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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。, S5 v7 E1 ~7 p( `+ U

4 @, S( W0 |6 s5 V" n2 P! d0 k* j) _  x+ M  d
[ 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:
0 t( b, h# J) @/ V: s0 m$ lSUMMARY OF THE OFFERING
* z8 H( _, R0 F% y+ |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’’.
( ~0 V" [( G0 l7 Q* s4 @1 e) FIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.5 Q# F+ A2 P5 [+ a0 N
Amount: $150,000,000 (6,000,000 shares).
2 O. W1 _1 x; i# TPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
% V: M$ ~% L4 O; n& U9 M6 }9 BPrincipal Characteristics of the Preferred Shares Series 184 @8 y' X% Q4 m" V0 p
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
9 K& R* a! x  d. ?# hnon-cumulative preferential cash dividends, as and when declared by the: k# A1 b" K. X! `
Board of Directors, subject to the provisions of the Bank Act, for the initial0 M% l# E4 `" z  J& B
period commencing on the closing date and ending on and including
+ L$ r, `3 E. {0 \February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the2 z0 r1 b" O+ u. T; a# d: ?  k
25th day of February, May, August and November in each year, at a rate
0 \* D* ~5 }; H7 \  |equal to $0.40625 per share. The initial dividend, if declared, will be payable
% E9 }" V) V! IMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing7 H/ d1 u# S& T5 E. A8 z" i
date of December 11, 2008.
/ g9 \9 ^9 L& A8 ?. wFor each five-year period after the Initial Fixed Rate Period (each, a
- Q- s  h1 g$ A7 B! }) K‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares* ?/ q1 O+ U3 w$ [+ O) r  M% \/ f
Series 18 will be entitled to receive fixed non-cumulative preferential cash
+ N! J- N5 Q4 r' Mdividends, as and when declared by the Board of Directors, subject to the% s& T0 a; Q: {, y1 x8 S) X
provisions of the Bank Act, payable quarterly on the 25th day of February,
6 I6 @; {+ |7 m. T! zMay, August and November in each year, in the amount per share per annum
) c  |7 H5 F# T% f  c/ W& s/ L% Z$ fdetermined by multiplying the Annual Fixed Dividend Rate applicable to  T$ I$ r3 k; }, T2 a7 y
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend4 F6 \5 J; z4 j! W
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the% t) G7 f  C* x6 Z' D
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
; F  {! u* @0 X( E  Y7 Nof such Subsequent Fixed Rate Period and will be equal to the sum of the! S. O1 v) u% f4 L
Government of Canada Yield on the applicable Fixed Rate Calculation Date
) u( H; |" H, c* R& Q9 tplus 3.83%.
% I8 z. U' J6 W5 h* d" wIf the Board of Directors does not declare a dividend, or any part thereof, on
/ D% M9 n- m7 A, Y, B# N; sthe Preferred Shares Series 18 on or before the dividend payment date for a
  T) r9 M8 ^# V  tparticular quarter, then the entitlement of the holders of the Preferred+ }/ R" O1 x( Z4 i! g4 e7 Z5 ]
Shares Series 18 to receive such dividend, or to any part thereof, for such+ y0 z+ h  r) V8 m3 y4 v3 f5 }
quarter will be forever extinguished.8 W/ y. e- ~  s* S8 K
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the7 f( w: ^. t$ N) ~8 m8 o
Superintendent and to the provisions described below under ‘‘Details of the" I, b. B' h1 M% x! m% |4 c; ?
Offering — Certain Provisions of the Preferred Shares Series 18 as a
8 r# t! h# E: Y! ySeries — Restrictions on Dividends and Retirement of Shares’’, on3 ~% f9 U  ~& e7 f6 T7 l: {
February 25, 2014 and on February 25 every five years thereafter, on not3 X' u( a; L; y6 F. V  Q, _( B6 C
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
+ B. U" z& A" ppart of the then outstanding Preferred Shares Series 18, at the Bank’s option: ]% L9 n* [) B; A
without the consent of the holder, by the payment of an amount in cash for
  t) h% U+ ]( H( O- Feach such share so redeemed of $25.00 together with all declared and unpaid, [( g% P7 I3 h! K0 U
dividends to the date fixed for redemption.
# E9 Y# N  g+ |1 \" AConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
; E. x: `; ~5 c6 B3 yShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
* z% V6 D; y( v' uthe right, at their option, to convert, on February 25, 2014 and on
3 S/ v4 [& B/ y( p4 V; d3 DS-4- |$ c1 O( ~& {7 A" w
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
$ s& r& y2 P! ~( nor all of their Preferred Shares Series 18 into an equal number of Preferred
# R3 F7 C* t6 _Shares Series 19 upon giving to the Bank notice thereof not earlier than
1 I! }- U1 {- W( {9 P" B30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
* s. t6 y8 U% w# s; s. U% apreceding, a Series 18 Conversion Date.. H' k* W; G8 H/ W; x
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
2 O% X% O% M. o2 h7 ]Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares) H- [  d* I! M1 R* o3 N. Z7 m3 Z" t: t
Series 19, as the case may be, that there would be outstanding on such2 f% F! e' ?/ t# C
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,: g' w# [- [- }: E3 o
such remaining number of Preferred Shares Series 18 will automatically be' C5 X' c) F4 @
converted on such Series 18 Conversion Date into an equal number of
: d4 q; \0 O+ FPreferred Shares Series 19. Additionally, if the Bank determines that, after2 x; \3 @' |2 y% j
conversion, there would be outstanding on such Series 18 Conversion Date
% r% _, G$ F1 c7 q9 Hless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
! X, K& c% d( |  uSeries 18 will be converted into Preferred Shares Series 19.8 O+ c$ v$ L3 i2 o3 S1 N
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares7 |% [- C3 O: y# z
Series 18 will not be entitled as such to receive notice of, attend, or vote at,- _2 ~$ |6 d8 t/ v  i# d+ F, V
any meeting of the shareholders of the Bank unless and until the first time at
! _3 T$ ?) `1 N* v) z" Q- r# V3 Twhich the Board of Directors has not declared the whole dividend on the# k: @* I1 ~3 t* B7 r8 e
Preferred Shares Series 18 in any quarter. In that event, subject as
  o2 |9 o: `! f1 C' [* Thereinafter provided, the holders of Preferred Shares Series 18 will be
/ B* e  v- P) F; Gentitled to receive notice of, and to attend, meetings of shareholders at which1 |+ o% e2 Z: g4 k- T% W
directors of the Bank are to be elected and will be entitled to one vote for
$ n: @, D$ s( Feach Preferred Share Series 18 held. The voting rights of the holders of the" l$ J6 o/ h0 s" a; D
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of5 O0 T/ z0 u# U6 C0 _
the first dividend on the Preferred Shares Series 18 to which the holders are
; H1 n/ |4 m$ s" n: Z" i# Kentitled thereunder subsequent to the time such voting rights first arose until
, T6 E: x; B# p4 R7 Vsuch time as the Bank may again fail to declare the whole dividend on the0 H: H+ k! u0 m5 k9 {+ n5 C2 x: Z2 W
Preferred Shares Series 18 in respect of any quarter, in which event such2 ]; R  e# S; [2 z
voting rights will become effective again and so on from time to time.7 A% b$ f6 z! E! x! ^
Principal Characteristics of the Preferred Shares Series 19
1 W( N/ x; Y4 R+ H% nDividends: The holders of the Preferred Shares Series 19 will be entitled to receive, |! l5 N5 W2 X( e$ w* w
floating rate non-cumulative preferential cash dividends, as and when
" v* M" J% }+ g9 f- I8 ^' [! ~0 q- Udeclared by the Board of Directors, subject to the provisions of the Bank Act,
" i2 S+ |5 _  z3 |  v8 Apayable quarterly on the 25th day of February, May, August and November8 {. A# H( I1 s& H# N
in each year, in the amount per share determined by multiplying the
( H5 l7 T9 c2 v  J& t& Bapplicable Quarterly Floating Dividend Rate by $25.00.' W7 r1 D) n3 ?1 c# g
On the 30th day prior to the commencement of the initial quarterly dividend) T+ t( N/ j5 \# n9 w- ^, {
period beginning on February 25, 2014, and on the 30th day prior to the first/ W0 i/ {& e( A( Q$ M! v
day of each subsequent quarterly dividend period (the initial quarterly0 y& x% m" g, L6 j
dividend period and each subsequent quarterly dividend period is referred to9 D; ~  f6 P- p( g" ~( g
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the5 F+ l* T; l! L0 E+ \$ E: _* t
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate8 k/ J; Z* F# A- @
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the3 X* Q% H& O9 M/ e3 u4 z
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days* c2 a( b3 u; E: n3 [
elapsed in the applicable Quarterly Floating Rate Period divided by 365)8 x* |* ]2 W! L' W$ M5 R4 T
determined on the 30th day prior to the first day of the applicable Quarterly
8 X- X7 j' k, B0 Q% T  K3 `Floating Rate Period.
0 {2 f, j' m2 `0 Y6 m8 yS-5( h2 P# Z7 D  Y# {3 n' J4 ~( c! {
If the Board of Directors does not declare a dividend, or any part thereof, on
! D4 S# V  R6 P9 p5 {( r9 O; u# Othe Preferred Shares Series 19 on or before the dividend payment date for a
) y& B- a6 g. z: j1 [particular quarter, then the entitlement of the holders of the Preferred
$ _% G# P! j* m- P- LShares Series 19 to receive such dividend, or to any part thereof, for such
! h/ d1 p/ L8 pquarter will be forever extinguished.! n/ p, h8 L' X' p
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
$ ~- v1 x; \9 XSuperintendent and to the provisions described below under the heading
* p1 [* C9 m2 J6 R5 H7 H: g; w‘‘Details of the Offering — Certain Provisions of the Preferred Shares
- l, N. B0 h1 kSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
0 w& |. s1 Q5 O! }* D: o1 y. V( N! Aon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
6 _9 |$ y& `" ~& P; tor any part of the then outstanding Preferred Shares Series 19, at the Bank’s& x& I. R, [# `* A. i+ f" O; }
option without the consent of the holder, by the payment of an amount in# S& ?4 P# L+ J  k, \! w, L! L2 k# I
cash for each such share so redeemed of (i) $25.00 together with all declared, B  T  l6 P8 H# `% X9 t5 z. z
and unpaid dividends to the date fixed for redemption in the case of
0 C: V7 ?/ l- Fredemptions on February 25, 2019 and on February 25 every five years
- g0 |, |: e. C3 \6 p4 U2 w: othereafter, or (ii) $25.50 together with all declared and unpaid dividends to5 l# M* z0 K9 T# x# D* [6 `1 K8 ^
the date fixed for redemption in the case of redemptions on any other date
$ n; \7 \# @5 T- X8 m; j: son or after February 25, 2014.
0 E+ |: z$ G. f& y) ?& ^Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic# L) o4 H6 j1 m8 V
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have  P) c* R* ^1 H6 _( N: k
the right, at their option, to convert, on February 25, 2019 and on" Y, s' W/ d8 l; A( a! X# |
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any) o" K5 B- M4 H5 ~1 a; q, _
or all of their Preferred Shares Series 19 into an equal number of Preferred! l) j) s4 U" t' n
Shares Series 18 upon giving to the Bank written notice thereof not earlier. @* h$ @$ q0 O: T* v% K  |. x
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
4 Y2 `$ P/ |- C8 b9 z) R15th day preceding, a Series 19 Conversion Date.
: [( c! F- W- `5 ^/ N3 g9 K, wAutomatic Conversion If the Bank determines, after having taken into account all shares tendered) J- q# W+ v9 Q2 E% T
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
% ^& C$ A1 p# N; t2 ]; ySeries 18, as the case may be, that there would be outstanding on such
4 a# P0 \0 d2 |; [1 G, |/ VSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
! K/ s0 ^0 x; U/ x5 v6 Gsuch remaining number of Preferred Shares Series 19 will automatically be
$ e4 N9 [1 v6 ]( _converted on such Series 19 Conversion Date into an equal number of) u4 g( r) b- Z  s3 c( }5 Q
Preferred Shares Series 18. Additionally, if the Bank determines that, after
, P. m! P* ^2 D* {8 Q& o1 R$ Pconversion, there would be outstanding on such Series 19 Conversion Date: E* ^, h2 s5 b
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
0 ^2 Z- s0 O  x9 d8 ?  vSeries 19 will be converted into Preferred Shares Series 18., |# w; M$ E. q8 T6 d
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
6 X7 l5 ^3 ?/ w" D* Z3 g% xSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
- ~7 i. _# G/ Oany meeting of the shareholders of the Bank unless and until the first time at
3 W/ X. s: l$ `# vwhich the Board of Directors has not declared the whole dividend on the
$ Q' t. J, v" @" x# ?$ DPreferred Shares Series 19 in any quarter. In that event, subject as- ~& O- o. Y" n' x
hereinafter provided, the holders of Preferred Shares Series 19 will be
" M8 C4 {6 }8 e% E% \, e/ R$ Eentitled to receive notice of, and to attend, meetings of shareholders at which
. l+ G) `5 x- T' G6 kdirectors of the Bank are to be elected and will be entitled to one vote for- M. Y  |. S/ r$ ^- s6 C$ q. C
each Preferred Share Series 19 held. The voting rights of the holders of the# y1 H; e( g+ w# }3 x4 o1 V
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of$ c0 b7 x  ?/ l4 \9 \3 U
the first dividend on the Preferred Shares Series 19 to which the holders are- K8 l9 F4 P( e& ]+ i% X# {3 x) @1 X
entitled thereunder subsequent to the time such voting rights first arose until
. B1 H9 [' Q" Qsuch time as the Bank may again fail to declare the whole dividend on the
2 x2 ~5 M/ [. F8 K6 a' ePreferred Shares Series 19 in respect of any quarter, in which event such' `) {# Q$ X+ T  |1 g( {) c; S- \
voting rights will become effective again and so on from time to time.
/ }: g, F  D$ wS-6) x4 m% j3 E/ _& [
Priority: The preferred shares of each series of the Bank will rank on a parity with
3 q$ Y) n( u# V- e& L. \every other series and are entitled to preference over the common shares of
6 T- i9 C0 ?; P0 ~4 Qthe Bank and over any other shares of the Bank ranking junior to the: x- s. o( j, |& o& i
preferred shares with respect to the payment of dividends and upon any  \  o1 `5 X: H8 n( m9 N2 ^, P
distribution of assets in the event of the liquidation, dissolution or
/ ?8 }# t2 h# k6 b$ d" S8 ywinding-up of the Bank.! D+ T# t) i+ w# N! c. B
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
' X, g# |1 N# @$ I3 w' JDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
% {. x2 ^) p3 B4 ESeries 18 and Preferred Shares Series 19 will not be required to pay tax on: X* l8 \6 q4 P. H$ Y8 ~6 J
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。% @8 w- z5 }1 U: ?0 }4 G
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

+ l% x/ u" \& z, y. m: S- o7 ?5 N% z
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
: y( ]* j7 p5 C, U- a0 q, c! Y' T9 y6 L7 X( ?, Y" V9 C5 g
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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