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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。
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[ 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 ]% l4 V8 a* K  V/ T6 _' dSUMMARY OF THE OFFERING
, J) s2 E6 k9 B0 |0 Z0 R' _4 [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’’.
  {. H! @# N9 S" ]$ @5 R1 ]Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.* `7 A! }' s& u6 V  j
Amount: $150,000,000 (6,000,000 shares).
* z! z( I) p. |/ y7 a- N, @Price and Yield: $25.00 per share to yield initially 6.50% per annum.
# e1 W% q- ?( P- ZPrincipal Characteristics of the Preferred Shares Series 18
3 Q/ Z6 \/ |$ b7 a# X% ?: fDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed, F9 P& Q9 u$ A* I( s# i' A
non-cumulative preferential cash dividends, as and when declared by the
0 [+ V* k6 g: h  ?+ d6 F# @$ N7 N4 h$ cBoard of Directors, subject to the provisions of the Bank Act, for the initial
1 B" D* P; `% Jperiod commencing on the closing date and ending on and including$ \9 J* r1 G8 w. h) b% o5 P9 g
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the2 `$ X) r9 x3 F
25th day of February, May, August and November in each year, at a rate5 F- q; y0 a% y1 R
equal to $0.40625 per share. The initial dividend, if declared, will be payable
, {7 {& |! l  E) ]# ZMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
7 z( T; Q4 G& H, Q0 j* Zdate of December 11, 2008.
* O$ |9 g+ X2 |* d. mFor each five-year period after the Initial Fixed Rate Period (each, a
3 z( P" F+ H2 y( L+ M' J‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares" E8 O2 S' z/ j. H" D$ k
Series 18 will be entitled to receive fixed non-cumulative preferential cash
9 D  l. o" E( k7 Q5 f/ \& [dividends, as and when declared by the Board of Directors, subject to the
$ P7 ~" B- O( f: Yprovisions of the Bank Act, payable quarterly on the 25th day of February,
9 C% ~% Q  I/ D/ U2 Y, c, [& ?# T; oMay, August and November in each year, in the amount per share per annum
& r+ V0 [& n! O% x8 |- a# W9 e6 l% ndetermined by multiplying the Annual Fixed Dividend Rate applicable to
* S) L! ]2 O( {6 Msuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend4 Y& y- c$ I' V" p% D
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the. y/ {, g9 c: `3 |1 h
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day$ @) ?  U7 k2 Y% J- W2 d; h# Z8 a
of such Subsequent Fixed Rate Period and will be equal to the sum of the
) R0 z: l2 `" y! k$ h2 e8 ?' dGovernment of Canada Yield on the applicable Fixed Rate Calculation Date# {' I% w, p6 p
plus 3.83%.8 |# ]% y9 z; y. n# L3 z
If the Board of Directors does not declare a dividend, or any part thereof, on
  B1 v4 h* ]7 C3 |+ z4 Nthe Preferred Shares Series 18 on or before the dividend payment date for a
# `. `' b* v( }  pparticular quarter, then the entitlement of the holders of the Preferred6 D9 ]7 R0 X1 e( ?) t
Shares Series 18 to receive such dividend, or to any part thereof, for such
- X$ o6 E# t) o2 y! Z" [# j; T& ^quarter will be forever extinguished.
  j/ o, F% T7 x, |8 jRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
! @  U' r) Z4 ^; P: p# M7 ZSuperintendent and to the provisions described below under ‘‘Details of the( R5 D- t8 _8 y% u# Z- o" a
Offering — Certain Provisions of the Preferred Shares Series 18 as a; \+ i! H5 H! Y; ?$ Y7 J8 q
Series — Restrictions on Dividends and Retirement of Shares’’, on
3 ]0 s4 c& T. n$ [0 f( j9 ZFebruary 25, 2014 and on February 25 every five years thereafter, on not
" K# z( u5 K$ O  S: c# Wmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
1 M4 Q5 `" V. T6 C- rpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
% ]5 C8 I. M0 J3 R  fwithout the consent of the holder, by the payment of an amount in cash for
9 }0 v7 [% Y' D5 {. z3 jeach such share so redeemed of $25.00 together with all declared and unpaid
* _# P6 b' D, J1 A* Y2 f8 x  Ndividends to the date fixed for redemption.
2 ]7 r+ H! g: O9 H" YConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic# i  e* Q* M8 Z7 Y4 Z7 `
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
9 F, j( }5 S/ J1 {, gthe right, at their option, to convert, on February 25, 2014 and on
. E, y, q3 U" @S-40 Y$ ?" [! J- S6 t5 ^
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any2 D5 U1 j; A$ d4 R9 `3 B
or all of their Preferred Shares Series 18 into an equal number of Preferred
( H0 w. P- w. n- I3 i$ @1 m" HShares Series 19 upon giving to the Bank notice thereof not earlier than
+ `  O3 Y5 Y' S0 W# m30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day/ s/ D9 J  |; n& d* o1 S
preceding, a Series 18 Conversion Date.  l0 q, j1 l# @; D1 ~8 {5 D# j
Automatic Conversion If the Bank determines, after having taken into account all shares tendered6 c7 w; O1 [* l& i$ g; o# Y7 X
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares# Q& {9 p. [, N( @% `
Series 19, as the case may be, that there would be outstanding on such
( G$ D& s9 b. w; H, S) n: d/ g4 mSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
- i% D6 f) L- `6 o% [& Osuch remaining number of Preferred Shares Series 18 will automatically be
9 J4 B* Z0 z4 ]% C1 b6 u3 M! sconverted on such Series 18 Conversion Date into an equal number of1 H4 [; y. H2 S6 w1 m) R6 R* y
Preferred Shares Series 19. Additionally, if the Bank determines that, after
7 r7 O& d" u4 cconversion, there would be outstanding on such Series 18 Conversion Date
8 C1 e( d* }4 A* ?5 {less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
# j$ R& s/ G7 E( B* sSeries 18 will be converted into Preferred Shares Series 19.
+ ~3 _2 s" k* i" P: D3 K, A8 XVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares5 m1 @2 n& o3 z0 d8 C
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
: e5 k+ R3 m" Nany meeting of the shareholders of the Bank unless and until the first time at5 j- o7 b% ^2 ?1 y( @  w$ f+ E
which the Board of Directors has not declared the whole dividend on the% h/ {, s5 t9 ?. V* j/ \
Preferred Shares Series 18 in any quarter. In that event, subject as
. I& f  \; @6 i% f4 `/ `hereinafter provided, the holders of Preferred Shares Series 18 will be: D7 T3 c7 [6 Z
entitled to receive notice of, and to attend, meetings of shareholders at which: K) m. d7 u6 _
directors of the Bank are to be elected and will be entitled to one vote for& V& z; X0 c* q( |3 z2 y, Z. v
each Preferred Share Series 18 held. The voting rights of the holders of the$ Y& Y8 G2 l5 Z- S4 T1 G1 e$ U
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of0 |1 x! }9 u# E8 y* m& X
the first dividend on the Preferred Shares Series 18 to which the holders are) r7 I! }: d$ n1 M+ F& a3 x! G" J
entitled thereunder subsequent to the time such voting rights first arose until
4 O5 s6 ]% l  E5 ksuch time as the Bank may again fail to declare the whole dividend on the
- p$ s- d- z* [+ APreferred Shares Series 18 in respect of any quarter, in which event such! N. S! d) I: O) A8 S
voting rights will become effective again and so on from time to time.2 M' w4 y& J: i- ]* f& _
Principal Characteristics of the Preferred Shares Series 193 f" T% [& \3 f+ a: ^. r* Y+ P4 p
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive$ p9 H7 S3 N% o9 u
floating rate non-cumulative preferential cash dividends, as and when* b+ h! b6 u" M
declared by the Board of Directors, subject to the provisions of the Bank Act,
4 e4 V/ d8 `! b5 w. Ipayable quarterly on the 25th day of February, May, August and November& \0 S8 D( _: D
in each year, in the amount per share determined by multiplying the
1 i, m2 F0 B0 U! }& R: Xapplicable Quarterly Floating Dividend Rate by $25.00.' A5 n0 {+ `0 W4 c# i& I, Z
On the 30th day prior to the commencement of the initial quarterly dividend
7 T! \4 D5 w0 N3 H* dperiod beginning on February 25, 2014, and on the 30th day prior to the first& t! w% n% X. H$ M# v
day of each subsequent quarterly dividend period (the initial quarterly# W$ H" J, t$ t9 I4 f. E
dividend period and each subsequent quarterly dividend period is referred to
  b' `9 p! F) b2 `% G" tas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the2 x0 n; y7 [# T* c( p5 B' a
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
' Q5 g# J; f& q" }% V& H" tPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
- \) J: a9 c" t1 HT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
* b, I# ]. \" B, Y& d8 b# celapsed in the applicable Quarterly Floating Rate Period divided by 365). J1 k" Z3 i- U5 q1 v
determined on the 30th day prior to the first day of the applicable Quarterly# b3 u, @0 E# o- C
Floating Rate Period.
4 ^. Z9 H! N& L1 Q1 AS-5
& Y9 J  w' ]2 p' x  }5 uIf the Board of Directors does not declare a dividend, or any part thereof, on
" o: J. Y+ L2 ~  ?5 J0 Tthe Preferred Shares Series 19 on or before the dividend payment date for a
6 Z& e7 J- F0 m8 cparticular quarter, then the entitlement of the holders of the Preferred5 S' _; V9 c) ~/ n' b. Q" X
Shares Series 19 to receive such dividend, or to any part thereof, for such$ A* {$ c1 N/ O! I8 S. B
quarter will be forever extinguished.
- d! X# s7 p& ^5 \5 MRedemption: Subject to the provisions of the Bank Act and to the prior consent of the0 g" V5 _3 ~. P6 d
Superintendent and to the provisions described below under the heading4 ^7 k2 h) k  K; x3 H
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
8 \2 h" s! A2 B/ o8 {$ zSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,; t$ `1 U1 G/ Z6 `- o9 `8 V# j( P
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all1 H" D& ~! o8 w) K' x
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
9 ?- o. x& {0 }option without the consent of the holder, by the payment of an amount in% C$ `" o5 c7 A& s8 \* |0 F
cash for each such share so redeemed of (i) $25.00 together with all declared
$ q/ A* e3 s2 T& h8 i. f" land unpaid dividends to the date fixed for redemption in the case of
: |! o" f# I% E3 s3 Bredemptions on February 25, 2019 and on February 25 every five years$ C" w. o: R1 v8 h, D# X
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to6 Z, B5 R+ B  k$ {& v# ~- X. \
the date fixed for redemption in the case of redemptions on any other date2 ^( X/ X, C, J2 E
on or after February 25, 2014.
! c# m$ z& C6 AConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic5 G" s1 X# I. ?  z' D$ y* P5 i5 \
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have4 _' T0 y7 n, M" T7 [" A
the right, at their option, to convert, on February 25, 2019 and on/ G! ?/ h  ~3 i# a4 [! c4 a1 r
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
  Y. D2 n8 o, x0 t2 X' f/ nor all of their Preferred Shares Series 19 into an equal number of Preferred  l) l. I9 L' @- X! @+ q1 F
Shares Series 18 upon giving to the Bank written notice thereof not earlier' ^' d  @$ {" ^% I' S) w* }) q1 g
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the9 C4 s' v, g7 `# B
15th day preceding, a Series 19 Conversion Date.
$ }" D; L/ i2 I& a# CAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
: R6 N4 T+ ^% w+ P0 r. D! xProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares8 `  |; ^) T+ K: C- h4 Q* {
Series 18, as the case may be, that there would be outstanding on such( f8 o9 h3 R2 ?4 g
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,* ~0 I* o: E" y6 e" _
such remaining number of Preferred Shares Series 19 will automatically be
: C2 W, b, c0 F. }converted on such Series 19 Conversion Date into an equal number of
" @- H; O# q1 [( F' TPreferred Shares Series 18. Additionally, if the Bank determines that, after' x8 ?8 l# h, m2 ^% \! S3 y# r
conversion, there would be outstanding on such Series 19 Conversion Date6 Z  l) f* m" A1 E
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares' K0 b, _* L  Y! J4 H
Series 19 will be converted into Preferred Shares Series 18.
- v6 Q0 n& J, [Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares) E+ _; f  K3 r! u: |( d
Series 19 will not be entitled as such to receive notice of, attend, or vote at,' U- s! X0 }  O9 d; R* w/ j
any meeting of the shareholders of the Bank unless and until the first time at
% [% E+ _; y0 f- Twhich the Board of Directors has not declared the whole dividend on the
2 z% f! y7 _8 H- S  [+ DPreferred Shares Series 19 in any quarter. In that event, subject as
6 a  q! ]+ t) d3 U* E/ T4 B! ehereinafter provided, the holders of Preferred Shares Series 19 will be
$ y$ U  @5 D. F& C5 o) o' tentitled to receive notice of, and to attend, meetings of shareholders at which* C) U! p% H; f: U, l0 o; F
directors of the Bank are to be elected and will be entitled to one vote for
, m" [) v$ i  x- B/ Feach Preferred Share Series 19 held. The voting rights of the holders of the
3 \! _$ j' u& x, K* I& b* d+ j( kPreferred Shares Series 19 will forthwith cease upon payment by the Bank of0 g- L, `9 Z0 z5 ?5 |
the first dividend on the Preferred Shares Series 19 to which the holders are5 P- g7 b7 l4 w
entitled thereunder subsequent to the time such voting rights first arose until# {. ?! T" ^8 B9 \! i
such time as the Bank may again fail to declare the whole dividend on the* z0 G7 u; [+ v& F7 J0 w
Preferred Shares Series 19 in respect of any quarter, in which event such
9 {$ `' j$ u! D3 F% w' qvoting rights will become effective again and so on from time to time.
# `- h( B% t) K  T4 wS-64 t; S% k' t' Q3 j7 H. _7 f
Priority: The preferred shares of each series of the Bank will rank on a parity with
9 N" ~: H: u+ k4 W& Q/ i5 a! Gevery other series and are entitled to preference over the common shares of9 S, x6 |+ L# s# m) T' b* V. B9 h
the Bank and over any other shares of the Bank ranking junior to the
1 Y6 f! l- q4 _preferred shares with respect to the payment of dividends and upon any7 X  Q& O+ k5 w; G
distribution of assets in the event of the liquidation, dissolution or
$ b. R+ X- c- B, g' y# u, K  ?winding-up of the Bank.
: |" S" [3 o1 V. j/ XTax on Preferred Share The Bank will elect, in the manner and within the time provided under
2 g6 ]! n( i; V6 J" u4 i6 iDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
; W, V0 c% ?4 |( C& X: `# n8 e: ]" JSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
2 @8 q! l  V4 @. J/ p+ wdividends 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。+ h0 g! X6 z# x! Z
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

  b" }# p7 Z* ]0 L7 I
( v+ g2 U, y3 \$ m下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。8 |% T6 x+ @: a/ F' J
6 }4 [6 `3 l7 c! A
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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