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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
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:- Q$ q# |) x4 l9 A; B
SUMMARY OF THE OFFERING
2 q' g$ n* f3 ~# W- G$ M: RThis 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’’.
1 q: W$ o1 |8 q$ i( l1 S: l, aIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.; \% R' P  S& [* k; X; A
Amount: $150,000,000 (6,000,000 shares).' ?" R, m3 }7 J3 S0 G/ m3 I
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
- u0 X. N: Z) EPrincipal Characteristics of the Preferred Shares Series 181 t# S2 _  r% k- S; }
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
! Y; y7 v" A+ t/ O! E7 S6 q: b. e; enon-cumulative preferential cash dividends, as and when declared by the
$ [9 g* m) ?' h& a+ F! D9 MBoard of Directors, subject to the provisions of the Bank Act, for the initial
8 }1 @- F5 f0 I+ p, ^& [* j9 r) Operiod commencing on the closing date and ending on and including8 N1 g9 ?& P: W8 A+ |' o: W+ \( i
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
9 q. @" |' s0 b3 J8 I' X25th day of February, May, August and November in each year, at a rate
" j# [$ G& @1 ?4 vequal to $0.40625 per share. The initial dividend, if declared, will be payable; i$ I1 y; l1 F- w5 @
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing0 X; B2 p9 W) X& Z% X: L% l
date of December 11, 2008.
7 F, S0 F3 Z6 Y! YFor each five-year period after the Initial Fixed Rate Period (each, a0 d  o* z1 W" I4 n5 v! |3 ~3 g
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
  g0 a( ~. X/ Z+ ?Series 18 will be entitled to receive fixed non-cumulative preferential cash. A0 Y8 k" Q# _% K: J7 ^1 h8 p
dividends, as and when declared by the Board of Directors, subject to the
( x9 K& W1 M8 s( r# m5 g/ iprovisions of the Bank Act, payable quarterly on the 25th day of February,
5 b. U7 z9 f5 L0 j7 C" Z5 O) m- oMay, August and November in each year, in the amount per share per annum: F  [- P6 r5 M) X1 K/ Y3 r  R+ @8 S
determined by multiplying the Annual Fixed Dividend Rate applicable to
4 K& c7 u" Y; a0 I; r3 v' Dsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend9 S8 |1 B+ X8 x+ s5 n3 _; |& Q* q
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
/ \1 D+ `; N/ l& V& zBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
" L0 f2 n1 G1 ?- R6 p4 M) r" b# hof such Subsequent Fixed Rate Period and will be equal to the sum of the0 p+ M$ W! p% U6 F$ k  e; t
Government of Canada Yield on the applicable Fixed Rate Calculation Date+ b: Z5 B; y% N) ~
plus 3.83%.
" o  D: L; P  nIf the Board of Directors does not declare a dividend, or any part thereof, on$ x$ }) h9 j$ O- e
the Preferred Shares Series 18 on or before the dividend payment date for a
- V4 Y7 e0 \% s3 |" S# Bparticular quarter, then the entitlement of the holders of the Preferred
1 ?, ?' i& j) }( u3 z' fShares Series 18 to receive such dividend, or to any part thereof, for such& u3 o. @2 |7 T" V$ Y* {
quarter will be forever extinguished.
2 o+ M# X( d' s+ \7 q) ?3 J0 B$ rRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
. E' R& i$ q' K2 s* j/ T" h* TSuperintendent and to the provisions described below under ‘‘Details of the* ^" r4 A. V0 m0 j2 F- v* ^
Offering — Certain Provisions of the Preferred Shares Series 18 as a/ n+ C: Z; V8 R8 K+ q2 {
Series — Restrictions on Dividends and Retirement of Shares’’, on
/ L- ?  m3 A; y" E# [February 25, 2014 and on February 25 every five years thereafter, on not
5 k9 b" x# h" {! w0 J+ K: ymore than 60 nor less than 30 days’ notice, the Bank may redeem all or any0 y  z& Y' H( K; v3 B
part of the then outstanding Preferred Shares Series 18, at the Bank’s option2 `/ k. c) f7 W- n8 z9 z
without the consent of the holder, by the payment of an amount in cash for
, w8 }) @# j5 o) ~) {each such share so redeemed of $25.00 together with all declared and unpaid! X: ?, ~; b0 U
dividends to the date fixed for redemption.
4 Q& w1 U/ k3 h" GConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
$ H9 p% }- x0 N" n- [Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
. A1 l& b( Z5 _3 \& K; Wthe right, at their option, to convert, on February 25, 2014 and on
( I6 `7 P2 k+ v- H3 C  g- N, C0 iS-46 S/ y4 A1 N* v' S& S' S. K3 Y4 t
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any; `( Y% g% w0 K% y
or all of their Preferred Shares Series 18 into an equal number of Preferred
+ ?% `6 g: Z; Z2 a- O0 q7 `/ eShares Series 19 upon giving to the Bank notice thereof not earlier than
% Q: n  h9 B, ^& V( m2 k6 w30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
/ P2 V- A- m4 g. f. n. Vpreceding, a Series 18 Conversion Date.' g" @6 J$ o( E! K1 z
Automatic Conversion If the Bank determines, after having taken into account all shares tendered4 }4 m0 j/ w6 {! }9 M, X, F: R: v
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
8 |: b- ^  l; t/ W+ b6 BSeries 19, as the case may be, that there would be outstanding on such. V- C, b, X" F" P4 Q* m. g
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
5 T( |4 u. U0 f$ R3 b, b: osuch remaining number of Preferred Shares Series 18 will automatically be
. E9 j! o3 r8 F" Q* Uconverted on such Series 18 Conversion Date into an equal number of+ ~0 J+ ?" p# q& g3 l
Preferred Shares Series 19. Additionally, if the Bank determines that, after
; o! h) g3 a. U* mconversion, there would be outstanding on such Series 18 Conversion Date
+ x, ~) M# C+ P$ `# vless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
1 j$ E/ I$ Y7 m% HSeries 18 will be converted into Preferred Shares Series 19.
3 u: \0 V$ d" o+ y8 Q2 v; aVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
* `; ?4 ]; ^6 V; N( I0 ]6 ]) BSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
, G# @6 ]+ D# n+ Iany meeting of the shareholders of the Bank unless and until the first time at
, z8 L8 }) x3 Jwhich the Board of Directors has not declared the whole dividend on the
: y9 [- Q0 \  E! v" ^/ ~3 rPreferred Shares Series 18 in any quarter. In that event, subject as
. B0 h3 l) ?5 k$ f+ R) Dhereinafter provided, the holders of Preferred Shares Series 18 will be
% u% b5 R. z( v9 R8 p! @' wentitled to receive notice of, and to attend, meetings of shareholders at which+ R; y1 w1 z% s5 I8 |, F$ p0 C
directors of the Bank are to be elected and will be entitled to one vote for
. E' C1 p/ z, v( [+ @" J) m. seach Preferred Share Series 18 held. The voting rights of the holders of the
6 g9 f5 ^7 b7 P" pPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
: B1 C9 x" Y+ h# {' |the first dividend on the Preferred Shares Series 18 to which the holders are
' B" }2 A1 }2 ^- z: }entitled thereunder subsequent to the time such voting rights first arose until
( R! q5 x  V8 }7 z8 B6 J0 csuch time as the Bank may again fail to declare the whole dividend on the
. s/ V' E8 c3 E& d0 kPreferred Shares Series 18 in respect of any quarter, in which event such
8 {; d$ y9 R1 |) h. b0 w( A- \voting rights will become effective again and so on from time to time.. W" a8 V2 n1 \
Principal Characteristics of the Preferred Shares Series 196 m* a- `9 i2 E: ]& t
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
+ {' p4 \8 Z' h  c, D- U8 Mfloating rate non-cumulative preferential cash dividends, as and when7 Y" F- w$ p$ y" }% L2 J* o0 d
declared by the Board of Directors, subject to the provisions of the Bank Act,+ W" v# `5 {* a# X* P0 n/ r
payable quarterly on the 25th day of February, May, August and November( L/ Y/ l  D; F; \1 N& G
in each year, in the amount per share determined by multiplying the- _# m5 ]# `4 I7 F) ]  W
applicable Quarterly Floating Dividend Rate by $25.00.: l0 {& r8 p. w
On the 30th day prior to the commencement of the initial quarterly dividend6 F, f9 s) z: r) W( u& C; ]
period beginning on February 25, 2014, and on the 30th day prior to the first
- J9 }$ L) Z& vday of each subsequent quarterly dividend period (the initial quarterly
! x4 M4 X% c8 a2 b0 v0 `$ |dividend period and each subsequent quarterly dividend period is referred to
& W7 {3 l: d7 b" \as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
0 u4 k: ^7 y, i  ZQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate9 p4 o- J# X5 ^- N
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
# d. k+ w, K+ h/ P7 ]2 `T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days4 e" T/ h* T) ^( J" M' K2 t1 Y
elapsed in the applicable Quarterly Floating Rate Period divided by 365)6 w" x: o+ T9 P6 y. _
determined on the 30th day prior to the first day of the applicable Quarterly" f8 {* T( `. ^2 L; M
Floating Rate Period.
8 ]" {6 b3 ?9 BS-5$ k3 z* z. F! B4 w* O9 v% H: l6 t
If the Board of Directors does not declare a dividend, or any part thereof, on
/ m  f2 s8 L; pthe Preferred Shares Series 19 on or before the dividend payment date for a& a6 \% @  m/ w0 C% e! l
particular quarter, then the entitlement of the holders of the Preferred) [) G2 @1 o  B' ]& v
Shares Series 19 to receive such dividend, or to any part thereof, for such
: |+ Y- L* O# r  L" L. p& ^quarter will be forever extinguished.
; W4 g6 e! H5 L) YRedemption: Subject to the provisions of the Bank Act and to the prior consent of the0 \( R( R- w, d
Superintendent and to the provisions described below under the heading
$ A+ w$ W+ \9 n+ X9 G5 T5 R" W‘‘Details of the Offering — Certain Provisions of the Preferred Shares& q+ M3 Q/ N9 U7 |* a. f6 o# U, H
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
$ v2 e, _, L, Z: a  u1 gon not more than 60 nor less than 30 days’ notice, the Bank may redeem all  }9 |" i8 t4 C3 D% W, R
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s  S$ }6 ]1 a, k2 W, J- j/ a
option without the consent of the holder, by the payment of an amount in  C. i. N& `( Q3 T8 o- f; e
cash for each such share so redeemed of (i) $25.00 together with all declared/ A" f  n* x$ w/ y* |+ Y
and unpaid dividends to the date fixed for redemption in the case of
3 K7 b. c# R5 ~6 t, {, Qredemptions on February 25, 2019 and on February 25 every five years( F; r8 A3 L  X. {' r, e
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
$ V* R7 u  ^8 y: Q8 i! q  b  Nthe date fixed for redemption in the case of redemptions on any other date- f" R( A4 a# R/ E
on or after February 25, 2014.) U5 E5 J/ q1 P. _
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic# Q8 _+ V8 W/ _* l9 X% A- F
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have% n( m" y. L) d) t. [  S3 r
the right, at their option, to convert, on February 25, 2019 and on
6 n% A6 l& h4 d: f& N( v- ]# n& j$ ?' NFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
. a' U: h! O6 {" m+ uor all of their Preferred Shares Series 19 into an equal number of Preferred* U  }6 x; m0 y
Shares Series 18 upon giving to the Bank written notice thereof not earlier+ r) A9 A  o( z7 n$ x
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the% v( F9 i' p9 ^$ @4 ~* Q
15th day preceding, a Series 19 Conversion Date.% l3 \. F; |7 N/ s: W
Automatic Conversion If the Bank determines, after having taken into account all shares tendered) E3 w" c) W' S8 e! m8 x
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
, c% M8 q" b' A" SSeries 18, as the case may be, that there would be outstanding on such
1 g' q: [  c2 L$ z& pSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,  e' `: y8 _/ }
such remaining number of Preferred Shares Series 19 will automatically be9 Y0 z5 O$ i0 V" H/ _+ _. q
converted on such Series 19 Conversion Date into an equal number of' i& c, O1 V' ^# g7 }
Preferred Shares Series 18. Additionally, if the Bank determines that, after& R  b2 F7 y9 ?$ N" U$ W- v
conversion, there would be outstanding on such Series 19 Conversion Date
3 x& S- q1 r3 m. K4 g: _' hless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares( S6 ]' o7 q. O0 \8 B2 b
Series 19 will be converted into Preferred Shares Series 18.5 n- {: E! W5 q% ^, e! L$ c
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
1 G/ q  T! }0 r6 K8 @0 R( XSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
& N4 ^- Y# P% O6 h7 ]4 C" T/ Cany meeting of the shareholders of the Bank unless and until the first time at, {6 t: @6 R4 O4 v' u0 e
which the Board of Directors has not declared the whole dividend on the. M$ ^5 m+ O5 O- ~  `2 w: ~/ @
Preferred Shares Series 19 in any quarter. In that event, subject as9 k0 K4 a. D/ o6 R; c
hereinafter provided, the holders of Preferred Shares Series 19 will be
$ k2 F% W1 @" K9 ^; a1 ?" S. Pentitled to receive notice of, and to attend, meetings of shareholders at which
, R; O' M7 P# o& ?& c2 tdirectors of the Bank are to be elected and will be entitled to one vote for
* h6 P  j. T( U' L/ s8 h3 yeach Preferred Share Series 19 held. The voting rights of the holders of the
" b& \2 c8 I# K. Y- Z/ ^: kPreferred Shares Series 19 will forthwith cease upon payment by the Bank of  n2 S, l) }+ t  u7 Z
the first dividend on the Preferred Shares Series 19 to which the holders are
, F; p8 k. W# i" i% `entitled thereunder subsequent to the time such voting rights first arose until
* Q& }7 D% U: r4 esuch time as the Bank may again fail to declare the whole dividend on the: `! |# K: \: W' g7 J$ g
Preferred Shares Series 19 in respect of any quarter, in which event such) @& o( d5 z- G
voting rights will become effective again and so on from time to time.
3 B; N! h# F+ JS-6
( o) V7 [/ s7 Y; o& i( y; T9 nPriority: The preferred shares of each series of the Bank will rank on a parity with8 i' e( A' S+ _- X! S* J: ]4 T7 j! m
every other series and are entitled to preference over the common shares of( T8 K, ~# ^/ x- C* ^$ n8 G" f) h
the Bank and over any other shares of the Bank ranking junior to the3 Z' Y7 n* [  K2 e
preferred shares with respect to the payment of dividends and upon any% L, M8 L* I  L2 A& C* f
distribution of assets in the event of the liquidation, dissolution or; S0 ^- Q9 R! Q. p: v( N* n( N- K
winding-up of the Bank.* h) t+ w& }2 `1 ?% m- {" P; [
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
) z  K9 C8 f/ T/ H1 d; x/ B3 sDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
1 s# ~/ Y; [& J0 ]# a5 }Series 18 and Preferred Shares Series 19 will not be required to pay tax on
# ~& A% g5 x: \1 f( H7 w# Sdividends 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。
8 ?# g) c4 H8 C, G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
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

4 G' u# Y' g" C) E8 q" X& a
7 g5 ~- A$ c( X  E5 H/ K下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
2 {; q0 P, M9 E; g& U% b% ?7 q% l3 w2 \4 C* {: D" 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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