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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。
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0 A- _, K& @2 T1 x/ _: ^[ 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:
  l' U# F) J" e) `5 ]% S' dSUMMARY OF THE OFFERING
# Y2 q& T1 |1 s3 g+ C8 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’’.
: Q" ?; H, ?6 n1 ?Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
8 P$ W; |. C- QAmount: $150,000,000 (6,000,000 shares).3 F7 E  L( F# o( b1 S/ x  i
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
) P2 e6 b2 W0 [. M* h! F7 l9 x) x# ZPrincipal Characteristics of the Preferred Shares Series 18
# z# X# t0 |4 i" c5 TDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
5 t( }, q  y( l3 m  d8 b2 [2 \non-cumulative preferential cash dividends, as and when declared by the
4 r1 h% l3 N. ~% s8 q# _0 dBoard of Directors, subject to the provisions of the Bank Act, for the initial9 l( T6 @% P3 J! L& @: B$ K' }9 q
period commencing on the closing date and ending on and including8 n$ u7 @1 i4 m3 A& i* Q& W
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the1 v+ V( b/ ]  z2 y$ ?
25th day of February, May, August and November in each year, at a rate7 m0 d1 `9 w8 G$ S$ o
equal to $0.40625 per share. The initial dividend, if declared, will be payable5 @: T2 I' {5 s1 E  @+ n, J
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing0 S% R0 J" }5 G5 X% }  @6 P5 D
date of December 11, 2008.
7 I8 g& x9 _# X2 h+ P3 W1 eFor each five-year period after the Initial Fixed Rate Period (each, a2 {& C( c$ I0 E; R# i& f9 _
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
& d1 I* ~( H0 @! I4 k2 @# mSeries 18 will be entitled to receive fixed non-cumulative preferential cash
; c+ g) t8 E. a% M, z3 [& y; |dividends, as and when declared by the Board of Directors, subject to the
2 k0 F- _, P  N+ z5 A1 x* F( uprovisions of the Bank Act, payable quarterly on the 25th day of February,
& L% P& p' X% }( V# O" d$ h+ gMay, August and November in each year, in the amount per share per annum0 Q, J+ r/ e8 K0 a; s, v
determined by multiplying the Annual Fixed Dividend Rate applicable to7 R6 c( z: n" E; D2 y
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend. Y6 v! _* f, S
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the3 S/ W0 w- ^" @
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day+ B9 S( h1 @+ X0 z% W3 v# V% p
of such Subsequent Fixed Rate Period and will be equal to the sum of the/ G) ?) S% }' e
Government of Canada Yield on the applicable Fixed Rate Calculation Date
% @+ K' @$ _4 n! uplus 3.83%.: [9 s* e, Q: U( V1 ^5 H! z! Y4 }
If the Board of Directors does not declare a dividend, or any part thereof, on- r" L0 A5 Q  o1 h+ ]1 f( x; h
the Preferred Shares Series 18 on or before the dividend payment date for a
* ~( J9 m, W% \particular quarter, then the entitlement of the holders of the Preferred, {3 y7 P7 b$ W9 R4 ]
Shares Series 18 to receive such dividend, or to any part thereof, for such
% j; k1 Y' u. c8 }% f8 y; y' P/ Yquarter will be forever extinguished.
. h, b8 @& N$ o/ ^: CRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
4 \$ A2 \' z% qSuperintendent and to the provisions described below under ‘‘Details of the: ~6 e5 ]" R# H9 B3 w
Offering — Certain Provisions of the Preferred Shares Series 18 as a
* u) Z  m; p; w; K/ F( _# s" PSeries — Restrictions on Dividends and Retirement of Shares’’, on
$ M2 C% a8 H/ y0 r" O  O/ b' mFebruary 25, 2014 and on February 25 every five years thereafter, on not' |/ Z8 t7 W4 q& y1 N
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any& ~5 T( W1 ^4 k# ^
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
, a1 c7 C0 @5 s7 {3 `( j" @- b7 ewithout the consent of the holder, by the payment of an amount in cash for' w7 n" A7 X7 L- L
each such share so redeemed of $25.00 together with all declared and unpaid, ?9 Q% m% n6 `8 ?* r% [2 y3 ~1 w* o
dividends to the date fixed for redemption.
8 R  L2 c/ t4 c7 {Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
6 g! u- k5 |2 D% Z1 mShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have4 o2 j3 s% Y9 `1 x* i% a
the right, at their option, to convert, on February 25, 2014 and on
2 P/ K; ~5 M. h5 JS-42 e" U; q- f% S% x# D. w+ S
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any: Q* c; |# Q0 R. p8 ]
or all of their Preferred Shares Series 18 into an equal number of Preferred8 O- u7 j0 _8 G4 U( I, w1 P) Z) M
Shares Series 19 upon giving to the Bank notice thereof not earlier than
- I  ~* T4 v7 R- g! V% O30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
; y) l/ U4 O: Y$ F8 Vpreceding, a Series 18 Conversion Date.4 u7 U$ K* g0 K- I+ c! M: a* H% c
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
5 N- u, ~" Q) G6 x2 o# V; qProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
7 Z' ]. p# q4 Y! F. i: _% q0 {1 Q  Y6 N! ISeries 19, as the case may be, that there would be outstanding on such
% g. ]; _' r0 _4 ~0 a$ G. T/ ?Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,- `7 d+ l  _0 N: b1 J, Y
such remaining number of Preferred Shares Series 18 will automatically be
8 w  w! w* O% C. aconverted on such Series 18 Conversion Date into an equal number of/ X0 I) {: K* |, h  G
Preferred Shares Series 19. Additionally, if the Bank determines that, after
. Z1 A0 @. b) B. a! Z8 Econversion, there would be outstanding on such Series 18 Conversion Date
6 y- V+ w1 i- ?# r* D& aless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares- P5 N* t3 g8 t
Series 18 will be converted into Preferred Shares Series 19.
; i7 O" t5 A# D; rVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
: L7 U- N8 k. l' ^$ xSeries 18 will not be entitled as such to receive notice of, attend, or vote at,/ u) r6 H3 ^' B0 i% ?4 q$ u
any meeting of the shareholders of the Bank unless and until the first time at# Y% a' q, E) ^
which the Board of Directors has not declared the whole dividend on the
+ [( y  J. L' \2 L7 XPreferred Shares Series 18 in any quarter. In that event, subject as
1 M9 E; F$ t+ [) J: p" ~6 Ehereinafter provided, the holders of Preferred Shares Series 18 will be% X; H  F* c3 m3 Q8 V
entitled to receive notice of, and to attend, meetings of shareholders at which
7 D# g' f" F' M: u7 I2 ^% kdirectors of the Bank are to be elected and will be entitled to one vote for
) `* ?2 ~$ L  B0 J" L3 `+ Eeach Preferred Share Series 18 held. The voting rights of the holders of the$ }; x* w- Z7 E' k
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
7 c/ n8 k, J  O' g7 p! ?4 \the first dividend on the Preferred Shares Series 18 to which the holders are
: e) N1 ^- p. `, P+ \entitled thereunder subsequent to the time such voting rights first arose until
" C! i! Y" R9 g5 c$ _such time as the Bank may again fail to declare the whole dividend on the8 C9 W  s- l, D) T
Preferred Shares Series 18 in respect of any quarter, in which event such- [5 Y6 v0 S' C: i8 u! e4 x& u& k
voting rights will become effective again and so on from time to time.2 V# t; d' L9 a0 k: W4 G6 d# Q
Principal Characteristics of the Preferred Shares Series 19
; b1 l% E$ O- H3 D" T' c$ `' _Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
9 K% k7 O2 k% s3 ofloating rate non-cumulative preferential cash dividends, as and when6 L2 `# B, m( p, c
declared by the Board of Directors, subject to the provisions of the Bank Act,
9 @) @$ J/ M. o% }payable quarterly on the 25th day of February, May, August and November
+ e5 j: z# R) ]3 G7 t4 _- N: Nin each year, in the amount per share determined by multiplying the. M! I8 ?! V$ I9 r! M. E9 M
applicable Quarterly Floating Dividend Rate by $25.00.
- _& w1 d  P, r1 x1 x8 Z# ZOn the 30th day prior to the commencement of the initial quarterly dividend
4 U  R  g9 Q; y; Dperiod beginning on February 25, 2014, and on the 30th day prior to the first
0 R0 K* g" q+ hday of each subsequent quarterly dividend period (the initial quarterly5 V" W+ g! Z" V: k
dividend period and each subsequent quarterly dividend period is referred to
0 H+ y5 m! w. Q! q3 L7 B* `( {0 ^as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
1 |& S) h+ J" K7 b& ^Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate: [$ X2 \, B6 t6 `
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
& {. C0 \7 b- l! ^0 R6 A( Q' yT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
4 X' E* \) u% e; J+ q4 \elapsed in the applicable Quarterly Floating Rate Period divided by 365)& ]" U. t6 w% z* p5 i+ s5 F, C
determined on the 30th day prior to the first day of the applicable Quarterly- n. G4 V' y4 T2 I7 a6 P/ B% q
Floating Rate Period.
! ^4 y" a5 g9 J4 m: RS-5
' @7 F8 {* f. O- R5 V$ XIf the Board of Directors does not declare a dividend, or any part thereof, on1 r5 x: A- ]0 _6 H
the Preferred Shares Series 19 on or before the dividend payment date for a
, l  p. O9 q6 v- Z7 ^, _particular quarter, then the entitlement of the holders of the Preferred0 j4 U8 ^" \8 }% U
Shares Series 19 to receive such dividend, or to any part thereof, for such
! W/ c  b* c# K, l% }quarter will be forever extinguished.
: k( \2 L3 e% q  M; fRedemption: Subject to the provisions of the Bank Act and to the prior consent of the) e- g9 ^  s. N6 c
Superintendent and to the provisions described below under the heading
8 j2 L* q0 E: r' p1 t‘‘Details of the Offering — Certain Provisions of the Preferred Shares
6 m+ m& y* r. ~. m4 wSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,' a$ A- g3 y" o, F" H5 O
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
& r1 d+ K2 o# t' ~( f, q4 i/ K+ Jor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
; |3 W# G% t7 P+ i: d) B4 z* Goption without the consent of the holder, by the payment of an amount in
- J( Y7 }* T9 e9 s) Y+ z2 h, u1 ncash for each such share so redeemed of (i) $25.00 together with all declared
2 s; [: x2 Q4 C& Cand unpaid dividends to the date fixed for redemption in the case of
7 v+ P4 W0 |" o! Z  G6 q! u% {redemptions on February 25, 2019 and on February 25 every five years
7 g- ]! h, X6 Z* [8 P# mthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
" @/ ]& d3 b: Pthe date fixed for redemption in the case of redemptions on any other date, b1 i: K# P/ u+ k# Q0 W- R% ]
on or after February 25, 2014.
' N* l2 w# ~* t' ]( L( E2 lConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
, G: T! z. L- |2 n; GShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
* E: o( z# W1 o2 g" {$ G2 o9 ithe right, at their option, to convert, on February 25, 2019 and on' ?' i* l; U) ]9 C& g
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
$ V. l) o6 {( O8 W! ^1 Aor all of their Preferred Shares Series 19 into an equal number of Preferred: ~" v7 N1 T4 w
Shares Series 18 upon giving to the Bank written notice thereof not earlier
5 I8 f" R0 |3 p1 Ethan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
" @: X* K2 Y1 V* D6 M! u6 C15th day preceding, a Series 19 Conversion Date.( M/ {  i$ P+ \& E# d! ^$ V
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
: n, v- a3 L' T1 Z: w( Z& b. [Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares" S% C7 g4 `/ B* [' X
Series 18, as the case may be, that there would be outstanding on such2 F! v2 d3 V5 _8 g/ G
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,  a  ]( Q* s$ H$ k5 i/ m' v
such remaining number of Preferred Shares Series 19 will automatically be
6 w  j1 S" g- ?5 j0 F& X* q5 F5 S7 Tconverted on such Series 19 Conversion Date into an equal number of
) M! u/ l! p" q  y: NPreferred Shares Series 18. Additionally, if the Bank determines that, after. O9 L# j% v- {2 S  ^% e
conversion, there would be outstanding on such Series 19 Conversion Date7 n* z. u9 ~9 ]
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares5 F. e: x) d, l4 z- k6 [
Series 19 will be converted into Preferred Shares Series 18.
* U  r8 A5 ?6 k& C8 k5 SVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares) \6 U7 @! v% Q; [2 |' f
Series 19 will not be entitled as such to receive notice of, attend, or vote at,) H. X8 ]5 D, L
any meeting of the shareholders of the Bank unless and until the first time at
9 S# |, t2 a3 V3 A' m# z) twhich the Board of Directors has not declared the whole dividend on the9 n  O) w0 y- _; s6 f4 ?
Preferred Shares Series 19 in any quarter. In that event, subject as
2 R# P* m5 f9 G! t1 }) Phereinafter provided, the holders of Preferred Shares Series 19 will be
" Y, n' H* V6 T" i5 N* _) K+ c7 ?entitled to receive notice of, and to attend, meetings of shareholders at which& V9 f, _) U8 {- G
directors of the Bank are to be elected and will be entitled to one vote for
! Y/ C, p) Q. A6 k4 oeach Preferred Share Series 19 held. The voting rights of the holders of the: Q% f9 Q/ Q9 W+ P  i; R6 T  r! [* Z9 @
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of; m: g& ^: O- {9 H
the first dividend on the Preferred Shares Series 19 to which the holders are
9 r3 N5 K- O% H  n6 aentitled thereunder subsequent to the time such voting rights first arose until; J- J. {7 i! @: m8 C: W! d0 f% C
such time as the Bank may again fail to declare the whole dividend on the
+ v! B+ a9 m4 z  KPreferred Shares Series 19 in respect of any quarter, in which event such2 ~8 B2 o1 ^/ V) a7 M* S
voting rights will become effective again and so on from time to time.
6 m) c. U: R- O. j- PS-6& g1 o) ?/ @. M& ~0 h3 W! u1 G
Priority: The preferred shares of each series of the Bank will rank on a parity with) @1 r( v. q" k$ n& |/ E3 o
every other series and are entitled to preference over the common shares of' w, G+ X6 Q; r  V
the Bank and over any other shares of the Bank ranking junior to the
  B  H( g  u7 v, I0 H: Fpreferred shares with respect to the payment of dividends and upon any: L: M1 b/ H! Z0 V3 M
distribution of assets in the event of the liquidation, dissolution or
" W7 h' W, d( V3 e0 }2 h* E, |winding-up of the Bank.; l! Z: i& C! |3 |0 v2 Q
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
0 ?3 `, O8 e' J/ G* F6 X" C" SDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares& `2 I# Q+ }5 m3 c
Series 18 and Preferred Shares Series 19 will not be required to pay tax on: B& l; u  `! _
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。' d. A: f8 g4 P! I
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
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下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。$ o6 r- m% g8 e+ J  Z
8 z' F) C3 X4 Q; O. d" R  s
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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