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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:) O% q& j" Q6 b; H: K! A; f8 G
SUMMARY OF THE OFFERING
! L6 Q8 q' [1 k2 K) }% QThis 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’’.
7 A. w* R) m5 q/ oIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.( a8 h6 {  X" r# Z& A
Amount: $150,000,000 (6,000,000 shares).
! P6 `" `# T6 p5 k  s% Q$ v/ gPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
6 |8 n" @0 V5 L2 y3 z! TPrincipal Characteristics of the Preferred Shares Series 18
" w8 ~: K# X! T% j) V$ j' ADividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
9 Z; Z6 b9 F7 o4 p3 t& P" g" tnon-cumulative preferential cash dividends, as and when declared by the
0 G  g( `0 k! M$ T: b* LBoard of Directors, subject to the provisions of the Bank Act, for the initial! u- }0 O2 [( b* l! W. f5 [
period commencing on the closing date and ending on and including
3 W( X$ l3 N+ E3 z2 EFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the% a8 c* }. R. V: z. g" ~) t
25th day of February, May, August and November in each year, at a rate
5 a, r2 g4 A! ^" p% ^; R+ Bequal to $0.40625 per share. The initial dividend, if declared, will be payable
9 Y. ~; J. Y+ v! e' N( e, W$ }3 fMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing* n# K+ J1 M: p; Z
date of December 11, 2008.
. B, g; \) F3 wFor each five-year period after the Initial Fixed Rate Period (each, a  r6 y" m# ]5 c  {
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
7 h( U' ?) v' N' n, C6 G( R3 SSeries 18 will be entitled to receive fixed non-cumulative preferential cash
6 a  R2 Y* {0 Adividends, as and when declared by the Board of Directors, subject to the. s$ |# V/ U$ L+ P: W
provisions of the Bank Act, payable quarterly on the 25th day of February,' J4 s. A2 N! ~- Y
May, August and November in each year, in the amount per share per annum
- R' m' B& t" Z9 j* H1 ?8 Fdetermined by multiplying the Annual Fixed Dividend Rate applicable to
& ~* k$ }3 j9 \& W0 u7 _8 b5 G7 jsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
& I2 P* r! g7 V1 X! URate for the ensuing Subsequent Fixed Rate Period will be determined by the
; f9 z6 C! x* {Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
" G, T+ f* @) _& ^! B, iof such Subsequent Fixed Rate Period and will be equal to the sum of the
8 S1 s5 F9 {  G+ \4 F2 {Government of Canada Yield on the applicable Fixed Rate Calculation Date
' A) Y" [5 y% `' Z. N. B+ Pplus 3.83%.
* [. h( a: D! m6 V: oIf the Board of Directors does not declare a dividend, or any part thereof, on
3 B: {+ {' Y0 Y% R$ K& Pthe Preferred Shares Series 18 on or before the dividend payment date for a
! S" q/ J" H' K# C! {  W8 xparticular quarter, then the entitlement of the holders of the Preferred. `2 m4 A( S: o3 `
Shares Series 18 to receive such dividend, or to any part thereof, for such
1 I$ Y* ]: K  U) N: Aquarter will be forever extinguished.8 ]# p( d0 u8 {6 P
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
3 Y8 c" E2 W* e$ mSuperintendent and to the provisions described below under ‘‘Details of the* n- }( t4 Q$ i: E0 ], Q
Offering — Certain Provisions of the Preferred Shares Series 18 as a
8 e, v( Z. ^$ _" l3 QSeries — Restrictions on Dividends and Retirement of Shares’’, on$ E2 S8 U/ F! S3 P) L& o
February 25, 2014 and on February 25 every five years thereafter, on not
' Z) C1 `  P  V) M8 Z7 v: v. omore than 60 nor less than 30 days’ notice, the Bank may redeem all or any( K5 R+ Y3 P' b8 m" x
part of the then outstanding Preferred Shares Series 18, at the Bank’s option& F# A$ ~, Z3 ~* A
without the consent of the holder, by the payment of an amount in cash for/ ]4 J9 j" I; G7 Z: Y
each such share so redeemed of $25.00 together with all declared and unpaid6 ^6 x$ R  ]9 A
dividends to the date fixed for redemption.4 j/ I1 U) p0 q. D, L
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic$ w4 F1 u: y8 d/ ^& A
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have* O. F2 k5 O! W, m$ @; }* w
the right, at their option, to convert, on February 25, 2014 and on
! G, l) R1 g5 N1 e4 f2 ^S-4
" X2 o) @( \/ i8 GFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any- _1 z8 ]4 }" c0 I+ \( g
or all of their Preferred Shares Series 18 into an equal number of Preferred1 k8 [+ I1 Y2 f4 A5 l7 a
Shares Series 19 upon giving to the Bank notice thereof not earlier than/ N' c" Z7 u% G4 s% e' z
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
. D. K  c7 ^9 i0 h. Epreceding, a Series 18 Conversion Date.8 E( }( p( r& X" @. L+ s* E
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
# J+ G' l& J: C2 FProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares0 ~5 S8 i& o; o( {
Series 19, as the case may be, that there would be outstanding on such  v2 Y: n: \3 M' N
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
9 w/ d/ T# j! T7 Y( Q7 h* t8 ?such remaining number of Preferred Shares Series 18 will automatically be. k4 K. G7 w, t; _4 S% a2 [
converted on such Series 18 Conversion Date into an equal number of1 A/ M9 b" |' s! ^
Preferred Shares Series 19. Additionally, if the Bank determines that, after: {+ j4 H7 v% X' O" L: k5 x# u
conversion, there would be outstanding on such Series 18 Conversion Date4 @6 A3 T4 ^  B0 b& h
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares% n5 Q: w$ F! P/ r
Series 18 will be converted into Preferred Shares Series 19.- c- D4 J* d% S3 H* R6 e
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
7 C: {8 p# i' j: \; c' z( _Series 18 will not be entitled as such to receive notice of, attend, or vote at,- C  ^5 g7 |; h* \0 P
any meeting of the shareholders of the Bank unless and until the first time at6 V- z( I- _2 l2 u
which the Board of Directors has not declared the whole dividend on the# h; R7 _+ W: s0 _: J
Preferred Shares Series 18 in any quarter. In that event, subject as
/ g. Q4 ]& p0 Q! nhereinafter provided, the holders of Preferred Shares Series 18 will be  d! O5 I" t( u$ C2 h# u9 ]
entitled to receive notice of, and to attend, meetings of shareholders at which. |5 H: p) C' k  s) m' {
directors of the Bank are to be elected and will be entitled to one vote for2 R' r9 n3 v: F" m+ R7 P" l$ y9 ?; T
each Preferred Share Series 18 held. The voting rights of the holders of the
1 N9 ^7 i/ T8 \; pPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
, X9 m( U. T% Y; c6 v$ H6 ~the first dividend on the Preferred Shares Series 18 to which the holders are
6 I7 _0 m+ I+ Z" x5 _entitled thereunder subsequent to the time such voting rights first arose until
9 X, ?  J' d6 B% [: Esuch time as the Bank may again fail to declare the whole dividend on the& Q3 E% ?/ t  v5 O
Preferred Shares Series 18 in respect of any quarter, in which event such& }! ]$ Z) T+ v" F
voting rights will become effective again and so on from time to time.
" X" p# c7 i- g3 w) SPrincipal Characteristics of the Preferred Shares Series 19
, z$ r: B: N9 X, n8 b% JDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
8 ]7 H' l* ^% W5 }. ifloating rate non-cumulative preferential cash dividends, as and when
0 b- E0 v) N) b% s$ l/ Z6 Kdeclared by the Board of Directors, subject to the provisions of the Bank Act,7 }# ~+ C  }7 ?( ^
payable quarterly on the 25th day of February, May, August and November" P2 m+ z* H# Q8 a" W) ?! P! \/ ~. M, a
in each year, in the amount per share determined by multiplying the0 T( T7 O5 J4 P7 w) D
applicable Quarterly Floating Dividend Rate by $25.00.. m% J3 h) w- N
On the 30th day prior to the commencement of the initial quarterly dividend) U- T4 B. Q* Z
period beginning on February 25, 2014, and on the 30th day prior to the first/ ~8 B( G6 R" z5 N) V& P
day of each subsequent quarterly dividend period (the initial quarterly$ D5 u# e0 |- V% X1 X4 o8 Q) o
dividend period and each subsequent quarterly dividend period is referred to! N. {* ]( c  g/ g- |
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
; c$ s- x* N- l- a# A: nQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate1 Y1 u) w8 A, V1 c/ U; Y& C
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
6 f" G, X8 C7 l) v4 s7 _$ c- }T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days- I- R" E1 p: H, {8 U
elapsed in the applicable Quarterly Floating Rate Period divided by 365), v; X2 Z6 j; M
determined on the 30th day prior to the first day of the applicable Quarterly$ @- I0 T) j3 g7 F0 x  j
Floating Rate Period.; R8 i; m! s7 Y5 t
S-5
/ t, k; j# g( s. kIf the Board of Directors does not declare a dividend, or any part thereof, on7 X1 j6 `0 a; C/ L
the Preferred Shares Series 19 on or before the dividend payment date for a6 P  ~8 ?, k2 s; _7 N# G
particular quarter, then the entitlement of the holders of the Preferred  p7 u$ Y4 X# r6 d
Shares Series 19 to receive such dividend, or to any part thereof, for such
7 Y" p6 j; {) C2 Dquarter will be forever extinguished.# a9 @4 l& @+ \7 l! c& y
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
% n! y) T2 M& S& LSuperintendent and to the provisions described below under the heading
# W0 s/ b# `1 w* U6 Q‘‘Details of the Offering — Certain Provisions of the Preferred Shares( H/ I. v$ _9 a1 B0 S
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
# D; f9 R( ^# [( Pon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
% q! t) F+ ]7 cor any part of the then outstanding Preferred Shares Series 19, at the Bank’s7 X2 _6 c& V! A- r, B. H! X& M
option without the consent of the holder, by the payment of an amount in
8 H% A! `, j  a# }cash for each such share so redeemed of (i) $25.00 together with all declared3 l" m: Q  J3 J! [( V. H4 F: c
and unpaid dividends to the date fixed for redemption in the case of9 H6 h% ?, {4 l: [6 T. j! l
redemptions on February 25, 2019 and on February 25 every five years1 C( i. P  d: W+ O3 Y
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to* I8 V3 n3 u, S4 t: F
the date fixed for redemption in the case of redemptions on any other date
$ r9 ?" ?  i. z9 G6 |0 Bon or after February 25, 2014.
: K4 }: w6 T! x# HConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic0 c5 Z6 F% X0 r& I6 t# f
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
" d: z7 d8 G0 h4 U9 ?the right, at their option, to convert, on February 25, 2019 and on. ]2 o" E" [7 R3 W) F5 X
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any# ]$ E- T, P% s* T, b0 |
or all of their Preferred Shares Series 19 into an equal number of Preferred- E) w) G# W% o
Shares Series 18 upon giving to the Bank written notice thereof not earlier
! ~. a$ W& F- |1 H' D/ Mthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the0 _4 ~5 S# O" E- i' ^) ^5 V
15th day preceding, a Series 19 Conversion Date.4 q0 P/ n( b% b, N* ~! p
Automatic Conversion If the Bank determines, after having taken into account all shares tendered% B) j! o/ ?9 ^2 s( I
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares1 u$ d0 n5 H) F2 P
Series 18, as the case may be, that there would be outstanding on such
4 z4 I& N% z2 e3 cSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
- H# X7 @/ O; Osuch remaining number of Preferred Shares Series 19 will automatically be
7 d" w) h/ B) V7 g( I5 Sconverted on such Series 19 Conversion Date into an equal number of: Q: o' E; f' F, ?3 _
Preferred Shares Series 18. Additionally, if the Bank determines that, after
7 b1 b3 I% f# W( M6 b5 ]! a5 t; bconversion, there would be outstanding on such Series 19 Conversion Date* K1 ]+ p& X& x! Q$ t
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares2 A" k6 X* ~8 z$ A7 b* }- V  v+ n' E
Series 19 will be converted into Preferred Shares Series 18.
2 n+ C; X# S* w' Q. l& \- EVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares3 F7 |) `: B! T* g# `6 m
Series 19 will not be entitled as such to receive notice of, attend, or vote at,, J7 V9 v* h: a0 m! D0 h
any meeting of the shareholders of the Bank unless and until the first time at
; t& e( w* n. twhich the Board of Directors has not declared the whole dividend on the
0 {0 t$ Z7 u* [7 gPreferred Shares Series 19 in any quarter. In that event, subject as& H/ U* c5 ?6 D7 h# M2 Y% @' k
hereinafter provided, the holders of Preferred Shares Series 19 will be' H8 E% ~1 \, S! y5 Z! U- Y( v
entitled to receive notice of, and to attend, meetings of shareholders at which8 w! S5 {  h, k8 o4 t
directors of the Bank are to be elected and will be entitled to one vote for2 _& n/ M* L# v% {& U
each Preferred Share Series 19 held. The voting rights of the holders of the
! k' {9 l( C1 G2 U; Z9 T  Q  ePreferred Shares Series 19 will forthwith cease upon payment by the Bank of
) a, [  W2 |/ k/ T. ~+ M# p( Z- r' tthe first dividend on the Preferred Shares Series 19 to which the holders are0 l* S# J. U, x: z6 ?
entitled thereunder subsequent to the time such voting rights first arose until3 ]1 F( c! O0 p- i$ n
such time as the Bank may again fail to declare the whole dividend on the. F  h0 p- H& ~- z$ u& F" F
Preferred Shares Series 19 in respect of any quarter, in which event such" w. r6 i5 q  g4 o, {$ u, N+ F% c0 v! A
voting rights will become effective again and so on from time to time.
! L2 g4 d  S: c7 f5 Q, mS-6
% E; s& B  I* H6 ^$ c& `Priority: The preferred shares of each series of the Bank will rank on a parity with. I' \: P& g  v& y
every other series and are entitled to preference over the common shares of1 b7 P5 p3 v) }+ m. b1 q
the Bank and over any other shares of the Bank ranking junior to the
: f1 l$ J- T# w; F/ C) G  Xpreferred shares with respect to the payment of dividends and upon any: o8 x" ~  W- V
distribution of assets in the event of the liquidation, dissolution or
) q3 Q9 J3 H0 e# ^4 [( Hwinding-up of the Bank.
' B0 O; B$ V: p  z6 W' R' sTax on Preferred Share The Bank will elect, in the manner and within the time provided under2 t4 b- X& o- p! W7 |
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
$ S1 p7 K5 v- ]2 x, PSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
3 X; k2 T& A% R, ^% _9 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。% D' {! l) g- L0 g' ?8 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
2 S' S+ v4 @/ l
. {3 |* p/ |3 z4 A, X
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。! |( J( H( q- C: ~$ x

, v8 x; [) F9 p6 _& ^1 Bcall 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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