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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。
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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:' T2 H8 {0 u( S% R7 W  h( f
SUMMARY OF THE OFFERING6 {) w* ~& c$ O) M
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’’.
* C# i! y3 X4 g* XIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.# Z" J% @7 L. ~2 ]3 O
Amount: $150,000,000 (6,000,000 shares).
: ^, l. ~& t# K8 ~. ^Price and Yield: $25.00 per share to yield initially 6.50% per annum.9 H6 \% ]. f- ?3 ^- F
Principal Characteristics of the Preferred Shares Series 18) |1 I" Y: i7 m
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
# R% d6 V# @+ \' G4 j: N2 `' I" Inon-cumulative preferential cash dividends, as and when declared by the
5 |1 R/ m* @0 a4 }* j$ ~, IBoard of Directors, subject to the provisions of the Bank Act, for the initial# _+ ?. F  L$ b7 y
period commencing on the closing date and ending on and including1 B+ L8 R" Q; i! y) Z& o
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
2 i2 W; J1 {, s25th day of February, May, August and November in each year, at a rate* M9 A/ G7 j# N
equal to $0.40625 per share. The initial dividend, if declared, will be payable
6 A* P/ ?/ N  r0 p; x' VMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing; ]4 A5 F- u4 r! j; Q- L
date of December 11, 2008.6 H$ ]3 P) X1 C$ ~
For each five-year period after the Initial Fixed Rate Period (each, a
: k( p) t8 `0 H: S. q‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares, E1 |% n2 a) D$ l  _
Series 18 will be entitled to receive fixed non-cumulative preferential cash- \# T. c( x( `2 ], W5 O5 a& E/ T6 u
dividends, as and when declared by the Board of Directors, subject to the0 J6 \0 U/ G3 _3 G
provisions of the Bank Act, payable quarterly on the 25th day of February,8 L6 }, V! s3 J1 M( `! g$ c7 P
May, August and November in each year, in the amount per share per annum
! k1 Q5 K1 M1 R. L# _! L. T) _8 Edetermined by multiplying the Annual Fixed Dividend Rate applicable to
4 [! `* j; e2 W! ?2 F! u$ k4 H- ^such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
* L0 w8 _1 u5 D" a6 aRate for the ensuing Subsequent Fixed Rate Period will be determined by the
. j3 e9 b7 K, H( E" ^) M7 bBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day9 u2 V9 X3 b3 p/ D
of such Subsequent Fixed Rate Period and will be equal to the sum of the
- ?1 l1 N. Z/ u3 M( |0 ?Government of Canada Yield on the applicable Fixed Rate Calculation Date
: V9 w6 \6 D# M2 m. ?. iplus 3.83%.! z) x! E) a. o# e
If the Board of Directors does not declare a dividend, or any part thereof, on
5 d0 M$ [5 |& z' Ythe Preferred Shares Series 18 on or before the dividend payment date for a; Q( |0 w7 Q9 x0 _$ @
particular quarter, then the entitlement of the holders of the Preferred
$ j/ A! ?  q: M) {6 B& t, @* T( fShares Series 18 to receive such dividend, or to any part thereof, for such% a* m4 n% z: p
quarter will be forever extinguished." A4 @  ], W0 L9 [" t4 T
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
+ ~' f7 f  l; s/ r3 i5 ZSuperintendent and to the provisions described below under ‘‘Details of the8 ~2 {3 Y8 U/ ?
Offering — Certain Provisions of the Preferred Shares Series 18 as a
" I% _8 ?5 W9 c( X; g1 n- s! u" mSeries — Restrictions on Dividends and Retirement of Shares’’, on
, ^% ?. F3 r, e4 u4 G, ~$ tFebruary 25, 2014 and on February 25 every five years thereafter, on not. L% s  j: U$ F8 [. f5 d8 f; N
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
% x0 _6 q5 y2 g9 V" y# upart of the then outstanding Preferred Shares Series 18, at the Bank’s option; y' m. e+ Q- C; X% [; v
without the consent of the holder, by the payment of an amount in cash for# _9 g. D# A2 R+ {9 g7 j5 k
each such share so redeemed of $25.00 together with all declared and unpaid' n9 e: x) w/ q
dividends to the date fixed for redemption.1 {' k' Z: s* n. Z+ x! q* l# r, E7 V
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
# D  u: A3 r  J+ qShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have- K4 k! i$ M6 z
the right, at their option, to convert, on February 25, 2014 and on; E  M, s3 C: A3 b* |& w3 y
S-42 S7 D0 x9 D& g# l& K9 x
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
0 c# W# ^  V7 b) Z( ?. for all of their Preferred Shares Series 18 into an equal number of Preferred
  Z/ {8 [9 }/ H# kShares Series 19 upon giving to the Bank notice thereof not earlier than
' E, y* E5 r5 k7 R/ A  g30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
5 i6 D' E5 e" j, V7 J6 v! W8 Lpreceding, a Series 18 Conversion Date.
0 I! @" g" i# R( R9 S% N2 d+ ]Automatic Conversion If the Bank determines, after having taken into account all shares tendered
" U: q. a# N& I  l% C7 OProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares; ~% c& P1 o: F) T/ w# S5 V
Series 19, as the case may be, that there would be outstanding on such& T7 c( G: g1 e9 \
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,3 X: c4 I" j! f& G0 v1 M/ i8 Y
such remaining number of Preferred Shares Series 18 will automatically be
; K* K6 T- l  f6 D7 o' r; \converted on such Series 18 Conversion Date into an equal number of
+ B, p+ @+ z/ t% D! m* s7 yPreferred Shares Series 19. Additionally, if the Bank determines that, after
) C7 [, Q/ w: ]- a5 nconversion, there would be outstanding on such Series 18 Conversion Date
  E" [" A+ R: h2 U& N! }3 Uless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
6 w; Q: @- ~! `4 @8 y% fSeries 18 will be converted into Preferred Shares Series 19.* N- }3 j! n8 r3 Q  e: x* V
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares  i& u4 K  [! a: T+ d3 q+ H$ f
Series 18 will not be entitled as such to receive notice of, attend, or vote at,3 R7 g3 u6 q  G! L
any meeting of the shareholders of the Bank unless and until the first time at2 s, u. o: H( J' I- [
which the Board of Directors has not declared the whole dividend on the/ k5 c1 ]5 m1 `; T9 P1 N; C
Preferred Shares Series 18 in any quarter. In that event, subject as
0 O4 C* J& ?$ b3 w7 Ahereinafter provided, the holders of Preferred Shares Series 18 will be5 H3 v9 @7 S7 b; V) Q
entitled to receive notice of, and to attend, meetings of shareholders at which
9 V- c# J5 f+ K0 n& w5 _& wdirectors of the Bank are to be elected and will be entitled to one vote for& D4 F6 g. G: t  t" I1 M% T
each Preferred Share Series 18 held. The voting rights of the holders of the
) _3 t# w4 q4 M( c4 mPreferred Shares Series 18 will forthwith cease upon payment by the Bank of+ k5 U- S5 x9 \8 v
the first dividend on the Preferred Shares Series 18 to which the holders are
! p# a$ U- C  }. ]/ P1 f3 Nentitled thereunder subsequent to the time such voting rights first arose until) o! m0 |; `8 `! J
such time as the Bank may again fail to declare the whole dividend on the& u: ?6 ~9 M2 T9 f* B# Y( F6 ~
Preferred Shares Series 18 in respect of any quarter, in which event such
6 a& x7 h+ O1 j% @8 P7 I1 wvoting rights will become effective again and so on from time to time.
- t6 I2 P/ @( b0 XPrincipal Characteristics of the Preferred Shares Series 19
; D4 {* }3 t7 ?# Y& A1 s3 @0 uDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
, I% E( u( H, \+ Nfloating rate non-cumulative preferential cash dividends, as and when; Z/ C, j" p- n
declared by the Board of Directors, subject to the provisions of the Bank Act,7 y# ~8 p: y1 @5 F  ^
payable quarterly on the 25th day of February, May, August and November
  T; v  R3 U1 G8 Gin each year, in the amount per share determined by multiplying the1 X! `- z% x% `; x4 C* q) y
applicable Quarterly Floating Dividend Rate by $25.00.: l& e; r, ~- l* L& k
On the 30th day prior to the commencement of the initial quarterly dividend
% y1 P: r- j0 \( m" qperiod beginning on February 25, 2014, and on the 30th day prior to the first9 @5 E2 H  N+ _+ z# q9 i; o
day of each subsequent quarterly dividend period (the initial quarterly8 E$ y7 ^& ]2 I0 h3 @
dividend period and each subsequent quarterly dividend period is referred to2 `* y. q( T; Q2 o' h/ a& c
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the" m' t, o& A1 s
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate" D* F/ \9 a) z9 x
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
* e, {( J3 y$ r; ^T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
6 h$ B8 s* S0 I7 [, Nelapsed in the applicable Quarterly Floating Rate Period divided by 365)# X8 {7 q" @. g! R! k1 r8 O8 j, S
determined on the 30th day prior to the first day of the applicable Quarterly
3 c* m& @( ?: z) y  m! K" Q, xFloating Rate Period.2 p* c6 M$ J! f9 H
S-5
1 q: N# O1 A; b+ q; C( YIf the Board of Directors does not declare a dividend, or any part thereof, on$ z. _& p, K* y5 m/ i8 e$ ]' e
the Preferred Shares Series 19 on or before the dividend payment date for a( \( F6 p. h1 Y, f3 M. P
particular quarter, then the entitlement of the holders of the Preferred
, i1 G1 K$ T  A. l& r6 d3 lShares Series 19 to receive such dividend, or to any part thereof, for such
& p0 }8 i9 z+ oquarter will be forever extinguished.! p  p8 Z/ [% W* g
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
1 F5 `& C0 d, FSuperintendent and to the provisions described below under the heading* v5 O, O7 [$ |7 N$ z2 b  m
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
% V, e% Y$ A# u- X3 l: TSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,& _3 R# i' V/ ~3 X$ r
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all$ e8 D: \  |! p
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
* w% E" f- s! ~: U" Z! Uoption without the consent of the holder, by the payment of an amount in. l: x$ d2 l$ M! W
cash for each such share so redeemed of (i) $25.00 together with all declared
! S" O( m9 C  t. T$ b2 z: Mand unpaid dividends to the date fixed for redemption in the case of* c9 f! J0 Z% h# T# p
redemptions on February 25, 2019 and on February 25 every five years
% s: D" k$ b. a' J* j/ B! W( zthereafter, or (ii) $25.50 together with all declared and unpaid dividends to: L/ |3 s: Q# {9 V8 e8 _
the date fixed for redemption in the case of redemptions on any other date/ X4 i( h' q: C9 ?& O( `; o
on or after February 25, 2014.5 U  }. O+ N) q* H
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
) J! ]7 X2 E4 i8 g( sShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
& }1 ^6 T  e" h  u& W3 m4 A: s. G# Ethe right, at their option, to convert, on February 25, 2019 and on) \. \) w  x, S. W3 B6 F
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any! F- _7 g$ Q) f, T5 f
or all of their Preferred Shares Series 19 into an equal number of Preferred* }, @5 l. |5 h5 F5 q% E$ L
Shares Series 18 upon giving to the Bank written notice thereof not earlier
# k4 r( f' n4 A) Q4 m! D. h4 ]than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the( i* a, f3 J( U! ]
15th day preceding, a Series 19 Conversion Date.
6 S9 h- Y+ x2 v- R9 {, h& B% xAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
8 A* R6 D! S0 v) S1 M) ^3 mProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
# S. x% h) W. KSeries 18, as the case may be, that there would be outstanding on such' u% F& _' z* `" c9 n
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
1 T+ A2 X% H: K7 Ksuch remaining number of Preferred Shares Series 19 will automatically be
: g: F! h6 H0 Nconverted on such Series 19 Conversion Date into an equal number of
0 r1 H5 U" G8 p4 w' TPreferred Shares Series 18. Additionally, if the Bank determines that, after) i" R( }  R. T- \6 X
conversion, there would be outstanding on such Series 19 Conversion Date! A8 m" ?# f6 P2 G  I
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
6 p- c& n1 k, |0 W+ sSeries 19 will be converted into Preferred Shares Series 18.
3 m) p+ k! n! p# IVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
0 [# p  t! u% P5 ISeries 19 will not be entitled as such to receive notice of, attend, or vote at,
: H9 z7 M9 E$ X6 q  iany meeting of the shareholders of the Bank unless and until the first time at0 A' J$ f5 u- `2 e  X
which the Board of Directors has not declared the whole dividend on the
" V; O  m3 U1 bPreferred Shares Series 19 in any quarter. In that event, subject as
# w% B8 H  Q4 \. ?hereinafter provided, the holders of Preferred Shares Series 19 will be& P3 j  Z, L* X7 q' q* p  u
entitled to receive notice of, and to attend, meetings of shareholders at which! w' ^$ T6 x9 H2 `" ~
directors of the Bank are to be elected and will be entitled to one vote for: i6 c+ W3 ~9 `% ~# M4 F' T1 ?) ~
each Preferred Share Series 19 held. The voting rights of the holders of the2 T! @7 u4 x) g5 b1 H
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
% v+ l( g. p/ Qthe first dividend on the Preferred Shares Series 19 to which the holders are9 M, O) ^' f, m6 V' k! L4 k* d$ P
entitled thereunder subsequent to the time such voting rights first arose until- E7 Q" I' Q! x+ e" K4 O: U" s
such time as the Bank may again fail to declare the whole dividend on the: D3 o8 ^: t- O0 k& b0 Q0 E* i7 c
Preferred Shares Series 19 in respect of any quarter, in which event such
6 `, r) d+ R/ xvoting rights will become effective again and so on from time to time.
% e! v/ K. h; d0 c" e/ @9 b2 dS-6
2 F6 X/ D# b: mPriority: The preferred shares of each series of the Bank will rank on a parity with
. o; h; m+ q8 J2 Z- ]/ pevery other series and are entitled to preference over the common shares of
7 w  f: f8 C& ?# J( D, @the Bank and over any other shares of the Bank ranking junior to the' T! J8 F0 ^+ U1 ~' R) Q" H' z
preferred shares with respect to the payment of dividends and upon any
' P% l  p2 y3 C8 ^distribution of assets in the event of the liquidation, dissolution or  a: ?  }0 g, v- b/ h, G
winding-up of the Bank.
/ V9 V( Q; R; E; Y- Z4 `0 sTax on Preferred Share The Bank will elect, in the manner and within the time provided under6 I) K% @, \# e5 O% n2 w
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
  x& \' Z7 |( Y# {Series 18 and Preferred Shares Series 19 will not be required to pay tax on
% h9 W" \) H1 M) K# m$ Zdividends 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。
" `/ n7 X" x' |4 k: k, N  z# ?9 C0 T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

5 W5 e& [* C& y6 R9 o1 P
0 U4 M  R) q! w$ ?+ T下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
! S& R4 a2 N5 b% |
6 b% m( p7 w% c; E8 f& W, kcall 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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