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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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+ u; t+ l  z2 m4 {5 ~. g$ ?
& m3 o( ^/ d, L' [' J. \* Q9 \[ 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:
9 X5 i3 ^0 n" Q( M2 O) x# nSUMMARY OF THE OFFERING
6 K4 l: R! ?$ ^% w0 g1 S9 xThis 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’’.
3 S$ ?4 c  X4 QIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.5 D6 _8 n9 R- q  b1 ]" z' I
Amount: $150,000,000 (6,000,000 shares).
5 r& P  o* E, U) Y  h+ gPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
* b! z: e, d; PPrincipal Characteristics of the Preferred Shares Series 187 x; s% f. u/ w7 R
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
9 ~, B; O5 @6 b# v/ wnon-cumulative preferential cash dividends, as and when declared by the" y3 o1 P. h& L' X* `. p
Board of Directors, subject to the provisions of the Bank Act, for the initial* u8 D" h8 R$ P4 J# Q
period commencing on the closing date and ending on and including* ]% @& t2 D0 E* y: {* s
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the% Q; @8 q( ?! l' Q* G8 Y! H
25th day of February, May, August and November in each year, at a rate
' p- C5 }) D/ }equal to $0.40625 per share. The initial dividend, if declared, will be payable
* E7 [" ^6 d5 wMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
9 E# ^' \1 r1 k. T/ Pdate of December 11, 2008.
* l% X8 O" ~2 d( ^9 r) mFor each five-year period after the Initial Fixed Rate Period (each, a; H# ?: x6 h' ~3 s% ^2 O
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares. V( [7 f3 v- P; O8 Y' D
Series 18 will be entitled to receive fixed non-cumulative preferential cash
* G0 ~0 @; ^/ b0 mdividends, as and when declared by the Board of Directors, subject to the
" A( Z7 s* w0 t& O% u0 aprovisions of the Bank Act, payable quarterly on the 25th day of February,, O5 K; X) {: u' s
May, August and November in each year, in the amount per share per annum! T  r4 B$ w3 Q$ `% Y
determined by multiplying the Annual Fixed Dividend Rate applicable to
# F* X  \( ^) B) Q' l4 Wsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
* B6 ^1 f, }' L; ORate for the ensuing Subsequent Fixed Rate Period will be determined by the+ R  @1 z: l4 ?
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
2 L* i( [+ k/ |% Eof such Subsequent Fixed Rate Period and will be equal to the sum of the
7 M) y! T  U! b4 `) QGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
- Z% e) U+ S& Xplus 3.83%.* g& q4 _- ~; I! S. U) \
If the Board of Directors does not declare a dividend, or any part thereof, on+ k  R4 P9 \$ t- @6 \* a; F
the Preferred Shares Series 18 on or before the dividend payment date for a
- _# r* i$ M, I" f* t7 Fparticular quarter, then the entitlement of the holders of the Preferred
1 O; y6 J/ G6 j: N" ~0 nShares Series 18 to receive such dividend, or to any part thereof, for such
/ n( |9 L; D+ [quarter will be forever extinguished.2 w( |* t0 L7 z& J' a
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
9 n0 V' u1 p& S5 i# M9 H! ~Superintendent and to the provisions described below under ‘‘Details of the9 A( g; S0 B+ V
Offering — Certain Provisions of the Preferred Shares Series 18 as a
  d: i# i3 ]7 W+ z  h4 |Series — Restrictions on Dividends and Retirement of Shares’’, on1 U. N: |/ m" d; R
February 25, 2014 and on February 25 every five years thereafter, on not, V, z; z; W# t( W7 b4 j7 A& N
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any. o" J9 ~6 o" Q- ?& \
part of the then outstanding Preferred Shares Series 18, at the Bank’s option( c1 J/ Y- t! ?, m
without the consent of the holder, by the payment of an amount in cash for6 z" @* s8 M* _4 g' p" g( z! N
each such share so redeemed of $25.00 together with all declared and unpaid+ O& M4 N" `7 i
dividends to the date fixed for redemption.6 a/ i3 e7 c9 I, ^2 e6 i  q
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
& J5 G. G) e1 ^; J4 [  H7 DShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have9 ?5 k% C& {# q* D
the right, at their option, to convert, on February 25, 2014 and on
$ a8 x* D3 x$ d" US-4" u( Q* {: F, _! v- Q( V
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
2 w1 o& l2 |  [) v0 C8 Jor all of their Preferred Shares Series 18 into an equal number of Preferred
( w5 f/ n6 {+ F' Y' FShares Series 19 upon giving to the Bank notice thereof not earlier than8 w( w0 o: W1 x2 p3 ]
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day: ]+ l- |( \0 y' d
preceding, a Series 18 Conversion Date.
1 R* \( H5 z8 y/ Q2 z3 Q$ L* y+ dAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
. f+ Y6 ~" d& A& xProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares% p; F# z7 w+ ^: ~
Series 19, as the case may be, that there would be outstanding on such
; d( w. F0 b+ T8 }Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,! Q, k4 i8 p7 n0 l& n6 ?# i
such remaining number of Preferred Shares Series 18 will automatically be
; R% t/ a- w% S3 j. r' `converted on such Series 18 Conversion Date into an equal number of
; B0 s2 W  s2 X* uPreferred Shares Series 19. Additionally, if the Bank determines that, after  O  N  T; n; M% x5 v3 X( w2 H
conversion, there would be outstanding on such Series 18 Conversion Date0 C* _% e3 X6 Q2 A
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
4 u5 V' ~- `2 O4 z% b& aSeries 18 will be converted into Preferred Shares Series 19.* ]6 q' I6 L7 ^5 _4 [
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
6 e0 S% o; h' S: k6 [Series 18 will not be entitled as such to receive notice of, attend, or vote at,
1 r8 Y# E* I/ n/ |0 J1 e$ B" t% Xany meeting of the shareholders of the Bank unless and until the first time at
' t' d* H6 X- {. e& jwhich the Board of Directors has not declared the whole dividend on the9 a* I# X% v6 j& K" e) r7 k; j
Preferred Shares Series 18 in any quarter. In that event, subject as
7 Q  m5 E) f2 s- Ehereinafter provided, the holders of Preferred Shares Series 18 will be) v3 P9 E, h. e6 |
entitled to receive notice of, and to attend, meetings of shareholders at which3 B* [5 w# M9 i. b
directors of the Bank are to be elected and will be entitled to one vote for+ a1 ^/ O0 D* P9 d
each Preferred Share Series 18 held. The voting rights of the holders of the
2 \" U1 _! V6 N& M. [7 e( ?Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
; V9 T. [. C+ U: W; ^. x3 ?the first dividend on the Preferred Shares Series 18 to which the holders are
4 Q" e3 Z9 [2 h5 _$ F7 Q6 _entitled thereunder subsequent to the time such voting rights first arose until5 p, H5 x( J& D) h8 M$ m
such time as the Bank may again fail to declare the whole dividend on the
2 ?5 ]$ B' c8 L$ M5 T% P4 u9 {Preferred Shares Series 18 in respect of any quarter, in which event such) ~3 C, T" |3 J2 q  N2 x
voting rights will become effective again and so on from time to time.
, c8 O1 q7 [3 N+ `& yPrincipal Characteristics of the Preferred Shares Series 19, G: ?- f& f5 B# K
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
* ^! e' s/ S" ^( Q) m# R& Xfloating rate non-cumulative preferential cash dividends, as and when
$ d) F9 a9 f. qdeclared by the Board of Directors, subject to the provisions of the Bank Act,
3 p5 [" D( j# O2 `payable quarterly on the 25th day of February, May, August and November" K5 r) @0 _7 U" U
in each year, in the amount per share determined by multiplying the
0 _* R  [$ G0 M, Mapplicable Quarterly Floating Dividend Rate by $25.00.
6 _/ d* x  w8 ^; x- }On the 30th day prior to the commencement of the initial quarterly dividend
% f; d. s/ ]+ }- g2 b5 [3 Operiod beginning on February 25, 2014, and on the 30th day prior to the first
9 b# h: N6 k6 L7 z9 Wday of each subsequent quarterly dividend period (the initial quarterly' K" C6 G, k# T7 A7 s/ Z$ N
dividend period and each subsequent quarterly dividend period is referred to, T$ f( a( B6 @3 k1 q
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the4 _2 W* A; `, x  b& x4 v
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate! N% P  d  Q9 L2 [% o
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the! O; O7 R5 D/ c' w
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
9 h7 A  g' E8 J5 o$ `/ kelapsed in the applicable Quarterly Floating Rate Period divided by 365)
" h" i! \+ H, B  w0 ~9 Ddetermined on the 30th day prior to the first day of the applicable Quarterly
: u; V: k. F- d6 A; t8 x3 M# CFloating Rate Period.
8 T8 C" X" J" ]; a5 Q5 G. M: i' CS-5$ D# O9 ~. h' ~9 x" D; {3 U+ n9 O
If the Board of Directors does not declare a dividend, or any part thereof, on
6 G" w$ m0 q- N9 ?' _  tthe Preferred Shares Series 19 on or before the dividend payment date for a1 ]5 }+ M% k! E4 u" \2 q
particular quarter, then the entitlement of the holders of the Preferred# Z* o, ^; z0 K& O
Shares Series 19 to receive such dividend, or to any part thereof, for such
& P) `( F6 {! @: A+ X' E: jquarter will be forever extinguished.
: ^; i4 z5 ^7 K* \2 B' ?Redemption: Subject to the provisions of the Bank Act and to the prior consent of the% G) z5 }# g$ F/ L- [% }9 k7 i
Superintendent and to the provisions described below under the heading" q) J/ t4 V+ j& Q, z* ?+ i
‘‘Details of the Offering — Certain Provisions of the Preferred Shares0 ^( a1 m' u0 d& ?2 U' D
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,. S5 g. W' @3 i& f
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all" ^3 x$ J0 |) I- y7 k- [& d5 O
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s6 Y$ B0 X% @! L' g
option without the consent of the holder, by the payment of an amount in- C2 L) J6 p- F, ]5 A0 B
cash for each such share so redeemed of (i) $25.00 together with all declared) m3 Y$ _, S! d$ x
and unpaid dividends to the date fixed for redemption in the case of; G- G; M' x* O* W/ k
redemptions on February 25, 2019 and on February 25 every five years3 d8 V# T3 A  s& \( p( P  c
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to6 O/ M" F' w, C  N! s  }
the date fixed for redemption in the case of redemptions on any other date! o/ S& `1 K6 R- f
on or after February 25, 2014.1 m: o7 [$ z4 t2 |5 T& q
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
" t4 z$ B5 q: v1 I5 u6 b, M( G( SShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
, g6 h4 |+ M* U/ J% gthe right, at their option, to convert, on February 25, 2019 and on
/ `1 A7 [1 U$ H" BFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
/ ?  |8 ~9 {/ y* u/ H0 ]/ }or all of their Preferred Shares Series 19 into an equal number of Preferred2 z: p9 v% z3 r( {
Shares Series 18 upon giving to the Bank written notice thereof not earlier# o9 q! p8 C5 j
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
9 Z/ K& f( k) q+ _* I$ T/ |; |15th day preceding, a Series 19 Conversion Date.1 d7 E4 `" H5 S& F
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
/ c7 H- n: V) D, Z8 jProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares8 T  D/ K3 n+ ~1 F$ g. ~
Series 18, as the case may be, that there would be outstanding on such
" T$ s7 l+ d% j/ ~1 W& H6 SSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,# U- X& o9 b* Q/ u+ L5 z. j( j2 b: M
such remaining number of Preferred Shares Series 19 will automatically be5 X) |: u* X1 J$ I* ~0 c7 ^% s& b2 {4 d! H
converted on such Series 19 Conversion Date into an equal number of
+ l+ d6 t# f1 q" Y: dPreferred Shares Series 18. Additionally, if the Bank determines that, after
0 T" j9 V3 q2 ]- ~3 J  Mconversion, there would be outstanding on such Series 19 Conversion Date! N# a% ?# f: Z" e6 N9 s
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares2 W/ z' ]& L0 {7 m& ^: z
Series 19 will be converted into Preferred Shares Series 18., C( m% z. w& m$ ^3 _+ n1 U6 D
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
! N! [* S% o$ Q" `Series 19 will not be entitled as such to receive notice of, attend, or vote at,8 l- {; k# X% S8 N7 _
any meeting of the shareholders of the Bank unless and until the first time at
  I: X' c9 o# h- f  @which the Board of Directors has not declared the whole dividend on the
4 Z( O2 t3 i8 O2 b, W" UPreferred Shares Series 19 in any quarter. In that event, subject as, U& W% E2 z) R
hereinafter provided, the holders of Preferred Shares Series 19 will be( ^  t0 j; d9 l7 ^, h2 k3 v
entitled to receive notice of, and to attend, meetings of shareholders at which. o" P8 A8 A$ _: t% q
directors of the Bank are to be elected and will be entitled to one vote for( ^, X- O( l& W2 d  Q/ I' b
each Preferred Share Series 19 held. The voting rights of the holders of the! Q& h/ X- h# W: x. {% V
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
& Q3 z( p- O  q6 J0 W1 Ethe first dividend on the Preferred Shares Series 19 to which the holders are
- W5 i& k3 u+ ~  F9 pentitled thereunder subsequent to the time such voting rights first arose until9 C' B: d8 k( l7 ]
such time as the Bank may again fail to declare the whole dividend on the
0 D9 U, }8 M2 K8 i' ~; h+ V# ^- bPreferred Shares Series 19 in respect of any quarter, in which event such% _$ i. x. L; h. I) Q: b6 H6 g( M
voting rights will become effective again and so on from time to time.
+ F: o4 w8 h: L# i$ }5 Y; A- xS-6
4 L5 K2 \7 F1 k- g" zPriority: The preferred shares of each series of the Bank will rank on a parity with( C3 ^) m$ k/ b; Y+ h2 t
every other series and are entitled to preference over the common shares of& x! S4 I5 _9 O0 J# M' L
the Bank and over any other shares of the Bank ranking junior to the) S" l% D4 X8 q$ A) U3 Z: U
preferred shares with respect to the payment of dividends and upon any$ ]9 Y. L. u  l
distribution of assets in the event of the liquidation, dissolution or
5 \# T2 \, w5 n1 Q2 \2 d, S' u: \winding-up of the Bank.2 e$ y% G0 m5 o! }. z2 ^
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
. t$ [8 K8 u7 A( i4 U4 X5 }Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
. X) d& D. Y) b9 S( D: q, xSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
/ b7 R7 d9 U, l0 K& A. E5 a; 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。& w7 d" b) r5 Y) Q  |% h  R: ^
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。
大型搬家
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 18:26 | 显示全部楼层

  {- L/ S2 w% S
7 Q, L5 @# [' `$ X下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。( [  d1 T  o8 x( T" q( k

! p/ m+ x. }$ _# C! q* Ecall 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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