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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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[ 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:4 ~4 G: c1 J2 J& |
SUMMARY OF THE OFFERING' @  M7 Z  M5 r0 [* 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’’.
6 e/ K" j$ Y% A; ~! wIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.3 {0 A) [. ]2 I' D8 }
Amount: $150,000,000 (6,000,000 shares).: y( [8 F9 m9 b* V5 E- [+ q
Price and Yield: $25.00 per share to yield initially 6.50% per annum.0 a, y+ J# c. j! v" R) ~6 t
Principal Characteristics of the Preferred Shares Series 18
4 A, K3 v5 v, X3 yDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
( I5 j( t; C: M4 p) z# Hnon-cumulative preferential cash dividends, as and when declared by the! `  N( @% n+ U  S3 }/ [& D
Board of Directors, subject to the provisions of the Bank Act, for the initial
; g' G0 h2 ]1 e* m- B+ B% {period commencing on the closing date and ending on and including
7 l* n/ @& b- a3 k. ~February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
0 ]7 g  ?1 @# p) v6 @25th day of February, May, August and November in each year, at a rate
* h( j' @" I. \2 X& B+ ?* s. lequal to $0.40625 per share. The initial dividend, if declared, will be payable
7 K5 ^  W7 x% G$ VMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
! u) k# u) P  {0 ^1 A! y- Kdate of December 11, 2008.  i* v% ?' P4 w8 \
For each five-year period after the Initial Fixed Rate Period (each, a0 b6 ^8 ?1 n! U3 g  S3 Q
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
1 |2 |' ^+ v3 G3 KSeries 18 will be entitled to receive fixed non-cumulative preferential cash- R. ]0 |: U2 v+ F
dividends, as and when declared by the Board of Directors, subject to the) a- i' B* O* K3 Z4 f7 I; a
provisions of the Bank Act, payable quarterly on the 25th day of February,1 H- t* `  {* Z; D. i
May, August and November in each year, in the amount per share per annum0 @6 F, S% j  }4 @+ j
determined by multiplying the Annual Fixed Dividend Rate applicable to
) W5 H# [$ O/ V3 w2 }0 [. psuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
9 @1 m# w4 }: O5 c- mRate for the ensuing Subsequent Fixed Rate Period will be determined by the
0 H# x8 v# S9 }$ c" a) G. |Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
, \/ X. m, G3 s2 X- qof such Subsequent Fixed Rate Period and will be equal to the sum of the  |0 @) s) {4 Q% h
Government of Canada Yield on the applicable Fixed Rate Calculation Date
0 `3 E, o: @5 K/ j1 B1 V1 fplus 3.83%.
+ l* @4 f* J9 p, IIf the Board of Directors does not declare a dividend, or any part thereof, on# W; O/ u3 ^4 R
the Preferred Shares Series 18 on or before the dividend payment date for a
& h* o4 I. Y& D, _! s# T( O# Xparticular quarter, then the entitlement of the holders of the Preferred3 N/ F8 U, Z8 q' ?0 v
Shares Series 18 to receive such dividend, or to any part thereof, for such
# k; m! R- ~  Q  mquarter will be forever extinguished.
, D" X+ {( I& P5 S9 TRedemption: Subject to the provisions of the Bank Act and to the prior consent of the- v5 S& x  l2 B3 S* D. Y) z
Superintendent and to the provisions described below under ‘‘Details of the
  D$ V& s7 W  x3 Z7 bOffering — Certain Provisions of the Preferred Shares Series 18 as a
$ |# z$ Y  `; O3 T3 N# P& RSeries — Restrictions on Dividends and Retirement of Shares’’, on
  _7 ?; P" p5 {) q: K8 x1 cFebruary 25, 2014 and on February 25 every five years thereafter, on not
: a7 X, O/ h: M, m; s% b" kmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any+ D! D9 c1 s6 t: n) W
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
, a% d: \& x! i7 w* O& K. xwithout the consent of the holder, by the payment of an amount in cash for# Y! @5 L# E5 \/ q
each such share so redeemed of $25.00 together with all declared and unpaid
4 y0 {6 k+ L, o0 D$ Odividends to the date fixed for redemption.
3 X& F! m8 R; A3 T' |6 tConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic4 k. u. d, G, h0 R) F
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have. e! j( i2 P3 i2 e; y. k& W
the right, at their option, to convert, on February 25, 2014 and on
: J7 h6 e5 k3 B) ^2 e3 IS-4
+ }* A8 ?- s) |0 o/ s  s+ c6 q  fFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any8 ^* Y$ N9 y6 w1 i6 N, a
or all of their Preferred Shares Series 18 into an equal number of Preferred" U* J: r7 @! L: r/ I: d
Shares Series 19 upon giving to the Bank notice thereof not earlier than
) I8 e; R; m1 s30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day" z$ @" z3 r  y, E) S
preceding, a Series 18 Conversion Date.
: a) i$ T# Y8 `Automatic Conversion If the Bank determines, after having taken into account all shares tendered
4 K& c6 K" q- R, cProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
6 o! f) K$ l' C$ ^! w1 DSeries 19, as the case may be, that there would be outstanding on such' W+ _* C9 f* F2 [
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
" T* S0 R; X1 \# ksuch remaining number of Preferred Shares Series 18 will automatically be; _; A( j# C# X! z% X) e$ Z
converted on such Series 18 Conversion Date into an equal number of) g0 F- `- H9 H
Preferred Shares Series 19. Additionally, if the Bank determines that, after) u% ~: |' w! Q2 [6 u
conversion, there would be outstanding on such Series 18 Conversion Date0 m0 b5 @0 R7 |$ ?' s$ t' F
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
# L7 ?- W1 D- i5 USeries 18 will be converted into Preferred Shares Series 19.8 H$ i' \; P3 t; K
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
# N2 N) g/ t1 W% X7 ]% M: U: f# TSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
" t9 N% A7 u6 O# iany meeting of the shareholders of the Bank unless and until the first time at% \4 D. J6 \: v$ `
which the Board of Directors has not declared the whole dividend on the! k. @* w) U9 r
Preferred Shares Series 18 in any quarter. In that event, subject as
8 O' w2 |- Q" {% y3 k0 thereinafter provided, the holders of Preferred Shares Series 18 will be
7 }5 L- c" [( \/ S6 k8 p2 j" ventitled to receive notice of, and to attend, meetings of shareholders at which
% ~! i9 E$ Z4 v, X3 B* l; mdirectors of the Bank are to be elected and will be entitled to one vote for1 u: ?9 q$ T' N  E( @, G
each Preferred Share Series 18 held. The voting rights of the holders of the
1 m  }! p7 t& B5 ePreferred Shares Series 18 will forthwith cease upon payment by the Bank of# T1 U- g3 c- Z6 _
the first dividend on the Preferred Shares Series 18 to which the holders are
0 Q; l5 D4 Y% g# `+ X9 }- I/ b; yentitled thereunder subsequent to the time such voting rights first arose until
" y7 K0 }! Q0 [+ ^% D& M3 Psuch time as the Bank may again fail to declare the whole dividend on the& O  u( U! t% {- u' h
Preferred Shares Series 18 in respect of any quarter, in which event such, K  Y1 T2 F% S  {( z% Y
voting rights will become effective again and so on from time to time., I) H- I( m+ E- f! v$ v
Principal Characteristics of the Preferred Shares Series 19
3 j, ]7 o: z6 r- HDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
4 D3 ]6 A+ t& H1 `) Qfloating rate non-cumulative preferential cash dividends, as and when; v% ^) P; t3 l
declared by the Board of Directors, subject to the provisions of the Bank Act,
8 |3 g) y. E6 K6 t8 ~: ^9 o2 Dpayable quarterly on the 25th day of February, May, August and November( F0 V; e" g  U0 {. W* K
in each year, in the amount per share determined by multiplying the
2 e" C5 T, k5 @* ]- X6 s: F( Z+ b5 \# }applicable Quarterly Floating Dividend Rate by $25.00.
8 v! @/ D: Z" C6 s  v; L2 aOn the 30th day prior to the commencement of the initial quarterly dividend
4 E1 L6 K0 }* R5 ]( ^& Q5 Cperiod beginning on February 25, 2014, and on the 30th day prior to the first% {, h0 q% N# B% ?# O; V" H
day of each subsequent quarterly dividend period (the initial quarterly! T5 N7 x* |+ p$ E
dividend period and each subsequent quarterly dividend period is referred to
# u4 u, x) h. d, O1 }) y) yas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
3 _% h2 s0 n$ Y' [' E2 P2 ?( _Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate2 |2 Z( N: k4 V# L- j4 o1 T
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the7 P3 |& D! h& }8 O' {
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days+ U! @$ x$ T+ ?" S8 _. P
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
0 n; l9 m8 `% b3 |+ S* q  q2 Mdetermined on the 30th day prior to the first day of the applicable Quarterly7 i+ U' u9 e4 B( m
Floating Rate Period.
  M* O0 Y4 Y9 L  E6 I& wS-5
8 u0 l. u- s/ w0 N. xIf the Board of Directors does not declare a dividend, or any part thereof, on
. T$ E7 Q  w$ C1 ?7 Cthe Preferred Shares Series 19 on or before the dividend payment date for a' c) x0 h5 J3 X# s6 V
particular quarter, then the entitlement of the holders of the Preferred) Q# ]/ W* v: }' M/ V; T1 \1 Z
Shares Series 19 to receive such dividend, or to any part thereof, for such+ Z6 y0 N3 @! T2 S0 s# O/ W9 W
quarter will be forever extinguished.& J% s3 I7 w3 i% ~- D1 o
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the1 [; y" T( V6 S% \4 B' L6 F+ m: K
Superintendent and to the provisions described below under the heading& D: L  r2 S) i5 [$ A. v* T5 D
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
1 N7 h" d) X  zSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,2 M3 H5 d# C3 h3 X  Y
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all# o. k5 Q2 g- W/ X3 S* _1 W  S
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s! @$ i& a; X; r4 y
option without the consent of the holder, by the payment of an amount in
3 d; `: W# I7 |/ p3 t/ `cash for each such share so redeemed of (i) $25.00 together with all declared( Q0 @) T- p0 V- F3 N; S9 u
and unpaid dividends to the date fixed for redemption in the case of
# m1 g1 F% i; j; X& c  b/ oredemptions on February 25, 2019 and on February 25 every five years$ g0 ?) D* w" y; V3 p& }; T
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to  L$ b: N& |) `8 M% A8 X& K
the date fixed for redemption in the case of redemptions on any other date+ u2 x* l. E; |; p+ u5 w2 U
on or after February 25, 2014.
' `4 G7 u$ L& r+ w6 F1 u. }/ }Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic8 z9 g7 {+ p4 [  F
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
, C8 f1 a7 A8 a6 y2 Jthe right, at their option, to convert, on February 25, 2019 and on$ D* p$ k" d8 j% o* c- C
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any3 _% z$ ?8 W4 o6 P* ~3 ]+ I% [7 Q
or all of their Preferred Shares Series 19 into an equal number of Preferred3 D6 j, x$ G0 Y1 a2 W5 w
Shares Series 18 upon giving to the Bank written notice thereof not earlier
7 Q2 v; I4 L3 c& V+ `than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the6 j/ W  B. a# f6 t
15th day preceding, a Series 19 Conversion Date.
$ n! w2 z# s$ P/ \, y" sAutomatic Conversion If the Bank determines, after having taken into account all shares tendered5 r$ h% \8 q5 [
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares3 A" \9 S( f# z+ N9 o3 g" F
Series 18, as the case may be, that there would be outstanding on such9 Z/ {9 U4 c  d7 l7 Q
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
: j# ~. z5 A, r+ T. ysuch remaining number of Preferred Shares Series 19 will automatically be
/ o* ~- Y" X9 ~7 gconverted on such Series 19 Conversion Date into an equal number of% g2 v9 y& S4 X/ a9 L
Preferred Shares Series 18. Additionally, if the Bank determines that, after! E" @& y3 g; Y4 `9 Z- ]7 @
conversion, there would be outstanding on such Series 19 Conversion Date  k* S  G+ T* W  Q1 Q; I0 O' Y
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares7 R' I. G/ t$ B! V8 s
Series 19 will be converted into Preferred Shares Series 18.# h+ k' N+ M3 G" {0 b: D' a) ^) r
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
; ^! w7 B& Q  j/ p+ U7 b/ jSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
/ k. ]+ q% n/ j. ]any meeting of the shareholders of the Bank unless and until the first time at5 h4 I; c1 G" }' k( G! ^
which the Board of Directors has not declared the whole dividend on the
  a5 J2 Y( f! y* Y! OPreferred Shares Series 19 in any quarter. In that event, subject as; }  ^/ g9 P) c, k$ I: m& R( C
hereinafter provided, the holders of Preferred Shares Series 19 will be
2 c+ \2 [; u$ B  W& @entitled to receive notice of, and to attend, meetings of shareholders at which6 o6 S  u& r7 j
directors of the Bank are to be elected and will be entitled to one vote for
# |  b5 H: \9 @2 ^0 Yeach Preferred Share Series 19 held. The voting rights of the holders of the) b# T) m9 ?! s1 @5 L
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of7 c+ ~3 V6 l" i3 x2 M0 M
the first dividend on the Preferred Shares Series 19 to which the holders are
3 J8 d: ^; B0 a5 X9 n4 ?entitled thereunder subsequent to the time such voting rights first arose until. {7 b' x- R' `6 R# d0 W
such time as the Bank may again fail to declare the whole dividend on the' e7 l. i$ L6 X* U: t
Preferred Shares Series 19 in respect of any quarter, in which event such
% N! f7 |9 e2 _4 @# `voting rights will become effective again and so on from time to time.2 M9 C" n; g5 g3 d3 l  S, M
S-6
+ u, [, V7 U  h6 Z: l9 PPriority: The preferred shares of each series of the Bank will rank on a parity with
/ M8 T- D. v- R; M' Zevery other series and are entitled to preference over the common shares of- W1 q( F3 M6 S7 s( ^. K) T
the Bank and over any other shares of the Bank ranking junior to the
# w! i+ I$ r+ [9 G+ upreferred shares with respect to the payment of dividends and upon any) H, o; S1 _4 m# Q) i# w+ X
distribution of assets in the event of the liquidation, dissolution or
% `: J% }7 \0 O2 Uwinding-up of the Bank.) a, \2 `8 n) ?) O7 s; l& @
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under, x  A4 e7 t( {
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
1 C/ j# l" B3 [" k* X( F9 ISeries 18 and Preferred Shares Series 19 will not be required to pay tax on& p7 I0 \+ {- r; k" d
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。
, u8 R, ~8 Q) k  ^, H% ?9 G- F' z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

) Y8 Q" D/ |, L; k* z- B$ k: A5 l: S5 U7 D5 m' k% A
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。6 ~+ z: N  Y# _+ V9 K6 E' W+ I
. k( {1 n' M" o: t
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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