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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。- [' C, n3 \- r( Y1 l+ J
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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:
4 h0 b% I0 H" c. M0 bSUMMARY OF THE OFFERING# D* a. W' X3 n2 j+ |) d) u
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’’.
! x3 h  S4 l9 X: `+ MIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
' c2 |! g( d) P( O6 {$ v2 A- mAmount: $150,000,000 (6,000,000 shares).
3 M$ a3 }9 g9 {# CPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
9 L  \( Q7 L& ~. V6 jPrincipal Characteristics of the Preferred Shares Series 18
: ]0 C% a. h8 |' mDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
+ y8 e$ Z) k6 T4 V1 y% i! }+ Qnon-cumulative preferential cash dividends, as and when declared by the2 o: p  _& C/ N  w) r% n4 ]
Board of Directors, subject to the provisions of the Bank Act, for the initial
$ ^% K2 T& P. n* |+ j! o. ]& Cperiod commencing on the closing date and ending on and including
2 q* J- |3 b& z% s% r" qFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the' `. N% S: W" p; z
25th day of February, May, August and November in each year, at a rate7 w2 S$ S7 f9 X$ R; e( Y
equal to $0.40625 per share. The initial dividend, if declared, will be payable
+ z% \5 g; E; q: |$ Y$ B# RMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing/ S' Y% m2 W( a: T- a/ e7 [! h
date of December 11, 2008.0 ~! m9 N* `: F, z
For each five-year period after the Initial Fixed Rate Period (each, a
7 }# n2 j  M4 o  g6 `‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
- H2 U( S6 W9 ?, M3 b* Q( ySeries 18 will be entitled to receive fixed non-cumulative preferential cash5 l0 Y* T5 p3 Z% g0 c
dividends, as and when declared by the Board of Directors, subject to the5 U& H$ F: d7 S! V8 J) w
provisions of the Bank Act, payable quarterly on the 25th day of February,/ J, K: D7 h& ?" h
May, August and November in each year, in the amount per share per annum
! s: z9 d- O' l& {  E8 Q4 Y7 Qdetermined by multiplying the Annual Fixed Dividend Rate applicable to& M& r, g1 z0 `
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
& u1 g# X  z* S( pRate for the ensuing Subsequent Fixed Rate Period will be determined by the
8 \6 O& s  @# wBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
/ T5 Y5 i$ d8 d0 a4 T  H# Pof such Subsequent Fixed Rate Period and will be equal to the sum of the
: i# L2 R% t4 u& H0 J6 S/ zGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
5 g# C/ B0 d( U) B: iplus 3.83%.+ ^5 ?. U% s* C: b- [/ O+ d' I
If the Board of Directors does not declare a dividend, or any part thereof, on( A7 `$ W. Q2 a6 W' `3 w
the Preferred Shares Series 18 on or before the dividend payment date for a3 C/ y6 q" ?, Q- G% X7 S; ?; p
particular quarter, then the entitlement of the holders of the Preferred0 J" J- E% g7 i+ n( w
Shares Series 18 to receive such dividend, or to any part thereof, for such
" A& x2 o6 K3 |1 J+ squarter will be forever extinguished.$ z/ G7 R' b: o2 [& L4 _, n- h
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
8 H1 t; q8 h4 _# P) Z: U2 pSuperintendent and to the provisions described below under ‘‘Details of the8 n2 R; _# X* R
Offering — Certain Provisions of the Preferred Shares Series 18 as a0 Z" ~& e  i, s
Series — Restrictions on Dividends and Retirement of Shares’’, on* Z# b2 d. H. \
February 25, 2014 and on February 25 every five years thereafter, on not5 V! |. B+ C3 N! D1 |1 e
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any0 z) c& ~' _0 x. s& @
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
% Q) F7 D! \4 O9 }$ uwithout the consent of the holder, by the payment of an amount in cash for
. u9 L, `0 E% Z1 f2 Keach such share so redeemed of $25.00 together with all declared and unpaid) i% _) e" Q( g0 P4 d" q9 g
dividends to the date fixed for redemption.' C9 T  Q  ^5 C, \# ^# }( o
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic4 q& W3 o9 c/ R6 k. n* V0 G! J
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
* T* p7 I8 Y1 P# }the right, at their option, to convert, on February 25, 2014 and on. m) }8 B5 }- V) ]. d5 F8 g
S-4! h7 O2 Z, B( A  \: ^4 b" G/ W
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
) Q. T1 E8 s; G' x, t+ _. Jor all of their Preferred Shares Series 18 into an equal number of Preferred
5 H4 E0 ]% q  M/ BShares Series 19 upon giving to the Bank notice thereof not earlier than
% G5 r/ }0 I% l% ~" i4 \  N* S/ a2 h30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day$ m  H0 S0 R5 X& J/ P4 A! X1 J
preceding, a Series 18 Conversion Date.& _0 U9 }& S* ~& S% H9 ]& E
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
) D% P- @6 K, A( F1 ?Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
0 J& Q: d" P! W/ QSeries 19, as the case may be, that there would be outstanding on such
; X3 F# T! x* Q% s; v4 pSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,1 R& a1 U# N3 t! D
such remaining number of Preferred Shares Series 18 will automatically be# u' q- C; [1 O/ z4 }
converted on such Series 18 Conversion Date into an equal number of% X% a" C' I6 H/ p" ?: |
Preferred Shares Series 19. Additionally, if the Bank determines that, after! T; f" d1 F9 k2 }  B- ?8 @' w
conversion, there would be outstanding on such Series 18 Conversion Date/ Y8 f4 m0 |% I  T1 n" f. u
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
' x* a- c" s% r& s! I7 USeries 18 will be converted into Preferred Shares Series 19.+ l& S( S; W/ c$ ]% ^* j; r; u
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
9 |9 N  U+ i! V6 n' `3 LSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
& z  r. P: L" lany meeting of the shareholders of the Bank unless and until the first time at& b& Z, D0 p' R* ~8 q
which the Board of Directors has not declared the whole dividend on the. H: n' c4 q+ F7 Q8 P4 j3 f( F/ n
Preferred Shares Series 18 in any quarter. In that event, subject as4 Q" M  e. I- J5 N
hereinafter provided, the holders of Preferred Shares Series 18 will be
4 {2 u/ ~7 D( u* ?entitled to receive notice of, and to attend, meetings of shareholders at which) E$ z8 J$ ^5 b
directors of the Bank are to be elected and will be entitled to one vote for  L% V( j5 P4 z" x
each Preferred Share Series 18 held. The voting rights of the holders of the& z- \0 @/ ~& b; O0 F. o
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of. g2 P2 _; y; a2 l! s8 p2 Y7 Z6 q
the first dividend on the Preferred Shares Series 18 to which the holders are) Q* V$ Y  n& l0 G+ j& W
entitled thereunder subsequent to the time such voting rights first arose until
- z( m+ ~# V7 m4 A  V' esuch time as the Bank may again fail to declare the whole dividend on the. W% |- U; S5 ~: T3 }! ~
Preferred Shares Series 18 in respect of any quarter, in which event such9 ?! q* ^, a( i& A' n, @
voting rights will become effective again and so on from time to time.
$ J! O. T: x$ }2 t% }Principal Characteristics of the Preferred Shares Series 19% T2 k! `8 ]8 N2 ?+ Y& I1 a
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive2 c+ p7 b! x9 v! j% R
floating rate non-cumulative preferential cash dividends, as and when
3 [. A( W% W! g& `! A" G$ O8 q- J2 ^declared by the Board of Directors, subject to the provisions of the Bank Act,
8 d# k4 A3 a, M, qpayable quarterly on the 25th day of February, May, August and November  t0 k! E! ?& y1 v, [2 P
in each year, in the amount per share determined by multiplying the
3 M' h" l5 `8 Wapplicable Quarterly Floating Dividend Rate by $25.00.: x+ g- `# Q$ t
On the 30th day prior to the commencement of the initial quarterly dividend0 c, Z5 T( o. I( s
period beginning on February 25, 2014, and on the 30th day prior to the first; T' e6 \2 ~2 d8 t9 B) p+ A
day of each subsequent quarterly dividend period (the initial quarterly
) u: U! V: d0 s1 p( cdividend period and each subsequent quarterly dividend period is referred to7 D/ Q- {: s/ e5 k& K3 q
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
3 C0 T! `2 @* I6 B' GQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
0 G% ~6 Q1 ]- ~Period. The Quarterly Floating Dividend Rate will be equal to the sum of the) b+ _7 z+ V! `7 x6 D
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
' K+ a/ p" f, lelapsed in the applicable Quarterly Floating Rate Period divided by 365)2 d% Z0 b4 J+ X
determined on the 30th day prior to the first day of the applicable Quarterly
. R7 g  t- U( w3 p* JFloating Rate Period.
8 P. Z6 G$ [3 l( [% v* rS-5. l. G( \  _; b0 w
If the Board of Directors does not declare a dividend, or any part thereof, on9 f, [+ \3 O8 O; K# ?! k
the Preferred Shares Series 19 on or before the dividend payment date for a
: Z8 \  j$ D3 ^( _particular quarter, then the entitlement of the holders of the Preferred
0 g. P: V/ e8 \. `6 |8 UShares Series 19 to receive such dividend, or to any part thereof, for such
2 W+ k2 p7 {' Q( n; j# \# Aquarter will be forever extinguished.* E4 F* ?  P7 \3 v, g
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the) c5 [% ~" {* p
Superintendent and to the provisions described below under the heading7 ^- l  X! r- n1 R- @3 U
‘‘Details of the Offering — Certain Provisions of the Preferred Shares" a; f' d* X: |, S& T$ B
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
6 L% H3 T4 z# s; b! K1 H- oon not more than 60 nor less than 30 days’ notice, the Bank may redeem all& I" L+ r6 X# x  d( s
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s- Y- T8 [  E" q5 ^
option without the consent of the holder, by the payment of an amount in% d! \* ~( w- Q; P
cash for each such share so redeemed of (i) $25.00 together with all declared
# s& t! Q- ]# a* C2 ]5 F7 qand unpaid dividends to the date fixed for redemption in the case of
4 V3 n. W0 [% _/ K% i$ S2 Uredemptions on February 25, 2019 and on February 25 every five years' j% G) W0 k7 m: [' X
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
5 |  t4 n' V, d6 E: athe date fixed for redemption in the case of redemptions on any other date: O4 }% E( N. z3 e+ L( j' f5 @
on or after February 25, 2014.
* u$ C8 V/ w+ [# g* h, S4 E9 x- UConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
% M$ F5 b. @' nShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
  j' X! p* A7 @# L1 Nthe right, at their option, to convert, on February 25, 2019 and on
: ?' W! \/ f; UFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
/ A; C/ _. P) {8 F" e9 V% Q, G7 S7 z' nor all of their Preferred Shares Series 19 into an equal number of Preferred1 t* `% ]' Y3 F
Shares Series 18 upon giving to the Bank written notice thereof not earlier9 G  ?$ S( ~3 H6 V: \: O* F
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
: T& F5 N% r" A! d8 r- ~; P15th day preceding, a Series 19 Conversion Date.
  H( a6 c6 f+ ]+ ?& Z& ?* Q( B# yAutomatic Conversion If the Bank determines, after having taken into account all shares tendered0 e7 s, E$ b1 \- s" d6 V. f) W
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
- }! }: ?& x3 |5 wSeries 18, as the case may be, that there would be outstanding on such/ z" y- ]  H4 X: P) V. B: W
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
" d% q4 U9 v, N, B8 ^% Z# ^such remaining number of Preferred Shares Series 19 will automatically be# e4 X6 C, Y5 g( m5 p7 B
converted on such Series 19 Conversion Date into an equal number of
4 w% j. P% a. MPreferred Shares Series 18. Additionally, if the Bank determines that, after
+ z- n1 ?, e, p1 h% ?+ m& nconversion, there would be outstanding on such Series 19 Conversion Date
4 [! I- B. l- `/ ]. r: I* Aless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
0 r, a  \& F! c/ g* hSeries 19 will be converted into Preferred Shares Series 18.! o# B. D7 y: S. O9 e
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
% o/ C6 a, |7 j% ]7 h& vSeries 19 will not be entitled as such to receive notice of, attend, or vote at,4 u7 j% c: {; s# C
any meeting of the shareholders of the Bank unless and until the first time at
$ J' h' K3 a, mwhich the Board of Directors has not declared the whole dividend on the
* L( p$ y& S8 k' h7 PPreferred Shares Series 19 in any quarter. In that event, subject as$ z, D' k, F" J1 k0 N' b
hereinafter provided, the holders of Preferred Shares Series 19 will be
! q. t+ e# d; D9 u- f3 qentitled to receive notice of, and to attend, meetings of shareholders at which0 b4 L( |4 a, Q1 g
directors of the Bank are to be elected and will be entitled to one vote for0 |3 _$ h6 s/ q% ?3 u  R8 I
each Preferred Share Series 19 held. The voting rights of the holders of the! ]" G3 f) W8 e$ e4 X' N
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
2 Y: i5 }! {" A5 H5 F2 s/ {the first dividend on the Preferred Shares Series 19 to which the holders are; C% u  b% n1 u! O
entitled thereunder subsequent to the time such voting rights first arose until
! ~' U! D* d7 O  L+ [) k3 U/ A/ rsuch time as the Bank may again fail to declare the whole dividend on the
9 `+ I  x$ D2 J) f0 o5 s* a" yPreferred Shares Series 19 in respect of any quarter, in which event such
# ], U! P6 f( A7 k1 I$ qvoting rights will become effective again and so on from time to time.
: Y7 ~2 k1 A: n, VS-6: b7 b1 M" O3 j1 z, B$ C7 j/ }5 k
Priority: The preferred shares of each series of the Bank will rank on a parity with! C6 v' n, k( h, P
every other series and are entitled to preference over the common shares of: K0 }  w/ z% p+ ^
the Bank and over any other shares of the Bank ranking junior to the
) l* r5 c$ z+ F/ _preferred shares with respect to the payment of dividends and upon any# K( d# a& z% W. ~& |  [' i4 Q$ G
distribution of assets in the event of the liquidation, dissolution or
4 i+ I6 b5 P& I! M9 `2 |* Xwinding-up of the Bank.
, U1 C; A( V; ATax on Preferred Share The Bank will elect, in the manner and within the time provided under1 v- @5 ^4 V9 M8 r
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares0 Y3 K  Y4 z6 f, F8 S6 {
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
9 J& X- e6 S- K3 e3 J0 |  odividends 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) @& Q" u0 k* ~
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

3 m, E6 e$ b8 l- y8 ]# K+ O  \$ G% Y$ T8 L( u
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
$ y1 D% Y6 p; L, R0 n- p; j, d. q9 `  m* g) X
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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