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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。
; _; `' ^$ G: c& m8 ?: {

$ S7 Z/ u& o9 P( b. F# @# F) Q- _1 ]6 R3 V+ ^
[ 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:
2 t2 W; L+ k  u7 |+ D% ]5 F$ NSUMMARY OF THE OFFERING6 o4 z) F' ]- _
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’’.. v- E! w+ D" y
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
! `. f& C3 S6 A% E: R1 @Amount: $150,000,000 (6,000,000 shares).
* X* p' G0 ?( C1 n# C  RPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
# m9 W; j& ~( ]Principal Characteristics of the Preferred Shares Series 188 J' Y7 o) J8 B& J; ~
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed) r7 N) Z6 S, J7 t! X  M
non-cumulative preferential cash dividends, as and when declared by the$ ]3 n5 c4 a% a# m0 G
Board of Directors, subject to the provisions of the Bank Act, for the initial
: r0 x) n: e1 o8 Y# w9 h. Fperiod commencing on the closing date and ending on and including
; {- `! ~3 e% A/ EFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
- t0 a6 z4 C2 ~4 }. J25th day of February, May, August and November in each year, at a rate4 Y' k' b/ b8 w. ~% D" |
equal to $0.40625 per share. The initial dividend, if declared, will be payable
* T) D4 E8 [3 ^May 25, 2009 and will be $0.73459 per share, based on the anticipated closing0 J, k% X, ?) m4 s* \" M( {2 t
date of December 11, 2008.
  K% |4 [: q: d% d4 Y+ vFor each five-year period after the Initial Fixed Rate Period (each, a
4 \. S& ?1 F: J% k5 s. f‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
( \" V9 X' M3 _Series 18 will be entitled to receive fixed non-cumulative preferential cash% ]& Q# Z' f& B* `+ O. Z0 f8 M
dividends, as and when declared by the Board of Directors, subject to the! h5 ]  L; C$ j2 ?1 O
provisions of the Bank Act, payable quarterly on the 25th day of February,
2 N, j# l$ f0 k' ]! SMay, August and November in each year, in the amount per share per annum- ~& N; N* |- N: O, g; z( V9 g3 `  A
determined by multiplying the Annual Fixed Dividend Rate applicable to3 V: w7 B# d; Z0 G& ^7 c! ?
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend( ]! ~7 K+ f: m
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the( B/ G5 o& H. G6 P
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day8 M8 i& i# f/ n1 b% I# ]
of such Subsequent Fixed Rate Period and will be equal to the sum of the) a1 K( Y. C+ R3 `  `+ F* x
Government of Canada Yield on the applicable Fixed Rate Calculation Date1 ^9 u& i2 L" v1 c
plus 3.83%.
+ u& Y& H$ Z% D- |. O. E. v. z9 rIf the Board of Directors does not declare a dividend, or any part thereof, on: G1 N, `$ H/ \$ F
the Preferred Shares Series 18 on or before the dividend payment date for a
3 d1 L$ f2 f# j1 S- jparticular quarter, then the entitlement of the holders of the Preferred5 A$ L4 B' d2 ^5 _: q% a% v; Y3 i
Shares Series 18 to receive such dividend, or to any part thereof, for such
+ o: G$ u) X. n4 u. o' p  Iquarter will be forever extinguished.9 d* _7 ~, T7 W: N% T. }5 B' @
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the) |* \- A! Q. U" B
Superintendent and to the provisions described below under ‘‘Details of the
. A% s$ v4 O# i- wOffering — Certain Provisions of the Preferred Shares Series 18 as a
- V+ R+ E- b9 u. VSeries — Restrictions on Dividends and Retirement of Shares’’, on) N& Q9 M' l' \4 a
February 25, 2014 and on February 25 every five years thereafter, on not- N. V: y$ m! Z& P- {, v
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
& k5 Y, ^2 P: p! Bpart of the then outstanding Preferred Shares Series 18, at the Bank’s option8 ~. t1 u( i- B* b6 o
without the consent of the holder, by the payment of an amount in cash for
2 p' D  q7 s! a+ O0 zeach such share so redeemed of $25.00 together with all declared and unpaid' w2 J% ?) o, F# A
dividends to the date fixed for redemption.
) J$ s% x; K! L2 M/ J  {2 |Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic" L2 p, y3 ]& R. d) i9 D
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have9 K" ], @" V( j
the right, at their option, to convert, on February 25, 2014 and on
# \" u$ z. Q! J# S! T0 v7 OS-4
& U1 m: l; _" d$ E$ w- m- DFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
+ o5 k8 ]) ~* Z7 A! Wor all of their Preferred Shares Series 18 into an equal number of Preferred
- g, c# ], y0 @0 d' N6 aShares Series 19 upon giving to the Bank notice thereof not earlier than
9 f0 A# Z9 [& a9 O30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
  G; F$ [; Q; Wpreceding, a Series 18 Conversion Date." X4 V2 Y! V* h4 b3 b2 m+ {* I
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
9 R$ H& ?# D& `( R+ l6 [Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
: Q" I. _, ~  g& aSeries 19, as the case may be, that there would be outstanding on such3 i. A1 F' H/ o- U& _( L; ]
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
1 j6 ]/ P3 K- n1 W/ r4 ysuch remaining number of Preferred Shares Series 18 will automatically be1 a. g( D4 U9 I
converted on such Series 18 Conversion Date into an equal number of
# _" b; @) }- O* Q- y6 yPreferred Shares Series 19. Additionally, if the Bank determines that, after& N: _" u, J& ^
conversion, there would be outstanding on such Series 18 Conversion Date9 c+ b* g* w, s6 m
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares5 \" a" v1 O) s( @  \
Series 18 will be converted into Preferred Shares Series 19.
$ T0 B' G1 e6 L7 U/ w' w. BVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
% O. r/ H' a& a( ^Series 18 will not be entitled as such to receive notice of, attend, or vote at,' |5 B0 {6 g& s7 H
any meeting of the shareholders of the Bank unless and until the first time at5 k3 Y' t' A4 a1 N" T3 a$ ?
which the Board of Directors has not declared the whole dividend on the
1 p% n2 x3 k. u$ Z. W: R. s: ~+ vPreferred Shares Series 18 in any quarter. In that event, subject as
' q/ Y8 u' ?( }# L6 r% @4 N+ {hereinafter provided, the holders of Preferred Shares Series 18 will be: p" Z2 d# o1 F. W' }* j! b
entitled to receive notice of, and to attend, meetings of shareholders at which
( ]# z7 q" [( E. n* i( Odirectors of the Bank are to be elected and will be entitled to one vote for; e/ T; \$ W" d" u7 {- v
each Preferred Share Series 18 held. The voting rights of the holders of the3 z3 ]6 q6 F2 D, f1 W7 ]
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
$ @) W* Q$ y5 _! fthe first dividend on the Preferred Shares Series 18 to which the holders are
7 L0 H; i* |4 @7 l' r; G+ Lentitled thereunder subsequent to the time such voting rights first arose until* p, A, g) c0 f+ t0 P' T' P
such time as the Bank may again fail to declare the whole dividend on the
+ B; N+ K5 w5 R- Q% o9 ?- Z9 `Preferred Shares Series 18 in respect of any quarter, in which event such
2 Q4 z4 U0 W3 e! T3 p9 p: Z0 evoting rights will become effective again and so on from time to time.6 A- ?& h/ u4 r9 y1 T- J' i2 @8 g3 N3 e+ |
Principal Characteristics of the Preferred Shares Series 19
: I2 a, g% `& o, ^+ B4 LDividends: The holders of the Preferred Shares Series 19 will be entitled to receive8 X+ s1 W& }& j' E/ Y% o; x3 M
floating rate non-cumulative preferential cash dividends, as and when- l" G, D7 g, C
declared by the Board of Directors, subject to the provisions of the Bank Act,
" O7 }6 e$ b& Y/ rpayable quarterly on the 25th day of February, May, August and November! k* h- U  o/ L9 W
in each year, in the amount per share determined by multiplying the2 I" T$ z2 I! i
applicable Quarterly Floating Dividend Rate by $25.00.) e' ~9 @5 P8 O
On the 30th day prior to the commencement of the initial quarterly dividend
* |- B+ i8 |6 X. Xperiod beginning on February 25, 2014, and on the 30th day prior to the first
) v# Q  i& ?" Z0 Wday of each subsequent quarterly dividend period (the initial quarterly
' q6 a' ?4 j( ddividend period and each subsequent quarterly dividend period is referred to
  `, J& C3 ~% f$ `& Ias a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the$ i7 Y# V4 @3 P( ~- w% v
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
( L2 c/ _+ C* r! Q9 l! |2 }: kPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
6 t0 {6 G; n* {+ V" nT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days1 O4 |  F( q* o! E* f& m
elapsed in the applicable Quarterly Floating Rate Period divided by 365)9 i; t: i$ U+ d3 ?! t1 r& J
determined on the 30th day prior to the first day of the applicable Quarterly) s' ^# y$ ]; I( v  E
Floating Rate Period.8 f# N' M# F: ~+ P. Z9 ]
S-57 G( G: n7 e6 D) l+ }
If the Board of Directors does not declare a dividend, or any part thereof, on3 b9 j4 O2 T* t6 f, A
the Preferred Shares Series 19 on or before the dividend payment date for a) e' o7 p' M- n5 }7 d+ S
particular quarter, then the entitlement of the holders of the Preferred4 [1 x7 z& j2 d- @' J4 d* K
Shares Series 19 to receive such dividend, or to any part thereof, for such9 X* D7 u' t( i, [' A/ N( M. @" J1 U
quarter will be forever extinguished.( O0 M8 p' O) |8 Y- x1 T/ w
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
0 E5 K+ x$ ^( I6 m1 tSuperintendent and to the provisions described below under the heading
, E$ E' E, a1 Q+ N1 w‘‘Details of the Offering — Certain Provisions of the Preferred Shares
1 c. k! ]- l: y7 H8 ISeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,$ z- t* w; m( }; d' |
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all  F4 x. [9 V% F! S
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
; B: f& e# @$ |3 h+ Woption without the consent of the holder, by the payment of an amount in
  h* Y; [, J/ j  [5 h( gcash for each such share so redeemed of (i) $25.00 together with all declared
) Q. u* x1 i1 R8 q6 [: Dand unpaid dividends to the date fixed for redemption in the case of, r7 @) a, W4 G6 w* `4 p4 ?. U9 a" v1 U
redemptions on February 25, 2019 and on February 25 every five years
. E# w7 j3 V4 N  ^1 ithereafter, or (ii) $25.50 together with all declared and unpaid dividends to$ p4 z$ |5 t  t( g2 I. S1 ^8 Z
the date fixed for redemption in the case of redemptions on any other date
+ K/ ^& L& h! B. T0 a$ I' P6 kon or after February 25, 2014.. G" H9 Q0 {5 `8 }7 q
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic- W8 ?2 X9 k: \  {7 l
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have) D$ M! G2 F  j% ]
the right, at their option, to convert, on February 25, 2019 and on
* b" J+ h% Y7 t6 F) n+ i7 _  a7 y0 R: NFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any. A8 f; \% T4 q' a  I' k; M
or all of their Preferred Shares Series 19 into an equal number of Preferred7 n3 Q# l; X( h( ^. b! S
Shares Series 18 upon giving to the Bank written notice thereof not earlier
% l& n* h. S) m3 dthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the2 ]* u7 c: }5 b( h! h
15th day preceding, a Series 19 Conversion Date.
  G. p2 i& A* U) r% ^  Z& G9 ]Automatic Conversion If the Bank determines, after having taken into account all shares tendered
! B& V1 {, A, w" M+ S$ SProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares7 i; f' M+ V3 ?  b* T
Series 18, as the case may be, that there would be outstanding on such' E% J2 b! c4 \- k3 F8 c& Z
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
- J$ q8 l  O, r; T/ jsuch remaining number of Preferred Shares Series 19 will automatically be" N6 ^/ }/ G1 s0 }
converted on such Series 19 Conversion Date into an equal number of+ m$ s' `" V4 X& G5 e2 D
Preferred Shares Series 18. Additionally, if the Bank determines that, after
" O$ {2 b1 H# m! ?; hconversion, there would be outstanding on such Series 19 Conversion Date/ a0 Y; L- c0 p5 H
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
8 V1 Q" n) {! D( D9 @Series 19 will be converted into Preferred Shares Series 18.4 o3 x6 J& h0 J+ Z- e
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares5 D; }3 H+ d2 r9 Q7 j- ^
Series 19 will not be entitled as such to receive notice of, attend, or vote at,  B5 ?& A! E( @
any meeting of the shareholders of the Bank unless and until the first time at, z. R9 G& U& E# J4 [: j" @
which the Board of Directors has not declared the whole dividend on the( D+ I- k& k0 q5 c
Preferred Shares Series 19 in any quarter. In that event, subject as9 O- Z5 ?% d" e1 z- Q
hereinafter provided, the holders of Preferred Shares Series 19 will be
, j3 w+ B% {6 z/ o: p; Hentitled to receive notice of, and to attend, meetings of shareholders at which0 B" a8 s$ p0 q2 T$ N2 _. B, H8 A( z
directors of the Bank are to be elected and will be entitled to one vote for: j6 z" ]' P/ E7 b- L
each Preferred Share Series 19 held. The voting rights of the holders of the  u6 z9 i; j6 ^( M4 R( z
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
7 T' {: B: y, L& Nthe first dividend on the Preferred Shares Series 19 to which the holders are
! u* `3 R! v! G9 y; Y, t* Gentitled thereunder subsequent to the time such voting rights first arose until
9 L( B9 o! L- S1 e, y( bsuch time as the Bank may again fail to declare the whole dividend on the
+ Y8 L8 g8 h( qPreferred Shares Series 19 in respect of any quarter, in which event such
) p4 a& K& `" }$ k3 `voting rights will become effective again and so on from time to time.
" Y5 \" C) G- @. j1 a+ kS-6
8 L- N$ Y9 o/ X2 LPriority: The preferred shares of each series of the Bank will rank on a parity with
+ z* A& u& B" [. N7 n; F0 D6 vevery other series and are entitled to preference over the common shares of
' E$ ?* i9 O+ C* e1 z+ C' F( Athe Bank and over any other shares of the Bank ranking junior to the% L) s! h: l/ s) \5 s
preferred shares with respect to the payment of dividends and upon any
# [/ E: W% Y: h, E) `distribution of assets in the event of the liquidation, dissolution or
+ h8 a+ Q% x0 J- f9 l6 Lwinding-up of the Bank.
/ [: M! g) `" t# A8 \Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
2 [) R  e0 r8 O; jDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
  D5 ?1 A* {7 y! f3 g9 A* w  xSeries 18 and Preferred Shares Series 19 will not be required to pay tax on. {6 k2 d: a4 z+ f! M7 g/ [
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。
, r; G! A) }/ \  K0 u9 y. ]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

3 t& Q. v+ Q( H8 Y4 I% f* j7 c% o% Z0 P0 l4 y, y3 }
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
0 s- d, @9 l5 f: {4 L  n
2 ~4 B: ]+ [; ?5 Lcall 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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