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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。. c. X7 |( U# t

0 }7 @" k3 J6 C4 M
# m& I$ o: @2 ]4 f* c. c, p6 w2 {3 K[ 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:! I' ]3 w9 v/ x; E2 j) h* A8 V8 [5 p
SUMMARY OF THE OFFERING
& I- R- x2 ~5 h- q$ e% NThis 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’’.
; e9 y/ _7 ]* U/ `9 B! W$ qIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
5 O  d" k9 \4 b6 k) w( O& yAmount: $150,000,000 (6,000,000 shares).
& o4 C' P! }- y: {& Z# rPrice and Yield: $25.00 per share to yield initially 6.50% per annum.1 s, e" S2 f* A
Principal Characteristics of the Preferred Shares Series 18. Z' q. R$ {5 R* W2 M% @
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed) f" w; ~1 E2 F: i
non-cumulative preferential cash dividends, as and when declared by the
: {8 t. A( c4 l1 C! T# A: dBoard of Directors, subject to the provisions of the Bank Act, for the initial
8 `6 r1 x  Q) U, k, n  Cperiod commencing on the closing date and ending on and including
/ O! m3 k5 ]% }- g  f% A) aFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the. b$ Z) i& i! ^; n  Z: r$ t
25th day of February, May, August and November in each year, at a rate
& \3 G6 v( U- {+ V' ^: u! n7 O; hequal to $0.40625 per share. The initial dividend, if declared, will be payable
! s3 q! D$ W# z# LMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing. q. G! X; h9 h: q1 [! G
date of December 11, 2008.% e( ^3 E$ T" E! j8 P0 b# t* B
For each five-year period after the Initial Fixed Rate Period (each, a
* z4 _2 S+ [0 q  y‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
2 r8 F- O0 p" m- M1 R, z$ tSeries 18 will be entitled to receive fixed non-cumulative preferential cash
' R( p$ z' D7 |dividends, as and when declared by the Board of Directors, subject to the# A9 W: e, m4 ^. B$ }
provisions of the Bank Act, payable quarterly on the 25th day of February,
8 J* t- g+ c5 G& ~May, August and November in each year, in the amount per share per annum
- Q# h  {. H5 T: K" S$ Fdetermined by multiplying the Annual Fixed Dividend Rate applicable to
+ x+ w, n3 W7 |such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
8 o  m; |2 p7 {6 eRate for the ensuing Subsequent Fixed Rate Period will be determined by the
- e0 s' _1 ^- M) SBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
' Z/ A( m# O+ c# H2 m: m( \1 J8 }of such Subsequent Fixed Rate Period and will be equal to the sum of the
4 |% ^2 p! E6 K4 wGovernment of Canada Yield on the applicable Fixed Rate Calculation Date+ m  I( }, t' f+ }$ Q
plus 3.83%.3 A% Z! b( Q7 B/ g$ q
If the Board of Directors does not declare a dividend, or any part thereof, on: O) Q: b" Z* M/ s6 C
the Preferred Shares Series 18 on or before the dividend payment date for a3 v: |9 l7 Q  W9 m+ t( V) i; v: I8 D
particular quarter, then the entitlement of the holders of the Preferred
1 a9 r; s9 e$ E* f0 S2 mShares Series 18 to receive such dividend, or to any part thereof, for such
5 W5 B( F- W' i' ]( p7 ?1 ~/ ?2 ^; mquarter will be forever extinguished.
1 t3 T! j2 n: D; B8 \Redemption: Subject to the provisions of the Bank Act and to the prior consent of the4 L6 ?$ q) q- t) j) D- Z
Superintendent and to the provisions described below under ‘‘Details of the2 k. O/ b! ?& ~' H  ?
Offering — Certain Provisions of the Preferred Shares Series 18 as a
: V5 w; H, R  {% v  e, ^Series — Restrictions on Dividends and Retirement of Shares’’, on
  E4 @$ v" W% U4 zFebruary 25, 2014 and on February 25 every five years thereafter, on not/ ?" o9 A* j' ~: P2 l: A7 F! x
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any+ A7 S3 H) K$ ]: d' n2 m
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
- H8 `: |# s. F6 ?without the consent of the holder, by the payment of an amount in cash for
# B& r7 [, e+ o7 C3 C1 |each such share so redeemed of $25.00 together with all declared and unpaid
4 }5 O# m0 e- S3 {/ S- Y, ddividends to the date fixed for redemption.* L2 s. u8 H0 H* N/ S8 Q) T
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic7 E9 `' [, }( n# ~
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have, S1 Y; _) a) X  }
the right, at their option, to convert, on February 25, 2014 and on- o+ p! ?/ G- ~  D! P
S-4# Y! L# W; K: H* J6 i
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
' z) ~0 z0 t9 }# V& t* [3 eor all of their Preferred Shares Series 18 into an equal number of Preferred2 O$ Z  K4 r/ T7 Q/ B
Shares Series 19 upon giving to the Bank notice thereof not earlier than
+ A( b- F1 A) P% Z. E2 \% ^$ z30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
4 E5 s6 O  ]3 a+ fpreceding, a Series 18 Conversion Date.
  }0 a, @' @# e/ v9 ?5 F) xAutomatic Conversion If the Bank determines, after having taken into account all shares tendered+ D7 E* u9 [& i2 X6 g
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares, a# X6 D) N/ _$ ?3 L* K  X
Series 19, as the case may be, that there would be outstanding on such
' w$ R1 I4 W  }0 Q5 e- d+ @Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
. `& j, N; {* x. H  D! N: ysuch remaining number of Preferred Shares Series 18 will automatically be
3 j9 b! g8 H8 \converted on such Series 18 Conversion Date into an equal number of
4 M( n/ c/ U# D" j1 s/ BPreferred Shares Series 19. Additionally, if the Bank determines that, after
: @5 w+ n" k" H+ Cconversion, there would be outstanding on such Series 18 Conversion Date
/ H- x! s6 y$ m- a8 }less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
# l7 k" h6 @/ E* M1 YSeries 18 will be converted into Preferred Shares Series 19.* j% |4 t, q: m: W( g6 I
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
9 z5 v/ [. Z7 A0 P& cSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
6 X& l0 L/ P  J4 iany meeting of the shareholders of the Bank unless and until the first time at
+ G3 {1 P$ `7 m# Y7 @5 Fwhich the Board of Directors has not declared the whole dividend on the
+ |2 I( h/ d# jPreferred Shares Series 18 in any quarter. In that event, subject as$ _( }1 H, W4 h- C+ u3 X3 p+ S
hereinafter provided, the holders of Preferred Shares Series 18 will be
; u% |  a5 G5 U$ R- g; gentitled to receive notice of, and to attend, meetings of shareholders at which
! r" d- t, j% }9 q" {/ K+ Mdirectors of the Bank are to be elected and will be entitled to one vote for
" ]# N4 Q  {- f! X3 i0 Weach Preferred Share Series 18 held. The voting rights of the holders of the
6 b9 l- z6 m$ }( m- \Preferred Shares Series 18 will forthwith cease upon payment by the Bank of4 L6 }) l! c8 B+ Z2 x+ \# m- R
the first dividend on the Preferred Shares Series 18 to which the holders are9 b5 O# o5 X* |9 w  o
entitled thereunder subsequent to the time such voting rights first arose until
' p9 V' L4 \5 {' lsuch time as the Bank may again fail to declare the whole dividend on the
5 x6 V0 G# ]% e- v) B! k( x. ^Preferred Shares Series 18 in respect of any quarter, in which event such- N: s6 A$ _- t4 Q
voting rights will become effective again and so on from time to time.
6 s$ l3 X5 B' g! e4 C, IPrincipal Characteristics of the Preferred Shares Series 19* @2 {! K) E) [4 U1 K; @# A
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive5 y# v8 I8 X2 \3 x
floating rate non-cumulative preferential cash dividends, as and when5 m& ^/ h+ L$ r* ^2 P* o0 n* ]
declared by the Board of Directors, subject to the provisions of the Bank Act,5 f5 e0 W1 C" y
payable quarterly on the 25th day of February, May, August and November1 o& D; ~* k! p/ V5 Q1 p9 I7 P
in each year, in the amount per share determined by multiplying the
: }# S' R" O1 f# K3 dapplicable Quarterly Floating Dividend Rate by $25.00.& S/ f+ x8 Z# `; |+ n3 Y3 e
On the 30th day prior to the commencement of the initial quarterly dividend7 V) X9 t/ }; b; r2 `
period beginning on February 25, 2014, and on the 30th day prior to the first5 B2 H& \5 a6 W
day of each subsequent quarterly dividend period (the initial quarterly) ?' t! a; E; V
dividend period and each subsequent quarterly dividend period is referred to
8 ^, @. R- Q/ S* p/ q+ Was a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
( o$ @5 _2 V; L0 A4 E. ZQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate" K5 w+ {0 t' i/ g' z
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
; i6 B% u6 w8 k4 KT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
/ ^' F' Y5 g/ x4 zelapsed in the applicable Quarterly Floating Rate Period divided by 365)' E: S" `! e% J* M
determined on the 30th day prior to the first day of the applicable Quarterly
' E) N' M2 @8 eFloating Rate Period.
4 O! {* F9 d& p9 {2 |S-5$ ]- n2 |: g( N/ d
If the Board of Directors does not declare a dividend, or any part thereof, on
2 F4 x" x/ j0 {! dthe Preferred Shares Series 19 on or before the dividend payment date for a
2 O! t/ {# H$ \( l( ^" Kparticular quarter, then the entitlement of the holders of the Preferred
* r: z. c; h" V6 p  O$ FShares Series 19 to receive such dividend, or to any part thereof, for such4 O; w* ^, s( \% V( N) D
quarter will be forever extinguished.' p( K0 i3 X- p. Y8 H3 b- q, }
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
1 T# l! M( w2 |Superintendent and to the provisions described below under the heading; g0 _" L6 w" A& f. R5 U' G- ?8 o# M
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
  k! q9 N1 Y# x1 sSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
- |  M+ W0 Z- C4 Aon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
& u6 G: T6 y/ p4 @4 _3 n7 t8 hor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
2 r! S, v/ X, G7 X* k1 [option without the consent of the holder, by the payment of an amount in
. C7 w) u. [* @/ b% kcash for each such share so redeemed of (i) $25.00 together with all declared; |- k" N8 P( B: I% M5 ~
and unpaid dividends to the date fixed for redemption in the case of
6 U* K# j7 F% Rredemptions on February 25, 2019 and on February 25 every five years9 R0 W. q7 y+ t0 z3 t
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
1 G8 z+ w0 G9 w% r* N4 t, w1 C: m, f) zthe date fixed for redemption in the case of redemptions on any other date
1 A4 a9 v7 H& h' J0 pon or after February 25, 2014.5 F* v  L1 b6 `. ~9 z3 N3 k4 s: M' |
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic+ k# y3 Z, K/ K" `! H6 V
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
7 f# x" R2 G- q2 ?! hthe right, at their option, to convert, on February 25, 2019 and on
% i+ c: X# D+ ]" Q  r# aFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
2 k; A+ Y3 E6 B  kor all of their Preferred Shares Series 19 into an equal number of Preferred  b: p  M  P5 \- L
Shares Series 18 upon giving to the Bank written notice thereof not earlier* m6 d# d7 W% g, o9 \& Q. {' m- P
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the# a; Z' S9 \$ N9 C* m6 @/ f$ `( `0 u9 z
15th day preceding, a Series 19 Conversion Date.
/ N6 [, Z& a5 m$ OAutomatic Conversion If the Bank determines, after having taken into account all shares tendered" ]. p8 `3 i% Q8 D8 O/ i: ^
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
  b; f4 M7 f) ~+ ?9 CSeries 18, as the case may be, that there would be outstanding on such2 ]6 J; c5 d" M6 c  w$ J
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
% S4 L- n. B* i+ o; ?' ?9 x7 R2 dsuch remaining number of Preferred Shares Series 19 will automatically be
- w) b( N. K7 Wconverted on such Series 19 Conversion Date into an equal number of
2 }# z0 V, I4 V. ?Preferred Shares Series 18. Additionally, if the Bank determines that, after. v! g% ]2 d7 {' v; a
conversion, there would be outstanding on such Series 19 Conversion Date
; Y& L  Q+ I- O3 E+ [less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares, P' h! m& ^4 r7 E! N
Series 19 will be converted into Preferred Shares Series 18.
, p; o6 e# }, |' YVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares5 s4 B, d  U+ J2 a
Series 19 will not be entitled as such to receive notice of, attend, or vote at,; c8 w% l# D7 `' q
any meeting of the shareholders of the Bank unless and until the first time at; a/ N$ \1 x8 }: ]
which the Board of Directors has not declared the whole dividend on the
& F9 D( `4 p9 d! l% T* b  wPreferred Shares Series 19 in any quarter. In that event, subject as
6 Y1 i) n+ L$ k# v% jhereinafter provided, the holders of Preferred Shares Series 19 will be
  w% [& ~) q' j0 H1 Nentitled to receive notice of, and to attend, meetings of shareholders at which
" d1 Q; t! |$ j( Vdirectors of the Bank are to be elected and will be entitled to one vote for
: S- E/ H2 v1 G" R- x. U- oeach Preferred Share Series 19 held. The voting rights of the holders of the$ X3 _  f* d. ]" f9 q
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of* Y8 C, u5 o( v2 d: {6 H
the first dividend on the Preferred Shares Series 19 to which the holders are) x9 a" B* p+ ]6 B: S+ D' p) |* Y
entitled thereunder subsequent to the time such voting rights first arose until8 v; D; J. L- Z
such time as the Bank may again fail to declare the whole dividend on the
* ^& o7 y0 G' I$ D6 q: c, kPreferred Shares Series 19 in respect of any quarter, in which event such7 D6 {( S) V/ r
voting rights will become effective again and so on from time to time.3 K0 Z4 }1 t8 ~4 _; F
S-6
" L9 q6 f! G; q, O  gPriority: The preferred shares of each series of the Bank will rank on a parity with
: I$ u$ A- K9 C( h: Zevery other series and are entitled to preference over the common shares of3 @' ?$ W- Q  X; H4 {5 P
the Bank and over any other shares of the Bank ranking junior to the. d; h* F7 ~$ G) F& t' R) d* k5 T
preferred shares with respect to the payment of dividends and upon any
! S" Y6 G% o" B; N( Vdistribution of assets in the event of the liquidation, dissolution or% `! ?  O! B" p8 @3 w0 j, h  N; |7 @
winding-up of the Bank./ z+ a- J. H* x3 J- M& p# @0 Y0 a1 l
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under5 O2 Z2 y) i$ I. j/ n! y2 `5 {
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
3 ?* o: y* @$ A  j  USeries 18 and Preferred Shares Series 19 will not be required to pay tax on
' }1 A( X  D. P6 ~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。
- s$ O% p0 [; N. |& A. E7 w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。
大型搬家
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 18:26 | 显示全部楼层

+ ?  ]. q$ t; B2 @# _$ o6 l* C3 }6 g7 s# ?, a
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。) U$ ?7 h$ z- P9 A+ P
# t. R/ z0 K4 n/ a- f
call me.. 780 6699880 转101
大型搬家
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。
大型搬家
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