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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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9 K$ [3 K8 N2 t& j[ 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:, b8 L$ r# u' _* `- _) a  X! a
SUMMARY OF THE OFFERING
) q/ X& g5 T* {# Z0 HThis 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’’./ Y; h& T( E+ Y& X8 O$ x4 Q
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
7 u! V" D. k& ?  e7 GAmount: $150,000,000 (6,000,000 shares).
9 K. R0 D0 [( v, N& Q3 w6 I3 m. ?+ b5 xPrice and Yield: $25.00 per share to yield initially 6.50% per annum.' f, t/ _  k) A' m8 d
Principal Characteristics of the Preferred Shares Series 18
, z' k( B6 w) NDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
+ J+ N% x5 `0 r  M* ~$ anon-cumulative preferential cash dividends, as and when declared by the
3 X2 y1 J) f$ W0 H( Q7 K, ]Board of Directors, subject to the provisions of the Bank Act, for the initial
% e7 r  c- [4 Y2 [5 pperiod commencing on the closing date and ending on and including
" ]$ ~3 j" T3 `" d2 _( }  j# V5 tFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
8 H0 T) q6 T9 _" c25th day of February, May, August and November in each year, at a rate: w) ]; s" u) b" A( _5 _
equal to $0.40625 per share. The initial dividend, if declared, will be payable1 ^8 f/ l1 K, i! O1 {5 P
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing' i5 f+ z9 l: @5 u: {* u. B; O- u
date of December 11, 2008.& U7 ^# L! h. R3 c
For each five-year period after the Initial Fixed Rate Period (each, a; b0 R- d  ~9 b3 x  m7 q7 d7 }
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares; {/ Z1 t# A: S4 `
Series 18 will be entitled to receive fixed non-cumulative preferential cash
8 h" N% \# _: S# w  A, edividends, as and when declared by the Board of Directors, subject to the
1 S: ?" w# j, P! H& u5 e% N5 {' zprovisions of the Bank Act, payable quarterly on the 25th day of February,
: G) T7 }* W) O" sMay, August and November in each year, in the amount per share per annum7 ]7 X, X' g. p( j' I! v
determined by multiplying the Annual Fixed Dividend Rate applicable to! @8 E0 c& y; q6 E
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
! i& T1 o  S% G+ X; }5 h  W, r9 m2 |Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
. u& e$ G! }" D- y3 M' UBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day+ g3 o0 ?% _2 G8 M
of such Subsequent Fixed Rate Period and will be equal to the sum of the
2 G# l: b5 E$ }+ H" Q5 uGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
- k; F) D! ~) G4 bplus 3.83%.% `6 v' A, I- w4 K0 b
If the Board of Directors does not declare a dividend, or any part thereof, on9 w. S/ G' M# k3 N9 p# h
the Preferred Shares Series 18 on or before the dividend payment date for a3 o% J& l% q6 H8 j% K( f) W, q8 r# {
particular quarter, then the entitlement of the holders of the Preferred
& _& A$ l* ]  a; j9 [6 \) aShares Series 18 to receive such dividend, or to any part thereof, for such  U8 R+ c8 [: d" V6 K) I( @0 W: P
quarter will be forever extinguished.2 h) g- G9 m  H0 k, ]& w" e7 U
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the5 b0 i! {: g& D3 H" t
Superintendent and to the provisions described below under ‘‘Details of the+ u, V& k* ^+ T# b* @8 t
Offering — Certain Provisions of the Preferred Shares Series 18 as a# J! y8 H  ~% c3 \! {( r& I& O
Series — Restrictions on Dividends and Retirement of Shares’’, on
6 l: B" [0 P: m* |1 ^0 lFebruary 25, 2014 and on February 25 every five years thereafter, on not
! Y: q( N4 u+ q: x' i; G# Z) `more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
0 |$ f1 f+ R  N! Npart of the then outstanding Preferred Shares Series 18, at the Bank’s option
1 [, Q5 s, z+ V( M/ v. ~without the consent of the holder, by the payment of an amount in cash for
  Q9 d* R0 o& \8 ], Beach such share so redeemed of $25.00 together with all declared and unpaid
- d0 `  O& D* D9 Pdividends to the date fixed for redemption.0 h5 f+ ^! H1 i
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
! i2 [  U( Q( M" u; z: w; ~Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have+ V1 f, `/ [+ Z' w
the right, at their option, to convert, on February 25, 2014 and on. r0 M2 Q2 q3 G# c$ f
S-4
* m/ P4 C2 ~8 uFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
4 v1 y/ F& r/ {( Yor all of their Preferred Shares Series 18 into an equal number of Preferred* [- U- P8 p2 F0 w
Shares Series 19 upon giving to the Bank notice thereof not earlier than
' S9 K( n& _; U  t1 T30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day- I7 E0 R; o6 ~! M
preceding, a Series 18 Conversion Date.
: K/ r5 X$ L- x9 V5 Q1 j0 z8 Z% |4 FAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
; z# l3 `; Z. C2 jProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares' i$ m8 W# f; Y+ N% b& u
Series 19, as the case may be, that there would be outstanding on such
% H4 x2 l4 d( ], e2 `: cSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
: D/ r1 i! o7 m6 fsuch remaining number of Preferred Shares Series 18 will automatically be( \, K! E! D  C2 ?" |* p. o  M  I
converted on such Series 18 Conversion Date into an equal number of  X: N! W6 q% [6 \
Preferred Shares Series 19. Additionally, if the Bank determines that, after
& T6 w) }7 _9 t! p4 tconversion, there would be outstanding on such Series 18 Conversion Date5 g) C2 ^, t( n3 L
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
, d9 c$ ]: S4 E* u3 E0 X; VSeries 18 will be converted into Preferred Shares Series 19.) @2 N& e3 O8 s8 `8 u, H
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
9 l& K6 e4 M  {" O7 ^Series 18 will not be entitled as such to receive notice of, attend, or vote at,* A. E) |  U3 r- z4 u# L) B
any meeting of the shareholders of the Bank unless and until the first time at4 a* y: l, u4 R4 z$ ]$ m
which the Board of Directors has not declared the whole dividend on the0 {- t! \7 y3 q3 x3 x
Preferred Shares Series 18 in any quarter. In that event, subject as
' J+ z0 X  j* ^9 }- Phereinafter provided, the holders of Preferred Shares Series 18 will be
- I& {  K" G6 U0 t9 M4 Ientitled to receive notice of, and to attend, meetings of shareholders at which8 O0 m/ k/ ~' c
directors of the Bank are to be elected and will be entitled to one vote for8 g3 K9 i2 n; \  ]& f/ Y) W! F* R
each Preferred Share Series 18 held. The voting rights of the holders of the. B. N7 n) h$ A2 Y3 K) Y
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of! \1 @2 O9 E' T& x  f
the first dividend on the Preferred Shares Series 18 to which the holders are
5 B* w  u+ B5 jentitled thereunder subsequent to the time such voting rights first arose until: Y3 s% {% a$ p. @
such time as the Bank may again fail to declare the whole dividend on the
% f; B* n! d. I9 M4 pPreferred Shares Series 18 in respect of any quarter, in which event such+ h+ u; }7 B9 C# ^6 z& w- [
voting rights will become effective again and so on from time to time.4 m6 _; L$ ]3 ?2 E8 e" p
Principal Characteristics of the Preferred Shares Series 19
8 a% V- @" Z5 Q2 e# d2 |) SDividends: The holders of the Preferred Shares Series 19 will be entitled to receive/ `/ O/ A" _  t' v1 c$ O6 R
floating rate non-cumulative preferential cash dividends, as and when
7 ^" h/ {: A$ v4 T2 pdeclared by the Board of Directors, subject to the provisions of the Bank Act,
0 h! E+ g( j" Npayable quarterly on the 25th day of February, May, August and November
/ n" P; M( {& s- Uin each year, in the amount per share determined by multiplying the; Z3 M" N/ A% `. O
applicable Quarterly Floating Dividend Rate by $25.00.
$ ?& l2 s8 G4 v$ U+ s! J( X. mOn the 30th day prior to the commencement of the initial quarterly dividend8 H/ L: K% b; B8 L
period beginning on February 25, 2014, and on the 30th day prior to the first
! K9 {& P# v$ C8 zday of each subsequent quarterly dividend period (the initial quarterly
9 I; n$ W* m6 wdividend period and each subsequent quarterly dividend period is referred to8 {; e, B  o" E2 \- W
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the! J9 G/ h$ h5 J2 m0 p4 i
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
- P4 ?( ^/ \$ N6 ?6 J5 pPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the# G1 ~3 P/ r% D7 j9 a6 ^+ C; [
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
" Q. e* k* T5 {# i' }" n$ felapsed in the applicable Quarterly Floating Rate Period divided by 365)
0 I6 P- r5 d) @, Ddetermined on the 30th day prior to the first day of the applicable Quarterly
3 c6 D* N7 ~" gFloating Rate Period.
) n/ \/ b3 t* c% Y1 yS-5
! _9 ]! q: S: y4 sIf the Board of Directors does not declare a dividend, or any part thereof, on
5 W7 r4 G; m, l$ H3 tthe Preferred Shares Series 19 on or before the dividend payment date for a
8 [6 q  N1 n; g  {! qparticular quarter, then the entitlement of the holders of the Preferred
, F, s% G- ^& _" l6 uShares Series 19 to receive such dividend, or to any part thereof, for such7 c1 M& M' Z* w6 ?" [
quarter will be forever extinguished.
% v& F( u0 [" _; g( d- Y4 ]Redemption: Subject to the provisions of the Bank Act and to the prior consent of the8 T% m1 s# |5 G# y4 c
Superintendent and to the provisions described below under the heading* w5 Z& M% K4 l+ D: J. a+ Z
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
& Q2 u* _1 N2 J( K% K- a5 rSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,. t$ G* O/ e1 J1 y, E& m0 p' o( \
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all, v& V% Q& y6 q) k! |& I. M
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
: Q  V' H$ s- joption without the consent of the holder, by the payment of an amount in% p6 n; \! U0 i% p9 u
cash for each such share so redeemed of (i) $25.00 together with all declared
) @( i; Q6 _5 K8 Y: b: v- n% eand unpaid dividends to the date fixed for redemption in the case of! o' y* ?# N7 h8 |0 E4 A* h  f
redemptions on February 25, 2019 and on February 25 every five years% X: ^1 R3 q5 f/ k
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
; |: f# u. h6 c6 fthe date fixed for redemption in the case of redemptions on any other date. X) {# e% J( b) M5 }5 [$ @3 D
on or after February 25, 2014." R& g2 L4 J+ F7 V
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic, u$ I. \; S9 l0 L
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
' M# B4 [& c# K. B( ~- w/ w9 Qthe right, at their option, to convert, on February 25, 2019 and on  }- k$ h5 ~0 q1 d1 L7 U/ Y! M) e7 H8 U3 \
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
0 f0 U5 I2 c6 K7 N% b% k$ g( hor all of their Preferred Shares Series 19 into an equal number of Preferred/ J9 z+ T- M1 p+ q# }$ `; J
Shares Series 18 upon giving to the Bank written notice thereof not earlier
. u1 K' \! O4 k1 j7 ~than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
. ?) U1 y; ^4 `* l( z# H. v2 Y5 [15th day preceding, a Series 19 Conversion Date.
0 j" f/ I0 H9 q- |) v, Y. ^Automatic Conversion If the Bank determines, after having taken into account all shares tendered
1 Q. d! \4 D6 D2 CProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares5 `4 g7 [* i+ G  k, F
Series 18, as the case may be, that there would be outstanding on such" t5 y9 t' l* i) t! ~
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
2 g& n. v5 }  i5 ksuch remaining number of Preferred Shares Series 19 will automatically be
' E5 e- Q+ s0 Gconverted on such Series 19 Conversion Date into an equal number of
( U/ g& o: i" B6 vPreferred Shares Series 18. Additionally, if the Bank determines that, after# f) }7 X4 Y4 N9 `% o& b6 w) B
conversion, there would be outstanding on such Series 19 Conversion Date2 h2 b8 [: F& B" f) h+ S# c) l7 t
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
2 r: f! u' e2 I; v& MSeries 19 will be converted into Preferred Shares Series 18., o) i! _  {" X2 l  s2 M
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares2 m2 X" @, p( X7 W0 ~; V& U. r) O1 s
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
' _* J% I& p9 K6 |6 i7 pany meeting of the shareholders of the Bank unless and until the first time at
/ A( C! V& H- |2 ]. @which the Board of Directors has not declared the whole dividend on the
4 P8 m0 P4 x9 ]7 T: MPreferred Shares Series 19 in any quarter. In that event, subject as1 m7 g, {' Y8 X7 x& G
hereinafter provided, the holders of Preferred Shares Series 19 will be# C! k+ S. x/ r7 V9 {+ `
entitled to receive notice of, and to attend, meetings of shareholders at which4 }7 t1 \) m9 j# r
directors of the Bank are to be elected and will be entitled to one vote for! n/ F' F; P6 c; H7 b
each Preferred Share Series 19 held. The voting rights of the holders of the9 W* z1 O/ ~+ j2 {+ L7 Q* R
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of! N& T! I, y) o$ y
the first dividend on the Preferred Shares Series 19 to which the holders are
/ z0 {+ j/ m- y$ Q" Hentitled thereunder subsequent to the time such voting rights first arose until
4 w* C8 |+ X( |1 Q6 f% d6 Fsuch time as the Bank may again fail to declare the whole dividend on the
, I8 v( F9 T; n3 v/ ~- t* T/ sPreferred Shares Series 19 in respect of any quarter, in which event such' S  w# t# m% N- I
voting rights will become effective again and so on from time to time.
( L0 P( y! x, B# f, WS-6
/ k& z# s( |$ N6 z& I  l5 WPriority: The preferred shares of each series of the Bank will rank on a parity with' V9 _( z( V0 h6 u! A- v' A
every other series and are entitled to preference over the common shares of) z# Y( O. e' d7 w5 `& d
the Bank and over any other shares of the Bank ranking junior to the6 i. `1 x" V* a
preferred shares with respect to the payment of dividends and upon any. a2 i! B# i9 ?7 c3 N
distribution of assets in the event of the liquidation, dissolution or( j3 k- Z& g2 ~( m* `
winding-up of the Bank.0 [' d1 R- ~/ n+ i( Q3 Z# s
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under& l: ?% P8 O8 V5 I6 V
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
. ^" @! k. C! R, ~! d6 z# l. B' NSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
3 D, d5 b7 w3 A1 S1 O5 ?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。
/ |( o( \& a5 F* A9 _  A' F4 F4 a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
6 s% g$ W# p; [( ]* M# b
1 P& V2 u7 v! H$ p
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。2 _" `! v4 W5 \; n# t! k
8 e" M' N2 g8 b' a, ?3 c/ f0 A: X
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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