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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。! ~5 d1 T  V9 D7 F" N
! u7 s* H7 I; w

0 e; Q  \/ X' y' o$ b" J$ H[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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 楼主| 发表于 2008-11-29 16:58 | 显示全部楼层
下面是BMO的:5 i. h  P1 @* x8 U- \; K+ K
SUMMARY OF THE OFFERING
2 q0 a8 j# e8 Y6 W2 F, N% TThis 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 C$ ~* e$ C: @+ ?- e- Q5 Z
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.& @( E9 t" K2 q) e& T" F, p
Amount: $150,000,000 (6,000,000 shares).& r0 k4 j5 R' O, x; \
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
( n6 c  u  o0 W$ T: E7 i+ z, @2 UPrincipal Characteristics of the Preferred Shares Series 18& F' \, C. m" v5 N  x
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed5 `" A9 C1 P* W2 t* o
non-cumulative preferential cash dividends, as and when declared by the+ K) J+ b: V1 w, l& g8 ^9 ?
Board of Directors, subject to the provisions of the Bank Act, for the initial
$ `7 h/ A- W" x' ~, zperiod commencing on the closing date and ending on and including
5 R3 t8 k- T& g8 ~February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
& V$ j# E" a6 H( ?! o25th day of February, May, August and November in each year, at a rate
! r9 n& j  u) V( Y* V- f; A% Fequal to $0.40625 per share. The initial dividend, if declared, will be payable
4 c3 \1 C$ ~) ~May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
2 }8 P: n" U1 k2 Pdate of December 11, 2008.5 X0 o' m- m1 a) b) e
For each five-year period after the Initial Fixed Rate Period (each, a6 h' u- ?+ x$ S& ^  R
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares! C( }; |) D- A; b
Series 18 will be entitled to receive fixed non-cumulative preferential cash
; ]$ }9 f3 Z  k- Vdividends, as and when declared by the Board of Directors, subject to the
* O) h: r- ~' g6 {7 |9 zprovisions of the Bank Act, payable quarterly on the 25th day of February,
3 e8 I! {7 S6 `) ]# ^2 M+ j. j, _May, August and November in each year, in the amount per share per annum3 v) D+ {6 g4 Z' P! P! \# U+ g7 u
determined by multiplying the Annual Fixed Dividend Rate applicable to
4 H2 p3 r  L: osuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
  d& [& X8 P& WRate for the ensuing Subsequent Fixed Rate Period will be determined by the/ W- K+ T) o0 X, W: U! g
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
* k) e4 R3 g$ k/ qof such Subsequent Fixed Rate Period and will be equal to the sum of the6 O/ [. N. ?5 \( v1 A8 M
Government of Canada Yield on the applicable Fixed Rate Calculation Date2 V3 V  i2 u5 W% p. @6 F: t
plus 3.83%.
( s7 a9 G/ a+ gIf the Board of Directors does not declare a dividend, or any part thereof, on! h' y6 t# ~9 E$ o* ?
the Preferred Shares Series 18 on or before the dividend payment date for a% M) E. c, ~, Z& E3 \0 P
particular quarter, then the entitlement of the holders of the Preferred7 C, \- m: @. f: j
Shares Series 18 to receive such dividend, or to any part thereof, for such
2 U2 `' E: [( K' rquarter will be forever extinguished.
3 X+ d! g; E) I/ p/ C% zRedemption: Subject to the provisions of the Bank Act and to the prior consent of the2 s( O. u) S9 ^; \6 s4 [7 q
Superintendent and to the provisions described below under ‘‘Details of the9 G- g* z) ~% F$ {* r$ f% J! {: T: U
Offering — Certain Provisions of the Preferred Shares Series 18 as a
4 d; q" h8 w. V/ s8 f7 a$ dSeries — Restrictions on Dividends and Retirement of Shares’’, on
' f) p% X# g, E8 DFebruary 25, 2014 and on February 25 every five years thereafter, on not) x3 @$ G; I3 ]5 V9 |
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any1 R( q7 X) s4 C
part of the then outstanding Preferred Shares Series 18, at the Bank’s option1 [2 B! J6 [! B9 R
without the consent of the holder, by the payment of an amount in cash for! c/ B/ B  ?, K  v1 [* R1 c! k
each such share so redeemed of $25.00 together with all declared and unpaid
0 i) E8 a# K: ^3 z$ ^2 l' Y1 z, N( k  \' Vdividends to the date fixed for redemption.
" A  a& n) j9 Z3 @! a( `# bConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic$ w5 N5 j" c5 I2 O/ _
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
! K  @; ]0 I1 K$ m4 t/ M9 Nthe right, at their option, to convert, on February 25, 2014 and on
9 {0 g+ D7 t; V- MS-40 p/ L* N5 {. J- f4 L
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
+ E, [. ^5 n3 @) U7 z& r2 Eor all of their Preferred Shares Series 18 into an equal number of Preferred
, i, T; z; \: K/ X! qShares Series 19 upon giving to the Bank notice thereof not earlier than
- |$ p2 u3 S5 d' Q) A: }$ b30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day7 M5 L9 ?7 R% T! d4 n6 |& f# U( W: o+ v1 r
preceding, a Series 18 Conversion Date.
/ r2 k& G9 [5 x# J( ]Automatic Conversion If the Bank determines, after having taken into account all shares tendered* C6 y6 \4 z: w! ~" W" K  _. U
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
% a8 q$ k8 q1 kSeries 19, as the case may be, that there would be outstanding on such# s3 p9 ?' x* v3 P9 I: V5 {. i- f
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
4 `' f- M0 P( Z, z8 `* @% X1 Csuch remaining number of Preferred Shares Series 18 will automatically be; M! D/ ^/ |7 ~/ L
converted on such Series 18 Conversion Date into an equal number of
2 n; ]; V- x" s" @; S) Z* g& XPreferred Shares Series 19. Additionally, if the Bank determines that, after
+ L7 v- J; Z/ \conversion, there would be outstanding on such Series 18 Conversion Date! F' m. i% a6 Z8 P. m: o
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
3 |4 ?- K3 V/ G& M/ mSeries 18 will be converted into Preferred Shares Series 19.
: _+ V4 R1 ^! t' ?; M9 i. FVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
9 ^& R; r; a1 aSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
7 }$ i! I- n# n! G' wany meeting of the shareholders of the Bank unless and until the first time at% b5 q: d/ d- z8 Z" L2 `
which the Board of Directors has not declared the whole dividend on the
; @8 p- A" J, J7 ~, x  Q8 VPreferred Shares Series 18 in any quarter. In that event, subject as
- x# k, f6 U$ Rhereinafter provided, the holders of Preferred Shares Series 18 will be
2 t6 }2 N2 @& ?- qentitled to receive notice of, and to attend, meetings of shareholders at which! k) w2 g$ }6 N% o0 H
directors of the Bank are to be elected and will be entitled to one vote for' [* K* S% i! z* a0 y! U
each Preferred Share Series 18 held. The voting rights of the holders of the0 X. D2 r( l& U0 z
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
3 Z9 \% p! h& w& y+ K! `+ nthe first dividend on the Preferred Shares Series 18 to which the holders are- w9 S2 A5 J/ _; Y+ R2 X
entitled thereunder subsequent to the time such voting rights first arose until
) J' @5 t0 B1 Z& l& J3 bsuch time as the Bank may again fail to declare the whole dividend on the3 J& y1 C: l6 I) o' n% D
Preferred Shares Series 18 in respect of any quarter, in which event such
, U$ o: }. a) M' C$ V- I" y! K. avoting rights will become effective again and so on from time to time.  G/ |) O, [+ k, }- s8 z, K
Principal Characteristics of the Preferred Shares Series 19
& y* h% M7 @! Z$ q9 sDividends: The holders of the Preferred Shares Series 19 will be entitled to receive! r% R1 j6 M/ I% V0 |
floating rate non-cumulative preferential cash dividends, as and when* [/ o/ N. h; {0 J! G% R5 T1 |
declared by the Board of Directors, subject to the provisions of the Bank Act,
( X$ s! o1 O& h' h" A: \payable quarterly on the 25th day of February, May, August and November' o" }8 v: y2 m, I4 s2 l
in each year, in the amount per share determined by multiplying the( x; E$ {+ s& U
applicable Quarterly Floating Dividend Rate by $25.00.
, l5 v4 Q  Q" _# tOn the 30th day prior to the commencement of the initial quarterly dividend
* n/ E; N9 r2 j" t' e! e8 }period beginning on February 25, 2014, and on the 30th day prior to the first4 n* o6 Q4 c$ `  ~% z# O
day of each subsequent quarterly dividend period (the initial quarterly
/ Z* n  h9 ~% t* G/ Kdividend period and each subsequent quarterly dividend period is referred to
4 y5 x! T* K# w& z% z; Bas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
' m; Q, U) L$ h5 E3 M6 ^+ p5 SQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate. X7 K( P" S& z8 p5 U
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
0 ^) q7 d" B6 `2 g4 V( yT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
8 \0 u3 q. H* a" {+ C5 N3 P2 q* Ielapsed in the applicable Quarterly Floating Rate Period divided by 365)
) K9 K- @7 i: W8 y6 z+ kdetermined on the 30th day prior to the first day of the applicable Quarterly
9 `4 Y6 u! S+ @" m0 d* P! ~Floating Rate Period.
/ C1 v( t7 s( [" v# @# O% aS-5
2 i( Q  R2 f: {& b. Q( lIf the Board of Directors does not declare a dividend, or any part thereof, on- u( r* e3 g! M% j- T3 B
the Preferred Shares Series 19 on or before the dividend payment date for a
2 g, L7 [+ C& F% |2 k) Mparticular quarter, then the entitlement of the holders of the Preferred$ x5 h& ?' v& r/ m- U5 {  x
Shares Series 19 to receive such dividend, or to any part thereof, for such
& i  p  q) m' G* |) Hquarter will be forever extinguished.
* [. h3 \7 ~/ ], ^5 ORedemption: Subject to the provisions of the Bank Act and to the prior consent of the
& Y* X8 k! D; [, I. R9 J1 m6 @Superintendent and to the provisions described below under the heading/ x* T2 p$ L2 ?4 ^2 M7 g
‘‘Details of the Offering — Certain Provisions of the Preferred Shares0 [% _+ @  |6 R0 M+ r
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
! B4 M( u! N4 W% A4 ]on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
0 ~. H  |( T& A8 jor any part of the then outstanding Preferred Shares Series 19, at the Bank’s) y, Q2 |8 E* \2 J0 ]
option without the consent of the holder, by the payment of an amount in! T. ^% s2 s" }6 o$ V
cash for each such share so redeemed of (i) $25.00 together with all declared  N. Q( r  F) i/ Q8 J+ ~1 C
and unpaid dividends to the date fixed for redemption in the case of
( k9 {1 n- O3 Q* @% A: [7 u4 qredemptions on February 25, 2019 and on February 25 every five years
- k5 S) m2 A3 P% ethereafter, or (ii) $25.50 together with all declared and unpaid dividends to' ^1 q$ p7 ?7 I5 ~: }) G1 r
the date fixed for redemption in the case of redemptions on any other date
8 R: n) [0 J7 M! Zon or after February 25, 2014.
& R; w2 L3 c& W7 {3 V! H& pConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
: j, j! b# \$ l8 c1 KShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have( ?! @' j. Z+ M6 M7 h! z
the right, at their option, to convert, on February 25, 2019 and on
1 p  J* F# }3 Z5 e, }# q4 @February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any' d, }! N: R; W4 F0 e% r
or all of their Preferred Shares Series 19 into an equal number of Preferred
) p$ {. Z6 ^6 A0 I6 q7 KShares Series 18 upon giving to the Bank written notice thereof not earlier9 K, s( ~8 y  h+ e: d0 t9 `- @5 K
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
+ w, u; u8 p' |0 d. r' q5 B15th day preceding, a Series 19 Conversion Date.
* K/ S% h' o" E! u2 J- ZAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
- g  D! a5 U/ C9 ^* YProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares* ?: `; X' F% F: J3 m& m
Series 18, as the case may be, that there would be outstanding on such( i* H# N2 |- A: `( G, P4 y3 r  N
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
1 q  S& v) ]( W! ]" asuch remaining number of Preferred Shares Series 19 will automatically be1 d: `  A' c8 @) n' \, _3 U
converted on such Series 19 Conversion Date into an equal number of+ k0 _- I" Z5 V
Preferred Shares Series 18. Additionally, if the Bank determines that, after6 c( l: }* N, p& D. K2 c
conversion, there would be outstanding on such Series 19 Conversion Date
# O1 F5 ~+ p. }3 w  ~less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares; I0 k% k0 d0 u2 ^  E) \( g
Series 19 will be converted into Preferred Shares Series 18.
  d, @7 P$ V0 @Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares* a( Z2 E) J: ]: f4 B
Series 19 will not be entitled as such to receive notice of, attend, or vote at,1 T! ], Y7 ]% @( R+ G
any meeting of the shareholders of the Bank unless and until the first time at' q; {  C" p" f
which the Board of Directors has not declared the whole dividend on the
* W4 G3 j* t- h0 h  o6 d# yPreferred Shares Series 19 in any quarter. In that event, subject as6 j2 S1 L% e4 K. i2 x3 N$ T* x- O8 h
hereinafter provided, the holders of Preferred Shares Series 19 will be
& B- x) G! p4 F& c$ zentitled to receive notice of, and to attend, meetings of shareholders at which
3 g' ~. }# W- h" ?directors of the Bank are to be elected and will be entitled to one vote for0 ]4 H: }+ _  b" f8 Q0 |
each Preferred Share Series 19 held. The voting rights of the holders of the. @: C' ]+ \* s; {+ T
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
! A# X5 u/ f& v& ?the first dividend on the Preferred Shares Series 19 to which the holders are
! ^/ }0 E6 M9 U: v! [0 ?1 G/ ientitled thereunder subsequent to the time such voting rights first arose until
- g9 q: @$ l- g* q7 g) j2 m( Csuch time as the Bank may again fail to declare the whole dividend on the" V1 n- y) B( [1 o
Preferred Shares Series 19 in respect of any quarter, in which event such' }& n9 Q3 k+ P1 E6 K. n
voting rights will become effective again and so on from time to time.
7 U1 F# i* }  C7 p+ z, j9 c8 B# FS-6: G3 r/ @2 T( n3 `
Priority: The preferred shares of each series of the Bank will rank on a parity with
0 h& v& Q. f" Levery other series and are entitled to preference over the common shares of
6 R) b' D1 G8 q/ e, _: x1 Z- U) Tthe Bank and over any other shares of the Bank ranking junior to the, B# N" P+ f, R
preferred shares with respect to the payment of dividends and upon any* N8 L2 P8 L% ^# f
distribution of assets in the event of the liquidation, dissolution or
8 ?+ Y1 h6 l; X, h& r) w) \winding-up of the Bank.
+ H# }* @  J1 f( R& s3 pTax on Preferred Share The Bank will elect, in the manner and within the time provided under
5 v# a8 _6 L" mDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
3 N0 e5 Y* j  a( P* q1 k( _Series 18 and Preferred Shares Series 19 will not be required to pay tax on
6 K+ t7 Z5 }1 V7 Y0 P8 adividends 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。
- y6 @4 t; _3 G$ a% ^, v/ 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

. X) W  k+ r6 w; p. s+ E7 ]- O: @3 q& x, p# T% M. [3 F6 j0 w  w
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。7 |& S1 |' T6 J- D) }

* F9 {6 M# C0 t2 `! o+ ecall me.. 780 6699880 转101
大型搬家
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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