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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。1 Y! h$ Q, ~5 C) S( {8 t
4 w2 G0 |6 {* ]8 k9 j7 m: ^

* z* v8 Q7 m3 Y) l' T[ 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:
& V% c" B0 F* {& rSUMMARY OF THE OFFERING$ Q+ b5 z: s9 E0 ]
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’’.- V8 n. k, o) u$ b
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.* R( q/ z# \. [' z5 j6 K6 W. M
Amount: $150,000,000 (6,000,000 shares).
' X2 B6 k) |3 l& C+ Q$ pPrice and Yield: $25.00 per share to yield initially 6.50% per annum.' j' o, L# w% ?/ Q4 I0 q4 Z
Principal Characteristics of the Preferred Shares Series 184 u# ^$ f1 `5 M6 V% R9 F
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed9 A) y+ I/ q; a# L" ]1 Z1 w
non-cumulative preferential cash dividends, as and when declared by the
$ }" |0 T. g1 Z) x# |% iBoard of Directors, subject to the provisions of the Bank Act, for the initial0 A9 v2 o2 \! ?# X) G0 N. G
period commencing on the closing date and ending on and including
4 p7 {8 r( t. R, @# i9 @: vFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the2 g  i+ x9 _# {
25th day of February, May, August and November in each year, at a rate: i- e( }/ Z8 S0 S
equal to $0.40625 per share. The initial dividend, if declared, will be payable
% `" }0 b* }- }May 25, 2009 and will be $0.73459 per share, based on the anticipated closing- U5 E; B1 \$ z# ^8 G9 H- T: ~
date of December 11, 2008./ P  J: U" Z3 s; e" |' h4 P
For each five-year period after the Initial Fixed Rate Period (each, a; W( v- x! l: D
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares& d. J+ U3 [/ [5 y3 V  v, [0 x
Series 18 will be entitled to receive fixed non-cumulative preferential cash; {& O, }  Q  v9 F. V+ i
dividends, as and when declared by the Board of Directors, subject to the; i6 p# ?# H1 j- J2 i$ `
provisions of the Bank Act, payable quarterly on the 25th day of February,, Z: Q1 s# U# m3 M; h
May, August and November in each year, in the amount per share per annum
' G6 ^: k; X6 v+ ]& j+ ldetermined by multiplying the Annual Fixed Dividend Rate applicable to% W3 W1 Z& E, U$ b$ {' R
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend& |- J, q! G7 D
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
# M! g" b* c; }/ ^' k2 H0 hBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
2 J" n. ^8 X8 `/ }/ B$ Q: x0 i1 h' ^of such Subsequent Fixed Rate Period and will be equal to the sum of the9 |# [+ L4 ^! D  T: h5 t0 y& W. u
Government of Canada Yield on the applicable Fixed Rate Calculation Date5 J) u6 z0 C/ y4 r  v
plus 3.83%.
$ X1 C. \5 u, j% s3 nIf the Board of Directors does not declare a dividend, or any part thereof, on
9 T& X& `+ s3 V; x0 jthe Preferred Shares Series 18 on or before the dividend payment date for a3 H/ Y- @& F! X- q  }. x
particular quarter, then the entitlement of the holders of the Preferred) g0 u- M$ i3 [% x
Shares Series 18 to receive such dividend, or to any part thereof, for such' L$ C  b  ^# S& i  v7 [7 f( q
quarter will be forever extinguished." J, {$ X% k  Y' r  O& Y/ k# W
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
/ K! x) G& _2 K. {& ZSuperintendent and to the provisions described below under ‘‘Details of the
; _) D7 u, [& `" l4 |8 q4 mOffering — Certain Provisions of the Preferred Shares Series 18 as a
4 h: g& n" H- t. ySeries — Restrictions on Dividends and Retirement of Shares’’, on
) x6 |) N  [; n" R6 WFebruary 25, 2014 and on February 25 every five years thereafter, on not
4 h# c: Z4 v. t  L' ^* R6 @more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
' z$ H6 L7 D/ |/ m% K1 kpart of the then outstanding Preferred Shares Series 18, at the Bank’s option( y0 V1 K: s0 q6 N' N7 D4 M9 |
without the consent of the holder, by the payment of an amount in cash for& ^- p* g( }) M8 N; k
each such share so redeemed of $25.00 together with all declared and unpaid
# @# b. X7 W4 B/ }# h+ t/ a- _dividends to the date fixed for redemption.
+ l9 X9 o# B4 Q) HConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic: R% v9 \  d8 }0 B+ a
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have& n, Q6 i) i6 Y3 L) L
the right, at their option, to convert, on February 25, 2014 and on2 v0 A% J1 S- W" P7 D
S-4
5 t$ h# _. y' G5 @8 O% q0 M# tFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any1 Y+ Z, w1 D5 R( l$ {1 Z  a
or all of their Preferred Shares Series 18 into an equal number of Preferred" {* M/ L! B) C. h5 S+ C
Shares Series 19 upon giving to the Bank notice thereof not earlier than
+ J' v: k4 B: x8 T8 i: r' i7 y/ [30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day+ B" r4 X" V" `2 G! D
preceding, a Series 18 Conversion Date.* B% G0 C4 c+ ^. K5 B  f
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
1 o! s$ E. J2 S! u( W6 N1 Q2 sProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares  g% {6 b4 \9 r% X
Series 19, as the case may be, that there would be outstanding on such) R3 h$ K' `3 ^3 @5 `  b8 g
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,1 ^- P7 D2 j7 [3 p% {
such remaining number of Preferred Shares Series 18 will automatically be
2 v& j" E. g, K5 i, k& }1 Y$ gconverted on such Series 18 Conversion Date into an equal number of' ^/ O6 k4 `; M; M$ R
Preferred Shares Series 19. Additionally, if the Bank determines that, after
! ?! l0 c1 l- m* Z4 y* o& E$ d( Kconversion, there would be outstanding on such Series 18 Conversion Date8 H* T6 D4 O2 q' z2 B
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares$ p# Q1 k, X! U/ }- v, ]& Z
Series 18 will be converted into Preferred Shares Series 19.
! @# @, M2 W! ~& A6 w5 TVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
8 a; o& n" _3 p* B& h! A0 vSeries 18 will not be entitled as such to receive notice of, attend, or vote at,  P; Z' I* G( @, d3 N5 N
any meeting of the shareholders of the Bank unless and until the first time at
) B& b- F5 @5 I+ G9 M# Lwhich the Board of Directors has not declared the whole dividend on the
' d, |" h& O) G$ e+ Q' F7 l6 H2 kPreferred Shares Series 18 in any quarter. In that event, subject as1 s) n; l; m4 x! F) g: E0 b
hereinafter provided, the holders of Preferred Shares Series 18 will be
& Y# K( X3 S% b  X5 i- Qentitled to receive notice of, and to attend, meetings of shareholders at which6 C/ w# B# I$ R; b
directors of the Bank are to be elected and will be entitled to one vote for1 p5 M! b4 n; A- `0 Q% }
each Preferred Share Series 18 held. The voting rights of the holders of the+ f9 C+ r3 v: d6 }" e
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of3 F8 ^0 E: E% L- W: f8 F6 q
the first dividend on the Preferred Shares Series 18 to which the holders are
1 V$ T7 s9 l. [entitled thereunder subsequent to the time such voting rights first arose until' o- h* C' x0 x# K- w$ O% D; ~' ~
such time as the Bank may again fail to declare the whole dividend on the5 m' @2 ?) B! B- E+ V! n  ^, q' Q1 l( j
Preferred Shares Series 18 in respect of any quarter, in which event such  R& y  t5 V0 m0 ~! e+ P8 ~
voting rights will become effective again and so on from time to time.
0 v7 c, {8 z- B7 q9 \; |7 v& vPrincipal Characteristics of the Preferred Shares Series 19
/ k" q8 w. \. ODividends: The holders of the Preferred Shares Series 19 will be entitled to receive3 R( V/ p9 U, A% Z7 [& E
floating rate non-cumulative preferential cash dividends, as and when
0 j% F) N* l6 E" s6 bdeclared by the Board of Directors, subject to the provisions of the Bank Act,) U7 N9 O3 q- K: D* I: ]) R$ Z4 ~
payable quarterly on the 25th day of February, May, August and November" v! C$ @( G1 p9 G
in each year, in the amount per share determined by multiplying the
1 ~  k8 y1 s& X, @6 o7 f" |5 @applicable Quarterly Floating Dividend Rate by $25.00.
, S& p, T. F! ^On the 30th day prior to the commencement of the initial quarterly dividend/ s+ j" c% p3 K3 U: y) O" `. R
period beginning on February 25, 2014, and on the 30th day prior to the first
& Q/ c9 r' P3 @$ R% c& i5 J: wday of each subsequent quarterly dividend period (the initial quarterly0 _8 G# H: ~, u& @  ?1 M% S
dividend period and each subsequent quarterly dividend period is referred to+ B7 }1 R+ q* ^
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
7 C9 F( v' t- n/ F& B4 f8 L* MQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate& i. ^- n( S9 K/ {% e
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
4 h  A3 s. l1 |2 l5 L5 @- JT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days, q3 c" {" g* T! }8 _/ U
elapsed in the applicable Quarterly Floating Rate Period divided by 365)% x' W) u3 i) m% W# H9 N- o/ \! Q
determined on the 30th day prior to the first day of the applicable Quarterly* @7 G$ z8 w0 s% V% l: |+ ^
Floating Rate Period.  R+ N* @$ v$ z6 m$ x. N0 j5 E6 `' o
S-5
& n# |+ j& J& g  L/ W) ?! pIf the Board of Directors does not declare a dividend, or any part thereof, on
: k) N) s' n" r* a4 nthe Preferred Shares Series 19 on or before the dividend payment date for a, q, L) `6 R$ x4 j7 T  U1 |5 W
particular quarter, then the entitlement of the holders of the Preferred- W0 O1 G; E- s, o: p0 _2 e* w5 e* s
Shares Series 19 to receive such dividend, or to any part thereof, for such" w4 V* y- D: o- B
quarter will be forever extinguished.: u+ ]/ H6 f9 Y1 f' y
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the% S, w( q  u" I. J* \+ O% n+ B; _7 `
Superintendent and to the provisions described below under the heading' q; ?1 I' D6 q; `9 v+ |
‘‘Details of the Offering — Certain Provisions of the Preferred Shares" T# j0 e, a: Z; a8 K" }
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
9 v1 }- A2 Y* ]0 x, Zon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
0 D0 @3 u/ }: S4 Por any part of the then outstanding Preferred Shares Series 19, at the Bank’s
) t2 @: B/ D" ~option without the consent of the holder, by the payment of an amount in
" s2 r' ~5 E) H& I1 rcash for each such share so redeemed of (i) $25.00 together with all declared
( s4 R6 P. z/ W. nand unpaid dividends to the date fixed for redemption in the case of
0 u) `, \+ o1 ~1 c; aredemptions on February 25, 2019 and on February 25 every five years
9 \# I& ?0 R' a6 f7 r% ]  kthereafter, or (ii) $25.50 together with all declared and unpaid dividends to5 ]4 N6 s; G8 p5 @. N
the date fixed for redemption in the case of redemptions on any other date, ~) |6 H3 J# @/ D
on or after February 25, 2014.
6 D: p; L# T5 y8 b' ZConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic4 L. I- U& J. v& Z) w
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
1 J6 p/ W( @, y# ^the right, at their option, to convert, on February 25, 2019 and on; X- J' ?* n) o$ ~$ ?2 _
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any- ^9 U8 ]# `5 @" @5 M6 j( o# G
or all of their Preferred Shares Series 19 into an equal number of Preferred3 P6 m( ]" F# j5 A* `; i
Shares Series 18 upon giving to the Bank written notice thereof not earlier+ J+ \& n3 R; R5 D5 ^* v- b5 h
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
' o* d" _6 B, Q. t0 C15th day preceding, a Series 19 Conversion Date.
3 U, M2 ^0 i- F8 {( J5 PAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
1 M8 I9 C! o4 e4 W! E4 y* r' f9 QProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
- k7 S- F/ q8 i7 T1 c) kSeries 18, as the case may be, that there would be outstanding on such
1 i( s' `+ ], p; R- |; RSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
' d8 e4 I# l: d6 t& W. [+ L% ]. Wsuch remaining number of Preferred Shares Series 19 will automatically be' i* f$ c- {2 j3 }. [+ }9 C
converted on such Series 19 Conversion Date into an equal number of" ]6 Z4 T& d# ?: M- c
Preferred Shares Series 18. Additionally, if the Bank determines that, after
8 K, _. j* Q/ _9 }! P' _7 fconversion, there would be outstanding on such Series 19 Conversion Date; G- z* K; P  A; ~. I# ]
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares/ L1 v( b9 w6 M8 t1 ~
Series 19 will be converted into Preferred Shares Series 18.: N# m* q: s9 j5 `
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares) u+ @* `5 }' t% K& Q
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
- O* V0 t/ ^+ P! B1 Rany meeting of the shareholders of the Bank unless and until the first time at0 O0 ?) |, @! U- s8 y
which the Board of Directors has not declared the whole dividend on the5 P  P/ U, ], a# m. m! ~, s# y5 M3 I
Preferred Shares Series 19 in any quarter. In that event, subject as
0 |- f+ L: V! Mhereinafter provided, the holders of Preferred Shares Series 19 will be4 m. {6 ~( d3 B. ^: e- E8 l' Z
entitled to receive notice of, and to attend, meetings of shareholders at which
1 @) [$ x: K. V: p3 }directors of the Bank are to be elected and will be entitled to one vote for
. [/ j6 A% L! j! a" k+ heach Preferred Share Series 19 held. The voting rights of the holders of the' u2 D$ v: K8 Y+ ^( e" U) L  w  R
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of$ P% R+ P" }& h3 P7 z( X2 _5 f+ L
the first dividend on the Preferred Shares Series 19 to which the holders are
$ B/ C* F/ A. l( V8 S& D4 G/ mentitled thereunder subsequent to the time such voting rights first arose until
6 n5 @5 h' w8 Hsuch time as the Bank may again fail to declare the whole dividend on the' @+ k: `; @! ~7 t; E( |" |
Preferred Shares Series 19 in respect of any quarter, in which event such
, Y: w5 ?& w1 f5 [- j, k/ T; n- Bvoting rights will become effective again and so on from time to time.
7 U# o7 X" G& N( E3 H2 x, mS-62 o: w  D+ E9 |$ p
Priority: The preferred shares of each series of the Bank will rank on a parity with
& m4 g* A1 K5 F$ W# Y; }every other series and are entitled to preference over the common shares of
2 z1 O, _' g( {, s% h; fthe Bank and over any other shares of the Bank ranking junior to the
" Q  _" {1 r( S5 S# hpreferred shares with respect to the payment of dividends and upon any3 s  {  U+ U; k; f) _/ t( @* H: L
distribution of assets in the event of the liquidation, dissolution or
6 g% [5 {# G  Q- i1 H7 @. a) \winding-up of the Bank.
+ Z+ j' s; {+ ]# f4 `Tax on Preferred Share The Bank will elect, in the manner and within the time provided under5 F2 t# s3 `9 T: {/ D  p8 A5 }; @
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares; @" @0 Z2 I- R7 H' c0 X
Series 18 and Preferred Shares Series 19 will not be required to pay tax on4 J% U; Q- w- u0 D. F! R; y9 M
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。
1 b  o& M2 r7 D. I$ t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
, {! N# I2 F4 P$ V+ s
, y% z0 x- V7 \- w, ]  q
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
- j9 c/ ~6 f2 c' S8 R: R$ l* T+ ^* {5 w2 L
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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