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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。2 N0 p- w, P2 c' O0 g& F8 j0 M5 v

& I7 o: b8 ^) I, {
/ i% p. L& k, ]. n[ 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:
* y; ]6 H0 e) _- ?- N( G5 ySUMMARY OF THE OFFERING$ {* H6 F, C9 M8 _! B
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’’.$ r4 f3 e; A# W5 K! }
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18." q. p. s3 N* g3 b- i  n2 B* w! z# g
Amount: $150,000,000 (6,000,000 shares).! P' s% P! @" o
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
' ?: x; e& |1 n) wPrincipal Characteristics of the Preferred Shares Series 18
3 ~5 @& {: y9 v+ v8 f: `Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed# {+ A- ?9 J8 m" G
non-cumulative preferential cash dividends, as and when declared by the
- @! B! ~3 m/ Y! f% ~Board of Directors, subject to the provisions of the Bank Act, for the initial- O( c, S( Q6 f2 J9 M3 Y4 m2 b3 ]
period commencing on the closing date and ending on and including
5 v) E7 R" r. e0 ~( z" HFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the; |+ h$ z& q2 @8 ]; T  b
25th day of February, May, August and November in each year, at a rate
' A* a! x( _& ^4 b# c2 nequal to $0.40625 per share. The initial dividend, if declared, will be payable
) @9 [, B6 P6 t7 G& Q& yMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing, L6 _- D* |2 W& I
date of December 11, 2008.- W9 `6 F) M* _' L/ W; E8 e$ ~/ Q
For each five-year period after the Initial Fixed Rate Period (each, a1 x- y! N& R8 `! z( _8 t  A8 `0 P$ H
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
8 T3 \4 X0 C7 L) V! Q/ J$ ]& mSeries 18 will be entitled to receive fixed non-cumulative preferential cash8 V$ U1 ^% z4 h  |
dividends, as and when declared by the Board of Directors, subject to the. L! W6 t- ^3 [+ e' a' Z8 k; e- i
provisions of the Bank Act, payable quarterly on the 25th day of February,
+ w# y. n& Y& v3 s2 CMay, August and November in each year, in the amount per share per annum+ [9 B# p+ v" y$ O
determined by multiplying the Annual Fixed Dividend Rate applicable to
+ a6 q1 y# e: N- w1 R6 `$ ^such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
! s+ c2 B- D3 x& f0 E5 YRate for the ensuing Subsequent Fixed Rate Period will be determined by the3 V* w7 u6 t- F' r5 o
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
9 y& l* B$ k0 p' Y1 b4 @; T( l4 Qof such Subsequent Fixed Rate Period and will be equal to the sum of the
8 y( [8 Q; Z4 C3 iGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
, d1 C# C0 S$ ?2 Nplus 3.83%.% K2 M" B7 M$ [: p4 n5 ~% U+ U1 W
If the Board of Directors does not declare a dividend, or any part thereof, on
/ g: N( y! Q7 Gthe Preferred Shares Series 18 on or before the dividend payment date for a
& p% `% Q8 x2 a) }particular quarter, then the entitlement of the holders of the Preferred) b3 i2 X6 _/ N! f1 U6 \
Shares Series 18 to receive such dividend, or to any part thereof, for such
5 }' }4 B& ]3 L( J7 h: _3 |quarter will be forever extinguished.
# g0 h( ^3 S0 a4 b. T9 Q. \4 }9 HRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
( u. z1 T0 Q# E" {8 X+ w1 bSuperintendent and to the provisions described below under ‘‘Details of the
, M  F( g  y6 \$ f8 `/ n* H/ KOffering — Certain Provisions of the Preferred Shares Series 18 as a! D% J/ N2 O' E
Series — Restrictions on Dividends and Retirement of Shares’’, on& \6 F6 |6 B2 u- ?9 |
February 25, 2014 and on February 25 every five years thereafter, on not7 W+ l# }. @0 D+ G2 k1 N, Z
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
7 k! c0 G6 X+ Npart of the then outstanding Preferred Shares Series 18, at the Bank’s option
( K7 a2 @2 o$ {: rwithout the consent of the holder, by the payment of an amount in cash for
5 S/ ]9 U! U6 ~! Q. U: Xeach such share so redeemed of $25.00 together with all declared and unpaid
$ c: f+ m9 n0 q- Sdividends to the date fixed for redemption.1 j% W, B4 t/ Q; J9 W+ U1 n
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
/ n2 J$ H% ~$ YShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have6 B7 g4 ^0 l7 e0 \7 O
the right, at their option, to convert, on February 25, 2014 and on2 ^! F; A3 o  U& v' l
S-4+ m. m0 j, {( I# d  Y5 H
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
; @- y6 S% t% _$ M- X- ior all of their Preferred Shares Series 18 into an equal number of Preferred, b8 s+ e; f1 Y* u$ `9 w
Shares Series 19 upon giving to the Bank notice thereof not earlier than% k% E& b) ]% d7 H, q* Y: }7 y( A5 k
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day1 s  J$ v$ Q; Z1 P7 J
preceding, a Series 18 Conversion Date.
- T& ]; q$ W1 A' GAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
) N7 y! q- g% CProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
" n. q) _- N8 s( W7 U! DSeries 19, as the case may be, that there would be outstanding on such4 _. C4 @  i3 [+ n% z, `' f
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
: |8 r$ R6 R% ?& Gsuch remaining number of Preferred Shares Series 18 will automatically be
" y) {1 W$ o" U4 Fconverted on such Series 18 Conversion Date into an equal number of% i- ]% J- ^/ v: V, ?9 a8 H+ p
Preferred Shares Series 19. Additionally, if the Bank determines that, after/ |9 Z1 h  w; M7 P" t9 I
conversion, there would be outstanding on such Series 18 Conversion Date4 c/ T& K7 `' G4 s0 P! ~& G/ U3 K1 t
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
+ |+ L& B. X* K( a- U2 a3 rSeries 18 will be converted into Preferred Shares Series 19.
. \0 |$ f* h1 s& P9 N$ WVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares8 x5 z: K$ X2 Q) ]" x
Series 18 will not be entitled as such to receive notice of, attend, or vote at,8 B$ y$ i& K+ [
any meeting of the shareholders of the Bank unless and until the first time at  s( ^% l( o" U# V+ _" z4 U
which the Board of Directors has not declared the whole dividend on the
3 ]8 Q9 I& C7 ^! C$ Y7 a; V7 _! F4 D: dPreferred Shares Series 18 in any quarter. In that event, subject as
$ ]! X( N% }9 k% W5 chereinafter provided, the holders of Preferred Shares Series 18 will be- ^% L# Q0 j3 o+ p. L. \
entitled to receive notice of, and to attend, meetings of shareholders at which
# t# p7 Y3 G; h0 f& b& f4 ^7 Zdirectors of the Bank are to be elected and will be entitled to one vote for
, @, h8 H% N0 a8 {" t' Eeach Preferred Share Series 18 held. The voting rights of the holders of the  v/ K! x( Z, T7 w1 z' B* t
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of9 ]' ~) |, Q; U0 y2 u8 X9 T! B
the first dividend on the Preferred Shares Series 18 to which the holders are+ Q" R; C# q  S5 j) M
entitled thereunder subsequent to the time such voting rights first arose until
* B' x  Y* v4 V0 Z6 \# Tsuch time as the Bank may again fail to declare the whole dividend on the
' s- U& B% T5 f7 g, l1 P5 H( ]Preferred Shares Series 18 in respect of any quarter, in which event such9 A+ _# N% [: s: v5 ~
voting rights will become effective again and so on from time to time.
' k: k& q; W* u% iPrincipal Characteristics of the Preferred Shares Series 19% [3 y( F# i( q* p0 h+ K, M  l
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
  k$ @  ]9 y5 d" r4 o4 Ufloating rate non-cumulative preferential cash dividends, as and when
9 z; T3 V5 Z( j8 o- Wdeclared by the Board of Directors, subject to the provisions of the Bank Act,: f  {" S) i1 O* A4 p; X
payable quarterly on the 25th day of February, May, August and November
" w- [. E4 D; v7 J/ Y. @in each year, in the amount per share determined by multiplying the; g: n  f" P9 I0 C' J& u
applicable Quarterly Floating Dividend Rate by $25.00.
" L. `, `) e1 j# {3 [% n; _% hOn the 30th day prior to the commencement of the initial quarterly dividend
" ~; d$ S) P+ k% a' `# ~6 f9 l/ y% fperiod beginning on February 25, 2014, and on the 30th day prior to the first
" u" t2 g% i0 o) x' T6 Q# f* Mday of each subsequent quarterly dividend period (the initial quarterly1 D* J6 ^1 W' k% u2 |# e2 }
dividend period and each subsequent quarterly dividend period is referred to( E. M' H& w; l5 E4 O* q0 s
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
2 b# h9 `( ~7 i- Y8 F5 e; ^, `Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
, I) q0 \3 `) S# _$ u5 ]$ Y+ o3 TPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
6 h5 {7 I9 M1 jT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
, i. U) x4 E+ X" S/ i6 Belapsed in the applicable Quarterly Floating Rate Period divided by 365)
( O$ g* r' @+ \% M9 ^" jdetermined on the 30th day prior to the first day of the applicable Quarterly, O! y9 a0 F0 A( t2 @
Floating Rate Period.
. R9 k' {4 ~# E' m) J4 e3 mS-5
8 O9 q( r! ~9 w  Z" T) Z" O, [If the Board of Directors does not declare a dividend, or any part thereof, on! h* V' V2 [3 [
the Preferred Shares Series 19 on or before the dividend payment date for a
0 k5 c0 o6 B. b6 j' x7 Eparticular quarter, then the entitlement of the holders of the Preferred1 M0 c/ x; J3 @1 E3 A  [1 o
Shares Series 19 to receive such dividend, or to any part thereof, for such
% r7 x7 k, g. n: c4 q9 T5 uquarter will be forever extinguished.* k8 B0 @0 D1 f
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the) G; l3 T5 e& t  C. t& {
Superintendent and to the provisions described below under the heading9 t6 x+ S4 s; ~
‘‘Details of the Offering — Certain Provisions of the Preferred Shares% `' i9 P6 M* l4 k; K
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
! m" [/ L# `. n8 _* d! X& X7 e/ Bon not more than 60 nor less than 30 days’ notice, the Bank may redeem all  ~8 P# C; j8 p2 S: E8 L: {' k  U4 w: G
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s. H  A. c  e/ i: u' @
option without the consent of the holder, by the payment of an amount in) m6 ]7 T7 j9 L
cash for each such share so redeemed of (i) $25.00 together with all declared5 R. K' t7 n( p4 h! B3 \
and unpaid dividends to the date fixed for redemption in the case of$ }% Y7 Y5 W2 O7 g% y6 R
redemptions on February 25, 2019 and on February 25 every five years( i. X) J% C" g- N8 n' r- [; X+ p
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to7 w/ z. f6 S- E; r/ q6 D- B
the date fixed for redemption in the case of redemptions on any other date$ i: _+ `7 Z' _, J$ `# c
on or after February 25, 2014.  m5 Z* }* q- l+ q
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
$ o* w3 W7 ]' Q3 M; ~Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
; q$ Z5 x0 |& M; c7 o' ?2 Hthe right, at their option, to convert, on February 25, 2019 and on$ v8 e) A3 l: a( _' v, v
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any$ b* Y! t6 T& X* _$ K
or all of their Preferred Shares Series 19 into an equal number of Preferred
, S6 l, u! u: Q5 ]" nShares Series 18 upon giving to the Bank written notice thereof not earlier- R  V# l8 g" z  Z
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
, z8 _7 O4 m3 J1 u15th day preceding, a Series 19 Conversion Date.! m2 F2 R  L9 m6 b' d$ d
Automatic Conversion If the Bank determines, after having taken into account all shares tendered+ x; E! x7 `0 w0 t* A6 R; S
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares+ Q8 I# Z* h' |: m0 ^0 H
Series 18, as the case may be, that there would be outstanding on such# S- M. a1 J5 ~+ H& M  z
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
& \$ U3 @: N/ e" f+ R+ W# T' [such remaining number of Preferred Shares Series 19 will automatically be
6 j* f! a' d: c0 m7 A5 lconverted on such Series 19 Conversion Date into an equal number of& ?, o% a% c$ U1 ^( B9 r1 |
Preferred Shares Series 18. Additionally, if the Bank determines that, after4 y# I4 n' j8 x- [- A4 z9 B. _
conversion, there would be outstanding on such Series 19 Conversion Date
. Z/ `  a. J; E" X8 J1 m( F$ o! B2 m2 lless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares8 \  B  o# X0 E* V) w- o( E5 m
Series 19 will be converted into Preferred Shares Series 18.
( B* A5 ~8 h8 CVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
+ }) C* \* I; [. O( QSeries 19 will not be entitled as such to receive notice of, attend, or vote at,& h  I7 [$ J4 m! j
any meeting of the shareholders of the Bank unless and until the first time at0 W' k5 }" s7 b* t( n8 g5 R$ S
which the Board of Directors has not declared the whole dividend on the9 H! R/ {, {1 v  N( @
Preferred Shares Series 19 in any quarter. In that event, subject as
) p9 z9 R: ^5 K7 S9 G" ^+ Khereinafter provided, the holders of Preferred Shares Series 19 will be* }+ X: u5 K, d. \* `1 r
entitled to receive notice of, and to attend, meetings of shareholders at which3 ]! B6 b; u2 M1 e$ E1 ~' G: n! W2 H
directors of the Bank are to be elected and will be entitled to one vote for* J% Q/ t+ I& f% g0 L
each Preferred Share Series 19 held. The voting rights of the holders of the3 I5 d) d$ ?4 F8 g9 h1 u
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
) [2 g1 d& S3 i) w# I3 K3 r5 hthe first dividend on the Preferred Shares Series 19 to which the holders are
) p6 H5 `5 V0 {9 aentitled thereunder subsequent to the time such voting rights first arose until& ?& n) t! Z2 S+ E! O9 |
such time as the Bank may again fail to declare the whole dividend on the0 T, p9 [. e, q& P( S6 K
Preferred Shares Series 19 in respect of any quarter, in which event such6 T0 B6 z4 c" m2 Q
voting rights will become effective again and so on from time to time.
+ F+ z( n3 K! i2 A8 {% X$ IS-6
* q' A# ~8 C* h2 sPriority: The preferred shares of each series of the Bank will rank on a parity with0 z; M1 O" r! W( n( \# ]" t
every other series and are entitled to preference over the common shares of9 {. |+ g! _5 ]) E: A+ T- B# c
the Bank and over any other shares of the Bank ranking junior to the
  B* d' v5 `  n: H" ?  m* A6 }5 Zpreferred shares with respect to the payment of dividends and upon any1 N! v5 u* L' m+ ^
distribution of assets in the event of the liquidation, dissolution or
0 h7 C5 l6 A. T1 {) R" iwinding-up of the Bank.
5 [/ l/ Z: W) v2 iTax on Preferred Share The Bank will elect, in the manner and within the time provided under
3 |+ V' T  I1 n4 {# ?3 xDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
2 ]/ n1 O: ~8 O3 J' ~- ^Series 18 and Preferred Shares Series 19 will not be required to pay tax on
- ?6 B( p$ P7 b4 p& F  E, V- Adividends received on such shares under Part IV.1 of such Act.
大型搬家
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。
' X; |5 t- A2 U# f, N, e( e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

' Y- M/ f& s- S  j3 C5 R. P. x. f7 F& Y: s$ B. @& t
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
' ?( N# n; y& Y2 L9 T, \# S6 s$ I+ g9 T5 Z5 G
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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