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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。0 N; V7 W) Z+ d: t6 l3 d# r
! v3 M. I% T; S# v& B7 J
# J4 N- J5 I# i) Y) \  U4 r# A
[ 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:
6 Q' U% d  S/ o! PSUMMARY OF THE OFFERING
) w% C, `) |4 g* h) ?) j9 B  |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’’./ j$ T5 S+ i& M( x# V+ f. \2 a+ L
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
3 c; \! B* \" ]* `! |0 i( {0 bAmount: $150,000,000 (6,000,000 shares).* K4 Z; e7 u; @( R6 D
Price and Yield: $25.00 per share to yield initially 6.50% per annum.+ T4 i2 i7 a3 }+ Q/ Y  ~
Principal Characteristics of the Preferred Shares Series 182 o5 m7 b9 Z; S
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
0 e- L9 [4 m5 k! r3 h9 p1 b8 Q% rnon-cumulative preferential cash dividends, as and when declared by the0 T* z2 S  d6 Z- D; f
Board of Directors, subject to the provisions of the Bank Act, for the initial
( _8 U. h, Y9 u, q7 V9 eperiod commencing on the closing date and ending on and including
5 ^; f$ g% u* b- i- }$ _February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
5 l& z) p' u* Q8 u4 H25th day of February, May, August and November in each year, at a rate
) \. E% ]! v; V5 J# J# X* _' u% uequal to $0.40625 per share. The initial dividend, if declared, will be payable! H) u* \9 u0 Z: \; d. R/ B
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing7 [) _4 h5 C& z* n8 s$ h
date of December 11, 2008.& x, ?6 F" M0 W: t
For each five-year period after the Initial Fixed Rate Period (each, a3 E  u0 g+ Q2 A% g
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
( E& S" `5 v0 ], r+ j6 RSeries 18 will be entitled to receive fixed non-cumulative preferential cash
. G9 u5 E5 H% u9 j: W* t: W' m, zdividends, as and when declared by the Board of Directors, subject to the5 i) g9 E9 K& f' K
provisions of the Bank Act, payable quarterly on the 25th day of February,
; U* ~6 j+ P- B. L$ BMay, August and November in each year, in the amount per share per annum& a7 n9 T% Q6 p7 w$ E0 K6 b3 P
determined by multiplying the Annual Fixed Dividend Rate applicable to
. p9 X' s; z0 l9 ysuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
+ E  `# v0 b$ p) n) _Rate for the ensuing Subsequent Fixed Rate Period will be determined by the9 C: M: y" l8 X( R9 ^, r9 W
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
/ S9 ^8 r% h2 B' Nof such Subsequent Fixed Rate Period and will be equal to the sum of the5 i  v. [1 O, n9 b* x7 z2 {, p  o+ @
Government of Canada Yield on the applicable Fixed Rate Calculation Date" G  B# Y- r8 }2 }7 M8 p
plus 3.83%.
, x0 W$ m8 m4 Q6 G. f: E1 M, lIf the Board of Directors does not declare a dividend, or any part thereof, on
: ^( |/ Z4 m" s3 [9 n2 uthe Preferred Shares Series 18 on or before the dividend payment date for a
! ]" V0 i  Q: l7 A: hparticular quarter, then the entitlement of the holders of the Preferred  j8 u+ I$ t; W' u: l1 [  o
Shares Series 18 to receive such dividend, or to any part thereof, for such2 ]! s; J1 B$ [2 P
quarter will be forever extinguished.! A" x8 I; t" n2 {, \
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the9 j+ B: A$ V# ~; ]
Superintendent and to the provisions described below under ‘‘Details of the7 Y( k+ k+ n2 a; t0 `- Q. |
Offering — Certain Provisions of the Preferred Shares Series 18 as a8 R0 e* M3 s* i) F+ ~% `! p
Series — Restrictions on Dividends and Retirement of Shares’’, on3 l" m: X# _7 {1 h8 m" T
February 25, 2014 and on February 25 every five years thereafter, on not
! n# `& P* z8 smore than 60 nor less than 30 days’ notice, the Bank may redeem all or any4 Y, G7 B. T0 L! T* x( k
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
( v+ @1 V2 X2 k' t1 i$ Ewithout the consent of the holder, by the payment of an amount in cash for
: q5 B: Y$ E5 M4 w' eeach such share so redeemed of $25.00 together with all declared and unpaid
2 i$ D* c- `0 t& j6 cdividends to the date fixed for redemption.
* T- m+ y& Q& F; U& uConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
: f" Y! x/ B1 T+ V" h# ?Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
9 a/ T, U' J8 t. O' E4 Kthe right, at their option, to convert, on February 25, 2014 and on
5 |9 p6 y$ U0 |S-4
6 I' E" b5 I! \1 k* |% Z! vFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any+ o# E7 P# c! {0 v/ T+ _. U0 K* o
or all of their Preferred Shares Series 18 into an equal number of Preferred
: _) \6 S- G+ G# o0 C( h+ f: |* `! OShares Series 19 upon giving to the Bank notice thereof not earlier than" F' P* [% U2 j- j
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day8 r' {6 G8 l; _- J0 M
preceding, a Series 18 Conversion Date.
: t! }% |/ m% E5 ^$ s% aAutomatic Conversion If the Bank determines, after having taken into account all shares tendered; ^8 e, J( f  Y* {% o# n3 i
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
0 W, C. ]4 d' r+ ?Series 19, as the case may be, that there would be outstanding on such+ M7 G, ]& V% i
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
% w. n; v( {( ]' y3 M8 S  Fsuch remaining number of Preferred Shares Series 18 will automatically be
, ]1 B& p# r. D+ A7 Fconverted on such Series 18 Conversion Date into an equal number of6 }5 Z! R& P# }0 T0 ]4 s$ H% p& z
Preferred Shares Series 19. Additionally, if the Bank determines that, after2 g+ m1 r7 @( p5 }
conversion, there would be outstanding on such Series 18 Conversion Date% h+ Y4 O4 p( ~7 T" T3 U0 |
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares) w9 M! G, u! _2 W1 K
Series 18 will be converted into Preferred Shares Series 19.
7 l& x/ d  G. b  zVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares/ y9 ]% _8 z/ q
Series 18 will not be entitled as such to receive notice of, attend, or vote at,( E7 c0 _. c! @; g% M
any meeting of the shareholders of the Bank unless and until the first time at
! Z6 r2 [; V) y2 t0 `: Swhich the Board of Directors has not declared the whole dividend on the: q. V- z% l; z% E5 Y5 l9 R+ r# z
Preferred Shares Series 18 in any quarter. In that event, subject as# T) w- @% T- E# ~5 z& r
hereinafter provided, the holders of Preferred Shares Series 18 will be8 I; I4 t4 t2 {
entitled to receive notice of, and to attend, meetings of shareholders at which
. v1 {/ p# R# n" a0 q8 V" odirectors of the Bank are to be elected and will be entitled to one vote for1 a; z/ H8 Y8 b& V! c7 _: i. D# b
each Preferred Share Series 18 held. The voting rights of the holders of the
' O* r$ R/ L1 A( |Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
( @- K" D9 U" F' q6 k( ^: v* Rthe first dividend on the Preferred Shares Series 18 to which the holders are( h1 q1 {% n# W* p9 z
entitled thereunder subsequent to the time such voting rights first arose until2 G. ~. x4 N* o6 U; G
such time as the Bank may again fail to declare the whole dividend on the, U. H- I' W; d1 `% g  |4 D
Preferred Shares Series 18 in respect of any quarter, in which event such  L; h/ u* y* ?4 s# ^- k! ]
voting rights will become effective again and so on from time to time.' E0 M: c8 f8 B* t
Principal Characteristics of the Preferred Shares Series 19
/ h- [$ z+ J( e/ C& H) M' {0 _Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive3 X" ]* c0 A% A7 K6 q
floating rate non-cumulative preferential cash dividends, as and when
- U, B8 b" Z2 N. @( q+ k, q; adeclared by the Board of Directors, subject to the provisions of the Bank Act,/ P) U, y8 U; t. }0 L3 f' O* l
payable quarterly on the 25th day of February, May, August and November; J+ b: \! Q- [" F
in each year, in the amount per share determined by multiplying the
7 B5 h- n  g- k4 Capplicable Quarterly Floating Dividend Rate by $25.00.) ^  k7 C, D% B+ ^: _' }
On the 30th day prior to the commencement of the initial quarterly dividend
, [! d# H( h- b8 j2 q! hperiod beginning on February 25, 2014, and on the 30th day prior to the first: }5 L, W& N3 W. r, O
day of each subsequent quarterly dividend period (the initial quarterly  ^% L2 O) j8 y
dividend period and each subsequent quarterly dividend period is referred to. n4 \, P0 i" k- L( X% N) N" k
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the+ |0 I! l2 h$ N9 ^* `0 {4 S
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
9 f. G$ q4 d7 KPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
! E+ D/ ]5 R, o1 a4 u. o4 |+ H8 XT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
+ e/ `' g! E+ J; p* W: felapsed in the applicable Quarterly Floating Rate Period divided by 365)
: G. G" E, {* ]. J, udetermined on the 30th day prior to the first day of the applicable Quarterly
; g- P' }* z/ w- h8 V7 PFloating Rate Period.
% j& e( _( f7 W1 b- aS-5$ B+ a. D8 ?' E) J) G
If the Board of Directors does not declare a dividend, or any part thereof, on
$ G5 E; |" u- K! `& s/ Q9 D6 a3 wthe Preferred Shares Series 19 on or before the dividend payment date for a
/ Q& E/ Q8 ?/ Qparticular quarter, then the entitlement of the holders of the Preferred  w' d) s# `1 n5 h) j  M
Shares Series 19 to receive such dividend, or to any part thereof, for such
/ v& |; U8 b/ h  Vquarter will be forever extinguished.
6 Q7 a8 q6 f/ ~! URedemption: Subject to the provisions of the Bank Act and to the prior consent of the+ ?+ }8 k1 S2 h& e5 p
Superintendent and to the provisions described below under the heading+ l9 r9 _& N2 q/ b9 U) e1 b3 _
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
  m3 ^1 T: @% e3 N1 F3 a! hSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
+ q3 v# M% q1 }( s& Eon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
9 W  n; b* h! O* D' jor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
$ J( B  s% N* [- _* P/ X+ doption without the consent of the holder, by the payment of an amount in5 w+ _( S  P# ]1 u/ F' ]* U
cash for each such share so redeemed of (i) $25.00 together with all declared
+ D- ]( I7 {' }( A% ~# kand unpaid dividends to the date fixed for redemption in the case of( n: y. J/ W' m. Z8 T3 k1 }. K
redemptions on February 25, 2019 and on February 25 every five years
- X' n% J; e' J# K" lthereafter, or (ii) $25.50 together with all declared and unpaid dividends to! q6 e. g- ]9 O( |; A
the date fixed for redemption in the case of redemptions on any other date
- {0 O: G8 x9 oon or after February 25, 2014.& i* E, ]1 }5 P
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic* r* V! l1 g( V4 D
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
5 O' {. C3 d5 i4 N% J% E! d% |% ithe right, at their option, to convert, on February 25, 2019 and on; Y9 P3 ?" s. C/ p7 m1 c2 c( J6 o
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any9 z* @8 J7 E" n; ~, _6 w
or all of their Preferred Shares Series 19 into an equal number of Preferred7 T$ l& J$ J, |+ ^: s7 j1 Z. p
Shares Series 18 upon giving to the Bank written notice thereof not earlier) Y# S# Z9 q$ `2 c' F( V
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
* h. v( k- q# v. v" ]- L15th day preceding, a Series 19 Conversion Date.
1 c, n1 C7 W- k+ D, o6 ?Automatic Conversion If the Bank determines, after having taken into account all shares tendered
; k( U% t6 f  W  {% m( _1 j7 XProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares5 B. J4 ]% `! e
Series 18, as the case may be, that there would be outstanding on such+ y5 Z  X" O5 W, L: H1 E0 p6 m
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,1 ]" e8 ~2 Q9 k& c2 z) I
such remaining number of Preferred Shares Series 19 will automatically be7 P8 [; m* c8 f, z% N/ W4 v
converted on such Series 19 Conversion Date into an equal number of9 N( [( q! h! c5 L0 ~( y
Preferred Shares Series 18. Additionally, if the Bank determines that, after
  f; z7 r; v( [* ?& H% T. {conversion, there would be outstanding on such Series 19 Conversion Date1 V% v: p/ a) S  H% u% d
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
0 ^2 K  ?% ~/ ZSeries 19 will be converted into Preferred Shares Series 18.* P' p9 K! q+ y9 n2 ?* g* t
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
1 Z  X6 U8 m; @9 cSeries 19 will not be entitled as such to receive notice of, attend, or vote at,/ D$ y% m, ?1 [% C& _! v
any meeting of the shareholders of the Bank unless and until the first time at
: ]3 U6 w* I/ Rwhich the Board of Directors has not declared the whole dividend on the
+ v, B' Z7 m# V4 |; RPreferred Shares Series 19 in any quarter. In that event, subject as
  H# M& [+ z9 L& e0 fhereinafter provided, the holders of Preferred Shares Series 19 will be
  q( B6 n$ U! {' centitled to receive notice of, and to attend, meetings of shareholders at which( j4 r6 l% B/ P; |3 T1 X& w
directors of the Bank are to be elected and will be entitled to one vote for
( I" ~3 L, |7 |/ K2 N2 Weach Preferred Share Series 19 held. The voting rights of the holders of the. W3 {9 R2 t0 Y. t. C
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of; n- l' P9 N( H* q& \% z
the first dividend on the Preferred Shares Series 19 to which the holders are3 x/ p$ u; G1 ], e9 L7 y& A
entitled thereunder subsequent to the time such voting rights first arose until& ^! u$ O, l7 e' d+ H" v
such time as the Bank may again fail to declare the whole dividend on the' `2 K1 w1 ]) a; M/ e
Preferred Shares Series 19 in respect of any quarter, in which event such
5 x' n2 A- N+ ^voting rights will become effective again and so on from time to time.# Y' j2 j$ Q  n
S-6
+ V% O1 ^. g; }% s) S, {7 ^Priority: The preferred shares of each series of the Bank will rank on a parity with
8 |! E6 T5 m( m& o2 P9 I  ^every other series and are entitled to preference over the common shares of
7 x+ n" [$ d! @/ y9 T1 h+ o3 Bthe Bank and over any other shares of the Bank ranking junior to the
8 F  q& \% o5 rpreferred shares with respect to the payment of dividends and upon any4 o- U3 h/ i( v1 {+ M. U9 ^
distribution of assets in the event of the liquidation, dissolution or0 u- B# f+ F2 n/ ~, I  T5 H$ o
winding-up of the Bank.5 P! U9 t. V' D4 E6 K! f' Y. f; G+ |
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under9 V; s7 u2 u8 b) u) ^9 P
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares" \& s0 h* P! w& e0 E- u. N9 H
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
0 }4 l5 v: n+ W/ j: T# Q# F" j* Zdividends 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。8 }5 R/ h9 r" Z7 d3 O" A! S( {
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

5 d9 O( q5 f. ]9 m& W1 S9 r$ P' `3 c
" U$ a. B+ e# @/ N: C下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
% l* e' o$ g1 r+ [( h! Y& @2 Q* U) F( I
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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