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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和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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[ 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:# Y5 B! ]/ A  z! f/ j2 w' @7 {( p: \2 Z( @
SUMMARY OF THE OFFERING/ t7 R; N+ \9 [2 h1 K8 s
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’’.# ~  G: y5 b+ p
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
0 j; E5 _" Z: D$ _- G, n  `Amount: $150,000,000 (6,000,000 shares).
0 ?8 s4 R: u0 u  }  O( b1 LPrice and Yield: $25.00 per share to yield initially 6.50% per annum.  j7 [% w4 p/ Q
Principal Characteristics of the Preferred Shares Series 18
" S7 I! U, j8 EDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
; F. i, c1 O% t- @) Rnon-cumulative preferential cash dividends, as and when declared by the0 S3 M+ H: {: y* d& r( b, D" _
Board of Directors, subject to the provisions of the Bank Act, for the initial. c( }1 b! a2 `' k% d
period commencing on the closing date and ending on and including
9 y' _: i6 r  b- O% l' m# kFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the! J1 q' m4 C8 G' T, }
25th day of February, May, August and November in each year, at a rate
+ E) b7 W3 C5 \equal to $0.40625 per share. The initial dividend, if declared, will be payable0 U8 G. ~( `- ?+ P( ^- I/ D
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
! A" n, S9 q& }6 b% S6 m) j" Rdate of December 11, 2008.3 q" C8 d- G1 ]6 E4 o
For each five-year period after the Initial Fixed Rate Period (each, a6 }% r7 B! v" c- a; d- q
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
, A4 }( G: G) v3 n8 lSeries 18 will be entitled to receive fixed non-cumulative preferential cash+ m# _$ N( X  E  h( X' z/ Q  }
dividends, as and when declared by the Board of Directors, subject to the* _: X. i) u6 v' N- z; @' b
provisions of the Bank Act, payable quarterly on the 25th day of February,
- N/ x, l% u$ [8 T- O. v% _May, August and November in each year, in the amount per share per annum) |7 o/ H6 C# c
determined by multiplying the Annual Fixed Dividend Rate applicable to$ r2 L. v# p4 e* T1 I
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
3 G. I/ U; f, Z- K- h- aRate for the ensuing Subsequent Fixed Rate Period will be determined by the
2 O6 y. \; m) q: K2 ^0 s7 {' lBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
/ N0 S+ r& t0 Z4 M/ Z6 sof such Subsequent Fixed Rate Period and will be equal to the sum of the
$ c* O- l) R( [Government of Canada Yield on the applicable Fixed Rate Calculation Date
9 i, {: e* ~! r  U1 r  Kplus 3.83%.9 O& |8 z/ H# i4 `1 p. B6 `
If the Board of Directors does not declare a dividend, or any part thereof, on. n' a8 [% e* y" T) l9 P( p/ v. @
the Preferred Shares Series 18 on or before the dividend payment date for a
8 B; r5 H; ]# o2 A0 \; Cparticular quarter, then the entitlement of the holders of the Preferred/ u; g/ M& C. @+ w
Shares Series 18 to receive such dividend, or to any part thereof, for such6 O! v8 Y; [* C; v- K5 M& S. E0 O
quarter will be forever extinguished.
0 l/ a) d4 g, \6 h1 O7 @( @* IRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
/ y; l* _5 K% s/ e& M# E* c( {Superintendent and to the provisions described below under ‘‘Details of the+ C8 @8 k# i9 d3 F+ v% C
Offering — Certain Provisions of the Preferred Shares Series 18 as a5 M* z. e( n4 D
Series — Restrictions on Dividends and Retirement of Shares’’, on
0 O& I% |( S( PFebruary 25, 2014 and on February 25 every five years thereafter, on not: p* }* F4 S/ T$ B3 p
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any& Z% x8 C( v6 F+ k& i
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
2 m/ {' a2 Y" e/ a( W$ hwithout the consent of the holder, by the payment of an amount in cash for
3 V  U3 n0 o. q1 K7 m5 s. x& Qeach such share so redeemed of $25.00 together with all declared and unpaid
) f: x2 w+ G5 U% Fdividends to the date fixed for redemption.* O: p# O( b/ }6 ]% g4 S( k" Z
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
& ?' j1 U; B" V1 R8 `8 IShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have" Y4 a  g& p3 @7 u$ W( y
the right, at their option, to convert, on February 25, 2014 and on
/ v: Q% n! V/ S% @: a9 hS-4: w6 _! Z" g3 m- S  `, }. D  K7 j( r
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
# e9 g, u4 {7 t' M: M7 Vor all of their Preferred Shares Series 18 into an equal number of Preferred7 J; D. \- e0 Q4 M: ]. b
Shares Series 19 upon giving to the Bank notice thereof not earlier than8 [5 f' I0 a. A. M( g( F
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day* c( O( x, D! r& t) W. b
preceding, a Series 18 Conversion Date.
8 p* D/ K) G. f" \+ pAutomatic Conversion If the Bank determines, after having taken into account all shares tendered0 ]) s0 q; d9 c5 F
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
! H; c) E# F2 r% h, RSeries 19, as the case may be, that there would be outstanding on such
* ^) B; o* `6 q  C7 r, @2 BSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
7 D" p( ?) d8 A: lsuch remaining number of Preferred Shares Series 18 will automatically be. ?, i/ H1 b' a! d8 N
converted on such Series 18 Conversion Date into an equal number of
; x  [( c, ~/ n7 H8 `: m: N, A0 CPreferred Shares Series 19. Additionally, if the Bank determines that, after
* P1 v3 n, H) c6 l* O0 U5 {$ Mconversion, there would be outstanding on such Series 18 Conversion Date
9 n* I' s  V) j; R6 A# R: Cless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
& @3 H6 r3 L2 H  M7 ~/ LSeries 18 will be converted into Preferred Shares Series 19.2 p+ o, E" e0 l7 ]- |) J' n" t' E
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
; S6 S0 T8 t' N8 r* h# iSeries 18 will not be entitled as such to receive notice of, attend, or vote at,% \2 q' N# x0 i) i
any meeting of the shareholders of the Bank unless and until the first time at
1 b( l& q; g" C7 j( v* ^" Qwhich the Board of Directors has not declared the whole dividend on the
  ]3 }6 P  F% M6 }Preferred Shares Series 18 in any quarter. In that event, subject as! z2 G1 D9 Y0 b# Y! d
hereinafter provided, the holders of Preferred Shares Series 18 will be0 E7 D9 X4 o' x9 `$ s. o0 G9 w9 W
entitled to receive notice of, and to attend, meetings of shareholders at which2 V/ r5 k7 Z9 n$ h& @: ?
directors of the Bank are to be elected and will be entitled to one vote for
1 E) L, e* W! N! Neach Preferred Share Series 18 held. The voting rights of the holders of the! q& ^- I) y* ]( z- s  ]" g
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
# u: @  S1 A" n0 ]' t( S1 Othe first dividend on the Preferred Shares Series 18 to which the holders are
" l. M3 _" |* j0 m! ~" Yentitled thereunder subsequent to the time such voting rights first arose until
8 t. B3 m1 z: a) g2 xsuch time as the Bank may again fail to declare the whole dividend on the9 P5 W' w& B' D5 ?* h5 L
Preferred Shares Series 18 in respect of any quarter, in which event such  L- [- p6 }  }" P% ]) x
voting rights will become effective again and so on from time to time.
  A; Z# ]; s  k5 ^: B/ WPrincipal Characteristics of the Preferred Shares Series 19. m. c3 s4 X2 L( R; {& j# c
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive: X' p5 ^' T, ^/ g; f
floating rate non-cumulative preferential cash dividends, as and when
' F# r& \) Y; P+ B% t# Y6 cdeclared by the Board of Directors, subject to the provisions of the Bank Act,5 c# \. c* O" I! v% r
payable quarterly on the 25th day of February, May, August and November
- z  F# A6 e- c( c' {in each year, in the amount per share determined by multiplying the
( Z+ t6 L+ I# v5 Gapplicable Quarterly Floating Dividend Rate by $25.00.
5 m# U7 w% L0 e# v8 i3 ]On the 30th day prior to the commencement of the initial quarterly dividend6 c2 i" q* E& l7 V# ~
period beginning on February 25, 2014, and on the 30th day prior to the first
9 P& p- T& [+ T; k2 G% Dday of each subsequent quarterly dividend period (the initial quarterly
. @4 |2 F3 R- t  Wdividend period and each subsequent quarterly dividend period is referred to
( d3 ?0 w, a" f) V4 Ras a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
( X: y' R( X- n3 F* B  LQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
) I! O  `  X4 t& X5 i, ~4 cPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the- [8 x) e7 E+ e( Z& _% y/ L
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
7 j# s1 U3 u* u9 Y) [7 yelapsed in the applicable Quarterly Floating Rate Period divided by 365), b: b( [+ r0 @6 z
determined on the 30th day prior to the first day of the applicable Quarterly
, ^& I! J/ M- `# v$ CFloating Rate Period.0 {2 r/ O. s* _5 U$ B
S-5
* q3 j: p6 o) nIf the Board of Directors does not declare a dividend, or any part thereof, on
3 @# X' U& w9 r# W1 rthe Preferred Shares Series 19 on or before the dividend payment date for a* S" G% `! \4 t8 z5 v
particular quarter, then the entitlement of the holders of the Preferred
1 [/ R& v1 L4 x' S2 E9 u$ sShares Series 19 to receive such dividend, or to any part thereof, for such
4 d1 N+ Q5 w$ C$ }' Bquarter will be forever extinguished.( h& o  ~9 O: e
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the4 [. z6 x9 T" ]  w- ]4 x
Superintendent and to the provisions described below under the heading" p0 U: u2 T2 {/ N, N
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
! x! K( k) s! @) n* uSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,  e/ B1 v+ O  A) k) Z, _; |
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
1 |2 D2 I" T" z$ y$ F0 M. |% zor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
- j. d+ }6 c3 B0 v1 S( uoption without the consent of the holder, by the payment of an amount in
7 \2 h2 e0 w3 v0 ]# U2 n, Pcash for each such share so redeemed of (i) $25.00 together with all declared; S0 A1 ~( H1 d* q- P$ w" K  @
and unpaid dividends to the date fixed for redemption in the case of  Z* c5 H! _- V4 k
redemptions on February 25, 2019 and on February 25 every five years" J$ L9 ?& I1 U4 }
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
4 o* {( H$ M  U5 Z  Y! wthe date fixed for redemption in the case of redemptions on any other date* X7 V( x% E  _
on or after February 25, 2014.
! z* {9 \* Z# q8 P- I% fConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
% i  L( U, R! R' lShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have# s& v0 T, S0 E$ l5 _
the right, at their option, to convert, on February 25, 2019 and on
/ E9 }1 X( s: m0 E. WFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any; M& C; B9 y  t5 l7 q
or all of their Preferred Shares Series 19 into an equal number of Preferred$ j5 X9 {" M  I. t" }' I+ z
Shares Series 18 upon giving to the Bank written notice thereof not earlier- y2 a* H& j. v# Z9 J
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the5 @# K" N5 b3 F9 ~! Z! k- D
15th day preceding, a Series 19 Conversion Date.0 M/ S. X$ @4 x4 Z3 G2 _* Y
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
8 ?; k2 K! c6 r) E& N4 TProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
1 z3 f0 k5 W4 x) O! B3 r; W5 [Series 18, as the case may be, that there would be outstanding on such1 I% X  J/ `' G2 j
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,1 h4 ?! }) J" \
such remaining number of Preferred Shares Series 19 will automatically be" t- U; s& O. c' p9 }7 s
converted on such Series 19 Conversion Date into an equal number of
! l/ x9 O5 h" T1 w8 z  I4 MPreferred Shares Series 18. Additionally, if the Bank determines that, after
4 z6 Z6 M- q$ J  `2 m# Y! C( vconversion, there would be outstanding on such Series 19 Conversion Date
1 X* G$ V& T0 V* m: i9 m4 Bless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares& p* z* `7 X! U$ Y# W: z& @+ q
Series 19 will be converted into Preferred Shares Series 18.
& D' j+ E( q/ P/ m% {) [6 ~Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
  Q# B# w8 A5 @8 O4 F5 l  F! I: USeries 19 will not be entitled as such to receive notice of, attend, or vote at,
  M) e" a2 b( P2 u1 n& Oany meeting of the shareholders of the Bank unless and until the first time at7 b' [) J5 P1 F% q: l9 [: L& n* o2 ?& Z
which the Board of Directors has not declared the whole dividend on the- Y  ~0 J7 x( d/ k9 |7 d0 K
Preferred Shares Series 19 in any quarter. In that event, subject as
7 |; c4 L* n- X) r- qhereinafter provided, the holders of Preferred Shares Series 19 will be
6 d7 e: _, p2 u3 P8 j) Wentitled to receive notice of, and to attend, meetings of shareholders at which  R# P% s# x/ f. s  s# i7 _* i
directors of the Bank are to be elected and will be entitled to one vote for
5 c' r' w; }5 geach Preferred Share Series 19 held. The voting rights of the holders of the
+ }" T; v) G1 APreferred Shares Series 19 will forthwith cease upon payment by the Bank of
# V: B5 e% [7 ~8 g% _0 Jthe first dividend on the Preferred Shares Series 19 to which the holders are+ e- f  A  x6 o& M8 ~& p; @
entitled thereunder subsequent to the time such voting rights first arose until
9 @) A9 ?0 c/ v8 l( e. Rsuch time as the Bank may again fail to declare the whole dividend on the
" T+ x+ R) U3 O- c. H% _" r3 n) vPreferred Shares Series 19 in respect of any quarter, in which event such/ a, V  J2 D4 |8 F5 k
voting rights will become effective again and so on from time to time.
+ Z6 g2 o8 |$ e$ qS-6  Z/ w+ b; y% j* Q  z' X
Priority: The preferred shares of each series of the Bank will rank on a parity with
- p7 o6 {% i; E$ Q: M  n+ ]every other series and are entitled to preference over the common shares of
% Z6 [) }5 `0 }8 ~7 xthe Bank and over any other shares of the Bank ranking junior to the$ \6 c2 e* i# b1 S
preferred shares with respect to the payment of dividends and upon any' T0 T7 c1 _2 Z" i3 @% I* A. E
distribution of assets in the event of the liquidation, dissolution or( K1 m$ o3 o; O9 m  B
winding-up of the Bank.
! M) Z5 a- Y$ y' m) K5 H1 TTax on Preferred Share The Bank will elect, in the manner and within the time provided under
& z( ?! g5 a/ |, v" DDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares( R' d0 j) A/ v) C0 M6 b8 x- R
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
/ }+ y% |( ~2 F3 b0 |- jdividends 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。; K- l% W* I5 n' s$ d7 q- R5 s
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

: p3 e3 G/ l# G/ R1 {
, g! F0 _2 r' R  X6 G+ g下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。3 J' u! ]- l, ^9 s( K' b2 U9 p
7 L7 {; d) B& u% m; Z9 }% g( D
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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