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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。
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# [1 Y9 f/ j. o7 ?/ R6 X# K( [[ 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:
1 G& T" J" _$ VSUMMARY OF THE OFFERING
% }' h/ j8 c, h4 q9 E5 K' @; 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’’.4 }/ E" A7 ^2 R9 c
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
. |6 {$ x& B  F7 _$ D' P1 w. nAmount: $150,000,000 (6,000,000 shares).5 }" l1 I' k+ x9 Z' W$ C* ~" F- x
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
% q# O  X* o: p* R$ e% iPrincipal Characteristics of the Preferred Shares Series 18
) L+ G, k/ |# W4 J$ |; D7 {Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed3 b- H) i% @: g& ~9 c
non-cumulative preferential cash dividends, as and when declared by the
" ?5 J  \% V( E" E, w0 n9 mBoard of Directors, subject to the provisions of the Bank Act, for the initial0 x7 J' y! ]$ y7 y" e( {2 d0 i9 q
period commencing on the closing date and ending on and including
9 ~8 G0 |5 C" AFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the$ w  e; w% P, \$ q$ y8 Q9 G- H
25th day of February, May, August and November in each year, at a rate% [, G- K7 z5 G
equal to $0.40625 per share. The initial dividend, if declared, will be payable/ Z+ |/ r& l1 P2 Q% Y8 j. C
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
& ]. j6 }8 X/ y3 D, Wdate of December 11, 2008.
( @6 G5 v9 q  @, c2 y! |+ iFor each five-year period after the Initial Fixed Rate Period (each, a2 c9 w% _0 j7 f8 q, I9 }: L
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
6 e/ P; ?0 R: r+ f6 y' ]& QSeries 18 will be entitled to receive fixed non-cumulative preferential cash
3 a& g& K* }" z  g: R( S$ gdividends, as and when declared by the Board of Directors, subject to the& m! V7 c6 R7 {( K; x* |4 J
provisions of the Bank Act, payable quarterly on the 25th day of February,
, m$ R5 h4 }) D! S0 L8 oMay, August and November in each year, in the amount per share per annum
' [  r6 p  R( U4 jdetermined by multiplying the Annual Fixed Dividend Rate applicable to
, Z6 o4 d6 G0 E$ N0 U( Usuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
# t5 F1 Q, M5 S9 e' f* kRate for the ensuing Subsequent Fixed Rate Period will be determined by the
9 h7 k- G( A% j( l* t! \8 j% {. lBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day9 M- X+ s9 s/ \& l* @0 U+ \
of such Subsequent Fixed Rate Period and will be equal to the sum of the
9 C" f6 j+ V* k1 W+ iGovernment of Canada Yield on the applicable Fixed Rate Calculation Date3 ~9 g2 o& a, W, O$ D+ E! X
plus 3.83%.6 @2 {. S3 }" J+ g
If the Board of Directors does not declare a dividend, or any part thereof, on
3 ?6 X/ }9 t6 R+ ^  Zthe Preferred Shares Series 18 on or before the dividend payment date for a' @$ l7 k* g7 F  W  q
particular quarter, then the entitlement of the holders of the Preferred7 f* f. s& T8 X6 B9 d
Shares Series 18 to receive such dividend, or to any part thereof, for such9 L: s( D' A. g4 \
quarter will be forever extinguished.' [$ B( [0 R9 M( e/ j
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
8 |% _* j+ x( w. _9 C/ u4 eSuperintendent and to the provisions described below under ‘‘Details of the
% E7 ~9 u* m; h4 K) o2 yOffering — Certain Provisions of the Preferred Shares Series 18 as a
8 A1 f, {$ ~4 b" K5 E9 nSeries — Restrictions on Dividends and Retirement of Shares’’, on% v$ ~: ^( v; Z' k5 J: l2 w% {
February 25, 2014 and on February 25 every five years thereafter, on not
& a3 w6 r- C- a2 dmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
# ?, z  [7 I" _, E; J  xpart of the then outstanding Preferred Shares Series 18, at the Bank’s option* G' X. }  |( V$ F5 r7 A1 D
without the consent of the holder, by the payment of an amount in cash for
% q' o3 ^4 V6 teach such share so redeemed of $25.00 together with all declared and unpaid
* I4 g. R! C! N" {; ndividends to the date fixed for redemption.
1 F6 M. u1 [; V" u& e4 RConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic  G8 Y6 ], E" L, V' o
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have/ q8 H! v/ W& L! `  r- c
the right, at their option, to convert, on February 25, 2014 and on
9 w3 v8 N4 H9 g# P3 W1 OS-4+ ^+ B0 W5 V0 m8 C& h# t
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any  s# ~! u% ?" z! N
or all of their Preferred Shares Series 18 into an equal number of Preferred
  H  S8 v6 l5 ~# U  E  O, y7 tShares Series 19 upon giving to the Bank notice thereof not earlier than: ~6 S5 L5 C4 l
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
. j5 B; |6 {8 @' Fpreceding, a Series 18 Conversion Date.
) O% ?7 X, U9 w$ E0 |Automatic Conversion If the Bank determines, after having taken into account all shares tendered
% t: Y% i% c. C/ m* L1 L4 J, N' sProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares. \5 N; n* J/ ~! b- P
Series 19, as the case may be, that there would be outstanding on such' O: v+ [  h! k: l# Z
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
/ t2 I/ ?7 v7 W' I: u2 fsuch remaining number of Preferred Shares Series 18 will automatically be
1 K8 }% G/ U$ M* p( Y  _converted on such Series 18 Conversion Date into an equal number of1 @, ]5 Y5 C2 D
Preferred Shares Series 19. Additionally, if the Bank determines that, after
# e  o$ U, p5 ?7 G3 Tconversion, there would be outstanding on such Series 18 Conversion Date
2 ^" l6 c$ d# o/ xless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares% S+ T0 L! D/ b
Series 18 will be converted into Preferred Shares Series 19.' Y9 O! u: S" Y% _  H% u& q
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares1 s; Q9 M6 v' J8 P
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
$ Q* X* E+ `. w4 bany meeting of the shareholders of the Bank unless and until the first time at" X/ a3 \& d, O9 {  Q
which the Board of Directors has not declared the whole dividend on the
; T' @- c& z! s8 \$ ]4 v7 yPreferred Shares Series 18 in any quarter. In that event, subject as
7 h3 t; d0 ^- P: T" c: p9 |hereinafter provided, the holders of Preferred Shares Series 18 will be
* C! f; R6 V# ~+ b% L/ J: wentitled to receive notice of, and to attend, meetings of shareholders at which1 l! [+ q3 G0 V1 w" M4 Y
directors of the Bank are to be elected and will be entitled to one vote for
; I9 F1 [5 L5 A9 u0 }+ jeach Preferred Share Series 18 held. The voting rights of the holders of the6 e$ k: X, `* r5 M3 i! U
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of( A7 _  r8 \& `% }
the first dividend on the Preferred Shares Series 18 to which the holders are
* z/ g+ s' t" b; f4 g9 U; ientitled thereunder subsequent to the time such voting rights first arose until) r, N7 ~0 w; F8 e4 K+ k% i
such time as the Bank may again fail to declare the whole dividend on the
/ S1 A2 Y* p$ u2 e  sPreferred Shares Series 18 in respect of any quarter, in which event such
1 J2 X* p! D; r8 q" Y( ?, ^9 A0 Rvoting rights will become effective again and so on from time to time.
/ m! G$ F( e& Q- r' T, c- @  C( ZPrincipal Characteristics of the Preferred Shares Series 19
! ~9 j" U( `; H6 u1 n4 P. rDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
) Z9 h+ h0 t6 c$ t& [floating rate non-cumulative preferential cash dividends, as and when. p) i7 G) {3 f& o7 }
declared by the Board of Directors, subject to the provisions of the Bank Act,9 f5 F  L7 P0 n$ j) E, L3 Z# R' A
payable quarterly on the 25th day of February, May, August and November6 T0 I0 M1 ?7 n8 e9 |
in each year, in the amount per share determined by multiplying the" X9 F8 a; g6 A- a; A
applicable Quarterly Floating Dividend Rate by $25.00.
& P3 B4 L) ?5 O" m; @5 YOn the 30th day prior to the commencement of the initial quarterly dividend
& n2 a! Q* m/ q# c9 iperiod beginning on February 25, 2014, and on the 30th day prior to the first* |4 z; u( x3 F" C
day of each subsequent quarterly dividend period (the initial quarterly8 l. s, ~* e$ Y  R2 k! \$ c
dividend period and each subsequent quarterly dividend period is referred to
6 K4 R+ M" L6 m' |) ~% Jas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
- V: i; I+ u% h7 hQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
" ~# w* @" ?) i6 a1 B" X2 @Period. The Quarterly Floating Dividend Rate will be equal to the sum of the% P) D! C: ^- K) _. C
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days; S5 H% `' I' U' J6 [( U! T
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
3 t* e0 W* F. b! Zdetermined on the 30th day prior to the first day of the applicable Quarterly: c6 |+ Y& L1 \/ g* W8 n
Floating Rate Period.+ Y, F/ G0 J! k4 Y/ H
S-5$ r. n- N# B4 N4 s  u( Q
If the Board of Directors does not declare a dividend, or any part thereof, on$ R" c8 g7 a* K
the Preferred Shares Series 19 on or before the dividend payment date for a4 T$ e6 {2 a- K: X
particular quarter, then the entitlement of the holders of the Preferred
% [' @3 _& h3 _  W# fShares Series 19 to receive such dividend, or to any part thereof, for such( j% O. _0 E+ J% P  O
quarter will be forever extinguished.; f. m" v! o+ v5 P* w5 w
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
) l. \: J- D" t: zSuperintendent and to the provisions described below under the heading0 r1 G+ T& b, Z
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
4 Y5 @. z8 X  E9 C, rSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
- v7 Q" q% @+ I& l$ K0 W7 a( don not more than 60 nor less than 30 days’ notice, the Bank may redeem all
+ @$ a, _4 ?5 T6 z/ H' U) sor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
0 S2 M3 M; ~7 q: Z7 I  [$ ]' \7 foption without the consent of the holder, by the payment of an amount in
& }1 n7 B( d9 v0 Gcash for each such share so redeemed of (i) $25.00 together with all declared3 F- X7 T7 Z" N6 y6 G0 T
and unpaid dividends to the date fixed for redemption in the case of% h5 A8 @  I- ~" }
redemptions on February 25, 2019 and on February 25 every five years) h6 m, E; u* I/ B2 R1 T' P
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to& D$ ^# B8 z2 d, y- H* [8 Q
the date fixed for redemption in the case of redemptions on any other date% J; c: V9 e; ~) ~
on or after February 25, 2014.
7 s8 B2 s5 z( R) j. }% E! _4 \Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
& C+ x: [# `  A4 T4 n3 LShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
9 l9 T9 M3 ~: {7 uthe right, at their option, to convert, on February 25, 2019 and on
, @+ ?, t$ X) ?0 m8 ~  \+ H# Y; |3 YFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any, S8 O* R' H) ^( P" O$ ?
or all of their Preferred Shares Series 19 into an equal number of Preferred
% a' N/ [/ I) m7 C6 iShares Series 18 upon giving to the Bank written notice thereof not earlier
, \9 a/ ?  K" b4 |9 _# ithan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
9 D( p+ z& n5 D+ g& E15th day preceding, a Series 19 Conversion Date.5 ~* \5 a8 v" ]2 D
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
6 I1 E$ n0 K2 \% W" N: nProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares8 H8 n5 `! W" ?9 I
Series 18, as the case may be, that there would be outstanding on such0 u" U7 _3 t$ K  }0 Z
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
$ g4 P3 X6 r* d5 g6 G: w7 o8 Qsuch remaining number of Preferred Shares Series 19 will automatically be' t( k. g1 |! T  W8 m
converted on such Series 19 Conversion Date into an equal number of' |% U$ a$ L3 t# x) ^. ?# _" }
Preferred Shares Series 18. Additionally, if the Bank determines that, after
& l4 |& y  y/ ^% pconversion, there would be outstanding on such Series 19 Conversion Date! c/ g6 Q7 [, h+ r" t% X$ k1 d/ ?
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares! }* P: N5 ^2 M; C5 r; @
Series 19 will be converted into Preferred Shares Series 18.$ P5 p7 T8 }2 l( J4 N
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares) L8 S' i$ V" S
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
+ r8 b" `8 N6 r: o6 c* t. K9 vany meeting of the shareholders of the Bank unless and until the first time at
$ u* _- X3 @7 ^% M) u+ f+ awhich the Board of Directors has not declared the whole dividend on the
7 q+ g/ @9 ~7 @/ z0 B/ o! S& YPreferred Shares Series 19 in any quarter. In that event, subject as7 Q' R% y% k0 b# C+ [' V9 r
hereinafter provided, the holders of Preferred Shares Series 19 will be
6 [; _2 c- _: b) v- q+ d$ e- Ventitled to receive notice of, and to attend, meetings of shareholders at which- ^$ s3 q* s6 ^' g: `* V
directors of the Bank are to be elected and will be entitled to one vote for
2 U& e" m( ?4 Deach Preferred Share Series 19 held. The voting rights of the holders of the
$ B3 ~4 P2 Q( j8 x: P, TPreferred Shares Series 19 will forthwith cease upon payment by the Bank of. s7 a# |4 x% V6 w2 \2 k
the first dividend on the Preferred Shares Series 19 to which the holders are& o% t* q0 X8 ?
entitled thereunder subsequent to the time such voting rights first arose until% F) k4 g& X1 R2 ~5 z! I
such time as the Bank may again fail to declare the whole dividend on the& O6 @+ D  ~3 i- s* x' J
Preferred Shares Series 19 in respect of any quarter, in which event such. W2 Y' p0 R- A0 \& U! P
voting rights will become effective again and so on from time to time.
; U' h/ r7 j; F" o7 aS-67 R' e, D; d  K/ p& e1 W# G
Priority: The preferred shares of each series of the Bank will rank on a parity with
2 W( P$ o. @- ^4 W. }% u4 ^every other series and are entitled to preference over the common shares of
& R. ^& i# J& o% S1 U  J, b  Ethe Bank and over any other shares of the Bank ranking junior to the2 J/ E3 ^& t0 U  P* c8 D/ \: H
preferred shares with respect to the payment of dividends and upon any
7 K7 p' T  n, f% k! v/ T2 F1 O% idistribution of assets in the event of the liquidation, dissolution or# ^" p% U- H/ c! f
winding-up of the Bank.5 y2 g& _) P' W
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
- Q3 S$ R# b$ T4 P4 l' T7 JDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares2 [) \- |" f) |1 d3 [' \& d6 o
Series 18 and Preferred Shares Series 19 will not be required to pay tax on; V6 E' K# A: o2 D/ m& h
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。) ?2 L$ k9 Y7 E5 z4 D
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

% Q0 S& P# W0 [& g
4 u7 t6 G0 D+ o; ^# E下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。5 S) ~( R0 c; d$ F$ \: U
8 J1 x3 A4 |1 z$ l+ H
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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