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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。) j* Z! ^1 [4 a& ~* H

9 x) _* Y# ~+ f1 d7 `- a8 y: h# @0 o1 t
[ 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:: T+ e# [4 c$ O8 z
SUMMARY OF THE OFFERING9 V- P- I+ l/ c9 U# v
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 l/ C) `  D1 I( ]Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.: z+ ^5 h2 w3 Z, `& a
Amount: $150,000,000 (6,000,000 shares).
  E# m$ r) ^$ x  h# H! R3 Q3 FPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
- j3 G% W" j2 ePrincipal Characteristics of the Preferred Shares Series 187 {$ T8 E, P# t& p: h; K6 C9 {
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
, |# h' y$ o2 ^5 U' `, jnon-cumulative preferential cash dividends, as and when declared by the7 ]$ f7 k- S; B% L% \6 ~
Board of Directors, subject to the provisions of the Bank Act, for the initial. M( E3 ^- B/ c9 N$ ^9 Y3 \
period commencing on the closing date and ending on and including
1 R. i+ d) T& ^February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
0 m. Y; V8 k$ _' F25th day of February, May, August and November in each year, at a rate
/ O2 N8 I  O) g4 pequal to $0.40625 per share. The initial dividend, if declared, will be payable+ I+ S0 @& M' _0 }( t8 j
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing- m- h. s& l; j! r% x
date of December 11, 2008.1 X0 _( V- A0 q+ h
For each five-year period after the Initial Fixed Rate Period (each, a
7 Q' s' F3 L# L8 d; l5 c‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
/ G( q: f0 ?7 ]Series 18 will be entitled to receive fixed non-cumulative preferential cash9 M: y" Q: D( n" K4 J
dividends, as and when declared by the Board of Directors, subject to the
: X0 G& j0 r. {$ t1 l0 Y+ W2 Qprovisions of the Bank Act, payable quarterly on the 25th day of February,
& m7 ^4 J3 Q, {6 \( e. |! [May, August and November in each year, in the amount per share per annum
& a+ r5 s. Q8 |: z$ l7 Z1 Pdetermined by multiplying the Annual Fixed Dividend Rate applicable to5 J) _4 `: }9 A& j8 r) _
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend, m* \' k: h. z; c
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the4 R7 O' B& V. b. T! ?: |- e+ p4 r" ~5 C
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day4 X/ ?4 y. ]5 X6 J& [
of such Subsequent Fixed Rate Period and will be equal to the sum of the
& g1 e0 L5 W. W4 c! D% [( _1 }Government of Canada Yield on the applicable Fixed Rate Calculation Date- }  C5 t$ x" H$ E0 h- i
plus 3.83%.
8 [# e" T: q5 O5 x0 x. E( kIf the Board of Directors does not declare a dividend, or any part thereof, on
0 L2 u! J$ D! C0 p# a7 n. X' X0 fthe Preferred Shares Series 18 on or before the dividend payment date for a
2 C+ }6 Z5 B/ n$ |  {( q: t+ ?particular quarter, then the entitlement of the holders of the Preferred9 ~. k$ b2 R0 g  E! E* P
Shares Series 18 to receive such dividend, or to any part thereof, for such& f  ~3 D2 `+ ]5 O6 s$ Q7 T+ R  o  v
quarter will be forever extinguished.  |0 `/ n4 [) L# m! ^: }
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the6 H& Y3 @+ J5 r. A- ^/ o% o
Superintendent and to the provisions described below under ‘‘Details of the. Z" C) d8 z4 Z' Q( q$ P% _
Offering — Certain Provisions of the Preferred Shares Series 18 as a9 A" ^) M( R( Y: ?$ T
Series — Restrictions on Dividends and Retirement of Shares’’, on' @1 Q  f# N( S& {; r6 S
February 25, 2014 and on February 25 every five years thereafter, on not: F8 v8 }1 @& ?" Z! \
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
, B9 G0 C- S3 x. U5 J- V1 apart of the then outstanding Preferred Shares Series 18, at the Bank’s option
9 w9 [% e1 r6 v& q, R0 Iwithout the consent of the holder, by the payment of an amount in cash for2 P# f% |* P4 U% j* e& z. }
each such share so redeemed of $25.00 together with all declared and unpaid" r+ l( j# I& K8 k) w4 Q( c* Y( x
dividends to the date fixed for redemption.5 [: a) U9 Q. U3 b5 `$ S( j
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
9 D( j, f6 F* |" DShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have" ^# |+ C9 G0 k# R" J1 S
the right, at their option, to convert, on February 25, 2014 and on! O+ c* i- e( ]% ^
S-4
0 h. M8 U5 O9 D  O& WFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
. j. W' [" ]* K; H8 [! hor all of their Preferred Shares Series 18 into an equal number of Preferred! F+ G3 Z% F) m- ?
Shares Series 19 upon giving to the Bank notice thereof not earlier than% q8 A; D, ~+ L  q. L7 {* `
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
: K' j# ?8 `4 Z6 Q# Vpreceding, a Series 18 Conversion Date.4 d$ F, O" l. z+ X& M
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
: ]7 `- p( @  h  B* q- sProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
+ ?( n& h' u  W1 V' xSeries 19, as the case may be, that there would be outstanding on such9 `# i( K9 D' d( q
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
& m. S3 c, w! |" O+ K5 Q" ~0 Isuch remaining number of Preferred Shares Series 18 will automatically be" X$ s( D, \  z0 n
converted on such Series 18 Conversion Date into an equal number of
; R; ?; ^/ ], q* YPreferred Shares Series 19. Additionally, if the Bank determines that, after8 e4 ]2 i( W' Q) F% ^4 X% w$ e+ S
conversion, there would be outstanding on such Series 18 Conversion Date
4 T  e7 e# m* T  ]" `2 U  [$ e  n) Yless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
1 d! f/ w% \  KSeries 18 will be converted into Preferred Shares Series 19.* J9 a: p5 o+ p" J5 L( R1 d
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares! a7 P; {. _: z1 y
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
0 f3 H6 ?  {  n) yany meeting of the shareholders of the Bank unless and until the first time at
, ^$ |1 `) T# M2 l) kwhich the Board of Directors has not declared the whole dividend on the
) Z% b/ x( z0 x% z4 |  cPreferred Shares Series 18 in any quarter. In that event, subject as5 ?2 ]) e% B1 y
hereinafter provided, the holders of Preferred Shares Series 18 will be& `  C( _* x$ c! T
entitled to receive notice of, and to attend, meetings of shareholders at which; H! o' b6 r8 p+ e- z
directors of the Bank are to be elected and will be entitled to one vote for
- P1 s0 q7 Y( [3 Eeach Preferred Share Series 18 held. The voting rights of the holders of the
9 s* r+ s! U5 B; D. o# d/ a) l  LPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
+ L! v- ]3 W7 p9 g, Lthe first dividend on the Preferred Shares Series 18 to which the holders are8 _" N& _( v1 N9 n" C7 @: j1 V
entitled thereunder subsequent to the time such voting rights first arose until& {+ s" n. E- R, U
such time as the Bank may again fail to declare the whole dividend on the
4 q6 q( [! I( N; s; G; ZPreferred Shares Series 18 in respect of any quarter, in which event such& j# A; J; h+ Y2 G5 k9 R. L# n1 m5 L
voting rights will become effective again and so on from time to time.6 F" ?; ^* k; z$ w: O, q! L
Principal Characteristics of the Preferred Shares Series 19/ D+ ^" [; k- @& @# X) n2 h
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
% g, b" |" P. ^( @5 ifloating rate non-cumulative preferential cash dividends, as and when
. ]# _, H- |' M0 \2 m1 Wdeclared by the Board of Directors, subject to the provisions of the Bank Act,3 H4 I3 C6 D! d' p% c
payable quarterly on the 25th day of February, May, August and November
2 m) o3 I9 I& sin each year, in the amount per share determined by multiplying the
: T7 W5 r" f  m( d! u1 Eapplicable Quarterly Floating Dividend Rate by $25.00.# x7 i, I9 y/ Q$ o+ X
On the 30th day prior to the commencement of the initial quarterly dividend1 ~2 X4 m( ~0 @0 O5 h% Y8 |& _
period beginning on February 25, 2014, and on the 30th day prior to the first
6 v) q) W# m8 u0 A! {day of each subsequent quarterly dividend period (the initial quarterly
% K& @3 c: {# Y9 Jdividend period and each subsequent quarterly dividend period is referred to
2 z, Z! u8 R+ Yas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
3 j: w5 A3 k5 T4 NQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
* D8 J4 Z4 q2 p' C4 wPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
  i6 T( g! {- U. p8 sT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days1 P$ S, t2 B( Y9 R( ?  O7 r
elapsed in the applicable Quarterly Floating Rate Period divided by 365)6 B) p4 s- w7 s$ o
determined on the 30th day prior to the first day of the applicable Quarterly
9 |1 A0 [: L3 t& Y4 xFloating Rate Period.. I6 T, j. m4 _0 o4 E
S-5
( L/ Y+ s* L% \; D; i+ V: N' {If the Board of Directors does not declare a dividend, or any part thereof, on
8 v9 g: W3 j. C& q& M2 J# \2 V( Mthe Preferred Shares Series 19 on or before the dividend payment date for a
2 n) B( @+ p. ]# k2 uparticular quarter, then the entitlement of the holders of the Preferred
' [8 \. i3 f2 U0 J% \% o4 y! pShares Series 19 to receive such dividend, or to any part thereof, for such
. Q  a9 P3 ~$ d' [3 v/ c4 ^/ mquarter will be forever extinguished.2 F, E0 F7 p: s) r
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the, f3 x7 \- b8 ~; |3 ]  K# N4 y
Superintendent and to the provisions described below under the heading
1 @- M; X* G) Y7 N1 A‘‘Details of the Offering — Certain Provisions of the Preferred Shares
0 K( T+ U2 C! LSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,) ?2 I, q8 _9 J1 \( O9 Z
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all+ w# P' Y5 F3 h" ~* H
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s1 Y( P" [) f& D4 M9 x6 }
option without the consent of the holder, by the payment of an amount in
- E+ W- I" f: h. {  Dcash for each such share so redeemed of (i) $25.00 together with all declared
9 T( x1 b7 P3 E, U# Iand unpaid dividends to the date fixed for redemption in the case of
6 \9 `2 p0 A( d& k  H6 Fredemptions on February 25, 2019 and on February 25 every five years
' l/ M9 k, n2 g. T3 N4 S! j% `( D, Tthereafter, or (ii) $25.50 together with all declared and unpaid dividends to: V' ~) U# W/ C, B! v3 p
the date fixed for redemption in the case of redemptions on any other date/ w( D- r4 I8 {) [% h3 y0 H
on or after February 25, 2014.
) B6 }/ h, L2 R8 _  vConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic: I' u1 r5 K( b/ v4 v
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
* w9 \' S4 x7 Tthe right, at their option, to convert, on February 25, 2019 and on9 O" \3 D% L; ^  a
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any2 R/ t5 h% ^% q
or all of their Preferred Shares Series 19 into an equal number of Preferred
1 Q$ v9 W" K# R! q  O7 d2 PShares Series 18 upon giving to the Bank written notice thereof not earlier: U2 E/ M$ }( O* y- N( ]
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
/ h: N9 ]$ A1 e1 e7 G2 u% q15th day preceding, a Series 19 Conversion Date.$ b0 b% X. q5 j! _
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
; }( b, V# [' v; U0 g) F7 Q. N* J- iProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
0 e/ @( z2 |3 |+ |7 wSeries 18, as the case may be, that there would be outstanding on such& E' S" e9 F$ V" x3 F9 J5 X
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,: L! Y- f4 N/ N0 o- ~: B) x% {
such remaining number of Preferred Shares Series 19 will automatically be9 G" j2 m! J( t. g
converted on such Series 19 Conversion Date into an equal number of
! J, a& E' Y) N4 g, B3 \! N1 zPreferred Shares Series 18. Additionally, if the Bank determines that, after1 N, d- Y+ R: n/ T; A/ d. W
conversion, there would be outstanding on such Series 19 Conversion Date
5 h+ T" K/ w0 Kless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares* g% x0 s/ u% ]& ]1 G: |& W% t
Series 19 will be converted into Preferred Shares Series 18.. U: z: x% |! V8 j* Y0 |/ R
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares8 `$ I; N% l3 f6 k
Series 19 will not be entitled as such to receive notice of, attend, or vote at,- ?. F. B6 L$ [4 v' F
any meeting of the shareholders of the Bank unless and until the first time at
* V+ N+ y" T- g/ D) c& A4 qwhich the Board of Directors has not declared the whole dividend on the8 @1 C6 Z; }( u  l
Preferred Shares Series 19 in any quarter. In that event, subject as
& W* t1 ]3 ^$ e' n% y# Z& x: `hereinafter provided, the holders of Preferred Shares Series 19 will be- J. F, }$ B" w5 R. m0 h
entitled to receive notice of, and to attend, meetings of shareholders at which
9 h3 `& x5 `* Udirectors of the Bank are to be elected and will be entitled to one vote for
: ~, O: Q4 W' e- `5 ueach Preferred Share Series 19 held. The voting rights of the holders of the! H' q# I8 e' V) }0 ^
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
" ?; Y% t# t4 l1 {" @" Tthe first dividend on the Preferred Shares Series 19 to which the holders are, a6 o3 g, j# z4 K2 e4 T: P2 F
entitled thereunder subsequent to the time such voting rights first arose until! G. ~7 {& p- s' b8 c8 a  B, y. p
such time as the Bank may again fail to declare the whole dividend on the( O! i% Y6 Y( Z6 \6 M6 D
Preferred Shares Series 19 in respect of any quarter, in which event such
  O, @- ?6 s- Avoting rights will become effective again and so on from time to time.
; \- m" ~: [3 E; BS-6
* b$ _, N7 W6 C* pPriority: The preferred shares of each series of the Bank will rank on a parity with
) {) [5 d& ~/ H/ E1 Mevery other series and are entitled to preference over the common shares of
/ R/ m. K* X7 \, F$ C* [$ xthe Bank and over any other shares of the Bank ranking junior to the8 N- s2 n4 y7 _3 p/ b
preferred shares with respect to the payment of dividends and upon any8 G2 }: g7 ]3 F9 w5 ]& {. F
distribution of assets in the event of the liquidation, dissolution or0 ^0 _; }  g$ A7 M# |% T+ C
winding-up of the Bank.3 `  H9 I6 t2 J. i8 ?) M" }
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under8 ~5 ~8 u1 @4 \' d
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares( V& c* F, d: I% P) T
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
5 G" r8 P# f! ^1 e, A0 R* |/ ddividends 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。; e! B3 u& N$ @: [/ ?% K
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
6 F( g7 q7 t3 z8 }$ M
9 k% Q( d6 z$ t2 C
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。/ }- q' n+ ?( A- ?; O' i5 G; F

) h- |8 R0 ]4 G* L6 c5 E1 {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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