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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。# }$ b+ E& M, d: C7 E
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5 F$ P# _& l; X2 M
[ 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:
1 G' y- C3 j- U- J6 ISUMMARY OF THE OFFERING
, @( N7 k. _. a& J+ A' O- N8 cThis 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’’.
2 a5 a0 y1 e- a+ U& m9 BIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
! y, M) C# v: V$ _- a  EAmount: $150,000,000 (6,000,000 shares).. i8 c5 @& j7 E  ^: e
Price and Yield: $25.00 per share to yield initially 6.50% per annum.1 B$ c/ D* J+ m4 E! C* Y$ c( X
Principal Characteristics of the Preferred Shares Series 18. c, {! b" M% I) V
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed2 X- o- e. Q) o% d! t
non-cumulative preferential cash dividends, as and when declared by the7 m; O2 O9 C3 F( P  }9 b' M
Board of Directors, subject to the provisions of the Bank Act, for the initial
1 D; L2 z4 ?9 D+ Q8 ^1 c% w* dperiod commencing on the closing date and ending on and including) G3 t. d3 l7 j* E2 F1 Z
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
  x' a/ J; m8 \) t25th day of February, May, August and November in each year, at a rate
8 k: D! t! M- j6 @; M+ nequal to $0.40625 per share. The initial dividend, if declared, will be payable
% `! P# F/ y1 W2 \: ~/ ^  N- ]May 25, 2009 and will be $0.73459 per share, based on the anticipated closing! R8 [! E( }' t/ X' M& v
date of December 11, 2008.
) |9 t, v8 V8 qFor each five-year period after the Initial Fixed Rate Period (each, a) j( ~2 }7 {8 @/ ~' l0 P/ p  G
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares, a9 _. V5 B; H3 ]$ E9 \& m/ t
Series 18 will be entitled to receive fixed non-cumulative preferential cash
: [( b8 o% d7 m# |8 w) gdividends, as and when declared by the Board of Directors, subject to the0 t" H" |! f# O$ f6 j0 o
provisions of the Bank Act, payable quarterly on the 25th day of February,
6 h8 J8 D7 o7 y) L& `/ [! ?May, August and November in each year, in the amount per share per annum" l& ]$ ?: e: X& c4 n) U' y
determined by multiplying the Annual Fixed Dividend Rate applicable to
' N# u' \! e  u6 Q0 Qsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend9 u  h0 N5 n7 K: x
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
& b/ R/ [4 y/ X9 f6 ?  jBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day- E* ?* f$ `/ c1 Q5 u
of such Subsequent Fixed Rate Period and will be equal to the sum of the
" g' E* R- N+ a7 C4 XGovernment of Canada Yield on the applicable Fixed Rate Calculation Date7 p6 K+ R* Y2 I( |/ w9 Z' g$ y
plus 3.83%.- Z( c5 D- s' f) l5 i
If the Board of Directors does not declare a dividend, or any part thereof, on
/ V7 K1 K! V- othe Preferred Shares Series 18 on or before the dividend payment date for a
2 B) L: E- ~: ]7 f  v$ nparticular quarter, then the entitlement of the holders of the Preferred+ @% |# i% x2 i! [  ?
Shares Series 18 to receive such dividend, or to any part thereof, for such
  W" B4 k0 \: k0 mquarter will be forever extinguished.
; d: ?8 A0 a; x/ ~4 cRedemption: Subject to the provisions of the Bank Act and to the prior consent of the3 U/ g1 p: a0 e% m3 o2 w
Superintendent and to the provisions described below under ‘‘Details of the
/ c& f1 V0 k, R9 j8 cOffering — Certain Provisions of the Preferred Shares Series 18 as a
: C0 |6 ]! a% E8 r: nSeries — Restrictions on Dividends and Retirement of Shares’’, on
9 A% D5 z; P# I, XFebruary 25, 2014 and on February 25 every five years thereafter, on not4 I' k, B" a1 ]- Z
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any" }1 u% |) P3 ^* H/ u
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
6 F' A5 T4 g( fwithout the consent of the holder, by the payment of an amount in cash for
2 G1 m' l8 ~; _( ]( [# @2 ~each such share so redeemed of $25.00 together with all declared and unpaid
6 n1 P( Z. v# Odividends to the date fixed for redemption.( B: v4 d3 G% x8 k5 a
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
( b0 r7 i# Z; ~Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have7 D. m8 @( ]3 c
the right, at their option, to convert, on February 25, 2014 and on
: v, \$ \5 @* d3 w# H) H& H: kS-4
% P6 {2 v2 y. I( h: K0 M) T9 i+ `February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any# T3 S; f1 Z  y3 E/ o0 s
or all of their Preferred Shares Series 18 into an equal number of Preferred) Z) n+ E% M  s& W4 O5 [
Shares Series 19 upon giving to the Bank notice thereof not earlier than
+ Z2 H% `* g* V$ }) E30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day* f( \5 P( H6 E" S( X
preceding, a Series 18 Conversion Date., D/ d( C) I" ?4 K+ j1 r# [5 q
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
  G( h- T8 ~0 lProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares+ \; L, p) B4 s- @4 D
Series 19, as the case may be, that there would be outstanding on such
+ r/ @% Z! X  ]9 [6 `4 N+ {Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
! r  j  Z2 y: A& G% [) X" U: @7 Hsuch remaining number of Preferred Shares Series 18 will automatically be% u% f. r  ]0 k5 ^' E
converted on such Series 18 Conversion Date into an equal number of
- {7 y! f3 ^1 O- y- ~Preferred Shares Series 19. Additionally, if the Bank determines that, after6 {* b) j% ]" l: P
conversion, there would be outstanding on such Series 18 Conversion Date
" ?. m+ N0 _! \6 h4 f& Gless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares' U6 }- m# V+ v- J
Series 18 will be converted into Preferred Shares Series 19.
, L4 c) i/ Q; Y1 r7 K8 E2 yVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
$ ?, p, ?/ O: I1 SSeries 18 will not be entitled as such to receive notice of, attend, or vote at,' t5 K0 F9 O& I
any meeting of the shareholders of the Bank unless and until the first time at' F; X/ C1 x/ B/ Z
which the Board of Directors has not declared the whole dividend on the& B9 {+ r' h9 C4 S
Preferred Shares Series 18 in any quarter. In that event, subject as, G3 \: d$ p3 S- m  _2 c. V4 I
hereinafter provided, the holders of Preferred Shares Series 18 will be9 O7 V% T" K8 D: T- i1 L8 I: U
entitled to receive notice of, and to attend, meetings of shareholders at which
9 X# S' t( L3 T, o1 r  Q0 hdirectors of the Bank are to be elected and will be entitled to one vote for
8 H, C, v) `' j) ~9 u5 {/ Deach Preferred Share Series 18 held. The voting rights of the holders of the
! w& I! ^' T% F, x# V1 w$ ~Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
/ Q0 ^$ Z& W4 }the first dividend on the Preferred Shares Series 18 to which the holders are9 V% a* K- H8 k8 D8 p" f
entitled thereunder subsequent to the time such voting rights first arose until0 N" e! f1 g- g' T6 e1 x# A7 [
such time as the Bank may again fail to declare the whole dividend on the
& _. U' b# v+ S$ I3 p, ^Preferred Shares Series 18 in respect of any quarter, in which event such
/ b' V! p* r' w  o9 @voting rights will become effective again and so on from time to time.
# B8 z* m) g/ l3 mPrincipal Characteristics of the Preferred Shares Series 19
7 o& o1 O' i0 H0 P0 ZDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
' v4 H4 c( s5 w1 [  p+ F8 ^floating rate non-cumulative preferential cash dividends, as and when
  k3 M0 n3 O8 h/ e! e& Z- edeclared by the Board of Directors, subject to the provisions of the Bank Act,5 s% D" _* [+ H8 A0 W# E
payable quarterly on the 25th day of February, May, August and November
! N. [% z" O/ c( D/ Min each year, in the amount per share determined by multiplying the
+ ]0 D* O9 \( \. i) Capplicable Quarterly Floating Dividend Rate by $25.00.5 e) ^- [8 G, i
On the 30th day prior to the commencement of the initial quarterly dividend
7 F8 y0 u7 e' a& _" R, yperiod beginning on February 25, 2014, and on the 30th day prior to the first$ t. q2 ]' z% ?' l; }$ D/ j" o
day of each subsequent quarterly dividend period (the initial quarterly" v9 M6 I! ?; L3 K5 u. a* y' p
dividend period and each subsequent quarterly dividend period is referred to
/ K3 F1 ?7 c5 p! A0 ?. v5 d  t5 yas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
' ?- @8 O/ F/ M: E( F; Z  m6 [Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
, d) w! W8 M" CPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
7 ]$ R" }4 s: w- \T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
+ ?/ ~" B% e1 v2 uelapsed in the applicable Quarterly Floating Rate Period divided by 365)
, y4 v* v! k0 j5 b& qdetermined on the 30th day prior to the first day of the applicable Quarterly( D/ ?, @1 w3 @3 V% y, `
Floating Rate Period.2 N5 \) ?3 R9 A% }
S-5( b! t  p5 h% {, Y
If the Board of Directors does not declare a dividend, or any part thereof, on6 U2 s7 A" ^# r8 R
the Preferred Shares Series 19 on or before the dividend payment date for a7 T; I4 ?9 f4 f$ D6 a# {) a% g
particular quarter, then the entitlement of the holders of the Preferred# l, p( H1 j; J0 P7 n2 Z
Shares Series 19 to receive such dividend, or to any part thereof, for such/ B6 {* v- a. k$ T9 X
quarter will be forever extinguished.) C" m( |" ?$ X' }
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
  R9 C: N; @. R( t# N2 R* {Superintendent and to the provisions described below under the heading
: ~5 X7 c  `8 v9 H8 }% _‘‘Details of the Offering — Certain Provisions of the Preferred Shares( C+ s; `7 e$ |% P
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
( i& k+ c8 N; N# {, o' @, mon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
1 P! k) a" h  D# o# Yor any part of the then outstanding Preferred Shares Series 19, at the Bank’s0 H, k! _  t# u
option without the consent of the holder, by the payment of an amount in
% l( r; C" j5 \# K7 b& z; J7 }cash for each such share so redeemed of (i) $25.00 together with all declared
( H1 `" |% |" F0 }and unpaid dividends to the date fixed for redemption in the case of
; n- X" W2 \# Y* x5 u, L, J7 qredemptions on February 25, 2019 and on February 25 every five years
' T0 S6 b* j) B/ ?* L( _5 Q9 h6 ethereafter, or (ii) $25.50 together with all declared and unpaid dividends to
1 Y0 F8 t( ]( t* D# ^the date fixed for redemption in the case of redemptions on any other date
/ o0 N. z1 ]5 b" _# `% @" Bon or after February 25, 2014.
. B+ T8 G, d* [6 |  TConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
  i" p( s5 ], d7 fShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have, T& Q; x5 X+ j7 p; d! _$ o: F: T
the right, at their option, to convert, on February 25, 2019 and on% [# L0 J, @9 @2 t
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any+ Y/ R# g+ z/ Z
or all of their Preferred Shares Series 19 into an equal number of Preferred
, a  A" Z+ S4 x. B5 M) Y2 ]& X: NShares Series 18 upon giving to the Bank written notice thereof not earlier
/ ?: }& x6 i3 Z/ G; I) v+ Othan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
. z# p$ r9 H' ~9 s1 K15th day preceding, a Series 19 Conversion Date.
2 s/ x: g7 I3 m. {- r. KAutomatic Conversion If the Bank determines, after having taken into account all shares tendered, [4 H5 k* M6 f% ?2 v7 a
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares0 u" x" }" a4 }2 m; j
Series 18, as the case may be, that there would be outstanding on such7 b$ R) K, r& H& q
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,( d$ v1 e5 n! Q' f8 A' o, k# R) A
such remaining number of Preferred Shares Series 19 will automatically be4 Q- V0 Z3 v8 T  y' z% C
converted on such Series 19 Conversion Date into an equal number of
" s5 x( |5 x# {1 E3 ?Preferred Shares Series 18. Additionally, if the Bank determines that, after
, i( f+ H7 Z6 G: }conversion, there would be outstanding on such Series 19 Conversion Date
% E3 R( R5 f; B# j9 n. K7 T  Y5 Cless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares! e2 K' l$ p# u0 p6 c+ w. m$ J( p
Series 19 will be converted into Preferred Shares Series 18.  `! d8 K0 h* H2 U0 d3 O
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
* l. X7 M+ S- `; d+ K$ n# c) ]Series 19 will not be entitled as such to receive notice of, attend, or vote at,9 ^& a6 m: ]" I% g+ x. H+ ]. n
any meeting of the shareholders of the Bank unless and until the first time at3 `# v9 R: j1 X5 _; w* A2 ~
which the Board of Directors has not declared the whole dividend on the# w# m' {8 s2 s" v& V- U  A5 k5 c
Preferred Shares Series 19 in any quarter. In that event, subject as
0 x* C! E3 ]/ i! o9 A3 U# Lhereinafter provided, the holders of Preferred Shares Series 19 will be/ K" B4 d  [' P* P
entitled to receive notice of, and to attend, meetings of shareholders at which& O% I- j3 o# y
directors of the Bank are to be elected and will be entitled to one vote for
) x. Q+ l) y! j0 S) veach Preferred Share Series 19 held. The voting rights of the holders of the
0 I; y( G2 E1 j, [2 {$ dPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
5 ~0 z6 L( ]; p, A# W: x* zthe first dividend on the Preferred Shares Series 19 to which the holders are7 O8 P1 }+ O5 k+ F9 F5 I- W
entitled thereunder subsequent to the time such voting rights first arose until. E7 U1 I, {  P2 r: @; c9 R
such time as the Bank may again fail to declare the whole dividend on the! m& g" i. I% I' n+ O, G' U
Preferred Shares Series 19 in respect of any quarter, in which event such
5 ^* V4 u% z8 \+ Cvoting rights will become effective again and so on from time to time.
. V+ m, l7 \. f5 m5 LS-6
* f! T2 J  p( n/ y) d6 l0 J* DPriority: The preferred shares of each series of the Bank will rank on a parity with
$ T% p( b) q/ D2 kevery other series and are entitled to preference over the common shares of& Y" q& I2 n$ h% _" |
the Bank and over any other shares of the Bank ranking junior to the/ g8 E  P. H: g1 D3 g. u8 q1 u
preferred shares with respect to the payment of dividends and upon any
7 [& M1 |2 B4 K0 n. u* S& j( a; {: {) y: Wdistribution of assets in the event of the liquidation, dissolution or
9 Y7 x  y* P# T. R# Zwinding-up of the Bank.6 N9 _3 w$ l1 J7 D' o' V9 w5 ~
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under, X+ g( `$ Q, W  j" ?! o) _+ o
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares" c2 n/ K0 @1 Y* M; f- e
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
1 D5 W7 \$ r+ Y5 adividends received on such shares under Part IV.1 of such Act.
大型搬家
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。1 }# q* E8 z/ J% G( z+ E0 C# 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

! }9 \1 o8 [. @9 P* `: \4 z5 H9 V% P. h" ~
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。+ R# j$ C- B4 |$ e% ?

4 N- W7 p8 C: j' f( i% Scall 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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