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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和GIC。不过这种Preferred Share是一种股票,其风险比基金和GIC都大。: E& r  Z  R! M$ w8 S7 r5 T

1 t8 n1 n$ f2 h. h0 b' t! V$ T1 L
5 W$ B0 H$ }! k* f9 W( g  W- F[ 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:
% n8 [5 g0 ]; aSUMMARY OF THE OFFERING
" i3 s) q! G! K/ m- FThis 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’’.; V/ f1 g- E+ S4 B
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
& V; l( R( m1 n  G% b! f' AAmount: $150,000,000 (6,000,000 shares).
; m( y: n1 c* P& ~- cPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
; O8 W  [! e) d7 \; pPrincipal Characteristics of the Preferred Shares Series 185 D" l/ ?( |( R8 e. `  k
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed% G3 s3 ?" ?+ {( k& ?
non-cumulative preferential cash dividends, as and when declared by the
# w0 ?  C4 J. }# GBoard of Directors, subject to the provisions of the Bank Act, for the initial
" F% B. h  c' g$ [period commencing on the closing date and ending on and including
$ j8 T; g2 W. M4 K4 _: }February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the( @$ \% o# P8 @5 r& ~' N
25th day of February, May, August and November in each year, at a rate% k& t& A& X  J6 p4 O5 u
equal to $0.40625 per share. The initial dividend, if declared, will be payable  k0 }. ?9 B7 G, p5 L- u4 l; B
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
, |2 ]( E) A- Q0 m2 P4 Edate of December 11, 2008.3 L: J( ^2 O# ?5 q
For each five-year period after the Initial Fixed Rate Period (each, a- i$ N6 n) Y7 F/ `- n) M7 E
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares: u  V3 E3 V0 |+ C
Series 18 will be entitled to receive fixed non-cumulative preferential cash; X. b/ i0 Q! l+ I
dividends, as and when declared by the Board of Directors, subject to the' r3 R7 }& R6 J4 x; ?8 P4 g
provisions of the Bank Act, payable quarterly on the 25th day of February,
- T1 Q5 \) Z- {& _5 u5 D8 eMay, August and November in each year, in the amount per share per annum
. j; R  S1 s1 y* h" v4 n" Wdetermined by multiplying the Annual Fixed Dividend Rate applicable to
% U4 i7 |3 J/ \, c' bsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend+ X) {3 ?# b4 _4 v/ d
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
, \& K, N0 J1 _0 `( u# x# {Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
) s2 H! E" D8 ^% k8 b! a* m  U+ Dof such Subsequent Fixed Rate Period and will be equal to the sum of the1 a- r- q9 h+ e3 b0 i( s
Government of Canada Yield on the applicable Fixed Rate Calculation Date
# g3 v( e# `) bplus 3.83%.
4 [8 I7 H  T3 `; p+ f! c8 Y- p: q) d4 nIf the Board of Directors does not declare a dividend, or any part thereof, on
8 V) j* L3 U) \2 n! pthe Preferred Shares Series 18 on or before the dividend payment date for a
( q$ G" B- |) b" [particular quarter, then the entitlement of the holders of the Preferred
( W" f3 _( ]( {9 w+ y# q. g* ?Shares Series 18 to receive such dividend, or to any part thereof, for such
/ G0 X. R6 a, c9 Y. Qquarter will be forever extinguished." D. l% _* y5 }; l/ x
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
: `# k9 d2 J$ O7 w  ISuperintendent and to the provisions described below under ‘‘Details of the
) g  P( y/ E: {; g4 g& GOffering — Certain Provisions of the Preferred Shares Series 18 as a' A8 f  W) N1 w' G% I6 f' M
Series — Restrictions on Dividends and Retirement of Shares’’, on5 a1 A6 {( m& x- |4 q
February 25, 2014 and on February 25 every five years thereafter, on not! W- ?2 J6 I# x
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
: I4 S: N7 d9 Vpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
8 i+ }$ L- C% z6 Y, dwithout the consent of the holder, by the payment of an amount in cash for2 W4 D2 `1 N/ ^3 l7 Z( w2 Q* n& m
each such share so redeemed of $25.00 together with all declared and unpaid
  I3 ^2 g& a. P% `& @2 n) xdividends to the date fixed for redemption.
$ V5 S- W. \" Z/ `3 S$ MConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
  [0 V$ S# G# q1 b1 Z: C8 ZShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
: @; D* i6 r# g  p0 Ythe right, at their option, to convert, on February 25, 2014 and on* B7 c9 B! L. m; F; @; S! ?! e
S-4
  g0 k+ y# y$ z+ O( i9 pFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
9 F- m# y; ^1 R6 K- ~1 F, tor all of their Preferred Shares Series 18 into an equal number of Preferred
* O$ G6 j5 ^4 C8 e/ Q% PShares Series 19 upon giving to the Bank notice thereof not earlier than8 X& g: o+ k! L/ Y# J
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day; U  o3 Q: g1 T# h# w  A, q
preceding, a Series 18 Conversion Date.
1 O$ h- W, q% y, \$ Z6 CAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
8 G$ _/ w8 h8 c! [/ H. KProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
1 b' L) `- Q/ Z3 J3 x1 k% fSeries 19, as the case may be, that there would be outstanding on such
* V1 J* E" ^5 W3 t; xSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
. }" |" Q# Z* H& P1 g" w$ I" Psuch remaining number of Preferred Shares Series 18 will automatically be
$ d& T1 [6 K2 j2 z# [$ C2 H1 Dconverted on such Series 18 Conversion Date into an equal number of+ z3 z- I1 y( G' J* Z! g
Preferred Shares Series 19. Additionally, if the Bank determines that, after
1 ^9 O7 D7 s7 A( G) v# u$ Bconversion, there would be outstanding on such Series 18 Conversion Date
# c% W: T* q; c" g$ Tless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares6 H6 P% L% \3 w9 B% ~8 N3 t' C. ^
Series 18 will be converted into Preferred Shares Series 19.% g9 f( M  s* ^9 g
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
# N0 m% u2 f7 T7 e& L9 D5 MSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
! q- D! R% c+ c5 Aany meeting of the shareholders of the Bank unless and until the first time at# j( ^' \: I  a( J1 p2 j
which the Board of Directors has not declared the whole dividend on the; g: y, ?+ M. X, t
Preferred Shares Series 18 in any quarter. In that event, subject as" Z$ U. ^6 e" [: O+ Q
hereinafter provided, the holders of Preferred Shares Series 18 will be
/ S' C, V- d6 i, a1 qentitled to receive notice of, and to attend, meetings of shareholders at which6 B1 E) v: W) ?
directors of the Bank are to be elected and will be entitled to one vote for+ K7 l, J$ U/ h% ^3 T
each Preferred Share Series 18 held. The voting rights of the holders of the7 K+ w3 P  x6 M' H
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
' }3 f: d; b1 J$ T7 q) _the first dividend on the Preferred Shares Series 18 to which the holders are
9 V* d9 t0 x( f8 Xentitled thereunder subsequent to the time such voting rights first arose until3 d' s# `, m9 P1 p) D. D. y
such time as the Bank may again fail to declare the whole dividend on the
9 U: P$ ?( b. Y3 pPreferred Shares Series 18 in respect of any quarter, in which event such
3 m# {& G3 ^1 T$ p. {& q3 \8 J6 gvoting rights will become effective again and so on from time to time.
" t' t! T$ x6 YPrincipal Characteristics of the Preferred Shares Series 19/ A1 ]5 n% F4 v0 D3 l. Z
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive( t" h, X# U1 T9 ~
floating rate non-cumulative preferential cash dividends, as and when' b+ F% |+ M  v- Y/ w- L
declared by the Board of Directors, subject to the provisions of the Bank Act,$ N* h. v* M2 I
payable quarterly on the 25th day of February, May, August and November
$ p% \- S' r- b, O% X9 D1 zin each year, in the amount per share determined by multiplying the
* b* @! E5 @$ N3 Z9 napplicable Quarterly Floating Dividend Rate by $25.00.
" x( \! d8 _4 l& X- C* ~5 E5 N. TOn the 30th day prior to the commencement of the initial quarterly dividend
0 P2 J, m' t) j# Z# w  Y$ tperiod beginning on February 25, 2014, and on the 30th day prior to the first
0 y- d3 y9 E5 l% c. A1 f) ^, X, dday of each subsequent quarterly dividend period (the initial quarterly
) a% s& V0 A; A  rdividend period and each subsequent quarterly dividend period is referred to2 D8 P+ D1 R, H0 T% T
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the/ f, n  ]3 E# ^- V7 g' K
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
0 R) ~; T& I$ k" }" _/ |7 q! MPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the1 T# K; j& g! q% |
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
! x6 n) }( R2 E+ ^elapsed in the applicable Quarterly Floating Rate Period divided by 365)
) i2 U9 F) j* _- P- O9 tdetermined on the 30th day prior to the first day of the applicable Quarterly9 j7 p3 X: ~- U
Floating Rate Period.! M2 Y( L* X" v$ q+ @# x/ f; ~- z9 K
S-5) ?4 p. Y# c- e
If the Board of Directors does not declare a dividend, or any part thereof, on* p2 \5 i& G, `# H$ _
the Preferred Shares Series 19 on or before the dividend payment date for a
$ Z' S2 e; O, O4 h$ d7 G+ sparticular quarter, then the entitlement of the holders of the Preferred
5 J' ]5 ?% n' i+ D7 O& Z+ y" C' RShares Series 19 to receive such dividend, or to any part thereof, for such7 q( b" |' Q5 z8 }% A
quarter will be forever extinguished.
( y8 H0 ]. G0 L5 v: CRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
# _4 j3 C! H: NSuperintendent and to the provisions described below under the heading/ R5 k0 P9 _2 w' J
‘‘Details of the Offering — Certain Provisions of the Preferred Shares! W; v1 F9 ~+ d' ]: l: I
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
( O5 q. H0 C7 W9 R4 e1 Kon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
* u0 o2 g/ W" e3 }9 ?) J0 T- Q: sor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
- r6 U7 c2 e9 Y% x! |4 ^& o; N% Xoption without the consent of the holder, by the payment of an amount in6 K" A$ ]! ~+ N8 o/ L
cash for each such share so redeemed of (i) $25.00 together with all declared
3 |4 o% V5 w7 nand unpaid dividends to the date fixed for redemption in the case of' I9 K8 y: e- {- D/ f7 D' z$ `, L
redemptions on February 25, 2019 and on February 25 every five years
* U( u6 }0 t1 A9 l+ z, Qthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
( B# ?  q  j, g9 |( lthe date fixed for redemption in the case of redemptions on any other date$ N3 E0 @# x- S- C" d
on or after February 25, 2014.
% T' R2 j# E4 b: ?( Y5 p* pConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
8 t" s& i, N4 S6 wShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have0 b$ i  d4 G+ B) H. e7 w
the right, at their option, to convert, on February 25, 2019 and on3 c  y. h# W* s
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any! O9 @4 d6 n) u
or all of their Preferred Shares Series 19 into an equal number of Preferred5 k0 b% W4 f7 m) ^; m. R
Shares Series 18 upon giving to the Bank written notice thereof not earlier0 V* p! L4 J! U1 y5 K
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
( b7 |& }% n. k15th day preceding, a Series 19 Conversion Date.8 I: f+ j1 s& R  r
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
1 `6 D9 H% t7 L  U1 `: g# Y# Z( H6 U4 \Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares  h: r% G+ z# E
Series 18, as the case may be, that there would be outstanding on such
$ U; h+ F$ H) M; r$ ~3 q% ~Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
+ V4 f+ C+ x$ Ssuch remaining number of Preferred Shares Series 19 will automatically be
$ g. G- v1 R5 Z& Q" g/ W$ _$ gconverted on such Series 19 Conversion Date into an equal number of: k# \6 p4 T; h7 b0 Y9 t* j( S' f+ q1 Z
Preferred Shares Series 18. Additionally, if the Bank determines that, after
( D6 U2 }: D% l& b/ Gconversion, there would be outstanding on such Series 19 Conversion Date+ ?1 i  [1 U1 p) G" p6 t0 b( d3 f
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares  m9 \# [9 O! v! z  ^
Series 19 will be converted into Preferred Shares Series 18.( U- X2 @6 _1 f/ h! c4 ~) m
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
' P9 Z/ {1 S5 F, }/ mSeries 19 will not be entitled as such to receive notice of, attend, or vote at,0 h/ P3 s* G8 S$ b: b
any meeting of the shareholders of the Bank unless and until the first time at
- L; r% q) K" X, q# x1 W" M* `5 ]which the Board of Directors has not declared the whole dividend on the" B: H. A  o/ h& p
Preferred Shares Series 19 in any quarter. In that event, subject as  a1 L3 J8 B% _- T
hereinafter provided, the holders of Preferred Shares Series 19 will be' E# i! K* h1 B) L
entitled to receive notice of, and to attend, meetings of shareholders at which
/ q) D' y4 c& p- l2 h" A" b- q8 }' ldirectors of the Bank are to be elected and will be entitled to one vote for
7 K) P1 w7 \  i- L, L% _. G9 geach Preferred Share Series 19 held. The voting rights of the holders of the
3 ]1 n! K& a( HPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
2 y0 L# K1 H/ B0 Z- lthe first dividend on the Preferred Shares Series 19 to which the holders are
% D6 A* ]9 L6 j) @# T- j; r+ Wentitled thereunder subsequent to the time such voting rights first arose until: I$ k2 T2 ?, X: B  S$ Y9 |
such time as the Bank may again fail to declare the whole dividend on the
( b: {# O# l; E5 n& Z& N6 oPreferred Shares Series 19 in respect of any quarter, in which event such7 z8 V! t8 u2 u  R5 m
voting rights will become effective again and so on from time to time.
0 |. ]8 L9 z" B  T- u" p+ B9 pS-6
+ S% J' d5 x" N3 ]$ g; r; ]) P4 NPriority: The preferred shares of each series of the Bank will rank on a parity with
  G, Y: [  y5 o. K$ ]! vevery other series and are entitled to preference over the common shares of
- J* f& P/ C. {7 ]( p- Rthe Bank and over any other shares of the Bank ranking junior to the
7 n; h* u! ?* _* \" Lpreferred shares with respect to the payment of dividends and upon any5 N$ D. K) X  {+ ], A& B7 H
distribution of assets in the event of the liquidation, dissolution or  p! ], B9 X% F2 c
winding-up of the Bank.
* U/ X1 h7 `! u6 J/ f  yTax on Preferred Share The Bank will elect, in the manner and within the time provided under& P0 E2 p. N( n: d4 C/ N% M
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares1 ]( l6 m5 N. Z1 ~3 B! ]! i) ^
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
  v. F2 P3 y6 x5 Z$ z% L) 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。
5 x, z! i2 _! |( s& P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

1 ^: M/ m* E- m1 O+ k( V
$ Z4 C) [& e2 e$ \下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。; I- {6 }0 R; L- u; V, |: x
/ W' I) Z' Q+ F" c% Y# ^( p0 ~
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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