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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。: s% _% g, B1 V# Z- f

8 c% S/ g2 Z4 v. ?- q6 N; g. Q" V- D# V* g3 m: f6 B
[ 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:: t" d1 K+ z: u. F3 e& N
SUMMARY OF THE OFFERING3 e! Y. S) [& a; ~# ^, |
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; S# A& y2 r0 f4 _
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.% u0 N7 w5 o2 p' [  d9 A6 z
Amount: $150,000,000 (6,000,000 shares).4 w& U$ z3 y3 w
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
2 P  {+ q7 V3 a" M9 J' Q/ iPrincipal Characteristics of the Preferred Shares Series 18
3 K, X5 ]2 O  U1 C7 G6 G7 F; z- W# BDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed) X! r- N1 q4 M" Y6 C
non-cumulative preferential cash dividends, as and when declared by the
5 @; L) b5 j3 M' {Board of Directors, subject to the provisions of the Bank Act, for the initial
0 ^# S& U" b7 q5 W; m. Bperiod commencing on the closing date and ending on and including
9 f. w4 O& ?+ y  I1 w" i5 ^" {February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the$ H9 I2 K2 _. q9 c4 a4 |8 F% f
25th day of February, May, August and November in each year, at a rate% s0 y0 m. {9 S  g7 z! p: S
equal to $0.40625 per share. The initial dividend, if declared, will be payable
6 p7 K' @9 g4 {4 u8 _6 GMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
# z( W; X1 j% A& F3 B1 ^' t5 Y8 Hdate of December 11, 2008.  R$ m: d. c9 }6 M
For each five-year period after the Initial Fixed Rate Period (each, a  q) {; m$ t( I0 ~7 F: }: Z4 P5 \) |
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares+ s9 x$ @0 q; v1 a3 M% B
Series 18 will be entitled to receive fixed non-cumulative preferential cash
5 U* k8 b% w; Z6 S! B& G9 j& o3 |dividends, as and when declared by the Board of Directors, subject to the1 p6 ~' b& g. i) u0 X
provisions of the Bank Act, payable quarterly on the 25th day of February,+ J: @) t) k7 i! {  u  U6 k% x
May, August and November in each year, in the amount per share per annum
7 v$ c0 v/ N2 K- \0 z1 ~; B4 `determined by multiplying the Annual Fixed Dividend Rate applicable to
. t' W& M( e) N! A6 u1 K, z3 ksuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend# [6 M8 @3 z8 S7 |2 p. i
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
1 k9 L) D, r7 _% Q2 Z/ J5 d/ l% `9 |Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
. [  M/ w  [( {4 h6 rof such Subsequent Fixed Rate Period and will be equal to the sum of the
% P8 M1 `* g  S& }Government of Canada Yield on the applicable Fixed Rate Calculation Date
# Q* M7 S% p* gplus 3.83%.
: A- X/ [0 Z; R" xIf the Board of Directors does not declare a dividend, or any part thereof, on
8 G3 z; J' R8 Z6 zthe Preferred Shares Series 18 on or before the dividend payment date for a9 \# t$ k- Y) k8 g+ i" F
particular quarter, then the entitlement of the holders of the Preferred" s+ N" ^. n" E2 k
Shares Series 18 to receive such dividend, or to any part thereof, for such) k! v! u4 ~, ?! N; i; q2 Q/ J( I
quarter will be forever extinguished.
2 P( R0 s1 b0 u/ w; g' ]% Y" TRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
: u0 x5 a7 @# m; QSuperintendent and to the provisions described below under ‘‘Details of the
- s8 M7 `6 Y9 d6 I3 {Offering — Certain Provisions of the Preferred Shares Series 18 as a
. h" L' T& s  L: W/ o- MSeries — Restrictions on Dividends and Retirement of Shares’’, on
2 |9 ?/ t: n" I. i, W, U6 H# PFebruary 25, 2014 and on February 25 every five years thereafter, on not
* l3 _# A* M& n! ?more than 60 nor less than 30 days’ notice, the Bank may redeem all or any% e& q) z1 C) b4 i; }' g, a% W
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
- C& N/ K; p4 M3 `" lwithout the consent of the holder, by the payment of an amount in cash for8 a: t4 J$ p( f" R. T9 [! ]1 X
each such share so redeemed of $25.00 together with all declared and unpaid, w: R1 W  H$ b4 N
dividends to the date fixed for redemption.
- ?4 P& f' L8 G* u* A' HConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic  @5 ~" a7 B7 ]7 V1 O/ W
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have9 r& l& X6 X6 o
the right, at their option, to convert, on February 25, 2014 and on
1 s. j4 d& D5 U# `% C% U' g& lS-4
- [2 Q  V) o* ^' f" j2 p/ yFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any# P- S( L2 \; C) B
or all of their Preferred Shares Series 18 into an equal number of Preferred
0 Z- N: b5 o' L. gShares Series 19 upon giving to the Bank notice thereof not earlier than" J* @2 j' W' Q4 D- U! F; J% J( @
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
3 V, z$ F  z# ^7 d3 Upreceding, a Series 18 Conversion Date.
) h8 A4 O9 p5 G" o) ?3 |Automatic Conversion If the Bank determines, after having taken into account all shares tendered
* K3 [, Q, v( s* SProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
, F- m. P! B: s3 zSeries 19, as the case may be, that there would be outstanding on such/ ^2 u; f, V4 k/ t. D  [3 I
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
5 H) @  ?8 c" C7 Q% Jsuch remaining number of Preferred Shares Series 18 will automatically be6 A2 K0 O2 H# _/ U3 g1 e$ W9 k& E
converted on such Series 18 Conversion Date into an equal number of4 h& G8 f2 t) o3 m" ]' H# N
Preferred Shares Series 19. Additionally, if the Bank determines that, after
/ v! T) d# A$ Tconversion, there would be outstanding on such Series 18 Conversion Date
; e2 m' v( r3 q$ eless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares* X8 Q7 M; y3 G& S4 g' Q* X$ q6 l
Series 18 will be converted into Preferred Shares Series 19.
7 ^# m. K. B+ |" z$ ?, U! E4 DVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares6 ]8 V2 W6 Z1 W) d
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
: R+ {* q6 B) n4 {any meeting of the shareholders of the Bank unless and until the first time at( I8 u1 _" |; m4 y8 \# E, I! a9 y
which the Board of Directors has not declared the whole dividend on the; |* ^, Q3 _1 `2 r3 f
Preferred Shares Series 18 in any quarter. In that event, subject as7 [, z! ^$ F- z. m" E. r
hereinafter provided, the holders of Preferred Shares Series 18 will be5 h4 p/ E+ U& p' |: w
entitled to receive notice of, and to attend, meetings of shareholders at which  j5 z0 L1 v! E# W8 j2 K
directors of the Bank are to be elected and will be entitled to one vote for
6 O8 ~( t( |0 reach Preferred Share Series 18 held. The voting rights of the holders of the
. v: C# [% i3 U  }* V: F" a  |Preferred Shares Series 18 will forthwith cease upon payment by the Bank of4 \" W+ S" J5 _1 H7 V. M% r
the first dividend on the Preferred Shares Series 18 to which the holders are  Y' w0 o' A" d+ S, k2 m, x
entitled thereunder subsequent to the time such voting rights first arose until9 ]- Z2 T9 N5 s9 _3 Y3 N+ ]
such time as the Bank may again fail to declare the whole dividend on the
8 Z9 ^- T% B; f8 NPreferred Shares Series 18 in respect of any quarter, in which event such
0 ?3 d0 g! y2 }9 @5 i5 t' E( U5 rvoting rights will become effective again and so on from time to time.
1 f) Y: y3 M2 z1 u  d% s7 lPrincipal Characteristics of the Preferred Shares Series 19# D* |) K0 u- l, p/ p
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
6 ~6 O9 L; c4 P+ a" l6 ~- T* x  Rfloating rate non-cumulative preferential cash dividends, as and when
4 ^4 ?2 R% x! _7 ?; Fdeclared by the Board of Directors, subject to the provisions of the Bank Act,- p- U0 {/ G) X7 L% j8 u
payable quarterly on the 25th day of February, May, August and November
" g- G% [& R0 S/ K2 c; r7 t, Cin each year, in the amount per share determined by multiplying the
5 j# x* `. Z% m! e& Oapplicable Quarterly Floating Dividend Rate by $25.00.
& x& T4 V* G+ \$ gOn the 30th day prior to the commencement of the initial quarterly dividend
: T; a! j- q  W( Tperiod beginning on February 25, 2014, and on the 30th day prior to the first1 I. H7 q4 J, E4 }7 f9 J% A, G2 p3 D
day of each subsequent quarterly dividend period (the initial quarterly+ w5 Z1 Y0 H! }
dividend period and each subsequent quarterly dividend period is referred to
  z  |% u1 r: g5 d" y: Las a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the: ~5 z: D3 q" T3 i4 b: j. a
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
+ q7 d. ?# y: qPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the0 Z! n, y6 I; O- d# ]
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days* M. s; G0 O7 B8 T: W  X( l( m( ]
elapsed in the applicable Quarterly Floating Rate Period divided by 365)+ l! a% Q1 t# O& s3 b, k
determined on the 30th day prior to the first day of the applicable Quarterly
& v% r1 L8 U5 l7 O6 y8 @$ ?Floating Rate Period.; n- x, g; E8 z& V# Z+ Z+ x% r
S-5' `  Z' L' ^) }& {
If the Board of Directors does not declare a dividend, or any part thereof, on
% _% s# m' ^, ?* Vthe Preferred Shares Series 19 on or before the dividend payment date for a
) ]5 o% l( l- fparticular quarter, then the entitlement of the holders of the Preferred
" E. M# W8 d1 f& R4 UShares Series 19 to receive such dividend, or to any part thereof, for such% o$ z& N3 U9 r
quarter will be forever extinguished.
( f' }; y  j& `' R3 Q! X, g/ LRedemption: Subject to the provisions of the Bank Act and to the prior consent of the9 a4 d" f+ }/ x
Superintendent and to the provisions described below under the heading% S+ I- x9 i( T9 i3 T: p  V
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
" F% ]. N7 e; E8 {: \; Z8 n. _Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
: i2 i% W9 b3 l9 ]' zon not more than 60 nor less than 30 days’ notice, the Bank may redeem all/ Y7 c6 N- k2 K' X9 @+ [( \& F8 }* e
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
# T8 W2 d5 y; g) ]  goption without the consent of the holder, by the payment of an amount in
2 ?! A3 M4 I9 z" ?cash for each such share so redeemed of (i) $25.00 together with all declared5 s# D( c; C8 x
and unpaid dividends to the date fixed for redemption in the case of
# P: |; U' G! p6 t. fredemptions on February 25, 2019 and on February 25 every five years
- W- o# {/ I0 m# n6 Z1 othereafter, or (ii) $25.50 together with all declared and unpaid dividends to
9 ~- o5 ~% U, S' {' D" k1 fthe date fixed for redemption in the case of redemptions on any other date
" R  d0 F$ c9 w' pon or after February 25, 2014.9 e- }! k6 i* T% m
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
% O/ k& K) K3 t* e; C0 NShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
+ R8 [" I5 p3 b% i1 O+ ^; J% m# ~the right, at their option, to convert, on February 25, 2019 and on
0 O* b+ }2 g+ v" M: ZFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any  i+ }3 U0 r0 g. W' `
or all of their Preferred Shares Series 19 into an equal number of Preferred" R0 H3 s& J* M' Z
Shares Series 18 upon giving to the Bank written notice thereof not earlier
9 B" F% p9 H/ `8 Hthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the+ x+ r$ g6 d& w* j0 I; c
15th day preceding, a Series 19 Conversion Date.3 ~& {5 ], D  G! Y, t0 o
Automatic Conversion If the Bank determines, after having taken into account all shares tendered. k' o$ c: h: @. x; L) V5 O8 {
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares+ I& s& D( ~: }' a$ D% _
Series 18, as the case may be, that there would be outstanding on such
- q' E: U5 c7 }# G' a2 q1 u! M( LSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
1 i5 \/ T+ _/ k" ~such remaining number of Preferred Shares Series 19 will automatically be1 D& j+ U' X* j: c6 L
converted on such Series 19 Conversion Date into an equal number of+ w' N' o7 w7 [6 i
Preferred Shares Series 18. Additionally, if the Bank determines that, after
/ J& X; n5 {' Jconversion, there would be outstanding on such Series 19 Conversion Date
! ^! a; x5 w& H' X1 }: C3 kless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
- S9 |# A+ Z' N1 G& f! A9 PSeries 19 will be converted into Preferred Shares Series 18., R0 S' G# c* {, `
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares* i  D0 `' Y8 F4 O
Series 19 will not be entitled as such to receive notice of, attend, or vote at,0 V' y9 O6 ]( g: ?) X$ b9 h
any meeting of the shareholders of the Bank unless and until the first time at
% S, y0 U9 t3 |3 nwhich the Board of Directors has not declared the whole dividend on the: N6 l- O8 I( t
Preferred Shares Series 19 in any quarter. In that event, subject as3 b! z& y; w, }
hereinafter provided, the holders of Preferred Shares Series 19 will be% z1 Y" m* u2 A3 _, v; T
entitled to receive notice of, and to attend, meetings of shareholders at which1 K9 C5 P, Y; X( ~0 ?" ~/ W0 ~
directors of the Bank are to be elected and will be entitled to one vote for
5 s: j+ A$ D$ g$ |3 R, k' eeach Preferred Share Series 19 held. The voting rights of the holders of the2 J+ g6 W# f( ^, V) c: U$ D" t
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of9 U/ Y+ X. a4 D; }. Z$ X& S1 B: P- j6 v
the first dividend on the Preferred Shares Series 19 to which the holders are! X" X. C7 ]/ r# d; p. I; v) `
entitled thereunder subsequent to the time such voting rights first arose until
( N! {% ^' W% G8 x% m; m- q  bsuch time as the Bank may again fail to declare the whole dividend on the
1 Q! e$ K+ W0 y9 e9 p: [" K( }Preferred Shares Series 19 in respect of any quarter, in which event such! T" i+ Q& ?3 `8 o
voting rights will become effective again and so on from time to time." v1 E, a0 H8 E1 G
S-6
! m  {- z; A* A# ^( yPriority: The preferred shares of each series of the Bank will rank on a parity with
1 }1 n- {8 @! v7 |3 mevery other series and are entitled to preference over the common shares of
8 }% C, h5 Q, x* m: ^the Bank and over any other shares of the Bank ranking junior to the1 M9 i, d& E4 e9 T) X: D4 F
preferred shares with respect to the payment of dividends and upon any
8 j' \& V' F  U# G7 |1 Jdistribution of assets in the event of the liquidation, dissolution or
/ Y& j+ O/ q$ V- n) iwinding-up of the Bank.8 f: n" y! }6 D
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
: s5 o3 l/ Z9 L* i2 T# W3 n% FDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares# _' c/ f; a& Q7 C8 n
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
0 O1 ^) }  D# Z2 s- Ddividends 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。
* P+ c* k) _2 i/ U9 U1 ^5 A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。
大型搬家
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 18:26 | 显示全部楼层
$ `! R1 U" R8 S. ^0 L$ Q
% M* t  O5 k3 c4 t
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
: C4 A+ q% J+ @+ u) j, f& P
" z0 ?, j0 h2 \, g. }+ l$ bcall 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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