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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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' U* Z' j( Y, _" \0 @' I  _' L! p1 f9 r
[ 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:+ j: \; a* `+ p' O2 C' H# E
SUMMARY OF THE OFFERING
" Y3 P0 B& w0 ?# ]' `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’’.4 {6 t7 M' V% F! ]& O
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.- ~$ ]. p/ N5 G% C( i) C! @( x
Amount: $150,000,000 (6,000,000 shares).
, Q5 r$ b' q  G: ~& P# R1 `Price and Yield: $25.00 per share to yield initially 6.50% per annum.! h, e& W: O8 X/ |" G5 V
Principal Characteristics of the Preferred Shares Series 18
! F' X2 V& a9 [) n5 H+ NDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed; Z4 S( d2 J6 |) q- _$ E
non-cumulative preferential cash dividends, as and when declared by the" p% F, l2 L( V* @
Board of Directors, subject to the provisions of the Bank Act, for the initial. y, C; ?) V( D# S# {
period commencing on the closing date and ending on and including* G1 P, T& g, g1 m; r! @, ]8 ~
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
: c* Q, J. f; a25th day of February, May, August and November in each year, at a rate
% m+ A1 j) v2 Z  O( R3 ^5 requal to $0.40625 per share. The initial dividend, if declared, will be payable* v' A& h5 a8 Z) W
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing3 F' ^% B. b4 [
date of December 11, 2008.5 \" z1 h/ D1 g1 _, j& X
For each five-year period after the Initial Fixed Rate Period (each, a
- m3 M/ P% o2 \‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares  M8 i# x6 p/ i7 A* x3 V# ?
Series 18 will be entitled to receive fixed non-cumulative preferential cash( l( a4 N2 H+ ~6 X% c6 Y# T
dividends, as and when declared by the Board of Directors, subject to the$ w9 A# y2 \: K5 j5 A( y
provisions of the Bank Act, payable quarterly on the 25th day of February,3 g5 z5 B; y# T3 ]
May, August and November in each year, in the amount per share per annum
8 h0 K0 ~6 p4 o2 V, Zdetermined by multiplying the Annual Fixed Dividend Rate applicable to3 t) \: Q( U! _, [4 I
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend/ n# [/ H( K3 z5 j9 T* I
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
$ ]: c! ~8 V5 RBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day: a2 J# T% r2 }- f  j
of such Subsequent Fixed Rate Period and will be equal to the sum of the
8 s6 p* ]) |; d6 U. ~# r9 g! bGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
" m3 m- I+ n( X% }% uplus 3.83%.
( W7 {( J- K& w* lIf the Board of Directors does not declare a dividend, or any part thereof, on5 d! V9 t5 N, P! @3 j7 {) X
the Preferred Shares Series 18 on or before the dividend payment date for a1 I3 Y  h/ @4 \# h. ]" N+ w' p5 K
particular quarter, then the entitlement of the holders of the Preferred! o2 z) h4 Y: W% W& }1 C, J
Shares Series 18 to receive such dividend, or to any part thereof, for such
0 f0 {) m9 K! T" }; l* c/ T4 a; Lquarter will be forever extinguished.
% N' F- J9 [0 F2 X1 j& G: n$ fRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
, }% K7 X' a. BSuperintendent and to the provisions described below under ‘‘Details of the4 `+ l9 ~: E, c4 m- S' x2 U
Offering — Certain Provisions of the Preferred Shares Series 18 as a
* H( x+ e5 \/ L$ j7 o* |  ZSeries — Restrictions on Dividends and Retirement of Shares’’, on
! k: J3 ]0 A2 u' gFebruary 25, 2014 and on February 25 every five years thereafter, on not& _0 u0 M0 k5 V8 ^# N( D
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any) b+ q# o: ], ^
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
# ?# p4 g) b- {2 T4 g* Kwithout the consent of the holder, by the payment of an amount in cash for
" i1 d0 ~+ d6 t6 A. J& k# Geach such share so redeemed of $25.00 together with all declared and unpaid
" a  Q9 h) I/ Y& d7 E* B3 `! odividends to the date fixed for redemption.* X8 r0 x: r* z; N/ M
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic3 D) {4 n" D% g/ u$ K4 p4 C
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
1 V$ P' u6 b% V) g7 xthe right, at their option, to convert, on February 25, 2014 and on# E+ \/ I( M) k# f/ T
S-4
+ H8 a( ^' n4 l# i# u6 zFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
  K  H/ y; t5 v; X6 [or all of their Preferred Shares Series 18 into an equal number of Preferred
2 F6 [' j, W6 U( x% ^Shares Series 19 upon giving to the Bank notice thereof not earlier than
2 h" F; |$ E' I% d  a; T30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
) X% Z" E2 E8 E4 m, A/ q( \" H& q) Jpreceding, a Series 18 Conversion Date.3 M2 m  u$ r9 E
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
5 C: a- x$ \" p$ @$ pProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares$ u9 `2 Y+ T5 Z: w
Series 19, as the case may be, that there would be outstanding on such  \2 B8 Q( {6 Q2 L2 f; ?
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,$ k( P. s8 U8 k9 L, W! h9 d; _
such remaining number of Preferred Shares Series 18 will automatically be
' q9 F/ e9 T, V  zconverted on such Series 18 Conversion Date into an equal number of4 w' @# J* ~8 R7 l* G$ R! L3 v, A
Preferred Shares Series 19. Additionally, if the Bank determines that, after
% |) o! a. `; G; i( H9 F( t7 Nconversion, there would be outstanding on such Series 18 Conversion Date! E; C: C9 |' [& U, [2 F! w
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
% e" v, a  R4 G& X# USeries 18 will be converted into Preferred Shares Series 19.
" ~  K7 @7 R3 h8 AVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
! `+ ?% }  z3 j# \% ZSeries 18 will not be entitled as such to receive notice of, attend, or vote at,  l& ]& N& q; k' ]/ @7 z
any meeting of the shareholders of the Bank unless and until the first time at
& e) j, F6 n7 c( b! K3 Wwhich the Board of Directors has not declared the whole dividend on the- J4 \$ ?+ m+ Y( J5 `' x5 \& K$ U
Preferred Shares Series 18 in any quarter. In that event, subject as- U! o4 ^* U$ l( I3 o& O9 f/ z
hereinafter provided, the holders of Preferred Shares Series 18 will be$ O% B6 E8 G& T$ ~. _
entitled to receive notice of, and to attend, meetings of shareholders at which( A" `8 y/ _# [
directors of the Bank are to be elected and will be entitled to one vote for
7 w& l+ _4 e  i' [each Preferred Share Series 18 held. The voting rights of the holders of the
0 N; u( |! h6 u; mPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
4 R+ ^/ q8 q* U# w+ V6 D( R7 Ethe first dividend on the Preferred Shares Series 18 to which the holders are
# V0 Y6 x  h, ~& v2 kentitled thereunder subsequent to the time such voting rights first arose until$ |8 Z7 T; u/ F* `) g0 \
such time as the Bank may again fail to declare the whole dividend on the
" n# y/ p/ `  s3 k) h9 S- qPreferred Shares Series 18 in respect of any quarter, in which event such5 _  g% M. f; N- b6 o2 b
voting rights will become effective again and so on from time to time.
- w# h7 o0 |7 M$ ^5 ^4 LPrincipal Characteristics of the Preferred Shares Series 19' Q# n$ }& D: T  M( {( s- q
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive, b; o3 ?% K7 h7 P6 y) o4 O8 T; \
floating rate non-cumulative preferential cash dividends, as and when* ^$ T/ F' u" F& ^4 V+ s
declared by the Board of Directors, subject to the provisions of the Bank Act,
1 ?3 [% [8 A: k/ }payable quarterly on the 25th day of February, May, August and November
- A! O& d& |' _2 [1 L" Min each year, in the amount per share determined by multiplying the
8 _! j, ~+ k# Q( Napplicable Quarterly Floating Dividend Rate by $25.00.6 G8 y$ ~- N/ }* c$ Q0 A1 d
On the 30th day prior to the commencement of the initial quarterly dividend+ n8 N! m- a, W# R; M6 L
period beginning on February 25, 2014, and on the 30th day prior to the first8 a6 k& f. |( U4 _
day of each subsequent quarterly dividend period (the initial quarterly: i' g$ X! D; {& x- q. \: q" s
dividend period and each subsequent quarterly dividend period is referred to1 E; \% A0 k% j' ~/ j: R/ ^! P# P, r8 b
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
+ n# `1 m; h* \7 A) m5 ~2 c4 C: d8 `Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
& u6 J: D  E9 f: gPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
# L" C) d8 Z: dT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
5 v+ G* F7 m( {$ V: v3 ]1 selapsed in the applicable Quarterly Floating Rate Period divided by 365); T. k: G. Q" Q
determined on the 30th day prior to the first day of the applicable Quarterly: ^. o, A4 w( u0 l% A
Floating Rate Period.
! r7 @1 X7 z4 }& t( g, uS-5, R/ `8 C4 P  B0 P# X4 z8 }
If the Board of Directors does not declare a dividend, or any part thereof, on
% j: D5 E7 `1 ethe Preferred Shares Series 19 on or before the dividend payment date for a& v+ C4 m" X) P) y+ U
particular quarter, then the entitlement of the holders of the Preferred, m6 j) v3 ^6 A7 U1 X
Shares Series 19 to receive such dividend, or to any part thereof, for such; U1 W- |+ ~  P, }- U$ q0 o3 w3 S
quarter will be forever extinguished.3 y7 o6 f" N1 ^9 `9 c- _9 I- B
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the+ l4 Z, S$ B' L% G
Superintendent and to the provisions described below under the heading8 J" |1 |" u8 P$ l8 {
‘‘Details of the Offering — Certain Provisions of the Preferred Shares5 I, x& D) v7 T( {- D' d
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
! o5 z" M# I) w1 _" a" won not more than 60 nor less than 30 days’ notice, the Bank may redeem all
( J4 w# c) |0 n+ o  f+ S3 for any part of the then outstanding Preferred Shares Series 19, at the Bank’s: K' O) H2 \0 d4 N
option without the consent of the holder, by the payment of an amount in8 ^* N" {& F% g# s* j
cash for each such share so redeemed of (i) $25.00 together with all declared3 f. r; L: e& s( h/ r
and unpaid dividends to the date fixed for redemption in the case of
# i! a9 i/ R7 Lredemptions on February 25, 2019 and on February 25 every five years0 y$ }2 q$ ]8 u. L8 Q' C, u- B# u
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to' R( r, d$ G/ n
the date fixed for redemption in the case of redemptions on any other date
( m2 }8 C* I1 T8 E" C5 Con or after February 25, 2014.+ z/ Y' Z0 m/ a! @
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
! e# Q* A$ i7 U. LShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
8 G8 u, C( C" L& r$ R- Othe right, at their option, to convert, on February 25, 2019 and on5 U+ o: i- s$ E' L& i. }' w( \
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
( d* V) Q$ y4 c1 bor all of their Preferred Shares Series 19 into an equal number of Preferred8 {1 Y% s2 {# _; h! t
Shares Series 18 upon giving to the Bank written notice thereof not earlier
$ z+ ~! v5 A! x4 J/ i1 Lthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the* F! I1 n$ c. Y; D  X* C
15th day preceding, a Series 19 Conversion Date.3 g8 g7 i; ]2 |8 `0 c
Automatic Conversion If the Bank determines, after having taken into account all shares tendered4 E2 X# G1 A2 F6 {2 @7 A3 Q
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
1 J/ D0 Z4 w" `- n5 _1 T/ R! dSeries 18, as the case may be, that there would be outstanding on such
8 |$ v9 f7 L3 jSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
$ _) q% d' u1 fsuch remaining number of Preferred Shares Series 19 will automatically be$ z$ k1 [7 e0 @1 A, l" J- Z
converted on such Series 19 Conversion Date into an equal number of( \1 L4 D; |  q* b. [8 x1 B1 R
Preferred Shares Series 18. Additionally, if the Bank determines that, after
' n  ?# D. o) u' ^5 f8 y8 Pconversion, there would be outstanding on such Series 19 Conversion Date
+ X+ S! g0 S" zless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
1 J, N8 \% Y- _2 N& z) g) F: k& PSeries 19 will be converted into Preferred Shares Series 18.3 B, g+ d' V" {
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares* |" w4 }2 {# g: \0 O8 X
Series 19 will not be entitled as such to receive notice of, attend, or vote at,. l0 C, O) S& ?9 Y& U
any meeting of the shareholders of the Bank unless and until the first time at
1 N  Z  B" g* p/ fwhich the Board of Directors has not declared the whole dividend on the7 Z6 g0 H* j  l; i' r
Preferred Shares Series 19 in any quarter. In that event, subject as
* z9 P: Z! e$ @3 Bhereinafter provided, the holders of Preferred Shares Series 19 will be& d7 R2 C9 M  n2 S5 b; j
entitled to receive notice of, and to attend, meetings of shareholders at which
# E% t* K: Q6 V% k, |directors of the Bank are to be elected and will be entitled to one vote for
' ~; B: F- T9 p5 J. neach Preferred Share Series 19 held. The voting rights of the holders of the
3 J* X! y& ]' W4 b: xPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
9 D) }1 Q, J# \! gthe first dividend on the Preferred Shares Series 19 to which the holders are1 k; b+ }/ {" C1 p: O8 r/ p( R0 M
entitled thereunder subsequent to the time such voting rights first arose until
/ i' e6 m& l7 {8 z) R2 l/ j& ~6 e4 Xsuch time as the Bank may again fail to declare the whole dividend on the# ^/ T, ?4 b6 i4 `9 o( c1 G7 |
Preferred Shares Series 19 in respect of any quarter, in which event such
% e- M$ z3 ~7 X5 |voting rights will become effective again and so on from time to time.
, v2 t7 V. Y7 X/ X- ZS-6$ H1 u" L: D, t! Y( `, z/ A
Priority: The preferred shares of each series of the Bank will rank on a parity with& f% y8 ?8 [  n  E1 F# x
every other series and are entitled to preference over the common shares of# @3 E. Y9 h% F3 N
the Bank and over any other shares of the Bank ranking junior to the+ K3 n5 x8 e1 o3 B/ I. h- A
preferred shares with respect to the payment of dividends and upon any
" L9 t8 C, ?5 r4 u2 a6 X0 V/ W( odistribution of assets in the event of the liquidation, dissolution or
  o  O; @1 p: a( `& s2 [winding-up of the Bank.
9 e: P' Z2 g/ p% O( W& V, pTax on Preferred Share The Bank will elect, in the manner and within the time provided under
/ F; A$ K0 R& B- g+ ^Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
* V1 {7 ]3 H6 A/ o/ }Series 18 and Preferred Shares Series 19 will not be required to pay tax on
' `- N, [1 Y, l9 Ldividends 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。+ c4 o% M5 d: S. H+ ^$ v' h' s$ O
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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2 r- u, O3 _7 |3 i: B) X6 g8 {  r
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
% ?' p$ |* u" e8 }
4 X& W  J- 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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