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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。% Z4 U6 h, A  \2 ]$ D+ U
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: ?' \, x5 C6 H/ s[ 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 X* z) m8 J) L3 a
SUMMARY OF THE OFFERING5 G! G+ z. P4 J2 p2 T
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’’.$ S+ s1 i' j. B- k7 _- [) g  O
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
4 m' d# f( N7 I; Y8 yAmount: $150,000,000 (6,000,000 shares).9 T. g- ]9 f7 e1 s
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
! S9 ^( D0 [4 n/ D# SPrincipal Characteristics of the Preferred Shares Series 18
" T! u! t! s9 ]: G/ q! p: o: HDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
3 V1 r3 D: F7 o; f$ Bnon-cumulative preferential cash dividends, as and when declared by the1 B/ h% H( S4 e+ X) T! l
Board of Directors, subject to the provisions of the Bank Act, for the initial9 u! q/ O+ D3 @% S8 `
period commencing on the closing date and ending on and including2 n6 L5 I- D9 ]4 B2 H
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the/ o% X( h) ?' A! j
25th day of February, May, August and November in each year, at a rate
# |# n: X  V# P+ @* w$ Jequal to $0.40625 per share. The initial dividend, if declared, will be payable
8 O: h8 D5 l3 g3 H: RMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing: _) ?% _7 p% e8 X: Z0 N
date of December 11, 2008.6 T1 |4 z; ?% D$ K# F1 U
For each five-year period after the Initial Fixed Rate Period (each, a, {! c* f% p8 j) F
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
0 C4 Z% g" U  S7 Y2 o$ t7 zSeries 18 will be entitled to receive fixed non-cumulative preferential cash" g0 l& R$ f  `* I3 h
dividends, as and when declared by the Board of Directors, subject to the2 S7 _. C4 Q8 J0 ]/ H, W
provisions of the Bank Act, payable quarterly on the 25th day of February,
. L! }3 i* g7 \8 dMay, August and November in each year, in the amount per share per annum
( ~* o/ ~; }3 h& U1 b5 T( hdetermined by multiplying the Annual Fixed Dividend Rate applicable to
% e- r& z0 m$ g4 Gsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend* N1 F* Q# e  }2 Y0 X
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
  Y' P8 P1 M! y. c$ J: [% uBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day3 B" g- r* S. }" W9 V* v1 M
of such Subsequent Fixed Rate Period and will be equal to the sum of the  m0 s8 A0 \5 J; m" r) D: [8 A' l9 @
Government of Canada Yield on the applicable Fixed Rate Calculation Date' ?% e2 G  V. o
plus 3.83%.
0 \& e; H0 @1 T# wIf the Board of Directors does not declare a dividend, or any part thereof, on
8 O7 Z7 H1 V4 E3 [$ o2 Gthe Preferred Shares Series 18 on or before the dividend payment date for a
( i- R* e) M& U& o$ Kparticular quarter, then the entitlement of the holders of the Preferred. a1 J1 G' s9 B* i  T% D
Shares Series 18 to receive such dividend, or to any part thereof, for such6 v5 G( L5 Y8 R/ P6 Z. F/ ^
quarter will be forever extinguished.
& M. i! Q* l' z0 I4 K5 ~Redemption: Subject to the provisions of the Bank Act and to the prior consent of the: h; j2 u' A9 ^. s* }
Superintendent and to the provisions described below under ‘‘Details of the
4 L& Z+ Q9 d7 ^6 f8 AOffering — Certain Provisions of the Preferred Shares Series 18 as a/ {6 d0 O6 a7 a6 E. g4 _  s
Series — Restrictions on Dividends and Retirement of Shares’’, on
' }1 E' [# x% }February 25, 2014 and on February 25 every five years thereafter, on not7 b! {9 A0 C8 M' H" A* P6 d$ D
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
7 w( `" y4 p! V7 k; M& I7 z8 spart of the then outstanding Preferred Shares Series 18, at the Bank’s option7 q3 z/ X5 G, X5 u  E& x# H
without the consent of the holder, by the payment of an amount in cash for
0 m8 O$ ?( h. d( T; Heach such share so redeemed of $25.00 together with all declared and unpaid/ F6 |3 x4 e! z( i' j* D7 m( v; [
dividends to the date fixed for redemption.$ V8 u" H) D7 m# q/ E2 B
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic' Y" _1 R& i4 S$ P: G7 ^
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have* d/ k( C8 q" a4 ]
the right, at their option, to convert, on February 25, 2014 and on1 t( \3 Q# W3 w
S-49 o% h+ Z5 ]0 I7 x' Y
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any9 p' `5 q+ @0 O
or all of their Preferred Shares Series 18 into an equal number of Preferred6 v( ~* L0 n: D
Shares Series 19 upon giving to the Bank notice thereof not earlier than
( a! u1 D" v% k! e. f3 g30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
  W1 d" @! T. ~; m% T5 T) R0 wpreceding, a Series 18 Conversion Date." W3 Y$ c/ x  k( v
Automatic Conversion If the Bank determines, after having taken into account all shares tendered- F3 P% o, U7 G! M2 K4 R( p
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
6 T3 y, Q2 k: T, V4 |" C6 GSeries 19, as the case may be, that there would be outstanding on such
, E9 P/ z5 Q1 S# WSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,5 c* `; M! N+ n3 C
such remaining number of Preferred Shares Series 18 will automatically be8 R1 Y3 R8 X' P/ T0 r
converted on such Series 18 Conversion Date into an equal number of! d: }4 u% j  g. @; {& s. q
Preferred Shares Series 19. Additionally, if the Bank determines that, after
; m, R. J2 Y9 ^; bconversion, there would be outstanding on such Series 18 Conversion Date# x; Q  M& R: j# Z
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares7 M, u8 v4 |9 A, O$ _3 X+ Q/ J
Series 18 will be converted into Preferred Shares Series 19.7 q1 `  d* ^" Y) N* }$ M
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
2 j- r! ?! x' s7 ?* I( r9 `, YSeries 18 will not be entitled as such to receive notice of, attend, or vote at,* T. p5 K1 v+ o, x7 C8 L7 e5 r) i
any meeting of the shareholders of the Bank unless and until the first time at4 E% h: \8 v4 v. s! {+ j
which the Board of Directors has not declared the whole dividend on the1 c3 f; i/ }( Y* `3 F9 e2 V! ~
Preferred Shares Series 18 in any quarter. In that event, subject as8 e/ M( @8 F, G3 L0 G
hereinafter provided, the holders of Preferred Shares Series 18 will be
# m: B+ Z' Q5 G( @entitled to receive notice of, and to attend, meetings of shareholders at which
' E- a, g! }) |0 |2 Wdirectors of the Bank are to be elected and will be entitled to one vote for9 P/ l0 n8 x1 }5 U2 o
each Preferred Share Series 18 held. The voting rights of the holders of the7 K# f! O! W, s6 A
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of* X" c+ P' \: C$ u3 v! Y
the first dividend on the Preferred Shares Series 18 to which the holders are. ]' l3 o5 C/ b- n! ^
entitled thereunder subsequent to the time such voting rights first arose until
* C* q( U/ U8 ~( o  isuch time as the Bank may again fail to declare the whole dividend on the( e9 b. g1 n9 o
Preferred Shares Series 18 in respect of any quarter, in which event such4 N! @2 M3 N( T) `) m
voting rights will become effective again and so on from time to time.
5 n/ \' A9 p; a# c9 y9 D0 v( @6 l5 s6 UPrincipal Characteristics of the Preferred Shares Series 19( C/ v' v4 b, f3 w) m6 M
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
/ U+ a1 m' ~" p/ Y) K  Qfloating rate non-cumulative preferential cash dividends, as and when# j9 G4 K" e' E3 b+ A$ a
declared by the Board of Directors, subject to the provisions of the Bank Act,
, @+ r, V% h7 Ypayable quarterly on the 25th day of February, May, August and November
# f: M  H) S" L7 Vin each year, in the amount per share determined by multiplying the
$ D; o0 m4 S& A5 ?$ }  O7 r7 Mapplicable Quarterly Floating Dividend Rate by $25.00.
5 C6 H; z" {0 c3 S0 y, m- QOn the 30th day prior to the commencement of the initial quarterly dividend9 @1 j, y+ X& b# r! ~
period beginning on February 25, 2014, and on the 30th day prior to the first; T/ D8 ^% u  T2 |+ t0 b
day of each subsequent quarterly dividend period (the initial quarterly0 _. b$ I& X) k5 l8 ^: x4 A
dividend period and each subsequent quarterly dividend period is referred to* ]6 ?' X3 O' p
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
2 W+ z( e3 }1 Z3 f, ?2 sQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
- o' ?1 R6 |9 o# V$ ZPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
) S# P/ F) \" KT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days  Z) z7 f5 r5 @' a/ q
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
8 K8 D/ B! H) q7 {determined on the 30th day prior to the first day of the applicable Quarterly, h7 o3 O3 U7 ^  [* {7 [" f
Floating Rate Period.
3 J8 a3 Z4 Q  i$ KS-5
3 |, C5 z& `* eIf the Board of Directors does not declare a dividend, or any part thereof, on4 g. Q4 [- u+ Z2 ~. `1 K
the Preferred Shares Series 19 on or before the dividend payment date for a
% |+ ~( f5 C/ ]7 Kparticular quarter, then the entitlement of the holders of the Preferred! _; G# g! ^$ [  T
Shares Series 19 to receive such dividend, or to any part thereof, for such
* l9 i7 x0 P5 X5 y; W  Vquarter will be forever extinguished.  H3 [3 ?% S; }; e# s4 T0 `
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
  R9 j6 L, u7 C+ y: f4 B- `7 PSuperintendent and to the provisions described below under the heading8 R7 x1 K) g/ F3 [' o
‘‘Details of the Offering — Certain Provisions of the Preferred Shares  u( m8 a# E4 I# L5 [
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
; X  [! X6 u& bon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
/ F) r# E* B! S% U6 o8 C0 qor any part of the then outstanding Preferred Shares Series 19, at the Bank’s$ y# {, |: I/ S/ ^9 Z# [
option without the consent of the holder, by the payment of an amount in
3 U. J/ g: w7 w8 x- ^# F# Xcash for each such share so redeemed of (i) $25.00 together with all declared
  {- t2 P4 r2 @and unpaid dividends to the date fixed for redemption in the case of
6 u$ k7 S( [4 l* @- a: m, _5 dredemptions on February 25, 2019 and on February 25 every five years: m) [* m: H) H+ k* I' H
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
% v! r: X+ t* M* i" ]7 ^2 m- V3 |the date fixed for redemption in the case of redemptions on any other date4 u9 s9 |* H0 p3 }1 K
on or after February 25, 2014.* D! J" h0 J2 q, |+ f7 j+ T
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic  D! _/ C+ Y6 x
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have+ v( Y4 Z7 u; O7 k
the right, at their option, to convert, on February 25, 2019 and on8 `' L" Y8 t3 e- w* S* m% ^6 k7 p
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any/ ]0 i# G3 G1 G  \2 X% y3 s
or all of their Preferred Shares Series 19 into an equal number of Preferred
2 W! j, Q1 W# E/ ^, T- lShares Series 18 upon giving to the Bank written notice thereof not earlier
0 g8 h7 m9 f6 I' e! s. Wthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the4 Q) X$ Z2 h  N- K# n% u) M
15th day preceding, a Series 19 Conversion Date.
( R6 ]' h0 @5 Y$ |/ [4 OAutomatic Conversion If the Bank determines, after having taken into account all shares tendered9 x. ~0 v9 K3 C; C8 J5 U
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
, H6 j8 r( u* T3 G' }! W% vSeries 18, as the case may be, that there would be outstanding on such
) _8 I, u! d5 X# m) gSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
7 I% ]+ L$ Q) u$ j) N4 O2 T  zsuch remaining number of Preferred Shares Series 19 will automatically be
) }6 N2 A" y9 G1 \. {; Jconverted on such Series 19 Conversion Date into an equal number of
' g3 q; v4 O) H- E5 a- M! dPreferred Shares Series 18. Additionally, if the Bank determines that, after: _8 p' B1 Z8 O# A/ E
conversion, there would be outstanding on such Series 19 Conversion Date, O2 U# ]# ^7 U
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
0 I3 q  W+ A0 k! j- l3 x' |Series 19 will be converted into Preferred Shares Series 18.
; w! T2 ]. ]8 M! kVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
6 L* l* W; [4 M5 v+ OSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
8 d( \8 Y& L) l/ o) P( Cany meeting of the shareholders of the Bank unless and until the first time at
4 d+ _$ @) w, X* e' w3 I4 Xwhich the Board of Directors has not declared the whole dividend on the5 N# O! K9 A. u; m
Preferred Shares Series 19 in any quarter. In that event, subject as
8 A; q/ U! p0 J: o5 {# ]hereinafter provided, the holders of Preferred Shares Series 19 will be
7 y, X* w4 J' Y+ r0 j' Jentitled to receive notice of, and to attend, meetings of shareholders at which
/ k' X2 }6 e, N' @- j9 c. bdirectors of the Bank are to be elected and will be entitled to one vote for
6 s$ C( A0 A/ E9 q$ F6 reach Preferred Share Series 19 held. The voting rights of the holders of the
4 H" s) r- K* q6 O: J; X/ l/ MPreferred Shares Series 19 will forthwith cease upon payment by the Bank of; Y) j$ j9 h2 A$ S
the first dividend on the Preferred Shares Series 19 to which the holders are
5 ]* A& {0 x6 m, Qentitled thereunder subsequent to the time such voting rights first arose until2 d9 w0 `% B7 H6 y) ]
such time as the Bank may again fail to declare the whole dividend on the0 {, {! _- @0 S7 _! O( b+ L# w& i
Preferred Shares Series 19 in respect of any quarter, in which event such7 {8 Z( F8 J1 f' f" S7 T3 H
voting rights will become effective again and so on from time to time.
  u3 v9 O/ `% X; ~. U$ X/ eS-6( _; ]. V- o" ]
Priority: The preferred shares of each series of the Bank will rank on a parity with- ^2 Q3 L% N3 R# T7 }6 e. H
every other series and are entitled to preference over the common shares of$ o6 l* v' |1 c0 j) Q
the Bank and over any other shares of the Bank ranking junior to the! v5 W3 C$ w; s5 r5 {
preferred shares with respect to the payment of dividends and upon any  C& p- t, e& v* F6 y
distribution of assets in the event of the liquidation, dissolution or
) i' W/ w# {. t' m; Xwinding-up of the Bank.
. k% M8 s5 t4 @8 d8 T8 |Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
6 m9 A  ]; t/ R; YDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares6 k/ f1 G, l: F) j4 b
Series 18 and Preferred Shares Series 19 will not be required to pay tax on$ c, N$ e8 |& f0 J2 u/ k  B/ V
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。
& a/ }/ @4 g0 n2 Z8 G  z  Z- C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。
大型搬家
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 18:26 | 显示全部楼层
$ X3 a3 ^& O5 j2 _6 n

6 C% I' x4 O) p( _8 ^下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。0 m. t' u! d/ E" U9 l& x0 H$ i& q/ u
5 [; U" q% e3 c2 ^! N- E* M
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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