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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。
3 H  @8 e" X! |

% `+ S9 m- q- P# w6 e, E& Q* I5 ?) ?% e1 j2 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:" E1 f" V; f5 B3 c, R* u. f. C0 `
SUMMARY OF THE OFFERING& Q: J* W7 B2 F( l
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’’.3 ~$ C- e& h  z  ^
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
7 H6 t9 p6 v7 ?$ qAmount: $150,000,000 (6,000,000 shares).
+ b1 ?: ^# a3 t& `* L. {( oPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
- K; @5 b. k: DPrincipal Characteristics of the Preferred Shares Series 18" i) C* t0 {5 |- ]( O0 q" e
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
7 y) s- \% o/ X' w" Znon-cumulative preferential cash dividends, as and when declared by the7 A5 N$ N% b' T# r
Board of Directors, subject to the provisions of the Bank Act, for the initial4 W$ [# n9 i7 ^# i: c$ m# Y  R
period commencing on the closing date and ending on and including
! A* P$ I) E, y) t( v) OFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the5 Z# a& [- \. v2 J
25th day of February, May, August and November in each year, at a rate! c/ {" {- [! X9 Y0 X$ x
equal to $0.40625 per share. The initial dividend, if declared, will be payable
7 |. r0 A2 `7 t, ]6 ?9 N4 v+ `2 yMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
4 Z" l8 g3 s* Z1 Q  X) sdate of December 11, 2008.
$ H7 l% g5 H. P: q! a! iFor each five-year period after the Initial Fixed Rate Period (each, a
8 ~" M0 G: d, [5 t. A5 c, O* U‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
) Q  L3 S# u1 [9 s' p1 FSeries 18 will be entitled to receive fixed non-cumulative preferential cash
8 V0 Y$ }4 m! \6 l  y$ J1 t; S/ wdividends, as and when declared by the Board of Directors, subject to the
1 g+ m+ G8 P* x0 z/ ]8 C4 Aprovisions of the Bank Act, payable quarterly on the 25th day of February,4 M8 W; A3 f- }" ~
May, August and November in each year, in the amount per share per annum
& Y: W. v4 D9 ^" B) Ldetermined by multiplying the Annual Fixed Dividend Rate applicable to; w4 z" @8 j: |2 B) s
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
. i! i, S  i# j1 V# z& ^, n, u7 QRate for the ensuing Subsequent Fixed Rate Period will be determined by the
6 [1 z0 k! p$ `. x% C1 X1 C5 U3 @Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day/ ]% J7 U( v3 `# m# A
of such Subsequent Fixed Rate Period and will be equal to the sum of the
2 ~% m1 h$ O6 D4 s0 HGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
! w- p; v5 a: O& @8 D5 B1 v% ^, nplus 3.83%.
! }- t" K4 T) q# S% F7 Y. lIf the Board of Directors does not declare a dividend, or any part thereof, on
6 X7 O' T" S) d7 p# R  gthe Preferred Shares Series 18 on or before the dividend payment date for a2 U: ^& t# T0 z$ j1 t: |
particular quarter, then the entitlement of the holders of the Preferred* e! m! |4 R8 o) D, d8 ^: J0 U
Shares Series 18 to receive such dividend, or to any part thereof, for such
6 |1 F) v5 P+ P. Y# C+ Qquarter will be forever extinguished.
4 H* H# Z1 z6 k( KRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
/ R7 J1 G) S! d( U: GSuperintendent and to the provisions described below under ‘‘Details of the+ E& R6 l  o* z8 c
Offering — Certain Provisions of the Preferred Shares Series 18 as a
# l; @, D% v: Z; e1 ]& t2 zSeries — Restrictions on Dividends and Retirement of Shares’’, on
8 k" ?% V3 v- C' y7 M" Y* b0 O0 @6 DFebruary 25, 2014 and on February 25 every five years thereafter, on not
  r5 [7 r4 D/ lmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any5 h! r, x& v' e. |9 F
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
4 s- {% `9 Y' k: d" ]without the consent of the holder, by the payment of an amount in cash for2 k$ A+ O0 t9 V" d! o4 k: ^$ ^
each such share so redeemed of $25.00 together with all declared and unpaid  f/ t4 c+ A/ c: E2 {! B1 g% q
dividends to the date fixed for redemption.: ?4 i( J0 M! [" U- ?
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic0 H5 v  D) s8 L8 A) s( e" n
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have) L( a+ F+ F( T  {! \
the right, at their option, to convert, on February 25, 2014 and on% K. i1 B7 |! V7 @. _2 w: x
S-4
5 c7 z! f% r3 j9 N  W& WFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any% I, e! h- e6 R! f# K0 g
or all of their Preferred Shares Series 18 into an equal number of Preferred. d) c! i$ u% T& y
Shares Series 19 upon giving to the Bank notice thereof not earlier than! R, X+ I, {/ l$ v1 Z% H: v- P
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day9 R# _/ y5 c1 d
preceding, a Series 18 Conversion Date.6 b  S9 _" Y" P' d
Automatic Conversion If the Bank determines, after having taken into account all shares tendered/ s) A, l) M  U" ?( D$ d9 m
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares# v/ N* O/ w: w  g$ [
Series 19, as the case may be, that there would be outstanding on such5 r. z- i, j$ t+ ]# n
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
+ H) ]# {6 X2 G+ W+ Q) S# }. ~such remaining number of Preferred Shares Series 18 will automatically be) Z8 H; |' m5 g6 L2 d& [
converted on such Series 18 Conversion Date into an equal number of
0 z6 m  ]+ b& hPreferred Shares Series 19. Additionally, if the Bank determines that, after) Q  X$ L: x- r. G1 P
conversion, there would be outstanding on such Series 18 Conversion Date
7 E* f! S( J0 R4 `2 |4 dless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
5 O# O8 u: c! u# f$ ^Series 18 will be converted into Preferred Shares Series 19.
9 [* C# Q1 h2 |: [Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares% I( L/ i$ y* |
Series 18 will not be entitled as such to receive notice of, attend, or vote at,+ i+ f( s3 K! M; q! s
any meeting of the shareholders of the Bank unless and until the first time at
+ Y: u; J0 c" D0 x* Nwhich the Board of Directors has not declared the whole dividend on the
; A2 I+ C8 a0 m6 n" GPreferred Shares Series 18 in any quarter. In that event, subject as3 k( o  B3 c* Q8 ?4 j% v: A
hereinafter provided, the holders of Preferred Shares Series 18 will be
3 a. P. c. h. s2 r$ Q4 `( e9 Dentitled to receive notice of, and to attend, meetings of shareholders at which
, X, I2 q& F% |9 p$ N) wdirectors of the Bank are to be elected and will be entitled to one vote for* G) u0 t4 R+ |6 R8 c: ]+ X6 u
each Preferred Share Series 18 held. The voting rights of the holders of the! ^" t$ K8 D& @! w: }& ?! A/ U
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
5 s/ \$ F  X) Fthe first dividend on the Preferred Shares Series 18 to which the holders are$ k8 y( k: k: C9 p- i
entitled thereunder subsequent to the time such voting rights first arose until
$ X8 Y3 A2 C6 H5 Ysuch time as the Bank may again fail to declare the whole dividend on the
& T9 |0 O; s! v$ Y7 LPreferred Shares Series 18 in respect of any quarter, in which event such
; l4 T8 |1 X% B5 s9 J3 x6 vvoting rights will become effective again and so on from time to time.6 ?% Q) \" s  ~, a& c' c6 f: h
Principal Characteristics of the Preferred Shares Series 19$ B  Y" i( [2 ^+ B$ O; C
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive9 b! y8 _6 P2 d8 ?4 o
floating rate non-cumulative preferential cash dividends, as and when
8 V/ Z2 b6 u$ Ydeclared by the Board of Directors, subject to the provisions of the Bank Act,
  ^. h% v$ J0 B* Bpayable quarterly on the 25th day of February, May, August and November( n: ]1 R: |1 `  K' B3 \" t
in each year, in the amount per share determined by multiplying the3 Y8 @1 A' w0 w' r% Z4 d
applicable Quarterly Floating Dividend Rate by $25.00.
& W* {% H" }* B0 MOn the 30th day prior to the commencement of the initial quarterly dividend
  t1 w8 w: i9 z; ]' ^* i* xperiod beginning on February 25, 2014, and on the 30th day prior to the first$ S+ k: K9 f: ~& n- Q# W
day of each subsequent quarterly dividend period (the initial quarterly; @' g9 |8 M9 N  F
dividend period and each subsequent quarterly dividend period is referred to
3 j+ t9 m! @' n& das a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the5 k( W4 K3 H1 l: {3 z" O3 a
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate' l& @5 ]5 ~" o
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
7 w* R5 y* v; gT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
; V+ g* y7 t) R9 _2 i. d& Pelapsed in the applicable Quarterly Floating Rate Period divided by 365)
) r- s9 n7 y4 h1 I% Y0 Wdetermined on the 30th day prior to the first day of the applicable Quarterly# O- p3 G/ G) x+ `- l. [. {, j3 F
Floating Rate Period.
$ K/ E1 E- u. k) C9 O' FS-5+ T2 y  H' U" W6 ~
If the Board of Directors does not declare a dividend, or any part thereof, on7 C3 M5 e9 s, g4 {) ]+ J- x/ N, J
the Preferred Shares Series 19 on or before the dividend payment date for a2 G6 d0 P3 [' o* e
particular quarter, then the entitlement of the holders of the Preferred
5 s5 M0 A+ }7 @, HShares Series 19 to receive such dividend, or to any part thereof, for such: Z' L/ n1 u  k; x6 x
quarter will be forever extinguished.
, s- z. {9 q1 C: O* }" h  Q& a  _Redemption: Subject to the provisions of the Bank Act and to the prior consent of the% d$ }' Q' u  {8 [: V) q$ N
Superintendent and to the provisions described below under the heading
  s  c. I* c5 C- ^' k5 y‘‘Details of the Offering — Certain Provisions of the Preferred Shares
) h& B8 m  q' |Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,7 z0 R+ Q: I. Z3 H
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all0 r( P- N2 |6 d
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s8 n+ G& `$ l" \5 B" M
option without the consent of the holder, by the payment of an amount in# A' w* S7 l+ \
cash for each such share so redeemed of (i) $25.00 together with all declared
) |  y* A' ?1 K' X9 Q9 x- W( land unpaid dividends to the date fixed for redemption in the case of# F  C1 C7 M7 X* l7 Q' @
redemptions on February 25, 2019 and on February 25 every five years' S! ]+ }2 l+ q+ L2 k; f2 t
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
* g3 o8 S& m* P8 S, W: vthe date fixed for redemption in the case of redemptions on any other date
, y) H( {5 W4 \, t7 Xon or after February 25, 2014.
2 c. m5 y9 w+ Z' r5 \Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
  C3 V2 o1 J4 s6 D9 P: I1 g0 c) ZShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
& e2 J! @' P$ q. [+ z# ithe right, at their option, to convert, on February 25, 2019 and on
  [8 e, L$ m: O7 }* SFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
9 `+ |% j9 S3 e% _' |or all of their Preferred Shares Series 19 into an equal number of Preferred
& T1 q9 T. N9 |' m( k. OShares Series 18 upon giving to the Bank written notice thereof not earlier
- c7 w0 Z; W4 m& l1 c( athan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the: F8 b. S( K5 h+ h" ~1 A
15th day preceding, a Series 19 Conversion Date.- r- F5 P1 q* g) J
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
& c" E, S3 s) S5 V( V7 QProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares& b: E1 D2 ?  I3 n# y0 J
Series 18, as the case may be, that there would be outstanding on such) Q; `. s, ]- t$ m
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,3 L7 O+ h2 e' C9 S* l. l
such remaining number of Preferred Shares Series 19 will automatically be! Y! p7 {$ @+ J
converted on such Series 19 Conversion Date into an equal number of
5 m% \. }- K* C. a! Q  w1 B$ JPreferred Shares Series 18. Additionally, if the Bank determines that, after
  e1 r& k: R' u- Econversion, there would be outstanding on such Series 19 Conversion Date) Z: v% l+ K8 d/ J2 R1 z
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
, Z% N( i1 F. Z! n! W" d  S8 LSeries 19 will be converted into Preferred Shares Series 18.
& a" s* z. E8 d! i! i: S  c* I* ^Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
' }- S5 B7 Z9 h  X2 xSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
" R+ |6 O* y+ j6 ]/ Gany meeting of the shareholders of the Bank unless and until the first time at4 C- Z7 X& J$ J& U
which the Board of Directors has not declared the whole dividend on the2 u9 y4 J! R- I# g+ s
Preferred Shares Series 19 in any quarter. In that event, subject as
# d/ r7 F$ y* \6 Q+ N* b, [+ E' ahereinafter provided, the holders of Preferred Shares Series 19 will be
! D9 F5 D: _5 V' C: Jentitled to receive notice of, and to attend, meetings of shareholders at which" Y6 |  h! F' L  o8 k/ F
directors of the Bank are to be elected and will be entitled to one vote for
/ E+ y, `# N! T7 Y& y; Veach Preferred Share Series 19 held. The voting rights of the holders of the
% C! `; ]1 n& m$ w7 W. y& zPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
9 y) o. T4 r& H: e5 _5 s' Qthe first dividend on the Preferred Shares Series 19 to which the holders are) I, n/ k4 Q8 u4 p
entitled thereunder subsequent to the time such voting rights first arose until0 a- F" r3 v) o
such time as the Bank may again fail to declare the whole dividend on the
! `& ~9 E) U- @) e$ A/ W# {5 |Preferred Shares Series 19 in respect of any quarter, in which event such% [5 E4 G3 v& Y3 h+ D: Q$ y
voting rights will become effective again and so on from time to time.+ v, t5 d2 t, c; X% @
S-6
" _5 E' T: e9 y3 oPriority: The preferred shares of each series of the Bank will rank on a parity with
7 t" ~+ I2 e# q2 a4 Cevery other series and are entitled to preference over the common shares of) k7 E6 N4 x/ q" c6 D0 U! h
the Bank and over any other shares of the Bank ranking junior to the% t& F1 K* z2 R& `
preferred shares with respect to the payment of dividends and upon any2 x4 L) W) B; \% \
distribution of assets in the event of the liquidation, dissolution or
" C3 L8 {" E, e( |+ Owinding-up of the Bank.7 s6 \, m+ T1 Q
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
3 C; a5 D" x, A+ zDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares2 _, h; E) P0 L0 g7 n
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
% v* A9 Z+ J$ ]% kdividends 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 }  t7 _7 [5 {* Y9 C) c
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
' h" |. Q- t' `4 Q
, p& k& _/ [& ]- s4 @) C
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
: L4 P. z8 |5 @" c  j; F" v  X/ B8 Q. k0 t
call me.. 780 6699880 转101
大型搬家
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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