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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:$ Z5 e- w6 l* T% `5 N) N1 y2 n2 a
SUMMARY OF THE OFFERING4 L3 O" A. l. w: o! D5 h, N9 d3 Z
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’’.
/ e! q2 O0 f( L, a3 SIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.3 S4 Q7 I) n, ?
Amount: $150,000,000 (6,000,000 shares).. b1 ?2 P0 ]* L
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
  X1 B8 g# i# c3 u' N, L) BPrincipal Characteristics of the Preferred Shares Series 18
# [; f, }. U- P6 k: z; VDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
# P* R; z, T" Z" ]* F* H" _non-cumulative preferential cash dividends, as and when declared by the
# v4 X- B6 k; f; sBoard of Directors, subject to the provisions of the Bank Act, for the initial$ Y0 F+ E9 Y, l
period commencing on the closing date and ending on and including
) I- t: m0 S4 @' G1 QFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the# @  y: @  P+ c' J
25th day of February, May, August and November in each year, at a rate5 V3 V; G7 z) ]- a1 X2 ~; |8 g
equal to $0.40625 per share. The initial dividend, if declared, will be payable0 X" a( G: B6 f# E# _( v
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
/ w# |! `  h, I! t' Q6 O% @date of December 11, 2008.
5 Q- i2 h" Y# G. s5 fFor each five-year period after the Initial Fixed Rate Period (each, a% J0 y7 C; A' w3 U2 z0 t/ j
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares9 R- I7 k8 ~$ a( J) y/ ]
Series 18 will be entitled to receive fixed non-cumulative preferential cash$ m, J" U$ W7 r* H+ O. e
dividends, as and when declared by the Board of Directors, subject to the" V5 c* H) x( N7 u
provisions of the Bank Act, payable quarterly on the 25th day of February,
! A& ~$ f/ \1 {4 ]8 E0 U( U% {May, August and November in each year, in the amount per share per annum, |7 m* K9 N: Q2 H9 c
determined by multiplying the Annual Fixed Dividend Rate applicable to
$ f/ F0 y$ n2 h. g! `' Ssuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
& |  v" I# ]/ ~1 _Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
# N4 {" N! q+ W6 bBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
# }8 X& R& z# w9 y  i: eof such Subsequent Fixed Rate Period and will be equal to the sum of the
2 w* z) Y: E, U+ ~9 MGovernment of Canada Yield on the applicable Fixed Rate Calculation Date" o4 j$ F0 y& r1 q* p, v, \% Q
plus 3.83%.
, y6 `3 Z6 L0 Y# P+ _If the Board of Directors does not declare a dividend, or any part thereof, on
3 e: b- I2 w' p' Xthe Preferred Shares Series 18 on or before the dividend payment date for a. A3 W2 E. ]' J& x9 a
particular quarter, then the entitlement of the holders of the Preferred
( S$ n8 R" X" a1 |Shares Series 18 to receive such dividend, or to any part thereof, for such3 G# y1 t) X! O. f  Q' n0 O; h' Y
quarter will be forever extinguished.
2 A- ]! P. X1 i& `Redemption: Subject to the provisions of the Bank Act and to the prior consent of the6 }" u/ O+ K; g/ w2 ]
Superintendent and to the provisions described below under ‘‘Details of the$ g7 B" |$ E0 \4 Z) z( R; A
Offering — Certain Provisions of the Preferred Shares Series 18 as a. \- G1 H& Y, a, O# c8 z2 ^
Series — Restrictions on Dividends and Retirement of Shares’’, on0 z) v3 r- K+ a' F1 e% O* g
February 25, 2014 and on February 25 every five years thereafter, on not/ ^/ R( E. C* v2 w/ k8 t: K  q
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any5 D/ r1 V; c+ W% G9 V
part of the then outstanding Preferred Shares Series 18, at the Bank’s option- N. l# I% @: A+ T0 h2 F
without the consent of the holder, by the payment of an amount in cash for$ ^$ t6 _/ i6 c8 a5 Q
each such share so redeemed of $25.00 together with all declared and unpaid
4 S( M" {0 z( b& O# o! ddividends to the date fixed for redemption.0 A3 q* b2 y) H
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
$ l6 K0 L' h" y2 Q$ nShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have' r  T: I) O4 C  X
the right, at their option, to convert, on February 25, 2014 and on
4 E! }( l- w2 I* `8 DS-4
, H4 {$ Q5 H7 J, ]4 M$ Q. yFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any9 W8 G/ v9 i! F( x9 ?4 s% `. K( B, w) w
or all of their Preferred Shares Series 18 into an equal number of Preferred
+ z' p+ S8 E: K# h( e7 t6 cShares Series 19 upon giving to the Bank notice thereof not earlier than- R* L3 Q+ }. k! P. l* D
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day) R5 i1 m* _4 I- e( w" n0 |8 X
preceding, a Series 18 Conversion Date.: H& E) F  L8 `* K8 P
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
5 \0 B" u+ f) W9 u/ q* c8 bProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
6 s. D* ^$ f* `$ D2 SSeries 19, as the case may be, that there would be outstanding on such
) z$ o$ \0 C' L4 O4 e- |6 R( USeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18," ~* ?. Z( b4 R5 u
such remaining number of Preferred Shares Series 18 will automatically be
$ E8 D" k+ ^' w. [* u! n" oconverted on such Series 18 Conversion Date into an equal number of" ^% S( H' i4 x' p# m1 W' U
Preferred Shares Series 19. Additionally, if the Bank determines that, after( c+ y8 P: G9 `; q7 a
conversion, there would be outstanding on such Series 18 Conversion Date) Y0 s6 \- X. K% w5 a
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
( K3 @4 Q5 h7 o/ _7 f4 ~Series 18 will be converted into Preferred Shares Series 19.( I2 P2 C* b# r4 U( p; C
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares+ e2 p- u4 W' k) A! q) a
Series 18 will not be entitled as such to receive notice of, attend, or vote at,: ^. r& x5 J( v7 Q, B, e  B
any meeting of the shareholders of the Bank unless and until the first time at
+ X! X4 [& E, l' u4 K- vwhich the Board of Directors has not declared the whole dividend on the
: M4 D' t) F& }3 N" s: _* B6 qPreferred Shares Series 18 in any quarter. In that event, subject as: W2 ]" b" Z% }8 g- H6 Z1 L' B
hereinafter provided, the holders of Preferred Shares Series 18 will be8 Y) ]) |/ G7 D
entitled to receive notice of, and to attend, meetings of shareholders at which
- e9 v) {6 A/ V  U) Y  b; Hdirectors of the Bank are to be elected and will be entitled to one vote for) c. f5 V4 _1 Z$ z; }+ K
each Preferred Share Series 18 held. The voting rights of the holders of the: B: s/ o. P" U; j# x% u
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
9 v! L# \. Z* T5 J& q$ Cthe first dividend on the Preferred Shares Series 18 to which the holders are$ v+ C5 G6 J% W* n
entitled thereunder subsequent to the time such voting rights first arose until# e$ c+ |% j4 s) @
such time as the Bank may again fail to declare the whole dividend on the
8 n! n. Q. J. U' n. TPreferred Shares Series 18 in respect of any quarter, in which event such
0 V6 y+ w/ l8 A, p- u# p; evoting rights will become effective again and so on from time to time.
6 V5 ]" w# _/ ^3 x  k5 Z, PPrincipal Characteristics of the Preferred Shares Series 19
& f& ?! O+ W, V6 k) q* Z. vDividends: The holders of the Preferred Shares Series 19 will be entitled to receive9 h$ Z. ]7 B) `* a$ v* y* Z
floating rate non-cumulative preferential cash dividends, as and when3 l; k  Z' o4 }6 T
declared by the Board of Directors, subject to the provisions of the Bank Act,  J* \- g* G9 ~: b4 |
payable quarterly on the 25th day of February, May, August and November
# I; J' ?: ^; Din each year, in the amount per share determined by multiplying the
8 Y: ?4 {% V* g& u5 qapplicable Quarterly Floating Dividend Rate by $25.00.
3 T6 V4 ]4 y+ _1 y+ v7 rOn the 30th day prior to the commencement of the initial quarterly dividend( M3 D# Q9 E! o& k: g" {
period beginning on February 25, 2014, and on the 30th day prior to the first
; F- n! B3 C' e8 _* [0 j* Jday of each subsequent quarterly dividend period (the initial quarterly
9 t8 s8 \2 H2 fdividend period and each subsequent quarterly dividend period is referred to% p* D, E4 y( ~
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the! y+ H8 P; w6 N# F; |
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate: W8 e. l( h6 O" \3 W" y+ J
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
9 C( P6 H" A/ g. LT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
8 r: ^! x# H$ lelapsed in the applicable Quarterly Floating Rate Period divided by 365)' @& D, f6 \% ~& O* a9 o
determined on the 30th day prior to the first day of the applicable Quarterly
" Q4 R2 @* V" W3 m+ W; [; P! eFloating Rate Period." u; a9 R# K7 ^
S-5* ?# \. N9 R/ x4 ?7 h$ e! K
If the Board of Directors does not declare a dividend, or any part thereof, on7 ]/ W! d( c* P: o
the Preferred Shares Series 19 on or before the dividend payment date for a2 y6 x& ^% Y6 {: ^4 R- W2 c8 a* s
particular quarter, then the entitlement of the holders of the Preferred
* B. }: \. Z9 g- N2 S* aShares Series 19 to receive such dividend, or to any part thereof, for such
6 I% h$ J! f% o+ P# @quarter will be forever extinguished.
; Y. Y/ E" ^! XRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
4 X# N- G) X/ n- u. f/ E" S9 GSuperintendent and to the provisions described below under the heading
* H; Z' p& b! b2 _% q‘‘Details of the Offering — Certain Provisions of the Preferred Shares' Z$ Y$ b, |) e& l
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
( |& b6 U) |9 non not more than 60 nor less than 30 days’ notice, the Bank may redeem all' D; B1 I7 x3 o8 v5 C# m/ }. ~6 ?  t
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
7 i* F8 i: ?" {2 i+ K8 Goption without the consent of the holder, by the payment of an amount in9 \$ _. X5 ?: j7 ?6 f# g9 [9 k+ b
cash for each such share so redeemed of (i) $25.00 together with all declared* M3 _- V; m# ~1 |
and unpaid dividends to the date fixed for redemption in the case of( c% m6 H3 j  X
redemptions on February 25, 2019 and on February 25 every five years
0 ]2 M  M6 M, T1 ^4 J! s4 J! cthereafter, or (ii) $25.50 together with all declared and unpaid dividends to- X( s7 S( d5 w; G. m
the date fixed for redemption in the case of redemptions on any other date$ I. F( E% S# ]& T- U
on or after February 25, 2014.9 B' ]! r: Y3 \* b. O' U1 ?. P
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
8 ^* B) I" T+ {+ P3 o. lShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
$ `" h% y" r' Q! c( ?the right, at their option, to convert, on February 25, 2019 and on! E- g, O% M$ C. o: w* d5 b
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
/ m& x' A% v: {! C0 f$ J0 wor all of their Preferred Shares Series 19 into an equal number of Preferred& J/ t) `! s# u, u& x: T" P4 G
Shares Series 18 upon giving to the Bank written notice thereof not earlier
  ]' Y6 E- {2 |0 Mthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the( r" R/ C( U! A7 j
15th day preceding, a Series 19 Conversion Date.
. m5 _: m8 T  Q( L" uAutomatic Conversion If the Bank determines, after having taken into account all shares tendered- l& A9 z) C  P0 V
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
0 ]4 }8 y6 z2 V% c" o! S8 j! i. ESeries 18, as the case may be, that there would be outstanding on such2 _, Y1 r0 ^/ ~: p% M* T0 v
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
& @2 j4 |1 [! F) u% G$ V2 U# G' X) Wsuch remaining number of Preferred Shares Series 19 will automatically be
% w- K0 ]5 Z  S4 T* Pconverted on such Series 19 Conversion Date into an equal number of* U: j; m7 I: E0 K: J  ]
Preferred Shares Series 18. Additionally, if the Bank determines that, after
- I  _# e# g; T/ }7 l" |; Kconversion, there would be outstanding on such Series 19 Conversion Date
$ s9 t$ x0 x* u6 ^4 O$ ]. Nless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
; P- K( D1 C2 _$ n: E# ASeries 19 will be converted into Preferred Shares Series 18.- o, {9 o1 |" Z. r: N
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
- f1 l! E' i1 M" [Series 19 will not be entitled as such to receive notice of, attend, or vote at,
, `% j1 i% f: g+ f( ?any meeting of the shareholders of the Bank unless and until the first time at
6 _- S9 b5 c0 [! H. Swhich the Board of Directors has not declared the whole dividend on the
5 X9 S( q( \- T: @Preferred Shares Series 19 in any quarter. In that event, subject as
4 ~$ Y) I# @/ }hereinafter provided, the holders of Preferred Shares Series 19 will be/ {$ L7 R4 N# _7 u
entitled to receive notice of, and to attend, meetings of shareholders at which
0 j6 ~9 w2 c4 _( w0 Sdirectors of the Bank are to be elected and will be entitled to one vote for: K+ M  u9 @4 F' R( X6 s1 ?: w
each Preferred Share Series 19 held. The voting rights of the holders of the( {& b8 S# S8 N# h
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
" W2 S7 i; ~: n) [the first dividend on the Preferred Shares Series 19 to which the holders are
5 K6 a+ w6 K' [: N  C  ]7 Lentitled thereunder subsequent to the time such voting rights first arose until7 A; u1 k; c9 \  h& p2 j
such time as the Bank may again fail to declare the whole dividend on the" |, M5 \" X1 s' }7 W
Preferred Shares Series 19 in respect of any quarter, in which event such
1 I7 {3 L2 S1 Qvoting rights will become effective again and so on from time to time.
0 d! [; E2 [0 d7 jS-69 n; p! w6 B8 V5 ~4 Y' B
Priority: The preferred shares of each series of the Bank will rank on a parity with
6 k9 p. P# U$ g; a$ S% Q' revery other series and are entitled to preference over the common shares of! l" Y, s' q2 |3 L: @
the Bank and over any other shares of the Bank ranking junior to the$ {9 E: X& H" _  F, ^* y9 \
preferred shares with respect to the payment of dividends and upon any
% k( H7 o5 I5 \distribution of assets in the event of the liquidation, dissolution or: S5 q% ]" S, b  S9 N) r# d
winding-up of the Bank.
- N) `+ Q0 e9 N4 CTax on Preferred Share The Bank will elect, in the manner and within the time provided under' K3 ?3 A3 {: m- C; G6 L' j
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
9 ?  N( A4 F$ _6 j3 MSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
, p" \' C3 T4 s9 T$ T/ z# S2 `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。
7 H+ _: [' }* b! l' o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
$ S1 ]6 m* o( W
  v0 A' s  q2 [, R* i
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
8 G  m+ {( I% c7 n3 X+ p+ @& c
- T1 I: P4 W3 k. W) y! \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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