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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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[ 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:) w& [* C) `1 u
SUMMARY OF THE OFFERING4 v2 k- k6 n! M7 a% Y& P
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’’.
2 H, ?7 g/ I7 G8 g" V& TIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
* f. B" z: ^' D7 LAmount: $150,000,000 (6,000,000 shares).
- q% J7 }' x  ]. m% zPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
- a8 v3 i# B. \& R( @1 u+ p; J* b" aPrincipal Characteristics of the Preferred Shares Series 18
5 }$ A/ `3 ~+ X3 u9 Y/ WDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed+ U3 S! u  E/ X9 h' P  k
non-cumulative preferential cash dividends, as and when declared by the
( G* P9 N/ d% c5 wBoard of Directors, subject to the provisions of the Bank Act, for the initial2 C  |. Q1 C1 p& w- [. e. B
period commencing on the closing date and ending on and including
% e( p; L% e, A  P) ~! ^! n( Q" x% V& sFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the; ^9 m/ i2 Q8 b- s, A
25th day of February, May, August and November in each year, at a rate+ C- a  s; R- s5 X% _, p
equal to $0.40625 per share. The initial dividend, if declared, will be payable
" ^; G0 i9 _2 ]5 U: F7 QMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing( t% u! `6 b  g7 i
date of December 11, 2008.
# R& q5 P8 D4 @1 i9 pFor each five-year period after the Initial Fixed Rate Period (each, a
$ \* g. r- i& m" }9 m‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares$ J$ J5 _+ [  z  l" @3 t
Series 18 will be entitled to receive fixed non-cumulative preferential cash
2 H3 X; S' A- e: e( w" cdividends, as and when declared by the Board of Directors, subject to the
4 F/ D; L% `7 k( o$ z+ zprovisions of the Bank Act, payable quarterly on the 25th day of February,
+ j  T# d2 N  pMay, August and November in each year, in the amount per share per annum2 o  H8 G% I' e/ |0 S% s- s
determined by multiplying the Annual Fixed Dividend Rate applicable to
, N. p! l# X3 Z0 L- J+ G; Osuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
6 ~6 V8 \  D& h% z2 n! ~Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
* L" h9 W( F4 t3 C! S" GBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day( B: Q' ^- D+ U
of such Subsequent Fixed Rate Period and will be equal to the sum of the5 e9 `7 _% O3 v) s+ [8 I3 g2 E
Government of Canada Yield on the applicable Fixed Rate Calculation Date
/ y9 t0 F, R7 }plus 3.83%./ B, @; f3 l9 A: ?: W3 g2 z, S
If the Board of Directors does not declare a dividend, or any part thereof, on
" f0 p8 }3 x  w1 S8 Sthe Preferred Shares Series 18 on or before the dividend payment date for a* d- [6 J" U- ]% n( c
particular quarter, then the entitlement of the holders of the Preferred
5 v2 ], T4 A3 }7 mShares Series 18 to receive such dividend, or to any part thereof, for such
; L8 J1 Q1 I  g, w0 vquarter will be forever extinguished.6 G0 c- T! D3 b4 ?1 ~
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the4 h2 e) u; X) f, P" p
Superintendent and to the provisions described below under ‘‘Details of the( j7 y. V2 [! [& A# t
Offering — Certain Provisions of the Preferred Shares Series 18 as a0 Z% j1 N* g- O
Series — Restrictions on Dividends and Retirement of Shares’’, on
/ {0 {2 ~1 t8 Y  X* SFebruary 25, 2014 and on February 25 every five years thereafter, on not
5 a5 \# m3 l# a2 Xmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
5 j, ^& O' ?5 L9 ^$ P4 Ppart of the then outstanding Preferred Shares Series 18, at the Bank’s option! ?) l+ w% ]5 _" q# S2 `6 i
without the consent of the holder, by the payment of an amount in cash for" z5 B6 _2 j! {
each such share so redeemed of $25.00 together with all declared and unpaid
& Q9 K9 U1 s9 I) C7 ydividends to the date fixed for redemption.% `( V. }% h) j# J& g3 T" `% j
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
: }3 |9 s! ^$ B. X+ z4 qShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
# Y: |9 |% B1 b5 k+ ?/ v/ |the right, at their option, to convert, on February 25, 2014 and on" y$ ^; U/ S; g: t" P0 X3 b9 i
S-4
  I- O7 D! E% c7 M: G! r! Z( h. s3 H% d$ wFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any/ ^; n! H$ ^2 b2 \8 w- p8 ~
or all of their Preferred Shares Series 18 into an equal number of Preferred
+ ]5 L# ?( R. `2 gShares Series 19 upon giving to the Bank notice thereof not earlier than/ S% B- M( ]2 U9 f$ j. J
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day1 k2 `' h* L; g! b( w
preceding, a Series 18 Conversion Date.  E' d8 D, [" v1 h# h  Y% o
Automatic Conversion If the Bank determines, after having taken into account all shares tendered4 c8 H$ a' l8 U8 w8 X1 u" e
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
3 G/ V) m/ Q) G2 F# |( cSeries 19, as the case may be, that there would be outstanding on such) E6 S0 o) p% t
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,0 |5 j+ }( k; z
such remaining number of Preferred Shares Series 18 will automatically be  R( A5 o0 H" ^  l1 R
converted on such Series 18 Conversion Date into an equal number of
, m+ @! Z- ?6 {8 X: ePreferred Shares Series 19. Additionally, if the Bank determines that, after) f2 g% W$ n- I: o& O
conversion, there would be outstanding on such Series 18 Conversion Date
0 C) j& m" X0 E3 X. p0 Gless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares$ U* p4 P$ n" H8 [
Series 18 will be converted into Preferred Shares Series 19.
5 G! h1 W+ F' XVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares6 R# X6 E5 M4 c
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
$ c0 P" X  w3 fany meeting of the shareholders of the Bank unless and until the first time at
- |& z, X, i& \4 k9 K6 awhich the Board of Directors has not declared the whole dividend on the
( l! {7 B) ~6 WPreferred Shares Series 18 in any quarter. In that event, subject as7 I3 G. Y3 [" W( u
hereinafter provided, the holders of Preferred Shares Series 18 will be
6 N) s, J) w$ |: bentitled to receive notice of, and to attend, meetings of shareholders at which0 N9 q' t5 v' e/ l! c8 g1 ^4 T: M
directors of the Bank are to be elected and will be entitled to one vote for
4 V8 k& m) U1 r8 s4 n1 peach Preferred Share Series 18 held. The voting rights of the holders of the% U5 u- ?7 I  B" k+ m
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of( m/ c. t4 x6 J9 o" K, l8 R% ?% q; x/ {
the first dividend on the Preferred Shares Series 18 to which the holders are
, m7 Y# y1 `5 @# i3 uentitled thereunder subsequent to the time such voting rights first arose until2 S2 v8 R8 W: E
such time as the Bank may again fail to declare the whole dividend on the
! s$ Z/ B/ m( a# W; t/ g" V3 m" vPreferred Shares Series 18 in respect of any quarter, in which event such
* |6 n$ v6 c5 V) a8 ?2 o$ ~5 I, }voting rights will become effective again and so on from time to time.0 Z5 P! J) Z* Q, U
Principal Characteristics of the Preferred Shares Series 197 V9 E! Z5 h7 b- z: z2 E
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
- F6 N2 p% |. v8 X1 Ifloating rate non-cumulative preferential cash dividends, as and when
: h: `+ q) X  j1 `3 s4 r) Zdeclared by the Board of Directors, subject to the provisions of the Bank Act,& L) c, r# |- M! E( z- O
payable quarterly on the 25th day of February, May, August and November
8 }2 `9 f) |6 f& j) rin each year, in the amount per share determined by multiplying the  G, Q; h8 ]+ O* j
applicable Quarterly Floating Dividend Rate by $25.00.. C6 |: v- e9 v6 F7 L+ X) N) c
On the 30th day prior to the commencement of the initial quarterly dividend0 K) E/ d) B9 a+ v0 F
period beginning on February 25, 2014, and on the 30th day prior to the first" p: ?  F- S$ `  `5 p6 V. x- h
day of each subsequent quarterly dividend period (the initial quarterly' u1 f  s* K5 y1 ?( u4 V
dividend period and each subsequent quarterly dividend period is referred to+ }% _* b, H. [2 |
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the3 U: V6 o3 g* h& @# ]) e0 I
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
3 f3 g& r$ B$ y" _+ y% PPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the2 i  U' B+ n; t0 p$ G- ]8 _
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days9 ]  H/ u: ~+ q/ e
elapsed in the applicable Quarterly Floating Rate Period divided by 365): T. Y- w' m9 Z2 T
determined on the 30th day prior to the first day of the applicable Quarterly
. Y$ g! x. g. |7 J: ~+ WFloating Rate Period.
+ J" d! v. J( D! ?  {S-5
* K* U7 T1 u( m/ a$ xIf the Board of Directors does not declare a dividend, or any part thereof, on  @9 }& \( ~0 @" u7 y& n
the Preferred Shares Series 19 on or before the dividend payment date for a6 O% f' J4 p) o) t) b& P* w
particular quarter, then the entitlement of the holders of the Preferred/ t" U5 y! m8 Q, i" X* n# ?3 G$ Z
Shares Series 19 to receive such dividend, or to any part thereof, for such! V8 J9 A( |  k' P" ]9 x, z$ k
quarter will be forever extinguished.
+ y5 U5 f6 [& U1 VRedemption: Subject to the provisions of the Bank Act and to the prior consent of the4 b* C3 j# P0 b9 Y$ V+ z6 y
Superintendent and to the provisions described below under the heading
8 j% z- F* t1 b  H7 b: o4 }‘‘Details of the Offering — Certain Provisions of the Preferred Shares5 T: d$ F# C' \6 R. F
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
& T1 K& ]1 C7 P+ v/ U+ Q6 Kon not more than 60 nor less than 30 days’ notice, the Bank may redeem all" J4 B; ?) Q# Y0 M: f" f( _& w  t
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s0 v( n+ R" m, n4 N5 K
option without the consent of the holder, by the payment of an amount in
" l4 E" q  G1 q( v9 [cash for each such share so redeemed of (i) $25.00 together with all declared# w( X. F# S/ F# k+ A% n
and unpaid dividends to the date fixed for redemption in the case of
9 P! h/ m- _* Hredemptions on February 25, 2019 and on February 25 every five years, M* T1 b! d6 C# c: s  D- a
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
% l( O& ?" q( qthe date fixed for redemption in the case of redemptions on any other date4 T: |- u4 U4 O& Q' G2 d
on or after February 25, 2014.
$ E& k) I4 z% F& g1 ]" k; xConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic0 ?- Z9 q9 B* y7 a: J. m
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have& p+ D# @  O# y8 x# A5 Q
the right, at their option, to convert, on February 25, 2019 and on& ~$ K/ n7 j; Q, G5 E6 s& u5 O. K7 `
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any8 k5 ^  D+ j  u6 p
or all of their Preferred Shares Series 19 into an equal number of Preferred
/ E# M( I, g3 i9 L% Y$ q- jShares Series 18 upon giving to the Bank written notice thereof not earlier4 i& {1 |8 ~* I1 q  o
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the' _2 p5 i$ R  e" K" O" V
15th day preceding, a Series 19 Conversion Date.& S' ?5 B$ Q* L
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
( ?% ^" y) n4 PProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares( _8 p) e" l" C( A# [* K; P3 ?* \0 I3 e
Series 18, as the case may be, that there would be outstanding on such
* F- N, T( ^' C8 ?) G* |% N. z- oSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
- Y) y& ]# [) o5 Asuch remaining number of Preferred Shares Series 19 will automatically be& A" M% _# g7 r, O. Y  B/ L
converted on such Series 19 Conversion Date into an equal number of
% r9 T" n. p+ z* q; e0 uPreferred Shares Series 18. Additionally, if the Bank determines that, after
8 u8 r' U3 X% a+ @' vconversion, there would be outstanding on such Series 19 Conversion Date
% E/ H) s! P( b' H" lless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
- K/ b, r. \5 q' z; ^1 m. ISeries 19 will be converted into Preferred Shares Series 18.
3 x, A0 n% u9 a7 Q5 F: P% t  ZVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
9 |$ e" \( E) P& {3 z& v) k8 ?% o6 T* oSeries 19 will not be entitled as such to receive notice of, attend, or vote at,5 o+ Q, F/ x% f3 D) B8 b. J
any meeting of the shareholders of the Bank unless and until the first time at  r. A( a) a" U$ M: S4 t! \$ p
which the Board of Directors has not declared the whole dividend on the2 C5 U# g, m4 W" y# U9 C5 y
Preferred Shares Series 19 in any quarter. In that event, subject as
1 u1 Z  x! S) L* n/ Y7 w& D. U0 Fhereinafter provided, the holders of Preferred Shares Series 19 will be
) t! z. \, c) F! z1 E5 Gentitled to receive notice of, and to attend, meetings of shareholders at which' t$ ^# p# r: E& {7 }8 m  v
directors of the Bank are to be elected and will be entitled to one vote for1 U" v3 K& S, r. I' e* q
each Preferred Share Series 19 held. The voting rights of the holders of the
! _/ u5 x& @* p4 NPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
: @0 W% F: n) O2 Ethe first dividend on the Preferred Shares Series 19 to which the holders are% l5 C0 s5 A- Q# c
entitled thereunder subsequent to the time such voting rights first arose until+ a: |: z0 r( K
such time as the Bank may again fail to declare the whole dividend on the6 }' e) U. y/ q) E, ^8 V# e1 a. j
Preferred Shares Series 19 in respect of any quarter, in which event such2 B  B3 L3 j3 q
voting rights will become effective again and so on from time to time." X9 w. ^5 p! e# H/ h
S-6
$ Q% d) C9 b7 m& APriority: The preferred shares of each series of the Bank will rank on a parity with
; r& u+ d- ?7 B% E: ?$ D6 j, revery other series and are entitled to preference over the common shares of
3 R& ]/ i) m& bthe Bank and over any other shares of the Bank ranking junior to the
4 y' d' k3 N% S( T5 e7 wpreferred shares with respect to the payment of dividends and upon any
! O2 ^- y( k. ?  S- t( A1 A0 Y( g9 ndistribution of assets in the event of the liquidation, dissolution or* w, R- R/ v; d7 c& o. [
winding-up of the Bank.
% i: z" z+ u2 e1 t1 FTax on Preferred Share The Bank will elect, in the manner and within the time provided under3 d9 E& A3 H. Q7 h
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares$ O3 O/ ^6 U4 M2 J; u8 ~% R# A/ y
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
* [+ j/ T8 ]5 f4 ]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。( s5 Z2 D7 w1 n# r9 F
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 ^- }, e% h/ I( X, R% n2 `) m/ L9 h1 g! K$ u" J
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。7 f: p! H3 t! y  ~, Y+ X. V$ F. C

8 U7 B) n5 j2 m3 `6 Mcall 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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