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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。5 A$ d! Q2 h* V& l% ^  f

# S; N) ~5 H; D* z8 V% T8 _+ w* z9 E+ h) z" W+ V& D0 @
[ 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:
2 _0 U- v3 x' d" I) i0 mSUMMARY OF THE OFFERING
- Q9 w3 l( a" Z) H1 {( W! }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’’.3 j  q7 |# Y0 E5 B+ w+ r: r5 b
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
! w: \  e' y5 ]2 x( `Amount: $150,000,000 (6,000,000 shares).
8 ~: _+ U; L7 V* r- Y  Z# [: vPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
' ?5 |' m6 I' T! r( c7 ^1 zPrincipal Characteristics of the Preferred Shares Series 18, X$ t* n6 u6 x( |* Z7 G9 d* |
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed$ p5 o1 L" f. j' N0 G
non-cumulative preferential cash dividends, as and when declared by the
8 `, H9 x  H- KBoard of Directors, subject to the provisions of the Bank Act, for the initial
1 F" ], K/ C% h( z& S" M+ vperiod commencing on the closing date and ending on and including
/ V3 I. ]4 y7 e1 NFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the: x! u7 [& U" J* v
25th day of February, May, August and November in each year, at a rate" d" _' @) `+ _1 j) _2 e3 B
equal to $0.40625 per share. The initial dividend, if declared, will be payable
2 E+ |- t6 A  y  AMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
, |' J* v" y' H; Q/ Edate of December 11, 2008.
2 J+ P% v( I) P% |+ @0 p& YFor each five-year period after the Initial Fixed Rate Period (each, a! C4 }4 X! X3 Z& a( C
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
( ]  W7 C5 Q( V, v5 G+ B" w( bSeries 18 will be entitled to receive fixed non-cumulative preferential cash6 c: T* j& A. {# A/ F
dividends, as and when declared by the Board of Directors, subject to the
$ b% Y$ j7 K! wprovisions of the Bank Act, payable quarterly on the 25th day of February,# }; Y' d9 k. d5 {5 N' H( |  I
May, August and November in each year, in the amount per share per annum8 s% o3 b( ~# x" x+ W5 j/ X1 l
determined by multiplying the Annual Fixed Dividend Rate applicable to
. {' S& m  n/ csuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend1 {: N3 H$ Q4 s' M- n/ {
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
6 A/ r$ ~5 V, ^) P. ABank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
" I: M" j) ^" |/ Sof such Subsequent Fixed Rate Period and will be equal to the sum of the
1 N; ?. `+ D9 IGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
3 M: k7 x" q- n; `2 B! I+ Vplus 3.83%.) f( D. u% h) H5 |7 P
If the Board of Directors does not declare a dividend, or any part thereof, on
1 X/ f* v9 v+ p7 M$ l2 h( ithe Preferred Shares Series 18 on or before the dividend payment date for a
7 X7 Q9 q! n$ Z% ?. aparticular quarter, then the entitlement of the holders of the Preferred
+ K+ q. r0 U0 N# i6 D4 x8 [5 XShares Series 18 to receive such dividend, or to any part thereof, for such
8 v2 Q( I0 e# V/ S" m2 squarter will be forever extinguished.
2 r& _* \( [) k  oRedemption: Subject to the provisions of the Bank Act and to the prior consent of the) f4 F/ A3 \; Q* @7 R, R! [. ]( \
Superintendent and to the provisions described below under ‘‘Details of the
. W; E. }" v! E8 _% e/ KOffering — Certain Provisions of the Preferred Shares Series 18 as a- H$ e5 }' M& Z3 Y, J! ?7 `* r2 u% B, v
Series — Restrictions on Dividends and Retirement of Shares’’, on: K* x% `& d6 Z
February 25, 2014 and on February 25 every five years thereafter, on not: |: b* y" G3 K/ c: Z+ y1 {5 F
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any0 {+ {4 K3 f4 J8 o
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
/ L  a& Z' @- K* J3 P1 swithout the consent of the holder, by the payment of an amount in cash for- Q2 N9 r1 K, J3 P
each such share so redeemed of $25.00 together with all declared and unpaid# z7 {, O4 M$ S. v
dividends to the date fixed for redemption.9 e5 X+ w9 ]/ j- l) b6 j
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
- D9 O1 J, I) Z  i+ h* ]( PShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
0 L5 Q  b" \2 ^, cthe right, at their option, to convert, on February 25, 2014 and on! T) Q: c$ r1 h
S-4
! \% z; o( m7 a# EFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
+ y0 B- s/ b% n5 I8 Por all of their Preferred Shares Series 18 into an equal number of Preferred# ?; d# N; {+ A
Shares Series 19 upon giving to the Bank notice thereof not earlier than0 r% ?( b; K# f$ E7 Y, R
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
- |: F/ r2 r# V0 S2 x( N8 K: npreceding, a Series 18 Conversion Date.
# |7 ^# j. N. S& sAutomatic Conversion If the Bank determines, after having taken into account all shares tendered0 w0 z) v8 F3 s* a$ L& X: p' V
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares  J3 _# w' R$ ]" r& ]2 r6 t
Series 19, as the case may be, that there would be outstanding on such+ ?4 C) \! w" h0 L6 T  f) x3 m  ?9 ?
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,. @9 q8 ~6 l% r' }
such remaining number of Preferred Shares Series 18 will automatically be
* |# `; F  T9 e3 P3 econverted on such Series 18 Conversion Date into an equal number of( E, `1 i' O" \2 x
Preferred Shares Series 19. Additionally, if the Bank determines that, after: C, ], h' Y) D3 p
conversion, there would be outstanding on such Series 18 Conversion Date
# |4 K$ W9 N3 y- h& Uless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares$ n* V  x( G0 h9 G6 ~7 o) T0 j
Series 18 will be converted into Preferred Shares Series 19.
! R4 R& N& h# kVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
- V" U6 Y" f5 ~5 c: b! }  ^Series 18 will not be entitled as such to receive notice of, attend, or vote at,$ I5 ^! L0 C$ I* V
any meeting of the shareholders of the Bank unless and until the first time at
: p! m9 S# T  G' iwhich the Board of Directors has not declared the whole dividend on the
/ S9 n0 ?' Z6 P+ {2 sPreferred Shares Series 18 in any quarter. In that event, subject as1 G9 M; L, C3 f2 x
hereinafter provided, the holders of Preferred Shares Series 18 will be# R& [2 s( r2 D$ {! o* s; a
entitled to receive notice of, and to attend, meetings of shareholders at which
: r5 W1 b" m) n- Z/ Y- H% Edirectors of the Bank are to be elected and will be entitled to one vote for
- G9 @/ X! y: O1 j- ?! J! ?; p- neach Preferred Share Series 18 held. The voting rights of the holders of the& f+ y% q9 i5 p- E
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of$ n5 j  |2 w0 {! f- }& g+ i
the first dividend on the Preferred Shares Series 18 to which the holders are
) x9 q$ K. ]$ e1 L: ^# Pentitled thereunder subsequent to the time such voting rights first arose until
& v0 ?' r0 f1 o, _6 ~& R+ z9 Osuch time as the Bank may again fail to declare the whole dividend on the
* L: t( E( ]7 y" E  `) }, T' XPreferred Shares Series 18 in respect of any quarter, in which event such; v: b5 n) A1 i  d! g/ r
voting rights will become effective again and so on from time to time.
9 |0 n' g$ ?+ U$ C: b0 D4 IPrincipal Characteristics of the Preferred Shares Series 19
9 [9 w2 @) @8 k% n: ^# T3 KDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
4 l* o( F8 @1 {1 ^' S( h5 V. ^& Zfloating rate non-cumulative preferential cash dividends, as and when4 b) Y' {. R  B" U9 G: n0 \3 E" w
declared by the Board of Directors, subject to the provisions of the Bank Act,2 _' Q; E8 H3 H$ X% N
payable quarterly on the 25th day of February, May, August and November
9 y8 R; V5 U6 |  ^7 cin each year, in the amount per share determined by multiplying the8 H. {* S  E& V( E2 Z
applicable Quarterly Floating Dividend Rate by $25.00.
+ H! t" j/ w! r3 rOn the 30th day prior to the commencement of the initial quarterly dividend
' d! }1 K" F" W) yperiod beginning on February 25, 2014, and on the 30th day prior to the first
3 h( k* ]3 ]% T* V6 R8 w% k6 s2 wday of each subsequent quarterly dividend period (the initial quarterly
8 }- h7 ?* A$ A3 c! E( X$ [  Ndividend period and each subsequent quarterly dividend period is referred to$ z( w1 Q1 ~, x7 w
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the; H9 y4 ?# u' A+ W
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate6 @! C  l, ^4 P0 R
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
8 j$ Z8 `# Q6 q, i/ |* k- E  e' hT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days9 G: M6 Z, L, P3 f. B$ X
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
: ^) p4 w1 c' Pdetermined on the 30th day prior to the first day of the applicable Quarterly1 u/ T4 F. I: K
Floating Rate Period.$ _* K! w* I( g3 {* o
S-5& M* d: T$ c  }) ~) Z
If the Board of Directors does not declare a dividend, or any part thereof, on7 t+ k8 K. x6 v9 S' r( w( J
the Preferred Shares Series 19 on or before the dividend payment date for a
$ T9 ~; ^& R* N9 q. vparticular quarter, then the entitlement of the holders of the Preferred
8 A7 S9 ?: ~6 D  C% QShares Series 19 to receive such dividend, or to any part thereof, for such
5 h+ b) s$ ]" ?+ wquarter will be forever extinguished.( E- v  \' H: G" x" Q
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
' C1 H& y  h* [& T* jSuperintendent and to the provisions described below under the heading  o& V* n) |; v1 t
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
' o' R- m! J& Y  u5 l& mSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,. ?& r& W' l4 L3 x" |
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all) ~% c1 c0 A+ O3 x" u( V. Z# k
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
( {: r# O9 v0 _  Q2 F/ t8 p% goption without the consent of the holder, by the payment of an amount in
9 [; N! n6 ^% {0 [  ]7 Icash for each such share so redeemed of (i) $25.00 together with all declared4 G' r- S4 H- J. N# o
and unpaid dividends to the date fixed for redemption in the case of! v& E5 C9 M- T) g$ m
redemptions on February 25, 2019 and on February 25 every five years
' a4 O' ~6 F0 G8 r; R9 mthereafter, or (ii) $25.50 together with all declared and unpaid dividends to' Q. {8 a  K: {8 n, H- @7 w
the date fixed for redemption in the case of redemptions on any other date3 p7 a% C- c' D. X/ |4 {. n
on or after February 25, 2014.
: R. n; u9 l& g' p* \' bConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic$ v% y% O  j! d& C, k
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have, p( u  n& g! a3 n( w* _- o* l
the right, at their option, to convert, on February 25, 2019 and on& \4 o2 V. {* l) Q
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
4 e8 g( y1 Z2 l9 [+ P) h4 M/ Vor all of their Preferred Shares Series 19 into an equal number of Preferred/ F/ _* N+ g* F6 K& P
Shares Series 18 upon giving to the Bank written notice thereof not earlier2 w8 R/ O5 e, `1 |" `% M8 I5 K' R  N
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the& F; |2 S4 s! G
15th day preceding, a Series 19 Conversion Date.0 j4 F! x, O# i5 x1 T+ K6 ?% b
Automatic Conversion If the Bank determines, after having taken into account all shares tendered# Z- [% F3 P7 Z9 M" f& T
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
& @, d; [: ^1 TSeries 18, as the case may be, that there would be outstanding on such) r4 A- e5 B) P+ G( S# R. V+ j
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
7 K2 X1 M1 M  n8 Z! Asuch remaining number of Preferred Shares Series 19 will automatically be
+ E6 y# |7 ^3 c$ y. E' e. S1 Y1 r+ wconverted on such Series 19 Conversion Date into an equal number of
  w, O5 @. X7 C# m# e1 F0 m# f, V; aPreferred Shares Series 18. Additionally, if the Bank determines that, after; F0 Q! L# s  M+ u3 K3 E- u
conversion, there would be outstanding on such Series 19 Conversion Date- Y* X- a2 K* X( i  B
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares5 ^/ b% ?2 `; }; Q4 v3 N0 f9 y
Series 19 will be converted into Preferred Shares Series 18.
( u$ j( _; ]/ F5 `Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
/ E( R2 V8 i6 ^0 r8 Z) t$ [  JSeries 19 will not be entitled as such to receive notice of, attend, or vote at,3 d2 E) f4 ]( X- d: }7 x8 `
any meeting of the shareholders of the Bank unless and until the first time at
7 s; H: ], G% q% jwhich the Board of Directors has not declared the whole dividend on the9 q" K& `8 F5 S: S" {
Preferred Shares Series 19 in any quarter. In that event, subject as% [' H! P( `7 \: r6 |* H
hereinafter provided, the holders of Preferred Shares Series 19 will be
/ C+ i) j3 e3 F. m7 m  p0 qentitled to receive notice of, and to attend, meetings of shareholders at which9 a+ a% p1 A# V4 R# k
directors of the Bank are to be elected and will be entitled to one vote for( \, ]# J/ w4 p/ {
each Preferred Share Series 19 held. The voting rights of the holders of the
" ]- S! F& p6 R4 j- j" D# PPreferred Shares Series 19 will forthwith cease upon payment by the Bank of/ [! e. |) o8 D5 {9 i
the first dividend on the Preferred Shares Series 19 to which the holders are
/ h; ]* S# X2 Z) }+ Zentitled thereunder subsequent to the time such voting rights first arose until- \3 h$ G8 |! z+ w( `, k
such time as the Bank may again fail to declare the whole dividend on the% Z/ ^3 b; Y+ U* H  S5 h
Preferred Shares Series 19 in respect of any quarter, in which event such8 i; r  A4 C, ]! E8 \% v- n  \- g4 m, Y
voting rights will become effective again and so on from time to time.
3 B6 \% ~' n/ i1 J- K; m2 `S-6
! k% z, X5 t! \Priority: The preferred shares of each series of the Bank will rank on a parity with+ W; B; v0 E. n3 h
every other series and are entitled to preference over the common shares of: N% ~/ C/ p  q
the Bank and over any other shares of the Bank ranking junior to the
; U+ A0 h2 X) U& Upreferred shares with respect to the payment of dividends and upon any
2 @5 K( F+ l; o& Edistribution of assets in the event of the liquidation, dissolution or" F- s+ `& `! s6 r' S1 M+ a
winding-up of the Bank.
9 u5 U$ ]; H0 G: iTax on Preferred Share The Bank will elect, in the manner and within the time provided under, |% H3 t5 g7 z- I; ]
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
" c5 J, H: W" y/ W  p5 gSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
6 N% I+ x$ H, V6 \  Jdividends received on such shares under Part IV.1 of such Act.
大型搬家
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。1 F* V" o& h; d: O0 n9 n
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 {5 G: E2 A1 j- r; V9 T
, X+ m, R9 Z" i8 m3 N6 W
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
) V1 U3 H2 K% u. D/ m) {
9 ]# c  Q; v$ r9 g9 W5 \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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