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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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1 s, [! l* N- Y# P; ^- R[ 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:
$ _1 `4 G  m; S7 O) zSUMMARY OF THE OFFERING* t2 f5 v, w8 |1 [% T$ ~
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’’.
3 i. E* V% z, {0 Y4 N5 `- e# x$ NIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.% I" C5 X3 H* n, |! {3 s+ J/ q% E
Amount: $150,000,000 (6,000,000 shares).2 Z' [5 Z% j! Z  K3 U( f5 U
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
# W' g* @% g: ]& O) mPrincipal Characteristics of the Preferred Shares Series 18- Z& X" L* ~. L5 A; _; d
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
2 z9 k( x$ ~) m, ^) U: J, U' y& y# Z5 ?non-cumulative preferential cash dividends, as and when declared by the1 u6 {& h$ |4 u# e9 n8 H
Board of Directors, subject to the provisions of the Bank Act, for the initial& H. T4 ]5 t0 r% `5 A5 d
period commencing on the closing date and ending on and including9 P" B5 \2 L: m7 b* L
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
* W8 K" N9 e5 k, g0 i- G/ q25th day of February, May, August and November in each year, at a rate% e' i& Q, |% j7 r9 r
equal to $0.40625 per share. The initial dividend, if declared, will be payable
) f/ e0 t7 J, ~: bMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
6 x) p% V5 |, O7 e% ~date of December 11, 2008.# X* v" j" M/ O2 F. `1 _% v7 b! c. [
For each five-year period after the Initial Fixed Rate Period (each, a
3 I' `. f7 e' a# X- ?‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
$ C, Q) X! @% z/ c2 fSeries 18 will be entitled to receive fixed non-cumulative preferential cash
6 D) _4 F$ ~+ J$ I! j1 X9 zdividends, as and when declared by the Board of Directors, subject to the. |- I6 ?& o+ V& u- c! Z3 V+ Z  B# I. u0 F
provisions of the Bank Act, payable quarterly on the 25th day of February,3 K  j" |' h& P: j! G
May, August and November in each year, in the amount per share per annum
! \& ^! ^$ c( ]  U: I1 Ldetermined by multiplying the Annual Fixed Dividend Rate applicable to0 `* h& R8 S8 J. t! f( u
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend* ], f+ K3 ?; O: q' w; ]
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
! J4 w% B! P! \! Z. C  ^4 I2 X- mBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day' B; x  p! C. x8 `. F5 c8 V& D, P+ N9 B
of such Subsequent Fixed Rate Period and will be equal to the sum of the
  D% w* p/ c' |1 wGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
% X7 ^$ G$ K' P4 O. ~plus 3.83%.
2 T" m! C2 d, h% X1 N% k4 Q6 g. oIf the Board of Directors does not declare a dividend, or any part thereof, on9 V9 B( C( ]4 _
the Preferred Shares Series 18 on or before the dividend payment date for a
) q( i& l7 F2 G0 _particular quarter, then the entitlement of the holders of the Preferred$ j- k+ s5 u  P' D% c' A2 X
Shares Series 18 to receive such dividend, or to any part thereof, for such) z8 k% m2 K5 {/ t" p) `+ ?
quarter will be forever extinguished.
: A. i# `0 D# r0 N3 r+ uRedemption: Subject to the provisions of the Bank Act and to the prior consent of the" n: k# \$ X( ~3 i# `* c
Superintendent and to the provisions described below under ‘‘Details of the
" W4 ?8 B, k" L+ l% x6 wOffering — Certain Provisions of the Preferred Shares Series 18 as a
* }' ^; [7 _) ?% S: [7 ~Series — Restrictions on Dividends and Retirement of Shares’’, on
" v' f% p& p* f1 m# e, _February 25, 2014 and on February 25 every five years thereafter, on not
! I, \1 n* d2 A5 y4 Z/ Emore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
, W2 h! X6 i/ `  W: c' q$ Npart of the then outstanding Preferred Shares Series 18, at the Bank’s option
" \+ T9 d5 J* ^0 [7 Pwithout the consent of the holder, by the payment of an amount in cash for( B+ O. r7 a/ I, Y; v' z4 ]
each such share so redeemed of $25.00 together with all declared and unpaid
4 f, O+ P& H( w; L# h2 n* `dividends to the date fixed for redemption.# O5 C6 H9 d6 J5 W& J
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic2 |" s9 c& r& S: O0 `
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have2 D, k" F1 I) J: ^- `
the right, at their option, to convert, on February 25, 2014 and on, `4 C( Z. d! C, ^
S-41 D- k% F8 p+ a* ~& C8 [6 t# Y! v
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
( u' M& b; h8 x5 I6 M' N- cor all of their Preferred Shares Series 18 into an equal number of Preferred: j$ y# {9 [0 f/ [0 ~( _. @
Shares Series 19 upon giving to the Bank notice thereof not earlier than
6 k; z" U; f( _: }30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day6 h( V  X( K) y
preceding, a Series 18 Conversion Date.7 K) A7 v( l- T( c
Automatic Conversion If the Bank determines, after having taken into account all shares tendered/ `% }% p* j; S2 g
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares/ B" S, S6 u! ~
Series 19, as the case may be, that there would be outstanding on such
/ ~! y. j5 i: Y' ~% i2 t, OSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
8 l0 A' L) e3 c% `! w. Esuch remaining number of Preferred Shares Series 18 will automatically be. V5 ?- w1 l* Q: e1 z
converted on such Series 18 Conversion Date into an equal number of7 u0 d9 h4 _: O3 A/ d- C, ?
Preferred Shares Series 19. Additionally, if the Bank determines that, after
# Y+ ~; o- Z2 Q' i7 i8 nconversion, there would be outstanding on such Series 18 Conversion Date8 B' `. j( g+ E9 T
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares, ?! ~0 S$ e. z$ n
Series 18 will be converted into Preferred Shares Series 19.) A! r9 _* H. \, R; Y% K
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares4 u5 V9 a+ S. r3 w
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
/ B. w/ B: r5 f' X8 }& S* Iany meeting of the shareholders of the Bank unless and until the first time at3 [" o+ D; P: [) S' I$ H1 l( W& s: @
which the Board of Directors has not declared the whole dividend on the
; R8 B" s9 S* M3 cPreferred Shares Series 18 in any quarter. In that event, subject as
* x* X. E7 h$ Y0 {+ K0 uhereinafter provided, the holders of Preferred Shares Series 18 will be
8 @/ ^5 J: r$ j' eentitled to receive notice of, and to attend, meetings of shareholders at which* y" h4 U5 O2 ^' V
directors of the Bank are to be elected and will be entitled to one vote for/ U/ ~) I* u+ q" f6 \% H# O. O
each Preferred Share Series 18 held. The voting rights of the holders of the) d. B! O! F  [! M
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of9 O" U+ }, R3 e+ r8 n. w
the first dividend on the Preferred Shares Series 18 to which the holders are' P& E/ z( c$ w7 y# ^9 b6 U
entitled thereunder subsequent to the time such voting rights first arose until: l$ [( \' k* H0 r: e; F
such time as the Bank may again fail to declare the whole dividend on the  Y  G5 F# r2 U* Z
Preferred Shares Series 18 in respect of any quarter, in which event such
1 E$ i; s5 @9 p& z6 Jvoting rights will become effective again and so on from time to time.( v! i# U/ j6 ]$ C- k3 Z" m  q
Principal Characteristics of the Preferred Shares Series 19
  L5 n, n9 F: N5 K* w# t! `Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
3 c' x' O# }+ Lfloating rate non-cumulative preferential cash dividends, as and when
7 d4 n! Y1 o7 J  B3 ddeclared by the Board of Directors, subject to the provisions of the Bank Act,
/ M; e+ P+ S, S  Y$ H- }, G7 Hpayable quarterly on the 25th day of February, May, August and November
& n" d9 t, s) S( E  Z; fin each year, in the amount per share determined by multiplying the
, }5 [. y, A9 a$ t1 Rapplicable Quarterly Floating Dividend Rate by $25.00.  x# U& \, |: Z; x; a# c
On the 30th day prior to the commencement of the initial quarterly dividend2 d! j, p# A. t
period beginning on February 25, 2014, and on the 30th day prior to the first
+ n( O: G4 Y- N/ K- f- ^. \7 R6 Oday of each subsequent quarterly dividend period (the initial quarterly
1 B8 z0 D: s3 j: o9 Mdividend period and each subsequent quarterly dividend period is referred to5 p* A( I0 Z( H
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the1 J/ q. Q. T$ a) ?2 I6 e6 `: F
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
4 z! |4 J" D. I+ h- GPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the6 K' S( g$ y8 j, x
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days8 h4 N( K" j( ^3 {& a7 _( y
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
6 D' I5 i4 G( o1 I# C) @3 p& ]determined on the 30th day prior to the first day of the applicable Quarterly
% Z" W/ b6 i& nFloating Rate Period.5 u& E- A! t9 `7 ?6 G
S-5# P! e/ F" m- t1 I3 m+ y; d
If the Board of Directors does not declare a dividend, or any part thereof, on0 c, X7 O7 F: C- I  s" a
the Preferred Shares Series 19 on or before the dividend payment date for a
( N6 ^4 t7 z4 V- @1 x' ?. }particular quarter, then the entitlement of the holders of the Preferred
9 H/ Z% d5 q: V# l  }' dShares Series 19 to receive such dividend, or to any part thereof, for such
! r' h' o; w2 m2 k3 [5 R+ }% j3 Cquarter will be forever extinguished.
2 Y; U2 X, t: \, E5 Q* i2 w$ z2 vRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
! `. Q3 `* t8 nSuperintendent and to the provisions described below under the heading" {$ S( N* @- p0 k. e' X
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
' Q: T5 [- I$ t% t# T3 c4 ~Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,) Y5 y) ]* R/ M6 S& S) _
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all1 p/ j2 v7 D; F0 s8 T7 S5 K; ?; P
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s* Q  \# z) A. ~* b( I. w* F
option without the consent of the holder, by the payment of an amount in
5 v% b. I/ [5 Z# n2 Ucash for each such share so redeemed of (i) $25.00 together with all declared" d; _9 @% N  g( N6 B
and unpaid dividends to the date fixed for redemption in the case of! ?) v! d0 c# m& s) @: W
redemptions on February 25, 2019 and on February 25 every five years
: I; K7 e9 _9 _0 t% P  q( athereafter, or (ii) $25.50 together with all declared and unpaid dividends to; m" Z2 C" J  {: k5 H0 ^( X
the date fixed for redemption in the case of redemptions on any other date
0 X  Y8 S, q( U9 n8 B& O4 Con or after February 25, 2014.
- h- U+ m+ R$ C+ w) B6 qConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
  k6 }) D: {$ x( N* C: WShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
8 s* ^; s$ c' _3 X; @  H+ \the right, at their option, to convert, on February 25, 2019 and on
& l. x# X% L4 P$ B1 C0 kFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any7 k! S4 ~$ E2 D5 W7 p$ _
or all of their Preferred Shares Series 19 into an equal number of Preferred
# D/ X& e3 {9 \% F+ Z# P: `2 Z9 ^% rShares Series 18 upon giving to the Bank written notice thereof not earlier
) G" ^4 a# H6 [, s' Sthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
; l# I& D2 g3 o0 W. c7 y: o15th day preceding, a Series 19 Conversion Date.
' z0 G1 S4 i! l& X1 Y) f3 WAutomatic Conversion If the Bank determines, after having taken into account all shares tendered$ P3 o7 e9 e$ T1 c8 l
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
) m+ u8 y8 W( G  p/ I, k- U, DSeries 18, as the case may be, that there would be outstanding on such
" C* T- r# L4 X8 w* iSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,- Q' u7 i! k; R- X6 d* C8 y
such remaining number of Preferred Shares Series 19 will automatically be  S. {5 _  }/ s) u# m
converted on such Series 19 Conversion Date into an equal number of
; y9 C: \" H5 r$ _' ~# Z  lPreferred Shares Series 18. Additionally, if the Bank determines that, after! Y! {0 R/ N! ?- l% \) U8 N: p+ w8 x( u
conversion, there would be outstanding on such Series 19 Conversion Date4 S$ W2 e2 K4 p
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares3 D  `, k: z2 C! {7 l
Series 19 will be converted into Preferred Shares Series 18.4 `' g; \" J3 w# D
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
; M/ v4 O* q  w  zSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
4 ^& j8 U/ S' j  p- [# [& \/ Y0 {7 many meeting of the shareholders of the Bank unless and until the first time at7 ]# L1 X) A, ~' Y+ P
which the Board of Directors has not declared the whole dividend on the
( k/ l, h1 M& C4 c- I3 VPreferred Shares Series 19 in any quarter. In that event, subject as* v7 g2 I# [" J& }, M/ B2 }
hereinafter provided, the holders of Preferred Shares Series 19 will be. c! u9 F- |$ ?% Q+ a( v  T% P0 Y
entitled to receive notice of, and to attend, meetings of shareholders at which  e- }! ~( z' t% J6 w
directors of the Bank are to be elected and will be entitled to one vote for
, C$ L7 |, j4 D$ W% `9 ^each Preferred Share Series 19 held. The voting rights of the holders of the
' P% a7 P$ u2 T3 n, {5 N# L# fPreferred Shares Series 19 will forthwith cease upon payment by the Bank of( X3 l; v$ ?" ]0 @
the first dividend on the Preferred Shares Series 19 to which the holders are
, K) s3 a2 ~' b4 m  C) pentitled thereunder subsequent to the time such voting rights first arose until
( S- A7 j  X% f2 R$ [such time as the Bank may again fail to declare the whole dividend on the
/ O) G  _; _+ \! [6 H7 V% {2 B# Q6 ePreferred Shares Series 19 in respect of any quarter, in which event such" e; u$ \7 P& a) F
voting rights will become effective again and so on from time to time.
. z- ?$ S) V3 qS-6
) ^! Q( T* ~' s# |' oPriority: The preferred shares of each series of the Bank will rank on a parity with/ E+ Z1 D7 x5 N) I  A, x1 o
every other series and are entitled to preference over the common shares of
1 r6 @; J2 K# @' e5 K2 c. @- B% uthe Bank and over any other shares of the Bank ranking junior to the) v* Y& K6 ~8 M' r4 H+ J5 D
preferred shares with respect to the payment of dividends and upon any
. E* {$ }' c% bdistribution of assets in the event of the liquidation, dissolution or1 L. S6 t8 P2 q: [+ O. Z. J; n* T
winding-up of the Bank.7 `+ N( {+ A$ E) y9 k% p) y
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under) ?. c3 j& {( J5 r8 T4 e8 c
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
- }! k7 @/ G7 A/ P  I8 MSeries 18 and Preferred Shares Series 19 will not be required to pay tax on  E, U; _' [  x8 S' e
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。+ Y( {7 E) R% `  l
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

9 B. K; r4 A: o3 y& e" i
( W4 l6 V' r0 e( Z) k$ \下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。! T: z( x8 f* \6 S; a  p; m. [

( L6 N' W% l; _! ]/ e6 G. T/ o+ ]/ ncall 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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