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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。
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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:: N) T1 w) v& j' W! B( T
SUMMARY OF THE OFFERING
4 ^" K1 p1 c4 d4 NThis 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’’.
; G1 q8 }2 H% W! S7 ]Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
" s* {4 G% |* |" i  J$ oAmount: $150,000,000 (6,000,000 shares).4 m5 O5 j$ K9 y/ Y
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
0 `, r! h8 r4 d2 kPrincipal Characteristics of the Preferred Shares Series 18
1 F$ r  Z7 ]& j7 Z# x  xDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed4 T0 H. L5 |# \! u+ L. n* O* y
non-cumulative preferential cash dividends, as and when declared by the
7 z1 u. Z8 _5 G7 E# V2 o& v% UBoard of Directors, subject to the provisions of the Bank Act, for the initial4 f7 ?, }4 h7 \& \1 H. l: S+ X# I
period commencing on the closing date and ending on and including' ?5 C" e; \0 ]2 \- D* L& x, H2 y
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
& a7 Y: A  G5 ]- O5 t( k25th day of February, May, August and November in each year, at a rate
$ A9 w0 m) S0 z2 }2 u1 j- ~equal to $0.40625 per share. The initial dividend, if declared, will be payable. f) N' @* A2 |+ a+ E
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing' }5 O9 U# H" z$ q& w
date of December 11, 2008.
- `. R( B! G/ k+ A" x$ BFor each five-year period after the Initial Fixed Rate Period (each, a, }# X2 `! }% q' t: M6 ]) A7 y3 g
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares+ F: s1 k8 i) D4 i( W8 N+ R
Series 18 will be entitled to receive fixed non-cumulative preferential cash$ {5 l3 m* g5 C
dividends, as and when declared by the Board of Directors, subject to the1 X9 r) [* j" i- \
provisions of the Bank Act, payable quarterly on the 25th day of February,3 s- S. H2 ]* U* _
May, August and November in each year, in the amount per share per annum3 D* N& G( ^3 a. f- _! m
determined by multiplying the Annual Fixed Dividend Rate applicable to
( X4 A7 W3 g- w0 K4 K9 K+ Wsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
5 t! B7 X; R0 n5 A$ hRate for the ensuing Subsequent Fixed Rate Period will be determined by the- n4 l. u! u4 a; q1 n: j; v! y  R, d
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
/ m$ J' n- e4 C7 |2 q0 ~% _of such Subsequent Fixed Rate Period and will be equal to the sum of the* [& B6 \; c7 V7 j
Government of Canada Yield on the applicable Fixed Rate Calculation Date
- K0 q' \5 J. P$ h% iplus 3.83%.
2 {& C8 T. R8 y6 b% sIf the Board of Directors does not declare a dividend, or any part thereof, on) H& ]2 _1 i* c4 L  x
the Preferred Shares Series 18 on or before the dividend payment date for a, t. X4 M( E( [6 R: |
particular quarter, then the entitlement of the holders of the Preferred
5 a8 T' i( Q2 @Shares Series 18 to receive such dividend, or to any part thereof, for such. o. `( F5 P+ a3 W" E( O
quarter will be forever extinguished.+ u8 s2 _9 j- T
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the/ `/ k/ P6 g9 P3 @+ W
Superintendent and to the provisions described below under ‘‘Details of the" ?! B! C" q  e/ ?: Y
Offering — Certain Provisions of the Preferred Shares Series 18 as a2 V  q4 P6 k# a$ B  z) j  E
Series — Restrictions on Dividends and Retirement of Shares’’, on
, N$ I% {& V" _/ qFebruary 25, 2014 and on February 25 every five years thereafter, on not
5 r$ \( M* p: l, G& p! A" _more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
; J1 ]$ H& X4 G& ]) w3 v: ?' Fpart of the then outstanding Preferred Shares Series 18, at the Bank’s option0 k" c4 o  z4 ~. ]' M2 a8 q1 K  _
without the consent of the holder, by the payment of an amount in cash for4 F1 x; ~# f1 o3 y* R* i
each such share so redeemed of $25.00 together with all declared and unpaid. e- Y0 I9 r& z1 p- q3 k
dividends to the date fixed for redemption.4 g4 ~% w0 t6 b0 c; U7 [9 Z2 Q4 T/ n. v
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
: H" q0 O( U2 f" x; ~9 H9 r! TShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
$ x2 ^/ |% a, j0 G" }9 [the right, at their option, to convert, on February 25, 2014 and on
' ]! g" w; d; B( p/ O) H0 k2 G8 F, eS-4
; a: U4 q  y6 i3 S! ?February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
8 e, s+ J; Y6 Hor all of their Preferred Shares Series 18 into an equal number of Preferred
# p+ e5 ^1 e+ |. h/ D! C6 jShares Series 19 upon giving to the Bank notice thereof not earlier than
6 d% y/ E$ B. ^0 B& X30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day4 @- E  U1 \% a: O) j4 |4 S( a/ Q
preceding, a Series 18 Conversion Date.' ]+ v- }* ?) H7 O
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
; Y4 B8 Z  K0 e3 U) kProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
1 o9 Y! I+ c# C! W* GSeries 19, as the case may be, that there would be outstanding on such) j! @$ s, ]0 h+ K3 Y2 K% F* A. w' a
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
' o2 ^* u' `7 v" E, ]* U. Usuch remaining number of Preferred Shares Series 18 will automatically be
6 F9 G6 n; p6 X9 Kconverted on such Series 18 Conversion Date into an equal number of: h8 N4 _, C, O9 N+ s8 }
Preferred Shares Series 19. Additionally, if the Bank determines that, after% _4 `. [: I$ S% f; ?" m* z
conversion, there would be outstanding on such Series 18 Conversion Date
# g6 R( U0 V% Xless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares& h% [7 \" r$ `9 K
Series 18 will be converted into Preferred Shares Series 19.2 f. R9 o) v: d- ]' O2 @
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares3 ~# P0 z/ z# ^" v
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
. ^& l5 O% u0 O! }7 z( sany meeting of the shareholders of the Bank unless and until the first time at! ~; h* [! {9 Y. W# s& Z+ Z. c( D
which the Board of Directors has not declared the whole dividend on the
. i* g0 \* `: B7 s- E; U4 wPreferred Shares Series 18 in any quarter. In that event, subject as9 b0 L5 e  f$ t: B# P; n0 g
hereinafter provided, the holders of Preferred Shares Series 18 will be. o2 J6 o" p  {0 }1 s! U4 W
entitled to receive notice of, and to attend, meetings of shareholders at which
3 \, u3 D4 w8 O; Y* P! S7 y. N, [directors of the Bank are to be elected and will be entitled to one vote for
4 k$ G# f4 A8 peach Preferred Share Series 18 held. The voting rights of the holders of the
) z/ X% o, I/ a) ?; gPreferred Shares Series 18 will forthwith cease upon payment by the Bank of% M9 L9 B+ P, t1 r- e! w. M
the first dividend on the Preferred Shares Series 18 to which the holders are0 D1 s6 r8 @5 H, t$ o$ p  |* a+ I
entitled thereunder subsequent to the time such voting rights first arose until
/ ~7 ?- P# s; ]" Csuch time as the Bank may again fail to declare the whole dividend on the
8 F2 W1 E3 Y6 y& r4 KPreferred Shares Series 18 in respect of any quarter, in which event such
$ M2 l8 Q& e) F% S) K7 t$ Avoting rights will become effective again and so on from time to time.
! t+ w% }) x' YPrincipal Characteristics of the Preferred Shares Series 19
$ z/ D* C5 R0 eDividends: The holders of the Preferred Shares Series 19 will be entitled to receive! D0 w. _. m+ B: X/ f' J
floating rate non-cumulative preferential cash dividends, as and when& h9 ?" C3 X! V3 H5 x8 {. H( ~
declared by the Board of Directors, subject to the provisions of the Bank Act,
  {: O9 V6 d. Y% A6 gpayable quarterly on the 25th day of February, May, August and November% l, s4 R4 o5 D" ?7 o. e6 |
in each year, in the amount per share determined by multiplying the* t( i$ v! ]1 z7 h3 O, ^
applicable Quarterly Floating Dividend Rate by $25.00.9 X. ?' |% r$ d( F! W# A" p2 @
On the 30th day prior to the commencement of the initial quarterly dividend! x% p, r0 Y7 k* d' s: Y, u  s
period beginning on February 25, 2014, and on the 30th day prior to the first: g) o0 f  G( l- Q6 O  ~! D0 a. A
day of each subsequent quarterly dividend period (the initial quarterly
; D5 h5 t, D, P# Z/ A7 |( }dividend period and each subsequent quarterly dividend period is referred to
! w( \  ~; Y3 r( N) U% Z5 ]as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the( i: n5 h3 }6 X, ]7 I
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
. l1 `: R) v% a6 h$ o9 iPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the; A; Y1 J% g5 B: Q# X9 V
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days/ p5 Q/ \2 g8 @# r! Y+ U& C: {$ N
elapsed in the applicable Quarterly Floating Rate Period divided by 365)0 P$ _4 e' I4 |, N+ r9 u
determined on the 30th day prior to the first day of the applicable Quarterly  u7 V) @; X# g
Floating Rate Period.
7 I3 v0 C) y$ J- r3 @: MS-5; S1 G3 w$ A$ X+ F' B
If the Board of Directors does not declare a dividend, or any part thereof, on
7 R7 D( E  E' F4 K' m: \; X2 W) a1 qthe Preferred Shares Series 19 on or before the dividend payment date for a" b2 w0 }0 z# G" `: M% w' L
particular quarter, then the entitlement of the holders of the Preferred+ S3 ^( B1 I% p, M' Z0 i$ h
Shares Series 19 to receive such dividend, or to any part thereof, for such" w( F5 n9 O+ O9 S/ S
quarter will be forever extinguished.
! p4 f. l. X) b% p8 iRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
2 v! f$ e' B- F! M; p6 A7 R7 V5 USuperintendent and to the provisions described below under the heading& G2 p) Z9 y/ l$ Y/ c9 V
‘‘Details of the Offering — Certain Provisions of the Preferred Shares9 l# }* b$ K! \: {: P
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
9 T4 R" U) T5 a2 L/ s3 C# kon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
/ e) W8 B# N! |6 O* x3 Y6 `+ ^6 F. `# xor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
0 N0 a; a0 N& y( Q! v; \/ ^- k9 zoption without the consent of the holder, by the payment of an amount in# W% Y! b1 v  k4 X/ |
cash for each such share so redeemed of (i) $25.00 together with all declared% l6 o' q: L& \
and unpaid dividends to the date fixed for redemption in the case of
4 Q0 S: f: f2 `redemptions on February 25, 2019 and on February 25 every five years8 a# r( ]- @5 {0 v3 [' l$ J6 i$ K6 Z
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
2 ~  j0 `/ |$ I6 C$ Y; `the date fixed for redemption in the case of redemptions on any other date# h- G1 l' V$ x- f3 [: s: z6 @
on or after February 25, 2014.
( @2 M1 ~+ t, p& ?- \% X' b/ vConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
6 A7 e2 X- r5 ^% N9 `' }9 s7 ]/ mShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have4 k6 Z1 [8 ~# A+ R" H
the right, at their option, to convert, on February 25, 2019 and on
8 {$ e& x! J; L6 k8 YFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any3 h% F+ g" u2 B$ \9 [8 _
or all of their Preferred Shares Series 19 into an equal number of Preferred
$ v5 x8 k1 d! L5 `% u$ N* KShares Series 18 upon giving to the Bank written notice thereof not earlier
$ W3 ?3 b. p& C7 c. E8 }3 ythan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
3 r4 b; G) u$ [15th day preceding, a Series 19 Conversion Date.
8 M6 V# X) s* iAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
" {% x% U4 P0 n$ V8 AProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
2 j, X6 |& k: B% m7 USeries 18, as the case may be, that there would be outstanding on such
, H: S- y# X+ g7 bSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
; T5 Y: v/ p; Isuch remaining number of Preferred Shares Series 19 will automatically be$ y/ W* a# @+ @. K+ S0 L
converted on such Series 19 Conversion Date into an equal number of
" N! B6 k$ P% Y# N9 Y+ ?Preferred Shares Series 18. Additionally, if the Bank determines that, after8 f+ a1 n  D4 s  B7 F" g
conversion, there would be outstanding on such Series 19 Conversion Date
+ m6 R" ^5 F3 ~: A9 ^# N7 a; B; a+ sless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares/ c3 f+ l6 h# _, D$ j2 @
Series 19 will be converted into Preferred Shares Series 18." v+ S: s* E# a$ V* }" B
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
+ c3 @5 L, L8 Z4 o# P" D9 l5 G( cSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
, l8 L9 C! R! ~0 e0 ^- Gany meeting of the shareholders of the Bank unless and until the first time at- O9 @" C9 ?, i( `# L
which the Board of Directors has not declared the whole dividend on the9 `- S; k8 r( F, L1 U- K% [+ X
Preferred Shares Series 19 in any quarter. In that event, subject as
9 d  ^6 x% A/ u  d! ^, M5 a/ s8 r6 thereinafter provided, the holders of Preferred Shares Series 19 will be% P) W1 b9 ]2 f
entitled to receive notice of, and to attend, meetings of shareholders at which: Y+ ~; a6 _7 n
directors of the Bank are to be elected and will be entitled to one vote for2 H: N4 _* P; J% H" a# T2 ^6 F
each Preferred Share Series 19 held. The voting rights of the holders of the/ T& u- n4 o+ m' u  ?, g4 ]1 V
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
2 q+ O+ R% o# @) s" X* Uthe first dividend on the Preferred Shares Series 19 to which the holders are! E* o2 s: M, H5 R
entitled thereunder subsequent to the time such voting rights first arose until9 ]# N/ }* U6 k% a( k# B, b
such time as the Bank may again fail to declare the whole dividend on the
7 u. e( }! B: Y$ Y( |9 o7 p! uPreferred Shares Series 19 in respect of any quarter, in which event such: L8 L' t. {$ |7 @9 c, u' X6 U8 ^
voting rights will become effective again and so on from time to time.
% k; H" Q$ D! H0 q! l# fS-6
2 Q1 ^1 p. ?, q/ o/ q* OPriority: The preferred shares of each series of the Bank will rank on a parity with
3 b9 l7 z* J0 q& B0 ^/ G6 E# Devery other series and are entitled to preference over the common shares of$ ]+ R* h0 O3 z, P5 x* C5 H
the Bank and over any other shares of the Bank ranking junior to the8 ^3 ~% M" a" y: C9 ~
preferred shares with respect to the payment of dividends and upon any
: R3 Y2 B1 M+ a$ o7 odistribution of assets in the event of the liquidation, dissolution or! n, B/ `+ x# @+ g
winding-up of the Bank.
* Y& A) u9 Z( A6 S' o% cTax on Preferred Share The Bank will elect, in the manner and within the time provided under3 @! O1 p- {" _' g
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
2 v5 P8 C0 _8 O/ @7 H9 ZSeries 18 and Preferred Shares Series 19 will not be required to pay tax on0 p( P* f; E% d( H
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。9 d/ j7 T+ E7 c2 _( K
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

* _7 L0 S$ P+ k$ E) R
4 I' n# I. D: W5 ]下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。, S4 {$ j* ]. N4 |

: r; c, R8 ]( Z1 U; B3 y( zcall 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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