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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。: k, p' e0 g6 F% S8 A6 N

$ o, V  S3 R- B" F0 I8 W2 W
( z) `" m  i& ?! g) z: U[ 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:7 }+ @* m# o+ l8 g! A# i$ s8 Q1 h! L( V
SUMMARY OF THE OFFERING3 K8 d: R3 C) V/ p" |. M
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’’.9 N- H: E& l0 W8 f/ k& c2 f
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.6 U: L; u% n/ {* ~# A- F6 j4 S
Amount: $150,000,000 (6,000,000 shares)., a9 Y* ^, L" ^" \9 F
Price and Yield: $25.00 per share to yield initially 6.50% per annum.1 C9 G2 {" v, F
Principal Characteristics of the Preferred Shares Series 18
2 L4 w/ C% d; j0 @" x, l8 h5 QDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed9 ]0 M1 @: [, N" L+ t
non-cumulative preferential cash dividends, as and when declared by the
1 l/ r; |8 O8 V1 MBoard of Directors, subject to the provisions of the Bank Act, for the initial5 ?6 k4 T/ M3 g( |0 Z# Y
period commencing on the closing date and ending on and including9 E# P1 K  e3 b" @8 |+ K
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the" k* S: r) ~- R$ c) H! V8 K5 Q$ b
25th day of February, May, August and November in each year, at a rate
$ ^; q& l4 ~% x! Yequal to $0.40625 per share. The initial dividend, if declared, will be payable3 M8 i* ^& `5 D
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing/ Q3 q5 V+ @# @$ R- M8 |
date of December 11, 2008.
7 ]! [* {: c$ J4 C: J. M' E# [For each five-year period after the Initial Fixed Rate Period (each, a
7 {6 k7 i0 w8 {1 r- n4 _6 h) T3 ~; W‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
$ i" E. J7 ?- W( X8 Y% MSeries 18 will be entitled to receive fixed non-cumulative preferential cash
' A0 R# m* `$ L8 T. Y# Xdividends, as and when declared by the Board of Directors, subject to the+ f: u/ A" }2 g% {
provisions of the Bank Act, payable quarterly on the 25th day of February,
( w, p( M3 L, {% d( @May, August and November in each year, in the amount per share per annum
3 m, N, J& @( g- y* J0 Y6 |determined by multiplying the Annual Fixed Dividend Rate applicable to" z1 f7 C5 t! L9 j0 p3 X
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend: K- m4 q/ D1 e, a" t! R
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
. {% S7 J# n- V! v6 R: q5 p4 GBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
' o0 o  X5 m( |0 q& [6 v3 _# Cof such Subsequent Fixed Rate Period and will be equal to the sum of the- @. q9 k, j4 O9 ?) k  P
Government of Canada Yield on the applicable Fixed Rate Calculation Date
# @4 @0 z: r: u  f0 r+ ]: nplus 3.83%.$ {/ `7 N5 |3 _' w* v
If the Board of Directors does not declare a dividend, or any part thereof, on
9 ~( c7 C3 ^6 k$ mthe Preferred Shares Series 18 on or before the dividend payment date for a; p' \  Z# K* \, c
particular quarter, then the entitlement of the holders of the Preferred
3 g8 h. ^2 R  m) W' ]" M/ [9 AShares Series 18 to receive such dividend, or to any part thereof, for such8 @" E; T; f+ _# v; P+ Q+ J
quarter will be forever extinguished.: u# ^5 W3 k& R. ]5 {: V! T
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
5 ^$ m& u( h7 j6 iSuperintendent and to the provisions described below under ‘‘Details of the
$ T! `* ~8 U0 e! l) eOffering — Certain Provisions of the Preferred Shares Series 18 as a
+ m& m8 j; v" S) k& N9 `Series — Restrictions on Dividends and Retirement of Shares’’, on
: F* G1 j9 h- J4 e! h, GFebruary 25, 2014 and on February 25 every five years thereafter, on not
/ r. ?7 @6 s$ G: y$ w( z+ i5 M# Vmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
2 F, f7 a) s0 I5 epart of the then outstanding Preferred Shares Series 18, at the Bank’s option
2 f& k" G8 E! O; }without the consent of the holder, by the payment of an amount in cash for
# x3 W7 E" f, O& @  H7 Teach such share so redeemed of $25.00 together with all declared and unpaid
; D# I' m, y( k* W8 K# }% rdividends to the date fixed for redemption.
/ \7 w' Q- `. N, m* [- nConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic: |+ W7 P( O" b5 M! C* y  i% l
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
, O7 D# h/ T" a: qthe right, at their option, to convert, on February 25, 2014 and on
. P! G0 K3 l" r; B+ T& A0 |% mS-49 @# M% D" X- v
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
5 G5 P* d! K- z! k1 M7 v. t8 Nor all of their Preferred Shares Series 18 into an equal number of Preferred
, O$ Z. i/ g2 S! @7 MShares Series 19 upon giving to the Bank notice thereof not earlier than# d6 Z( b8 T) r& L8 G
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day0 H/ O# d% e0 p5 v  x4 P
preceding, a Series 18 Conversion Date.
" b, o. x+ m0 l- @Automatic Conversion If the Bank determines, after having taken into account all shares tendered  e* S- w9 Y# D+ e
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
8 t( J( K( m* b+ E+ F  l3 rSeries 19, as the case may be, that there would be outstanding on such
( u7 x$ v! b' i' DSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
, e" i. E, R' K! n$ K, _, lsuch remaining number of Preferred Shares Series 18 will automatically be
# ^9 E) W8 s% X6 hconverted on such Series 18 Conversion Date into an equal number of" C  ~0 A" b! k8 ~
Preferred Shares Series 19. Additionally, if the Bank determines that, after' _; |8 L; S0 n1 U
conversion, there would be outstanding on such Series 18 Conversion Date
$ @1 i. t2 K7 r) C8 u- W7 wless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares( w% s6 l! b+ E( }  m1 m
Series 18 will be converted into Preferred Shares Series 19.
) J/ b# s7 Z+ ^' K6 E. G% ZVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares, X" g4 U6 [/ r; @* o; y$ H; A
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
1 p: R. F! k  y% qany meeting of the shareholders of the Bank unless and until the first time at
7 r& u' X( F4 M! x8 Mwhich the Board of Directors has not declared the whole dividend on the$ a5 t, a) X, X. r9 u1 A! j8 l, Q
Preferred Shares Series 18 in any quarter. In that event, subject as  b5 Z* S$ y8 X7 S6 i9 h- J
hereinafter provided, the holders of Preferred Shares Series 18 will be; T: G( ~8 Q: d% ]7 J
entitled to receive notice of, and to attend, meetings of shareholders at which7 E# k6 y. a+ V
directors of the Bank are to be elected and will be entitled to one vote for8 t& x- R- }- k
each Preferred Share Series 18 held. The voting rights of the holders of the
, Q' o  {. t  m$ M: qPreferred Shares Series 18 will forthwith cease upon payment by the Bank of) @6 H$ X' G/ s- \( ~$ h; y
the first dividend on the Preferred Shares Series 18 to which the holders are
8 e% z* ]6 `; Y- s8 C0 wentitled thereunder subsequent to the time such voting rights first arose until
$ F& o# g+ Q9 u5 K- i8 T1 Dsuch time as the Bank may again fail to declare the whole dividend on the! f/ L) @8 m$ g2 ?7 {( K
Preferred Shares Series 18 in respect of any quarter, in which event such: C. a; n5 ^7 u/ _' G/ C+ h) z2 o1 u
voting rights will become effective again and so on from time to time.0 n( x# w( w& t% l
Principal Characteristics of the Preferred Shares Series 19
) J; ]  l0 I; IDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
3 u7 X3 e- G$ f% Gfloating rate non-cumulative preferential cash dividends, as and when5 x1 t# ?. b. L2 K
declared by the Board of Directors, subject to the provisions of the Bank Act,
4 k9 Z% w; `& ^. G! Spayable quarterly on the 25th day of February, May, August and November
& y; C/ f" ^& Tin each year, in the amount per share determined by multiplying the
2 t' R; A' H. F3 N, Wapplicable Quarterly Floating Dividend Rate by $25.00.
/ h% L4 n0 R& _8 k1 ~8 x* J) POn the 30th day prior to the commencement of the initial quarterly dividend
* Y; G2 p+ p- {9 V1 f0 nperiod beginning on February 25, 2014, and on the 30th day prior to the first8 q4 k% ]( b4 }# K- Y$ J
day of each subsequent quarterly dividend period (the initial quarterly( t# v- b$ M9 a5 |  b
dividend period and each subsequent quarterly dividend period is referred to
% i5 [8 W# m0 R! oas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
- C+ d! ]3 C- A/ t0 IQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
1 g' }" v, `9 |: H) A; qPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the& [& b- v0 c% e
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days/ x7 M" g5 w9 \: v9 |/ K
elapsed in the applicable Quarterly Floating Rate Period divided by 365)) ~+ d# W* Z7 n$ x& F  j
determined on the 30th day prior to the first day of the applicable Quarterly  k- m4 k. ?# S/ Y- D8 \
Floating Rate Period." W1 |/ \' u/ K% n1 p9 T1 R
S-5
0 X  {( J9 b4 ?  K9 X6 a5 X+ ~/ lIf the Board of Directors does not declare a dividend, or any part thereof, on
; @* Q2 f% z, z# Mthe Preferred Shares Series 19 on or before the dividend payment date for a
8 _( J; J$ n! z6 c& U  a' aparticular quarter, then the entitlement of the holders of the Preferred, Q' u5 x" L/ ~2 J1 ~; G# W: O
Shares Series 19 to receive such dividend, or to any part thereof, for such& M3 i9 U" z+ b8 w' Q
quarter will be forever extinguished.# e8 A; K# X7 s' ~1 C0 M: _5 v% N
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the" l7 _/ j6 s% D. ^9 C
Superintendent and to the provisions described below under the heading
2 z( f1 B8 m  K: G& C‘‘Details of the Offering — Certain Provisions of the Preferred Shares
; L9 n$ E; E5 S7 jSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,2 F" I* N3 t& _, l. D2 T
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all# }; R3 ]4 q' y) A$ f
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s* {1 z5 g0 H; S5 e, I& _3 q
option without the consent of the holder, by the payment of an amount in
) ?5 B4 x: a' \' Xcash for each such share so redeemed of (i) $25.00 together with all declared
1 v* n& [: E! E$ ^" f2 ?and unpaid dividends to the date fixed for redemption in the case of0 t0 X" C. H) T/ j/ m: u$ _
redemptions on February 25, 2019 and on February 25 every five years5 E# n3 L" U/ t2 E3 w3 v) b
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to6 ~( t4 c  @% k- W
the date fixed for redemption in the case of redemptions on any other date% y' S8 c* u4 B- a$ ^9 v+ p5 b
on or after February 25, 2014.
+ H$ W# J1 R0 B6 ]Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic* J* q1 O5 E0 f
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have0 m3 `# k1 ~$ `. u4 w) x7 Q" r
the right, at their option, to convert, on February 25, 2019 and on. \, S: i7 q9 n: ]$ q( x
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
* `) u# ?+ [7 C( s% Tor all of their Preferred Shares Series 19 into an equal number of Preferred. j3 b7 v1 P, s$ P
Shares Series 18 upon giving to the Bank written notice thereof not earlier8 J, \# F0 K0 `- C% [: f6 e
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
; a6 z' A  c- h2 w15th day preceding, a Series 19 Conversion Date.
/ r" C! B, K' Q% C( xAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
9 z* L+ l& [9 M9 B. b5 Z0 d9 IProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
# T+ Q: E* \- s; S- d# z" a2 sSeries 18, as the case may be, that there would be outstanding on such
% G* j* e/ r! r% c/ I. @Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
: U9 B* H- x2 M. a4 `" dsuch remaining number of Preferred Shares Series 19 will automatically be8 `4 N6 F4 V+ Y/ f3 v
converted on such Series 19 Conversion Date into an equal number of, b8 ^# Y) V5 S5 F) i
Preferred Shares Series 18. Additionally, if the Bank determines that, after& z- F( P0 B+ Q) ~( d
conversion, there would be outstanding on such Series 19 Conversion Date
0 d) U# T5 E, ?' Xless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
! @8 @+ u3 F4 E. ESeries 19 will be converted into Preferred Shares Series 18.
! f0 I, G1 M$ N9 cVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares: g) n( F9 y3 ^, w6 [; a/ i. n
Series 19 will not be entitled as such to receive notice of, attend, or vote at,7 G9 q0 L0 c! E2 }- i( r2 n
any meeting of the shareholders of the Bank unless and until the first time at  Z6 a% n/ }5 n" a; m
which the Board of Directors has not declared the whole dividend on the8 W" Y; `, k# v7 W( n: X9 D
Preferred Shares Series 19 in any quarter. In that event, subject as
) B/ ]# ~' T6 g& Uhereinafter provided, the holders of Preferred Shares Series 19 will be* k* @% `" Z( n, g8 ^
entitled to receive notice of, and to attend, meetings of shareholders at which* i5 m, T, _1 H4 x0 l
directors of the Bank are to be elected and will be entitled to one vote for
" V+ V; i- _' e; A. l9 s$ qeach Preferred Share Series 19 held. The voting rights of the holders of the
+ r9 ?. b+ N  p6 `; o7 E% dPreferred Shares Series 19 will forthwith cease upon payment by the Bank of3 N0 W! W$ g  E0 z
the first dividend on the Preferred Shares Series 19 to which the holders are
; b2 N% C9 _+ y1 u  @entitled thereunder subsequent to the time such voting rights first arose until
  @1 L& j% E! p9 }, C# rsuch time as the Bank may again fail to declare the whole dividend on the: T; I' e, A. @0 E& H0 n* z6 ?
Preferred Shares Series 19 in respect of any quarter, in which event such
: n* J4 N3 j) Ovoting rights will become effective again and so on from time to time.
( O/ Y6 G# i. w/ S2 g- P# J3 L9 VS-6
7 a9 ]1 g$ [- x# o" F7 RPriority: The preferred shares of each series of the Bank will rank on a parity with
4 i# [$ T9 C0 O4 b8 F3 q+ t3 a- k, _every other series and are entitled to preference over the common shares of
5 ]/ t( Y# j- Gthe Bank and over any other shares of the Bank ranking junior to the9 U# a+ d( c7 S
preferred shares with respect to the payment of dividends and upon any, z4 S* U: h% ^: d" J; |! q
distribution of assets in the event of the liquidation, dissolution or
* g$ @6 z% ], p- ?. W5 |winding-up of the Bank.% S4 i$ U8 V" L
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under. z+ P& c, k8 l
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
  Y7 `( O7 w$ Z, E# c% s) `$ GSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
" a) J9 t* d7 J3 E9 [3 t/ rdividends 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。* Y7 r* Y8 _; L% [
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

& a* ~* [0 x3 q1 _( y/ C* S( u
! j& V0 J2 B0 Y% _: E. t下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
# x. r; q0 A) q; o/ M! I" n) _1 T# D7 z1 j4 w" G9 f
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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