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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
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和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 ]
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:( Z/ _# L8 N7 [; {# B: x/ p, y
SUMMARY OF THE OFFERING
1 ?$ N, w7 i8 n- M- d! j2 nThis 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 I2 |" D( M0 @, fIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.3 S+ m& V9 v: `% f
Amount: $150,000,000 (6,000,000 shares).1 u" v( p0 e8 ~1 ?/ o4 R; J% u4 I
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
5 ], V9 ^" v7 [& \. Z# n# }9 SPrincipal Characteristics of the Preferred Shares Series 18. @/ Z, ~9 g! C
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed0 h) n# F  G6 Z& ?  E& O* Z2 P" m
non-cumulative preferential cash dividends, as and when declared by the0 R5 R4 F- @3 J5 [1 ~
Board of Directors, subject to the provisions of the Bank Act, for the initial
4 ], g& l/ @1 F8 J8 D! n% vperiod commencing on the closing date and ending on and including3 I, y* V" v* E" V7 c- I
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
1 p& f) e1 a9 U2 E( i8 k  @25th day of February, May, August and November in each year, at a rate. S4 `  v! o) U
equal to $0.40625 per share. The initial dividend, if declared, will be payable% x1 b$ Z  |3 Z
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing: L- z. i" f* u! s$ `! O1 N
date of December 11, 2008.0 s( p% K, H3 o- {% y$ v
For each five-year period after the Initial Fixed Rate Period (each, a
6 R/ S4 `* n+ {- O: c' U- {‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
( a& L* w; h- a4 {$ M# N8 Z. l+ [, OSeries 18 will be entitled to receive fixed non-cumulative preferential cash- L' ?' C5 X( r9 n
dividends, as and when declared by the Board of Directors, subject to the
7 F1 B) V- k8 Xprovisions of the Bank Act, payable quarterly on the 25th day of February,
+ h( I% V4 f# i+ nMay, August and November in each year, in the amount per share per annum8 A/ u2 V$ y% ^' T
determined by multiplying the Annual Fixed Dividend Rate applicable to
7 O5 D, B9 a6 K. `/ f6 ~: \' ^: S. wsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
0 D6 p' P. ]9 p: w! SRate for the ensuing Subsequent Fixed Rate Period will be determined by the; o0 M+ o" B, g6 N
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day7 I3 c; X4 w( D* G& W8 [) V
of such Subsequent Fixed Rate Period and will be equal to the sum of the
" |" X7 T$ W7 G( D7 t0 pGovernment of Canada Yield on the applicable Fixed Rate Calculation Date7 V# `. v: |% d+ [% D& z  _6 I" `% l
plus 3.83%.8 J2 A7 K5 n& i5 h5 |7 i3 Y8 W+ W
If the Board of Directors does not declare a dividend, or any part thereof, on
4 [0 E: E! K. n" b9 Z. ^9 Rthe Preferred Shares Series 18 on or before the dividend payment date for a
: s) l: ]+ |2 V9 tparticular quarter, then the entitlement of the holders of the Preferred: ~* o. N! g/ C. n8 h
Shares Series 18 to receive such dividend, or to any part thereof, for such0 O4 \# A  i0 w2 c" C# h9 \4 E, Q+ ?
quarter will be forever extinguished.
& F+ @9 s% g2 s' v4 [8 p8 S/ VRedemption: Subject to the provisions of the Bank Act and to the prior consent of the" i( }3 v# P5 y5 K& \0 a
Superintendent and to the provisions described below under ‘‘Details of the
' L. n9 k- [  N+ V. ~Offering — Certain Provisions of the Preferred Shares Series 18 as a5 M' p. _2 W3 a+ v+ X
Series — Restrictions on Dividends and Retirement of Shares’’, on3 m5 \# ?9 w- ~
February 25, 2014 and on February 25 every five years thereafter, on not9 p% i  W0 n. F
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
5 A1 @- m& A  |2 ?5 cpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
# i  n/ s! p& g% c' X7 p2 [2 jwithout the consent of the holder, by the payment of an amount in cash for
7 j/ Y+ g, K2 jeach such share so redeemed of $25.00 together with all declared and unpaid
3 y2 N6 b3 z0 H) ~0 x; N% f8 \dividends to the date fixed for redemption.. @% ~  L3 n+ }1 T3 B  |
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
- ]2 O/ k/ q' pShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
  j# `( o- z% n8 m; D6 b9 N9 O( wthe right, at their option, to convert, on February 25, 2014 and on1 d# V$ {6 R2 V( ?  A! q
S-42 v) L/ k7 A/ }
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any. v) S& o" m( L" N
or all of their Preferred Shares Series 18 into an equal number of Preferred
% B" O( l) X$ U4 ?Shares Series 19 upon giving to the Bank notice thereof not earlier than) S! t" b$ u. c* O8 a% s
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
3 x! L( \5 a; O& Gpreceding, a Series 18 Conversion Date.) o# Q% t  K2 p9 x7 J
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
% {. c7 c6 s" D$ BProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
) s! \' i- b# o/ h$ y! ]Series 19, as the case may be, that there would be outstanding on such
* Q  e0 T# }( A4 }% ^Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,6 e6 t! z' b4 c* ^- W1 U/ l% r8 ]. P
such remaining number of Preferred Shares Series 18 will automatically be
% @0 m9 g8 N& E0 bconverted on such Series 18 Conversion Date into an equal number of7 G' r! r# O5 U, r- I5 W6 Z; B4 b' ~
Preferred Shares Series 19. Additionally, if the Bank determines that, after) f) j- M: u6 J: a( e' V0 n
conversion, there would be outstanding on such Series 18 Conversion Date
+ C  `9 b; V6 u0 j" E$ ~less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares# D9 G( D! ^' Q7 {: o
Series 18 will be converted into Preferred Shares Series 19.8 I" J  ^2 K: l7 G  U& W% a1 `$ I# z
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
) G5 I9 R% p2 y6 c$ C/ ~# `Series 18 will not be entitled as such to receive notice of, attend, or vote at,- u* e) r/ ]. J. Z/ x
any meeting of the shareholders of the Bank unless and until the first time at$ Z3 n) \6 T9 {0 I; l' c
which the Board of Directors has not declared the whole dividend on the3 N( Z" W6 m1 D) e, I) `
Preferred Shares Series 18 in any quarter. In that event, subject as# k. l& v  R& j( U
hereinafter provided, the holders of Preferred Shares Series 18 will be2 G( u( p9 ~5 K7 j- @  B
entitled to receive notice of, and to attend, meetings of shareholders at which
3 B& l2 I  G3 c! m% n% Sdirectors of the Bank are to be elected and will be entitled to one vote for
) y& _; ^  P# _8 N# ^  i( u( weach Preferred Share Series 18 held. The voting rights of the holders of the8 K+ W$ e! L0 V8 w7 ^
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
* H9 O8 Q* R" o( `8 b5 xthe first dividend on the Preferred Shares Series 18 to which the holders are
( p9 z& y/ K2 E' _6 V; [entitled thereunder subsequent to the time such voting rights first arose until) w' c" b# q% c
such time as the Bank may again fail to declare the whole dividend on the4 i+ t$ D/ x$ {
Preferred Shares Series 18 in respect of any quarter, in which event such
8 h2 }9 J% y4 ]3 J9 N3 [voting rights will become effective again and so on from time to time.
; @( S% v8 A0 N2 I7 [Principal Characteristics of the Preferred Shares Series 19
5 ?1 i4 q  `: |& x* t3 K; [Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
2 k, o' s# H2 |7 |floating rate non-cumulative preferential cash dividends, as and when, ]) C% A# J" l1 d
declared by the Board of Directors, subject to the provisions of the Bank Act,/ k# s, s+ a& Y* q
payable quarterly on the 25th day of February, May, August and November
! D# A3 i' h6 G, [& o7 p' v+ Din each year, in the amount per share determined by multiplying the& X5 ~8 S$ u2 r* N6 n( m
applicable Quarterly Floating Dividend Rate by $25.00.8 u  F1 U; b( B, M
On the 30th day prior to the commencement of the initial quarterly dividend5 i4 l8 H0 n3 L3 q* M1 ^
period beginning on February 25, 2014, and on the 30th day prior to the first- p/ x4 t+ O. P0 w' J4 _. G( m
day of each subsequent quarterly dividend period (the initial quarterly6 {* W2 v6 o4 w3 X3 k7 r* ?0 Q: Z
dividend period and each subsequent quarterly dividend period is referred to
4 }/ r. [5 H, eas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the4 V0 I/ K- S( o. `) e' b& ~8 j
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate' i& y, z2 l  M6 A6 Q% s
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the" E: W, ?" R' Y: Y2 {
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days& G$ s+ o* e  u$ S4 h1 G/ T- [8 U
elapsed in the applicable Quarterly Floating Rate Period divided by 365)2 j& s" k+ P" r7 D% a6 O1 P) K' W
determined on the 30th day prior to the first day of the applicable Quarterly
' D& {- \5 b) [# FFloating Rate Period.
8 o0 X0 k: ~9 iS-5
& _- f; i8 w; [If the Board of Directors does not declare a dividend, or any part thereof, on; z4 l1 _7 g( W. E
the Preferred Shares Series 19 on or before the dividend payment date for a% i8 R& n+ w1 G4 @$ r) e8 D
particular quarter, then the entitlement of the holders of the Preferred: A# {% ~' o' ]( E7 E
Shares Series 19 to receive such dividend, or to any part thereof, for such* o4 R$ |+ l2 k5 s) }4 E
quarter will be forever extinguished./ J+ k! P' v% X; b; D
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
( `2 T; j, z" |6 {  J: n/ l# ?0 o3 JSuperintendent and to the provisions described below under the heading6 u$ t( j8 t! X2 r/ F( m
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
, G! h' [  T, ySeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,; t- M2 U: x0 `. P( V- {
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all- _5 E# ^4 l! i4 d- n5 z; V6 L: Y. ^' {
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
! B7 o( @" q  y& [2 R8 joption without the consent of the holder, by the payment of an amount in8 X( P1 n3 |7 @) o
cash for each such share so redeemed of (i) $25.00 together with all declared8 l" N) f$ o. x" L+ b; Y' A
and unpaid dividends to the date fixed for redemption in the case of6 }# `$ f5 w2 z4 J, r6 s
redemptions on February 25, 2019 and on February 25 every five years5 i* h" k* c* M) V* M" W6 B7 j4 k8 t
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
% t3 D" G, V- E0 F) s9 j* K" othe date fixed for redemption in the case of redemptions on any other date
. r& Z% }: ]* c4 uon or after February 25, 2014.: @7 J" q; w, x5 N7 w7 N& T; Q
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
& j$ n1 @5 P. ]/ v% TShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have/ a  N/ q$ w4 K; b
the right, at their option, to convert, on February 25, 2019 and on
% j8 N% B4 y& ?. JFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any  C. b) y7 C0 ~* E
or all of their Preferred Shares Series 19 into an equal number of Preferred
( Q+ @3 @6 [+ v. Q% P; i$ j, yShares Series 18 upon giving to the Bank written notice thereof not earlier
& u+ L0 X/ d0 j- y6 qthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the8 S" C- n# k' [
15th day preceding, a Series 19 Conversion Date.
% N# x: |+ ?4 U" t% \Automatic Conversion If the Bank determines, after having taken into account all shares tendered
# {. \& t- `/ n  ~: W% X. e' R7 u- YProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares7 S* ^( }/ |& B, N$ R4 H* s
Series 18, as the case may be, that there would be outstanding on such8 a3 G9 y, t( w- C7 m
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,; E$ q8 e. Q: f# Y/ k
such remaining number of Preferred Shares Series 19 will automatically be0 K6 B* @, E$ C, J( c" B
converted on such Series 19 Conversion Date into an equal number of
' |1 X5 c- |4 OPreferred Shares Series 18. Additionally, if the Bank determines that, after
2 U2 i9 H% \9 Q3 U7 Aconversion, there would be outstanding on such Series 19 Conversion Date
, ~% j+ m) @+ R+ Z+ Y- uless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares9 G- W) t1 E' m" |
Series 19 will be converted into Preferred Shares Series 18.' S) y& E- u- ]' S: b7 w
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares; J9 e% @' H' x5 r
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
+ E! Y- Y( I( Iany meeting of the shareholders of the Bank unless and until the first time at
1 U; m8 V0 W/ h. i6 Y0 Swhich the Board of Directors has not declared the whole dividend on the$ _: G& S% |# d& N  J3 H( h
Preferred Shares Series 19 in any quarter. In that event, subject as' U2 S- J4 k8 f. E& d) V) Q
hereinafter provided, the holders of Preferred Shares Series 19 will be
2 I2 X! N0 ~  X) i5 A  A( H- _entitled to receive notice of, and to attend, meetings of shareholders at which3 A1 X  t% z9 X6 w- k8 m
directors of the Bank are to be elected and will be entitled to one vote for- M( v& [, a7 |
each Preferred Share Series 19 held. The voting rights of the holders of the, X" @# R( w2 v! S5 P( [
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
  X" ]3 a$ |9 ^1 `! p" Sthe first dividend on the Preferred Shares Series 19 to which the holders are
6 L* V7 H+ A8 s" Xentitled thereunder subsequent to the time such voting rights first arose until
- A7 t3 U4 K+ _4 X/ h+ H2 [' Gsuch time as the Bank may again fail to declare the whole dividend on the
0 l* Z  r# O* n3 h& M0 P% RPreferred Shares Series 19 in respect of any quarter, in which event such
( B3 W& Q, }( N5 \! K+ `( V% E- w3 avoting rights will become effective again and so on from time to time.
0 F7 Q* _' |$ h  eS-6) M! G$ b* \" n0 ^3 y
Priority: The preferred shares of each series of the Bank will rank on a parity with
2 t6 i$ `# ~. S% |every other series and are entitled to preference over the common shares of; N, |; v$ A  o  r# Q
the Bank and over any other shares of the Bank ranking junior to the" O& D' K0 ~( |% z8 M
preferred shares with respect to the payment of dividends and upon any: t$ u9 c+ y( Q0 I
distribution of assets in the event of the liquidation, dissolution or
8 B, _8 w$ K0 u9 y+ x' twinding-up of the Bank.5 r8 b7 {9 s3 z& ]/ q
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
/ g$ _5 H) E* c2 ]  wDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares' t4 S" x5 |. {5 r- g
Series 18 and Preferred Shares Series 19 will not be required to pay tax on; @* k" `0 }% l
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。
5 m+ |3 E- p. w* K1 S4 L今天讲座如何?
大型搬家
鲜花(26) 鸡蛋(0)
 楼主| 发表于 2008-11-29 17:48 | 显示全部楼层
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& t' E& |4 o0 \$ O
* g4 ~; C* z2 Z  c+ p, ~$ z下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
% E+ D( S* O5 H2 J4 p
0 [# f5 i9 e" P$ [8 N) ecall me.. 780 6699880 转101
大型搬家
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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