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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。
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[ 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:
3 F/ ^1 L' @0 m  N+ Q) fSUMMARY OF THE OFFERING
& O' n* m- E. M8 ]1 t" ]" N2 S0 u1 qThis 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’’.+ d" q% R" P% R. @, b/ L
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
7 h6 V, q! T' v$ @0 j5 d/ c! ~5 E& s7 qAmount: $150,000,000 (6,000,000 shares).3 s" |( @' f4 B
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
3 ?* w$ d$ p& `/ }8 t# F: rPrincipal Characteristics of the Preferred Shares Series 18) u$ k3 T/ d% _
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
% r! z" E- N! cnon-cumulative preferential cash dividends, as and when declared by the7 U) X4 U% D  ]+ T
Board of Directors, subject to the provisions of the Bank Act, for the initial
" K6 G  b5 Q2 V" T1 jperiod commencing on the closing date and ending on and including" C5 J4 ~) C! U: Q/ S) i
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
( ]% w& S' y0 M3 [6 |. u* s2 w2 x25th day of February, May, August and November in each year, at a rate2 Q0 C9 y# t  W6 o' ]
equal to $0.40625 per share. The initial dividend, if declared, will be payable7 O% u, K6 k) d& z' V* I( g
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing/ }2 Y" F9 x5 Y0 b7 ]
date of December 11, 2008.$ v0 L4 D$ v' ~# X4 I
For each five-year period after the Initial Fixed Rate Period (each, a
+ I: p5 ?# S- S& G* ~‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares' w! }  w2 d: A$ f2 ~. E2 O
Series 18 will be entitled to receive fixed non-cumulative preferential cash; b/ M2 k: z) j) p" T
dividends, as and when declared by the Board of Directors, subject to the+ O- ~, y3 V. V* w
provisions of the Bank Act, payable quarterly on the 25th day of February,4 b& M4 w9 I  x' r6 [( e
May, August and November in each year, in the amount per share per annum# E7 E8 w: ~) _
determined by multiplying the Annual Fixed Dividend Rate applicable to
2 s) ?8 V8 {& f0 D6 v  o# qsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
  D  b) D, v0 d6 Z; J5 \. zRate for the ensuing Subsequent Fixed Rate Period will be determined by the( X& @+ v* }# a$ u5 t0 J4 _1 w
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
' N$ V- \3 [- ?# K2 mof such Subsequent Fixed Rate Period and will be equal to the sum of the# f% U; K' t& ~. e7 c
Government of Canada Yield on the applicable Fixed Rate Calculation Date# G6 P0 [$ }; ~5 n7 h/ S
plus 3.83%.
2 b1 q9 I0 o& n. t$ @; LIf the Board of Directors does not declare a dividend, or any part thereof, on% j+ J" j: ^5 Z2 U
the Preferred Shares Series 18 on or before the dividend payment date for a
( u5 `0 j( w1 n" p- Xparticular quarter, then the entitlement of the holders of the Preferred* k8 h9 O6 ]& {, y3 k% j
Shares Series 18 to receive such dividend, or to any part thereof, for such* G$ z* ?% b: V2 R; d& T
quarter will be forever extinguished.
1 C) y" _, Y$ d7 XRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
( f, O9 t( ?0 L  w8 v" b0 d2 ASuperintendent and to the provisions described below under ‘‘Details of the$ m1 H+ w# ^& z# X! L# c
Offering — Certain Provisions of the Preferred Shares Series 18 as a/ {7 |) o+ p" Z$ U
Series — Restrictions on Dividends and Retirement of Shares’’, on) s3 I' \. U4 }5 Y  s$ I
February 25, 2014 and on February 25 every five years thereafter, on not) q. `& r! t9 l
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any3 Z/ e2 a5 [" D  m' i, |
part of the then outstanding Preferred Shares Series 18, at the Bank’s option. m: @. D" s4 \9 z/ m: b
without the consent of the holder, by the payment of an amount in cash for% H) p8 l( d. g# v# H
each such share so redeemed of $25.00 together with all declared and unpaid& v" S, F! i) G: q
dividends to the date fixed for redemption.
$ h2 W* L6 A3 I- I% ]0 }. s* j8 y2 QConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
  F) q& p# P% u8 m' L  d) T7 p& NShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have" Z3 C9 l- o9 V' ~; s. U' S
the right, at their option, to convert, on February 25, 2014 and on% D. _+ ^) p, p( h
S-4: M+ i  O0 Y/ L  [+ R
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
1 U: J9 }9 P4 T6 ~6 Uor all of their Preferred Shares Series 18 into an equal number of Preferred
1 @5 l. E/ P" c1 a$ Y( @Shares Series 19 upon giving to the Bank notice thereof not earlier than
2 [3 Y4 S- |1 m! c/ x# C+ l30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day7 d4 O; |) G4 N. e
preceding, a Series 18 Conversion Date.
% [2 E1 J% q+ ], OAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
. q2 U, ]& Q. GProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
' X0 @: m2 X1 ?3 G5 \Series 19, as the case may be, that there would be outstanding on such! u. p  z6 V* j
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,5 w9 D& ~* k, R
such remaining number of Preferred Shares Series 18 will automatically be
5 L; D6 t8 o% U6 _6 q: w! Z4 tconverted on such Series 18 Conversion Date into an equal number of
! p! ~/ Q; Q: I% `% @# q1 JPreferred Shares Series 19. Additionally, if the Bank determines that, after3 z7 L" K/ e9 u( x
conversion, there would be outstanding on such Series 18 Conversion Date* Q5 R, u9 u  U7 X  a# x# B  E
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares% \. }2 X5 q' t) D
Series 18 will be converted into Preferred Shares Series 19.6 V9 m- }% A5 g7 M$ x6 }, F! [
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares4 c/ D7 q' ]; K" |
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
# V# q  U( B; J$ jany meeting of the shareholders of the Bank unless and until the first time at
2 r9 c/ c& u! L, ?/ vwhich the Board of Directors has not declared the whole dividend on the
3 Q$ F4 G' y! g7 E0 l, NPreferred Shares Series 18 in any quarter. In that event, subject as: S' F- B* Z3 ?
hereinafter provided, the holders of Preferred Shares Series 18 will be
# U. i# t, B4 v1 r4 Sentitled to receive notice of, and to attend, meetings of shareholders at which( n) G% u. w0 ?6 d5 [% j2 f) k
directors of the Bank are to be elected and will be entitled to one vote for
0 H+ W( ?3 S0 j( `/ k) f# K" Heach Preferred Share Series 18 held. The voting rights of the holders of the
3 u, x! ?, n5 Y0 a7 OPreferred Shares Series 18 will forthwith cease upon payment by the Bank of! e: u; ~& `9 R- B) E
the first dividend on the Preferred Shares Series 18 to which the holders are9 B$ Y  f# a4 P9 d0 @- ~* b
entitled thereunder subsequent to the time such voting rights first arose until
. ^  @7 |( v/ H/ f* Z% z# lsuch time as the Bank may again fail to declare the whole dividend on the
* v4 c. g  n9 |* t8 d( S* ePreferred Shares Series 18 in respect of any quarter, in which event such  N$ E: M2 F  V6 I% D! e: j5 n
voting rights will become effective again and so on from time to time.! D6 u( i! D# R% h% S# k- g
Principal Characteristics of the Preferred Shares Series 19
' a' g9 T0 O9 r5 p6 _7 y# ~Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive: N/ ]1 r6 c( ^5 i
floating rate non-cumulative preferential cash dividends, as and when
3 j( f3 X3 H( \: _0 }declared by the Board of Directors, subject to the provisions of the Bank Act,' X( H  z; i1 L3 x3 _
payable quarterly on the 25th day of February, May, August and November
- B6 H" T- N$ b" [) n- T7 ^6 gin each year, in the amount per share determined by multiplying the
- L, U& T  e! u0 O' napplicable Quarterly Floating Dividend Rate by $25.00.  o/ U+ _, m4 j! _- F  L3 L
On the 30th day prior to the commencement of the initial quarterly dividend( p" C9 n* T6 a! A, D! I
period beginning on February 25, 2014, and on the 30th day prior to the first. N$ y. m7 I4 `1 D/ ~! G+ n% j
day of each subsequent quarterly dividend period (the initial quarterly" ]$ h" G# U: R- J/ q7 w
dividend period and each subsequent quarterly dividend period is referred to
" |5 h6 B& }$ z1 Mas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
* n2 h% u# S! Q7 OQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
; i- @: W4 q; APeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the  L% B8 B/ m/ c. q1 h% ~  i
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
4 A& U9 F1 M( i6 _# welapsed in the applicable Quarterly Floating Rate Period divided by 365)+ {* C- ?+ x; W
determined on the 30th day prior to the first day of the applicable Quarterly
8 l- [! T# p1 R6 j# `  oFloating Rate Period.2 _) M. V7 }  ^3 I9 T4 ]
S-5/ ?! J( G: K8 A% Z
If the Board of Directors does not declare a dividend, or any part thereof, on
, _" ^. J. t0 T3 K" a3 ]- j* U/ `the Preferred Shares Series 19 on or before the dividend payment date for a
( |2 n5 l6 ]3 Y7 g  `+ yparticular quarter, then the entitlement of the holders of the Preferred
% n' |' v1 N  Q! w  N8 y; P) yShares Series 19 to receive such dividend, or to any part thereof, for such8 E7 a# n9 L. c, L. Y& [
quarter will be forever extinguished.  g& e& D- j. t& ~# F" _- `
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the# i" U- V( w8 q* K) F
Superintendent and to the provisions described below under the heading
" Y+ ~3 Z7 d6 a‘‘Details of the Offering — Certain Provisions of the Preferred Shares* e$ |2 z9 d4 v, V9 W( F
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,2 ]4 O  L6 I; ~! P0 X) g: Z% e; J
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all: I  n1 E  `4 z; {# |8 i' F* j
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
5 c. Z9 Z3 u4 F% _& `$ Y( Uoption without the consent of the holder, by the payment of an amount in
" e8 Z& v; D+ H! wcash for each such share so redeemed of (i) $25.00 together with all declared- G8 U7 K/ {8 u. ~  P
and unpaid dividends to the date fixed for redemption in the case of/ f* R! D; v& V" T% J+ Q
redemptions on February 25, 2019 and on February 25 every five years4 `( W- [- L3 ?' t
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to$ Z$ {: r  h, D$ R, z
the date fixed for redemption in the case of redemptions on any other date
# b3 T! P7 ~' C3 Bon or after February 25, 2014.8 ^/ W7 }: A! ~4 {; n6 \+ [" k
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
# l; }+ j' o! [- dShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have2 x) T5 J2 t; V! N
the right, at their option, to convert, on February 25, 2019 and on+ J7 N' H  ~% p
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
( d! q. k) Q2 M7 uor all of their Preferred Shares Series 19 into an equal number of Preferred
. P* N1 b) d; q! uShares Series 18 upon giving to the Bank written notice thereof not earlier) }% [1 U* P2 X- u9 ]8 W( O: @
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
& u+ ]5 E- W0 V4 {15th day preceding, a Series 19 Conversion Date.) ]; N  h7 c9 y" X
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
3 x$ L$ J( ]% x( P6 T3 h7 HProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
' a0 Q2 b7 y, _& j0 H* N7 rSeries 18, as the case may be, that there would be outstanding on such! ^7 W; F* X% b* |0 J, m
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
9 J, g1 Z. B- V2 J) p1 P6 _such remaining number of Preferred Shares Series 19 will automatically be
* c6 r" u* p% \8 sconverted on such Series 19 Conversion Date into an equal number of
. |( `/ ?0 n3 Z, sPreferred Shares Series 18. Additionally, if the Bank determines that, after
3 Z2 ~- X9 [7 n  @; B- b# R$ Iconversion, there would be outstanding on such Series 19 Conversion Date
* c3 R/ ~6 p+ B! f; uless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares, d% z: r% q. Y  d# O8 L, x3 o
Series 19 will be converted into Preferred Shares Series 18.
1 e5 }5 s2 `& P: ~Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
3 v/ t3 T( l7 A+ |* r: TSeries 19 will not be entitled as such to receive notice of, attend, or vote at,) J' w3 d# {' }% S& T4 k7 _; s0 ~
any meeting of the shareholders of the Bank unless and until the first time at" }: e# M$ x$ v" K2 A' E
which the Board of Directors has not declared the whole dividend on the
! g2 e( h7 Z4 A$ t+ [# h$ w* {* GPreferred Shares Series 19 in any quarter. In that event, subject as! x0 T5 M3 C$ z
hereinafter provided, the holders of Preferred Shares Series 19 will be
0 d& U$ p# x2 centitled to receive notice of, and to attend, meetings of shareholders at which
' W/ J+ b, E( F. Mdirectors of the Bank are to be elected and will be entitled to one vote for
- Z1 c% k# c8 X0 _1 Q3 o, heach Preferred Share Series 19 held. The voting rights of the holders of the# k6 q1 J/ X& X2 h; L7 S
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of6 S0 f8 K0 W; ~8 v* e, d
the first dividend on the Preferred Shares Series 19 to which the holders are- E* ]; E; y3 |( N6 |# n" F! v
entitled thereunder subsequent to the time such voting rights first arose until
7 s; @2 ~5 N9 Y1 p6 `* n2 @such time as the Bank may again fail to declare the whole dividend on the
7 Q* J) G) L6 N( s5 E/ S% U( _Preferred Shares Series 19 in respect of any quarter, in which event such
# c; ?- `6 g# `! }voting rights will become effective again and so on from time to time.
4 v  J* ^* e9 d" C+ Z! @S-6, a# h3 f. g: \7 R8 W6 \/ v
Priority: The preferred shares of each series of the Bank will rank on a parity with5 ~/ |# s1 x( `3 x
every other series and are entitled to preference over the common shares of" I6 i  s  S7 Z# f2 N- B
the Bank and over any other shares of the Bank ranking junior to the9 s" m0 y5 r1 h
preferred shares with respect to the payment of dividends and upon any9 _6 o. |8 q; G, _
distribution of assets in the event of the liquidation, dissolution or6 J: @' D6 F/ ]2 A% l. H! {# z
winding-up of the Bank.8 E0 M$ p+ f5 Q
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under6 l2 ^, K1 Q& l0 ]
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares$ w  ^7 F0 F5 y: o3 k  h
Series 18 and Preferred Shares Series 19 will not be required to pay tax on- _$ T) K, z0 H
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。
; x. S; r9 E% k7 b  b, Q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

8 @1 x4 o. q* I7 F5 o
8 T9 H: y( a. ^. ~下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。' g; n) V6 C# f( k2 V3 L' u

/ w1 ~% e% ~( P! F! n! v9 qcall 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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