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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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3 X; S$ k9 |* H' D2 }8 J[ 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:
: z8 A$ k; q" [$ Q$ e# `SUMMARY OF THE OFFERING, F2 L4 Y4 p+ i
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. {) z# U3 h% p; v0 V- i3 ?Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.  d# `7 T( H2 R9 e' k" x! C' q
Amount: $150,000,000 (6,000,000 shares).  C4 A$ `/ x$ O+ H) \1 D: n1 [
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
6 S9 e* `! R8 ?; q; ~Principal Characteristics of the Preferred Shares Series 18* a5 f* d4 ~2 |2 E1 s0 L( F4 Z
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed+ G# Y3 Z- U6 `) P" f
non-cumulative preferential cash dividends, as and when declared by the4 [' g3 `! H/ \3 [
Board of Directors, subject to the provisions of the Bank Act, for the initial
) ~0 @2 C  b7 mperiod commencing on the closing date and ending on and including. z0 h8 g/ ~" V
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
8 N0 ~# p7 T0 H/ P  _5 t9 Y25th day of February, May, August and November in each year, at a rate) W# I$ ^9 J2 m6 h6 a( z9 A: M
equal to $0.40625 per share. The initial dividend, if declared, will be payable" [9 {0 h. U8 b) V- a1 S7 s" M# M6 s
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing5 q" ?' f" P% L& F( P) G. Y
date of December 11, 2008.
# h' k3 c- P- f4 U# \& y6 IFor each five-year period after the Initial Fixed Rate Period (each, a
. Z4 |, T0 n/ h% P& Y: k‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
+ C0 _/ s# r) @0 |2 ]; I8 j& ZSeries 18 will be entitled to receive fixed non-cumulative preferential cash
$ I3 R) x3 d* P" n* rdividends, as and when declared by the Board of Directors, subject to the
* h/ B& g  x6 ~, T4 qprovisions of the Bank Act, payable quarterly on the 25th day of February,% s$ J. n, P9 P! L) L! L
May, August and November in each year, in the amount per share per annum
0 a# Z8 [. j% G5 y7 E# Ldetermined by multiplying the Annual Fixed Dividend Rate applicable to
5 \& F9 ]" a  o+ C( U, Xsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
6 R% Z! K4 ~6 X  b& f& t: [Rate for the ensuing Subsequent Fixed Rate Period will be determined by the- {4 _& Y6 ^( s; O! c0 d2 c9 g
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day/ f" l1 `6 _5 g; ~* x7 B. s
of such Subsequent Fixed Rate Period and will be equal to the sum of the6 z% o' B! O1 ^1 C
Government of Canada Yield on the applicable Fixed Rate Calculation Date/ R' V% i. B$ P
plus 3.83%.3 S# E8 V1 u, p6 A" C3 y( E
If the Board of Directors does not declare a dividend, or any part thereof, on
  }" \% Y) m! i3 t7 ]0 wthe Preferred Shares Series 18 on or before the dividend payment date for a
* X+ p1 d. g' _* Q4 B5 T* Xparticular quarter, then the entitlement of the holders of the Preferred
% B1 N3 x7 e3 _* K1 k& sShares Series 18 to receive such dividend, or to any part thereof, for such! _! s; N( G) {' Z
quarter will be forever extinguished.
8 K3 N: b$ f! E/ w$ P2 h9 DRedemption: Subject to the provisions of the Bank Act and to the prior consent of the6 G8 l7 Y6 j" G0 M
Superintendent and to the provisions described below under ‘‘Details of the/ T: ]4 U8 X" ?5 b. F0 G! z. A% V* X
Offering — Certain Provisions of the Preferred Shares Series 18 as a) [6 q' a) ]  z! A2 r
Series — Restrictions on Dividends and Retirement of Shares’’, on
$ r5 N( p7 k6 m5 G  D* d( wFebruary 25, 2014 and on February 25 every five years thereafter, on not
& i$ ^  K% z/ I4 u/ c$ i* Zmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any3 i- S$ l7 |) i( @4 y' |
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
9 o1 z* y0 H' H, d- D2 Ewithout the consent of the holder, by the payment of an amount in cash for$ k- c- h) Q9 e2 h! r# `
each such share so redeemed of $25.00 together with all declared and unpaid
% g- L9 ?  d+ `+ y, kdividends to the date fixed for redemption.
' ]3 ~$ |2 Y# Y# e2 R5 sConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic1 j# `( _+ k! I. Y' j# |
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have4 ^* r2 T& }) V
the right, at their option, to convert, on February 25, 2014 and on3 i4 K: C; `# _& Z) `6 T" Z
S-4% a0 }7 s( P' q& \, I0 F: X8 }
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any- i5 t- }; m" O6 o6 A# s
or all of their Preferred Shares Series 18 into an equal number of Preferred+ z& D0 Z: t' ]
Shares Series 19 upon giving to the Bank notice thereof not earlier than
, n! ]! A. ?1 o) c- v  ^5 ~30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day* C" x1 S9 t9 G2 j) ^- y  l' _" |
preceding, a Series 18 Conversion Date.
# O) z5 j$ Q; I! ~& y0 Z8 x. P3 }Automatic Conversion If the Bank determines, after having taken into account all shares tendered
% R4 ?8 @2 G2 q* m! E0 s6 _4 _/ vProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
+ @% j- S( }8 h: Y3 B9 w9 v) cSeries 19, as the case may be, that there would be outstanding on such
5 I4 Z( K/ V$ [( tSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
3 ^- y4 ?, z8 x! l. F. @: x+ rsuch remaining number of Preferred Shares Series 18 will automatically be
" U+ b4 x6 i5 M( q& f- g% i+ qconverted on such Series 18 Conversion Date into an equal number of
& [$ i, ]) K" V/ [' [8 T6 j- KPreferred Shares Series 19. Additionally, if the Bank determines that, after
/ {9 s  ?, g$ u8 @: A% i0 p0 Jconversion, there would be outstanding on such Series 18 Conversion Date8 A( f% h" u9 i
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares. r$ V6 a: T6 t4 x
Series 18 will be converted into Preferred Shares Series 19.
, ^* x, @* ]9 mVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
% b& a: R2 p9 s9 ~' G+ KSeries 18 will not be entitled as such to receive notice of, attend, or vote at,2 O4 v$ g& G6 V+ x
any meeting of the shareholders of the Bank unless and until the first time at
7 I. m, l1 A- b0 M2 d1 Vwhich the Board of Directors has not declared the whole dividend on the
7 P6 m# m; U. t/ D! I8 G( L7 fPreferred Shares Series 18 in any quarter. In that event, subject as
' S4 H* p. {, @( Y+ C+ K, [' uhereinafter provided, the holders of Preferred Shares Series 18 will be
3 y1 p3 s- u: r9 D* O- \) Mentitled to receive notice of, and to attend, meetings of shareholders at which6 f4 E. S5 ]( b2 [1 e3 V% q* s& [
directors of the Bank are to be elected and will be entitled to one vote for- f1 @& v+ t: e
each Preferred Share Series 18 held. The voting rights of the holders of the
6 ]# o7 s3 ?7 A; WPreferred Shares Series 18 will forthwith cease upon payment by the Bank of# D. `3 E4 E+ U- V8 D7 m1 p8 G
the first dividend on the Preferred Shares Series 18 to which the holders are, [& F9 V$ ^5 ~; i8 n
entitled thereunder subsequent to the time such voting rights first arose until
7 O$ l- H! I5 `/ G% u0 }: asuch time as the Bank may again fail to declare the whole dividend on the
  }; ~: Z" b2 M3 x: uPreferred Shares Series 18 in respect of any quarter, in which event such
  `* G# R( Y8 H. @9 G7 Cvoting rights will become effective again and so on from time to time.0 D& ^  n) }; C! o) p/ h
Principal Characteristics of the Preferred Shares Series 19
" b* j; B. C4 P2 V1 T2 j* F# t. dDividends: The holders of the Preferred Shares Series 19 will be entitled to receive* D+ [: e, L. D9 V
floating rate non-cumulative preferential cash dividends, as and when
  Y9 J0 @9 U5 N0 t' u! s' adeclared by the Board of Directors, subject to the provisions of the Bank Act,1 D: E; ]+ w, E
payable quarterly on the 25th day of February, May, August and November+ r6 X( K9 L# D, }1 L' I7 t$ b
in each year, in the amount per share determined by multiplying the
! s# Y( B$ ?2 @5 l4 u1 r; O0 ~applicable Quarterly Floating Dividend Rate by $25.00.0 s4 d9 X# O+ ^1 n
On the 30th day prior to the commencement of the initial quarterly dividend* H; R$ G  \9 F- H+ `0 c# [
period beginning on February 25, 2014, and on the 30th day prior to the first( A; [. o9 R) L0 S% @8 v
day of each subsequent quarterly dividend period (the initial quarterly
; m" p5 G5 }: N' J  odividend period and each subsequent quarterly dividend period is referred to
/ ?, X6 o0 [8 r4 W2 B+ _as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the, C: M+ [  w) f- o4 Z5 H
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate5 V1 H0 p* r0 b: ~* Z
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
1 W4 n; {0 Y# P& t3 aT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
( C# `" T  d( j6 e6 ?elapsed in the applicable Quarterly Floating Rate Period divided by 365); w& p- }+ Z1 V7 ]3 T# E# ]0 {5 g. w
determined on the 30th day prior to the first day of the applicable Quarterly- o5 n2 R% ^- j: u+ ], R
Floating Rate Period.
; I; z) \  c" T5 p- _S-51 s' |/ m/ `0 y# u! m$ I6 s
If the Board of Directors does not declare a dividend, or any part thereof, on: I. W+ V6 }) F9 V" e# @4 Z
the Preferred Shares Series 19 on or before the dividend payment date for a
2 ]/ ~- u( Q* oparticular quarter, then the entitlement of the holders of the Preferred8 j/ l. [# y$ @- s" s" k3 B
Shares Series 19 to receive such dividend, or to any part thereof, for such
1 P& f: q% A$ Cquarter will be forever extinguished.
# |) l! v: U7 h8 S% f  jRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
9 D7 M. B+ o0 u- [: s4 J, j' J4 tSuperintendent and to the provisions described below under the heading
! S$ g2 G# i6 T. _6 g‘‘Details of the Offering — Certain Provisions of the Preferred Shares+ d' W1 o/ k  ]3 ]
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
6 z: b  n/ n% P/ M7 e! t& pon not more than 60 nor less than 30 days’ notice, the Bank may redeem all  _. K7 ]0 G. X) }3 r; m6 l
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
8 e( }7 U) Y; d, Hoption without the consent of the holder, by the payment of an amount in! G/ Q2 c6 ?6 [  O8 ?2 [$ W
cash for each such share so redeemed of (i) $25.00 together with all declared3 W* v1 I( U0 D* L# a3 K8 O
and unpaid dividends to the date fixed for redemption in the case of/ B) D' B: v0 ^  g* G
redemptions on February 25, 2019 and on February 25 every five years
2 y: Y1 [. M% a# E0 g8 u. Pthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
& |, B2 l4 l1 Bthe date fixed for redemption in the case of redemptions on any other date
8 Y5 {" C/ c3 P( N+ ^- }; von or after February 25, 2014.
' b+ O" v3 p' `7 j3 P- SConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic3 x. W$ M4 ]6 _& r" |
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have/ Q1 E2 j8 A& X5 Z0 [6 m
the right, at their option, to convert, on February 25, 2019 and on) A& v+ J4 \2 l: r) \, I+ @
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
/ S- Q/ V* @, g0 q) Y5 ], t, }or all of their Preferred Shares Series 19 into an equal number of Preferred
" `% n! ]7 D. x- S8 t, NShares Series 18 upon giving to the Bank written notice thereof not earlier
5 G6 a8 \, J6 Y- Bthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the; Q' U% `3 A, o* R7 r
15th day preceding, a Series 19 Conversion Date.
+ P. a4 s* p: y) B$ G7 _Automatic Conversion If the Bank determines, after having taken into account all shares tendered
% y7 t9 {* F) CProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
9 e1 n/ }% Q5 [, j& B! q8 _Series 18, as the case may be, that there would be outstanding on such* D5 z8 K) [0 c1 V5 @+ S
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
! W( B; A( R3 |9 _. J6 xsuch remaining number of Preferred Shares Series 19 will automatically be
, |! W& Z/ Q1 A4 E! ^+ U# yconverted on such Series 19 Conversion Date into an equal number of
# a$ Y; v& g) X+ IPreferred Shares Series 18. Additionally, if the Bank determines that, after4 d: P1 B, L8 ~, X% {' ^% Q
conversion, there would be outstanding on such Series 19 Conversion Date4 V: z3 Q  z& t3 P
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares( G7 k4 w8 U4 I, l, h7 t2 |3 _
Series 19 will be converted into Preferred Shares Series 18.
) p8 N  N6 V% X0 }Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares, l8 q/ G0 ?, Y
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
+ B7 }- H6 }1 Z2 x) t: z! wany meeting of the shareholders of the Bank unless and until the first time at1 P) Y; B8 ?8 ^1 d) J
which the Board of Directors has not declared the whole dividend on the
) c7 o, U: t! ]+ G5 qPreferred Shares Series 19 in any quarter. In that event, subject as. N: _3 U$ T- Z' [0 s" \
hereinafter provided, the holders of Preferred Shares Series 19 will be
5 _/ k8 a# y: y7 o) E/ y/ W3 ]entitled to receive notice of, and to attend, meetings of shareholders at which
4 n" o3 X$ I5 j3 v& i# f' f% ddirectors of the Bank are to be elected and will be entitled to one vote for
( Y7 B) o8 t% geach Preferred Share Series 19 held. The voting rights of the holders of the
3 c5 E# U5 k! n7 XPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
3 Q8 A/ C0 M, c; Q! ~6 h- a* ?* Nthe first dividend on the Preferred Shares Series 19 to which the holders are
' R9 ~' K* a% v7 o/ w8 c1 Uentitled thereunder subsequent to the time such voting rights first arose until
4 L; {) k5 K2 K4 c1 Ssuch time as the Bank may again fail to declare the whole dividend on the9 @8 k2 ~. m- `3 ^
Preferred Shares Series 19 in respect of any quarter, in which event such
/ }. [' _) P6 G+ Xvoting rights will become effective again and so on from time to time.
  q! [# |( m# L" Z9 {2 ]& D. tS-6% R9 T( l. m3 k+ H* ~; B. A
Priority: The preferred shares of each series of the Bank will rank on a parity with
3 ]! P3 l- S. k" Z; J' S% Zevery other series and are entitled to preference over the common shares of: X4 b; x( A0 F  P: P
the Bank and over any other shares of the Bank ranking junior to the8 B' r, Z- t. A, E/ d
preferred shares with respect to the payment of dividends and upon any) \! ?3 @3 N/ Z$ F9 r, A
distribution of assets in the event of the liquidation, dissolution or, @, u4 N8 @/ d' S% X& Q
winding-up of the Bank.; P2 b5 s) k( V3 r! U( z
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under: F' J( s! m1 `8 t
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
, R; O, E8 j6 lSeries 18 and Preferred Shares Series 19 will not be required to pay tax on4 v! ?; @7 A3 D9 x0 X3 {
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。; j5 V0 |! R8 Q2 J/ A9 }% ^
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
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% w; B9 J- p% ^) a  d6 v
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。9 g. O/ T3 p/ d2 H: N
4 [6 |* p" v4 }6 h- E2 q
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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