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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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) ?0 l* g( _3 I& `; I6 H- V5 t* x[ 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:
8 X! T" V8 s/ Y6 Q5 c- }SUMMARY OF THE OFFERING* l9 B  F2 F( N
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’’.
; b( K) s) j& ]( EIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
2 ]& c2 L! N/ h/ H, V8 W( }Amount: $150,000,000 (6,000,000 shares).
7 \  x1 P8 x2 yPrice and Yield: $25.00 per share to yield initially 6.50% per annum.0 I! L4 J$ n% Z2 ]* [0 ]# F
Principal Characteristics of the Preferred Shares Series 18
. v# T- W$ W; p" @; n4 M  nDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
5 V; u4 p, `# l$ N3 E4 P& X- _non-cumulative preferential cash dividends, as and when declared by the4 m! H: Y0 Y* Z  Y) ?$ N
Board of Directors, subject to the provisions of the Bank Act, for the initial: i/ s6 C' y5 G' u8 L" u
period commencing on the closing date and ending on and including: A( C: B% y* m# G. b" s
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
+ `' j+ P$ i% V4 K; L3 `25th day of February, May, August and November in each year, at a rate0 a- n! l- F: y1 A- O- y
equal to $0.40625 per share. The initial dividend, if declared, will be payable( y* Y% w( Y7 d' c0 s( Z
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
' T/ }+ s  P! q1 ~4 }1 @4 fdate of December 11, 2008.: z9 T2 r* y3 }
For each five-year period after the Initial Fixed Rate Period (each, a9 i( W5 u# i& T: |- b2 ~% |8 M
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
. U$ s& }# i4 M2 l! w0 xSeries 18 will be entitled to receive fixed non-cumulative preferential cash
5 Z) _2 C6 E* y7 Cdividends, as and when declared by the Board of Directors, subject to the0 ?8 n* ^6 U& K
provisions of the Bank Act, payable quarterly on the 25th day of February,
9 f# [, n* p# Q, X6 `' D0 oMay, August and November in each year, in the amount per share per annum
$ U' j; y7 f: i- C7 wdetermined by multiplying the Annual Fixed Dividend Rate applicable to8 Y0 Q) T. V+ t) Y
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend4 a5 h6 n  S- ?* I6 m
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the2 R& m* E" u: p; x7 M! W$ X/ [
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day8 S' N, B0 [! G$ x, q+ ^4 U- z2 F
of such Subsequent Fixed Rate Period and will be equal to the sum of the
: I& W" k3 \+ W" q7 m8 WGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
* o3 k/ s. f9 J! W+ l/ }$ z! E" oplus 3.83%.% Q  ^9 J+ A$ O" f0 G+ U
If the Board of Directors does not declare a dividend, or any part thereof, on
. w3 s6 g- H* T/ Q% Fthe Preferred Shares Series 18 on or before the dividend payment date for a: s  Z6 V7 ^6 O3 k
particular quarter, then the entitlement of the holders of the Preferred
  E* Q- y& O- r% [Shares Series 18 to receive such dividend, or to any part thereof, for such
& r# y3 f3 \0 p" ^quarter will be forever extinguished.: p) c" q* b  Z" @4 K3 ^
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
5 {. ~  P$ H: J9 @6 w2 I) |Superintendent and to the provisions described below under ‘‘Details of the
1 z$ |1 j9 A9 @Offering — Certain Provisions of the Preferred Shares Series 18 as a
4 Y# ~$ B/ r+ T( xSeries — Restrictions on Dividends and Retirement of Shares’’, on  F* n5 @, k2 q
February 25, 2014 and on February 25 every five years thereafter, on not
2 r- |8 B0 W4 A- F; imore than 60 nor less than 30 days’ notice, the Bank may redeem all or any- h" m' @$ N6 M8 K! P  x" ~7 H
part of the then outstanding Preferred Shares Series 18, at the Bank’s option% x* g1 P% @1 ~/ ~0 _& d$ C$ W
without the consent of the holder, by the payment of an amount in cash for
) W& v3 l4 y) Y( O& S6 heach such share so redeemed of $25.00 together with all declared and unpaid
8 e; m3 w6 }: T& O, W) [, M3 Bdividends to the date fixed for redemption.2 j# ^  u3 b2 F& T, R
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
9 a+ T$ N& c2 r: B& EShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
: w( G5 U+ y8 a" Hthe right, at their option, to convert, on February 25, 2014 and on
8 W/ {" m! I* U; y) |6 @5 LS-49 |. O1 D# k* I9 I) t
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any: }) c, R9 q" a  T& J) h1 L
or all of their Preferred Shares Series 18 into an equal number of Preferred: g1 ^' S5 _' `! h1 s) E: E9 X
Shares Series 19 upon giving to the Bank notice thereof not earlier than
1 T. ^; T4 D0 V  x% v; `30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day, ?# S0 ], l. p+ Z) y( z  \  ^' k  a! K
preceding, a Series 18 Conversion Date.
( x% E- f3 s  W5 W# b5 YAutomatic Conversion If the Bank determines, after having taken into account all shares tendered% Y1 e! \5 A) n3 d: u1 e
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares: o8 B& \% U. g9 v7 N4 Y
Series 19, as the case may be, that there would be outstanding on such! D& T# m/ J1 M! C! C3 v
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
- Q6 U7 o/ g1 Y, p9 Gsuch remaining number of Preferred Shares Series 18 will automatically be6 u/ u3 B* @/ m5 Q8 Z
converted on such Series 18 Conversion Date into an equal number of4 u6 K. I+ h! b. a6 U
Preferred Shares Series 19. Additionally, if the Bank determines that, after" _8 \( H% c8 [4 m
conversion, there would be outstanding on such Series 18 Conversion Date5 R% R9 N0 m( Y9 w8 P% p+ p: d
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
! A4 U9 ?: H, @* x/ X0 Y- X! j9 ^Series 18 will be converted into Preferred Shares Series 19.
, Q3 w0 t- L+ |  QVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
% P, C. t7 {  y# {Series 18 will not be entitled as such to receive notice of, attend, or vote at,
4 X1 |$ q7 @) o( r) F+ h8 g5 f# pany meeting of the shareholders of the Bank unless and until the first time at" n; b1 U  b+ n" q' K/ h( s
which the Board of Directors has not declared the whole dividend on the: O$ T2 j+ Z" ]4 d+ }5 u
Preferred Shares Series 18 in any quarter. In that event, subject as8 S8 ]9 `  r; G8 I: K9 R5 C
hereinafter provided, the holders of Preferred Shares Series 18 will be
4 a, F3 i* l2 t4 |! ]2 Ventitled to receive notice of, and to attend, meetings of shareholders at which7 G7 Y0 d0 d2 ]3 P
directors of the Bank are to be elected and will be entitled to one vote for
3 r: T- ]' e6 s9 F: ?7 h' z8 Deach Preferred Share Series 18 held. The voting rights of the holders of the
- Y- f: Q: e0 x$ C/ m4 xPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
" W, b+ m: v  ^) |the first dividend on the Preferred Shares Series 18 to which the holders are
% t0 F4 t3 ?# v5 E* v' uentitled thereunder subsequent to the time such voting rights first arose until
) }- T* R1 \+ Z% {1 i# z- n  Psuch time as the Bank may again fail to declare the whole dividend on the
$ h7 Y9 \& N& j9 f$ m9 N# ZPreferred Shares Series 18 in respect of any quarter, in which event such& Z* o  y" L5 E  e% }
voting rights will become effective again and so on from time to time.2 M( ?# V0 `. T, d( p1 @+ w
Principal Characteristics of the Preferred Shares Series 19
* m8 t. J" t: eDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
5 k( D0 f) ]" l4 Jfloating rate non-cumulative preferential cash dividends, as and when; N: Z0 I% J" Q+ q2 A
declared by the Board of Directors, subject to the provisions of the Bank Act,
; G' N% |1 D$ hpayable quarterly on the 25th day of February, May, August and November
3 l: ?( q9 @0 ]1 p! h" A0 l/ `3 gin each year, in the amount per share determined by multiplying the' w. e4 ~7 n7 C# _# x2 X& k! C
applicable Quarterly Floating Dividend Rate by $25.00.
7 k! I) E3 Y* V/ E' Z/ @On the 30th day prior to the commencement of the initial quarterly dividend, q6 J5 M2 m# k, ^- `
period beginning on February 25, 2014, and on the 30th day prior to the first) \0 {1 y* w) q5 p) S  \# u
day of each subsequent quarterly dividend period (the initial quarterly4 Y2 ]0 Y' F6 Y/ O8 |; ]+ W
dividend period and each subsequent quarterly dividend period is referred to
" Z% w8 P4 R$ B* O' M% v& Y3 [as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
% w; q3 c' J- L) q& t! Y3 SQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate4 Q0 p% C, j: `
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
  R$ W/ L' o! l( B, G, r6 ST-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
2 \, y5 p/ K* y& Jelapsed in the applicable Quarterly Floating Rate Period divided by 365)
2 B- p, |! n" H: v+ X1 C( Gdetermined on the 30th day prior to the first day of the applicable Quarterly3 j  m6 x  [4 \, G3 Q2 |* C" P
Floating Rate Period.5 `2 x+ {7 ~8 l* y. F( c  Y% x
S-5
  u# o4 }0 o1 c4 e8 d( QIf the Board of Directors does not declare a dividend, or any part thereof, on9 Q' E# D, j$ L6 ~
the Preferred Shares Series 19 on or before the dividend payment date for a5 P/ _, ~* }1 l. ~  L
particular quarter, then the entitlement of the holders of the Preferred
0 g; K" z8 ], A, P" r- z( c5 TShares Series 19 to receive such dividend, or to any part thereof, for such
3 Q5 x! g" c. _  c2 j8 B  `quarter will be forever extinguished.8 v  i4 k3 U, w! g+ e# ^
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the: W; |; f  R/ M
Superintendent and to the provisions described below under the heading7 S" P; j3 k8 @+ y# _
‘‘Details of the Offering — Certain Provisions of the Preferred Shares. f0 h# }$ N& `9 `. s
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,* T  [) O: E& R5 U" l
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
+ |; l& _+ t# o$ N6 `4 Nor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
7 E* u* A9 p  i$ a$ Ooption without the consent of the holder, by the payment of an amount in
8 j, d9 h5 r8 O" b" S  b) c: Kcash for each such share so redeemed of (i) $25.00 together with all declared
6 p& m- p& `- _: V" O, C+ K% zand unpaid dividends to the date fixed for redemption in the case of6 n; X4 H( G" B/ q
redemptions on February 25, 2019 and on February 25 every five years
* P5 x' q: k& ?1 W/ Xthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
( M* m* P( L' {, W0 Ythe date fixed for redemption in the case of redemptions on any other date7 j7 }7 ?# Y: I, M
on or after February 25, 2014.
6 U4 C1 m. l" T5 a. \& s3 }Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
, d" D' G! a, i4 ]Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have. s4 V" c; D& S7 W* f+ Y
the right, at their option, to convert, on February 25, 2019 and on% ?0 {- H; `* e( ]
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
! [4 o, b! m8 Z+ Ior all of their Preferred Shares Series 19 into an equal number of Preferred0 T3 t; |9 t- Z2 e3 l% M* \
Shares Series 18 upon giving to the Bank written notice thereof not earlier5 ?7 i: |1 g5 i/ D7 d, L% u: N
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the& Y" D4 z$ V( U; a6 t
15th day preceding, a Series 19 Conversion Date.
$ b8 V7 e# G0 s- k+ t# E1 [# hAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
! @( L5 `2 k& U" v$ T" v' W+ d4 M( pProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
$ a2 x4 m; v& t+ c+ uSeries 18, as the case may be, that there would be outstanding on such  H  D4 a# g7 N) [' ]3 L' `
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,- O8 m$ Y  r0 C" [. k3 j* L5 ^& l$ B
such remaining number of Preferred Shares Series 19 will automatically be
) P5 S0 A% v) b, W% C+ H: I% Wconverted on such Series 19 Conversion Date into an equal number of# D2 ^- N1 R' r' d( N
Preferred Shares Series 18. Additionally, if the Bank determines that, after
- k7 X! m! G  o8 j$ z9 y/ Iconversion, there would be outstanding on such Series 19 Conversion Date
4 Z; \& j4 _8 d" X* h$ T% Zless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
. D& h% v+ ^! g4 r; o4 l  fSeries 19 will be converted into Preferred Shares Series 18.
4 c+ t: y: H% E) i* U$ DVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
" N0 I8 M  P# J3 l: e: }# O9 D( J, qSeries 19 will not be entitled as such to receive notice of, attend, or vote at,+ o& ?8 C$ {8 b4 G: o
any meeting of the shareholders of the Bank unless and until the first time at
2 r5 z( W. ]; Y# [* Z. y6 _+ @which the Board of Directors has not declared the whole dividend on the
4 H5 d3 }9 M9 gPreferred Shares Series 19 in any quarter. In that event, subject as
( Y$ P" z; D& k! |8 Zhereinafter provided, the holders of Preferred Shares Series 19 will be/ O2 o/ H6 }2 a) b7 y7 o
entitled to receive notice of, and to attend, meetings of shareholders at which) N9 G/ X( B  B
directors of the Bank are to be elected and will be entitled to one vote for. f$ g" H* l, ^1 @+ J( @
each Preferred Share Series 19 held. The voting rights of the holders of the2 ^% \0 \' r& t" y# V0 L8 @( e4 a0 E9 `
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of" o$ w  [8 L; R$ j5 r; E  h# B
the first dividend on the Preferred Shares Series 19 to which the holders are+ q+ O3 ]# c2 |
entitled thereunder subsequent to the time such voting rights first arose until3 W4 w7 p& s3 p7 p1 U. P
such time as the Bank may again fail to declare the whole dividend on the) Z5 ]' o  b6 i/ y0 V7 R. f, y+ w
Preferred Shares Series 19 in respect of any quarter, in which event such
2 a, e3 z0 g! O. b9 `1 P& J3 I- K0 O# {voting rights will become effective again and so on from time to time.* K- U& j* h  t: F, t; y
S-63 V$ ?$ {! E% E+ I+ V) \1 D5 j
Priority: The preferred shares of each series of the Bank will rank on a parity with
& T$ @3 t, T" T) T+ }; L+ ]every other series and are entitled to preference over the common shares of/ {+ Y, b9 m3 H8 z8 H' k' Q
the Bank and over any other shares of the Bank ranking junior to the
2 _. j/ Z4 A: S8 o. T) jpreferred shares with respect to the payment of dividends and upon any! _  k' A6 P( D! v1 ~+ u
distribution of assets in the event of the liquidation, dissolution or
9 @6 O% `  ^+ `% y: S; _+ d' K- Swinding-up of the Bank.- n; P0 s0 T+ L$ w+ U0 c& T) _  u! ^
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
# Y* B! l. C9 t$ `, c$ kDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
5 I3 ?* w/ w2 _: gSeries 18 and Preferred Shares Series 19 will not be required to pay tax on7 z: S/ |$ l( s8 o
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。
: i' S7 Y- b( V! I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

7 N3 G, P, c0 j" c& f/ W: H
/ \' H2 I) `; [( a( @: @: b2 T下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
4 P4 W* {  Q6 j( C* ]9 u
: z- R3 F- W' {! _9 @4 fcall 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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