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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。
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+ a5 F" p) d& H+ O
# w" E, q( B% q. U6 n5 L[ 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:- b* j# m% E1 `% r+ g+ O1 K
SUMMARY OF THE OFFERING2 }2 b( v( }8 X6 z
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’’.4 E; S: _' ]2 N7 s( {# H6 t5 q; D
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.5 V0 c9 O0 B* g# P
Amount: $150,000,000 (6,000,000 shares).
3 a. K+ T" p! @4 uPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
! e2 E# f3 z* A% ?! M! q% iPrincipal Characteristics of the Preferred Shares Series 185 ]5 ]% P* m0 L* Q' ~$ P9 H
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed- O. Q. _. X7 `% X
non-cumulative preferential cash dividends, as and when declared by the
% N! A( R1 W6 I0 o) l9 u: VBoard of Directors, subject to the provisions of the Bank Act, for the initial
: h7 U0 v8 `+ \4 i* B( Iperiod commencing on the closing date and ending on and including
* w7 ^7 b- R- I2 Q/ N$ F/ C8 bFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the$ H  h  Q* d6 w  U! ?
25th day of February, May, August and November in each year, at a rate, m. n7 A+ T  N5 Z- W
equal to $0.40625 per share. The initial dividend, if declared, will be payable
4 X3 s, `* ~# S0 A. }7 {May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
$ C+ @; |7 @& \0 P+ x  ^date of December 11, 2008.3 F, i! ?! ~5 N$ A
For each five-year period after the Initial Fixed Rate Period (each, a  B3 _4 f9 V* i, O# e
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
- J; A; s! P) |. P& [% j6 H7 m3 hSeries 18 will be entitled to receive fixed non-cumulative preferential cash
" V! l; A! C9 N) ~. F4 Sdividends, as and when declared by the Board of Directors, subject to the
9 n" P! _$ M; o6 Q' J8 Mprovisions of the Bank Act, payable quarterly on the 25th day of February,4 o5 S; }+ ^9 v& F9 j
May, August and November in each year, in the amount per share per annum
# v( n+ S0 C2 Edetermined by multiplying the Annual Fixed Dividend Rate applicable to
5 P, w5 |* M. B4 E1 q; t9 q; Y, \such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend) P/ V( J4 i+ |' I
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
4 k, p; W. m: zBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
2 e& O" k# H- q/ Y; }of such Subsequent Fixed Rate Period and will be equal to the sum of the
, a/ Q4 U6 c8 J  R: t) m& oGovernment of Canada Yield on the applicable Fixed Rate Calculation Date4 |) U/ L5 a) r2 X, {9 k- r
plus 3.83%., N# n/ e0 F, _
If the Board of Directors does not declare a dividend, or any part thereof, on
& _! o+ u4 ^9 Z3 i/ u* H- V1 c' ythe Preferred Shares Series 18 on or before the dividend payment date for a! g) o3 N' B& _- B
particular quarter, then the entitlement of the holders of the Preferred
* @! l1 m# o: Q/ }- ?/ N7 kShares Series 18 to receive such dividend, or to any part thereof, for such
, Y. T! [1 e1 X' E! ?& p% Cquarter will be forever extinguished.8 p3 A( |' U# v& y" Q1 z7 r$ t5 X
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the5 z" W; G/ m7 s- Z+ b2 n
Superintendent and to the provisions described below under ‘‘Details of the
" m, o6 J5 B& E6 f8 W& e6 JOffering — Certain Provisions of the Preferred Shares Series 18 as a
0 [1 \  e" d  s; H* n6 p2 HSeries — Restrictions on Dividends and Retirement of Shares’’, on! V, o/ u3 a' u: u5 }; A
February 25, 2014 and on February 25 every five years thereafter, on not
6 x# O' D3 S. o# s; w7 w2 Hmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any$ Y5 z6 ]7 z! W( `$ b0 r
part of the then outstanding Preferred Shares Series 18, at the Bank’s option: H" C/ x5 P' R; j% J
without the consent of the holder, by the payment of an amount in cash for
" g* w8 W, K+ z7 A! [+ Qeach such share so redeemed of $25.00 together with all declared and unpaid
' N( Z! T" @5 d2 q( ~dividends to the date fixed for redemption.9 V  h2 _# e: \4 g/ c
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic4 \+ {: a& f7 Z8 p, c
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
+ d  Q9 _6 A* m' e4 Ythe right, at their option, to convert, on February 25, 2014 and on+ P# J* x/ Q' I( I
S-4
1 R! c/ c5 L" _! S/ p5 VFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
: ?2 D3 M' v  R. D. ?+ e, eor all of their Preferred Shares Series 18 into an equal number of Preferred
3 O( x+ r+ e/ a$ |2 \3 z7 QShares Series 19 upon giving to the Bank notice thereof not earlier than. k% _9 C) e/ T5 }5 ^6 n0 @, D
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day! G; w: p) z: j4 l  g: m1 N
preceding, a Series 18 Conversion Date.: f" `6 |7 u  Q0 u9 j
Automatic Conversion If the Bank determines, after having taken into account all shares tendered! E( u4 _6 O+ U2 ~7 z* l
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
3 o# U$ N" \; \7 x9 m/ d5 tSeries 19, as the case may be, that there would be outstanding on such3 s$ C! h& `7 I4 L% Z! t5 L
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
$ c2 Y0 v7 S' a7 Usuch remaining number of Preferred Shares Series 18 will automatically be( j/ C3 v& }. I' l% }4 G# B4 K) t
converted on such Series 18 Conversion Date into an equal number of
. ~+ {: F6 E- G6 CPreferred Shares Series 19. Additionally, if the Bank determines that, after
2 R& N, ~: w" [" B4 Vconversion, there would be outstanding on such Series 18 Conversion Date. W* S6 M) y6 I. B
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
9 c+ y4 M4 H. ySeries 18 will be converted into Preferred Shares Series 19.
+ h  f+ w# |( q- A( v# I: d4 XVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
2 i/ O5 O8 X! k% D# q$ ~1 bSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
! m3 p" S9 n1 C/ f9 Q+ `0 Y8 z" ?any meeting of the shareholders of the Bank unless and until the first time at
8 \* z" l+ W( p) F- ~which the Board of Directors has not declared the whole dividend on the
) p9 P+ E$ [0 T  }" a: APreferred Shares Series 18 in any quarter. In that event, subject as
7 K2 B6 w( Z& d) n" {, L0 nhereinafter provided, the holders of Preferred Shares Series 18 will be% V! v0 i, c% Y% q( b& Q
entitled to receive notice of, and to attend, meetings of shareholders at which
# [8 z  i" E0 bdirectors of the Bank are to be elected and will be entitled to one vote for
7 F' {( p! m1 b3 E9 E% ieach Preferred Share Series 18 held. The voting rights of the holders of the
% H0 U: ?, F, c9 g0 c2 SPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
7 y3 a, j8 V( w. _3 [0 A8 I& Ythe first dividend on the Preferred Shares Series 18 to which the holders are9 {) z; |  w$ N+ u  ?8 k/ H7 ?
entitled thereunder subsequent to the time such voting rights first arose until/ R: b8 Y! p! S8 m. W- W2 a
such time as the Bank may again fail to declare the whole dividend on the
3 X" u& ^! r7 I5 NPreferred Shares Series 18 in respect of any quarter, in which event such' ]- L2 |" w" c% H& X  e. `
voting rights will become effective again and so on from time to time.
" C/ w5 r( V6 xPrincipal Characteristics of the Preferred Shares Series 198 A& l$ j1 ~+ }3 h
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
( Z5 x; N! J: s. r1 n# {. p8 Vfloating rate non-cumulative preferential cash dividends, as and when
9 N: G9 J2 k* cdeclared by the Board of Directors, subject to the provisions of the Bank Act,
4 R0 E: C# S9 {' f! w" V& p2 m; T* upayable quarterly on the 25th day of February, May, August and November+ }9 h( I  Q2 |; C& F
in each year, in the amount per share determined by multiplying the, R! [' M8 L% O
applicable Quarterly Floating Dividend Rate by $25.00.
5 D8 P% {9 [8 K3 }) D1 F2 tOn the 30th day prior to the commencement of the initial quarterly dividend
) P/ M4 F) D* operiod beginning on February 25, 2014, and on the 30th day prior to the first
0 [" u' [, t4 X1 Sday of each subsequent quarterly dividend period (the initial quarterly+ K2 d; x: ?+ y+ g# ~# C
dividend period and each subsequent quarterly dividend period is referred to' l  ~, i9 E, ~7 P- k
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
9 Y  x# d! I/ K5 T3 A: ~- d' u1 F# V3 CQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
' S* L/ P$ F5 m. i' [+ CPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the& m9 G- g$ a" o- \, ^3 g) M
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days7 o7 e8 F, @; ]. {2 Z* J  ?
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
3 u* p5 P+ p3 O& s9 ]; p' wdetermined on the 30th day prior to the first day of the applicable Quarterly
9 q$ t; \: W! E0 J; W+ oFloating Rate Period.
9 S& u# X! W6 A: u5 C  uS-5
4 j, B2 S! \3 dIf the Board of Directors does not declare a dividend, or any part thereof, on
. ^8 D, ?3 E% |, V/ D) Xthe Preferred Shares Series 19 on or before the dividend payment date for a
  W/ s) e3 I) q/ A' zparticular quarter, then the entitlement of the holders of the Preferred
: S" C( ^; c& ]5 J2 s4 k1 s( EShares Series 19 to receive such dividend, or to any part thereof, for such/ U8 t* q, r; }
quarter will be forever extinguished./ s1 g. f! Q, c2 K( N
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the4 W7 H' t2 U- T
Superintendent and to the provisions described below under the heading
* M4 n: t- @1 S3 E8 I/ a‘‘Details of the Offering — Certain Provisions of the Preferred Shares
. v& P% W3 I, g$ j' {; G, m# `3 ySeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
% U0 Z3 f& g$ e" N2 ^on not more than 60 nor less than 30 days’ notice, the Bank may redeem all4 E+ w  t" U7 i: L
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
5 D1 c' z2 e0 v4 v$ |- Aoption without the consent of the holder, by the payment of an amount in
9 a& k% ]: y# o9 ecash for each such share so redeemed of (i) $25.00 together with all declared
; `, W: T1 K# v7 u& rand unpaid dividends to the date fixed for redemption in the case of
( g- q! H; G% Z; t$ bredemptions on February 25, 2019 and on February 25 every five years$ m5 i, N5 y/ S  A4 N
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to& ?/ O$ G# m; U& R9 \+ o
the date fixed for redemption in the case of redemptions on any other date! T  t3 X2 U" Q, {
on or after February 25, 2014./ w' K# v9 [3 v2 V% z, E
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic$ ^4 `+ d. k" f* g  Z. O
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have. K% X6 }* G, n/ P1 \
the right, at their option, to convert, on February 25, 2019 and on
8 _$ u/ c! E( w4 uFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
+ v2 G8 q7 x' n" [( @1 |or all of their Preferred Shares Series 19 into an equal number of Preferred; {: ^- L8 P1 G
Shares Series 18 upon giving to the Bank written notice thereof not earlier
" R6 e* O9 T- s0 c3 l" c% Jthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
( {& h- z5 |7 s- E15th day preceding, a Series 19 Conversion Date.
3 F4 A9 C) B/ PAutomatic Conversion If the Bank determines, after having taken into account all shares tendered% C+ a" \# m3 O6 J* Y! U
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares0 ^, U/ Q8 R5 t4 _, Z/ E
Series 18, as the case may be, that there would be outstanding on such
7 B: Q7 U" q6 [; jSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,' ?# I; @- q2 J. K" W: I
such remaining number of Preferred Shares Series 19 will automatically be0 N5 Q# N# ]& S- ~! f
converted on such Series 19 Conversion Date into an equal number of
0 V. W+ y: e% z( g7 VPreferred Shares Series 18. Additionally, if the Bank determines that, after8 N5 o5 N7 w6 Z4 A$ _7 ^
conversion, there would be outstanding on such Series 19 Conversion Date8 J  X9 N9 B' c9 z5 v7 ?
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
8 t( _7 y( {& k  N' OSeries 19 will be converted into Preferred Shares Series 18." v: a  s% J( ~. r! a
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
0 G/ l& u  A* j. d5 Y0 YSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
9 x( c8 l. I" n1 L2 k/ S% i" Rany meeting of the shareholders of the Bank unless and until the first time at
# m! o/ \0 v& A" ?# u" @2 Ewhich the Board of Directors has not declared the whole dividend on the
$ {" |8 O0 m, \4 L6 w. v0 MPreferred Shares Series 19 in any quarter. In that event, subject as2 l$ R' ~6 J# w& C
hereinafter provided, the holders of Preferred Shares Series 19 will be/ n  q6 m6 G  W- q* c
entitled to receive notice of, and to attend, meetings of shareholders at which
$ G) L5 a" m  ?! s% O) }directors of the Bank are to be elected and will be entitled to one vote for
) e! u: U) _% \( }6 d  a  k$ [each Preferred Share Series 19 held. The voting rights of the holders of the
1 `4 l' R. d& T+ @  GPreferred Shares Series 19 will forthwith cease upon payment by the Bank of. a1 N' D7 y) R) S
the first dividend on the Preferred Shares Series 19 to which the holders are
7 R2 _/ c+ }) u: B- k% dentitled thereunder subsequent to the time such voting rights first arose until' @1 D1 R' Y7 ^; _. F" V6 D
such time as the Bank may again fail to declare the whole dividend on the1 O2 H( |6 }& J2 L. n8 y6 k3 {  q
Preferred Shares Series 19 in respect of any quarter, in which event such& _# Y  y0 K; r! t
voting rights will become effective again and so on from time to time.9 Z' o/ n; ^, ?5 J% A
S-64 l' a6 F2 K9 |! Z: j
Priority: The preferred shares of each series of the Bank will rank on a parity with$ o3 i7 X1 T2 x6 Z
every other series and are entitled to preference over the common shares of" K+ P7 V9 x4 x8 S# A/ s* f1 P
the Bank and over any other shares of the Bank ranking junior to the' |; X6 ]) o+ g  L; `/ D8 p( M
preferred shares with respect to the payment of dividends and upon any! g$ e) K$ H  E* R2 E1 F( _
distribution of assets in the event of the liquidation, dissolution or
$ a1 S! A5 H( u9 j" xwinding-up of the Bank.
! _( l0 m5 p; s; \  g7 a' WTax on Preferred Share The Bank will elect, in the manner and within the time provided under4 s% |( n: {2 D: x8 `. X8 C  n
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
1 q0 w$ h6 q; kSeries 18 and Preferred Shares Series 19 will not be required to pay tax on" b$ ?( D$ O* j7 g; ^* h0 U" m
dividends received on such shares under Part IV.1 of such Act.
大型搬家
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。3 f. K/ q6 i* b/ a4 H
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! ^8 V& X" K# L

& s# L& p3 @5 ?3 l6 O下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。$ Y& ^9 P2 C8 D" a3 \
5 P* P3 K% ?) `
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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