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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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" o# S: D' A1 J5 `% k8 r. n/ C
& ]2 R% [$ S1 v! b& W: S[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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 楼主| 发表于 2008-11-29 16:58 | 显示全部楼层
下面是BMO的:) T) Y8 K$ P+ X
SUMMARY OF THE OFFERING
- |9 y* k* p; o% c- ZThis 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 v0 S9 Q6 G: g2 ]4 E5 x2 XIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.7 t' Q# a: d5 {6 n
Amount: $150,000,000 (6,000,000 shares).& L9 N3 O1 x& G+ j- G
Price and Yield: $25.00 per share to yield initially 6.50% per annum.8 [4 V; w; k6 Z0 w
Principal Characteristics of the Preferred Shares Series 189 {; q2 B2 J4 ?0 v
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed, E1 @6 g3 j1 E" U- B' |  t0 y
non-cumulative preferential cash dividends, as and when declared by the
3 H2 b$ Z" x0 S/ Z& W! H1 cBoard of Directors, subject to the provisions of the Bank Act, for the initial
: n, ?& O4 j4 \- Gperiod commencing on the closing date and ending on and including
! T0 v: Q) I$ JFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
- h+ z* A# {9 V25th day of February, May, August and November in each year, at a rate) j/ u3 U% ~' _! T5 o7 g0 X, I
equal to $0.40625 per share. The initial dividend, if declared, will be payable
; p) S" |2 a! I  S  a/ O4 QMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
2 Y( J9 [/ o' R$ d, u8 Fdate of December 11, 2008.& u1 ]/ N1 n+ `3 B4 ]* x& \
For each five-year period after the Initial Fixed Rate Period (each, a. Z6 r1 n6 M# T' q& P
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares6 ^& ~, @1 `& r* O1 N
Series 18 will be entitled to receive fixed non-cumulative preferential cash
# g, X5 Q# {1 d5 idividends, as and when declared by the Board of Directors, subject to the
( D4 o" L$ Y8 B7 sprovisions of the Bank Act, payable quarterly on the 25th day of February,
: l5 V, R6 F7 ^4 ~May, August and November in each year, in the amount per share per annum
) o9 P% X4 @! q6 ~" xdetermined by multiplying the Annual Fixed Dividend Rate applicable to7 ]4 y  ~( u  ^- I- _$ {
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend% u7 k; b# J- s4 U. e
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the  \& U5 G2 X. y0 V* B+ h
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
3 x6 s& U, N. Qof such Subsequent Fixed Rate Period and will be equal to the sum of the* e( C! `/ p. f8 z# e
Government of Canada Yield on the applicable Fixed Rate Calculation Date
, p  ^1 B: g' w0 xplus 3.83%.
" Q2 X  G2 [6 W5 p& J9 FIf the Board of Directors does not declare a dividend, or any part thereof, on
# j' `9 H' U. H' A' `the Preferred Shares Series 18 on or before the dividend payment date for a
6 N& Q1 Z/ f) l7 n3 K+ {. M7 Fparticular quarter, then the entitlement of the holders of the Preferred
3 s  r2 G7 _3 F* x- i. k/ ?3 EShares Series 18 to receive such dividend, or to any part thereof, for such1 D0 {: M1 f3 l/ X% F7 E1 O
quarter will be forever extinguished.- V& _! K3 L$ e) D* m
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the! _' V" w2 \( o- ?, a; T9 s3 f6 v
Superintendent and to the provisions described below under ‘‘Details of the1 d! W& W5 _" o
Offering — Certain Provisions of the Preferred Shares Series 18 as a; c& b- `  J" Z; f# W
Series — Restrictions on Dividends and Retirement of Shares’’, on
1 H0 d5 w7 q4 _+ ~9 a! mFebruary 25, 2014 and on February 25 every five years thereafter, on not
% y7 P! z6 `5 S# U) X# imore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
; V* s3 c, h( R) G4 bpart of the then outstanding Preferred Shares Series 18, at the Bank’s option' M! K" b5 e# n+ l* z( K& q. u0 t- q  @
without the consent of the holder, by the payment of an amount in cash for
; h5 p7 ^3 ^- g9 a, Z) \5 t- ~each such share so redeemed of $25.00 together with all declared and unpaid9 H' i# S* M3 @! |
dividends to the date fixed for redemption./ v/ \1 I7 X- A( N
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
& z& w9 o# `& u( b; `Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have6 D" h2 {; l5 ]8 q3 F3 w
the right, at their option, to convert, on February 25, 2014 and on9 G" B, F+ d& \
S-4+ E' v& J; r; }
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any! @1 _2 e4 z/ j4 K$ o
or all of their Preferred Shares Series 18 into an equal number of Preferred
, s, c6 Z/ E- ~: S# _% N* O0 Z& iShares Series 19 upon giving to the Bank notice thereof not earlier than4 X! e" u2 {, C0 [* F
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day* t! M* A- I/ j+ m) B, ?" G% {; t
preceding, a Series 18 Conversion Date.
4 I/ i0 m# w; O0 K6 ?Automatic Conversion If the Bank determines, after having taken into account all shares tendered
: ~5 ^% _4 f& H3 V$ u" fProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares! X. f7 L, I3 {, z# C
Series 19, as the case may be, that there would be outstanding on such6 Z' q8 ^/ `" T
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,7 q# V5 R& J& H; B$ v
such remaining number of Preferred Shares Series 18 will automatically be
# D) o- F: [" l' U* B2 lconverted on such Series 18 Conversion Date into an equal number of
/ F) v7 K3 ^/ p- c" M* APreferred Shares Series 19. Additionally, if the Bank determines that, after5 Z7 A5 s% v( Y4 b6 p" {
conversion, there would be outstanding on such Series 18 Conversion Date5 h: I1 n) `- n8 h$ j, v1 a8 p2 I
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
4 c. f5 C4 m' y0 x8 ySeries 18 will be converted into Preferred Shares Series 19.
% [8 P* P" j. @7 r) b& B$ }4 ZVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
) h0 }" i1 |% N6 ^% aSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
8 ]/ y% R; Q* x# P4 Q, Kany meeting of the shareholders of the Bank unless and until the first time at& a- p. d+ W9 r7 l
which the Board of Directors has not declared the whole dividend on the
, B6 Y  f2 Z" Y$ w- j# k5 @Preferred Shares Series 18 in any quarter. In that event, subject as6 m3 h( |1 Z8 r6 f
hereinafter provided, the holders of Preferred Shares Series 18 will be6 N4 t9 Z1 `0 o8 D* ]2 m9 `
entitled to receive notice of, and to attend, meetings of shareholders at which
. C+ {4 O. G: @1 X8 D3 {) h) [! u" Pdirectors of the Bank are to be elected and will be entitled to one vote for
- G8 c4 Y: ?* ]# ^each Preferred Share Series 18 held. The voting rights of the holders of the
: ?/ i7 A- t+ iPreferred Shares Series 18 will forthwith cease upon payment by the Bank of1 ^  g& ^: S7 _( p
the first dividend on the Preferred Shares Series 18 to which the holders are- L- @7 o2 H1 }
entitled thereunder subsequent to the time such voting rights first arose until; X, C7 S5 Z0 N6 Q- a+ r
such time as the Bank may again fail to declare the whole dividend on the! \0 [& U4 r: d
Preferred Shares Series 18 in respect of any quarter, in which event such
. ~  O8 z% }% g5 F) l; {3 H+ hvoting rights will become effective again and so on from time to time.
1 f7 @! I4 f" E/ xPrincipal Characteristics of the Preferred Shares Series 19
3 Q1 |1 {: V* I8 e) y+ {* A" UDividends: The holders of the Preferred Shares Series 19 will be entitled to receive8 O7 |% n" p% ~$ b
floating rate non-cumulative preferential cash dividends, as and when
/ i! o8 }1 b1 Q  _- sdeclared by the Board of Directors, subject to the provisions of the Bank Act,
0 i1 Y- E, ~" a2 r. H  }payable quarterly on the 25th day of February, May, August and November
) H. ^6 E! k5 z) [7 K& r7 U+ `9 iin each year, in the amount per share determined by multiplying the
! ~* m1 J+ j. `+ oapplicable Quarterly Floating Dividend Rate by $25.00.
6 H% b( i( }3 B3 \( [  l/ QOn the 30th day prior to the commencement of the initial quarterly dividend
. L1 w. E% p8 ~$ z% Z) `period beginning on February 25, 2014, and on the 30th day prior to the first: b, t" c) t( g- b4 |% n
day of each subsequent quarterly dividend period (the initial quarterly
& q  t7 X+ n% edividend period and each subsequent quarterly dividend period is referred to
# {' C3 T' ^) S; b* ~* r: B1 Eas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the* u5 m: @% d; E
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
4 C# t7 w' v$ XPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
6 _8 X4 a0 [& \7 l) o! d5 bT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
+ |% h- J3 j7 }7 C8 u1 n' Delapsed in the applicable Quarterly Floating Rate Period divided by 365)' q( U, x: G& w
determined on the 30th day prior to the first day of the applicable Quarterly
9 Q8 a0 Z! }) T6 SFloating Rate Period.
7 |! ?+ I1 K7 l/ |% ?0 m9 ?+ `) |S-5% Y# T4 ]8 t$ W! {+ I! O
If the Board of Directors does not declare a dividend, or any part thereof, on
% ]; Q! D$ F9 r6 h, n% @the Preferred Shares Series 19 on or before the dividend payment date for a! w+ R: q- c0 o
particular quarter, then the entitlement of the holders of the Preferred% Z+ J; z/ W: n  Z5 r; }5 z
Shares Series 19 to receive such dividend, or to any part thereof, for such
) t/ n8 i) o. j; t) ]9 S  F, Oquarter will be forever extinguished.! G/ Z& H0 }4 {7 q
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
( [7 }, C1 {+ k( ?1 rSuperintendent and to the provisions described below under the heading6 Y7 [8 l) H# u! b2 y* z/ W
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
$ `' b! v6 D; \* a0 d8 b5 ySeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,& ~- h7 U6 R& }+ {3 Q; p. T
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all2 N9 q! H" R8 u
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s. k3 D& N% ~% w  [
option without the consent of the holder, by the payment of an amount in' H  h! i0 E/ c/ {' f9 r; a
cash for each such share so redeemed of (i) $25.00 together with all declared; C" X3 x1 N5 y4 c% h" U* R9 A" U
and unpaid dividends to the date fixed for redemption in the case of
( @7 j# b' L) ?. dredemptions on February 25, 2019 and on February 25 every five years. N; \7 _+ K1 Q+ B
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to: i7 v5 P6 A# \! {: I- C0 s
the date fixed for redemption in the case of redemptions on any other date
& ]& P+ a2 n/ k2 g( V2 @6 Uon or after February 25, 2014.
+ n; [6 t2 |+ I3 r4 G( HConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
" P8 N7 M, n! \; `Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have; a9 c+ Q5 G4 [5 I
the right, at their option, to convert, on February 25, 2019 and on9 ]% Z3 p8 n, f6 Z
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any( \& z4 r6 W$ t2 c  D
or all of their Preferred Shares Series 19 into an equal number of Preferred
+ T4 {" x4 v, \% b- E% ]( A9 |Shares Series 18 upon giving to the Bank written notice thereof not earlier/ v/ p* N: I9 H9 g: L) |5 }
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
& B1 [( n3 W  m* J0 ?- I# e15th day preceding, a Series 19 Conversion Date.
7 P0 m& Y1 g  gAutomatic Conversion If the Bank determines, after having taken into account all shares tendered' D2 R; D9 p/ d% t
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
& ]: r6 c1 U6 Y% [, b' tSeries 18, as the case may be, that there would be outstanding on such4 M8 O6 ]  `" ]' e+ U$ H
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,% Q% A* n8 z) @/ I8 h
such remaining number of Preferred Shares Series 19 will automatically be6 ?- e7 _" S1 ?& u' \; o
converted on such Series 19 Conversion Date into an equal number of3 Y2 Q  f# Q2 ]( E5 ]! Q' V
Preferred Shares Series 18. Additionally, if the Bank determines that, after# I  d; c) Z$ r" W
conversion, there would be outstanding on such Series 19 Conversion Date3 s) B$ x5 m% P1 V
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
6 t' o$ Z, r! w5 bSeries 19 will be converted into Preferred Shares Series 18.1 R% c# Y6 R5 q$ x5 p& [) X4 ~
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
' V9 b7 B8 ^# fSeries 19 will not be entitled as such to receive notice of, attend, or vote at,% f1 l" z' w% o$ g
any meeting of the shareholders of the Bank unless and until the first time at
- w/ n) g, f$ [: E7 |% Cwhich the Board of Directors has not declared the whole dividend on the
8 z; b3 G, h1 j9 \Preferred Shares Series 19 in any quarter. In that event, subject as- Y  ], f9 o- y& O2 C# h' Q1 _  r7 ?
hereinafter provided, the holders of Preferred Shares Series 19 will be
9 E; H& |# Q; U5 K5 A$ Pentitled to receive notice of, and to attend, meetings of shareholders at which
' A, r% l0 l# P; h$ s1 [8 v0 Kdirectors of the Bank are to be elected and will be entitled to one vote for
9 @# R) K) O+ e3 e  S3 H4 Xeach Preferred Share Series 19 held. The voting rights of the holders of the4 r0 n  C% |. k7 U5 N& S* ?
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of0 }( ?5 U4 B6 h7 X
the first dividend on the Preferred Shares Series 19 to which the holders are
; j4 u2 f! p2 Nentitled thereunder subsequent to the time such voting rights first arose until
4 f3 O2 y  p) Gsuch time as the Bank may again fail to declare the whole dividend on the
. d( {! u* e# pPreferred Shares Series 19 in respect of any quarter, in which event such2 i+ ^( ~+ f! G) \4 P
voting rights will become effective again and so on from time to time.6 _' r0 \( R2 g2 `6 A2 q, x
S-6/ O- P; @" x4 u- l4 X$ X. h
Priority: The preferred shares of each series of the Bank will rank on a parity with" U. A- ?5 H- C  o& y4 D5 d
every other series and are entitled to preference over the common shares of
8 M3 w) Y2 {6 }. [, v2 Dthe Bank and over any other shares of the Bank ranking junior to the. |7 J3 e" p3 p& l
preferred shares with respect to the payment of dividends and upon any3 o3 E5 _) U& Z
distribution of assets in the event of the liquidation, dissolution or
  Q! Y6 l* U: Nwinding-up of the Bank.
# x/ n; Q+ a  {5 zTax on Preferred Share The Bank will elect, in the manner and within the time provided under
9 A5 q3 r7 \6 k4 k' }- WDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
& B3 S! A0 p* n, `9 {( l/ WSeries 18 and Preferred Shares Series 19 will not be required to pay tax on! H0 ], @7 H3 i" o; ~, M
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。
" }+ H; |/ {- r5 T1 H/ ^/ r+ @  G8 F今天讲座如何?
理袁律师事务所
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

4 E( X. T7 F6 d; m
8 X6 ~8 C3 V5 x' e下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
. G2 ~3 J+ Q" M7 t
; s: J. M& }% ucall 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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