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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。0 I' b" Q( p# @1 w5 r
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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:
* V/ ~1 b  \' K! W  z0 t) KSUMMARY OF THE OFFERING  {( i  b2 e- O- N+ A  l
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’’.5 f% Z  U1 s# u; i! e
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
" h" m* [0 r, s7 N4 ~Amount: $150,000,000 (6,000,000 shares).& w: m1 T( ^' y  M( `$ W% l0 y' w' Y
Price and Yield: $25.00 per share to yield initially 6.50% per annum., P* @5 Q! q# i0 D( ~1 b3 m6 z
Principal Characteristics of the Preferred Shares Series 188 B8 g# x  X- W; A; n1 M; R- l
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
" c  q' t- f; a* u7 {$ q, X6 Z3 y! `non-cumulative preferential cash dividends, as and when declared by the
; b  G1 v( L0 ~1 vBoard of Directors, subject to the provisions of the Bank Act, for the initial% W7 ]& r# G+ S4 g" f0 }
period commencing on the closing date and ending on and including
$ v3 n& D# Q. ?: _" C. }February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
% I/ P: V% S3 b9 V4 X7 B7 X25th day of February, May, August and November in each year, at a rate
1 i( y: n; t1 L# E& H0 qequal to $0.40625 per share. The initial dividend, if declared, will be payable  e- u& Z- M$ P& [+ }) q
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
- e. |3 A" A, o3 h; ~date of December 11, 2008.
: m' S: D- i/ m3 N6 D/ @. Y& H6 {For each five-year period after the Initial Fixed Rate Period (each, a
  H4 |* f8 G" }; N( t‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares- d  i# Z  r. J9 T' W
Series 18 will be entitled to receive fixed non-cumulative preferential cash
$ n0 d0 Q! T+ A6 N" N# Qdividends, as and when declared by the Board of Directors, subject to the
' R" F; D2 V3 a- L, I' q: aprovisions of the Bank Act, payable quarterly on the 25th day of February,
! g2 C  a# B' F5 dMay, August and November in each year, in the amount per share per annum& I% y& {9 \1 F% L8 c2 ~3 j
determined by multiplying the Annual Fixed Dividend Rate applicable to( s8 H% v6 i+ x: E# p
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend/ g; q. i; ^9 f, \
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
' k" k  a% q( B- g: e5 z* m" U+ zBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day5 Z& |- v$ `( `  d
of such Subsequent Fixed Rate Period and will be equal to the sum of the
* s& f( V* W3 c; DGovernment of Canada Yield on the applicable Fixed Rate Calculation Date, v/ p$ M, R( S7 s6 C2 j
plus 3.83%.
& w4 }9 _! g% Y3 {/ aIf the Board of Directors does not declare a dividend, or any part thereof, on4 n* w: U# i; I) R/ t; ?
the Preferred Shares Series 18 on or before the dividend payment date for a
1 y5 ~! Z, t# r/ g" Z5 Vparticular quarter, then the entitlement of the holders of the Preferred* e/ p+ L5 B6 g) I: R0 |
Shares Series 18 to receive such dividend, or to any part thereof, for such  }3 [% X; j2 F1 b/ S' A% I# x
quarter will be forever extinguished.
; Z5 B  T7 l2 \9 ]" w% s$ VRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
! G/ d. I+ w( _7 e( tSuperintendent and to the provisions described below under ‘‘Details of the, U  c. ?! \4 a, p
Offering — Certain Provisions of the Preferred Shares Series 18 as a
3 w; Q+ \! `5 x& s0 I  w4 hSeries — Restrictions on Dividends and Retirement of Shares’’, on+ M4 l9 w" W, i% T, W* }6 i7 n
February 25, 2014 and on February 25 every five years thereafter, on not
3 y  H4 x# \7 L- y& b- ?2 Amore than 60 nor less than 30 days’ notice, the Bank may redeem all or any* h( g2 R. r6 c2 i0 N+ `% C
part of the then outstanding Preferred Shares Series 18, at the Bank’s option$ o; y7 _8 o4 G; ^
without the consent of the holder, by the payment of an amount in cash for
% D  O6 V2 p) v3 \$ Leach such share so redeemed of $25.00 together with all declared and unpaid
2 }+ g3 v8 C: adividends to the date fixed for redemption.
* l( L: q3 X% E1 ^# yConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
1 b+ V! d2 c6 @9 @7 n' EShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have5 S: ^  L8 L& j* Z0 W! \
the right, at their option, to convert, on February 25, 2014 and on$ a0 C4 T$ W5 Q* W; k4 ]* J
S-4, W- X0 d5 c, J$ \; p( R7 H
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any0 I8 u: K, ?; D2 w* G& X- Y
or all of their Preferred Shares Series 18 into an equal number of Preferred! I# {/ c1 F( z3 ^; |
Shares Series 19 upon giving to the Bank notice thereof not earlier than) h! |0 M  I; p% E0 l! f1 [
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
' M/ v: L+ Y0 ~9 G( @+ G5 }9 _preceding, a Series 18 Conversion Date.
: O5 r# q) x1 i& P( N" yAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
  ?" ]9 q8 P- L% W, u! f* I/ pProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares" W1 j0 C! y+ ?" s7 [( j
Series 19, as the case may be, that there would be outstanding on such  n1 m; P( a8 r
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,5 W# r* z! h' B% F' i
such remaining number of Preferred Shares Series 18 will automatically be
0 I9 M5 D, L% x$ xconverted on such Series 18 Conversion Date into an equal number of- c6 l8 K* u( Q& }) m
Preferred Shares Series 19. Additionally, if the Bank determines that, after
3 N' \( r& r; B" D$ ^. bconversion, there would be outstanding on such Series 18 Conversion Date
) N8 o+ I( L9 v6 ]less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares2 D: [% b* c  a' o. u
Series 18 will be converted into Preferred Shares Series 19.# d! s+ M8 c4 P3 m& A5 ]0 z9 E7 ]
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
, d# j! z$ W; G. D8 l( MSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
7 ~. `3 {# U) A5 \/ x0 Cany meeting of the shareholders of the Bank unless and until the first time at* c; f4 M3 f1 |" _$ C9 k
which the Board of Directors has not declared the whole dividend on the6 ?0 v2 N0 Y6 H( v( J; M8 l8 E: P
Preferred Shares Series 18 in any quarter. In that event, subject as$ V" C; {  e3 F' a$ g% o) Z
hereinafter provided, the holders of Preferred Shares Series 18 will be. j  |( d. z/ a4 |8 G5 e) Y7 {
entitled to receive notice of, and to attend, meetings of shareholders at which
! d* U- U3 k; I7 l4 Jdirectors of the Bank are to be elected and will be entitled to one vote for
3 i* S, a* h  p* G% E, J1 U% C) weach Preferred Share Series 18 held. The voting rights of the holders of the+ g0 I6 g- S5 D. D8 i/ c! K; c; v! P
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
( D% ?# U! |0 a- S1 Q( P: vthe first dividend on the Preferred Shares Series 18 to which the holders are' p' r9 L5 W; q7 n% I' }% ^
entitled thereunder subsequent to the time such voting rights first arose until6 L: k2 I$ Z  {) j5 [
such time as the Bank may again fail to declare the whole dividend on the! u: H/ z! o: T3 P4 I, m$ a
Preferred Shares Series 18 in respect of any quarter, in which event such
: N! v: E. g( [9 n  \voting rights will become effective again and so on from time to time.
4 P0 t5 s( G% c; rPrincipal Characteristics of the Preferred Shares Series 19
$ y5 J; d  P# J. {1 kDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
8 m( K3 o3 M1 b' bfloating rate non-cumulative preferential cash dividends, as and when
) Z4 h9 T) i. C9 Ndeclared by the Board of Directors, subject to the provisions of the Bank Act,
6 q. ]6 o+ i! [" `) H% qpayable quarterly on the 25th day of February, May, August and November: {. T) i3 E' I$ S" f1 k
in each year, in the amount per share determined by multiplying the! N5 i( ^3 O2 w9 r4 s1 t$ |
applicable Quarterly Floating Dividend Rate by $25.00.4 X/ I+ e/ v9 N1 g) G2 A
On the 30th day prior to the commencement of the initial quarterly dividend
; H( d2 W6 g$ H7 Iperiod beginning on February 25, 2014, and on the 30th day prior to the first" d4 e& [4 j( J7 [- B! `3 O4 f. H2 F
day of each subsequent quarterly dividend period (the initial quarterly$ ^3 S& u3 p  K: p
dividend period and each subsequent quarterly dividend period is referred to
1 ]* u0 ]; v+ a% Z! p0 ras a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the5 D+ n$ j3 s# Z! A# x
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
1 j+ S' Z7 D- F& `Period. The Quarterly Floating Dividend Rate will be equal to the sum of the9 ~, d8 z5 z/ K& U9 u3 T
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days" i+ b7 g- p+ s3 o# {. t
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
# n. g+ p; t- V* ?& D' ?0 w6 Edetermined on the 30th day prior to the first day of the applicable Quarterly
1 D) Q5 K, q9 N+ ?Floating Rate Period.
! [7 L7 h) e3 s6 V7 P0 aS-5# ^0 u" b: L+ S, J: i3 Y" w
If the Board of Directors does not declare a dividend, or any part thereof, on
2 n5 ~4 e6 |- i4 Sthe Preferred Shares Series 19 on or before the dividend payment date for a. Z9 F! q9 A& R. Y; o: ?
particular quarter, then the entitlement of the holders of the Preferred
  V2 u$ e8 ~% g  {9 }5 d) w& Z3 Z3 hShares Series 19 to receive such dividend, or to any part thereof, for such
% d1 n3 O' W7 y* [quarter will be forever extinguished.1 N. J) q& U3 G3 V
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the# v# {5 @* }; B1 ^  P) J1 V
Superintendent and to the provisions described below under the heading
5 A: m$ n/ \9 G, o6 G9 B' X‘‘Details of the Offering — Certain Provisions of the Preferred Shares
6 L( j' F; N( fSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
+ ?* p; I2 f* S  c. Fon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
% T3 E! \& U- qor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
: Z/ Z+ X  M0 g" \! ooption without the consent of the holder, by the payment of an amount in7 V  ^  r( x& @4 A" d5 g
cash for each such share so redeemed of (i) $25.00 together with all declared
: ?1 O7 {) _- T7 Y+ O7 b* `and unpaid dividends to the date fixed for redemption in the case of; r5 y% G* O  j- S6 L5 o/ m
redemptions on February 25, 2019 and on February 25 every five years
0 R) B! @- _; tthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
/ H3 ^$ e& d8 h3 {the date fixed for redemption in the case of redemptions on any other date
0 T. d: ?( R9 J3 ^/ r+ Pon or after February 25, 2014.
  e6 K7 T- m- M  {% BConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
" P3 g5 B. f- T' E! N3 ^+ S  c8 ]Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
8 v' p3 i/ c7 K$ athe right, at their option, to convert, on February 25, 2019 and on* C" q9 E! G, S
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any1 v2 Z2 F$ o  ]5 i* I
or all of their Preferred Shares Series 19 into an equal number of Preferred7 l2 M) A( O. T
Shares Series 18 upon giving to the Bank written notice thereof not earlier1 ~# K2 J& |" \, ~
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the) j2 h$ Q" M/ Y3 [
15th day preceding, a Series 19 Conversion Date.
% N" O2 T9 f* C, z  K$ gAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
7 b! z& k. L5 v. u$ r  yProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
( E4 g0 [5 Z0 Z9 b( j" PSeries 18, as the case may be, that there would be outstanding on such
3 P) W/ H$ p) Q4 H! H  OSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,8 F7 P7 {( B) U( o9 `, L) l
such remaining number of Preferred Shares Series 19 will automatically be1 L! H5 ^" j' N% ?" R: m
converted on such Series 19 Conversion Date into an equal number of' `6 s( N3 m4 U" i
Preferred Shares Series 18. Additionally, if the Bank determines that, after8 @3 \: H5 E( j5 k
conversion, there would be outstanding on such Series 19 Conversion Date
( a8 A( d) j+ kless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
& B. g. L& L# a- gSeries 19 will be converted into Preferred Shares Series 18.
  t; Q% @$ \$ b. ^( N- u* |Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares: W7 Q: }# O1 T7 ~5 Z
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
) j" I/ j2 X' q8 ~  q' @* pany meeting of the shareholders of the Bank unless and until the first time at
4 X3 o9 Q6 `5 F$ ]- z9 Mwhich the Board of Directors has not declared the whole dividend on the
  T0 {) Q( f1 O  P4 W$ j: JPreferred Shares Series 19 in any quarter. In that event, subject as
3 {3 n1 ?# F! Q" B2 Xhereinafter provided, the holders of Preferred Shares Series 19 will be6 D! m* \% a4 C" m
entitled to receive notice of, and to attend, meetings of shareholders at which
1 L* a) l; q* N& A. [0 l) \- Xdirectors of the Bank are to be elected and will be entitled to one vote for
( x* `( e/ r0 Zeach Preferred Share Series 19 held. The voting rights of the holders of the1 j- v+ L7 F7 R
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of6 b8 r. @/ u9 y6 k) `6 U* l- P4 Y
the first dividend on the Preferred Shares Series 19 to which the holders are0 ^" X9 `7 s' U" b
entitled thereunder subsequent to the time such voting rights first arose until: Y- p- Y* t* `" A6 ~
such time as the Bank may again fail to declare the whole dividend on the3 I3 ^& v+ l7 L: x# I
Preferred Shares Series 19 in respect of any quarter, in which event such+ x8 u, B, ^; V1 a' u. ]; x
voting rights will become effective again and so on from time to time.8 d3 q& k( U( H. O7 d4 x6 w7 E
S-6
* C3 v. A9 l0 O# D; ]Priority: The preferred shares of each series of the Bank will rank on a parity with
, ^, K3 P/ G% \  B  ~* `' W8 Q7 \0 uevery other series and are entitled to preference over the common shares of
& \" R7 p% ~8 A$ k! x5 J: o& Z/ Rthe Bank and over any other shares of the Bank ranking junior to the, |# W/ k8 K  N9 ]9 ?/ `
preferred shares with respect to the payment of dividends and upon any/ Y( Q* G5 J/ T9 S/ u7 t) ]
distribution of assets in the event of the liquidation, dissolution or
/ M4 x' n6 X: y# W# ?, r# g- Awinding-up of the Bank.
+ o1 s% r6 A% W% u& S7 TTax on Preferred Share The Bank will elect, in the manner and within the time provided under: j) |; R) V, s& Q. j6 B  L* n( }2 b
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares( X  o6 e  H6 T9 ~6 G
Series 18 and Preferred Shares Series 19 will not be required to pay tax on# b* _* C3 h" e" W1 \
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。2 Q5 R, F% T" j3 R6 b
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

7 X- @; C- f: }  w# u
& [. ~) U: t6 n* M下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。% I3 m& r% X9 ?  z& T. s
8 v0 P1 v: b4 Q6 {* x. x6 X8 w- o
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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