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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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[ 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:! p/ O5 M8 A2 _3 q
SUMMARY OF THE OFFERING3 [2 h0 _% z8 S
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’’.
! h1 c( g. T  K& a0 tIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
8 l% H% E' J" q! I$ m( s2 lAmount: $150,000,000 (6,000,000 shares).& [) x9 z6 z# J- G' ]2 V" l
Price and Yield: $25.00 per share to yield initially 6.50% per annum.0 z  x$ b  p  [7 a- l" |" r9 u
Principal Characteristics of the Preferred Shares Series 18& l" x- X/ Q' h' d) W: {; K, C) \1 |
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
2 Y6 X0 A$ h4 r6 c3 S! inon-cumulative preferential cash dividends, as and when declared by the! ~5 U" O" B5 v  L1 V" X/ i
Board of Directors, subject to the provisions of the Bank Act, for the initial' x" \! J2 U$ i$ k3 Z( L
period commencing on the closing date and ending on and including! j( Y! F! R3 p7 J0 q% q
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
7 Y) [5 e, p6 }& q. T25th day of February, May, August and November in each year, at a rate
& y, _, d5 p5 y* fequal to $0.40625 per share. The initial dividend, if declared, will be payable  a! m& C. H3 U$ k. Y
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
5 B- S' ?( t) B) ^; h* Mdate of December 11, 2008.
- L5 z7 O9 {: {For each five-year period after the Initial Fixed Rate Period (each, a
+ M& w) p, ?4 h- Q* \& ^' ~8 O- ^‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares* M5 c) B6 Z( j$ w/ q2 g! o# w$ a
Series 18 will be entitled to receive fixed non-cumulative preferential cash* g0 T; [  g* W3 E0 J$ E  n' R
dividends, as and when declared by the Board of Directors, subject to the
3 N5 V4 G9 \* J8 q. `provisions of the Bank Act, payable quarterly on the 25th day of February,) L! s# Z9 z8 F8 p# a. C
May, August and November in each year, in the amount per share per annum# }7 E! }" y, k/ t- j9 Q0 X5 {& ^9 l
determined by multiplying the Annual Fixed Dividend Rate applicable to: ]& |+ _/ B4 `5 ?
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend2 a8 P; n0 h1 g. z' s% n+ ?
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the. p1 U* V& g  i' I, h" \3 n
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
) R$ \6 B  Y( S, {* fof such Subsequent Fixed Rate Period and will be equal to the sum of the
4 r7 |; {$ m) [5 v2 `8 BGovernment of Canada Yield on the applicable Fixed Rate Calculation Date9 N6 R8 G8 I5 _# E
plus 3.83%.+ M. ~. I3 t* E0 d4 R/ r. d
If the Board of Directors does not declare a dividend, or any part thereof, on
; t' E& W, C# M0 h9 o9 ^the Preferred Shares Series 18 on or before the dividend payment date for a
; j( t) ~0 q: @: i. rparticular quarter, then the entitlement of the holders of the Preferred: U3 J9 j! L% c# l. a8 D
Shares Series 18 to receive such dividend, or to any part thereof, for such
: n+ v# z) U0 f3 _& g$ d) E, mquarter will be forever extinguished.
3 x/ ]1 q6 y% Z; mRedemption: Subject to the provisions of the Bank Act and to the prior consent of the* M9 {2 ~* G9 I9 P; N# p
Superintendent and to the provisions described below under ‘‘Details of the" Q( e% h5 Y% W; L) B( [
Offering — Certain Provisions of the Preferred Shares Series 18 as a
2 m# _4 R# P" p2 [0 ?( ^/ |! ?Series — Restrictions on Dividends and Retirement of Shares’’, on
0 Z$ R  N! o. R) [February 25, 2014 and on February 25 every five years thereafter, on not  w+ Y' o& v  R$ E& a, B6 h
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
& E2 U  W2 n- c0 P" d6 b+ o- Lpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
! x6 {7 z, H3 Z+ V# `without the consent of the holder, by the payment of an amount in cash for, i) b& T  F5 h0 j* Y# }0 D
each such share so redeemed of $25.00 together with all declared and unpaid
! _' `$ B) v1 D8 N( ~dividends to the date fixed for redemption.- K6 z+ o$ R" _6 X+ w
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic, j" E1 w6 h, H. V% m
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have' K. [) j+ @: d8 m  ?
the right, at their option, to convert, on February 25, 2014 and on3 A; E1 N* C$ @; ^7 T: M. z  t3 b6 k
S-4* C; V- Q& l. @) c2 I
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any2 z/ a/ h4 _% W9 p& i9 f! _
or all of their Preferred Shares Series 18 into an equal number of Preferred! {1 A+ {4 V, M. J1 h- Y- a
Shares Series 19 upon giving to the Bank notice thereof not earlier than3 z2 r1 ^1 o2 U( a2 ^2 |
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day; [/ k3 Y; C/ m
preceding, a Series 18 Conversion Date.
1 O( V, L4 C) kAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
; K; W( ^7 _' `7 n% U2 b2 G% JProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares, G( }6 `' w+ p6 ^2 f: a
Series 19, as the case may be, that there would be outstanding on such7 d- n/ z. T( ~* I! g. d$ p
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,+ s8 C% D! v6 L5 I3 c+ ]. u
such remaining number of Preferred Shares Series 18 will automatically be7 i2 Z4 B, H2 u& o5 P8 j, O
converted on such Series 18 Conversion Date into an equal number of
+ `8 M& b3 V0 y+ x) j8 `- u3 ?1 G, mPreferred Shares Series 19. Additionally, if the Bank determines that, after
1 ~2 ?9 [, o3 b' g2 Bconversion, there would be outstanding on such Series 18 Conversion Date
: J+ b4 b4 }: E5 g! k, x' C. D' E- Xless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares& ?9 I; l, [4 F5 ~# p
Series 18 will be converted into Preferred Shares Series 19.
8 O' i7 M5 A- `- w5 ^: l! U# NVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares: h$ }4 h7 P: d/ t4 `9 ^4 _: ^
Series 18 will not be entitled as such to receive notice of, attend, or vote at,( o% P% V# Z7 H' q4 x9 U: Z: {
any meeting of the shareholders of the Bank unless and until the first time at  u" x$ K( {4 Q2 M. M  e( {
which the Board of Directors has not declared the whole dividend on the
5 @) z5 G. I$ W$ ]Preferred Shares Series 18 in any quarter. In that event, subject as9 x! G3 q9 q0 H) u2 W1 }
hereinafter provided, the holders of Preferred Shares Series 18 will be
0 ?) }, R  D. P5 gentitled to receive notice of, and to attend, meetings of shareholders at which
  O0 X" d+ ]0 f- p# K' w  w2 ?" Gdirectors of the Bank are to be elected and will be entitled to one vote for
" }6 m( y% y+ q( ^each Preferred Share Series 18 held. The voting rights of the holders of the4 @  k. V+ h9 z5 e2 F
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of/ Q6 f0 D. V, ^
the first dividend on the Preferred Shares Series 18 to which the holders are
! G$ e7 g: |) \+ _entitled thereunder subsequent to the time such voting rights first arose until
6 A2 t* |& ?4 q. I. U. rsuch time as the Bank may again fail to declare the whole dividend on the
' y* m5 {  X4 s/ bPreferred Shares Series 18 in respect of any quarter, in which event such. A$ B, T6 b& Q6 n9 I
voting rights will become effective again and so on from time to time.
% I. b0 ?7 @  vPrincipal Characteristics of the Preferred Shares Series 193 e7 i- s/ ]  K; \
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive0 O8 q2 [$ r7 j2 h
floating rate non-cumulative preferential cash dividends, as and when
: ], q9 S9 s( U; xdeclared by the Board of Directors, subject to the provisions of the Bank Act,
8 D$ Z7 {5 E5 h2 {# Spayable quarterly on the 25th day of February, May, August and November6 M8 b/ o! c8 u! H% M/ D
in each year, in the amount per share determined by multiplying the) I1 l$ r1 e% `
applicable Quarterly Floating Dividend Rate by $25.00.
* w4 H* `; x. V- D" g8 HOn the 30th day prior to the commencement of the initial quarterly dividend
6 S2 N, h# r% {% [period beginning on February 25, 2014, and on the 30th day prior to the first
  P. F3 t4 ?0 O1 }6 P# \7 r! }$ Xday of each subsequent quarterly dividend period (the initial quarterly
% [# ]- P! N& L2 Sdividend period and each subsequent quarterly dividend period is referred to
3 T6 a( y( |6 I4 Mas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
# v) j8 M! Q9 T3 P9 x; b1 lQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate5 z" b! ^" X: R% t6 A0 Z8 ]
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
! e3 r& d) c5 _: tT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
# l9 ?, Y. y0 r) \% Zelapsed in the applicable Quarterly Floating Rate Period divided by 365)
& [% }! ]; _, L+ |  @determined on the 30th day prior to the first day of the applicable Quarterly( u2 J1 y' H2 C
Floating Rate Period.2 m* U9 K( M1 X. p" k# X  j7 [
S-5& q7 \/ A# V7 Y+ g* U7 ^
If the Board of Directors does not declare a dividend, or any part thereof, on9 X0 l! E  K# I9 g7 ^4 }2 r
the Preferred Shares Series 19 on or before the dividend payment date for a0 V9 r2 J+ v& G: g0 D
particular quarter, then the entitlement of the holders of the Preferred& @' S+ Z3 |3 e. _
Shares Series 19 to receive such dividend, or to any part thereof, for such/ F, k. S1 t2 C1 _; o- U0 @
quarter will be forever extinguished.
7 I' \6 `( m; [2 C- a' eRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
+ C( i1 H: g( f: FSuperintendent and to the provisions described below under the heading& I) M/ }, F3 W2 ^0 a
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
1 b$ P2 F! e) m/ _+ |Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,8 l7 G0 d1 S% E& y2 {
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all' d" r, {9 i  n" W
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
* y( Z+ o% N9 P" `option without the consent of the holder, by the payment of an amount in
; b. m! F7 z3 E" N. p/ U1 [cash for each such share so redeemed of (i) $25.00 together with all declared; h& M! i" W( z9 B
and unpaid dividends to the date fixed for redemption in the case of
+ f# r3 e+ X: P9 Xredemptions on February 25, 2019 and on February 25 every five years5 o# E% S2 T1 q& L. A
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
8 `3 R' A% x; p/ S/ Zthe date fixed for redemption in the case of redemptions on any other date8 K. a9 ?4 p. H/ Q% y  u% n9 x" |, v
on or after February 25, 2014.3 _- U$ A* T' O
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
0 e8 S( V5 F% r( ]$ z2 L7 N9 FShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
' \0 A- m8 e5 Xthe right, at their option, to convert, on February 25, 2019 and on
" F- L( H+ G) ~' C0 LFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any0 Z7 z+ ^& q2 _* D$ L0 y+ e
or all of their Preferred Shares Series 19 into an equal number of Preferred
: R# ]4 _( s! FShares Series 18 upon giving to the Bank written notice thereof not earlier
* i$ t! a" w! T% V! Z4 r3 ithan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the2 M6 D% i& U% J6 Q5 w: X
15th day preceding, a Series 19 Conversion Date.
& D+ O6 j/ t# x! y5 GAutomatic Conversion If the Bank determines, after having taken into account all shares tendered; ?( R* r; r8 c. E3 T
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares4 \6 a! v6 ]5 X' j
Series 18, as the case may be, that there would be outstanding on such
1 w2 \$ f5 ^* B- JSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,1 D7 o2 g1 H& x' q2 o
such remaining number of Preferred Shares Series 19 will automatically be
; U- O& c& {2 }* d6 f" W3 O* H* ?converted on such Series 19 Conversion Date into an equal number of6 T% _+ x: K; N
Preferred Shares Series 18. Additionally, if the Bank determines that, after3 A& r7 w& [% \1 n% M
conversion, there would be outstanding on such Series 19 Conversion Date  ^/ n; }5 g% Y% O
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares. V$ _  P" d$ V' Q
Series 19 will be converted into Preferred Shares Series 18.
1 ^; e( r: d' g% w1 FVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
) m  ]6 w4 O1 i- Y/ dSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
+ t! n/ e% `6 f0 q- l/ m+ Xany meeting of the shareholders of the Bank unless and until the first time at* b- j  u& C, V! z# t+ L
which the Board of Directors has not declared the whole dividend on the' K+ [3 u7 b& {+ x4 R% q, ^3 y
Preferred Shares Series 19 in any quarter. In that event, subject as) J( G; C. O* U7 h! i
hereinafter provided, the holders of Preferred Shares Series 19 will be- M& W# \2 K% ?. ^
entitled to receive notice of, and to attend, meetings of shareholders at which
  [. \% K# m$ S* j( Ydirectors of the Bank are to be elected and will be entitled to one vote for
8 C! H8 I0 n  @( U: U; xeach Preferred Share Series 19 held. The voting rights of the holders of the
4 a6 @: e1 o* k8 A  E3 C5 p) uPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
4 p0 c% a% d, A# Mthe first dividend on the Preferred Shares Series 19 to which the holders are
! D. s0 h. X, z1 x; Y. Zentitled thereunder subsequent to the time such voting rights first arose until
/ J" g" G( Q' ?% usuch time as the Bank may again fail to declare the whole dividend on the1 ^! M0 g; N$ _  z, i* T
Preferred Shares Series 19 in respect of any quarter, in which event such6 t) b: n. l8 A  ~
voting rights will become effective again and so on from time to time.& L  W9 C1 R% D& u- O# z0 ?
S-6' ~. V( ~  t9 p4 n
Priority: The preferred shares of each series of the Bank will rank on a parity with
5 o: z- p! B5 K) I5 Mevery other series and are entitled to preference over the common shares of
' P, Z+ ]2 n6 ?; J! K) B, Qthe Bank and over any other shares of the Bank ranking junior to the# e; t. s% K7 g, g* F; O- q& t
preferred shares with respect to the payment of dividends and upon any
$ R$ E1 e; b+ j# Q/ xdistribution of assets in the event of the liquidation, dissolution or/ e; h# A. Q4 N" N/ N. k
winding-up of the Bank.
/ T7 H/ R, n6 yTax on Preferred Share The Bank will elect, in the manner and within the time provided under, F3 {, v' X; i( d
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares0 r! Q# }' L* h0 G* L) b
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
( _' K: w( t4 u4 Fdividends 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。
$ }& _% O1 f* M  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。
大型搬家
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 18:26 | 显示全部楼层

1 o% T1 k3 m: b) u" L1 y/ _+ h: g5 s* N" ~
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
9 |5 o3 N" }. H2 k* B" t7 _" }( [% E, P1 P) D
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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