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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。5 r1 ?/ I: M$ m/ Q5 t( M
4 H0 l8 \1 O1 X3 j' E: H% e3 h2 i

0 H) z, |# W: C8 I* Q4 N3 M( c[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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 楼主| 发表于 2008-11-29 16:58 | 显示全部楼层
下面是BMO的:: V7 `. Q, ]4 I3 N( w9 m
SUMMARY OF THE OFFERING0 V4 G( L1 E; Q3 D, X
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’’.
" m5 I2 b/ J% YIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
+ A* F9 u8 y/ IAmount: $150,000,000 (6,000,000 shares).. m, S" I7 x6 H& ]4 l, S8 ]$ q( _
Price and Yield: $25.00 per share to yield initially 6.50% per annum.* W: h, i+ I5 r# m; a* Q# r
Principal Characteristics of the Preferred Shares Series 18
3 [  x, p, v! F6 {& f" o+ mDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
0 v; g  Y& |  H! d4 Znon-cumulative preferential cash dividends, as and when declared by the
( m3 \+ e# G: G- Z: w( ?  BBoard of Directors, subject to the provisions of the Bank Act, for the initial5 J/ i, R# O# d2 s* {! u( M- L
period commencing on the closing date and ending on and including( d% q& V" s& v/ Y! b
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the6 V/ I7 N: X& e5 [
25th day of February, May, August and November in each year, at a rate6 y+ w" N% f! e/ e, X6 ^8 |
equal to $0.40625 per share. The initial dividend, if declared, will be payable% w+ K' V( N. x4 f+ G
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
: d; k( w: D  U1 tdate of December 11, 2008.
: u' I( y! A5 a, `" kFor each five-year period after the Initial Fixed Rate Period (each, a' y- E, R" l5 [4 \
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
) `9 {+ k( T$ ^! ?# q" I) i4 \& pSeries 18 will be entitled to receive fixed non-cumulative preferential cash) q3 x: m/ T; Z) n6 H
dividends, as and when declared by the Board of Directors, subject to the
" I4 l: o3 I% Hprovisions of the Bank Act, payable quarterly on the 25th day of February,( t1 t0 H; P9 c1 E1 R; M
May, August and November in each year, in the amount per share per annum
$ o7 M, g) Y5 w' ?6 n  c& c- pdetermined by multiplying the Annual Fixed Dividend Rate applicable to
$ c4 T  h; N+ Q3 r9 M& Qsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend# b3 `: Q( \* Y- K9 k' J- P1 U# H6 p6 a
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
+ k  L5 b) x+ ?- kBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
1 h' E: z/ s* M; @of such Subsequent Fixed Rate Period and will be equal to the sum of the
( W& p6 T9 d) ?! @. c& d" ?* z, ~  qGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
; t/ R. p9 Q- Z2 m; ]+ f0 a$ r+ jplus 3.83%.
' c. c$ i+ {7 T9 K5 B# DIf the Board of Directors does not declare a dividend, or any part thereof, on
1 f0 [" }9 c3 p9 Kthe Preferred Shares Series 18 on or before the dividend payment date for a
  p: m: c8 b% e9 Z* M" J' O* kparticular quarter, then the entitlement of the holders of the Preferred4 D. y2 B# o% r  d9 v+ Y, E
Shares Series 18 to receive such dividend, or to any part thereof, for such
' U; R5 n" M7 s% R7 hquarter will be forever extinguished.) E  _( I% d5 w+ Q
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
1 R0 b9 i- e8 {5 t# K! i1 hSuperintendent and to the provisions described below under ‘‘Details of the
$ {( B) e6 X) ]# J$ C6 z, SOffering — Certain Provisions of the Preferred Shares Series 18 as a7 ]* G0 t' J7 L3 l0 A  b1 |
Series — Restrictions on Dividends and Retirement of Shares’’, on
7 X4 k, E4 j+ N, H& h5 H3 ^February 25, 2014 and on February 25 every five years thereafter, on not
0 _* X4 O0 E+ E8 }' r. u3 t. Tmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
# i! l- h9 a0 lpart of the then outstanding Preferred Shares Series 18, at the Bank’s option, p' W$ L9 k* i: H# C
without the consent of the holder, by the payment of an amount in cash for7 E, r0 J, ]8 w4 k6 I
each such share so redeemed of $25.00 together with all declared and unpaid
, V" I3 u8 d: L( B/ }7 qdividends to the date fixed for redemption.; d) n4 {% }" ~9 W) b
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
! A7 D& y( Z& x/ Z8 A" xShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have8 l# ], m0 S9 h6 t! x+ h
the right, at their option, to convert, on February 25, 2014 and on1 N0 q+ E) o' J, X8 j& E
S-4
1 _7 a# U  P6 z. f4 W3 Z$ B' x7 cFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
8 k7 h" W& E1 ^2 k8 Z, L" S0 `or all of their Preferred Shares Series 18 into an equal number of Preferred$ ~$ a1 g  ]$ Q: |+ |
Shares Series 19 upon giving to the Bank notice thereof not earlier than+ q4 B" }. f6 d3 x
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day. ?5 {% @7 g; m* g$ j( j2 a
preceding, a Series 18 Conversion Date.
* @  T! N( s# v+ G- X' J" l6 R+ JAutomatic Conversion If the Bank determines, after having taken into account all shares tendered5 M3 b" R! b  H. c
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares# N: Y* d; J/ j5 D# p1 n
Series 19, as the case may be, that there would be outstanding on such
$ B  v5 G" _# H% p5 O7 fSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,# ]- C$ K2 b4 X7 `' ~& L
such remaining number of Preferred Shares Series 18 will automatically be
+ [4 N0 b7 M2 C3 hconverted on such Series 18 Conversion Date into an equal number of) b: o. ~5 G3 u6 U9 h
Preferred Shares Series 19. Additionally, if the Bank determines that, after
1 [( i: W2 v% ]/ hconversion, there would be outstanding on such Series 18 Conversion Date# T! h" l5 b1 a6 n1 u
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares4 Z9 h! e1 z3 q! ]9 A& Y. ]
Series 18 will be converted into Preferred Shares Series 19.
% q9 W- j9 N( S" Q( D  F7 g+ U& cVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares1 V/ e5 w7 E" r- C1 V! k4 h& E
Series 18 will not be entitled as such to receive notice of, attend, or vote at,2 d# a$ y9 H' M3 {  U. Q
any meeting of the shareholders of the Bank unless and until the first time at
9 a( w1 p: z- c+ |3 `which the Board of Directors has not declared the whole dividend on the
: z6 F: I0 J4 n: J; y, wPreferred Shares Series 18 in any quarter. In that event, subject as8 |6 G1 U8 x& a: U/ f8 j! ]* N
hereinafter provided, the holders of Preferred Shares Series 18 will be5 [) D) d) K9 ]2 P
entitled to receive notice of, and to attend, meetings of shareholders at which3 @1 e  P/ j3 ]
directors of the Bank are to be elected and will be entitled to one vote for
! P( e! B  ]  u8 ?0 v# Peach Preferred Share Series 18 held. The voting rights of the holders of the; V0 d- u9 u' B3 C# \1 F
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
( f+ z0 f+ ?) ?% n% y3 jthe first dividend on the Preferred Shares Series 18 to which the holders are
( o, D- ^  h1 ?( p6 W. ?entitled thereunder subsequent to the time such voting rights first arose until
0 m' l+ F3 t( {  a5 b' Ksuch time as the Bank may again fail to declare the whole dividend on the; R# H+ F, k, ?/ J4 _+ r# m6 `
Preferred Shares Series 18 in respect of any quarter, in which event such2 x6 j6 u( h7 d' c! t
voting rights will become effective again and so on from time to time.
' c  H; c8 J' T! \9 K) t6 {Principal Characteristics of the Preferred Shares Series 19
9 Q0 P* r! J: ]- Q' }1 t4 i0 `Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
& c7 _' d% l7 y8 \+ O" I) kfloating rate non-cumulative preferential cash dividends, as and when
5 g1 m  E- U$ d+ q) h0 |$ gdeclared by the Board of Directors, subject to the provisions of the Bank Act,4 A3 l9 _& z, ?7 _: {1 J( W
payable quarterly on the 25th day of February, May, August and November$ \& S! P9 I! p0 g
in each year, in the amount per share determined by multiplying the
) F4 ]$ o# Y0 X' fapplicable Quarterly Floating Dividend Rate by $25.00.
% }; W5 Z; T. m' KOn the 30th day prior to the commencement of the initial quarterly dividend( ^& m: J9 W# w1 A
period beginning on February 25, 2014, and on the 30th day prior to the first! |* b; N8 z# |/ R, R
day of each subsequent quarterly dividend period (the initial quarterly
( \7 M" b& s6 D* Mdividend period and each subsequent quarterly dividend period is referred to
$ h9 ~3 l" z% y% V7 _3 tas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
0 E' t9 N* T! ~  Z+ T  y" WQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
! _7 b# V& J  f! I! ePeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
% K1 ]0 ?3 k$ Z0 d1 l  \T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
" W+ h$ ?  B) h; m0 Felapsed in the applicable Quarterly Floating Rate Period divided by 365)
, e9 ^. y9 L7 f( ddetermined on the 30th day prior to the first day of the applicable Quarterly
% t& y* {$ Q/ e7 z$ x0 fFloating Rate Period.  l' k% }, a( ^7 q! e% `: \
S-54 v1 x1 B! x4 G2 G
If the Board of Directors does not declare a dividend, or any part thereof, on
1 X) n# `. v' L  x( B5 ~. dthe Preferred Shares Series 19 on or before the dividend payment date for a  ]" ]: F( t, J; g
particular quarter, then the entitlement of the holders of the Preferred
1 x6 u+ ~! r- ^0 r3 y# j2 ZShares Series 19 to receive such dividend, or to any part thereof, for such
+ U$ }' X& M  ~/ T* ^% E: H) X* l& yquarter will be forever extinguished.4 h( U; V8 O) l& `
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
$ A1 n; g0 U* z  t2 xSuperintendent and to the provisions described below under the heading$ f% p$ C. U+ k" W* `+ {0 v
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
1 c$ @, z$ O4 D. qSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,+ \3 J! b2 @" I8 V* O) O5 r0 V9 E6 O4 E
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all+ d& G0 z0 ~0 F, |" i% U1 v1 Q
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s  j3 E% `. y1 @  g9 ?
option without the consent of the holder, by the payment of an amount in9 R- K6 i5 P: G
cash for each such share so redeemed of (i) $25.00 together with all declared; I. K& W- J9 g
and unpaid dividends to the date fixed for redemption in the case of
- {9 Q0 F! ]+ u* b8 zredemptions on February 25, 2019 and on February 25 every five years
, N7 [3 _/ J) ~/ n, _thereafter, or (ii) $25.50 together with all declared and unpaid dividends to1 }2 o/ |) `  R
the date fixed for redemption in the case of redemptions on any other date/ O0 x2 S0 E$ Y. ]! Y3 F
on or after February 25, 2014.# y1 T- t# K- L1 V; x
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic1 O- l1 x6 O. `2 t
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have0 a0 k6 S6 b. T" @' W# J
the right, at their option, to convert, on February 25, 2019 and on! r1 A) U2 X9 V% H( @3 I  f
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any# @+ p  ^3 N  `' {* w
or all of their Preferred Shares Series 19 into an equal number of Preferred) p6 P) E$ a  t+ x3 n; [! {. g
Shares Series 18 upon giving to the Bank written notice thereof not earlier! @8 B) H: A$ L* X2 }* H/ F
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
; X: \) k- V9 [9 [$ i5 _" m15th day preceding, a Series 19 Conversion Date.
* b  E7 e; T! b1 M+ z2 BAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
! i. M4 Q3 x' Q2 Y# x- J- CProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
: Q# O) ^; J6 f0 B) k+ k# Y$ S- LSeries 18, as the case may be, that there would be outstanding on such
) J2 @5 U" S1 M* aSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,7 x1 }. c& l0 d1 f
such remaining number of Preferred Shares Series 19 will automatically be3 Q, u  E. f# T& V9 }, w6 j
converted on such Series 19 Conversion Date into an equal number of2 @8 B% y) }7 d; ^* z& m' L7 _
Preferred Shares Series 18. Additionally, if the Bank determines that, after# Q& x9 S& O1 w! B0 ?
conversion, there would be outstanding on such Series 19 Conversion Date
9 i! W" c. R% O$ `5 U; ^8 u' Bless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
, y/ ]. s& W" zSeries 19 will be converted into Preferred Shares Series 18.
5 a  {! K9 @6 c# ?4 i+ _: AVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
& x' n. I% W) j  v! b/ C" ?+ y2 x9 nSeries 19 will not be entitled as such to receive notice of, attend, or vote at,7 o' j% t- a$ N- i+ v+ ?4 J! g
any meeting of the shareholders of the Bank unless and until the first time at) H/ f" {" O0 e0 I; l
which the Board of Directors has not declared the whole dividend on the& H: W  {( @$ x/ c, M
Preferred Shares Series 19 in any quarter. In that event, subject as
0 G# f% O+ k" {4 [, ahereinafter provided, the holders of Preferred Shares Series 19 will be
! @' H. q3 D9 J9 |+ h7 Wentitled to receive notice of, and to attend, meetings of shareholders at which+ W. h/ N. V3 S" M3 |# K
directors of the Bank are to be elected and will be entitled to one vote for& E9 `* k3 }: P( Y* k+ O+ `
each Preferred Share Series 19 held. The voting rights of the holders of the
' o; i3 b) s' W4 NPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
4 Y2 D0 o' `, d3 \2 x- ]the first dividend on the Preferred Shares Series 19 to which the holders are$ R6 G/ `4 o* X& T1 k
entitled thereunder subsequent to the time such voting rights first arose until
( R) ]. j/ A; d, Z' Jsuch time as the Bank may again fail to declare the whole dividend on the
9 h" H6 T! L8 e1 Q( `& yPreferred Shares Series 19 in respect of any quarter, in which event such
6 _! F! L- \5 v2 M+ cvoting rights will become effective again and so on from time to time., L& R3 P+ s. Z7 u: m0 [
S-6
* b' E- t7 z2 `; z1 h( uPriority: The preferred shares of each series of the Bank will rank on a parity with9 I) ?: @* i$ A) Z: ~& p
every other series and are entitled to preference over the common shares of! @+ H4 k% X; g+ C% h# K
the Bank and over any other shares of the Bank ranking junior to the$ C' u! u( H, l2 Y* s4 R; _
preferred shares with respect to the payment of dividends and upon any- T8 X3 v) @# r8 Q% \* y. R- k
distribution of assets in the event of the liquidation, dissolution or3 z2 S$ a3 r% X
winding-up of the Bank.
. x; r) |& k3 ]7 e: `- fTax on Preferred Share The Bank will elect, in the manner and within the time provided under
/ U# e' l/ R' j$ c( LDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
9 R. c( g- q9 OSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
6 a' v; w: s- e, h- g- ?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。
% I. b( m0 V* |3 G5 L9 P" U0 ^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

' Q) {% w- u1 r* I( {9 `. [5 t
3 G% l& H6 t3 u5 R( }$ C/ T- w% r0 }下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。9 Z+ c4 H* t. s: c

: W8 g( w( y4 M6 N1 wcall 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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