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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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8 x7 d7 S7 }& q[ 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:
7 |# L$ e# }  f' r6 L' B' T! M' oSUMMARY OF THE OFFERING0 x5 Q( F6 P6 Y9 D! |. g" h  A
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’’.( O- ]8 V1 w! Q% U+ v
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
! N- I- t6 y6 n# pAmount: $150,000,000 (6,000,000 shares)./ y9 p9 m! R6 n; r# b$ t
Price and Yield: $25.00 per share to yield initially 6.50% per annum.' X; n2 H% m9 I  U5 d% J  L' {9 O
Principal Characteristics of the Preferred Shares Series 18
1 r2 o+ Y; d$ ]3 p% }Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
( P) m# x" f+ @, g4 `" \0 `non-cumulative preferential cash dividends, as and when declared by the/ m3 Y! D  E- l) @
Board of Directors, subject to the provisions of the Bank Act, for the initial) |" ?% _" X0 t5 d0 k9 K
period commencing on the closing date and ending on and including
+ G  I% h6 b- |: l) l% s" TFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the4 D$ W- _+ r3 z& l
25th day of February, May, August and November in each year, at a rate  K$ t1 c- K+ y( L% m
equal to $0.40625 per share. The initial dividend, if declared, will be payable
' T0 x( i5 X9 Q3 \" q, F  P+ a$ ?/ XMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
! H! R  Z# D1 _' Sdate of December 11, 2008.7 g, {$ b. Y, _2 ^' N/ W- P
For each five-year period after the Initial Fixed Rate Period (each, a
. y" A. Q3 E% C% N& K1 B‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
0 S2 B+ j$ \7 W8 Y8 ]Series 18 will be entitled to receive fixed non-cumulative preferential cash
7 V8 g6 c, y! p2 Jdividends, as and when declared by the Board of Directors, subject to the
; D& s7 s- ]' p6 O) }provisions of the Bank Act, payable quarterly on the 25th day of February,/ E0 V8 B) M; A% ~8 Y0 m; k
May, August and November in each year, in the amount per share per annum% u/ p" h. q1 \* p0 E
determined by multiplying the Annual Fixed Dividend Rate applicable to( d; z; z( q. F+ X- z8 }2 Y1 o  I
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
- t0 ^* Q  J" mRate for the ensuing Subsequent Fixed Rate Period will be determined by the: A& @- R4 s1 q) k1 B3 i
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
( y( }- K. G  E  T+ E5 eof such Subsequent Fixed Rate Period and will be equal to the sum of the
% Z- }* v0 F% K' i# A. s! JGovernment of Canada Yield on the applicable Fixed Rate Calculation Date3 m& h# e4 {3 b
plus 3.83%.
* Q- y9 `1 E9 D% y. H- EIf the Board of Directors does not declare a dividend, or any part thereof, on5 A3 V* C$ t# V9 z8 f0 N3 G( `) W6 [
the Preferred Shares Series 18 on or before the dividend payment date for a* q! t7 J7 X  [& }
particular quarter, then the entitlement of the holders of the Preferred
) j5 y& o, g) I, \9 WShares Series 18 to receive such dividend, or to any part thereof, for such
$ F$ o. x, T% N6 o/ Bquarter will be forever extinguished.8 U. Y8 |7 a& a& r
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the7 r1 R; Z$ \8 F" C6 R
Superintendent and to the provisions described below under ‘‘Details of the
. }- X. T! O: k" k( pOffering — Certain Provisions of the Preferred Shares Series 18 as a
3 n  y: F$ ~* T7 zSeries — Restrictions on Dividends and Retirement of Shares’’, on
# z; _! `  q4 a: Z  r: r9 O8 P8 GFebruary 25, 2014 and on February 25 every five years thereafter, on not
/ I  I/ u: @, j3 O5 wmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
1 f: J. v' J# spart of the then outstanding Preferred Shares Series 18, at the Bank’s option
$ |9 c: y2 Y) Q4 V+ owithout the consent of the holder, by the payment of an amount in cash for
1 E1 ^& b4 Q% @0 w, W/ T) l) k$ U: Q& Feach such share so redeemed of $25.00 together with all declared and unpaid$ Q1 o9 R' V! x, c0 @
dividends to the date fixed for redemption.
1 }+ C  r+ A: T( q& g2 }Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
- h- y( ]1 W# e. Y; ^Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have$ v# S9 I  R' Z  L
the right, at their option, to convert, on February 25, 2014 and on8 \& I! P1 U& ]0 C# B3 r5 Y
S-4
6 ^( P/ ~6 ?% q# f2 r4 Y$ F; ]% J6 TFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
. w1 u/ g5 `0 v% ]/ i2 d* d3 ^or all of their Preferred Shares Series 18 into an equal number of Preferred2 N6 b+ b6 L8 E7 k, s. j
Shares Series 19 upon giving to the Bank notice thereof not earlier than8 g" h7 j! R* j
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
0 U, M7 l( N, W/ I9 ~# z/ hpreceding, a Series 18 Conversion Date.4 E/ q* U4 k' J& h& ^& W' [4 y
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
/ S/ \! I! w9 \7 jProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
1 ?/ a7 o! X  P1 [& V) V4 uSeries 19, as the case may be, that there would be outstanding on such! E7 V0 ]1 U+ b! i6 m) D
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,! r9 K! J+ l9 G( s
such remaining number of Preferred Shares Series 18 will automatically be9 `! _, R  r3 P8 C4 H5 |
converted on such Series 18 Conversion Date into an equal number of" t* {- w- B: b) J7 ^, `. `
Preferred Shares Series 19. Additionally, if the Bank determines that, after9 P. l  }! q3 M+ M
conversion, there would be outstanding on such Series 18 Conversion Date
# h  i# D+ N! I$ a9 Nless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares4 F, T* z  P- E2 u' N' Q+ M2 Z
Series 18 will be converted into Preferred Shares Series 19.
) Y" _5 _2 `: ~8 i8 DVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares# d1 H, ?' Y: p2 L1 a1 _' |
Series 18 will not be entitled as such to receive notice of, attend, or vote at,$ r" e$ l, q2 P) |& L2 x3 r
any meeting of the shareholders of the Bank unless and until the first time at
  y/ M" B4 S" v2 h: i& x0 p! Swhich the Board of Directors has not declared the whole dividend on the3 r2 k( d* o8 ~1 C# x
Preferred Shares Series 18 in any quarter. In that event, subject as
) p: M% v) T. r, }: ~2 Lhereinafter provided, the holders of Preferred Shares Series 18 will be
  G/ ~9 X6 F( |  p: x7 U: wentitled to receive notice of, and to attend, meetings of shareholders at which
( |+ Z* [+ h: w3 f7 ~5 M" j9 x. zdirectors of the Bank are to be elected and will be entitled to one vote for
7 ]" d: i9 L$ s. i0 Jeach Preferred Share Series 18 held. The voting rights of the holders of the6 X* A! s* u: |7 p
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of' e& Q% `1 f& K7 J6 h
the first dividend on the Preferred Shares Series 18 to which the holders are# E) [( m; M: h
entitled thereunder subsequent to the time such voting rights first arose until+ G; O# U7 j0 h7 S  K4 S. S
such time as the Bank may again fail to declare the whole dividend on the* l' {! a( D# E! R
Preferred Shares Series 18 in respect of any quarter, in which event such
; s6 s2 Q) k4 f* n5 u6 }9 \+ Qvoting rights will become effective again and so on from time to time.
5 ]6 \! `; }3 w2 G3 VPrincipal Characteristics of the Preferred Shares Series 19
7 F3 _/ G2 I/ {" zDividends: The holders of the Preferred Shares Series 19 will be entitled to receive) T$ H% X* |* i; S+ G* f. U
floating rate non-cumulative preferential cash dividends, as and when
& S( x. n9 a/ ?8 O* Ndeclared by the Board of Directors, subject to the provisions of the Bank Act,, y6 N+ s7 U, n& P
payable quarterly on the 25th day of February, May, August and November
8 C6 J* m6 v9 @  J2 Hin each year, in the amount per share determined by multiplying the
$ X9 z8 p1 n! X$ o) Japplicable Quarterly Floating Dividend Rate by $25.00.
" \( J' m) ]( r6 L6 R' i3 w, WOn the 30th day prior to the commencement of the initial quarterly dividend
* _  C; B4 `* eperiod beginning on February 25, 2014, and on the 30th day prior to the first
7 S; k0 V5 ^& s. y+ dday of each subsequent quarterly dividend period (the initial quarterly4 \" x, y" F! ~
dividend period and each subsequent quarterly dividend period is referred to
+ g& l1 e1 |4 F' eas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the+ b; m6 X( ~" Q7 D% t0 d
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
2 e% }% B- \5 W' k# P) N/ fPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the/ Y8 c; E3 m3 j  V
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days; D) ^2 G; H8 G' }
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
5 H! p) x  |  n" {' |4 c4 ~determined on the 30th day prior to the first day of the applicable Quarterly
2 c0 J0 d0 h- Y( R" Z" wFloating Rate Period.+ s" a+ }# z, N% j0 ]% V) }9 Z! Q
S-5: s( H/ d, e+ _& ^
If the Board of Directors does not declare a dividend, or any part thereof, on7 C, i" W$ _  e5 }2 p0 h  P5 L+ `
the Preferred Shares Series 19 on or before the dividend payment date for a
1 K8 P! Q% n' N+ U- H( ^particular quarter, then the entitlement of the holders of the Preferred
0 ]7 v: g1 O4 X7 g8 _5 X/ A- D6 }' TShares Series 19 to receive such dividend, or to any part thereof, for such# N) g/ C7 Q. v  A1 P
quarter will be forever extinguished., k7 g8 S  B; F) y+ H; D; M1 Y
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the( {3 }9 B3 B/ Y: [/ A' {- X! q
Superintendent and to the provisions described below under the heading
9 w& C; x) N2 O' H( t‘‘Details of the Offering — Certain Provisions of the Preferred Shares
; u1 }0 G  C1 nSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,/ H. r( j! U! r  g$ H
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all% z" q" q7 R( M1 z3 G) m
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
% i! W) _" c8 g$ r$ u; noption without the consent of the holder, by the payment of an amount in: [( ?2 ?# g2 S
cash for each such share so redeemed of (i) $25.00 together with all declared( j3 b) a8 Y7 Q! i5 ^) c
and unpaid dividends to the date fixed for redemption in the case of
5 e9 u, ^- Z: Q  A' L2 gredemptions on February 25, 2019 and on February 25 every five years
7 }/ l$ _# q, ?$ W+ Q, Qthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
6 n' m. L1 b0 Bthe date fixed for redemption in the case of redemptions on any other date
/ t; h. `( a& n8 c% z$ son or after February 25, 2014.
# [, N, v5 P/ o9 F7 ?  l5 B7 z* {! AConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
$ H6 q, |8 P5 ~* YShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
! n. {+ h2 _6 X- r: j2 }the right, at their option, to convert, on February 25, 2019 and on
0 l, G# @) O, q) i3 W  nFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
( ?0 N: r( k1 I. b% k' bor all of their Preferred Shares Series 19 into an equal number of Preferred) Y, {1 c4 z- L. j
Shares Series 18 upon giving to the Bank written notice thereof not earlier
9 Z5 w5 i4 [# h: U( [# O- [than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
7 T  W% }/ U4 H# L15th day preceding, a Series 19 Conversion Date.
7 U1 R1 i: s  \9 X! gAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
' x5 u5 Z- a+ {  Y; g0 s1 d& Y. HProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
" `2 p& h, ~4 i' MSeries 18, as the case may be, that there would be outstanding on such
7 n5 r/ ]' j( r' U, `% @Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
6 u9 P/ Y$ x" o; i0 Bsuch remaining number of Preferred Shares Series 19 will automatically be  ^( s- i; E+ z; p
converted on such Series 19 Conversion Date into an equal number of7 ~5 ?0 P# _# c  l. U
Preferred Shares Series 18. Additionally, if the Bank determines that, after' y9 b: }! ^! a: w) Z! _( ]
conversion, there would be outstanding on such Series 19 Conversion Date$ x4 |$ h) e( U: F- ]3 V% S
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares# W% L' n: @# R. e
Series 19 will be converted into Preferred Shares Series 18.& [0 o0 W& ^, ?- c# P% M: x
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
8 X$ v: G* Z! J6 f1 N- y- t, wSeries 19 will not be entitled as such to receive notice of, attend, or vote at,1 K& c% U4 j. p
any meeting of the shareholders of the Bank unless and until the first time at  S" D, l7 u0 |& Q8 v( k
which the Board of Directors has not declared the whole dividend on the
# d! ~8 l1 q! m$ A, Y7 Z# h: ?Preferred Shares Series 19 in any quarter. In that event, subject as
: T9 H8 @7 b8 ^; O3 g* nhereinafter provided, the holders of Preferred Shares Series 19 will be' ^8 A) c. q9 i+ K
entitled to receive notice of, and to attend, meetings of shareholders at which
+ G. x# A# b" d* Edirectors of the Bank are to be elected and will be entitled to one vote for
% S/ Y, [# Y9 j+ e6 O8 V' feach Preferred Share Series 19 held. The voting rights of the holders of the- q% @* _# m$ {; u$ A* r
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
; T+ G( b& T, f7 t+ D( ithe first dividend on the Preferred Shares Series 19 to which the holders are$ w. Q$ S0 G" r4 [! o
entitled thereunder subsequent to the time such voting rights first arose until! \$ h! G  B- ]1 k% B$ J" d; |3 E
such time as the Bank may again fail to declare the whole dividend on the
/ G" P/ F; l7 N/ c9 v3 S$ tPreferred Shares Series 19 in respect of any quarter, in which event such6 v  s1 S4 d$ `# M) R/ e# P
voting rights will become effective again and so on from time to time.
% C6 k8 [/ P8 p. XS-6, ^! z; U9 x2 k
Priority: The preferred shares of each series of the Bank will rank on a parity with
$ w8 O, @2 J. {/ uevery other series and are entitled to preference over the common shares of
  O/ {4 _. b& f: P; othe Bank and over any other shares of the Bank ranking junior to the
) B. ^1 L( K: W  e( y, ~  M- Mpreferred shares with respect to the payment of dividends and upon any
/ i5 a: L5 t% b+ q" zdistribution of assets in the event of the liquidation, dissolution or
' D6 |" G- g& R: y0 ~- Jwinding-up of the Bank.# R9 T* A7 V5 n2 W  F4 C5 H5 |- d+ M
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under& I( Q# m% G0 f9 }
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
, x, j, A6 U/ v  ^. w& KSeries 18 and Preferred Shares Series 19 will not be required to pay tax on' A5 X6 D% e: D) N1 t. P
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。4 A5 D5 G  ^4 O8 \! s) @; R
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
! S3 A) [1 E' a) O4 o8 a

) A# k: N1 S' q3 Y4 a. t下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
6 }# r2 Y% X+ }, F+ Z1 i3 L. l$ u4 o, P$ B( T3 d/ i# g! {* n
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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