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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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# C8 ?. m% i% i0 S) [# e% F[ 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:
/ F7 O  m: h) K3 y2 `SUMMARY OF THE OFFERING+ i" }, M7 }( N. \1 m
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’’.7 z$ x+ D: D' o  s+ o+ b7 c
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
" m1 }: M* O6 @' W4 {Amount: $150,000,000 (6,000,000 shares).
& A# e& e2 t0 Y* ^* _Price and Yield: $25.00 per share to yield initially 6.50% per annum.
1 ]' Y- j' n+ G0 c2 wPrincipal Characteristics of the Preferred Shares Series 18! d4 ~1 v- N/ O8 c( U
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
1 L) H. s! Z0 y: b6 P# _$ i" x+ ^+ cnon-cumulative preferential cash dividends, as and when declared by the. z3 O" z2 P* `! |/ _: E9 U' P. I# G
Board of Directors, subject to the provisions of the Bank Act, for the initial
& a$ k8 z* g5 n$ Mperiod commencing on the closing date and ending on and including
( s- t5 Q2 M$ S  s2 x0 Y7 `February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
# N5 e) O/ ]+ ]( k6 a' {25th day of February, May, August and November in each year, at a rate
0 i0 S/ y& [; U6 e' h6 Xequal to $0.40625 per share. The initial dividend, if declared, will be payable
0 P* [) \) a& V- P! w! pMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing1 ^4 V8 R3 e( C! Q7 x3 [1 v
date of December 11, 2008.
2 _! H- C$ Q# G. B9 h7 fFor each five-year period after the Initial Fixed Rate Period (each, a4 M6 C) y4 t. A/ x2 p6 o" {
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
: N$ x1 r; L0 [. s* M% rSeries 18 will be entitled to receive fixed non-cumulative preferential cash
% b* w" w6 \! m9 n# [dividends, as and when declared by the Board of Directors, subject to the% _: e- ]) m1 T2 V) l
provisions of the Bank Act, payable quarterly on the 25th day of February,0 K- o# K. c. I" s7 S
May, August and November in each year, in the amount per share per annum
8 X2 i3 T6 S( V# a. r/ Ydetermined by multiplying the Annual Fixed Dividend Rate applicable to9 f; e" Y6 {: ?
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend7 V) ~) F7 _9 }9 m& O; t
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the! g7 t9 K! ^5 w) n2 a' c; x/ U
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day' K: F( x" H$ G. a' A  Y: H
of such Subsequent Fixed Rate Period and will be equal to the sum of the
/ r, n; G3 Y1 Q) }% f# MGovernment of Canada Yield on the applicable Fixed Rate Calculation Date% G& q/ b. E1 m+ @( r
plus 3.83%.& n6 E8 Q& U- I# ?4 r* J9 d
If the Board of Directors does not declare a dividend, or any part thereof, on4 _3 {9 ^# `3 C/ z* s# {( _
the Preferred Shares Series 18 on or before the dividend payment date for a
/ i: }' ?/ h3 zparticular quarter, then the entitlement of the holders of the Preferred% ^. v  A1 `0 @' b
Shares Series 18 to receive such dividend, or to any part thereof, for such! S! X6 W) G! p! S* g0 `
quarter will be forever extinguished." `3 N& E+ o9 c' l& n8 y* |
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
, w8 u7 v  P+ b4 L( K5 \Superintendent and to the provisions described below under ‘‘Details of the
* {4 t+ g& b- K& W5 b# t5 m! POffering — Certain Provisions of the Preferred Shares Series 18 as a/ A0 l) A' v  z; d. D3 z
Series — Restrictions on Dividends and Retirement of Shares’’, on
" a! t2 y: `* s7 P% x* FFebruary 25, 2014 and on February 25 every five years thereafter, on not
# a# |$ ]; ^" @% o8 R: g* @more than 60 nor less than 30 days’ notice, the Bank may redeem all or any9 u+ b2 k& t' a7 o$ e- b
part of the then outstanding Preferred Shares Series 18, at the Bank’s option1 ~6 u9 v$ q( \- ?+ {9 B
without the consent of the holder, by the payment of an amount in cash for
& Q6 Y# k) P% w- L5 g% N! c' Z" Reach such share so redeemed of $25.00 together with all declared and unpaid$ C# F% M7 l' v2 d' r8 q
dividends to the date fixed for redemption.
, j3 T9 \! s9 u$ |! t: V2 j8 r8 EConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
1 p% {+ [$ i# o2 kShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
& q% b3 p2 o) o/ X; vthe right, at their option, to convert, on February 25, 2014 and on& L* b4 T2 [4 B% h9 J( b
S-4
  W' ~# t6 j" T! d, UFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
1 k! h4 D9 u$ s. aor all of their Preferred Shares Series 18 into an equal number of Preferred
, Z/ j3 W& k7 J: J3 J: WShares Series 19 upon giving to the Bank notice thereof not earlier than) `; X0 r+ T% q/ e1 E4 F/ ?
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
5 l0 P$ r( V& @" Y1 ypreceding, a Series 18 Conversion Date.- g) X) L4 v( O$ O
Automatic Conversion If the Bank determines, after having taken into account all shares tendered! w' r/ z7 ]2 w- Q1 b
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares2 f. q, `/ g3 c5 Q
Series 19, as the case may be, that there would be outstanding on such. B, w9 W$ H4 r' Z2 _
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,- o* i! f9 _/ h" L* u1 C
such remaining number of Preferred Shares Series 18 will automatically be
2 D/ F1 f5 {5 X: }, Z, D0 Bconverted on such Series 18 Conversion Date into an equal number of( i) ^5 [- D  h1 _  r
Preferred Shares Series 19. Additionally, if the Bank determines that, after
5 t/ [1 @$ _5 R9 hconversion, there would be outstanding on such Series 18 Conversion Date
9 A" g4 C$ y$ ]* Mless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares( I! z2 {" d! `0 \- H
Series 18 will be converted into Preferred Shares Series 19.8 K; z8 j0 e, X0 I: Q) d: ]7 I
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares; U- l3 D7 }, n
Series 18 will not be entitled as such to receive notice of, attend, or vote at,- W7 ]9 E4 A" k$ x  _8 ?) X4 e/ }
any meeting of the shareholders of the Bank unless and until the first time at' P( E2 ~, ]9 D
which the Board of Directors has not declared the whole dividend on the
# i& @4 ~; \- K5 N2 R- cPreferred Shares Series 18 in any quarter. In that event, subject as
0 n: f: |/ M$ v5 b& d# b# Dhereinafter provided, the holders of Preferred Shares Series 18 will be
! Y) {' d3 G& t# L  S& q+ A# ]0 Nentitled to receive notice of, and to attend, meetings of shareholders at which
$ Y+ `  |/ A# L9 [9 q9 _directors of the Bank are to be elected and will be entitled to one vote for
: y% Y& W8 l& ^. Eeach Preferred Share Series 18 held. The voting rights of the holders of the
$ \" w# Q9 H" j& [- j. F; L3 BPreferred Shares Series 18 will forthwith cease upon payment by the Bank of; @. ^- T6 ?% W5 K
the first dividend on the Preferred Shares Series 18 to which the holders are
, R# b0 w3 P# n: N  w- kentitled thereunder subsequent to the time such voting rights first arose until
+ |: A/ b: R) W6 D& K, L( a: ]# Qsuch time as the Bank may again fail to declare the whole dividend on the
' ~8 B5 x2 D4 L& XPreferred Shares Series 18 in respect of any quarter, in which event such* R, t! ]2 q6 W. {5 n! d( B5 N
voting rights will become effective again and so on from time to time.
; T( A0 B; C' K6 R! ^Principal Characteristics of the Preferred Shares Series 19" r7 ^+ O4 U4 V3 {$ T" O+ O& g
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
& d* Q3 ^' X% ^floating rate non-cumulative preferential cash dividends, as and when  o2 {! K. H" {- y) x+ o+ I
declared by the Board of Directors, subject to the provisions of the Bank Act,+ |; Q6 u- G4 e: w* s
payable quarterly on the 25th day of February, May, August and November
3 w  |; A  |: g- T9 m: v! _in each year, in the amount per share determined by multiplying the
* B; y: @1 H, b- ?* Rapplicable Quarterly Floating Dividend Rate by $25.00.
. v" ~% L! Q0 ]( EOn the 30th day prior to the commencement of the initial quarterly dividend
( c# f7 X. |& ~6 I; ?period beginning on February 25, 2014, and on the 30th day prior to the first
( c3 N2 f: r) `9 {- R' s) Rday of each subsequent quarterly dividend period (the initial quarterly
2 o, t1 j' \0 V5 Tdividend period and each subsequent quarterly dividend period is referred to) e0 S3 M3 E7 p3 [4 S
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the5 S5 s+ K9 z% T, w) E
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate8 D6 F* Y* G* p. }9 M
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
) T4 l% g3 E3 \& M% z! w9 [T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days# T9 W, O. I0 ^3 ]
elapsed in the applicable Quarterly Floating Rate Period divided by 365)4 P& T  D2 j: e; e8 |  p. Y
determined on the 30th day prior to the first day of the applicable Quarterly
' r. J! W% W7 [0 b) LFloating Rate Period.
; |5 P& M' c+ F2 g% sS-55 y: I$ j: ~+ y9 p) u, K3 L  f, p
If the Board of Directors does not declare a dividend, or any part thereof, on# Y1 a: S" @6 w5 j
the Preferred Shares Series 19 on or before the dividend payment date for a
  h* P8 [3 q& M8 e+ T4 p+ L' S+ Aparticular quarter, then the entitlement of the holders of the Preferred
0 Z/ a/ ~& [8 n# c3 s% mShares Series 19 to receive such dividend, or to any part thereof, for such( v- ]# O- F) G6 p( s% B
quarter will be forever extinguished.
5 m8 t; _- ], C0 {3 A( y, qRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
# n# E% t, q' _( MSuperintendent and to the provisions described below under the heading
0 k* w  x9 `4 N‘‘Details of the Offering — Certain Provisions of the Preferred Shares
  x+ Q: k3 ?6 N/ RSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
3 ~4 e2 R0 j" `$ R1 }on not more than 60 nor less than 30 days’ notice, the Bank may redeem all- z6 M9 x" r) }; o% z
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s/ K; p* _8 t" |+ w+ a( y
option without the consent of the holder, by the payment of an amount in
0 P- c. h9 b  w$ L" _, E. Jcash for each such share so redeemed of (i) $25.00 together with all declared
' Q. I9 {- h( n; Xand unpaid dividends to the date fixed for redemption in the case of
' b2 r7 D/ Z; r3 S5 m' `redemptions on February 25, 2019 and on February 25 every five years
5 X( J+ H  ?! O! x  @5 e1 c5 M9 |thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
4 ]5 _% k( l. Y0 X" n2 W% qthe date fixed for redemption in the case of redemptions on any other date
2 J; U7 Z  |% B2 V* q, ~, Yon or after February 25, 2014./ L0 H/ N; N2 M" s) [# W! S
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
" E% O& G; `2 H5 _! GShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have5 e8 H' |! F; J- N1 C# D/ _
the right, at their option, to convert, on February 25, 2019 and on3 h" }/ i; S1 A/ _# p* o4 _
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
5 ?5 {' W: W* V. ]* G  Zor all of their Preferred Shares Series 19 into an equal number of Preferred" S5 `- ~: I& R8 z
Shares Series 18 upon giving to the Bank written notice thereof not earlier4 V' g  e5 u# `" f
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the2 `9 |6 J) Q' r0 Y; _0 g5 P  h3 X
15th day preceding, a Series 19 Conversion Date.6 T* |* l7 [, p1 f+ ^
Automatic Conversion If the Bank determines, after having taken into account all shares tendered9 |5 ?- q! t- i6 M" S1 e  G
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares) I  F$ D& W. A  ~2 ?
Series 18, as the case may be, that there would be outstanding on such
  C) }( e2 ]% Z) j/ ESeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
2 {: Z. L; [' ]- }+ Q% x. ksuch remaining number of Preferred Shares Series 19 will automatically be) \2 S! ]  k# z8 v; p
converted on such Series 19 Conversion Date into an equal number of
1 G4 j8 ^, t- D9 _Preferred Shares Series 18. Additionally, if the Bank determines that, after
8 Q4 Z  D0 Z# G2 H2 f% z1 gconversion, there would be outstanding on such Series 19 Conversion Date0 C# l. [! p& _: i
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares/ ]/ Z( Q" v  U+ r, x. b# C% x
Series 19 will be converted into Preferred Shares Series 18.. M' v& ]4 s. J% P8 o5 c
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
- _% g6 B  v) B/ ~& j+ Z& k, nSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
7 }+ W! X* b! U0 E9 L( many meeting of the shareholders of the Bank unless and until the first time at
, F0 A% J5 f) n& Gwhich the Board of Directors has not declared the whole dividend on the
. M# u( e' D2 V; _+ ]Preferred Shares Series 19 in any quarter. In that event, subject as
. F6 @2 ?- t6 q" _: b" |% J$ }. u0 dhereinafter provided, the holders of Preferred Shares Series 19 will be
4 O. l. m  ^, B7 }, e0 Ientitled to receive notice of, and to attend, meetings of shareholders at which
, J8 B/ U  p1 ^+ u4 R$ Udirectors of the Bank are to be elected and will be entitled to one vote for
: U* j4 {  S, M" ]0 |3 v; \" weach Preferred Share Series 19 held. The voting rights of the holders of the5 A, v# P& X2 F, v! O
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
" o5 N" W# G) j4 f5 Vthe first dividend on the Preferred Shares Series 19 to which the holders are
0 w4 n+ M1 V0 L; t8 f0 W1 m0 b* `/ I+ `entitled thereunder subsequent to the time such voting rights first arose until
$ q4 j8 b5 G: V% Nsuch time as the Bank may again fail to declare the whole dividend on the
( c% y" ?& N1 B7 P( H# S  O8 Y1 xPreferred Shares Series 19 in respect of any quarter, in which event such
( n3 n  W7 t5 p4 P/ W& L- Jvoting rights will become effective again and so on from time to time.
# m8 k- ?; A: N/ V1 R8 MS-61 v: O7 D6 W7 S1 K
Priority: The preferred shares of each series of the Bank will rank on a parity with
: j9 F- Z6 L6 n, l$ F/ d6 Uevery other series and are entitled to preference over the common shares of) q! ^( S% h- I1 l, i- M- U  D6 N
the Bank and over any other shares of the Bank ranking junior to the% B$ V( [8 m( y6 W+ h" X% l
preferred shares with respect to the payment of dividends and upon any, {$ L# W2 L( m' R3 w
distribution of assets in the event of the liquidation, dissolution or
3 |. L3 P) }) x3 Y1 B) Iwinding-up of the Bank.
( s7 c- w9 k0 o* G. }  vTax on Preferred Share The Bank will elect, in the manner and within the time provided under, R6 W' X! O" C, s9 S9 k: c# w
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares' Z$ y3 I6 z$ s& y# L. u
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
7 F; r! {5 U8 ]4 \6 F3 ]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。
* Z: e* S9 ^( X. m* [, d6 t/ C* V% u8 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

- W' K! q+ d" \) C- w: u
+ x+ X# u$ P" T2 C1 P& C下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
- Q& @. o; X9 j8 h  r% J; N# W) y5 |
* u) ?* x" P4 q/ Z6 E1 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。
大型搬家
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