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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。$ \& D' m5 H2 [. Z% F1 |6 L# k
0 u! V& U! _7 ]& s$ G" Z
1 x/ U3 N* c% f. _
[ 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:" v& d1 S  N2 [  _
SUMMARY OF THE OFFERING, c3 o/ d, h2 }* u/ i4 _' i
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’’.
' G3 s( l% F; V, l( }# ]# A( _* PIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
, ~% _4 u9 {6 x4 X: J1 qAmount: $150,000,000 (6,000,000 shares).9 z, N: }8 [; {! A. z, D5 m! T' ?1 |
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
6 ~/ Q  e. {* d4 }$ T: EPrincipal Characteristics of the Preferred Shares Series 18  X6 R4 X2 P4 X: o' E
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed# @& W% n. S! o- R
non-cumulative preferential cash dividends, as and when declared by the
0 W4 |: ~, q- ^) J) u6 h, j/ [5 JBoard of Directors, subject to the provisions of the Bank Act, for the initial* R" j2 N: w  S" g
period commencing on the closing date and ending on and including; W0 N, |- B6 n: i
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
& H( a% L) C5 N+ R9 C) {25th day of February, May, August and November in each year, at a rate4 r  }6 ]5 l) q. h
equal to $0.40625 per share. The initial dividend, if declared, will be payable
' z7 S) Q/ W7 R+ H7 ^* LMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing1 }* V4 y2 S; d4 D0 L
date of December 11, 2008.
5 i( @2 t. }4 M6 S8 {5 fFor each five-year period after the Initial Fixed Rate Period (each, a
3 B/ x( ?- l. E9 n4 ^5 f# Z7 ^. t8 I‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
7 U) [9 o1 N1 R$ L/ `6 z) LSeries 18 will be entitled to receive fixed non-cumulative preferential cash
' z) e1 u5 r3 |dividends, as and when declared by the Board of Directors, subject to the
3 K+ \( f! I5 {: p1 Wprovisions of the Bank Act, payable quarterly on the 25th day of February,' A0 k* h0 F' b( V8 Y* Q5 _
May, August and November in each year, in the amount per share per annum
4 `  e2 }0 k8 k/ o, {# fdetermined by multiplying the Annual Fixed Dividend Rate applicable to/ v$ X1 K/ H# R5 Z$ b# q
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
4 Q+ G9 I+ A' ?+ ^) ?Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
! W; ?* Y/ v: m( ~* F6 X2 {Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
/ Y! k! g- }5 O2 s) B6 T: gof such Subsequent Fixed Rate Period and will be equal to the sum of the8 `7 {# j' p9 O9 S
Government of Canada Yield on the applicable Fixed Rate Calculation Date1 j# s; O$ H2 h. w( j& L! X8 B1 ^
plus 3.83%.4 Q- F8 m% Q; z$ {  f1 H5 n
If the Board of Directors does not declare a dividend, or any part thereof, on
" ^' z5 E5 c$ K7 N; Vthe Preferred Shares Series 18 on or before the dividend payment date for a
7 \* E3 T. C! D2 R5 d, `1 e2 o  Xparticular quarter, then the entitlement of the holders of the Preferred* e/ _- U$ I* ]
Shares Series 18 to receive such dividend, or to any part thereof, for such5 ^7 u1 l: W, Q
quarter will be forever extinguished.3 R, x0 S2 B3 ~- @/ E% e0 k3 m: Z
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
% u! N. C6 P7 D) R' y. YSuperintendent and to the provisions described below under ‘‘Details of the5 ]: Y! D. z; i, z
Offering — Certain Provisions of the Preferred Shares Series 18 as a
  w2 j3 L4 F( tSeries — Restrictions on Dividends and Retirement of Shares’’, on& Q/ Z* h- L9 r2 p% B; ^
February 25, 2014 and on February 25 every five years thereafter, on not
" U! O9 H# D- M8 D* V8 x1 Vmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
6 D+ C4 W8 C+ ^- v- kpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
7 F6 C" \/ q$ N! owithout the consent of the holder, by the payment of an amount in cash for
5 ~, P' h/ B+ F! D$ yeach such share so redeemed of $25.00 together with all declared and unpaid
4 K; Z: D, o  \) ~5 F4 D  ^dividends to the date fixed for redemption.
, o* i  W$ x6 Y. M) qConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic: `7 F' I% ~& S! V3 y9 k. l2 {; R# d& z
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
+ `2 ~. R9 L% I/ |/ Mthe right, at their option, to convert, on February 25, 2014 and on6 t( T" g$ d1 a, a( Q2 K. \
S-4( ~, B& k! C7 o2 I& i, U" A2 U/ Q
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any0 @1 o; b! u! p9 j7 R
or all of their Preferred Shares Series 18 into an equal number of Preferred( v( q1 Z9 D3 H" d0 E
Shares Series 19 upon giving to the Bank notice thereof not earlier than* ]; V" a7 _  j3 q
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
9 w& |7 X0 l- J) v9 hpreceding, a Series 18 Conversion Date.
' d7 L& h. U6 x/ u  H6 }' d+ ZAutomatic Conversion If the Bank determines, after having taken into account all shares tendered# @1 n: x) o/ O
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares, B. _% q$ B9 G% `8 h, o; G; u
Series 19, as the case may be, that there would be outstanding on such/ X$ d! f/ R! ~! f3 {1 B( v2 [' T
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
; ?. B* W9 m4 n8 Osuch remaining number of Preferred Shares Series 18 will automatically be! @  C: D7 |# s$ ~" m8 U& y8 x+ \% f0 s
converted on such Series 18 Conversion Date into an equal number of! Y4 P4 ?; e$ |" U9 J$ A4 y. D
Preferred Shares Series 19. Additionally, if the Bank determines that, after
* A! Y  K0 p' p9 u+ Mconversion, there would be outstanding on such Series 18 Conversion Date
* g' X4 m! X$ cless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
' R; f, N, }7 [- ?1 e' @% U" RSeries 18 will be converted into Preferred Shares Series 19.; u, W9 }0 O2 \1 z! ~0 [/ t. C
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares0 b  t& J2 A  d  j% c! ]) [# w
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
+ N2 x! u2 X! P' j3 b, I+ Sany meeting of the shareholders of the Bank unless and until the first time at4 e' w& Z6 r* s
which the Board of Directors has not declared the whole dividend on the% W- i: P# O: z% g2 P2 R8 T6 i
Preferred Shares Series 18 in any quarter. In that event, subject as
; d" T6 r( z3 w/ x4 ?  r# c$ rhereinafter provided, the holders of Preferred Shares Series 18 will be6 T; o  @. [& I' ?" E$ X5 K5 I
entitled to receive notice of, and to attend, meetings of shareholders at which# `' A7 y* u! B" z1 B
directors of the Bank are to be elected and will be entitled to one vote for  c4 s! t$ c' m) }6 G; D# O/ Q
each Preferred Share Series 18 held. The voting rights of the holders of the
4 b" b) z, v: y# {Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
5 ?, S* r8 K& w8 N* e5 Cthe first dividend on the Preferred Shares Series 18 to which the holders are
4 ?! Y6 n. v( D4 jentitled thereunder subsequent to the time such voting rights first arose until
3 l9 w- q7 N6 u1 d- G3 Asuch time as the Bank may again fail to declare the whole dividend on the
! [3 l0 D0 _, \" Y" n! BPreferred Shares Series 18 in respect of any quarter, in which event such
7 Q4 ~3 T5 C  E% M9 rvoting rights will become effective again and so on from time to time.
# j" Q% S  W7 E" a5 p5 H8 ^Principal Characteristics of the Preferred Shares Series 19
0 s9 p6 o4 g7 B7 `7 uDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
5 y+ _% I( X: ~7 T% n" {/ Bfloating rate non-cumulative preferential cash dividends, as and when
3 d' ?$ u; c9 ~: \- hdeclared by the Board of Directors, subject to the provisions of the Bank Act,
& Q; Y" I$ |/ ^4 s, f1 tpayable quarterly on the 25th day of February, May, August and November$ ^" X) v7 N3 C$ R
in each year, in the amount per share determined by multiplying the. J  ], q; l( P0 w$ h2 B2 ]2 Q9 f
applicable Quarterly Floating Dividend Rate by $25.00.) _0 I% Z9 M/ {0 X8 ~
On the 30th day prior to the commencement of the initial quarterly dividend
) t- Y; |* L9 q" [/ r5 j  yperiod beginning on February 25, 2014, and on the 30th day prior to the first) a- w8 f- g' w6 P! F3 V* B6 `
day of each subsequent quarterly dividend period (the initial quarterly6 a( X4 M4 U% C, }
dividend period and each subsequent quarterly dividend period is referred to
& Z$ W* D' Y+ x' I: N" tas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the& j' Z9 v' G; C( M+ o
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
5 J- l7 h$ x, ]: s, l! f+ dPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the( S4 q2 f, ^/ c( b* `: ~
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
" K: _7 U; @& o$ Xelapsed in the applicable Quarterly Floating Rate Period divided by 365)4 V6 e8 e! S7 a, i( U
determined on the 30th day prior to the first day of the applicable Quarterly2 v0 e) r) d, `0 x) W
Floating Rate Period.: k  b6 w! N/ F7 Q" }, N
S-5
$ y3 a( E# Y1 [7 L# _% R' n# XIf the Board of Directors does not declare a dividend, or any part thereof, on
3 g, D5 _! l: k8 N, m2 r" vthe Preferred Shares Series 19 on or before the dividend payment date for a
: u) Q% M8 Y  ~5 {! B9 _. Zparticular quarter, then the entitlement of the holders of the Preferred3 q; J0 F' w6 `# S
Shares Series 19 to receive such dividend, or to any part thereof, for such" M* m; ]2 I0 b9 M
quarter will be forever extinguished.
! D: D9 O8 j. e1 T; c9 lRedemption: Subject to the provisions of the Bank Act and to the prior consent of the) p5 x/ b  p) P9 V( P8 U4 A6 w3 T
Superintendent and to the provisions described below under the heading4 E/ t, {1 B8 Y. R
‘‘Details of the Offering — Certain Provisions of the Preferred Shares$ ?" e, _9 T; j: g6 `
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,1 Y: l4 h$ W) G2 |7 Y0 C
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
" }7 y8 C, `1 @' z3 S, R* h( Vor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
/ G( o  k2 i7 H) C2 \, e% c& Y# A! voption without the consent of the holder, by the payment of an amount in+ O' u, x; [0 K, v
cash for each such share so redeemed of (i) $25.00 together with all declared6 X6 N  E' z! K" y
and unpaid dividends to the date fixed for redemption in the case of3 r% l; {4 z: E: {% P
redemptions on February 25, 2019 and on February 25 every five years
0 f$ G$ q8 i& b9 @" V% Tthereafter, or (ii) $25.50 together with all declared and unpaid dividends to3 @! I: K- A/ d# x" x5 Y
the date fixed for redemption in the case of redemptions on any other date  ]2 H3 w9 s2 }# E9 ]
on or after February 25, 2014., i7 V0 \9 n5 s4 g8 V- T& t
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
; ?0 g4 F/ l5 ?3 ?Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
1 C; X6 r4 k3 C/ Dthe right, at their option, to convert, on February 25, 2019 and on
9 v" N" j! W( N8 {' ^; v1 l: E, `7 LFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
1 }9 Z! e8 ~& x; ~0 ]or all of their Preferred Shares Series 19 into an equal number of Preferred$ t$ A7 G7 i+ {& P( U. F
Shares Series 18 upon giving to the Bank written notice thereof not earlier
5 t5 ^. I3 t) [% `3 wthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
5 F) D  M; i& O3 r* t! M15th day preceding, a Series 19 Conversion Date.
9 r1 p. x! S' G3 _& uAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
/ N2 }% S% A$ E& XProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
8 U$ }0 W) K- G: L- @. o, ^Series 18, as the case may be, that there would be outstanding on such
$ e8 a$ c6 ?! ]. JSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
" O2 X5 q$ ^- h: R$ qsuch remaining number of Preferred Shares Series 19 will automatically be
' X! o5 M( a/ M  h- m% qconverted on such Series 19 Conversion Date into an equal number of' L  s3 k/ l( \* E1 n7 {# \
Preferred Shares Series 18. Additionally, if the Bank determines that, after2 `6 v' x- Z- Z( [) W
conversion, there would be outstanding on such Series 19 Conversion Date
0 `4 l7 Y6 o1 f% v. ^2 `' ]less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
# E) A, V7 ?' E9 C$ ~  YSeries 19 will be converted into Preferred Shares Series 18.
( @1 T2 p) [" f& k* E2 dVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
) T8 m, v2 U' `7 KSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
8 o) }' p4 ]4 D) Dany meeting of the shareholders of the Bank unless and until the first time at
- z5 w! }. b' _/ v+ @which the Board of Directors has not declared the whole dividend on the
2 l$ R& M& q) K, J6 C5 `Preferred Shares Series 19 in any quarter. In that event, subject as
7 b! Q2 D' `$ Jhereinafter provided, the holders of Preferred Shares Series 19 will be
( o! P5 L- T( \& e6 G5 R+ j( Zentitled to receive notice of, and to attend, meetings of shareholders at which
5 u7 P9 z2 T& R* c2 z# idirectors of the Bank are to be elected and will be entitled to one vote for
3 f1 M8 e4 |$ E: T5 i, seach Preferred Share Series 19 held. The voting rights of the holders of the) @: D1 @. Q4 }, A" i
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
' W5 }& c! T3 k4 ^8 sthe first dividend on the Preferred Shares Series 19 to which the holders are
2 m9 Z* U% }/ T) E2 f" F) Eentitled thereunder subsequent to the time such voting rights first arose until; y" H3 h$ n/ b( V( K4 c& X
such time as the Bank may again fail to declare the whole dividend on the, P: {  _' y, y" q- ~0 A3 X! g( h4 w& [
Preferred Shares Series 19 in respect of any quarter, in which event such7 Y' V  ?: M2 g4 c6 ^4 D% Y
voting rights will become effective again and so on from time to time.9 f* V! T+ @/ d
S-6
$ l5 \5 s" ]9 w: w- BPriority: The preferred shares of each series of the Bank will rank on a parity with
$ n4 W$ J0 c7 w3 b2 {( m6 r7 V8 b2 Bevery other series and are entitled to preference over the common shares of
; ^2 n. t4 N( N$ C2 K0 othe Bank and over any other shares of the Bank ranking junior to the
' H( k2 C( J1 I: epreferred shares with respect to the payment of dividends and upon any
7 o$ m) n2 h/ n- r$ e; A: Tdistribution of assets in the event of the liquidation, dissolution or3 ~( X2 u4 q, `6 j9 \
winding-up of the Bank.) V8 G2 t. {. F
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under4 u, F! D& j, g$ f6 T
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
& ~: v: E6 Y9 |9 G; N* N* n0 oSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
6 K9 L0 r' n0 \9 \2 S, Odividends 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。
# _7 c' a6 V3 @+ ^4 Y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
& h9 W) n4 X: y1 l- o

$ z) C. c3 }; V! r4 t( u下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
; J( p( d2 |: o* [# H( D. `% O$ o) D# N0 m
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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