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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。- u8 J' c( J$ h9 o3 ?

, h3 E7 ]) M9 J4 P4 U1 g  x3 ~( S) G/ F* c7 e7 t8 a# N: H
[ 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:" a3 h. O; W7 w) z1 e
SUMMARY OF THE OFFERING
: V2 Z+ I& u; t$ X! Q) iThis 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’’.
) [! v2 K' \3 S, h/ oIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
# i/ U+ ^% y6 C7 p7 yAmount: $150,000,000 (6,000,000 shares).' ^# P  _9 ?1 b; X
Price and Yield: $25.00 per share to yield initially 6.50% per annum.. r. a8 _, f& e6 N5 \* ?" v
Principal Characteristics of the Preferred Shares Series 18
0 j$ I5 ?* J/ z% VDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
; O" y' K: z+ J8 m! H6 }- @non-cumulative preferential cash dividends, as and when declared by the
6 X" g4 _0 Q" s, ^& CBoard of Directors, subject to the provisions of the Bank Act, for the initial) \% z1 I" X4 D" @
period commencing on the closing date and ending on and including
) u9 U4 U0 n! ~7 w% H8 f! cFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the4 p- C$ O  H' W3 w* g+ j
25th day of February, May, August and November in each year, at a rate
( r" Y# g/ G) g; t. M* Jequal to $0.40625 per share. The initial dividend, if declared, will be payable5 C. H% _# u2 ]. t
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
" e7 A6 A. h  y& j/ r# fdate of December 11, 2008.
: b, G& ^7 K- X% l  v6 kFor each five-year period after the Initial Fixed Rate Period (each, a
! P3 e! o0 H8 _: D# Z$ e‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares3 y; x2 x0 b% o/ z- i
Series 18 will be entitled to receive fixed non-cumulative preferential cash+ K4 P5 N1 p2 b$ @- M! c8 D
dividends, as and when declared by the Board of Directors, subject to the
: _4 v1 Q2 x" R- V2 H% Lprovisions of the Bank Act, payable quarterly on the 25th day of February,$ \' X4 I+ [; I- F  ^2 W2 k
May, August and November in each year, in the amount per share per annum! H  C  g' j8 M3 n
determined by multiplying the Annual Fixed Dividend Rate applicable to
3 p, |( M8 o0 _2 psuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
" [! H9 A" s2 nRate for the ensuing Subsequent Fixed Rate Period will be determined by the1 L: J% Z. J) A/ T6 g3 x9 ~5 S: K3 x
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day: z# l* F, Z/ m0 t
of such Subsequent Fixed Rate Period and will be equal to the sum of the! B2 h) j, F1 `% T
Government of Canada Yield on the applicable Fixed Rate Calculation Date
) B1 u& z( A7 b2 v+ O% Z$ Yplus 3.83%.8 ]/ o- K7 d  o( M7 _: V# c
If the Board of Directors does not declare a dividend, or any part thereof, on1 u# Q1 x9 N( r2 G
the Preferred Shares Series 18 on or before the dividend payment date for a
; M0 j0 p* c( n/ T* f4 e* A) [particular quarter, then the entitlement of the holders of the Preferred% v# n$ p  E0 W0 S" A% {# {
Shares Series 18 to receive such dividend, or to any part thereof, for such4 T# K! a& D( g1 H; A7 D
quarter will be forever extinguished.7 ~2 H5 W8 r/ N% b2 k# ^" X  M+ O
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the; K7 |# x8 X* y$ Q% j5 Y% w
Superintendent and to the provisions described below under ‘‘Details of the! J, D4 t1 j8 N5 a3 I# F
Offering — Certain Provisions of the Preferred Shares Series 18 as a
0 ?% r6 s: B1 w; S! vSeries — Restrictions on Dividends and Retirement of Shares’’, on
6 n, Y; Q6 m% ~$ IFebruary 25, 2014 and on February 25 every five years thereafter, on not4 D: }" A2 Q* }+ I& w
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any' s$ M  V1 v. H3 ~6 A( h
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
! g; z  G) |6 N; Kwithout the consent of the holder, by the payment of an amount in cash for! S' N3 \+ {7 X  ?+ u5 {+ n2 [! c
each such share so redeemed of $25.00 together with all declared and unpaid
& Y0 [$ d3 s& U$ U. Ddividends to the date fixed for redemption.: ~) Y0 {# ], ^* h; ^
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
) ~$ _9 p2 w5 F# n, C7 n, f: CShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have- ?; U  H3 V3 y9 W' I: ~/ x
the right, at their option, to convert, on February 25, 2014 and on5 _! }- ^4 z4 i7 b5 K. w. \/ G
S-4
% I. o! ?1 k: ~February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any" @3 j9 U. W1 l6 X' k! X% k. i0 {: Y
or all of their Preferred Shares Series 18 into an equal number of Preferred0 R3 f3 t3 J9 |1 Q
Shares Series 19 upon giving to the Bank notice thereof not earlier than
, X9 V% n6 S# j30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
4 F+ v4 l' q' @$ ~2 u/ O# Upreceding, a Series 18 Conversion Date.2 J0 D5 T$ t% }( s
Automatic Conversion If the Bank determines, after having taken into account all shares tendered# o3 ~% L; d" t$ D2 K
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares: ^" x9 N3 j: A2 c
Series 19, as the case may be, that there would be outstanding on such
* x1 ]: Z7 P5 X! E# W( Y0 NSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
: j+ l9 L1 b' u4 Y) rsuch remaining number of Preferred Shares Series 18 will automatically be
0 Q  r1 e! M$ b" g0 k2 n; Mconverted on such Series 18 Conversion Date into an equal number of
+ `$ H6 z' q. h' H# {" rPreferred Shares Series 19. Additionally, if the Bank determines that, after
: P  V! t+ P' d( e+ Vconversion, there would be outstanding on such Series 18 Conversion Date
+ C- D& |- V/ f, c! Q0 f- \% pless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
/ J  V' s9 i' c: r. |Series 18 will be converted into Preferred Shares Series 19.
! a6 H9 {/ e  G& Q' T( e$ K2 dVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares" x1 d: n/ \$ ?8 ^& I
Series 18 will not be entitled as such to receive notice of, attend, or vote at,4 t( G4 w. C: [2 w- @: U. n! N, S0 [
any meeting of the shareholders of the Bank unless and until the first time at
6 T& R  }  S; L0 W" X& ]' hwhich the Board of Directors has not declared the whole dividend on the
! w! ?" h0 ], l. p* X* U  nPreferred Shares Series 18 in any quarter. In that event, subject as
8 m9 m3 K5 j  @) x: |1 w, Jhereinafter provided, the holders of Preferred Shares Series 18 will be
" o) G& D. A0 D7 h2 @5 [entitled to receive notice of, and to attend, meetings of shareholders at which3 f$ f# j9 M& f
directors of the Bank are to be elected and will be entitled to one vote for% i6 `! ?7 `- |$ X
each Preferred Share Series 18 held. The voting rights of the holders of the
# u! V% l; C7 IPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
( A1 \/ n( c- _& ?5 ~% f7 B  Fthe first dividend on the Preferred Shares Series 18 to which the holders are0 Z6 a0 y( S- c
entitled thereunder subsequent to the time such voting rights first arose until+ m* r0 h2 _+ P; D% W, h+ B
such time as the Bank may again fail to declare the whole dividend on the1 W+ c* |. Y) q' Q( b
Preferred Shares Series 18 in respect of any quarter, in which event such
; ~% E% x7 Z3 P0 Svoting rights will become effective again and so on from time to time.
1 ?' Q" G/ v$ X- F  O6 N* D; ~+ I" sPrincipal Characteristics of the Preferred Shares Series 19; W0 U) B2 J' `( Y' m
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive6 A$ r$ a7 t$ P, S5 Z! o7 k. S! d9 v
floating rate non-cumulative preferential cash dividends, as and when
! B7 B8 Q2 Z+ k% X( X# I3 Ldeclared by the Board of Directors, subject to the provisions of the Bank Act,( w5 D( a4 u; k; I1 V! A+ V# k# t
payable quarterly on the 25th day of February, May, August and November2 C/ n; z# b) @! ?1 R
in each year, in the amount per share determined by multiplying the, i! T- b  K- k* H4 E) o
applicable Quarterly Floating Dividend Rate by $25.00.
3 C8 M: I- v- L/ HOn the 30th day prior to the commencement of the initial quarterly dividend
8 `( T2 y: S& W2 jperiod beginning on February 25, 2014, and on the 30th day prior to the first
. z' i% e4 e8 M# U; c; jday of each subsequent quarterly dividend period (the initial quarterly  t2 h, ]' G3 ~
dividend period and each subsequent quarterly dividend period is referred to$ h- Z% G1 x+ `% I; {& @
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
) Z5 E% q8 R8 a, ZQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate. }8 @1 K! @; P# Y8 Y; \& K1 [, V
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
( C% {: W# U9 u' j; p4 kT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
1 u& Z! a$ L, ?. ^elapsed in the applicable Quarterly Floating Rate Period divided by 365)
6 t: l3 C5 C& G1 Tdetermined on the 30th day prior to the first day of the applicable Quarterly
% k5 q# R& M8 c! g( }! P# B2 M) LFloating Rate Period.# f4 I& Q" B( Q4 w, ?$ o* `5 j7 [
S-5$ R- S, d$ w- m7 `
If the Board of Directors does not declare a dividend, or any part thereof, on
6 z  r) T1 o) e+ C* ?4 G. }2 `% Ethe Preferred Shares Series 19 on or before the dividend payment date for a& d0 C( W- u/ a( B
particular quarter, then the entitlement of the holders of the Preferred! z. n- g& U; ~2 G4 V6 G
Shares Series 19 to receive such dividend, or to any part thereof, for such5 J1 C- b: U# C) W" N6 @+ D
quarter will be forever extinguished.( y8 I/ H. q2 _) ^9 e, o6 }! g
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
" a- m+ P0 |; j( n% T6 LSuperintendent and to the provisions described below under the heading2 P$ n% a6 c( {4 v# d  {; c( l2 Y! j/ E% B
‘‘Details of the Offering — Certain Provisions of the Preferred Shares8 O5 I9 C; R( V
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,! g5 k# B  Z$ {3 j
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
4 Q  H# ~. z! u: Y5 P6 i( uor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
  D& L+ ?4 z9 {8 G: moption without the consent of the holder, by the payment of an amount in0 X0 h" w* v  m: X  u
cash for each such share so redeemed of (i) $25.00 together with all declared  w+ o% ?( W% ?  G- T; `: Q9 q8 c
and unpaid dividends to the date fixed for redemption in the case of* `, V$ m) }- a, l4 j
redemptions on February 25, 2019 and on February 25 every five years$ e6 s8 j: X4 T# U2 r% r, O
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
+ I" \% X4 A: x6 H/ p: cthe date fixed for redemption in the case of redemptions on any other date; h4 Z1 Z- t7 I- w
on or after February 25, 2014.
3 ~7 D8 m, c% f' s* oConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
( W% i  i& O, Y# K' P) ?% R" J5 OShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
( y' b8 {% i1 Ythe right, at their option, to convert, on February 25, 2019 and on
; J; Y+ G6 U" |7 ]: HFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any$ j9 I! N4 ~! L! X/ ^9 s
or all of their Preferred Shares Series 19 into an equal number of Preferred
( R! d% p5 g! C- g& HShares Series 18 upon giving to the Bank written notice thereof not earlier7 b1 o( ^7 H) Z, ]# a
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
- O" y6 |1 ?# P2 ^3 p15th day preceding, a Series 19 Conversion Date.
, m! K5 l. _" O; o( W' q# `Automatic Conversion If the Bank determines, after having taken into account all shares tendered
" D. @6 u* y8 S1 [, s. oProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares/ V! B4 `1 ]: V8 m
Series 18, as the case may be, that there would be outstanding on such
  z2 b: D4 m1 d4 A4 Q$ M! ~Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,) @+ K" ^3 `; N: v! D$ e
such remaining number of Preferred Shares Series 19 will automatically be
9 S3 h- F/ b) l" |converted on such Series 19 Conversion Date into an equal number of9 H, ^* `. a8 w
Preferred Shares Series 18. Additionally, if the Bank determines that, after0 d9 Z" L) C  j  s1 U
conversion, there would be outstanding on such Series 19 Conversion Date
& s  o+ u6 G$ C# iless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares( J8 @  ]$ g- L6 ^" K
Series 19 will be converted into Preferred Shares Series 18.
  s: _; R" a$ b6 e0 ZVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares6 S% H- q  R1 C& e
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
0 y3 I9 w( d7 \1 Rany meeting of the shareholders of the Bank unless and until the first time at
7 P- ~" A( \  L: v/ Y1 T1 ^0 E: A0 }which the Board of Directors has not declared the whole dividend on the" V2 ~& ~, X( N' ?6 S8 {, ]
Preferred Shares Series 19 in any quarter. In that event, subject as
, y3 [0 x9 c$ V+ G+ r$ uhereinafter provided, the holders of Preferred Shares Series 19 will be0 c6 o3 G0 x6 |& [# L
entitled to receive notice of, and to attend, meetings of shareholders at which
$ v) }! p! Q) u, L  L5 P$ K8 @% Idirectors of the Bank are to be elected and will be entitled to one vote for' h% g3 a# g) t4 A' I
each Preferred Share Series 19 held. The voting rights of the holders of the
: w# }% }6 I3 Z5 }: U' {2 kPreferred Shares Series 19 will forthwith cease upon payment by the Bank of0 a# ^1 F% Q1 v7 k  D' X
the first dividend on the Preferred Shares Series 19 to which the holders are  V1 a6 h- X2 k3 O/ K+ T
entitled thereunder subsequent to the time such voting rights first arose until
8 \, z' P: r) B' {such time as the Bank may again fail to declare the whole dividend on the
; S! Q8 F% |% V4 c3 F$ ]7 M4 cPreferred Shares Series 19 in respect of any quarter, in which event such) N+ s/ w" c3 ~1 j
voting rights will become effective again and so on from time to time.9 \# V% J. C, d3 ?2 h8 `
S-64 K9 ]( l( g0 B2 k/ Y
Priority: The preferred shares of each series of the Bank will rank on a parity with
1 @$ \4 f; |) d8 b1 x, `3 Y6 wevery other series and are entitled to preference over the common shares of  p5 g$ Y! a$ e8 p
the Bank and over any other shares of the Bank ranking junior to the
: h; v$ I7 ]: {. D- Dpreferred shares with respect to the payment of dividends and upon any8 \$ n3 z  V# N$ y5 r# X. Z. _4 _
distribution of assets in the event of the liquidation, dissolution or
, @; p3 Q6 s7 u4 K' u; t6 Kwinding-up of the Bank.& E0 z4 U1 ?3 L, w/ Z( h$ ?
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under" P0 o2 F: r- E& |( u. S+ G0 R
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares. q7 j8 l2 j- N0 r1 {4 z6 N0 y
Series 18 and Preferred Shares Series 19 will not be required to pay tax on5 ?2 G& @; v# K: S( }
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。
2 l6 W  {) o5 t/ 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
& v( l7 N* K3 R* }( [; ~
9 B3 m% b/ ^. h4 K% }) ?
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
, b) d6 Q) Z3 H, ^# y$ Y& D
6 ^3 Q: D7 ?* r7 q" I/ ucall 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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