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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
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。. u7 m; w2 B' l/ r! M% C4 C' E: t4 Z5 l
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[ 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:
5 {2 R' S# W+ t% u3 fSUMMARY OF THE OFFERING) k- I( I% W& A7 l# K
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’’.: V9 ~5 X+ J. r: k. R' h  D
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
* U# }3 ]' j: mAmount: $150,000,000 (6,000,000 shares).
- T' g/ I6 }: E( K5 ]" N- \! f$ kPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
/ ~/ f4 r0 |* E1 n% p! nPrincipal Characteristics of the Preferred Shares Series 18" l) {  s* v/ a  c, s9 M6 A4 f
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
; [: g9 ]! H  g( y( O* a2 ?non-cumulative preferential cash dividends, as and when declared by the
7 Q5 e0 E  ^: d" F4 m- J: ]% O' K9 }Board of Directors, subject to the provisions of the Bank Act, for the initial3 t$ v) }" ?6 h2 J3 M) f' Z5 [
period commencing on the closing date and ending on and including( ], B0 E: A* D
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the& j/ G" O: d* t
25th day of February, May, August and November in each year, at a rate
/ q3 q# S0 D- U8 }9 c- l8 }equal to $0.40625 per share. The initial dividend, if declared, will be payable
2 D/ D# Q. @) d" o1 cMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
( _4 o/ K/ q% \' X* F# ^/ N$ rdate of December 11, 2008.' l  w4 U% z  \" G2 Y: O1 G  m
For each five-year period after the Initial Fixed Rate Period (each, a
: I0 U  `. F! f, g‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
$ Z3 Z3 m0 G( g- xSeries 18 will be entitled to receive fixed non-cumulative preferential cash
( c! t; n$ }' Y: \/ n4 vdividends, as and when declared by the Board of Directors, subject to the6 w! d+ h+ p6 ]( }  b
provisions of the Bank Act, payable quarterly on the 25th day of February,
# m* \( l, h% K/ GMay, August and November in each year, in the amount per share per annum- N/ l0 k4 B; Y! ~; F
determined by multiplying the Annual Fixed Dividend Rate applicable to" C5 t6 t' |4 [8 e5 P; q
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
3 A( Y/ [& v- l! Z- zRate for the ensuing Subsequent Fixed Rate Period will be determined by the$ K* {1 R' l8 v0 s
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
& q& w* L9 |4 Qof such Subsequent Fixed Rate Period and will be equal to the sum of the- P) p6 c# Z+ S/ W+ H1 F+ e' @
Government of Canada Yield on the applicable Fixed Rate Calculation Date
$ x/ s3 d+ @$ ]- g( rplus 3.83%.# m# y# r7 r: [9 `( i% [
If the Board of Directors does not declare a dividend, or any part thereof, on/ _" p$ j0 C* P! Q  H/ P( u4 R
the Preferred Shares Series 18 on or before the dividend payment date for a
) M8 J  N: E* Z# \& x8 vparticular quarter, then the entitlement of the holders of the Preferred
, m. T6 l  T& I, q& t6 N3 f* @Shares Series 18 to receive such dividend, or to any part thereof, for such" b- Y; `$ {. w3 ]4 V
quarter will be forever extinguished.
: n' m6 n3 x  V+ D8 \1 BRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
: M( d% m- X# V# N% H" l" V5 ^Superintendent and to the provisions described below under ‘‘Details of the" K8 R( A+ X& e( t' r5 S% R
Offering — Certain Provisions of the Preferred Shares Series 18 as a
% k6 C4 X# ?! s2 dSeries — Restrictions on Dividends and Retirement of Shares’’, on
1 H  X' V; z% R$ gFebruary 25, 2014 and on February 25 every five years thereafter, on not/ N  H# |. S1 [) c( ~" A
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
- C. u% V3 C/ W) w/ b( c& Opart of the then outstanding Preferred Shares Series 18, at the Bank’s option+ w" Y4 ~- [9 k) t
without the consent of the holder, by the payment of an amount in cash for) a% U$ D1 I7 B0 p2 _) J
each such share so redeemed of $25.00 together with all declared and unpaid
+ {7 c& h, m7 V* v0 }. @2 ~6 e$ l# qdividends to the date fixed for redemption.9 z/ i% Q; P/ z; g" Y
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic6 T# O" V; j6 i& {9 L$ G  C# i8 a' w
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
+ O7 ~2 W! {8 e+ Pthe right, at their option, to convert, on February 25, 2014 and on
: @# {1 U0 S# x2 q7 [' hS-4
) A6 Z1 A; x: @3 v+ g% QFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
6 F! \- h# z( b+ B/ P7 Sor all of their Preferred Shares Series 18 into an equal number of Preferred
0 v! |. l1 P! F2 K: a" v/ \0 rShares Series 19 upon giving to the Bank notice thereof not earlier than/ ?9 a3 g  W) k
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day6 q8 G6 a8 g/ z3 a. v/ ~8 H3 D3 x' \
preceding, a Series 18 Conversion Date.
. b, D" P3 r% e+ {Automatic Conversion If the Bank determines, after having taken into account all shares tendered3 k% X9 z" p+ W0 ~3 o/ Z
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares2 }) y  x" J# I" i' V- s
Series 19, as the case may be, that there would be outstanding on such: Y" K$ z. F6 A2 s; w+ V
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
6 @- ?, M/ V. J8 v0 u9 e- q5 {such remaining number of Preferred Shares Series 18 will automatically be
6 X' G& z4 }4 j& x" Y5 V$ v, j& b$ ?$ {converted on such Series 18 Conversion Date into an equal number of/ E! x" d# w! M8 g) Z3 ~. L- B
Preferred Shares Series 19. Additionally, if the Bank determines that, after8 i: Q( }: `* f0 K: i
conversion, there would be outstanding on such Series 18 Conversion Date9 m8 a$ _1 Y8 A
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
. m3 ^" l+ i1 S5 @Series 18 will be converted into Preferred Shares Series 19.
$ f9 f/ I4 }) c& h/ ?Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
$ R& S* o( X( d# Z( G7 e% `Series 18 will not be entitled as such to receive notice of, attend, or vote at,
- ^! H6 j: W0 ~% j% R% N/ iany meeting of the shareholders of the Bank unless and until the first time at. o# R4 D+ n9 }* a6 I  ]
which the Board of Directors has not declared the whole dividend on the
, S# |% u: Y6 Y# Z# M# [Preferred Shares Series 18 in any quarter. In that event, subject as% t; W( h# b) N) Z) J1 E" M- J
hereinafter provided, the holders of Preferred Shares Series 18 will be# W3 E; }8 X0 O) D6 ?$ s7 q
entitled to receive notice of, and to attend, meetings of shareholders at which' L% d4 `, Q, I# B  x" L" r/ V4 i" D
directors of the Bank are to be elected and will be entitled to one vote for9 u6 K8 N6 P* I+ h
each Preferred Share Series 18 held. The voting rights of the holders of the; Q* F+ y$ J$ d8 G* ~  ^( V
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
+ [3 T/ O& [, ~- A' R' d! B$ Jthe first dividend on the Preferred Shares Series 18 to which the holders are
3 Q" F" T& o9 uentitled thereunder subsequent to the time such voting rights first arose until. Q8 }; r  A7 A/ V: o& `& w
such time as the Bank may again fail to declare the whole dividend on the1 r& U* [- Q: I2 Z2 i1 P* H( g
Preferred Shares Series 18 in respect of any quarter, in which event such- @2 [. t' s( e7 F
voting rights will become effective again and so on from time to time.1 D0 Y7 u; y2 a5 U; Q
Principal Characteristics of the Preferred Shares Series 19( Z' n7 \. C9 Z2 y0 c5 ]2 ^: Z8 [
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
+ Y+ c+ d. Z- D% cfloating rate non-cumulative preferential cash dividends, as and when6 ^% e# C/ m0 o; \4 G
declared by the Board of Directors, subject to the provisions of the Bank Act,
' I& e1 v2 @% ^payable quarterly on the 25th day of February, May, August and November& _* R# b9 Z! b) {0 z
in each year, in the amount per share determined by multiplying the
, b0 |5 E( A+ O6 e. ?applicable Quarterly Floating Dividend Rate by $25.00.
* D+ N4 p! a+ }9 pOn the 30th day prior to the commencement of the initial quarterly dividend
# M- q  t: P' t- {  x/ @/ ?period beginning on February 25, 2014, and on the 30th day prior to the first) Q$ \' ?( T9 h+ o6 f, K
day of each subsequent quarterly dividend period (the initial quarterly
# Y$ }$ k' _% |dividend period and each subsequent quarterly dividend period is referred to
* k/ J- t& M) ?+ r) Zas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
) j) r9 b* Q" g) @2 b9 V$ fQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate. L7 U& u' j( ?+ E; a2 P, `! _: O
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the- M. _- o( v- h  j; W$ q/ d
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days( \$ c+ F4 ~4 Y1 j. l
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
  z; f8 \/ f' J) X( U- [0 Wdetermined on the 30th day prior to the first day of the applicable Quarterly
8 [  F6 J  D4 {( ~8 K. tFloating Rate Period./ c+ o$ b* W# C4 U( I
S-5
0 R1 l2 s- N' G# K5 J' h3 s  o& IIf the Board of Directors does not declare a dividend, or any part thereof, on
. k) V8 t4 ?: G& ~" H1 L5 e4 uthe Preferred Shares Series 19 on or before the dividend payment date for a
- e; z) {: |1 @9 Q: k8 c6 J9 xparticular quarter, then the entitlement of the holders of the Preferred7 a/ a& S  I5 Q: p8 y
Shares Series 19 to receive such dividend, or to any part thereof, for such, Z! k1 D# U! L* y% Z9 i( Y
quarter will be forever extinguished.
. l) a9 j% [! Z2 pRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
3 `( c9 }1 k3 d; V; B8 [2 b$ j; `. sSuperintendent and to the provisions described below under the heading
* w" n1 ]$ E9 z0 {7 i* j‘‘Details of the Offering — Certain Provisions of the Preferred Shares
; ?- I. F0 r% Y1 t. DSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
# m, x7 n5 E6 e: Q5 c; oon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
+ D4 p0 R8 q4 [* jor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
- w. C1 t  h0 Z2 ioption without the consent of the holder, by the payment of an amount in1 }0 b1 }3 k8 w$ N6 A% |
cash for each such share so redeemed of (i) $25.00 together with all declared
4 S9 W* l5 f* D5 v$ g8 T5 f  land unpaid dividends to the date fixed for redemption in the case of
, c% ?0 }6 @! ~redemptions on February 25, 2019 and on February 25 every five years: {) T! V  C- Y' \5 f
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
; y! i& ~- t1 @% n; N3 Xthe date fixed for redemption in the case of redemptions on any other date
- W: [9 S& d. X5 [/ c: |on or after February 25, 2014.
+ N. [7 m! G& R; O. L: }$ h0 aConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic; Y2 K; ]3 `* r6 ~8 w
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have! M) D7 |, Y# i, p5 Z" I
the right, at their option, to convert, on February 25, 2019 and on$ l! v' a" Z% d1 P+ E0 i) C  ], d
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
. o8 t8 k8 ~) U. yor all of their Preferred Shares Series 19 into an equal number of Preferred
9 k1 n- z2 u7 HShares Series 18 upon giving to the Bank written notice thereof not earlier
- m' P: z! {8 x2 n: |& i* G8 Xthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the- r2 T3 m9 x( J1 a; b* N
15th day preceding, a Series 19 Conversion Date.
1 }$ X: V* T6 m0 L, j/ }Automatic Conversion If the Bank determines, after having taken into account all shares tendered* D0 j2 n8 K% `3 p# Z, q
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares2 h$ z1 V) b  G" M8 h  k) r) Y
Series 18, as the case may be, that there would be outstanding on such6 l) h! ^# X) t0 l* t( D. U7 ?/ @
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,1 ]# T  [0 g. D
such remaining number of Preferred Shares Series 19 will automatically be
3 y% k) V, y; O* E( Z4 Gconverted on such Series 19 Conversion Date into an equal number of
. Z, v) g: J0 X, IPreferred Shares Series 18. Additionally, if the Bank determines that, after
& P! U4 N& T% x2 ^5 @conversion, there would be outstanding on such Series 19 Conversion Date
8 Q& P& q5 R0 r# a4 uless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
8 G; i: W3 [: L, I5 O* m" z' gSeries 19 will be converted into Preferred Shares Series 18.
) n* L1 i0 T7 T5 p7 wVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares  F" W$ s) d4 z+ h6 ]6 i; |% Z1 d
Series 19 will not be entitled as such to receive notice of, attend, or vote at,  J/ I7 c! E: S: S' z
any meeting of the shareholders of the Bank unless and until the first time at
' {9 \  P* s( g8 ]4 r8 Z. Kwhich the Board of Directors has not declared the whole dividend on the
$ _/ h& y) n7 v7 I% @Preferred Shares Series 19 in any quarter. In that event, subject as
; d& F8 W  a& F, m$ ?hereinafter provided, the holders of Preferred Shares Series 19 will be& j. a, b9 D! A, H+ c
entitled to receive notice of, and to attend, meetings of shareholders at which
5 O1 R" W4 U3 P% _- u* M& |directors of the Bank are to be elected and will be entitled to one vote for: ?  E6 Q- E& D1 x0 e
each Preferred Share Series 19 held. The voting rights of the holders of the( r, j" H( Y$ C- H* G
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
2 {; a+ x! A3 lthe first dividend on the Preferred Shares Series 19 to which the holders are
5 b; `8 W$ i+ |) P" @4 m* I7 E% Dentitled thereunder subsequent to the time such voting rights first arose until
" X0 a  f, M3 i$ |. ?such time as the Bank may again fail to declare the whole dividend on the
; F: D, R; b1 Z; P5 |Preferred Shares Series 19 in respect of any quarter, in which event such
) G1 \0 Z5 k. P/ N+ W- ~voting rights will become effective again and so on from time to time.
. G/ h3 e  {% d6 v6 V5 E+ |0 BS-6. k  @- B) @7 j# @3 Q
Priority: The preferred shares of each series of the Bank will rank on a parity with
& w0 G- I' d( t3 @2 q0 K4 Kevery other series and are entitled to preference over the common shares of  n6 S7 e! R2 a$ G- P' R& Z
the Bank and over any other shares of the Bank ranking junior to the
3 f4 Z" h1 O& e* C3 n2 x, Z  y: B2 Fpreferred shares with respect to the payment of dividends and upon any4 T7 P, a, z1 t9 o& R8 y8 `
distribution of assets in the event of the liquidation, dissolution or
/ Y$ Q' [  o4 s/ cwinding-up of the Bank.8 [8 i- v& O& N2 l2 x: R7 k
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
& [7 U8 H' M* R( N/ d6 v- R% D0 EDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares5 t! T3 i5 E# J! b& K6 G, w
Series 18 and Preferred Shares Series 19 will not be required to pay tax on2 X* q9 P& X# [! C3 i4 v3 u* b# S
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。& w2 X1 p5 g/ p: t
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
+ a* d8 T) ], y0 x2 x2 \
/ f: l4 H( P- E- L8 c7 j+ Y
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
$ H1 h. }4 g1 s( a9 d' A9 F
+ Q6 |$ ]3 r9 }3 Q9 c5 j+ w. Bcall 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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