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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。
$ }7 t' z; s) I/ j0 U, d

- @) z& {- A8 [5 ?1 O  v
2 |) j1 r. h- I. T1 X/ f[ 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:
* x4 f1 w" E5 Y% v- ?' L' |SUMMARY OF THE OFFERING5 `" {9 @: f5 T% s& 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’’.- A1 C5 Z! I$ n. K
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
* B3 h/ ~  S8 B6 c8 s( JAmount: $150,000,000 (6,000,000 shares)./ P) I( d  M4 G+ n
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
/ K, G. |8 {- Q! D8 kPrincipal Characteristics of the Preferred Shares Series 18
& T0 [+ x5 |- YDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
& ]" ~2 o0 S: \1 J6 L4 y3 knon-cumulative preferential cash dividends, as and when declared by the
8 Q: O$ x5 Z/ J; k+ jBoard of Directors, subject to the provisions of the Bank Act, for the initial2 g! w* U- T& i3 n5 G2 b$ e
period commencing on the closing date and ending on and including+ {, q- V- c% h$ _# A
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
& F3 X( ~5 e/ P: P1 D: Z- Z# p4 b25th day of February, May, August and November in each year, at a rate
  Z$ B6 ]! k7 u/ kequal to $0.40625 per share. The initial dividend, if declared, will be payable
. R2 L. h; {1 v: RMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing; d. @1 E* t& i8 V3 k
date of December 11, 2008.. H9 v; K; T5 n0 s
For each five-year period after the Initial Fixed Rate Period (each, a8 ~0 }, ]6 \, T4 @
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
+ I  x, l, o+ C" N  Q, ESeries 18 will be entitled to receive fixed non-cumulative preferential cash; G6 }1 f% V; v- k  i0 B
dividends, as and when declared by the Board of Directors, subject to the( H) V" J$ Q7 F% B( Z3 h) V+ t
provisions of the Bank Act, payable quarterly on the 25th day of February,
/ a8 Z' _0 g$ V# L! ~May, August and November in each year, in the amount per share per annum2 }: v8 Z% W$ A' N0 V. k
determined by multiplying the Annual Fixed Dividend Rate applicable to6 t2 P8 C* K# i# r3 A5 [
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend$ ~, Z+ p. r3 o* V) H
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the4 S5 W5 n  b8 l, s
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day! c& ]& ^3 y! B& d. G5 g& T5 S) F2 r
of such Subsequent Fixed Rate Period and will be equal to the sum of the% i1 _- |. U7 G+ I* L. ?" f
Government of Canada Yield on the applicable Fixed Rate Calculation Date
/ D6 {2 r1 u- C; i3 n: {8 ^3 kplus 3.83%.% D9 Z6 U2 f6 P: o/ i
If the Board of Directors does not declare a dividend, or any part thereof, on! J3 L. D; G' }4 t
the Preferred Shares Series 18 on or before the dividend payment date for a
1 g9 `2 G9 L. g* O( C3 tparticular quarter, then the entitlement of the holders of the Preferred
: J7 t, l% n: r# y! PShares Series 18 to receive such dividend, or to any part thereof, for such
+ S+ l, G) I: l2 Tquarter will be forever extinguished.
# U5 F& H' ^+ j/ Z% s1 WRedemption: Subject to the provisions of the Bank Act and to the prior consent of the) n# o& M9 ~) d0 R+ o; H
Superintendent and to the provisions described below under ‘‘Details of the
$ Q1 H& u! v- ?- ]) ?5 ^Offering — Certain Provisions of the Preferred Shares Series 18 as a8 U. ~# A0 ?  _# z* B" |
Series — Restrictions on Dividends and Retirement of Shares’’, on
4 i8 c! _: |1 a% H6 S- j6 vFebruary 25, 2014 and on February 25 every five years thereafter, on not
8 f# s1 R. B$ G- D% v% @) Q1 Tmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any( Q$ v1 R# U2 ^: i9 i8 A) ~
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
0 G" C! R; s6 d0 nwithout the consent of the holder, by the payment of an amount in cash for6 h- e* L* w! s/ p1 Z* a
each such share so redeemed of $25.00 together with all declared and unpaid8 x! j6 y3 ~+ ^( }9 z+ ^2 o; D
dividends to the date fixed for redemption.
8 S* j( u6 n' Q' S: @+ `Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic" f9 c6 [; z& e
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have0 B" s8 D1 ]& q' Z
the right, at their option, to convert, on February 25, 2014 and on. I& R! v3 _$ K4 U" w( D4 |
S-4/ K. v6 S- i! k
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any( M+ l6 n0 J3 z% i6 |% C
or all of their Preferred Shares Series 18 into an equal number of Preferred
$ \! i  H& o: DShares Series 19 upon giving to the Bank notice thereof not earlier than6 z% k% U) F8 I% N& Z; `
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day, Q( _& J5 c) {$ S1 A" J: G
preceding, a Series 18 Conversion Date.
9 ^7 V% E9 R7 m$ A+ wAutomatic Conversion If the Bank determines, after having taken into account all shares tendered8 h2 r9 ]" s; Y6 ~
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares+ q: X- F( z" ]) u9 u
Series 19, as the case may be, that there would be outstanding on such4 m# [8 y* y. {8 Q9 n3 r
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,% M4 ~! c( T$ ~3 n2 ^; s! l% n
such remaining number of Preferred Shares Series 18 will automatically be. [8 G: s$ {$ y: l# l4 ]
converted on such Series 18 Conversion Date into an equal number of( I  Q6 S. ?) ]/ G
Preferred Shares Series 19. Additionally, if the Bank determines that, after
1 W4 a0 f! [! [6 I4 K( }conversion, there would be outstanding on such Series 18 Conversion Date
8 S! r% l* O, H0 ~less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
: ~: f4 {6 x5 q  ~& G: ?' ], t( D: hSeries 18 will be converted into Preferred Shares Series 19.
5 |$ t. j% e. l. j& TVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
( Y. H; f) h4 V2 E4 k- d. v- [Series 18 will not be entitled as such to receive notice of, attend, or vote at,
4 f6 \& D3 {% A$ W: ]6 f- |any meeting of the shareholders of the Bank unless and until the first time at/ k$ t2 Q2 j' Y$ c
which the Board of Directors has not declared the whole dividend on the
5 ?& u7 t7 O4 FPreferred Shares Series 18 in any quarter. In that event, subject as
4 z2 J1 b( {9 j0 qhereinafter provided, the holders of Preferred Shares Series 18 will be
+ a0 S/ z% r: ]& lentitled to receive notice of, and to attend, meetings of shareholders at which6 W9 F* S! _9 B; r: S3 M
directors of the Bank are to be elected and will be entitled to one vote for0 e) f2 k8 N$ e% C! J) g8 b/ v
each Preferred Share Series 18 held. The voting rights of the holders of the: y/ Y9 X! k# i
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
2 K/ N" v$ ]- d- E$ wthe first dividend on the Preferred Shares Series 18 to which the holders are
$ ?5 }3 N. A( j5 ^entitled thereunder subsequent to the time such voting rights first arose until
. ~% k2 H4 k4 S$ H( R. q5 tsuch time as the Bank may again fail to declare the whole dividend on the
/ y9 G, c* @  q2 x0 F& U# ?Preferred Shares Series 18 in respect of any quarter, in which event such
  Q! @  H- q! a5 d2 Y/ tvoting rights will become effective again and so on from time to time.
* j! Q9 u9 v/ C2 P1 EPrincipal Characteristics of the Preferred Shares Series 194 K: r( O+ z( L4 ]7 R6 {4 L$ q7 Y
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive9 k* }$ Q# B0 h" Z- A' E' g9 L
floating rate non-cumulative preferential cash dividends, as and when
: ]( e! w- }. j5 Zdeclared by the Board of Directors, subject to the provisions of the Bank Act,
6 u: r' p, s% J  |payable quarterly on the 25th day of February, May, August and November$ a$ \% q. n/ ^. b5 o0 S8 H. y
in each year, in the amount per share determined by multiplying the+ T6 l3 q6 r* \) f7 n$ o
applicable Quarterly Floating Dividend Rate by $25.00.! Z! h  V, j+ c* d/ T- @1 J: T9 h
On the 30th day prior to the commencement of the initial quarterly dividend
. d5 O# t4 J; q: R! B- L& C/ Eperiod beginning on February 25, 2014, and on the 30th day prior to the first
7 k, n2 j7 _; K; d" |3 [- i. iday of each subsequent quarterly dividend period (the initial quarterly# X( G& F* u, X4 ^. j. I( e4 K
dividend period and each subsequent quarterly dividend period is referred to
& e  ^# _9 \- Q9 `as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the6 O1 v8 `# k8 X; o
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate6 r4 R# H( d/ W
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
+ l1 d0 |& G6 y5 G/ X$ [( C1 TT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days, }! l4 M, \% \5 ?: ^8 Q. D
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
" m+ `6 l) h' }8 u/ z6 G) h6 k. Fdetermined on the 30th day prior to the first day of the applicable Quarterly
7 k$ m2 ^! g1 e$ Q) @, @( u9 ^+ ZFloating Rate Period.0 k! n/ i1 V4 g; u4 B( J
S-5
( Q  ^0 D0 O( C9 KIf the Board of Directors does not declare a dividend, or any part thereof, on* H% p8 Y5 ^8 R& ]1 n
the Preferred Shares Series 19 on or before the dividend payment date for a+ s5 s7 E- x6 |2 D5 Q3 M6 Q& m
particular quarter, then the entitlement of the holders of the Preferred' M8 H9 i1 _4 T! `3 o
Shares Series 19 to receive such dividend, or to any part thereof, for such3 B  S( i" N: @: P5 K0 g. G
quarter will be forever extinguished.
! W9 P* W, Z4 J0 l# C$ cRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
" ~' e% Y" S& `0 X- ^/ ?; }Superintendent and to the provisions described below under the heading0 f  \* o0 ^+ ^: Q
‘‘Details of the Offering — Certain Provisions of the Preferred Shares# p% N$ P: Z( G7 k! }, v1 F0 a5 }8 ]  z
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,) F/ ]" ?* X6 u7 X- i: s
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
% k+ a; J" O+ E7 }0 z2 ^8 {or any part of the then outstanding Preferred Shares Series 19, at the Bank’s, M8 W& d; C; q* }5 ^0 H& p: R
option without the consent of the holder, by the payment of an amount in
- q. C9 [" H9 H. Y# qcash for each such share so redeemed of (i) $25.00 together with all declared  n. F8 }  X& s) B* `* b5 x
and unpaid dividends to the date fixed for redemption in the case of
% a( o7 ^+ A# w' D3 [% w9 B9 ]! q) k) Oredemptions on February 25, 2019 and on February 25 every five years
! O1 @! L4 K0 C% B) zthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
8 g+ C& Z1 I4 k) Uthe date fixed for redemption in the case of redemptions on any other date
" T' c8 ~$ H% t. g% c- Y0 F. t" oon or after February 25, 2014.
2 ^9 E( U% ?3 X7 MConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
! l" U$ }% a0 u- H# h1 U  c/ lShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
( F9 {. N+ v* y+ j9 k: qthe right, at their option, to convert, on February 25, 2019 and on8 B  j9 x% y  Q4 }( Q; D
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any7 a" Q4 _1 r7 a/ @# j) _
or all of their Preferred Shares Series 19 into an equal number of Preferred$ m7 \' u9 N7 X, k
Shares Series 18 upon giving to the Bank written notice thereof not earlier' a  Q- M* _5 S; n. r! T; R/ o
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the& W- j6 z0 ]5 J
15th day preceding, a Series 19 Conversion Date.& ?/ R' g  Q2 y7 A$ K  o9 q
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
9 j2 B. ]! h0 JProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares8 N, B7 b1 T2 B; d" [
Series 18, as the case may be, that there would be outstanding on such
! E9 o* U5 r1 wSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
- w0 i& W& {9 W; A$ b; ?0 o! bsuch remaining number of Preferred Shares Series 19 will automatically be* B! \$ V" o  e$ k7 `7 H
converted on such Series 19 Conversion Date into an equal number of# O8 ^) c8 f/ U7 J& n: A
Preferred Shares Series 18. Additionally, if the Bank determines that, after
. K% C+ a9 d. w. o) j5 k' pconversion, there would be outstanding on such Series 19 Conversion Date" K/ V* c+ f4 x. B$ ]
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
; ~2 d( p) K+ aSeries 19 will be converted into Preferred Shares Series 18.
" C9 _3 ?! `% `4 p7 AVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
$ d3 u: E9 j7 T2 v0 cSeries 19 will not be entitled as such to receive notice of, attend, or vote at,: J5 ?' o, L/ i* I% b$ m9 J2 e; F
any meeting of the shareholders of the Bank unless and until the first time at
5 m7 u  O' H' o, Y5 W! Bwhich the Board of Directors has not declared the whole dividend on the* o1 I3 r& _8 T! Z8 U
Preferred Shares Series 19 in any quarter. In that event, subject as
: F# I7 c6 Q% h, _hereinafter provided, the holders of Preferred Shares Series 19 will be+ f6 Y) {# q$ z2 q! J
entitled to receive notice of, and to attend, meetings of shareholders at which+ L5 n( j0 A) Z, v/ l! I$ A
directors of the Bank are to be elected and will be entitled to one vote for) l4 T5 l2 v, Y6 J- y+ \6 m9 P' f
each Preferred Share Series 19 held. The voting rights of the holders of the
9 k3 \5 l- j2 x8 P8 h6 lPreferred Shares Series 19 will forthwith cease upon payment by the Bank of. Q' }$ z( m- `( p' P/ T, a
the first dividend on the Preferred Shares Series 19 to which the holders are4 A  e2 E. y; j7 K0 S8 v
entitled thereunder subsequent to the time such voting rights first arose until. J: S& S# P! E) g; s3 V
such time as the Bank may again fail to declare the whole dividend on the
9 c3 ]% C1 A- [# qPreferred Shares Series 19 in respect of any quarter, in which event such
8 F/ m3 _7 m; U0 Q2 d6 uvoting rights will become effective again and so on from time to time.
  K7 m+ [* s  zS-6+ G9 u9 Y1 e6 r4 x! z5 h* D
Priority: The preferred shares of each series of the Bank will rank on a parity with
2 a) E$ U0 V' q' ievery other series and are entitled to preference over the common shares of
$ W1 Z& l3 Y- l3 Kthe Bank and over any other shares of the Bank ranking junior to the, Q: M/ X3 _9 J9 `2 O: Y
preferred shares with respect to the payment of dividends and upon any
) n" F9 p& f9 G/ n' k+ L8 Y* tdistribution of assets in the event of the liquidation, dissolution or
( R4 s( Q9 W6 U. j2 P  G) ]4 Fwinding-up of the Bank.0 ^; W* j8 f# X
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
0 f( T% o  y9 @Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares( m. ?0 J4 r- ?. W( U6 \- H
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
6 l6 R5 X3 M! P6 Q7 @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。* p7 R" @+ ~7 R5 j+ K5 W
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
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

$ C& ~0 w$ {3 `% [9 q8 B6 y
' H0 b% o, b, j% n下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
8 [1 T# q# l& y$ |6 q# M
2 r" ~  N, g3 e) K  }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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