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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:
; H% k* k! T- F! V( J$ r/ qSUMMARY OF THE OFFERING7 t) U6 g, m# I. P; S# a6 u' \
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’’.
4 }( [% S5 b% o0 g) rIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
3 |; m' K. J$ f8 C2 mAmount: $150,000,000 (6,000,000 shares).
' \3 F% M' ~$ [/ q, v$ c5 A/ wPrice and Yield: $25.00 per share to yield initially 6.50% per annum.. L$ k8 |1 B% _$ m7 Q% c
Principal Characteristics of the Preferred Shares Series 18
6 f) l5 N$ q+ H" j% z8 w$ uDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed' J$ I0 h: Z9 }6 N
non-cumulative preferential cash dividends, as and when declared by the5 \3 h: I6 ~; }# g
Board of Directors, subject to the provisions of the Bank Act, for the initial2 K$ O) x; o7 c9 i: {( Z4 L5 n
period commencing on the closing date and ending on and including
& V7 L9 l0 ~; n5 mFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the' W/ V/ r/ `; m' L
25th day of February, May, August and November in each year, at a rate
1 u( r1 ?; `$ U4 iequal to $0.40625 per share. The initial dividend, if declared, will be payable6 ]2 T" S, ?, R
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
0 Z" r# T2 C' Adate of December 11, 2008.
, \1 ?2 p- W6 l( ]For each five-year period after the Initial Fixed Rate Period (each, a5 M. D) x: u. _% F; R: y# G3 O
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
) c8 \# x( ~, x6 |0 R0 Y" tSeries 18 will be entitled to receive fixed non-cumulative preferential cash
! `) M# D( j/ `& t' T/ }dividends, as and when declared by the Board of Directors, subject to the
- i; A- w: [2 Y1 d' p( Z  ^1 Kprovisions of the Bank Act, payable quarterly on the 25th day of February,, Q/ I4 j* o7 S3 l/ r2 T+ V: S+ z: z
May, August and November in each year, in the amount per share per annum& d3 K8 W# B6 u
determined by multiplying the Annual Fixed Dividend Rate applicable to$ l0 T$ q5 f: Z1 J. a
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend) T3 t* Y# o8 I0 |
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the! o7 m, o: M; Y
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
4 W; p# O& P+ V0 m1 O: o! eof such Subsequent Fixed Rate Period and will be equal to the sum of the' R3 r) \. X4 b
Government of Canada Yield on the applicable Fixed Rate Calculation Date7 h/ p! m8 \4 w) }
plus 3.83%.
5 @9 d2 Z4 V  z( L. EIf the Board of Directors does not declare a dividend, or any part thereof, on/ F) O% s$ ~! Q7 Y' l2 ^% y
the Preferred Shares Series 18 on or before the dividend payment date for a
. P( E& H& _/ l) y/ P9 qparticular quarter, then the entitlement of the holders of the Preferred
# t: @) I9 u$ f3 }3 I5 m) IShares Series 18 to receive such dividend, or to any part thereof, for such
; r& o  ]% _! V0 cquarter will be forever extinguished.  v, F" b2 a6 \' c
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
$ k6 F. y5 N3 |2 ^Superintendent and to the provisions described below under ‘‘Details of the$ ^  j3 A3 A2 [6 k& d( S
Offering — Certain Provisions of the Preferred Shares Series 18 as a8 Q3 S2 N( K0 ~% F  _
Series — Restrictions on Dividends and Retirement of Shares’’, on
# k# D! @& Z0 A" i+ I2 [9 B5 xFebruary 25, 2014 and on February 25 every five years thereafter, on not7 T) ]" T" D: _! `$ i  o
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
! C- i; f6 o- E5 s' v1 zpart of the then outstanding Preferred Shares Series 18, at the Bank’s option+ ~: z: P- V4 u& l, z9 \1 X' Q
without the consent of the holder, by the payment of an amount in cash for& N* G# \9 U0 M: q4 _5 U. }
each such share so redeemed of $25.00 together with all declared and unpaid
7 T: d, p" m: i4 d6 e% k) K, Ydividends to the date fixed for redemption.: H, D" `2 @/ a3 e( ~
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic" k  j. J" c4 B5 n+ K
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
, a& W8 L  V, [# p( J; D: Qthe right, at their option, to convert, on February 25, 2014 and on# N( p0 n# W; J7 K
S-4
6 P& K' r& v/ L, b4 n; ]/ UFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any5 S5 U( P$ m. p
or all of their Preferred Shares Series 18 into an equal number of Preferred' ~8 M( x5 o. f
Shares Series 19 upon giving to the Bank notice thereof not earlier than; S% V# L! {& G- N/ \. P: u
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
, f+ C: P# s3 ^' H1 X/ d7 V+ Xpreceding, a Series 18 Conversion Date.
$ g8 N6 \( D1 T" B" @- UAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
* F; O! p) S7 V0 ?1 RProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
( h9 r, K6 q. L* Q& _6 p! V  eSeries 19, as the case may be, that there would be outstanding on such
  D* M8 f8 o5 g8 O* x5 u2 A0 |Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
% v% [, V8 m8 Q2 esuch remaining number of Preferred Shares Series 18 will automatically be# n% u! A5 c" b1 [1 c& I$ g, B
converted on such Series 18 Conversion Date into an equal number of
- i: b- |+ s3 C: BPreferred Shares Series 19. Additionally, if the Bank determines that, after: t7 P" j7 h; E3 w+ ]- C
conversion, there would be outstanding on such Series 18 Conversion Date
- l; W$ \6 a+ e4 o0 Wless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares1 _$ z- k" \7 J5 N; h
Series 18 will be converted into Preferred Shares Series 19.5 j+ r1 y, T0 t7 S
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares+ @, n0 h- ~( [3 P9 h
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
0 h7 z2 d: L$ z. C# yany meeting of the shareholders of the Bank unless and until the first time at* t1 y2 _8 w& X+ Q2 ^
which the Board of Directors has not declared the whole dividend on the
0 r" ?6 S4 `6 q* r! nPreferred Shares Series 18 in any quarter. In that event, subject as
8 E) w' R" y5 Mhereinafter provided, the holders of Preferred Shares Series 18 will be
9 g1 b6 @, q  w4 jentitled to receive notice of, and to attend, meetings of shareholders at which
7 b- Q# b. r1 Y8 X5 W" }# Wdirectors of the Bank are to be elected and will be entitled to one vote for* x1 a  g5 ?1 r# z
each Preferred Share Series 18 held. The voting rights of the holders of the
$ D" C* ]0 P& GPreferred Shares Series 18 will forthwith cease upon payment by the Bank of0 P. n1 |. P% u8 w' E
the first dividend on the Preferred Shares Series 18 to which the holders are$ d* U' ?- L1 f" {1 k
entitled thereunder subsequent to the time such voting rights first arose until- [. W! c! }% ~4 s% O5 @
such time as the Bank may again fail to declare the whole dividend on the
2 s5 o1 t3 s0 b- I2 aPreferred Shares Series 18 in respect of any quarter, in which event such5 F. O. ^. @$ C7 G3 e2 t
voting rights will become effective again and so on from time to time.
7 e* E4 I+ C* c# SPrincipal Characteristics of the Preferred Shares Series 19
# A0 u5 h8 K8 R8 ?) o6 Q) bDividends: The holders of the Preferred Shares Series 19 will be entitled to receive! B/ d0 ^5 U1 T% X3 k5 y
floating rate non-cumulative preferential cash dividends, as and when9 ^0 ~" n; r9 P! d$ ^% m
declared by the Board of Directors, subject to the provisions of the Bank Act,
( D) G8 N- L5 k5 Z  lpayable quarterly on the 25th day of February, May, August and November
) Z1 r! o5 p" |( \in each year, in the amount per share determined by multiplying the! A# ~5 r' ^$ s4 U
applicable Quarterly Floating Dividend Rate by $25.00.9 [/ @/ g& H; X% s$ I1 z2 _
On the 30th day prior to the commencement of the initial quarterly dividend2 h+ [4 A8 S+ o% a: Q! D
period beginning on February 25, 2014, and on the 30th day prior to the first  z: t) _) v' S$ M- ~1 N6 E
day of each subsequent quarterly dividend period (the initial quarterly
( R5 @* v6 E# Zdividend period and each subsequent quarterly dividend period is referred to) M/ X) G+ y0 o$ V) }/ u
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the5 r) T. V, _. ]1 q. w8 Y2 U
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate: E5 p8 }. }$ O6 U+ I3 J
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
, U+ q; P# S' xT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
* j8 p* r# |0 u! [, eelapsed in the applicable Quarterly Floating Rate Period divided by 365)
7 r: P5 e8 x9 Z- ^+ ]& hdetermined on the 30th day prior to the first day of the applicable Quarterly
7 g& G6 L) `* h6 F8 Y7 XFloating Rate Period.
2 x& G1 U' h5 R! Q0 a- P4 tS-5' b+ B9 H6 y$ ], _' B9 R* _4 g
If the Board of Directors does not declare a dividend, or any part thereof, on
+ @: R6 k( A: f  [9 y# ~, nthe Preferred Shares Series 19 on or before the dividend payment date for a
9 Y4 y2 i# L5 M: s( l$ [8 `7 tparticular quarter, then the entitlement of the holders of the Preferred
) u+ l6 R; j; y* d- ]% J5 d  K! @) e# ]Shares Series 19 to receive such dividend, or to any part thereof, for such3 S3 B! ]2 r1 k4 e0 h' Q1 W
quarter will be forever extinguished., T: |  t" h/ n) n2 M: @; z& _' y
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
  L4 S; M: y# Q5 N7 Y) ^. XSuperintendent and to the provisions described below under the heading2 P4 n! ?2 s7 r- a
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
, _' D8 ], [( J4 _; w5 ]Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,* v/ N4 @$ ?4 B! b8 @; x
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
- Q8 s2 P3 U3 J# ]" w7 {or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
3 I# q' B: [  X" a+ Goption without the consent of the holder, by the payment of an amount in0 J8 U+ x$ d( `% @6 G5 ~* L9 N
cash for each such share so redeemed of (i) $25.00 together with all declared: @  Z3 z4 }3 B$ R
and unpaid dividends to the date fixed for redemption in the case of; Y, b4 c( J6 G6 s
redemptions on February 25, 2019 and on February 25 every five years
/ c$ a1 b! M) N  i/ a, r  `% jthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
2 o* K5 c+ l( f6 D: o5 t: xthe date fixed for redemption in the case of redemptions on any other date9 P$ u6 v1 u1 @9 F% M
on or after February 25, 2014.4 v  J+ e4 z2 e( d+ P
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic* c3 G* [- j! _3 m, L
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have4 n0 y, ?4 u9 p; Q; j# P
the right, at their option, to convert, on February 25, 2019 and on
% X9 X$ d- ?" ~February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any9 L& F: K, V3 z/ Q. @
or all of their Preferred Shares Series 19 into an equal number of Preferred
. p: W1 w+ T" k& r* n3 AShares Series 18 upon giving to the Bank written notice thereof not earlier& n$ X) V2 T6 w. I5 w7 E
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the3 m, b% w2 q, X, Z) a, o- S( V
15th day preceding, a Series 19 Conversion Date.$ `& Y( ]& K& _! U
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
  c# d/ B( S% P$ k7 V" w: V& L$ iProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
) W3 o$ M  A  n7 D; w# m6 hSeries 18, as the case may be, that there would be outstanding on such
$ v7 C9 h! t/ \$ s  X! M; T4 q, `Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
. j4 l6 U$ o1 \8 nsuch remaining number of Preferred Shares Series 19 will automatically be% f  W& r' o6 c* k5 e& z) T. H4 K
converted on such Series 19 Conversion Date into an equal number of( v5 Z8 y( u+ j+ `$ B$ H
Preferred Shares Series 18. Additionally, if the Bank determines that, after
2 H: y3 T! l9 @  [5 o, o1 Fconversion, there would be outstanding on such Series 19 Conversion Date& m; J9 ]  j  a" e
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
3 V  F0 s. N' wSeries 19 will be converted into Preferred Shares Series 18.
  E, D8 m5 I3 `Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
. \- f4 {0 v" k1 I9 K# l. wSeries 19 will not be entitled as such to receive notice of, attend, or vote at,) f# r; ^" J3 F, S
any meeting of the shareholders of the Bank unless and until the first time at
/ ^9 ?5 v7 o7 xwhich the Board of Directors has not declared the whole dividend on the, `4 S) G7 P+ S* _2 A4 x. c
Preferred Shares Series 19 in any quarter. In that event, subject as; J6 v! H; W8 X7 g
hereinafter provided, the holders of Preferred Shares Series 19 will be& o2 P& m  n" D  l# b4 n  U' h
entitled to receive notice of, and to attend, meetings of shareholders at which
) B* b* ~* z0 Xdirectors of the Bank are to be elected and will be entitled to one vote for) z! K7 o# {# W: h8 I' C
each Preferred Share Series 19 held. The voting rights of the holders of the# m( e9 A1 Y% r
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of' g& \# p" J3 H" m% j
the first dividend on the Preferred Shares Series 19 to which the holders are
8 X1 a4 f& `4 U6 g1 sentitled thereunder subsequent to the time such voting rights first arose until
5 ^: W5 J. J  isuch time as the Bank may again fail to declare the whole dividend on the
( T$ ~. o, v; ^: A: h& d* ~6 {7 @8 NPreferred Shares Series 19 in respect of any quarter, in which event such
8 Q; d$ |7 G0 b- K  t! Vvoting rights will become effective again and so on from time to time.- \- ^2 g( e0 L
S-6
' v* t. i2 ^7 X( ]Priority: The preferred shares of each series of the Bank will rank on a parity with; u% E. I( b" h0 V5 P8 E: {
every other series and are entitled to preference over the common shares of
5 U: G5 {. K; d& Fthe Bank and over any other shares of the Bank ranking junior to the, O$ Q* u9 x/ i
preferred shares with respect to the payment of dividends and upon any
0 T" C7 U/ E( ~' t0 W' Ydistribution of assets in the event of the liquidation, dissolution or
1 c3 X6 z& B( H/ z+ jwinding-up of the Bank.+ y& v. i. b% l1 C
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under& q: A7 v5 e( m
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares8 r$ V9 L2 ?2 b6 Z
Series 18 and Preferred Shares Series 19 will not be required to pay tax on4 c: I4 A. {9 s. a5 J: x# s- M
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。
; y( Y4 z( j. F6 `6 u+ c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
$ V1 q: m* G8 |6 A

! X" I2 ?9 F1 O  q( N9 C# e; N+ i% ^下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。# q; f! g, D9 }6 H3 R
) h4 c9 ~3 b( u" J
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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