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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
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和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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4 X) F: e9 ^0 J( q# U+ Z6 g( w. {1 o4 v! z
[ 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:, E; c* G  z& f
SUMMARY OF THE OFFERING$ `$ s& T" ]6 t8 H( j. F5 w" @
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 q) _) W/ E+ fIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.. m1 `- D& `  k& w' n# L
Amount: $150,000,000 (6,000,000 shares).. }9 o' G* v, i; Q" u; y
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
+ d& O& p" m- m: T: Y7 I; gPrincipal Characteristics of the Preferred Shares Series 18
! Z( [6 ]9 v3 }  ?2 V# nDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed6 c" s5 G5 K) D2 U0 y' [
non-cumulative preferential cash dividends, as and when declared by the
/ y0 y% j, i( DBoard of Directors, subject to the provisions of the Bank Act, for the initial, n3 t5 P' [% C, k7 g/ v( _& @
period commencing on the closing date and ending on and including
, K( K6 Y5 h7 K1 w% ]- AFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the& ]4 F1 F! `. @1 F, h
25th day of February, May, August and November in each year, at a rate
2 v; {  K6 q$ c2 s2 [equal to $0.40625 per share. The initial dividend, if declared, will be payable
& B6 Z- O7 R8 m. _7 O1 ^May 25, 2009 and will be $0.73459 per share, based on the anticipated closing5 }5 a3 d# ^, _/ C1 g
date of December 11, 2008.) H- l  f; E6 u& l5 D
For each five-year period after the Initial Fixed Rate Period (each, a
4 V/ I' Q' @8 j" t7 h6 n‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares' R" U* U" \9 W) E+ f9 w% `4 J+ d
Series 18 will be entitled to receive fixed non-cumulative preferential cash
0 ?, V1 a$ M' F& r8 |9 `, X9 Q% }1 edividends, as and when declared by the Board of Directors, subject to the
# B6 d: [6 ~" G/ ?1 Dprovisions of the Bank Act, payable quarterly on the 25th day of February,
) A+ `9 z1 p, Q& H/ gMay, August and November in each year, in the amount per share per annum
" X, E) N6 Z# X8 vdetermined by multiplying the Annual Fixed Dividend Rate applicable to
6 b' L  J% N: _  Q. ]9 }# usuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
- Q6 X8 B" r2 v' n5 l9 c$ ARate for the ensuing Subsequent Fixed Rate Period will be determined by the
4 I* C( G7 r& e3 R/ XBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day% ?, K. n( Q( u" f7 U1 w
of such Subsequent Fixed Rate Period and will be equal to the sum of the3 w, v, J- Q: O7 G  ~9 Z
Government of Canada Yield on the applicable Fixed Rate Calculation Date
% U+ y: B$ E- C7 H$ Q. x- yplus 3.83%.
, I+ p$ r, k8 b- ?If the Board of Directors does not declare a dividend, or any part thereof, on) m9 R$ z  q+ Q. v8 N7 V. O
the Preferred Shares Series 18 on or before the dividend payment date for a: n5 w/ n" B- O' ^9 f
particular quarter, then the entitlement of the holders of the Preferred
- G# v9 m4 p5 b. D. o, jShares Series 18 to receive such dividend, or to any part thereof, for such# X: B: e3 l* W! Y- \0 W0 h7 k; i
quarter will be forever extinguished.1 }0 u; e. ?) Q! i4 ?1 [
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the6 _0 Q$ g( j1 W: s3 n& v* ?
Superintendent and to the provisions described below under ‘‘Details of the' R3 t2 y3 \' ^4 e4 U; N
Offering — Certain Provisions of the Preferred Shares Series 18 as a
  L: W# J5 {, X5 I. ASeries — Restrictions on Dividends and Retirement of Shares’’, on  ^+ W/ f$ x4 }1 Z
February 25, 2014 and on February 25 every five years thereafter, on not+ P  ]# S: I+ g0 a- @) f
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any5 z% U' M& k- K% d: s7 K- g6 X" g/ @1 _3 S
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
, w' i8 P8 V6 d5 F* \9 awithout the consent of the holder, by the payment of an amount in cash for$ Z% G9 ^6 H; D1 Z! p8 F! s' A; m
each such share so redeemed of $25.00 together with all declared and unpaid7 f" l1 w6 C  `
dividends to the date fixed for redemption.
2 y' G$ O4 E! d2 W+ NConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
! t: t3 }9 t  o% ?# u7 J: P# RShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
* B4 I- i" U9 a8 pthe right, at their option, to convert, on February 25, 2014 and on
8 `; ^: G6 Z! A+ ^" N9 g% a( yS-4
7 D% w) V7 H4 rFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
) V6 X1 L# K/ V/ I9 H- kor all of their Preferred Shares Series 18 into an equal number of Preferred: ^2 c! w# l& x
Shares Series 19 upon giving to the Bank notice thereof not earlier than
3 L. |0 ]3 o' @/ A, \30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day; y7 m* C4 ^1 j: f% Z* b# _
preceding, a Series 18 Conversion Date.
3 v1 G/ e# `2 y; gAutomatic Conversion If the Bank determines, after having taken into account all shares tendered* |# `6 X* e+ E5 a8 X
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares" Y/ s4 M( h1 s  i
Series 19, as the case may be, that there would be outstanding on such
) h6 F4 G' z6 G) ]( f0 GSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
* P9 @. ?1 X) I5 ^! O% _. osuch remaining number of Preferred Shares Series 18 will automatically be
" {, L* S' o0 u6 @8 D; B1 A2 ^# [: i- mconverted on such Series 18 Conversion Date into an equal number of7 N1 N( o$ O4 i- t) k/ P
Preferred Shares Series 19. Additionally, if the Bank determines that, after, Z1 }, z! P6 A! Y  X2 _" S) L6 h
conversion, there would be outstanding on such Series 18 Conversion Date
0 Z4 g, x" W5 J4 R4 @" J$ bless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
$ x' b! E2 P3 o& fSeries 18 will be converted into Preferred Shares Series 19.2 L9 i0 R; r8 R/ w2 F
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares8 X3 f5 {# C, G2 W5 w, g
Series 18 will not be entitled as such to receive notice of, attend, or vote at,, B) o6 H9 ?; \+ \& ?0 Y! s
any meeting of the shareholders of the Bank unless and until the first time at
5 [6 i9 h# e; Y& ^which the Board of Directors has not declared the whole dividend on the
: S2 o( j9 _2 n* ?# cPreferred Shares Series 18 in any quarter. In that event, subject as9 |" N: @' V. e. |1 ]
hereinafter provided, the holders of Preferred Shares Series 18 will be
: B. X5 a# Q- T1 O! h& ventitled to receive notice of, and to attend, meetings of shareholders at which
4 v- H& l# _3 ?$ `& K; h+ Gdirectors of the Bank are to be elected and will be entitled to one vote for5 [' O9 Q3 }6 r. ?' ~+ {7 E
each Preferred Share Series 18 held. The voting rights of the holders of the
' o' r1 P/ g$ B% [( s9 MPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
9 F1 ~/ H, }. gthe first dividend on the Preferred Shares Series 18 to which the holders are
$ W1 O  E. y/ u* o( sentitled thereunder subsequent to the time such voting rights first arose until
7 P3 n. |& U$ g% m3 d- \such time as the Bank may again fail to declare the whole dividend on the& K. X1 J4 }5 {9 }
Preferred Shares Series 18 in respect of any quarter, in which event such  e1 A4 Y, C. C7 B' h& C( ^% W4 s+ _
voting rights will become effective again and so on from time to time.
+ H" j2 z, @# d3 FPrincipal Characteristics of the Preferred Shares Series 19: b/ p6 Q# B3 }1 G
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
. D- V$ X) U/ O' A& o. P$ M8 Bfloating rate non-cumulative preferential cash dividends, as and when
- D5 q( n" t' L* udeclared by the Board of Directors, subject to the provisions of the Bank Act,( W5 Q; P4 k5 L) K7 u' P
payable quarterly on the 25th day of February, May, August and November
9 s0 B7 x- r% l& `4 rin each year, in the amount per share determined by multiplying the; F4 W- ~/ n, w
applicable Quarterly Floating Dividend Rate by $25.00.- i9 [( r1 k$ n8 U- e; r4 F5 A4 m+ H$ i
On the 30th day prior to the commencement of the initial quarterly dividend- W" U+ x2 X) v! @0 S
period beginning on February 25, 2014, and on the 30th day prior to the first
6 _$ T! t/ R6 C/ Y0 Jday of each subsequent quarterly dividend period (the initial quarterly1 y5 ~9 y4 O7 O
dividend period and each subsequent quarterly dividend period is referred to6 X9 `( L7 d" p; ^7 @, p5 b' j
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
& P3 c" N# |! i0 @Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate( e, d; D$ N7 C
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
8 W9 N+ F! `  P) c7 `T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
8 {) e) C% o  i' \5 Welapsed in the applicable Quarterly Floating Rate Period divided by 365); ]: o( |& L! D" ^
determined on the 30th day prior to the first day of the applicable Quarterly; {6 E: _" Q4 ^
Floating Rate Period.
) |4 O) G4 ]+ i* k3 k1 O- KS-5* t8 F; }3 b, m5 Q7 B( j1 }
If the Board of Directors does not declare a dividend, or any part thereof, on
3 C8 p  o2 Y: ?! ~) @) D! h, uthe Preferred Shares Series 19 on or before the dividend payment date for a
7 t# i0 ?; Z. F8 ~  L% |; Eparticular quarter, then the entitlement of the holders of the Preferred) N" V$ S2 a* K4 k4 S6 Q5 h! j6 b. ]
Shares Series 19 to receive such dividend, or to any part thereof, for such, G8 c+ m) ], d, J1 P' n" H/ n
quarter will be forever extinguished.# e2 ^% k% C) R$ \% v; J8 n
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
  F( k; K% ~7 w, x: ?% OSuperintendent and to the provisions described below under the heading
6 |1 [5 t% J4 M% y& t! h7 F+ A8 a‘‘Details of the Offering — Certain Provisions of the Preferred Shares' ^) Z0 k9 V9 E+ ^
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
" l. G! c, d/ Y: t* Von not more than 60 nor less than 30 days’ notice, the Bank may redeem all
: O  c; ], j4 c, oor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
9 X" _/ P8 \3 A5 x" [option without the consent of the holder, by the payment of an amount in
: G6 @, L: K( Y/ L- ycash for each such share so redeemed of (i) $25.00 together with all declared2 {/ Z+ |3 \  F
and unpaid dividends to the date fixed for redemption in the case of
+ T* v. R% K) {! s5 vredemptions on February 25, 2019 and on February 25 every five years
" G7 j/ G# ~( }thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
- b  Q' G' o8 ]6 B. Bthe date fixed for redemption in the case of redemptions on any other date
3 v. `+ u5 Y. i6 p3 B! A- r/ W) Con or after February 25, 2014.; z4 |$ [: K/ Z8 l7 R) L( }6 `
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic! ~8 A: J: s8 J
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
, K& I2 m! K7 W# p- P  G5 ethe right, at their option, to convert, on February 25, 2019 and on
3 G3 C5 f% n; {. |+ ?2 rFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any7 H% u1 L. I( [; P& \
or all of their Preferred Shares Series 19 into an equal number of Preferred8 d/ A5 T* ~" y" h+ f% f
Shares Series 18 upon giving to the Bank written notice thereof not earlier
1 Q* d9 ^+ K' e" X( vthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the/ D  ?! f  C4 o5 g  h
15th day preceding, a Series 19 Conversion Date.  j' d7 o# Z5 C' J
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
9 |6 B+ @/ _  E6 G/ _9 |; O0 vProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
0 Q, X) P/ Z2 S4 CSeries 18, as the case may be, that there would be outstanding on such  G' q0 n' W$ d2 z! z
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,: T1 H6 }) M. \  E& }
such remaining number of Preferred Shares Series 19 will automatically be/ T' B9 l0 L0 D1 L" a
converted on such Series 19 Conversion Date into an equal number of
" E- W: r+ W7 E' P% z; SPreferred Shares Series 18. Additionally, if the Bank determines that, after
9 Q8 z' v) U# _) ~; wconversion, there would be outstanding on such Series 19 Conversion Date
$ w7 Z% m  L, Q( Lless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
% p# N8 P: L. T# VSeries 19 will be converted into Preferred Shares Series 18.
" f7 g, u7 H2 I. dVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares- l5 m9 D9 j+ [' k1 V$ w! T+ H  s# y
Series 19 will not be entitled as such to receive notice of, attend, or vote at,* ^9 ]: D4 M( B
any meeting of the shareholders of the Bank unless and until the first time at3 y- F2 _0 D& d+ u
which the Board of Directors has not declared the whole dividend on the7 G: t6 S! X* \! X8 A& r5 Q  ?
Preferred Shares Series 19 in any quarter. In that event, subject as
. c3 ?* t- O% ehereinafter provided, the holders of Preferred Shares Series 19 will be
$ a6 X. y$ h6 o0 h2 t, {entitled to receive notice of, and to attend, meetings of shareholders at which( I' Z- N/ I8 w; m) m2 C
directors of the Bank are to be elected and will be entitled to one vote for. E* r+ ^0 m+ ]8 H
each Preferred Share Series 19 held. The voting rights of the holders of the
! d& a6 V8 H7 kPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
, s6 S4 Z0 g9 g5 ^9 Lthe first dividend on the Preferred Shares Series 19 to which the holders are
$ A, }6 p- m' N4 Sentitled thereunder subsequent to the time such voting rights first arose until
. T" Z2 z' D# w9 Hsuch time as the Bank may again fail to declare the whole dividend on the% t0 d! `4 d' {4 }* N' ]
Preferred Shares Series 19 in respect of any quarter, in which event such. q: e- g# J- K! a5 m- H: e% E, w
voting rights will become effective again and so on from time to time.: H* E: W2 s2 k( ?
S-6, _8 W! m1 n* L" l( T' s
Priority: The preferred shares of each series of the Bank will rank on a parity with
" t" Q0 R, N: J7 Y% [every other series and are entitled to preference over the common shares of. S- V9 W6 g0 n9 E1 ^- n' F
the Bank and over any other shares of the Bank ranking junior to the
6 R* M3 Q; k/ ]2 \: ~/ Epreferred shares with respect to the payment of dividends and upon any
1 `! a( g5 e+ mdistribution of assets in the event of the liquidation, dissolution or
8 l9 R: s7 {5 z0 N& Qwinding-up of the Bank.
$ P# I0 y! J# S  M( H& FTax on Preferred Share The Bank will elect, in the manner and within the time provided under6 h) M9 Y/ \) c8 S- Z" U  ?
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
/ r. n# D/ b$ J/ m! g- Z, c/ ^1 YSeries 18 and Preferred Shares Series 19 will not be required to pay tax on% P! t- r: p" n% X' {
dividends 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。5 Y! P+ j: N8 ]/ J$ E/ r/ r9 i9 u3 p
今天讲座如何?
大型搬家
鲜花(26) 鸡蛋(0)
 楼主| 发表于 2008-11-29 17:48 | 显示全部楼层
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
; c1 @$ |5 r: n

7 q: C) Q3 S8 E, p# P下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
: V9 u6 X' u+ \5 W, p/ S: ^% ^! r/ W9 j: `4 i$ C: H
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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