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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。8 ^3 s/ @9 B1 \* B
7 v8 b9 x$ n$ j. X& }1 }6 H! J
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[ 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:9 [2 u: h1 I/ Z( O/ m
SUMMARY OF THE OFFERING
) T% C# _: H8 n( UThis 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’’.% M3 m$ p- V+ e3 |" C% k3 G
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.2 U. i, ~! y/ ]+ ^: \
Amount: $150,000,000 (6,000,000 shares).
9 C. J5 Z+ w' i( Z; a& ]Price and Yield: $25.00 per share to yield initially 6.50% per annum.
. X  H- A: x! Z9 tPrincipal Characteristics of the Preferred Shares Series 18! e: g2 I+ y9 C+ ]" {  w' }# k0 G
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
2 Y5 k8 g1 O. B' r  Q4 vnon-cumulative preferential cash dividends, as and when declared by the  v- K0 Y9 C- p7 A/ K2 s7 U$ M
Board of Directors, subject to the provisions of the Bank Act, for the initial
* G7 F; y" |3 Q$ Tperiod commencing on the closing date and ending on and including0 _' U" f8 M  Y% s
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the! @7 b2 J$ `3 C; y+ q" k/ W
25th day of February, May, August and November in each year, at a rate# f2 b% y+ `) k$ u# |3 q7 l" {
equal to $0.40625 per share. The initial dividend, if declared, will be payable4 b" h* x( p0 A
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing' a3 @. X" e) ~% Q) C1 o) u- U
date of December 11, 2008.
) G" `1 u. r% @For each five-year period after the Initial Fixed Rate Period (each, a# B& D& ?; a) ~; D- l7 ^
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares) `, K$ c1 z& y. ], h
Series 18 will be entitled to receive fixed non-cumulative preferential cash
; e$ s& Q3 n: N* d. xdividends, as and when declared by the Board of Directors, subject to the
& t# i8 q$ ?, o/ c- vprovisions of the Bank Act, payable quarterly on the 25th day of February,2 l+ U# g) `+ n# w4 F9 C
May, August and November in each year, in the amount per share per annum
$ ^" h3 ~/ D  fdetermined by multiplying the Annual Fixed Dividend Rate applicable to
9 E3 i, I, t! psuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
: j9 b" d! v: y# N* URate for the ensuing Subsequent Fixed Rate Period will be determined by the
9 {) z9 z5 ^) L$ c7 KBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
, A$ Z0 c$ ]. j; }: u* hof such Subsequent Fixed Rate Period and will be equal to the sum of the
( C/ n/ h5 m  v: ]) EGovernment of Canada Yield on the applicable Fixed Rate Calculation Date' W  _3 a, r/ ~
plus 3.83%.
" G, Y5 q. W7 RIf the Board of Directors does not declare a dividend, or any part thereof, on
5 s7 m0 W( F: C8 Q4 Uthe Preferred Shares Series 18 on or before the dividend payment date for a) y- F8 i  j- ~0 h) p
particular quarter, then the entitlement of the holders of the Preferred; ^0 }8 a' q) B& W% P4 r
Shares Series 18 to receive such dividend, or to any part thereof, for such; F+ a- \9 p: O4 `1 j& {
quarter will be forever extinguished.* w( }# f6 H" S; O8 J) o9 p
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
$ f% \$ ?- G* @: ISuperintendent and to the provisions described below under ‘‘Details of the% |. v+ m* O% u
Offering — Certain Provisions of the Preferred Shares Series 18 as a3 L, z" J% G* B5 V# m# \
Series — Restrictions on Dividends and Retirement of Shares’’, on7 E% H2 A1 \% w5 r8 i
February 25, 2014 and on February 25 every five years thereafter, on not, b& e- o) [' P8 n) o7 F; l0 M" T
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
5 e* n) O0 \( L9 h6 ^. Epart of the then outstanding Preferred Shares Series 18, at the Bank’s option( N, A9 F! P- y6 A. F8 `
without the consent of the holder, by the payment of an amount in cash for
* t% M, q: Y# Y" f2 weach such share so redeemed of $25.00 together with all declared and unpaid
# ^( S# p' {' c4 ?: ^9 w$ d  U  mdividends to the date fixed for redemption.
* @% d1 F) R1 g% BConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
' f; ~& O3 }# @  P% L$ z) BShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
2 K1 x4 Y7 [" \- F6 nthe right, at their option, to convert, on February 25, 2014 and on
/ t% F: T+ c% f! PS-4
( p( Z' \2 R& t2 X3 i1 P8 gFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
. Y" L; q1 l  ^4 i; v2 kor all of their Preferred Shares Series 18 into an equal number of Preferred5 X! d  v- Z( p. G. H
Shares Series 19 upon giving to the Bank notice thereof not earlier than* l, V3 \: S5 A0 f* T9 H6 o/ V
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
- C! ^+ w8 V6 ]preceding, a Series 18 Conversion Date.
2 K1 Z8 }" }$ J8 V. ]Automatic Conversion If the Bank determines, after having taken into account all shares tendered9 k3 t, K# E1 K, k: R
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
0 ]/ Z0 ~* v* _' V" ~Series 19, as the case may be, that there would be outstanding on such6 a: A6 I- b9 C/ h
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,0 t+ b+ C0 C7 W1 A
such remaining number of Preferred Shares Series 18 will automatically be# w. h9 H# v5 i" R
converted on such Series 18 Conversion Date into an equal number of
5 m1 R  O8 g  {) ?* J$ C0 iPreferred Shares Series 19. Additionally, if the Bank determines that, after) Y  y. a# a* l! E+ j' O, t
conversion, there would be outstanding on such Series 18 Conversion Date$ n9 Q# ?$ w" j
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares9 T# `1 c8 a, h
Series 18 will be converted into Preferred Shares Series 19.3 U& Y/ \: Z$ f7 R# y, ]4 v( D; X+ f
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
* N. r4 D. e' K2 ]- x1 m2 |Series 18 will not be entitled as such to receive notice of, attend, or vote at,
* \! [+ V* [9 E  }) Y: B1 B3 Aany meeting of the shareholders of the Bank unless and until the first time at& {! V+ Q, P! N4 ], u
which the Board of Directors has not declared the whole dividend on the9 D1 O0 Z9 W& B6 W9 @- X+ Z( b0 H  {
Preferred Shares Series 18 in any quarter. In that event, subject as* h5 B5 r- E; P$ x% K
hereinafter provided, the holders of Preferred Shares Series 18 will be. d0 S$ U* \- y, A: X( @3 \6 M
entitled to receive notice of, and to attend, meetings of shareholders at which! H- P( s+ v- F7 ~: h. {
directors of the Bank are to be elected and will be entitled to one vote for
- }2 Q, A2 m+ Y, `2 teach Preferred Share Series 18 held. The voting rights of the holders of the" T; G7 p* U" `3 C! K6 z: \
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of' A6 P( l, C6 d
the first dividend on the Preferred Shares Series 18 to which the holders are
" \$ l) l* t. E# g& j0 Eentitled thereunder subsequent to the time such voting rights first arose until
; e: N- y7 m1 K, G* K5 Osuch time as the Bank may again fail to declare the whole dividend on the3 I% |/ r% v$ n7 T# q/ A
Preferred Shares Series 18 in respect of any quarter, in which event such
. ]& B# s& |: h* B& A+ U5 v( Zvoting rights will become effective again and so on from time to time.
  v4 F2 X+ v9 s2 p+ u- h+ uPrincipal Characteristics of the Preferred Shares Series 19
9 @- l  P* r) c4 E. _Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive- k$ p2 z2 F) G# ~
floating rate non-cumulative preferential cash dividends, as and when
' B6 z# s. L% `1 Qdeclared by the Board of Directors, subject to the provisions of the Bank Act,( z1 W3 Y! S5 k6 @9 z" B5 u
payable quarterly on the 25th day of February, May, August and November( g+ ]: J& r3 X' t, _
in each year, in the amount per share determined by multiplying the% @4 `) T7 V  J. k
applicable Quarterly Floating Dividend Rate by $25.00.% g- _5 Y3 L/ V# s1 ]& X# k* |: n* n
On the 30th day prior to the commencement of the initial quarterly dividend$ G$ W! y  y2 y  G: @
period beginning on February 25, 2014, and on the 30th day prior to the first
' _1 B6 c/ _/ Kday of each subsequent quarterly dividend period (the initial quarterly4 j9 {5 v1 e! g0 B# T# F, b
dividend period and each subsequent quarterly dividend period is referred to2 I  i5 ^# T6 R" b# a4 ]" _/ U
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
* Z1 k/ o3 w2 t& VQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
6 h9 |: C5 `8 z0 n7 i) r$ ], `8 |Period. The Quarterly Floating Dividend Rate will be equal to the sum of the. ?: }1 w  X) o9 }
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
2 W" H6 y+ M) S* c3 C8 Gelapsed in the applicable Quarterly Floating Rate Period divided by 365)
& O' `/ Q! d; s! mdetermined on the 30th day prior to the first day of the applicable Quarterly
7 t5 p8 B# o& W1 mFloating Rate Period.1 K+ p# E1 w6 B
S-5
9 E- L2 a% V( K8 t7 L5 QIf the Board of Directors does not declare a dividend, or any part thereof, on. R+ B, m4 d* W' E" g' G; M$ [
the Preferred Shares Series 19 on or before the dividend payment date for a4 b: k' _* K( h. y0 D: i
particular quarter, then the entitlement of the holders of the Preferred
1 |9 S! ^4 B* pShares Series 19 to receive such dividend, or to any part thereof, for such
5 k. j1 a4 H0 p# a8 m/ Oquarter will be forever extinguished.
8 E2 f: m: c; l! D: `Redemption: Subject to the provisions of the Bank Act and to the prior consent of the' L( Y9 h. F  o# }% m+ W; ~
Superintendent and to the provisions described below under the heading/ `  G; N  K, }8 X( T' u  z
‘‘Details of the Offering — Certain Provisions of the Preferred Shares- T! _& Q! }+ ^1 b) o3 H4 c
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
, Q* z8 R$ ^$ m8 v: n' Kon not more than 60 nor less than 30 days’ notice, the Bank may redeem all  b( a* f! L% _* Y+ p
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
1 M% f& j/ l! z5 a/ D$ \7 r, n& coption without the consent of the holder, by the payment of an amount in6 l7 u' G; P6 I/ w- h
cash for each such share so redeemed of (i) $25.00 together with all declared
- z, @. K: a3 ^: Kand unpaid dividends to the date fixed for redemption in the case of
: ]9 u% U- b2 v5 sredemptions on February 25, 2019 and on February 25 every five years
7 h" v3 R0 l. T2 N5 a3 G2 c( e; mthereafter, or (ii) $25.50 together with all declared and unpaid dividends to' o* m& ~/ _: r1 X8 y2 w
the date fixed for redemption in the case of redemptions on any other date: U/ t7 }4 S" ^4 O" m+ q
on or after February 25, 2014.
* g/ S: N) Y! c5 y! `4 ~Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
" e: _$ _; A. }* q3 c7 [* a9 uShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have( p6 d9 u. F* Q1 E0 `
the right, at their option, to convert, on February 25, 2019 and on
- |2 r! N: J2 \0 h! R# `4 f3 WFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
( B+ V& y/ C! N) B+ xor all of their Preferred Shares Series 19 into an equal number of Preferred
  b0 U1 m' C4 }0 |% M) s" K5 f- `* G" CShares Series 18 upon giving to the Bank written notice thereof not earlier) V3 z; U; e, m( l/ a, T# j
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
" o9 Z6 z( {" V! T  q- I15th day preceding, a Series 19 Conversion Date.
. M3 m) N/ I) qAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
# |0 a0 _4 d# ^# w& w7 N  j5 ^5 vProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
5 A" y; M+ f; O  n" }0 r+ S$ Q/ ESeries 18, as the case may be, that there would be outstanding on such
" V! U9 Y% E- mSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
& T6 ?6 }9 Q/ I* ^such remaining number of Preferred Shares Series 19 will automatically be
: b( f0 R$ B, t7 sconverted on such Series 19 Conversion Date into an equal number of/ m2 f5 d1 Q2 c- ], ~' G
Preferred Shares Series 18. Additionally, if the Bank determines that, after
) u( W- l4 N  x2 ?2 Mconversion, there would be outstanding on such Series 19 Conversion Date7 q9 z+ n: j- q
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares3 S7 G0 a7 v, C2 o7 O4 K$ t
Series 19 will be converted into Preferred Shares Series 18.
8 s  {( c% F& A- ~Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
, V, f6 q6 q  T, PSeries 19 will not be entitled as such to receive notice of, attend, or vote at,0 B% C. Q3 `0 m4 L2 v) _1 Q+ i
any meeting of the shareholders of the Bank unless and until the first time at/ y8 e# h* B$ Y7 S
which the Board of Directors has not declared the whole dividend on the
3 r2 Y% `! }' j0 \9 pPreferred Shares Series 19 in any quarter. In that event, subject as
& P/ ^' Z( E6 A, E' ~: `hereinafter provided, the holders of Preferred Shares Series 19 will be# w6 |6 r/ k  C; y3 q+ L$ y
entitled to receive notice of, and to attend, meetings of shareholders at which
+ d% N( G, m: v+ y6 zdirectors of the Bank are to be elected and will be entitled to one vote for
  r4 b( N" V& F1 q4 {each Preferred Share Series 19 held. The voting rights of the holders of the
2 N3 s# g: F( b/ Q3 KPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
; m- w* Y) J* m1 O! o6 Athe first dividend on the Preferred Shares Series 19 to which the holders are( @3 v5 x% j1 M: j. e4 ?/ {" m
entitled thereunder subsequent to the time such voting rights first arose until
# q* e9 {, l+ H; L) v. S) \" X6 Psuch time as the Bank may again fail to declare the whole dividend on the
; l% k+ }% Q+ C& }9 oPreferred Shares Series 19 in respect of any quarter, in which event such; N7 Y) \6 n6 I( k/ y
voting rights will become effective again and so on from time to time.
3 X# F2 K2 g; J  [0 \5 K/ z8 r+ CS-6) Z+ |5 n3 A2 w" V) v2 z
Priority: The preferred shares of each series of the Bank will rank on a parity with
; r# m. p( N# g6 o, kevery other series and are entitled to preference over the common shares of
4 V' _) B# E  S6 Z$ t- w4 @5 ^6 bthe Bank and over any other shares of the Bank ranking junior to the* v# Y( j1 }! G* I! d+ t. u
preferred shares with respect to the payment of dividends and upon any5 g- X8 ^8 g; T
distribution of assets in the event of the liquidation, dissolution or6 @, x1 K$ O! c* w% n- X4 Y
winding-up of the Bank.% @& F4 \$ M2 ~: H! L5 e7 i4 Y
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under" }4 ^2 w: t; f. Y
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares$ Y+ s+ ]" M1 k3 L
Series 18 and Preferred Shares Series 19 will not be required to pay tax on# S" ?2 K1 v4 [( p4 i, ?2 ]5 q
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。  K% O; J% e" {7 B8 ?$ u1 i  U8 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

' \+ e8 o1 c& u2 ]. Z( [
1 r1 T* r0 I" N  K. b8 Y, _下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。7 x$ n, T) O  Y

2 [: }' s, G0 hcall 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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