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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。- p6 q' W  X0 x! ^5 ^
8 K7 W( R, E2 F9 Z2 ^3 ?
3 w) s! g8 f, L+ t* m
[ 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:6 R& \* w3 y. t" a
SUMMARY OF THE OFFERING
& {% K6 n  g" f+ Z+ x' W/ c3 EThis 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’’.
5 v' }; M* ?% a8 AIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
9 y* V7 z1 F* b7 NAmount: $150,000,000 (6,000,000 shares).1 R. e# j) m! u2 Z
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
# X0 _' g9 Q& d' K( g( Y  m8 LPrincipal Characteristics of the Preferred Shares Series 18
: P4 U/ ~' `  i$ H, tDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
% h) o% \: y5 f( s+ g2 ^* h5 _non-cumulative preferential cash dividends, as and when declared by the$ F$ l1 \6 D( t, q' J
Board of Directors, subject to the provisions of the Bank Act, for the initial; K3 J& Z. ]/ k4 ]+ G
period commencing on the closing date and ending on and including8 n2 g" s3 {' S
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the) Y8 b. t7 M/ W8 O9 G
25th day of February, May, August and November in each year, at a rate& X/ p* c/ s# ]9 q3 b
equal to $0.40625 per share. The initial dividend, if declared, will be payable8 L8 A5 x, ~# p, N6 o3 E
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing+ M7 Z4 I1 l4 D, t: T& d+ U& ?
date of December 11, 2008.
% S- p  {1 A; g$ ~8 G3 t! @3 @, I: PFor each five-year period after the Initial Fixed Rate Period (each, a
% T6 H! y1 V+ N, H# T6 [& _‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
5 Y/ d# _$ G1 l# n8 j$ MSeries 18 will be entitled to receive fixed non-cumulative preferential cash
4 M* z" ^( ?$ \  [dividends, as and when declared by the Board of Directors, subject to the
4 q2 ^# x/ j$ \+ \- Z/ v% J# Mprovisions of the Bank Act, payable quarterly on the 25th day of February,1 Q& ^5 h- H* E5 r( v0 J
May, August and November in each year, in the amount per share per annum
' B$ T3 w& ^! b* V4 odetermined by multiplying the Annual Fixed Dividend Rate applicable to9 s$ U% y6 ?+ ^
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
, V$ O9 B) S8 eRate for the ensuing Subsequent Fixed Rate Period will be determined by the
$ ?6 b* a) s  }3 z2 UBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
* i5 {# X# M' {6 F' a' N  A, w! Hof such Subsequent Fixed Rate Period and will be equal to the sum of the
6 @" J3 s9 y6 c7 }! ~- cGovernment of Canada Yield on the applicable Fixed Rate Calculation Date' g% }6 V1 d+ `2 G
plus 3.83%.
; u) R7 n; W: Z8 q+ M& LIf the Board of Directors does not declare a dividend, or any part thereof, on
. w4 ^- i( ?6 r9 Athe Preferred Shares Series 18 on or before the dividend payment date for a, K/ u5 F! _2 t5 _$ N+ Z9 h
particular quarter, then the entitlement of the holders of the Preferred
/ B8 W1 \0 g! p4 i& eShares Series 18 to receive such dividend, or to any part thereof, for such% ~/ Y  b' a1 f
quarter will be forever extinguished.
" e# X/ D! K( e7 O( o: k" |  K" FRedemption: Subject to the provisions of the Bank Act and to the prior consent of the' w6 Q$ Y& K8 ]( `+ e3 p
Superintendent and to the provisions described below under ‘‘Details of the
0 ^2 ~8 T8 O2 L+ [6 sOffering — Certain Provisions of the Preferred Shares Series 18 as a/ N  l. U. W# H! W& k
Series — Restrictions on Dividends and Retirement of Shares’’, on
" B3 ?8 ^9 C  x0 x) B# WFebruary 25, 2014 and on February 25 every five years thereafter, on not
! P0 x; K/ d1 omore than 60 nor less than 30 days’ notice, the Bank may redeem all or any; {6 I' T7 Z* ~$ t# D! ?3 U# D9 l- l
part of the then outstanding Preferred Shares Series 18, at the Bank’s option5 e. L  k1 w. f
without the consent of the holder, by the payment of an amount in cash for
- e/ I/ N# _6 ~# p5 |each such share so redeemed of $25.00 together with all declared and unpaid
% u4 o- D- l# R, W$ |* sdividends to the date fixed for redemption.3 b+ i; y) b! l& @/ f- r
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic# O- y! I9 Z: X/ J" x
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
* g* y4 v0 w# C8 P* K( U9 Kthe right, at their option, to convert, on February 25, 2014 and on1 W: R$ O8 [9 t; G% m' d" Y, p8 l# Y
S-4
# @  V& c/ f) y+ g( H8 GFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any2 C5 T2 l8 z9 y2 O* b* N
or all of their Preferred Shares Series 18 into an equal number of Preferred
5 |1 H5 Q+ y% H  eShares Series 19 upon giving to the Bank notice thereof not earlier than9 [) R$ V, j+ H6 `3 h
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day5 y4 n# u* ~7 I. Y
preceding, a Series 18 Conversion Date.1 H) N" S. \  s- N' L; }
Automatic Conversion If the Bank determines, after having taken into account all shares tendered) Z! S* z6 N& G$ T3 e
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares0 j9 T; y$ O8 [5 @: I) _
Series 19, as the case may be, that there would be outstanding on such) m; V/ e# U6 {2 U
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
1 }2 W# H- S" L7 C- P+ g9 Psuch remaining number of Preferred Shares Series 18 will automatically be
. N8 g: ^+ ]" Bconverted on such Series 18 Conversion Date into an equal number of
+ d4 E" _; p! {8 ]1 g( P3 Y9 cPreferred Shares Series 19. Additionally, if the Bank determines that, after
6 b! o1 v3 ^3 q9 Y5 f# cconversion, there would be outstanding on such Series 18 Conversion Date6 o2 \0 V, v7 K, a& q
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
* |5 }: d/ X* l- _8 ^7 MSeries 18 will be converted into Preferred Shares Series 19.7 a& ^" {& R; e
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
; I( p. i. y+ c" Q1 z- c7 VSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
- D6 y. T! E% k* Z" yany meeting of the shareholders of the Bank unless and until the first time at; C  L) a% u: U& C
which the Board of Directors has not declared the whole dividend on the# q/ \( P- J* @: @( m' m
Preferred Shares Series 18 in any quarter. In that event, subject as. l" }( e/ a; \. `* v) z
hereinafter provided, the holders of Preferred Shares Series 18 will be" o3 l2 M0 v8 c  v& S+ d
entitled to receive notice of, and to attend, meetings of shareholders at which
) \( _, `) [* F4 e. ~- ldirectors of the Bank are to be elected and will be entitled to one vote for. L% \! G/ u- Z4 t% \+ i. ]: L' m
each Preferred Share Series 18 held. The voting rights of the holders of the# T0 j) C& V( U7 n6 J
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
$ H% t6 q# Z, M+ i: `, S% Hthe first dividend on the Preferred Shares Series 18 to which the holders are# D/ F" w# g/ F# G
entitled thereunder subsequent to the time such voting rights first arose until
/ m$ l: V. M; Vsuch time as the Bank may again fail to declare the whole dividend on the
' q+ F' `, H, ]/ Z3 k9 aPreferred Shares Series 18 in respect of any quarter, in which event such
1 l3 H* R- h" w. ^# [7 s! i3 g+ Q# Hvoting rights will become effective again and so on from time to time.
6 J7 {6 |8 u+ `; J6 \Principal Characteristics of the Preferred Shares Series 19
3 e! K6 A# N8 Z' [8 D5 f' WDividends: The holders of the Preferred Shares Series 19 will be entitled to receive% X: ]( x% l4 Y/ V; g7 i4 c- C: ^
floating rate non-cumulative preferential cash dividends, as and when5 I0 [* h8 P/ _; r6 I. m; \
declared by the Board of Directors, subject to the provisions of the Bank Act,  F" i, n7 ]) I' M8 F6 a/ N; T0 N
payable quarterly on the 25th day of February, May, August and November; ^! l0 ~  J8 s" K) T1 a
in each year, in the amount per share determined by multiplying the
9 {) n2 N8 {  w! W, uapplicable Quarterly Floating Dividend Rate by $25.00.& L: O7 W+ H: w/ r& i
On the 30th day prior to the commencement of the initial quarterly dividend3 \& z2 B  b* z: |  S2 [
period beginning on February 25, 2014, and on the 30th day prior to the first7 b8 C  |% d; }! z
day of each subsequent quarterly dividend period (the initial quarterly! q7 f% G* `4 f0 ?; O2 u0 ]
dividend period and each subsequent quarterly dividend period is referred to! `* l/ X4 L3 e8 E5 N/ L3 K+ i
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
  `1 x2 X$ b% ^2 g% c5 NQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate. V( q% V' S* C; i
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the8 B9 n# I0 Z; _7 H
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days3 K9 j8 s7 t+ j5 i
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
3 e3 n# q+ u; e/ u: A! xdetermined on the 30th day prior to the first day of the applicable Quarterly% s2 t! H5 C2 \: C" L
Floating Rate Period.
5 @0 w5 X1 h6 p0 v% e6 K. LS-5
( D! A' z- d. z( R  ^* eIf the Board of Directors does not declare a dividend, or any part thereof, on
; z$ l- G5 r# G; T% Z7 m' A$ qthe Preferred Shares Series 19 on or before the dividend payment date for a0 V* b. T9 v* p& g# f7 j+ H# Y
particular quarter, then the entitlement of the holders of the Preferred
9 k; x! c) {7 D0 EShares Series 19 to receive such dividend, or to any part thereof, for such' ^/ s9 @+ ^. k- h6 n9 O( ]0 x
quarter will be forever extinguished.
3 `8 U5 i  v$ `' h$ R" @1 s6 kRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
/ x7 J9 |  x, B! iSuperintendent and to the provisions described below under the heading
2 [+ L" E: u6 X; p  _1 ^‘‘Details of the Offering — Certain Provisions of the Preferred Shares$ d) W5 _. U' s* s% q  o8 ~
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
' u9 @5 F; ]3 X# _7 u6 Y2 N1 _$ jon not more than 60 nor less than 30 days’ notice, the Bank may redeem all$ e! I! n9 J4 E
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s" B+ q$ z7 E, z
option without the consent of the holder, by the payment of an amount in
& P. h! M8 V7 x) Y5 z" rcash for each such share so redeemed of (i) $25.00 together with all declared
- n& u$ n* W. wand unpaid dividends to the date fixed for redemption in the case of. w" s0 s7 U8 T# E! `
redemptions on February 25, 2019 and on February 25 every five years; ^- e# u( O& ]
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
8 |" @, e  S3 sthe date fixed for redemption in the case of redemptions on any other date
" f# m; [; m) E  N, Kon or after February 25, 2014.  k, ]) c4 P" E
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
$ {+ t! n/ E" j; i/ ^Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have# Y, s* C, r% g) a! Z( c2 u
the right, at their option, to convert, on February 25, 2019 and on
* _5 x% F# E. P# o1 g4 FFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
; S! J4 S9 H. ~9 a7 nor all of their Preferred Shares Series 19 into an equal number of Preferred2 [! z9 y  T, Q/ z9 r3 y7 E
Shares Series 18 upon giving to the Bank written notice thereof not earlier
* n9 ^: e+ z! e9 mthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the. _2 ^+ Q- L/ Z  U6 \# X. g9 h
15th day preceding, a Series 19 Conversion Date.
- p4 ]- b- S. B4 c1 q2 {# p2 FAutomatic Conversion If the Bank determines, after having taken into account all shares tendered" }# F! n3 m& \
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
5 Q* S$ a4 q+ Q" e# M& CSeries 18, as the case may be, that there would be outstanding on such
& J: M. c! D; h4 FSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
5 f; J! H$ j" c, g2 hsuch remaining number of Preferred Shares Series 19 will automatically be
: ^0 X) x2 p; y2 d- kconverted on such Series 19 Conversion Date into an equal number of) o) T0 z/ X5 w8 @
Preferred Shares Series 18. Additionally, if the Bank determines that, after
! Y! N. X' V7 K. ], g" `  R8 P/ fconversion, there would be outstanding on such Series 19 Conversion Date
" A& @- K" t$ k/ Sless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares. Q% O- u! M8 c* M
Series 19 will be converted into Preferred Shares Series 18.
% v" K$ j- G* _Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
- T& D4 X" T5 ?; cSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
% y6 x* q, R  C- p# Uany meeting of the shareholders of the Bank unless and until the first time at  Q) Y2 Q/ m2 I) ^1 x; v( I3 W0 @
which the Board of Directors has not declared the whole dividend on the
" B& d/ B$ G  ~' qPreferred Shares Series 19 in any quarter. In that event, subject as# x; C& ]; d) O$ W7 H5 f( g
hereinafter provided, the holders of Preferred Shares Series 19 will be
. r/ q. R3 X3 D# eentitled to receive notice of, and to attend, meetings of shareholders at which- Z! v! _6 _& a9 `2 z! Q$ T) ~6 t
directors of the Bank are to be elected and will be entitled to one vote for
* \) ?/ A* t8 v- p+ R/ t. ?+ Beach Preferred Share Series 19 held. The voting rights of the holders of the3 x$ \: a( c; B* l& c
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of2 N6 A- O/ p2 C1 g( E" s
the first dividend on the Preferred Shares Series 19 to which the holders are
# f7 Q, i# S) i! F; h1 Bentitled thereunder subsequent to the time such voting rights first arose until
/ i/ k; f' V( Wsuch time as the Bank may again fail to declare the whole dividend on the
' g  I& D# H& N: B0 w& ?Preferred Shares Series 19 in respect of any quarter, in which event such+ u3 {, y! o$ w1 Z
voting rights will become effective again and so on from time to time.
% |& d+ X' r  }" z! K4 YS-6% }6 K4 W/ g; a' x, N( o
Priority: The preferred shares of each series of the Bank will rank on a parity with# i& R1 M7 H2 V. O
every other series and are entitled to preference over the common shares of- Y, j! L* F$ Y- U
the Bank and over any other shares of the Bank ranking junior to the
  s: \9 u5 t: ]8 Ipreferred shares with respect to the payment of dividends and upon any$ z% \0 O8 S' I6 h( o! i% O
distribution of assets in the event of the liquidation, dissolution or
6 Q; o6 s  v$ K1 ?# z+ L) Dwinding-up of the Bank.1 g* k5 O% q$ c! u& H2 t0 p' |3 K
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
3 A7 C2 e" f0 D, ODividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares# |; ~; s' i2 @% n1 g
Series 18 and Preferred Shares Series 19 will not be required to pay tax on5 V: S- E# b0 U& P1 F1 A
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。
2 o' Z' Z0 o* T1 z( ]) f- u9 J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。
大型搬家
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 18:26 | 显示全部楼层
4 V# y' B9 T/ q$ j! w6 D5 s/ s0 z
* v% a1 t$ B; G# S6 ~
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。  a) @" o9 P, r
2 l  g* @% e& d" I2 M% \' [* a- G
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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