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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。- @3 ^; P6 I3 }, _3 b3 ]- E- a
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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:' |9 z$ ^) d$ ~4 ^' ]! b" c
SUMMARY OF THE OFFERING* \+ X0 z6 W$ D3 v3 o
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’’.; \: N3 ?; A" H, n. P
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
( g3 N' C0 [+ A) fAmount: $150,000,000 (6,000,000 shares).% F3 ]: i* X2 }1 \% t0 r! ]) x9 |+ a
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
8 i/ _* h" i; k  CPrincipal Characteristics of the Preferred Shares Series 180 x% |8 A) F  R. [
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed' Y6 ~: q' u/ x, F* z5 g) d9 Z: B) Y
non-cumulative preferential cash dividends, as and when declared by the
% D4 x% ]% G; x/ V. }Board of Directors, subject to the provisions of the Bank Act, for the initial! N6 D, g, s4 z4 T' k
period commencing on the closing date and ending on and including
  u6 ?# g, O  g1 N1 G0 a% CFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
2 ?+ ~% J. j; ?7 W" ]25th day of February, May, August and November in each year, at a rate
! m# P# y1 x, k) O! cequal to $0.40625 per share. The initial dividend, if declared, will be payable1 _! X5 S+ k, o3 k& d. V) @5 n
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
% _" Z( @! g5 r) z0 I/ r2 M) rdate of December 11, 2008.
: Q7 o2 m" d; `( t& cFor each five-year period after the Initial Fixed Rate Period (each, a- U' X9 n5 ^$ i! |1 `
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
* |7 [1 w6 `; [Series 18 will be entitled to receive fixed non-cumulative preferential cash( s( R) B' R' b$ h& T! \
dividends, as and when declared by the Board of Directors, subject to the" [' \+ f+ x$ i+ M9 r: T) d" s
provisions of the Bank Act, payable quarterly on the 25th day of February,) @9 {3 z% R  Q5 _( i2 ?3 B" h
May, August and November in each year, in the amount per share per annum5 q2 S  P8 F# n% d  j
determined by multiplying the Annual Fixed Dividend Rate applicable to7 Z! z7 R4 k$ J" t
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend6 U8 y% l  s: E2 q' M. D1 }
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the/ T! y1 ^3 e  f+ H/ ]/ ~
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day; b$ c# N5 `, o8 |( F
of such Subsequent Fixed Rate Period and will be equal to the sum of the5 p0 A+ [: t2 P8 v9 O3 {: [
Government of Canada Yield on the applicable Fixed Rate Calculation Date
+ Q2 P$ O$ z9 Z* ~% ^! @: lplus 3.83%.4 s! O/ B6 a( A( G( ^4 U' g/ H8 {
If the Board of Directors does not declare a dividend, or any part thereof, on
0 f+ Q! H& Q( Qthe Preferred Shares Series 18 on or before the dividend payment date for a5 ]+ h% p: T$ e% _' X
particular quarter, then the entitlement of the holders of the Preferred% L; h: g; m2 i2 T. d( }1 p
Shares Series 18 to receive such dividend, or to any part thereof, for such' s6 D! {6 U; }, Y, B' \; q* G
quarter will be forever extinguished.# g- G. m9 P# v4 e
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the5 L: h' u( \4 R! Z2 b3 _
Superintendent and to the provisions described below under ‘‘Details of the8 _( ?0 g# E& D+ y
Offering — Certain Provisions of the Preferred Shares Series 18 as a" L) G5 V6 D" H! H  p3 R# b  S
Series — Restrictions on Dividends and Retirement of Shares’’, on3 T4 _) t7 a9 u1 k9 H
February 25, 2014 and on February 25 every five years thereafter, on not1 R6 v% q  i* [8 l$ |. k: C
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
9 }  c/ E! k7 J4 Cpart of the then outstanding Preferred Shares Series 18, at the Bank’s option7 i9 B. `8 `' x2 B
without the consent of the holder, by the payment of an amount in cash for
+ E4 m! H  ?- c+ n  B9 qeach such share so redeemed of $25.00 together with all declared and unpaid# S! X' S2 d5 c1 P0 l) n2 }+ G" s
dividends to the date fixed for redemption.
  D) b3 b, T' E8 r: E& Z" l) z. xConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
8 @+ ?# o% W5 S2 \0 Z" T. ~' {Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
4 w. n4 o, z, y# u5 {5 `' G6 R3 ^the right, at their option, to convert, on February 25, 2014 and on
1 ]5 e+ M5 i9 jS-4+ Y$ j" j& o; H  l& Z. b
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any8 V4 V- M! A( }) g" E, b4 S1 R
or all of their Preferred Shares Series 18 into an equal number of Preferred% A: {; c9 ]+ o" G  X/ W) X
Shares Series 19 upon giving to the Bank notice thereof not earlier than
+ b, Q0 V4 f0 N5 U6 a' t% @30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
3 W/ M) ?8 Y/ I1 L6 @/ T- tpreceding, a Series 18 Conversion Date.% o6 G  U, R8 U  I& k8 l
Automatic Conversion If the Bank determines, after having taken into account all shares tendered0 s+ c2 g4 P1 y3 L# G" l- \
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares+ N% V" K! d8 ~, `! T4 s0 \; @
Series 19, as the case may be, that there would be outstanding on such
) u$ C4 P8 d2 v: GSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
( W2 i; |7 T; a, T5 P+ @0 ~' ssuch remaining number of Preferred Shares Series 18 will automatically be
5 T. G4 t* M' y7 P$ }: m2 Q7 G. ^converted on such Series 18 Conversion Date into an equal number of1 V( {' _+ Z5 W1 r. ~
Preferred Shares Series 19. Additionally, if the Bank determines that, after
* r- c$ x" k% d& M9 W: mconversion, there would be outstanding on such Series 18 Conversion Date, }, i: V. m$ F/ t# q2 M6 \
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
6 I* P. J6 a3 d5 ^4 {* }Series 18 will be converted into Preferred Shares Series 19.8 Q3 w0 Q8 ]: `' X4 n: I. T- E
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
1 e1 o3 E/ b# Z* G; u. _+ i6 YSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
3 \2 D" o. f( l5 o; [: \  I# cany meeting of the shareholders of the Bank unless and until the first time at
' h, q  u- W0 M- P6 Zwhich the Board of Directors has not declared the whole dividend on the
# v3 q: X& o$ b7 `3 y5 j/ w! QPreferred Shares Series 18 in any quarter. In that event, subject as
9 A. I  }/ V' [; Nhereinafter provided, the holders of Preferred Shares Series 18 will be. ~( i- |, t0 R$ `! g& j
entitled to receive notice of, and to attend, meetings of shareholders at which$ b4 X1 }4 p5 c3 `0 c
directors of the Bank are to be elected and will be entitled to one vote for4 b# n$ F/ j6 x# a: w
each Preferred Share Series 18 held. The voting rights of the holders of the5 `5 ~7 j- L! J, ^% Z
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of3 N- E/ O, d9 R$ |% F. _( h2 X
the first dividend on the Preferred Shares Series 18 to which the holders are1 J: |7 L+ S3 p, }# k# s& G
entitled thereunder subsequent to the time such voting rights first arose until
2 I8 D. h" R5 j+ P1 e3 isuch time as the Bank may again fail to declare the whole dividend on the, B  ?! u+ Q) i3 [8 q/ m( f2 N
Preferred Shares Series 18 in respect of any quarter, in which event such
: A% m8 c1 O& ]( [4 S  v; z% yvoting rights will become effective again and so on from time to time.& t( ?1 X. l: a% d3 F
Principal Characteristics of the Preferred Shares Series 19
& c8 s1 J0 s' U9 |0 t; PDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
2 }9 Z) G  S9 B% q% ufloating rate non-cumulative preferential cash dividends, as and when2 T( o" R4 K$ y3 K0 Y7 n" W
declared by the Board of Directors, subject to the provisions of the Bank Act,$ ~. E4 C% X1 G& T: D& L
payable quarterly on the 25th day of February, May, August and November
9 r9 }1 @' D( u( t2 ^/ \in each year, in the amount per share determined by multiplying the
$ V8 W7 {0 |7 b. a2 _applicable Quarterly Floating Dividend Rate by $25.00.
: w5 {/ _+ n1 V+ |On the 30th day prior to the commencement of the initial quarterly dividend3 P, x: Z$ Q8 Y8 @: f: ], \
period beginning on February 25, 2014, and on the 30th day prior to the first- i3 c2 l' s. T( B( `
day of each subsequent quarterly dividend period (the initial quarterly
7 v, ]8 j& F2 j* o- e4 J8 ndividend period and each subsequent quarterly dividend period is referred to+ Q5 x' V) s' L" [- ^5 R6 C: Q
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the6 n& h6 X/ y  ]2 w$ }. Y, L
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
( z' g: v  I7 R9 U5 D7 j& BPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the5 J. `) L' y. i; R4 ~
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
/ r1 L0 C2 h, aelapsed in the applicable Quarterly Floating Rate Period divided by 365), ^" k1 T  N7 b6 s3 G5 R2 I( c4 j/ ^
determined on the 30th day prior to the first day of the applicable Quarterly* k, T6 ~) J6 n/ Z0 F
Floating Rate Period.2 f9 @! X6 J) E2 q. }9 R
S-5, M. B) ^( x: @  B+ v% C! ?
If the Board of Directors does not declare a dividend, or any part thereof, on
* r% f; m" k: Sthe Preferred Shares Series 19 on or before the dividend payment date for a5 e3 a1 v. x. z' Z' f
particular quarter, then the entitlement of the holders of the Preferred
" G  ^! _: @, `& HShares Series 19 to receive such dividend, or to any part thereof, for such9 k, l( p+ N' l6 Y% Q7 }9 a
quarter will be forever extinguished.' ^/ a. m0 E2 ~
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the; e& N+ _* T" s
Superintendent and to the provisions described below under the heading
* a' U4 k" e% @5 K3 J0 A‘‘Details of the Offering — Certain Provisions of the Preferred Shares
: T0 M. @' j! U2 p, W/ O$ D' Z7 aSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
- o) }9 ], S8 w' J. ?- X9 P- Bon not more than 60 nor less than 30 days’ notice, the Bank may redeem all3 ]" s; Z7 C. B" O
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s7 {- ]' S" ?) m, |
option without the consent of the holder, by the payment of an amount in2 N9 z: K5 R: A+ n5 K2 g8 q6 p
cash for each such share so redeemed of (i) $25.00 together with all declared- |  N$ G4 A# M6 o
and unpaid dividends to the date fixed for redemption in the case of' q/ V( H+ A" [3 g& B
redemptions on February 25, 2019 and on February 25 every five years% K6 X2 Z  n. f; e* ]4 V. m
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to, ?" q/ H* \4 U; V* X
the date fixed for redemption in the case of redemptions on any other date0 z6 f4 I( P$ q: ?
on or after February 25, 2014.8 `' A0 z' f# u1 X# z8 S. V
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
, e! b  W9 p/ ^* V3 t% c4 b# {3 o5 Z# @Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have0 |0 |; y7 A. C5 E0 ?" I
the right, at their option, to convert, on February 25, 2019 and on7 H6 D! X) T0 p3 Q! k' {
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any+ x" X$ D+ Y" ?8 N3 _9 r
or all of their Preferred Shares Series 19 into an equal number of Preferred1 Q$ B# q  |9 A" `
Shares Series 18 upon giving to the Bank written notice thereof not earlier
. q1 J0 Y8 h$ X( fthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
$ Q2 k5 ~( m9 x3 Y0 g: U5 V# ~15th day preceding, a Series 19 Conversion Date.' k1 K7 W# Q9 l/ ~2 t# ]$ t! ^
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
9 |. a, W  n6 O% f  W) S9 S$ {# YProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
9 {4 n3 g6 a+ r: V& ^+ CSeries 18, as the case may be, that there would be outstanding on such
" ^7 h/ l3 s$ O' Z3 p( ?; MSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
. f/ |1 W. N: I; s1 I" osuch remaining number of Preferred Shares Series 19 will automatically be
( B4 Z0 r& f; y. Kconverted on such Series 19 Conversion Date into an equal number of6 o: B9 n1 f: M6 C! t$ e/ z
Preferred Shares Series 18. Additionally, if the Bank determines that, after
4 ]8 e1 g. H* E8 Oconversion, there would be outstanding on such Series 19 Conversion Date# S4 y" _8 [$ l
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares1 I  ?' P# C+ G
Series 19 will be converted into Preferred Shares Series 18.- K' f' S$ ^4 f7 o8 v1 @( s
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares. `! {" e! v/ E- Y7 c7 _3 _
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
' r4 `$ S, L, M) w/ A8 t) ?any meeting of the shareholders of the Bank unless and until the first time at) O# z2 e" @+ X3 X
which the Board of Directors has not declared the whole dividend on the% h1 {2 _% S& v0 z5 z
Preferred Shares Series 19 in any quarter. In that event, subject as# ~( c2 ^3 B9 u. H/ q$ J! R
hereinafter provided, the holders of Preferred Shares Series 19 will be
- N+ p& f& B# [! ^6 I7 K2 Eentitled to receive notice of, and to attend, meetings of shareholders at which
8 H) v6 V$ T5 Z& P+ M* H" n: w, B9 Mdirectors of the Bank are to be elected and will be entitled to one vote for
& W; W) F, s" |each Preferred Share Series 19 held. The voting rights of the holders of the/ ~  z, i1 |  ^" y3 q# ]3 V  a
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
: [- N5 @% b- A/ ]the first dividend on the Preferred Shares Series 19 to which the holders are9 [! p% F. A; Y
entitled thereunder subsequent to the time such voting rights first arose until3 f" N/ _- d3 _3 S$ T4 W: G
such time as the Bank may again fail to declare the whole dividend on the! V4 J2 p% m/ ]3 T9 g, l
Preferred Shares Series 19 in respect of any quarter, in which event such
0 j! `/ U. g$ _voting rights will become effective again and so on from time to time.
* a/ O9 _% a) `: t" P0 wS-6
9 n5 k/ e3 `% }% o+ d$ @% TPriority: The preferred shares of each series of the Bank will rank on a parity with% X5 _5 T" ?/ p! b; |
every other series and are entitled to preference over the common shares of& {# z' p4 p% |* @
the Bank and over any other shares of the Bank ranking junior to the
; ]" o* ]' [* D. Apreferred shares with respect to the payment of dividends and upon any# R. I& H" ?( A% }
distribution of assets in the event of the liquidation, dissolution or
0 c/ L) A6 `+ v0 y9 fwinding-up of the Bank.
/ h3 v: B3 X$ \- H5 k; j6 K+ N# eTax on Preferred Share The Bank will elect, in the manner and within the time provided under
; }+ [; l- z9 N+ e& d2 xDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares3 M% L7 R; c1 }: t, E5 d& R9 `
Series 18 and Preferred Shares Series 19 will not be required to pay tax on3 ^* M% q5 L/ I8 C" 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。5 \# M/ V; k, l& d4 u) B' q
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
! K5 K* H& Z3 \* s6 r! b! \5 u6 q
" @$ J; r- X# [$ t: J% ~4 {
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。5 A! _" M6 @5 K

- k, f" X- u( mcall 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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