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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。1 E1 A: m" X; {7 I/ \. h
& n9 @1 t& L( p) f6 k- b
( z; C- a& C; t  Z
[ 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:
" r4 m* Z. q2 m+ V4 ]# V/ KSUMMARY OF THE OFFERING
. q* f  G0 g' @& F! ~6 tThis 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’’.; d$ j) n: w# w$ X  F. }
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
' j8 }: Z& r2 o% `Amount: $150,000,000 (6,000,000 shares).
6 V( Q5 s/ d1 X, D5 k) A' ePrice and Yield: $25.00 per share to yield initially 6.50% per annum.( {2 D  I( ~6 \" f5 o+ m
Principal Characteristics of the Preferred Shares Series 183 j7 H9 P: B' R
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed& b5 i4 M: v: l7 x' s" e& z
non-cumulative preferential cash dividends, as and when declared by the; F# _4 v9 d1 U8 P3 D! j
Board of Directors, subject to the provisions of the Bank Act, for the initial- o+ e% Q- N: R# E
period commencing on the closing date and ending on and including
9 G7 g& A3 m* ]6 UFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the- Y( I& n; M1 Q* D
25th day of February, May, August and November in each year, at a rate
6 z5 A" ]0 l# M+ ~- L; C! L. M6 \equal to $0.40625 per share. The initial dividend, if declared, will be payable
8 t- t  }) U& Q* gMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
# p4 x) X4 s( O) \  q2 C" v+ @( Kdate of December 11, 2008.( ], G' \  D. j+ v+ N, j! ?0 r
For each five-year period after the Initial Fixed Rate Period (each, a
  \$ v1 h$ l1 N) Q‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
3 Q7 {5 P3 ?  N( ]Series 18 will be entitled to receive fixed non-cumulative preferential cash
% ~/ z  {! t' g1 f! X( Tdividends, as and when declared by the Board of Directors, subject to the. `9 j9 x5 w* c2 r
provisions of the Bank Act, payable quarterly on the 25th day of February,/ r4 l* n) T1 |' L/ e" w  K2 T
May, August and November in each year, in the amount per share per annum
: c6 N4 N9 P+ T2 K, p; Fdetermined by multiplying the Annual Fixed Dividend Rate applicable to& k: I( ]& Y0 `5 z/ o! I
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
% x; G% m# `% U  |6 ~Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
( a: f# v# i- ?* w2 K5 t  MBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day/ T1 I! _# p' T) O
of such Subsequent Fixed Rate Period and will be equal to the sum of the
, m* A8 x* J$ F8 T; w9 V* ^/ k$ GGovernment of Canada Yield on the applicable Fixed Rate Calculation Date8 y" F- e- a- s
plus 3.83%.
( N) d1 {$ ?# bIf the Board of Directors does not declare a dividend, or any part thereof, on  ^9 R/ D$ M2 t. m% y
the Preferred Shares Series 18 on or before the dividend payment date for a
+ a  z# ~7 I" p  J" qparticular quarter, then the entitlement of the holders of the Preferred
# x+ z! K5 ^, a8 }% o0 \Shares Series 18 to receive such dividend, or to any part thereof, for such1 _  }. N; R" i3 L5 C2 k8 d# ^
quarter will be forever extinguished.% t% e- J+ ?# n) n
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
! V( L& I, \" \" y4 R& ZSuperintendent and to the provisions described below under ‘‘Details of the6 a# M1 H( S; C2 N; P+ p2 ^
Offering — Certain Provisions of the Preferred Shares Series 18 as a
  u! |" F2 b) LSeries — Restrictions on Dividends and Retirement of Shares’’, on3 K. r% S8 @" ^9 R
February 25, 2014 and on February 25 every five years thereafter, on not
. f. p  j. B" w8 D8 V, R8 L; o  [more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
: j  F" q! m6 r( Mpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
7 Y( Y, I9 O' e8 S  v& z+ Uwithout the consent of the holder, by the payment of an amount in cash for& M" `! T7 [) ~# ]
each such share so redeemed of $25.00 together with all declared and unpaid
  I* r. i: G6 s9 J5 t5 f+ j" Hdividends to the date fixed for redemption.
0 h; k7 c: U* P9 FConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic! O6 U7 a* x* \9 n, \
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have3 j. ]) u. n- ~! i
the right, at their option, to convert, on February 25, 2014 and on7 j( t+ L! ?7 Y+ i4 k, G
S-4
/ S- [4 h9 j' s  y, y, pFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
# T  Z1 ~$ v3 u4 Nor all of their Preferred Shares Series 18 into an equal number of Preferred2 {: f: Q' A0 k8 V2 }
Shares Series 19 upon giving to the Bank notice thereof not earlier than6 d& r% S+ W! F, q9 J
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day( O+ R7 Z" x" o7 N6 r$ H
preceding, a Series 18 Conversion Date." z/ ?2 X, u- @, c, O8 |" t+ o$ f
Automatic Conversion If the Bank determines, after having taken into account all shares tendered/ s1 W. D4 C( D' x4 N) [
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares: ~& I, C- c1 ~
Series 19, as the case may be, that there would be outstanding on such3 M6 @+ I" o+ o- H
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,  }# _) M; |. q1 n4 N: n4 o6 Z
such remaining number of Preferred Shares Series 18 will automatically be1 z" a1 h7 t. o- G
converted on such Series 18 Conversion Date into an equal number of* z  v9 W) ]6 ^( A
Preferred Shares Series 19. Additionally, if the Bank determines that, after2 u. n- i3 c4 l
conversion, there would be outstanding on such Series 18 Conversion Date
0 ?8 K( d7 G4 j* o1 h  U, P( Aless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
9 ^" \! V8 }* YSeries 18 will be converted into Preferred Shares Series 19.! B& R' Z) c& E9 e
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
4 Y3 v9 m4 l" v: [9 cSeries 18 will not be entitled as such to receive notice of, attend, or vote at,- i; ~5 `, ~8 E: n( z1 ^5 H4 y% ?
any meeting of the shareholders of the Bank unless and until the first time at
- J- ?3 G7 m3 _which the Board of Directors has not declared the whole dividend on the0 B9 i; \/ T$ v
Preferred Shares Series 18 in any quarter. In that event, subject as' T9 i* t5 ]8 L/ H% q
hereinafter provided, the holders of Preferred Shares Series 18 will be
$ E9 K' J$ `1 n+ Oentitled to receive notice of, and to attend, meetings of shareholders at which% y2 }" h5 b, e% d# e9 o& A
directors of the Bank are to be elected and will be entitled to one vote for
% E: M; C' v  f: Beach Preferred Share Series 18 held. The voting rights of the holders of the
7 D- m& E' Z) L0 |8 D1 }0 o  RPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
4 _" x% o$ V, J$ Gthe first dividend on the Preferred Shares Series 18 to which the holders are
% v+ A- N0 N9 {: k0 zentitled thereunder subsequent to the time such voting rights first arose until1 w9 r/ C2 m& D
such time as the Bank may again fail to declare the whole dividend on the6 O+ p2 @$ H  a+ O
Preferred Shares Series 18 in respect of any quarter, in which event such
& M- @; a5 c; I, o( {voting rights will become effective again and so on from time to time., D' [4 U3 s/ B
Principal Characteristics of the Preferred Shares Series 19
2 t+ W  {% Q! W+ M' R. o4 [7 tDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
# Q8 Q$ U$ I7 U/ I: J/ d9 ^4 {floating rate non-cumulative preferential cash dividends, as and when
# e' ?+ N5 _! M8 I2 f- b, ^' K% Mdeclared by the Board of Directors, subject to the provisions of the Bank Act,
9 m$ t: s- a; B1 T( m! Spayable quarterly on the 25th day of February, May, August and November+ y+ j6 p. H. M/ {) T4 U; x) w+ E
in each year, in the amount per share determined by multiplying the. F, N& n" [& O0 n/ W8 R' [# C
applicable Quarterly Floating Dividend Rate by $25.00.- F/ r2 H( {* o: x8 J9 E9 {
On the 30th day prior to the commencement of the initial quarterly dividend' P  C+ [, j' @1 t  v) G
period beginning on February 25, 2014, and on the 30th day prior to the first
" C# J/ o# N4 q7 j; ?# ^day of each subsequent quarterly dividend period (the initial quarterly
! c' a2 t# e/ G  z* g+ m+ i9 ~" fdividend period and each subsequent quarterly dividend period is referred to8 U/ x, i+ e, K" {1 O
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the# z! `) [! @* F# a. b  s
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate$ i8 W; l/ F( p# ^, N3 ]
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
4 X) Y* E2 K! kT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
. M3 r' [% |  u1 g- nelapsed in the applicable Quarterly Floating Rate Period divided by 365)0 h! O' w2 d2 L" D; E
determined on the 30th day prior to the first day of the applicable Quarterly
4 @; s: F8 G2 K3 p% ]& SFloating Rate Period.
8 G7 q) Q3 ^  {! s% U, M/ aS-5
: }/ j) h* ?. z9 mIf the Board of Directors does not declare a dividend, or any part thereof, on
3 P3 L3 `- t+ Pthe Preferred Shares Series 19 on or before the dividend payment date for a
6 K. `9 Y0 I* Y! ~" Cparticular quarter, then the entitlement of the holders of the Preferred
! C+ u# w1 a: W( u2 S0 Y6 ZShares Series 19 to receive such dividend, or to any part thereof, for such/ _) s+ ~. E7 Z/ \9 ]
quarter will be forever extinguished.
% p5 [1 V. w$ `6 U  v, h, `Redemption: Subject to the provisions of the Bank Act and to the prior consent of the4 \1 ~3 @  F0 n6 ]
Superintendent and to the provisions described below under the heading
0 Q5 L# M% f7 q8 n* n9 X. E‘‘Details of the Offering — Certain Provisions of the Preferred Shares
2 U) r1 ]2 x. q# z7 V  K8 {' g5 W' kSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
: {; y7 k( O) Z/ V0 H$ U& J# eon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
- c" J+ ~" R# I( \; a( R" vor any part of the then outstanding Preferred Shares Series 19, at the Bank’s! A! I" j$ ~; w
option without the consent of the holder, by the payment of an amount in2 }6 r2 s6 ]7 H$ X3 }
cash for each such share so redeemed of (i) $25.00 together with all declared
) \4 u$ S* i* T# S& F$ n" ?and unpaid dividends to the date fixed for redemption in the case of
* m% Q8 Y$ e, Q7 [  Iredemptions on February 25, 2019 and on February 25 every five years
, m3 a! {- |8 w  n' _0 q! L% uthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
: z% a3 S4 A6 O! R" o, w2 R& Sthe date fixed for redemption in the case of redemptions on any other date( r/ w2 p3 q) D3 _- n
on or after February 25, 2014.0 D# f2 s9 k" z- z3 T* X- O! F9 q9 S
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic9 \1 D$ P% H5 a$ b
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
( U9 \# a" I0 g. i$ t8 m6 u/ H' |the right, at their option, to convert, on February 25, 2019 and on
+ v4 s$ f% J# n9 R% y# o% TFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
; Y/ t8 ~, K8 d8 [+ }% |: V& D3 lor all of their Preferred Shares Series 19 into an equal number of Preferred  S. _* y& d7 U5 h: g( ]
Shares Series 18 upon giving to the Bank written notice thereof not earlier
8 _# Z: n# e; d! rthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the2 A( Q& N+ p  c6 ^2 \* T5 p
15th day preceding, a Series 19 Conversion Date.
2 y! w0 u2 A3 cAutomatic Conversion If the Bank determines, after having taken into account all shares tendered! I# T2 }  |, v7 w
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares5 p! a% t& P2 i2 P
Series 18, as the case may be, that there would be outstanding on such% m, ~1 q: L( k0 ~2 z8 p" U
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,2 |9 i8 d' p) g/ r2 N
such remaining number of Preferred Shares Series 19 will automatically be! {4 ?! W2 x' J, B9 }6 T5 h# k
converted on such Series 19 Conversion Date into an equal number of
3 N/ D: H/ Y2 b: e6 \7 APreferred Shares Series 18. Additionally, if the Bank determines that, after
( t, i/ s" m( u$ r9 j& R2 U1 a; fconversion, there would be outstanding on such Series 19 Conversion Date
1 a- _$ ]1 M1 [3 w7 i" i7 kless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
2 P' G! v4 g9 [) |Series 19 will be converted into Preferred Shares Series 18.8 J' J9 M/ c0 S* s5 `9 `0 g; d
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
& g. _# g8 W! ]1 o- n$ D* y0 Q+ {+ kSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
  `3 e0 w! ?3 g( G) Pany meeting of the shareholders of the Bank unless and until the first time at# h8 P0 P  m3 q5 F
which the Board of Directors has not declared the whole dividend on the
! W! S. k4 y1 n' zPreferred Shares Series 19 in any quarter. In that event, subject as1 n' a3 M4 H: T, w" Y$ |
hereinafter provided, the holders of Preferred Shares Series 19 will be
/ M( `5 m5 L/ F. ~' k4 r1 t# ientitled to receive notice of, and to attend, meetings of shareholders at which! P' C$ T$ ~; p- I5 q
directors of the Bank are to be elected and will be entitled to one vote for
7 ^  t9 n+ t: s9 @6 neach Preferred Share Series 19 held. The voting rights of the holders of the
5 [9 z5 F2 @8 T. x: ?( @5 b7 dPreferred Shares Series 19 will forthwith cease upon payment by the Bank of3 Y2 x- e7 v: ^3 Q$ y! L; ]
the first dividend on the Preferred Shares Series 19 to which the holders are
* |( e4 O) Q3 r0 O- p6 [6 {entitled thereunder subsequent to the time such voting rights first arose until1 @: Y% g  g; x; Q
such time as the Bank may again fail to declare the whole dividend on the
  T( R4 F+ C; O" zPreferred Shares Series 19 in respect of any quarter, in which event such- F3 f7 {, C* Y; @6 }# x$ u
voting rights will become effective again and so on from time to time.( N# {0 R7 K2 q9 T  A! z
S-6& Z. U4 f+ ^7 @% }& G3 r7 C
Priority: The preferred shares of each series of the Bank will rank on a parity with
: {3 @9 A! H% O( b  {$ q* b, Z. v& Xevery other series and are entitled to preference over the common shares of0 D8 u2 y$ \  L8 A7 o3 |7 p3 t
the Bank and over any other shares of the Bank ranking junior to the
4 w2 W4 u) @/ E1 o$ @/ @preferred shares with respect to the payment of dividends and upon any
. g: [! b; f# m9 ^* {8 Jdistribution of assets in the event of the liquidation, dissolution or
: P# j6 k% p/ y& Lwinding-up of the Bank.
: s# }4 C4 x( UTax on Preferred Share The Bank will elect, in the manner and within the time provided under4 h0 k2 \" Y& H3 Q
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
# x! D8 L! O* eSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
% m/ G8 o4 Q; @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。
2 e4 E, g0 y3 Y0 ^8 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
1 E- L- e- ]3 _  g
7 e3 A) B! z( y9 A, P) L
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。, Y# A0 {7 B( l! |) P4 e

6 }# @0 D3 H. o% b9 u# I% `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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