F! v4 X! E
determined by multiplying the Annual Fixed Dividend Rate applicable to0 W/ ~6 ]% k% H  c, J. h* ]' z- V
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend0 \; @: M' L2 ~
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the1 m( x! ]. ~( A) n- p2 Q, b# m
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day. M9 S4 N( v: W9 E
of such Subsequent Fixed Rate Period and will be equal to the sum of the
) I1 w' A( N( [- U" ZGovernment of Canada Yield on the applicable Fixed Rate Calculation Date* H  P# f+ [% X( d7 M& Q% |1 g( N; z
plus 3.83%.
" v- W4 x2 @# L# OIf the Board of Directors does not declare a dividend, or any part thereof, on- j- U" i+ W/ s
the Preferred Shares Series 18 on or before the dividend payment date for a
% i: e  L  q5 v& o' f) n8 mparticular quarter, then the entitlement of the holders of the Preferred3 {- x% v# d/ k' z( W3 |
Shares Series 18 to receive such dividend, or to any part thereof, for such
% r: U% I. F, Z' c+ Bquarter will be forever extinguished.
; z; S. t" i+ q* C: b/ kRedemption: Subject to the provisions of the Bank Act and to the prior consent of the* K$ Y4 y" N$ @) W+ D9 s5 }: \
Superintendent and to the provisions described below under ‘‘Details of the; `  A$ {$ u9 Q
Offering — Certain Provisions of the Preferred Shares Series 18 as a
* y! h1 S4 Y: \Series — Restrictions on Dividends and Retirement of Shares’’, on1 f& A1 p2 r. \* r
February 25, 2014 and on February 25 every five years thereafter, on not
5 `) G6 u2 C1 ?more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
  K/ v# S& J$ ^4 Y+ ypart of the then outstanding Preferred Shares Series 18, at the Bank’s option% v6 k5 V# o0 U, f$ k( U0 a" B4 ~
without the consent of the holder, by the payment of an amount in cash for6 G/ ]' f7 [" V1 H. a
each such share so redeemed of $25.00 together with all declared and unpaid
/ I# U; W- Y7 B  ?5 i6 l8 p+ `2 fdividends to the date fixed for redemption.* C0 d4 z, l2 d
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
1 a* F3 C# w  @4 V0 Z8 |  DShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
3 l, w) o' d6 D3 x/ a! a; l$ zthe right, at their option, to convert, on February 25, 2014 and on
( n+ O7 b$ B$ u5 \% a, gS-40 v5 l% M+ f0 |% b& h# v* ^+ i
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any! Y- s# {0 h9 J8 G: S6 j4 m) r4 o
or all of their Preferred Shares Series 18 into an equal number of Preferred
3 ]& D- N6 m3 ]/ kShares Series 19 upon giving to the Bank notice thereof not earlier than
+ L) k( Y# d5 e! W7 }' r30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day; w, Q! S+ m# q$ l- \" @+ E2 `  l2 ?
preceding, a Series 18 Conversion Date.
' F! A, F8 c; M+ L  mAutomatic Conversion If the Bank determines, after having taken into account all shares tendered; i5 J& h) ?+ C' t# `2 R. v
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
+ ~# F* H' E! F8 m6 `Series 19, as the case may be, that there would be outstanding on such
* S% n8 ~/ H% U; e+ DSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,1 \# V9 A; _3 Q& c
such remaining number of Preferred Shares Series 18 will automatically be1 m7 y9 Q, n* a( J, L7 v: u
converted on such Series 18 Conversion Date into an equal number of- ^/ r3 @2 t( y: {4 [! a; F
Preferred Shares Series 19. Additionally, if the Bank determines that, after6 }  V7 U; P8 A% h
conversion, there would be outstanding on such Series 18 Conversion Date# u4 k$ x! M; F9 l" P
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
, u. \' K8 R3 ?2 }  c& j$ X5 YSeries 18 will be converted into Preferred Shares Series 19.
$ E- N* [$ }3 B+ ^; O& LVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
1 H: x* I# Z) [. ISeries 18 will not be entitled as such to receive notice of, attend, or vote at,8 Z: [& D: x7 q' z
any meeting of the shareholders of the Bank unless and until the first time at" Z. s4 B8 p, e  J& q
which the Board of Directors has not declared the whole dividend on the) j+ h7 w) B$ [6 O6 f7 |" C
Preferred Shares Series 18 in any quarter. In that event, subject as
- j1 |, A" O7 Jhereinafter provided, the holders of Preferred Shares Series 18 will be6 C, [0 O  t5 Z5 W" A9 d
entitled to receive notice of, and to attend, meetings of shareholders at which
* g3 ~' Y" N$ V' j: D+ }- i5 wdirectors of the Bank are to be elected and will be entitled to one vote for
0 _8 y0 ~9 }* o$ R1 Ueach Preferred Share Series 18 held. The voting rights of the holders of the
  ?+ d% D$ q' r+ T( X" ^Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
' X4 S. B3 ]9 _! Uthe first dividend on the Preferred Shares Series 18 to which the holders are
7 ]( m, _/ j5 ~* E& L; w4 a$ }4 centitled thereunder subsequent to the time such voting rights first arose until' p2 n9 x3 T4 ?; X/ Y1 M# g
such time as the Bank may again fail to declare the whole dividend on the
) T9 w% ^: ]$ W2 Z# M  w- Z2 L  Q! j8 gPreferred Shares Series 18 in respect of any quarter, in which event such
! ~9 V& e* v. e& S0 d( ^( h7 k  Tvoting rights will become effective again and so on from time to time.5 i/ `1 Z! \" E  X) C2 C
Principal Characteristics of the Preferred Shares Series 19
: o- ?- X/ `' O+ X! uDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
  ^( }% E. d! c" @' cfloating rate non-cumulative preferential cash dividends, as and when9 n/ s. W3 `& M' l3 Y" k
declared by the Board of Directors, subject to the provisions of the Bank Act,# t' J$ q: ?7 l/ W
payable quarterly on the 25th day of February, May, August and November# H: p5 U. t! C6 \! J; ~5 C
in each year, in the amount per share determined by multiplying the
: _: X1 ]  j; T. R! V/ ]applicable Quarterly Floating Dividend Rate by $25.00.& m( C6 \, S4 Q  h
On the 30th day prior to the commencement of the initial quarterly dividend, j9 T( g+ E) T- ~+ ?' D0 P
period beginning on February 25, 2014, and on the 30th day prior to the first
/ d# d% u/ E/ ]' I% U  Eday of each subsequent quarterly dividend period (the initial quarterly. l% n& U% ^& A+ L
dividend period and each subsequent quarterly dividend period is referred to8 I. |. r) \8 H  ~% P) E+ Z' ]0 G: q
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the; m# r! j2 r+ A* K! j1 q
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
3 ^6 a8 m* i8 F# J; BPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
% j3 j, ?2 E- a9 z" N. mT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
) u6 K0 n) D! x0 e5 C# }  Velapsed in the applicable Quarterly Floating Rate Period divided by 365)
& `  H$ }/ C3 adetermined on the 30th day prior to the first day of the applicable Quarterly
4 f. [8 U: V* s: J5 z9 \Floating Rate Period.
: w2 T+ t- M) mS-5
. l+ S( [: v6 e9 ^: uIf the Board of Directors does not declare a dividend, or any part thereof, on2 P5 U* K& Q# L# O: b) _. d5 @
the Preferred Shares Series 19 on or before the dividend payment date for a6 W/ u+ q/ Q" P: X
particular quarter, then the entitlement of the holders of the Preferred
' _! a: s- O5 iShares Series 19 to receive such dividend, or to any part thereof, for such
8 T" g% H3 z( }; R4 lquarter will be forever extinguished.
1 a* `7 s( o; n6 j& N5 f2 n- lRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
% j7 O% P! s/ Q8 q9 ~: M7 u* rSuperintendent and to the provisions described below under the heading4 F/ t" S9 N# H( R" x
‘‘Details of the Offering — Certain Provisions of the Preferred Shares# C$ s6 f5 c3 t7 s9 ^
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
2 Q. `/ o/ V! D# Eon not more than 60 nor less than 30 days’ notice, the Bank may redeem all- h6 }8 L2 e& I9 n! T" i
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
& x; p' w+ F( {9 y* D1 Roption without the consent of the holder, by the payment of an amount in
: Q& N5 N9 ^% U- lcash for each such share so redeemed of (i) $25.00 together with all declared
( P! }0 Y% F, G2 iand unpaid dividends to the date fixed for redemption in the case of
! W8 B; W( b: i% ~# o9 iredemptions on February 25, 2019 and on February 25 every five years
( J. h3 ?3 Y% Athereafter, or (ii) $25.50 together with all declared and unpaid dividends to, c  D* }- ?# S+ H
the date fixed for redemption in the case of redemptions on any other date1 ^/ X1 J& Y( F! Z5 A. s
on or after February 25, 2014.
3 l* e3 a! z  j" q' O: JConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
2 C- T2 b* u8 p6 o0 z: xShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have- n' t: p' x* j- A
the right, at their option, to convert, on February 25, 2019 and on
% [; H: M  L8 A7 O9 hFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
) A, u- D  J9 o8 f# Uor all of their Preferred Shares Series 19 into an equal number of Preferred: O: ]$ i8 `: l# g3 [4 N
Shares Series 18 upon giving to the Bank written notice thereof not earlier
$ s1 K2 y& Y5 Ithan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
0 Z. b$ {# \# @- f15th day preceding, a Series 19 Conversion Date.
# m' l+ S" u# b! I) U, c6 D1 [Automatic Conversion If the Bank determines, after having taken into account all shares tendered
6 g  l, B: a. NProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares7 c  j3 i# r- @+ Q* \
Series 18, as the case may be, that there would be outstanding on such
- O$ ^! a( {, q2 P# J6 VSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,: d' ]) l& y, S* F9 G! k) J
such remaining number of Preferred Shares Series 19 will automatically be8 h, u4 F1 G1 h& F7 h$ y
converted on such Series 19 Conversion Date into an equal number of
. u. |% C3 d- C. a! i9 v" |* lPreferred Shares Series 18. Additionally, if the Bank determines that, after
! B9 ]1 F3 Y3 p. J0 jconversion, there would be outstanding on such Series 19 Conversion Date
' _* n+ P/ P- B8 }+ {less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
% B- G0 S% J# h# G# F+ L8 ISeries 19 will be converted into Preferred Shares Series 18.
# s: v; G5 d  jVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares( ^* `2 R8 l/ P3 Y+ y3 Q
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
3 Q$ k- |7 j# \' }0 y5 `' e4 C! ^3 Gany meeting of the shareholders of the Bank unless and until the first time at
: ], y: |6 c1 G- K8 z, H) i- Twhich the Board of Directors has not declared the whole dividend on the
1 c5 I" h* |- H* \# xPreferred Shares Series 19 in any quarter. In that event, subject as6 ?  g3 x8 h+ [! B& M1 q
hereinafter provided, the holders of Preferred Shares Series 19 will be
# z% K. o& }0 }# n- c0 W$ [entitled to receive notice of, and to attend, meetings of shareholders at which  s9 u  m( _. |- z, h; a7 U
directors of the Bank are to be elected and will be entitled to one vote for( U8 C  i- x" e' w
each Preferred Share Series 19 held. The voting rights of the holders of the
; B2 w0 O$ R' `$ c. X3 QPreferred Shares Series 19 will forthwith cease upon payment by the Bank of/ |: ^7 f4 `7 L! P0 V6 z  W% H
the first dividend on the Preferred Shares Series 19 to which the holders are
, r% i2 z+ A+ g5 R' }0 H) qentitled thereunder subsequent to the time such voting rights first arose until9 D1 U0 G$ R6 c
such time as the Bank may again fail to declare the whole dividend on the
* [) q7 @# n* u% D; A, DPreferred Shares Series 19 in respect of any quarter, in which event such
; y& Z% w$ \3 C9 t8 N* m6 ]voting rights will become effective again and so on from time to time.
/ s4 V- Z$ Y- k7 L- E+ |S-6
. l; j$ d( p0 _7 }9 @6 uPriority: The preferred shares of each series of the Bank will rank on a parity with. u' x" {- o( o- B9 P: |
every other series and are entitled to preference over the common shares of
; C, \# s+ J" s8 X* v  \the Bank and over any other shares of the Bank ranking junior to the! |9 S3 c- j/ a, m
preferred shares with respect to the payment of dividends and upon any) I' W. {0 N0 s
distribution of assets in the event of the liquidation, dissolution or9 ^. y+ P3 ~& p
winding-up of the Bank.( r7 M+ N5 h% r
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
7 Y$ V5 s; k% c4 oDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
+ y  E' u0 {: H2 n$ V/ E5 HSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
7 `- i2 w) {( I1 i2 Adividends 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。
' d) ]$ |* |+ U' c! {# v$ R7 d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
3 g6 l# W# m$ m3 L% M: n7 S2 N% [, C! }* \

6 b6 \) g+ Z/ V1 o6 B6 ?0 S( @下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。( {( `# \5 m, A0 P$ Q- N
2 o: `# y( j1 l& N$ r
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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