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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。
9 A% {, `3 K$ `+ ^! t

: a; T4 H$ [- N/ G/ g1 Y
& ]8 ~4 Z4 ]" h: D8 T& A- d[ 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:
; Z1 d% K& n0 f' S6 u0 I2 BSUMMARY OF THE OFFERING
! `  ?. z+ p* A+ g0 ^# E: N9 g# zThis 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’’.# j' B! H( }, j& @# _
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
. L4 H3 a" i: ?9 X$ U' _Amount: $150,000,000 (6,000,000 shares).
, M( B9 f& W5 A$ u( ~1 sPrice and Yield: $25.00 per share to yield initially 6.50% per annum.8 O) G$ f7 m- H/ x$ v; w! `- K
Principal Characteristics of the Preferred Shares Series 18) {2 U" l0 X+ D: z
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed# i% |4 z3 N; o
non-cumulative preferential cash dividends, as and when declared by the
  [! ?4 M9 M" K/ c# g1 z  ZBoard of Directors, subject to the provisions of the Bank Act, for the initial3 f: ]" M" ^) L2 O' a+ B
period commencing on the closing date and ending on and including
2 x$ H( Q7 Q& v, z3 V2 s# NFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the/ D) R* x0 h( B0 L  V
25th day of February, May, August and November in each year, at a rate
& d9 Q9 J7 w1 xequal to $0.40625 per share. The initial dividend, if declared, will be payable
% b/ b1 R: w" }: vMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing" y. Y2 ~/ F+ A6 ^; ]4 H
date of December 11, 2008.
  G3 s5 y) s! a2 r8 VFor each five-year period after the Initial Fixed Rate Period (each, a2 z1 @: y2 M5 J+ l
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
# f( p/ p/ r' _$ W5 U* |6 ]  u0 }Series 18 will be entitled to receive fixed non-cumulative preferential cash
' O, U: F0 g& S) E5 Zdividends, as and when declared by the Board of Directors, subject to the- h4 \4 J* b: p" x( Z& }. ^
provisions of the Bank Act, payable quarterly on the 25th day of February,
9 h9 d/ d- H9 O  L  m& k# `( zMay, August and November in each year, in the amount per share per annum" V* y. P, T1 Q! L2 n/ K
determined by multiplying the Annual Fixed Dividend Rate applicable to
' }( l5 [- ?: J! S8 T& \& ^such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
/ m, T5 W( S, ?: h8 @' ZRate for the ensuing Subsequent Fixed Rate Period will be determined by the: a' Y( p: [5 Z
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
& u1 w( E& q0 {9 jof such Subsequent Fixed Rate Period and will be equal to the sum of the) @3 J& p( J  S' Y  P! V4 N
Government of Canada Yield on the applicable Fixed Rate Calculation Date
7 u8 @/ n( S9 D* h2 yplus 3.83%.% P( E$ m  N2 q, R" f
If the Board of Directors does not declare a dividend, or any part thereof, on
* l; p* K3 c: Z. D5 A" F4 \5 Gthe Preferred Shares Series 18 on or before the dividend payment date for a+ a" C/ g6 O) D# i, U$ g- {
particular quarter, then the entitlement of the holders of the Preferred9 C$ ~* v! d0 S# K5 I7 C- |
Shares Series 18 to receive such dividend, or to any part thereof, for such
% ]5 S- t& S) k& |quarter will be forever extinguished.% V1 X3 h/ h8 p
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the# g& z8 m4 b+ `' ?0 {
Superintendent and to the provisions described below under ‘‘Details of the
/ o7 G1 H' I  [5 c3 u" M  ?/ YOffering — Certain Provisions of the Preferred Shares Series 18 as a+ x% d0 ^) h, l9 ~
Series — Restrictions on Dividends and Retirement of Shares’’, on; [, y3 O3 m5 i% s# _0 W
February 25, 2014 and on February 25 every five years thereafter, on not# p; |, A% A5 I1 x1 v/ u: n
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
( A# b: j# T3 I' U5 v* n( Bpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
  l# f8 L/ E- x! F4 Lwithout the consent of the holder, by the payment of an amount in cash for
6 c" R, B1 q! ?+ b) i, z$ L1 O2 J3 teach such share so redeemed of $25.00 together with all declared and unpaid
5 U" x; I7 T% l' T8 Qdividends to the date fixed for redemption.
  l5 J1 a$ V. E4 LConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic. T$ O: B! {8 r5 t% Z
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
3 |. q2 B0 V! [1 Ythe right, at their option, to convert, on February 25, 2014 and on+ r- N6 L- A; k" O% z
S-4/ R4 V" d: \% Z9 W
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any4 T/ N7 f; ^' }% F
or all of their Preferred Shares Series 18 into an equal number of Preferred6 C$ D- ~& `! v3 R% I% K% U
Shares Series 19 upon giving to the Bank notice thereof not earlier than8 ]9 I: ]+ g) j$ m, e  o
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
7 r& E( V+ q: M% P9 k( \preceding, a Series 18 Conversion Date.
0 r* b% J3 e5 y, ~Automatic Conversion If the Bank determines, after having taken into account all shares tendered1 u# X3 F( I8 z, O1 k
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares( z( ?  I# [# ^/ D4 t8 J% H+ h- O
Series 19, as the case may be, that there would be outstanding on such
4 J& _) b) m, P: q2 bSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
# P1 B" ?0 x8 x" isuch remaining number of Preferred Shares Series 18 will automatically be* i1 C; t8 D$ E2 C" L0 I
converted on such Series 18 Conversion Date into an equal number of
) D5 ^  V1 Y2 n* Q' x* p: |8 Z% }9 A$ UPreferred Shares Series 19. Additionally, if the Bank determines that, after- i. S* G; Q6 |9 I' u5 A& V5 K
conversion, there would be outstanding on such Series 18 Conversion Date
' y5 E. q  i5 k$ Fless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares$ q/ a. Q' A7 p3 L
Series 18 will be converted into Preferred Shares Series 19.
, C1 W* B0 P( v" eVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares8 I  v( Q" s9 ~4 U' H" X- H
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
0 Q2 a! ~; J$ g3 wany meeting of the shareholders of the Bank unless and until the first time at
' Q! F) Y" T6 D) }& `! Ewhich the Board of Directors has not declared the whole dividend on the
9 ~1 P8 s3 G' N# ~- v  L* Q8 PPreferred Shares Series 18 in any quarter. In that event, subject as% R, Q% W3 u9 x) h
hereinafter provided, the holders of Preferred Shares Series 18 will be
$ Q2 M2 _) T5 R, s+ D5 Ventitled to receive notice of, and to attend, meetings of shareholders at which: T" t- D( ^0 d( Z$ t) }1 u5 h
directors of the Bank are to be elected and will be entitled to one vote for
4 }2 L1 e0 T& t% P9 ?each Preferred Share Series 18 held. The voting rights of the holders of the  l" E& Q6 L# Y7 ?+ L9 F/ V8 W. B
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of! {7 q* n9 }' o, c3 M6 I# w9 ~# v, @* _( P
the first dividend on the Preferred Shares Series 18 to which the holders are8 H8 y8 z" `0 |+ S- ]- ]% ^
entitled thereunder subsequent to the time such voting rights first arose until
2 f; f& o1 q8 `1 q# |( Vsuch time as the Bank may again fail to declare the whole dividend on the
* R# D2 O& V9 r9 d( [Preferred Shares Series 18 in respect of any quarter, in which event such: R/ _" S) ~. l* j
voting rights will become effective again and so on from time to time.
- n7 q& d$ A" i0 r" g. ePrincipal Characteristics of the Preferred Shares Series 19. P1 Q5 n) G$ T* o& B
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive1 D4 a; R# S$ f; i, v9 `$ t
floating rate non-cumulative preferential cash dividends, as and when
7 c0 M$ Y4 H" I- E! Edeclared by the Board of Directors, subject to the provisions of the Bank Act,
3 d) [! [1 A7 {- [- w, a  xpayable quarterly on the 25th day of February, May, August and November
2 N# y8 [& ?, I2 Jin each year, in the amount per share determined by multiplying the- m  E$ p5 R4 P% U2 @
applicable Quarterly Floating Dividend Rate by $25.00.
  ]0 ]  `. z" t: S& kOn the 30th day prior to the commencement of the initial quarterly dividend
4 ]0 e. }: ?2 _; q. Gperiod beginning on February 25, 2014, and on the 30th day prior to the first
1 h. t" \% _* y# g/ ?day of each subsequent quarterly dividend period (the initial quarterly
# T& [, F: ~$ n# M' k( @dividend period and each subsequent quarterly dividend period is referred to* w% d: n2 M8 ^+ d$ e
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the5 P) N  z* }9 F# N3 A
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate/ t$ h& f: o, ~1 O  O
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the; I5 _3 E2 d" y7 P$ k9 d
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
5 g, [+ t# U6 {+ E" }1 L7 U  zelapsed in the applicable Quarterly Floating Rate Period divided by 365)8 X! A" e; O2 S2 Y
determined on the 30th day prior to the first day of the applicable Quarterly- z6 E$ b; e! Z1 \0 B
Floating Rate Period.
/ a- i9 p8 Y) s. S9 l& KS-5
+ |7 a# C0 j( y% g! K- R; ^If the Board of Directors does not declare a dividend, or any part thereof, on
' i/ ]$ I9 o9 R9 S% u3 l6 W: `the Preferred Shares Series 19 on or before the dividend payment date for a$ [  k/ e& b0 B( ?3 a  n
particular quarter, then the entitlement of the holders of the Preferred7 _$ j/ y8 V) n9 w$ G/ v# }3 q$ O
Shares Series 19 to receive such dividend, or to any part thereof, for such# N3 A1 t, |! h. E
quarter will be forever extinguished.& C3 e& |0 ~  h- o2 n4 j9 _! D
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the; H2 r" s! K8 V" U* S6 f# P/ ^5 ]
Superintendent and to the provisions described below under the heading
  O' q$ x4 Z: |9 _# T8 T% [‘‘Details of the Offering — Certain Provisions of the Preferred Shares; q8 r5 w3 T4 H6 ~. V9 w) r- e
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,0 l) D% M$ k5 ^& Q/ n
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
5 G2 h1 |7 w1 J: N+ b: S( mor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
6 C6 i, P  j$ V$ j( o4 i) K  Ooption without the consent of the holder, by the payment of an amount in
; o: p# k' {: u( `2 D5 L1 ]cash for each such share so redeemed of (i) $25.00 together with all declared8 e% \8 f* [$ c  v, U( l
and unpaid dividends to the date fixed for redemption in the case of. v1 W! K. |. n' ?2 h$ x2 _. W  R
redemptions on February 25, 2019 and on February 25 every five years
! v3 Y( R, m$ g- Othereafter, or (ii) $25.50 together with all declared and unpaid dividends to
& j: ?3 ^. v- J: L4 [the date fixed for redemption in the case of redemptions on any other date
% U! W6 F3 U; b9 M/ I, Won or after February 25, 2014.2 s+ V% L& a- r8 x3 B: R2 [
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic& V% G/ N5 ?$ ^+ \* \
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have+ d/ M% j, g1 K* F2 |3 W
the right, at their option, to convert, on February 25, 2019 and on! A% r0 g* L4 b% j3 h7 w( h
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any& c4 K3 a' Q% r  v
or all of their Preferred Shares Series 19 into an equal number of Preferred
+ f7 D0 {. i& Z% }- B  WShares Series 18 upon giving to the Bank written notice thereof not earlier
3 Q* y0 c% B( _6 ]  r7 ]than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
) @% v* b: p# g( @15th day preceding, a Series 19 Conversion Date.: @) ^# M2 r# e% u' O  i* y4 N
Automatic Conversion If the Bank determines, after having taken into account all shares tendered' I6 F! I% r6 u2 E! H# [0 J
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares" F9 @1 m. e; ]- j9 N! d
Series 18, as the case may be, that there would be outstanding on such: @9 L2 W7 s! N: z% \: L
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,2 _1 j4 R# O+ L% J/ t( C$ I  x
such remaining number of Preferred Shares Series 19 will automatically be
" _5 \7 d1 i2 O3 [5 V& cconverted on such Series 19 Conversion Date into an equal number of
6 [! X9 q1 O2 y" z" N2 @7 zPreferred Shares Series 18. Additionally, if the Bank determines that, after+ t6 _5 F! m2 j7 J( ]
conversion, there would be outstanding on such Series 19 Conversion Date
# c" N7 k* n5 Sless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares2 c, X; `7 T7 L) R8 u/ }
Series 19 will be converted into Preferred Shares Series 18.7 g: v& d2 c' u  X: u
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares! t  M* \* q: o
Series 19 will not be entitled as such to receive notice of, attend, or vote at,! B* w0 c/ x9 ~, t1 e: u5 H
any meeting of the shareholders of the Bank unless and until the first time at
; q' y; O/ q% U, u- ]2 T& D9 Owhich the Board of Directors has not declared the whole dividend on the- ]! w5 {! U: v- ~) C
Preferred Shares Series 19 in any quarter. In that event, subject as# X8 e" u( m9 r# `' Z9 r. @- W
hereinafter provided, the holders of Preferred Shares Series 19 will be) l9 N9 U# [5 u8 J" o
entitled to receive notice of, and to attend, meetings of shareholders at which8 N% f3 R  U, T
directors of the Bank are to be elected and will be entitled to one vote for
; S1 ]/ A, G. b+ reach Preferred Share Series 19 held. The voting rights of the holders of the2 \4 K7 I8 ^" l. `/ D9 b
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
! V- _9 Q5 {7 W8 v' z3 D5 R$ O1 lthe first dividend on the Preferred Shares Series 19 to which the holders are
) I( n" `3 a8 F0 |+ |5 ^entitled thereunder subsequent to the time such voting rights first arose until
0 Q0 |0 R8 K1 n: W6 u8 ]  u$ Isuch time as the Bank may again fail to declare the whole dividend on the
4 S; b" L; D& k7 i4 f2 Z. M- lPreferred Shares Series 19 in respect of any quarter, in which event such  ^9 \# N0 x2 o* M
voting rights will become effective again and so on from time to time.2 j; s% `2 O" l5 @+ Z3 b
S-6
! @( f5 @+ ~. L1 H* BPriority: The preferred shares of each series of the Bank will rank on a parity with2 P8 z9 N; J. j, ^  e
every other series and are entitled to preference over the common shares of& J* `; g. \, M
the Bank and over any other shares of the Bank ranking junior to the8 @" G/ h# m5 l( o/ O7 g# ?
preferred shares with respect to the payment of dividends and upon any
/ `: A- w5 c- ?$ xdistribution of assets in the event of the liquidation, dissolution or
2 q1 x* _, X0 j' E2 kwinding-up of the Bank.& I7 X# W- _5 I6 w
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under+ v5 y/ k* j, q& q
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares5 A3 X; b( b8 N& j9 E" ~8 \
Series 18 and Preferred Shares Series 19 will not be required to pay tax on6 t0 Q' I  Z; N- v2 j; F/ `4 I
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。9 u- i/ X' m4 X& P* s/ b
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

  ?& G% W. I0 p' @& G$ _, p- G$ c, H' O0 {- B4 _8 G8 q
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。! q3 E  B" j5 a
8 H/ v6 d0 I: D3 L
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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