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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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7 B2 `2 ]: u# A* A/ a+ X. @[ 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:
& x' \" l6 I9 g4 p# LSUMMARY OF THE OFFERING- K2 ?/ J) ^6 C2 ^) j
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’’.& k5 g! g# _9 R+ w  X% ?9 H7 ^! m
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.6 D. u7 F, t1 h" \" Z$ N' F
Amount: $150,000,000 (6,000,000 shares).
% g6 q: ?) |* b& G$ Q" KPrice and Yield: $25.00 per share to yield initially 6.50% per annum.7 I+ R1 a( B5 v5 H: i7 \+ I! Z
Principal Characteristics of the Preferred Shares Series 18
# U- U  X2 k- q# g4 B5 uDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed0 j7 n8 ?: |' t
non-cumulative preferential cash dividends, as and when declared by the
- k2 Z3 N3 ?/ N/ CBoard of Directors, subject to the provisions of the Bank Act, for the initial
2 w) \$ E" d/ f( x5 K3 Iperiod commencing on the closing date and ending on and including
1 T2 T% C! ?8 O: }February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the  L; q6 a" q5 O+ Z' V, ~
25th day of February, May, August and November in each year, at a rate6 ~0 c' v8 Z+ }! t$ ]$ p
equal to $0.40625 per share. The initial dividend, if declared, will be payable% t/ X+ P: @2 s
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing4 I6 A( t1 T# O7 p" `6 `
date of December 11, 2008.
4 v8 o2 \6 _! m% r4 lFor each five-year period after the Initial Fixed Rate Period (each, a
) H1 ?$ a8 ~* L  p- X" P& M‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares6 ?& ~& l' \5 W" t" \8 ~9 b
Series 18 will be entitled to receive fixed non-cumulative preferential cash
" W9 Z% J8 E+ ^) Q5 v, Zdividends, as and when declared by the Board of Directors, subject to the
2 s: k# ]. g) U$ C! t# cprovisions of the Bank Act, payable quarterly on the 25th day of February,
* \6 |: Q% ^4 [+ s+ g+ p) xMay, August and November in each year, in the amount per share per annum
- K% K1 }  k3 ?; bdetermined by multiplying the Annual Fixed Dividend Rate applicable to2 @+ \: R% H& z3 r* {- Z! V
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
" j8 L6 {0 S  V* v7 VRate for the ensuing Subsequent Fixed Rate Period will be determined by the# }, n4 t5 g, a" |
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day3 l$ \% |% [% X6 ~4 u( W' b
of such Subsequent Fixed Rate Period and will be equal to the sum of the" S/ w- j0 I( e. n9 F
Government of Canada Yield on the applicable Fixed Rate Calculation Date) s" B6 y/ T% K4 ~% M. R' @* Q6 x
plus 3.83%.! H+ W/ z' s% d8 ?
If the Board of Directors does not declare a dividend, or any part thereof, on
& U4 d, x+ Q* Qthe Preferred Shares Series 18 on or before the dividend payment date for a
' {# x7 Q" X2 _6 U4 Sparticular quarter, then the entitlement of the holders of the Preferred6 U6 k& L! @5 x* h$ `0 `
Shares Series 18 to receive such dividend, or to any part thereof, for such
9 x6 k. v, e! q- F. dquarter will be forever extinguished.* v1 w( s; b" T( s
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
5 C- L3 ]0 ]# |% d8 q3 d3 T% ZSuperintendent and to the provisions described below under ‘‘Details of the: l8 i" _4 n8 E3 D4 Z9 ^
Offering — Certain Provisions of the Preferred Shares Series 18 as a
2 n+ d( k$ F4 f$ Q2 A( D; fSeries — Restrictions on Dividends and Retirement of Shares’’, on$ y! Z" c$ u- `$ L
February 25, 2014 and on February 25 every five years thereafter, on not
6 Q' C: @: Q3 [4 K. B: _3 ymore than 60 nor less than 30 days’ notice, the Bank may redeem all or any% y$ J: {+ Z1 `+ i* I3 l$ r6 z
part of the then outstanding Preferred Shares Series 18, at the Bank’s option; E" n7 C0 B) W$ x$ E
without the consent of the holder, by the payment of an amount in cash for
! m7 _% A; U% Q9 S0 veach such share so redeemed of $25.00 together with all declared and unpaid$ E- k  _2 B- ], f7 R4 W" c0 y+ V
dividends to the date fixed for redemption.
" M% G7 h  k5 R' O, c  hConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic) t" z0 N0 C# ^2 T3 z4 l' C
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
: V! i5 x$ C# ?8 j4 T4 Kthe right, at their option, to convert, on February 25, 2014 and on- F8 z: K( W9 x) E% m
S-41 U5 Z" g& |7 _8 Y
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
2 I- r$ X- Q3 t4 {0 wor all of their Preferred Shares Series 18 into an equal number of Preferred$ B$ D2 r: t+ J6 j4 J
Shares Series 19 upon giving to the Bank notice thereof not earlier than
8 W( |- Z+ X# a" K2 N( Z30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
3 q. i# y3 Z& y9 O$ H6 jpreceding, a Series 18 Conversion Date.
* X4 j* C2 `% X5 v, z$ |7 G: ^2 eAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
( c& N$ X( U$ Z8 U6 P- I$ e; IProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares2 F# ?9 A; ]4 A+ W6 Q
Series 19, as the case may be, that there would be outstanding on such
& A* T# L/ ?$ ]4 f! DSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,) l; U3 K1 I# X- m& |0 z
such remaining number of Preferred Shares Series 18 will automatically be
$ F- m( N& S$ V1 Iconverted on such Series 18 Conversion Date into an equal number of
" V+ {, K9 g! u# g' nPreferred Shares Series 19. Additionally, if the Bank determines that, after
' ^4 p( ?1 a; T; K; _! m; W, Oconversion, there would be outstanding on such Series 18 Conversion Date9 \9 q: S" t' ?; i' C1 t. Q/ d! q! r
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares8 M/ \4 _# l, w& t. R& m3 v: i/ n
Series 18 will be converted into Preferred Shares Series 19.2 \, O& k* J2 O* q
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
$ h0 t9 ^2 ?6 W" W# bSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
6 }, v/ r* W& m. vany meeting of the shareholders of the Bank unless and until the first time at
; T( g% @5 n, L( Swhich the Board of Directors has not declared the whole dividend on the1 p4 C9 V5 m7 H9 G3 V$ b+ @. G& S
Preferred Shares Series 18 in any quarter. In that event, subject as
# d) G  O9 k. s8 {, Mhereinafter provided, the holders of Preferred Shares Series 18 will be1 e  K( ^" H, Z2 W
entitled to receive notice of, and to attend, meetings of shareholders at which: S: a& x8 p5 I  P
directors of the Bank are to be elected and will be entitled to one vote for! B: C8 K! h4 y5 c" D5 U% |1 V
each Preferred Share Series 18 held. The voting rights of the holders of the
6 q( _5 s  f; e+ T% U: `5 UPreferred Shares Series 18 will forthwith cease upon payment by the Bank of. U4 t1 B" y  R: a9 x* [9 M
the first dividend on the Preferred Shares Series 18 to which the holders are$ ^+ V+ J! M/ r4 \- M
entitled thereunder subsequent to the time such voting rights first arose until
- i3 |8 _" j# I% wsuch time as the Bank may again fail to declare the whole dividend on the
( }6 Y' ]7 j& Q+ a6 _' b; }$ ~Preferred Shares Series 18 in respect of any quarter, in which event such, w; c3 y: t2 x9 e9 o0 o" S5 Z
voting rights will become effective again and so on from time to time.
4 s9 i, `) q: R/ S/ M$ @6 F4 PPrincipal Characteristics of the Preferred Shares Series 190 v6 k6 S& ]1 J5 }6 T6 l0 m
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive) c5 v4 J3 y! p4 g3 A# \8 }
floating rate non-cumulative preferential cash dividends, as and when
+ H# H* k* V6 Udeclared by the Board of Directors, subject to the provisions of the Bank Act,) ]$ `8 t- a. T6 }" h, n
payable quarterly on the 25th day of February, May, August and November5 b+ L! B. G, O
in each year, in the amount per share determined by multiplying the
: b% ^: z- a" w4 x# eapplicable Quarterly Floating Dividend Rate by $25.00.7 C( P8 d. B$ O+ N) h& b$ y9 V: V
On the 30th day prior to the commencement of the initial quarterly dividend( f7 I: Q- b' M2 S0 _
period beginning on February 25, 2014, and on the 30th day prior to the first2 j$ C: N! w6 G1 [" V6 ^* ^. H
day of each subsequent quarterly dividend period (the initial quarterly* }# j  S9 }) c6 a. G: ^3 V
dividend period and each subsequent quarterly dividend period is referred to
& w# J/ Z& b' @3 H8 W$ tas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the) ?4 ~* d& D- q
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate5 ]3 i1 E4 F7 I& x6 R
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the: y/ E1 N+ n. H5 V+ N
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
3 m- ?3 y) e3 n- q6 v: t5 Selapsed in the applicable Quarterly Floating Rate Period divided by 365)- d- l/ g& M) X& a5 e9 X; [9 U
determined on the 30th day prior to the first day of the applicable Quarterly
9 N- C; t: L, @8 Z  |) u1 xFloating Rate Period.
2 O3 e1 D5 D: I. l* g3 fS-5
8 l1 ~! G% s) C+ AIf the Board of Directors does not declare a dividend, or any part thereof, on
% u& T. f- a  j- N/ l5 ?the Preferred Shares Series 19 on or before the dividend payment date for a. ^+ ~# n7 n# g" x7 g9 P
particular quarter, then the entitlement of the holders of the Preferred% ^) Z( o, I0 o( ]" q; B, L- X% ]
Shares Series 19 to receive such dividend, or to any part thereof, for such
2 X. T( C! B4 E' H8 Mquarter will be forever extinguished.* S6 R. U  S( m
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
; D7 {" O) {: p4 W9 ~Superintendent and to the provisions described below under the heading& i% F; ^, m7 E! i  B
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
. d! H8 D; Z- f7 ESeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,! a, L; r: z* a- M
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all5 j7 i1 }( x; q0 K: x
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s' s4 Z$ J4 h' f$ E8 j+ Y$ P
option without the consent of the holder, by the payment of an amount in! r' O8 e1 [4 w5 u$ k
cash for each such share so redeemed of (i) $25.00 together with all declared
" s, x' J/ }4 m  r( v  Dand unpaid dividends to the date fixed for redemption in the case of
% W5 D# a3 `6 y: y( _redemptions on February 25, 2019 and on February 25 every five years
* K5 U  u8 W6 H* U. tthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
! ?% D9 n) q0 z# }* U5 Pthe date fixed for redemption in the case of redemptions on any other date0 I8 o! A8 `8 L: u4 ~9 Q6 t; q# D% L
on or after February 25, 2014.( X* y+ W, c) e3 I9 K9 x
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
+ N: a3 k  d1 y4 p  n7 wShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have7 [, d5 A/ Y% b/ `- n, O
the right, at their option, to convert, on February 25, 2019 and on
/ m8 A* k% Q4 r7 kFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any6 s- ]6 U* k& g+ X7 y" c
or all of their Preferred Shares Series 19 into an equal number of Preferred
6 W/ k8 |+ m% C, Y0 r* ]Shares Series 18 upon giving to the Bank written notice thereof not earlier/ z4 j3 Z  y/ a8 G4 l* W" |
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
4 C, L, x: |! Q3 R15th day preceding, a Series 19 Conversion Date.
" A! s% |; @2 F# F: {: xAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
8 b$ ]7 P6 c/ t3 ?Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
& A, E1 V# y- S$ A" l1 BSeries 18, as the case may be, that there would be outstanding on such
8 [1 ?5 O! H: l7 n0 f9 {. e# O! MSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
) [8 Y! a0 @7 c4 [such remaining number of Preferred Shares Series 19 will automatically be6 e' ~+ Q( F/ p& H; d) }( O2 _
converted on such Series 19 Conversion Date into an equal number of/ ^7 ^" F, J& P: ~$ q% U
Preferred Shares Series 18. Additionally, if the Bank determines that, after
2 C3 `2 c: @( t- p% c; C. C) s9 vconversion, there would be outstanding on such Series 19 Conversion Date( s  e  G( L: |2 G# `
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares0 r- Q( O, ]0 [/ [3 m
Series 19 will be converted into Preferred Shares Series 18.
" ~+ A3 H/ e7 M/ }+ G6 KVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
$ U! _8 C6 c, b) g* J5 ?# y* K+ |Series 19 will not be entitled as such to receive notice of, attend, or vote at,
2 B. [( V2 S% p; E1 dany meeting of the shareholders of the Bank unless and until the first time at- z& l* u# l  V. r
which the Board of Directors has not declared the whole dividend on the
( j% [8 C/ ^, c# CPreferred Shares Series 19 in any quarter. In that event, subject as* e2 |7 k0 @' T0 U& S
hereinafter provided, the holders of Preferred Shares Series 19 will be
/ Y% w5 L. I  N, jentitled to receive notice of, and to attend, meetings of shareholders at which2 _* R6 D3 W/ n0 |9 @7 h6 ^
directors of the Bank are to be elected and will be entitled to one vote for. N: v4 G! X% B* D8 i' T$ p
each Preferred Share Series 19 held. The voting rights of the holders of the
3 ?4 |4 l# ]0 `' H! S+ X8 nPreferred Shares Series 19 will forthwith cease upon payment by the Bank of* j8 v1 i5 t3 l; ]
the first dividend on the Preferred Shares Series 19 to which the holders are( i( G2 V% Q5 E/ O5 ^, P/ \
entitled thereunder subsequent to the time such voting rights first arose until
9 \. ^2 y4 ]# N) a2 |such time as the Bank may again fail to declare the whole dividend on the
) c  @0 T, X0 Z3 R  M2 n: M3 wPreferred Shares Series 19 in respect of any quarter, in which event such
1 k7 Z% V. ^& K/ a; Cvoting rights will become effective again and so on from time to time.
1 Y+ G# g4 k% ]5 y3 ^  D; \$ D2 jS-6
$ D: w2 z2 A* X, H3 aPriority: The preferred shares of each series of the Bank will rank on a parity with$ o' F) F! X; L( ?% V
every other series and are entitled to preference over the common shares of9 z3 T% n0 d  u0 c6 S
the Bank and over any other shares of the Bank ranking junior to the4 o- k( x$ _& ]  l4 a8 B
preferred shares with respect to the payment of dividends and upon any$ `8 ^. O" S% i- t) e, G7 [
distribution of assets in the event of the liquidation, dissolution or
$ K9 q% [% Q" G8 owinding-up of the Bank.
0 Y- ]6 ~* ?' F$ d6 N* XTax on Preferred Share The Bank will elect, in the manner and within the time provided under
. j  X0 d& ?9 n& I3 x. ^( G4 nDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares7 H; H" m# h4 k$ D8 W
Series 18 and Preferred Shares Series 19 will not be required to pay tax on3 w, |7 k! {  t+ v6 B) s5 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。* v8 U, G. G* q, J, e% T: [. ^
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
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

/ i, c3 \% a7 `- m$ t
& I+ ?! a' n0 V9 L& ~+ `下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。6 I9 G& p( u% T: \7 Y
) x" O. s) e4 t: B; H( d! 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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