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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。0 Y% R0 T4 Z7 x9 @; h* H
+ ?8 [" x% I( o; \
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[ 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:
3 M6 r6 q6 J7 x, t5 WSUMMARY OF THE OFFERING% R8 F) {, n) j# l1 R
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’’.
3 k" T" z; j$ q* t, g) H6 u* tIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.% ?; L: U0 p4 t& X0 x
Amount: $150,000,000 (6,000,000 shares).
3 E% J) f  }  E- j3 u, l* t4 D6 p: S) FPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
3 W7 D' \/ u& x. zPrincipal Characteristics of the Preferred Shares Series 18
, ?- K2 B4 s+ ~  z+ XDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed8 R8 x/ h+ C' t& b5 s- e% o
non-cumulative preferential cash dividends, as and when declared by the
* K% X' b/ X% A3 t' \1 t7 Q# l; cBoard of Directors, subject to the provisions of the Bank Act, for the initial
9 u& }% q$ b% K7 ]2 C7 I% f2 L+ h, ]$ J7 fperiod commencing on the closing date and ending on and including' W( C/ Y6 A( ~+ ~
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the1 v, I  {+ k' Y, k( ]5 b# [
25th day of February, May, August and November in each year, at a rate% _& J# d) I: v
equal to $0.40625 per share. The initial dividend, if declared, will be payable
7 p8 z4 |( T# f) Z7 M! ?/ t6 [% VMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
% f; g  u0 f. G- r( fdate of December 11, 2008.
* t1 c6 @8 k6 ~7 R% HFor each five-year period after the Initial Fixed Rate Period (each, a+ U" e) W$ p: |
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
6 [% O% E9 {% f7 BSeries 18 will be entitled to receive fixed non-cumulative preferential cash
4 r9 x3 @1 ?( w( \  H7 W1 Adividends, as and when declared by the Board of Directors, subject to the0 Q5 m: |2 P' r  ]! n
provisions of the Bank Act, payable quarterly on the 25th day of February,, x3 t4 q6 @% s$ |- U
May, August and November in each year, in the amount per share per annum
2 q: l6 ^, z- h7 R  Ydetermined by multiplying the Annual Fixed Dividend Rate applicable to
2 R! l$ o9 x& w. E9 w( A& L5 Y4 Esuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
7 @9 D% H! n' zRate for the ensuing Subsequent Fixed Rate Period will be determined by the* Q) d& K  Q( h7 N( g$ w* H
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day  q1 h, n! ^8 Y* S( }, f* c" k
of such Subsequent Fixed Rate Period and will be equal to the sum of the
8 s8 _- d/ c8 r! w3 k/ ~7 \5 B% {( A% i6 aGovernment of Canada Yield on the applicable Fixed Rate Calculation Date5 d) r2 V7 J3 s4 h
plus 3.83%.6 l* E# C# c# K5 J, p) n2 _* {
If the Board of Directors does not declare a dividend, or any part thereof, on. _2 l4 D  S0 {8 R/ Z
the Preferred Shares Series 18 on or before the dividend payment date for a' L+ e+ _4 v' j% S
particular quarter, then the entitlement of the holders of the Preferred; A1 g4 k* M; _; l% D5 C
Shares Series 18 to receive such dividend, or to any part thereof, for such
- E1 ?# W% ~7 A( Squarter will be forever extinguished.4 L, U! |$ D$ s- N
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
5 m$ \9 G! g1 u: g5 z  aSuperintendent and to the provisions described below under ‘‘Details of the
$ U6 \6 n  ~0 d* G) i: _4 ROffering — Certain Provisions of the Preferred Shares Series 18 as a
, k; K: D: q$ Z/ ASeries — Restrictions on Dividends and Retirement of Shares’’, on
/ ]4 c) f" ]3 F& NFebruary 25, 2014 and on February 25 every five years thereafter, on not
% H2 u( D8 g' C) Rmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any% o. U6 S2 P, C" c1 I' p. g5 Z  P8 M( F
part of the then outstanding Preferred Shares Series 18, at the Bank’s option  u6 a6 m( i/ ?* Y: a9 j, ?5 V
without the consent of the holder, by the payment of an amount in cash for) P/ M( e/ Y4 }
each such share so redeemed of $25.00 together with all declared and unpaid
' M4 }8 K" |  D0 t! |dividends to the date fixed for redemption.
1 J1 B, W% Z7 P9 _. e! [Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic( S* S5 V: v( n9 v, ^! L/ Z( g
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
- J; G+ z/ a( Sthe right, at their option, to convert, on February 25, 2014 and on& p# }; Z- `0 k$ P5 F
S-42 @. D3 N+ o+ b) P1 o2 z1 Z
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any  n0 P6 k" i" y) S8 X' ^, c
or all of their Preferred Shares Series 18 into an equal number of Preferred( E$ Y$ R' d; z3 |- Q$ r, I
Shares Series 19 upon giving to the Bank notice thereof not earlier than
$ h: J5 ?" D9 g1 `8 s+ G6 w30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
1 L; @; w4 L  ?' r& {7 e( _preceding, a Series 18 Conversion Date.
% J) q4 F7 U8 s. Z8 Y. h1 VAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
0 U: F1 C* d1 [3 FProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
9 o" T: N5 P/ a, P3 VSeries 19, as the case may be, that there would be outstanding on such2 j8 e& j1 G, h* p
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
+ ]* b5 D* {; V6 d4 w' @$ I4 osuch remaining number of Preferred Shares Series 18 will automatically be7 D  p# e# R6 C$ [* n
converted on such Series 18 Conversion Date into an equal number of# `8 m; Y- ?  {- Y) g5 Y
Preferred Shares Series 19. Additionally, if the Bank determines that, after6 W2 j& w6 x3 |0 m8 ~
conversion, there would be outstanding on such Series 18 Conversion Date  X/ O4 T( U- t; g0 k0 F% T
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares, Q. ~! ?6 O- D0 X( E
Series 18 will be converted into Preferred Shares Series 19.% ^- t/ }/ r# _& g
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares( T6 V9 g8 N+ p9 f( K) g. j' Q
Series 18 will not be entitled as such to receive notice of, attend, or vote at,* _" ~4 W6 f2 O# w. g
any meeting of the shareholders of the Bank unless and until the first time at; u0 m3 N4 w, y
which the Board of Directors has not declared the whole dividend on the
# W& V0 J% T* H$ oPreferred Shares Series 18 in any quarter. In that event, subject as
& b# O0 [- U$ A' O- w5 [. yhereinafter provided, the holders of Preferred Shares Series 18 will be
7 M- i: t( x+ D) g. o- tentitled to receive notice of, and to attend, meetings of shareholders at which
9 A' E/ }3 c( P8 }  V6 ~" Jdirectors of the Bank are to be elected and will be entitled to one vote for* @( k0 S" N# U+ l$ }# o. s& n3 u. x
each Preferred Share Series 18 held. The voting rights of the holders of the
( M- S' u# k# O: ?- n% H: ~Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
: A* `9 [7 Q1 @the first dividend on the Preferred Shares Series 18 to which the holders are- `! R# C( E2 O
entitled thereunder subsequent to the time such voting rights first arose until
* e$ l) V4 ^% c3 t5 j  usuch time as the Bank may again fail to declare the whole dividend on the. N: G4 w+ ^% @9 W  G" s/ `
Preferred Shares Series 18 in respect of any quarter, in which event such0 @  v- s" B( q0 h( g
voting rights will become effective again and so on from time to time.9 I$ C  W% u5 z) b/ ~0 w$ B; z
Principal Characteristics of the Preferred Shares Series 19
$ \6 d! ?6 a5 o$ `: Q1 V) M% [; FDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
7 b9 w+ f" M) Tfloating rate non-cumulative preferential cash dividends, as and when
5 P( s' z. ~, M+ Gdeclared by the Board of Directors, subject to the provisions of the Bank Act,
: O9 C5 Y+ m4 H! qpayable quarterly on the 25th day of February, May, August and November7 K' G, J6 _2 d( o7 {9 e1 ]  A6 a) W
in each year, in the amount per share determined by multiplying the( z6 T4 d! h( ~$ B% D2 H
applicable Quarterly Floating Dividend Rate by $25.00.9 I" M6 m' ~) j% [6 l
On the 30th day prior to the commencement of the initial quarterly dividend
' E- q' k6 }" G" w- T( b4 Wperiod beginning on February 25, 2014, and on the 30th day prior to the first5 a6 T0 {( `" C7 L  T* z
day of each subsequent quarterly dividend period (the initial quarterly
, A+ z: S) f9 P7 I- t9 C# udividend period and each subsequent quarterly dividend period is referred to
/ B" f9 B/ x% Ras a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the9 s) _: z4 g, F" y
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate( j  T2 h& Z3 c& z5 e
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the. `5 m/ X+ w5 ?1 r( y, X. O
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days1 q! z2 a- B4 |7 Z; H' B
elapsed in the applicable Quarterly Floating Rate Period divided by 365)! ~- x! S1 ]. `
determined on the 30th day prior to the first day of the applicable Quarterly
( F, I+ y* T$ ^6 i$ [Floating Rate Period.
1 t: m5 ]  Z3 ]+ e: u! ]: ES-5' `# O, ]" ]; s& g; Y, D6 [, e# ]  t
If the Board of Directors does not declare a dividend, or any part thereof, on
7 V# p3 s' h: j& Othe Preferred Shares Series 19 on or before the dividend payment date for a
1 H0 T" T- i5 ?! o* aparticular quarter, then the entitlement of the holders of the Preferred
9 O0 ]8 N9 r" w7 X7 Z  ~' B/ lShares Series 19 to receive such dividend, or to any part thereof, for such3 o  J$ g% s( _3 L* a  c# ]" U5 S/ ~
quarter will be forever extinguished.
/ C/ g, }# @. ~* `9 P) KRedemption: Subject to the provisions of the Bank Act and to the prior consent of the. A; \; @$ Y5 }5 [; M1 j. W6 V
Superintendent and to the provisions described below under the heading0 P5 ]! F0 D' e
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
5 G# Y5 Q  G% Y3 |8 j! t' gSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,2 L8 z- r9 b! M* P$ U
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all! S5 I6 G7 W( G9 [3 M# s  b
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
# W, a2 ^+ q" [option without the consent of the holder, by the payment of an amount in
( E6 K' Z8 _- [+ n& p( Tcash for each such share so redeemed of (i) $25.00 together with all declared
4 e' @8 k' I- u( H+ m+ M4 J: Sand unpaid dividends to the date fixed for redemption in the case of8 [5 @6 G8 |9 i7 `
redemptions on February 25, 2019 and on February 25 every five years/ t( Q0 Y8 ?& i* W. W) S
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to0 |5 I8 X* O. _5 R
the date fixed for redemption in the case of redemptions on any other date4 A6 R3 r8 R7 S. W$ i. q& j
on or after February 25, 2014.
4 M5 A# e  A/ V5 _' dConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
0 C  ^9 c' ~. h8 C3 l" FShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
2 ]2 ]% L; p# |* \the right, at their option, to convert, on February 25, 2019 and on$ t/ h4 i" L4 o* S/ V: l  n$ x
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any( ?( B; q& Q, F5 J7 f6 S
or all of their Preferred Shares Series 19 into an equal number of Preferred. Z: \6 K1 Q9 H9 K6 T
Shares Series 18 upon giving to the Bank written notice thereof not earlier) P4 m8 d5 c3 D! U" L, \
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
6 i; |! G3 z6 O" A9 t$ @' R15th day preceding, a Series 19 Conversion Date.2 o9 f. ]) ~6 `3 C* N  Y
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
1 L) a* C: d% [+ P$ J6 XProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares- S9 {  Y* G  y
Series 18, as the case may be, that there would be outstanding on such
! h, H" P* D  K8 }Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,1 l! j) s* [5 [/ ^
such remaining number of Preferred Shares Series 19 will automatically be) g4 g0 o+ w8 ]/ T# {) U
converted on such Series 19 Conversion Date into an equal number of+ ~8 W& G# e" C; D- p
Preferred Shares Series 18. Additionally, if the Bank determines that, after+ e- e; l. r! @5 T) ~
conversion, there would be outstanding on such Series 19 Conversion Date6 g8 w1 D# O$ J7 H
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares4 [2 O* g0 r2 f
Series 19 will be converted into Preferred Shares Series 18.
; ?% a& h( u. E8 S  G6 TVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares; D5 U, Q0 s2 H$ q2 a2 A6 @
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
% H8 B( K$ h* G8 ]6 D9 }. v4 p/ }any meeting of the shareholders of the Bank unless and until the first time at. H; i$ x+ V+ r+ O) p
which the Board of Directors has not declared the whole dividend on the
( E/ G( N( |+ C* M2 x. QPreferred Shares Series 19 in any quarter. In that event, subject as+ Q6 N2 k2 F! F
hereinafter provided, the holders of Preferred Shares Series 19 will be
* J# G+ p/ Q  c) D: b% Aentitled to receive notice of, and to attend, meetings of shareholders at which0 v: [; l: P: s% T6 u2 P: {
directors of the Bank are to be elected and will be entitled to one vote for
6 x- E( X% j( F4 Z0 U  a0 geach Preferred Share Series 19 held. The voting rights of the holders of the
: p; t, {- Z) _; |: W" DPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
8 F  y% y% Z, I- Hthe first dividend on the Preferred Shares Series 19 to which the holders are1 u7 N. T2 C- V3 N: O
entitled thereunder subsequent to the time such voting rights first arose until; @* o4 D9 t1 d& N8 i3 E
such time as the Bank may again fail to declare the whole dividend on the
  a/ U% O) D( Y# Y! M0 \( |- gPreferred Shares Series 19 in respect of any quarter, in which event such
# a; T1 Y5 |# B3 a3 [voting rights will become effective again and so on from time to time.
4 k% k# }2 Z8 U( N1 W2 TS-6
5 ^( L! |6 Z6 S2 s6 KPriority: The preferred shares of each series of the Bank will rank on a parity with
$ y. n6 q; `! U/ M# Vevery other series and are entitled to preference over the common shares of
% y$ {, |8 U% _3 Xthe Bank and over any other shares of the Bank ranking junior to the* z1 ?" X" D# v1 c* D
preferred shares with respect to the payment of dividends and upon any
6 x- }4 m7 A7 p: ~distribution of assets in the event of the liquidation, dissolution or
, U- p* E& e# b& H/ {winding-up of the Bank.( C9 o: e3 X8 f8 y: T% W1 ?
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
3 G, @. m& t) ?& L6 A; E1 ODividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares/ B& E: |2 V0 @# N; _+ g
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
; H; ~) T3 O$ t8 |9 z: m, f+ Ndividends 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。" v; j% P% g; 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

+ T- H$ g  J/ S9 Z2 I$ D- R9 X$ o; [. [5 r. Z0 B7 Y! Q
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。6 e) h3 L9 }4 s
! r, }% [8 Q) }% z# t7 w
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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