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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。
$ i$ P+ h" L* ~8 t5 M* N3 H

+ j; z* `2 _) Z  e6 {8 M
' g( u. M- f; j0 [. c' C5 y( g[ 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:7 |8 B$ S: D% Q' X
SUMMARY OF THE OFFERING
" [8 O7 Z4 B, @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’’.
9 I0 T* m$ K/ G& ~Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
8 C, ~6 X* D+ Y. K0 K4 qAmount: $150,000,000 (6,000,000 shares).
4 }  M5 d8 D+ L% {$ \' wPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
' B; v* ?" o5 W1 WPrincipal Characteristics of the Preferred Shares Series 18
* b) E; ?1 |. S0 f, ADividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
  s/ d4 j' ?: }: y* l) Unon-cumulative preferential cash dividends, as and when declared by the3 j" e! Y4 F3 o3 F# b7 |
Board of Directors, subject to the provisions of the Bank Act, for the initial4 B! t$ m9 M7 l/ W. y
period commencing on the closing date and ending on and including& N* p0 v( V/ J4 l7 N' f2 {
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
9 w3 {# d( `/ j! h  y25th day of February, May, August and November in each year, at a rate5 S, J  b$ ~. S! V" P5 x& l- l
equal to $0.40625 per share. The initial dividend, if declared, will be payable
9 F- D, N' Q, I0 M( d& L, rMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing) N) a8 L+ t) X, @4 }
date of December 11, 2008.
1 Y, Z! a' K% }3 U" X$ W; YFor each five-year period after the Initial Fixed Rate Period (each, a
4 Y% z1 G( d0 p8 s; g; H7 k‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
8 f5 r* ?, G. Y7 rSeries 18 will be entitled to receive fixed non-cumulative preferential cash
# Z" ^1 k* E2 F: w; U/ j2 idividends, as and when declared by the Board of Directors, subject to the
0 k! b: v+ y  C* O% }4 I# [provisions of the Bank Act, payable quarterly on the 25th day of February,9 R- q1 x8 }: f; Q4 P- l2 K
May, August and November in each year, in the amount per share per annum  Y3 [, X7 K7 M0 v5 Z& k1 f
determined by multiplying the Annual Fixed Dividend Rate applicable to
/ F: @# K3 Q6 o: d- m0 r; |such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
+ [. I( g0 f/ vRate for the ensuing Subsequent Fixed Rate Period will be determined by the
: ^1 A: Q& Z( @2 E7 ABank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
5 R) p( b+ U4 `3 ]of such Subsequent Fixed Rate Period and will be equal to the sum of the& f1 z! x! _7 b# P4 m7 N
Government of Canada Yield on the applicable Fixed Rate Calculation Date9 J' b; n3 J+ Y" n# F- k
plus 3.83%.
: h1 ?. m1 \9 e4 M2 W+ b, LIf the Board of Directors does not declare a dividend, or any part thereof, on2 Z9 L/ Y( N2 \" o- p" y
the Preferred Shares Series 18 on or before the dividend payment date for a9 I! G: w4 n1 [, O% D
particular quarter, then the entitlement of the holders of the Preferred4 n  u6 F# q( A3 O2 k* o) c
Shares Series 18 to receive such dividend, or to any part thereof, for such& ^; G- @! l4 f3 E7 E) V
quarter will be forever extinguished.
: p: \% u6 Q$ t1 R& i9 uRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
) b" w) r) o1 B/ B7 NSuperintendent and to the provisions described below under ‘‘Details of the9 P; P2 q" g" Q4 m2 `- v6 f6 S  K
Offering — Certain Provisions of the Preferred Shares Series 18 as a
0 [# E" K. X- |Series — Restrictions on Dividends and Retirement of Shares’’, on/ r1 Z$ U8 P: A8 J' G
February 25, 2014 and on February 25 every five years thereafter, on not
2 Z! ~7 e7 Q; s  lmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
3 @7 z0 d1 |9 R* G1 jpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
) O7 f! W3 ]9 owithout the consent of the holder, by the payment of an amount in cash for0 o/ c% M/ \4 p' A" Y! r- p
each such share so redeemed of $25.00 together with all declared and unpaid
: U3 }8 ^, E0 k6 v  l1 [* tdividends to the date fixed for redemption.  B8 c: M5 e5 s) O* H- z
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
1 T# z' n- D$ f: `Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have& x  \0 Q8 z  J  Y0 I& }6 {
the right, at their option, to convert, on February 25, 2014 and on  j  O4 v- k6 u' g! m
S-4' P& X) Z7 Z4 i+ }- g
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
1 f. V) U5 [) |8 H' Ior all of their Preferred Shares Series 18 into an equal number of Preferred
3 z' @: P+ a! N7 C  f- cShares Series 19 upon giving to the Bank notice thereof not earlier than1 |# A% s5 D! m
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day" X, P+ r& F% A- [; H6 }
preceding, a Series 18 Conversion Date.5 _7 C& ^4 U4 J- z# e  C! P
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
1 P" t1 K% l5 S3 n) K  cProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
# s& Q: ^9 v0 _- s2 K% |. O7 aSeries 19, as the case may be, that there would be outstanding on such
& n$ j8 m4 o) ]Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
0 ~/ ?1 }0 L- o9 V: i5 fsuch remaining number of Preferred Shares Series 18 will automatically be4 Y' {5 l6 p, D8 c3 ~* p
converted on such Series 18 Conversion Date into an equal number of4 e' ^4 C/ R6 J. l8 @; a$ k
Preferred Shares Series 19. Additionally, if the Bank determines that, after7 ]5 j$ t9 W- R0 k! Y  N
conversion, there would be outstanding on such Series 18 Conversion Date' ]; I  L: T) g
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
( i3 Q9 I7 d; f$ x2 v5 MSeries 18 will be converted into Preferred Shares Series 19.
* \5 h/ E5 `, D! a/ c% UVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
' u3 h1 ?; U6 o* x2 m/ @# X8 fSeries 18 will not be entitled as such to receive notice of, attend, or vote at,& P; D5 ~, G$ a& |7 `' j
any meeting of the shareholders of the Bank unless and until the first time at' i, F. M& t# P; h, k
which the Board of Directors has not declared the whole dividend on the/ V9 R( a$ E: k# V# b; w
Preferred Shares Series 18 in any quarter. In that event, subject as
( n" L  K- N- Z. o0 Hhereinafter provided, the holders of Preferred Shares Series 18 will be
* |: M3 W8 M/ p  B& n" @. Kentitled to receive notice of, and to attend, meetings of shareholders at which
$ f+ c+ P8 Y* j8 mdirectors of the Bank are to be elected and will be entitled to one vote for
9 ]% {/ @0 W( E- T2 P+ X9 k0 veach Preferred Share Series 18 held. The voting rights of the holders of the. G( f, V/ t( B' }  |- A
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
( [1 b: b3 s" F: j  M. D1 M1 ^the first dividend on the Preferred Shares Series 18 to which the holders are
3 i  {  m. S1 ventitled thereunder subsequent to the time such voting rights first arose until
- S3 @7 j, A% Asuch time as the Bank may again fail to declare the whole dividend on the3 ]7 M# y: |0 @; q
Preferred Shares Series 18 in respect of any quarter, in which event such
/ c9 p% a  C7 [: Dvoting rights will become effective again and so on from time to time.
( w9 H+ H- I3 `2 g8 Y# w2 UPrincipal Characteristics of the Preferred Shares Series 19
  }; p) K& x% Q* I" X# m/ j1 I/ w+ UDividends: The holders of the Preferred Shares Series 19 will be entitled to receive+ I4 q3 F% Q1 B- a
floating rate non-cumulative preferential cash dividends, as and when, M' T- u( D$ v0 q1 p, {3 r1 @
declared by the Board of Directors, subject to the provisions of the Bank Act,
9 k" t( n9 {' T/ `- q- Apayable quarterly on the 25th day of February, May, August and November
7 ^7 ^$ C9 i8 S' sin each year, in the amount per share determined by multiplying the( J0 |9 O0 T$ b. _) f; g
applicable Quarterly Floating Dividend Rate by $25.00.3 ~* M1 u9 }  L% j$ o( A
On the 30th day prior to the commencement of the initial quarterly dividend
% \- _( S7 Q) F* ^5 `0 r0 a4 {period beginning on February 25, 2014, and on the 30th day prior to the first% T( x) M# }- _: [8 _
day of each subsequent quarterly dividend period (the initial quarterly
; n# c: o8 ?& z2 a; idividend period and each subsequent quarterly dividend period is referred to
2 C0 Y3 u* u5 h8 Zas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the! a! v" ]+ `( V) s1 Y: E# H
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate: A; O' j3 X) }, H
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the2 Z* @9 P5 R, c; j4 b' t( }. V/ R( D
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
, z/ k8 h3 ]! h& J8 {; relapsed in the applicable Quarterly Floating Rate Period divided by 365)! l" h( z1 t2 p1 o0 n
determined on the 30th day prior to the first day of the applicable Quarterly; n0 X4 c3 O. }8 v
Floating Rate Period.5 j. _) j6 y: S: ?, O
S-59 A, v4 M+ X$ Z( J. k
If the Board of Directors does not declare a dividend, or any part thereof, on9 W0 H" v; W' u, N
the Preferred Shares Series 19 on or before the dividend payment date for a
" z9 O" L+ @7 ^4 Iparticular quarter, then the entitlement of the holders of the Preferred# X( [2 L  V% p9 [" k
Shares Series 19 to receive such dividend, or to any part thereof, for such
$ X6 u* z( V/ v- c! |quarter will be forever extinguished.
+ h; A# d. }7 p6 [# x8 sRedemption: Subject to the provisions of the Bank Act and to the prior consent of the/ L/ |- ^2 [) C3 k" e
Superintendent and to the provisions described below under the heading
1 M, s. j/ B9 n+ Y% J: z5 S0 J‘‘Details of the Offering — Certain Provisions of the Preferred Shares$ {$ \. E" s% y- `
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
+ c4 v/ f& D5 L% c0 S8 K- v' von not more than 60 nor less than 30 days’ notice, the Bank may redeem all: F, `0 {! o- d
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
, R& G6 L* b' I: J" _option without the consent of the holder, by the payment of an amount in
6 a: I: M& x9 ], e  S* n$ O+ O- vcash for each such share so redeemed of (i) $25.00 together with all declared9 N- ^3 R% T/ I& Q/ ~
and unpaid dividends to the date fixed for redemption in the case of3 h3 Y3 c7 I# T$ o5 G7 m5 G$ j) d
redemptions on February 25, 2019 and on February 25 every five years
! p6 d% @0 x" x$ Mthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
* v$ F4 W) H. r6 ]; G$ a: c1 Jthe date fixed for redemption in the case of redemptions on any other date
# b3 a$ W0 P" E4 }# X8 Y/ gon or after February 25, 2014.3 Y1 R! {. z% S% M: _) W% }& x
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
5 M. f1 F' n& @- n  I. @, J6 bShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have+ h8 D0 L7 E4 E9 ~1 j$ k9 W
the right, at their option, to convert, on February 25, 2019 and on0 P7 `1 ]; B/ d; D$ W
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
0 ?% V, c6 K6 z3 j7 h# e* }# Vor all of their Preferred Shares Series 19 into an equal number of Preferred) ~7 L2 J" S6 v" Z+ u3 G
Shares Series 18 upon giving to the Bank written notice thereof not earlier
; Z8 L- I+ e: ~  V' v3 Cthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
8 \; k# `3 e3 x& H* ~7 M15th day preceding, a Series 19 Conversion Date.
1 ]" v  |% x. h3 q/ \( w3 QAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
4 G( h2 I) ]# l0 [Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
8 G7 Z( L4 |" Y0 f) xSeries 18, as the case may be, that there would be outstanding on such
) l# o" i+ {" v4 d# [) r9 x2 o/ rSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,4 C$ j4 z+ L% R0 {6 \
such remaining number of Preferred Shares Series 19 will automatically be
( ]+ a% w, J, R+ nconverted on such Series 19 Conversion Date into an equal number of: l- R2 h' V9 ^. Y; D. A8 [! z
Preferred Shares Series 18. Additionally, if the Bank determines that, after
, d7 p9 x; @$ }1 Zconversion, there would be outstanding on such Series 19 Conversion Date
' Y9 W& D1 g, ]6 j8 Gless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
+ Y) U: e+ y& @Series 19 will be converted into Preferred Shares Series 18.- K% L* x0 P% d" x# [
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
1 W) x& A0 U4 _$ ]# ]; S; NSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
8 Y7 v9 r7 {" q' k) w' O( V2 c* x; iany meeting of the shareholders of the Bank unless and until the first time at1 k- K  J' R  w0 t0 d1 F: K
which the Board of Directors has not declared the whole dividend on the# J5 c0 N4 O4 Q# A  k5 v
Preferred Shares Series 19 in any quarter. In that event, subject as" `" I; a+ {' K- O8 }
hereinafter provided, the holders of Preferred Shares Series 19 will be0 `' x  l; ]: k9 W# q
entitled to receive notice of, and to attend, meetings of shareholders at which" j  l) Q, R% q- v" c" Z
directors of the Bank are to be elected and will be entitled to one vote for. ^! I6 m1 }+ y. @7 `
each Preferred Share Series 19 held. The voting rights of the holders of the% ?, ]  B% U& K$ F) M2 w8 Q# ~
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of0 ~$ N) [& u! |/ D' W! t
the first dividend on the Preferred Shares Series 19 to which the holders are
2 a2 h# _' g1 U1 s8 }5 c( J: @entitled thereunder subsequent to the time such voting rights first arose until
6 ^0 b( s# A& l) n9 u" Dsuch time as the Bank may again fail to declare the whole dividend on the
+ s0 e* D# I2 g, RPreferred Shares Series 19 in respect of any quarter, in which event such7 Z. H: O" v) W7 C
voting rights will become effective again and so on from time to time.
/ R- w1 h( @; {- Q6 Q' U6 OS-6# h2 Z2 W% S5 W8 X- |
Priority: The preferred shares of each series of the Bank will rank on a parity with6 x. Z6 S& B- N1 ^1 C  {% h/ P
every other series and are entitled to preference over the common shares of6 l1 w5 W. v' P2 x. }, X/ v
the Bank and over any other shares of the Bank ranking junior to the1 q* {/ _' m, L$ F: l
preferred shares with respect to the payment of dividends and upon any- v2 T/ ]2 J) N) b4 b* Y9 S3 W0 B- i
distribution of assets in the event of the liquidation, dissolution or
2 C/ i- l7 N* c; ~4 o6 qwinding-up of the Bank.4 A4 G2 M9 B4 Z( m) v4 Q, J. J
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
0 m" A% N( g( a# N6 T' |Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares& w- L( v1 u, A$ `+ A! e$ N
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
3 Y3 _0 v) U; X, q) w1 U( U; }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。
4 \+ e/ {+ p5 q- U1 I" 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
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 \$ F4 @/ I4 T4 l1 @' g& h" q  p1 e9 j5 m
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。- A' F( U& o2 X0 |  M. q
! E7 p( t' y. ?! }/ M2 m/ m. }; A2 b
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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