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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和GIC。不过这种Preferred Share是一种股票,其风险比基金和GIC都大。
+ c' x! a: R$ m9 ^7 l; U  T

& V, u; y' Z' w. l6 u+ W- h( j. T) H( v
[ 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:
) m7 E) U7 K9 Y8 dSUMMARY OF THE OFFERING2 E0 O! C/ }- F! _; W# ?
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’’.
1 t, K  G8 V* D* x( t( rIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.  C' K; S# ?" O9 e8 f
Amount: $150,000,000 (6,000,000 shares).
& D: D9 K7 b8 Z+ a* X3 K6 EPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
0 Q" z+ P- E* C$ _0 {" ^9 dPrincipal Characteristics of the Preferred Shares Series 18* i5 Y) _9 V# k0 y9 k2 a1 u
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed: e3 Z& X' E4 P1 [6 ]& P
non-cumulative preferential cash dividends, as and when declared by the
2 d+ B/ J: l  LBoard of Directors, subject to the provisions of the Bank Act, for the initial
/ ~" A; F1 a3 {$ C9 L& Kperiod commencing on the closing date and ending on and including
5 j: S# ?  B& O* y- O2 R5 c. BFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the9 {( K  ]( W9 E0 [3 p. d- e
25th day of February, May, August and November in each year, at a rate
9 W5 u; K4 E: e& U; V2 }equal to $0.40625 per share. The initial dividend, if declared, will be payable
2 F0 ~  @" d* }9 @4 fMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
& |% ^5 H. o7 f  l2 O. vdate of December 11, 2008.0 s+ Z( @. K  {7 Q! r
For each five-year period after the Initial Fixed Rate Period (each, a
3 U# u# K/ D2 A( J" w‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
9 |, n! Q- n' y/ ~! b  g6 j& L9 `Series 18 will be entitled to receive fixed non-cumulative preferential cash
3 w8 Z% d" H( }1 ?5 l; h4 zdividends, as and when declared by the Board of Directors, subject to the
/ N2 R+ X. x! _. |) X9 b* Xprovisions of the Bank Act, payable quarterly on the 25th day of February,
. l" s+ [; B# l9 v( ~5 l1 dMay, August and November in each year, in the amount per share per annum' S% K: {- |$ C) j
determined by multiplying the Annual Fixed Dividend Rate applicable to
5 Q3 C2 P# d6 A9 r' Y, I  a& Wsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
  G: i& v3 X  ~9 v; _( [% G! \Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
6 I2 A3 A# e4 W) O! o: c+ R* nBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day0 O0 _- b: L: `) d
of such Subsequent Fixed Rate Period and will be equal to the sum of the
" e# }1 `- f8 m- r: ~1 a: Q' |( [  G" dGovernment of Canada Yield on the applicable Fixed Rate Calculation Date: X! f1 e, c( s5 P: Q
plus 3.83%.% T: n7 m' K5 c' Q( U# n
If the Board of Directors does not declare a dividend, or any part thereof, on6 ]# d  J/ Z8 Z" y
the Preferred Shares Series 18 on or before the dividend payment date for a
$ z/ ~4 M3 X0 {4 mparticular quarter, then the entitlement of the holders of the Preferred
& L6 W5 Q; b; k9 Z+ @1 Q( W$ OShares Series 18 to receive such dividend, or to any part thereof, for such
( V! g4 n+ r9 ~9 D* Hquarter will be forever extinguished.. T' g9 _4 e( g, N+ {2 x8 f2 a
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
: x& J) s6 U2 B9 V" M( A' uSuperintendent and to the provisions described below under ‘‘Details of the# [( z2 ~* x: U% B* f3 m! }
Offering — Certain Provisions of the Preferred Shares Series 18 as a
( i4 y6 C! h) P% zSeries — Restrictions on Dividends and Retirement of Shares’’, on
/ J4 {: F' O) c5 r! \February 25, 2014 and on February 25 every five years thereafter, on not7 {' u5 i4 D- C( q1 _+ `# x
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
, {5 i9 u8 H- G3 X6 Zpart of the then outstanding Preferred Shares Series 18, at the Bank’s option, ^2 y7 j& z; z- R3 ~6 `, l; r
without the consent of the holder, by the payment of an amount in cash for
9 ]8 \5 w4 M) o+ w9 I3 `each such share so redeemed of $25.00 together with all declared and unpaid0 p" i& Q; P; `( J
dividends to the date fixed for redemption.
5 D1 T. z' F5 e% m! W# D, A8 RConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
$ f8 I$ r0 M! [/ ^6 S* Z* g5 EShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
! U" E8 r+ m7 \; V; Zthe right, at their option, to convert, on February 25, 2014 and on
+ x0 B4 ?! P0 ~" r) \# R( PS-4
" |' N! Y5 B5 D/ z( B1 _5 SFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
: h. }' V1 f0 S- H0 h3 _or all of their Preferred Shares Series 18 into an equal number of Preferred, |! z2 j, s( e; ?
Shares Series 19 upon giving to the Bank notice thereof not earlier than
; C4 Q0 _  J" x. Q4 A, Z' \- k30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
  m6 i9 s" W; ?5 I# Vpreceding, a Series 18 Conversion Date.' w. m" e; t% F+ C4 y2 N) W6 y
Automatic Conversion If the Bank determines, after having taken into account all shares tendered3 ]( W" I) H5 `! N" W8 l
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares$ W& a  b& x$ o% ~
Series 19, as the case may be, that there would be outstanding on such, F8 j' [7 H. o& h& `) T+ N) T
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,. F+ [' g; z( n
such remaining number of Preferred Shares Series 18 will automatically be
2 ~, c6 t" q0 \9 @, j0 jconverted on such Series 18 Conversion Date into an equal number of. ^! I* k1 W( @1 C. K" L& K+ }
Preferred Shares Series 19. Additionally, if the Bank determines that, after
7 v$ d5 S& P$ d7 nconversion, there would be outstanding on such Series 18 Conversion Date
( Z5 m8 w" x  f, Wless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares- t% N) A3 k$ V5 P, M/ P1 S
Series 18 will be converted into Preferred Shares Series 19.) |. v4 F2 [- U: {  ^
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
5 B; ^& M2 W  `' z5 I) E& X0 ?6 USeries 18 will not be entitled as such to receive notice of, attend, or vote at,
& ~1 y$ p0 G; G+ r! G! b5 q" \7 Qany meeting of the shareholders of the Bank unless and until the first time at
4 X0 `7 i: I( f3 `  Ywhich the Board of Directors has not declared the whole dividend on the
4 W/ [2 t; W4 ~0 q9 ?( ?Preferred Shares Series 18 in any quarter. In that event, subject as& y: A/ h$ c8 k( u! R
hereinafter provided, the holders of Preferred Shares Series 18 will be' s6 P! N$ Y# w. W, {) _. L
entitled to receive notice of, and to attend, meetings of shareholders at which
5 ]0 C' \1 D# R! Bdirectors of the Bank are to be elected and will be entitled to one vote for
7 F& I. t; W2 n4 E3 {/ l- Veach Preferred Share Series 18 held. The voting rights of the holders of the
6 J) q: m' O! \; sPreferred Shares Series 18 will forthwith cease upon payment by the Bank of4 `" Z9 B/ V' X5 h4 W6 u/ [
the first dividend on the Preferred Shares Series 18 to which the holders are
4 g6 t: s+ b. N; h% Dentitled thereunder subsequent to the time such voting rights first arose until- h! B/ M. q2 P
such time as the Bank may again fail to declare the whole dividend on the
# R! G$ \( X: N# W; D2 i4 qPreferred Shares Series 18 in respect of any quarter, in which event such3 H( a' u' @  \- g9 K1 n. v+ S1 a
voting rights will become effective again and so on from time to time.
7 w! q& d: M* Y/ j/ V0 ], J& `4 p) ZPrincipal Characteristics of the Preferred Shares Series 19
4 k8 Q6 [( D1 `* zDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
& `8 e. Q& s6 T4 K- \1 Wfloating rate non-cumulative preferential cash dividends, as and when) _" M8 b0 [7 A7 E. E! v$ I
declared by the Board of Directors, subject to the provisions of the Bank Act,2 t( g  J# o  T9 e
payable quarterly on the 25th day of February, May, August and November. Y4 p! A' r: Q- K# t) A
in each year, in the amount per share determined by multiplying the
5 q$ p: {3 Z% e, wapplicable Quarterly Floating Dividend Rate by $25.00.) v% U$ S! p& x1 w8 Q
On the 30th day prior to the commencement of the initial quarterly dividend3 s5 _& S5 E  V+ l7 ?) O
period beginning on February 25, 2014, and on the 30th day prior to the first  ?* b2 Z) R* K2 y+ X
day of each subsequent quarterly dividend period (the initial quarterly
+ V/ W0 X* [) C5 f) l9 rdividend period and each subsequent quarterly dividend period is referred to) m. S3 Q9 F; h( f9 b* Y  e
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the: X8 C1 C$ C: T9 b6 M; U/ N
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate( O, V) E/ h( @2 q! |; k
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the& m# x$ e! Z& l# {4 U
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days. @6 _* T! J# n" |
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
6 w- F. W% K6 s4 tdetermined on the 30th day prior to the first day of the applicable Quarterly
# W7 W. A5 z1 J5 r3 a* nFloating Rate Period.5 D+ u& ~( e3 x% e& F8 m, T4 f8 W
S-5
( l5 l1 n5 I% D- {! vIf the Board of Directors does not declare a dividend, or any part thereof, on4 E$ T5 R6 ^2 S' p* c6 p4 A
the Preferred Shares Series 19 on or before the dividend payment date for a& U3 j* h9 p: F6 r- W7 }7 I! L
particular quarter, then the entitlement of the holders of the Preferred
% x; N6 Z0 C0 W1 N2 {7 W4 dShares Series 19 to receive such dividend, or to any part thereof, for such
0 ~6 g: n! A- }) g5 Rquarter will be forever extinguished.
+ d5 u8 N( A7 T* Z$ GRedemption: Subject to the provisions of the Bank Act and to the prior consent of the$ x3 z. ?( w. h4 G
Superintendent and to the provisions described below under the heading
; K) H2 R+ L( z) _, ^‘‘Details of the Offering — Certain Provisions of the Preferred Shares
" |# ?1 _1 ?9 Z0 M7 q3 cSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,6 @: Z( W) }+ P: q( k
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
5 t+ f# O8 C7 t2 por any part of the then outstanding Preferred Shares Series 19, at the Bank’s
/ {. a3 G# K' l1 B  b: K2 F& H# l9 Toption without the consent of the holder, by the payment of an amount in
  L, Q  Y, w' p2 G+ C' n3 k+ a( Ccash for each such share so redeemed of (i) $25.00 together with all declared
2 M" Z* e" Y- Nand unpaid dividends to the date fixed for redemption in the case of/ a7 g. b) u* f+ a6 l
redemptions on February 25, 2019 and on February 25 every five years
: @% U3 Z$ l6 C6 rthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
3 f3 v5 h. s3 Sthe date fixed for redemption in the case of redemptions on any other date
' g! z* q: o. V% N+ c" ?  Won or after February 25, 2014.
' r! G+ P4 L0 m- o/ z% @( UConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic5 b* l" l. ?: p. G( K. k0 U
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
5 n4 m) _4 P# e. n# V& C- Othe right, at their option, to convert, on February 25, 2019 and on# ~3 u7 `8 l% b. f
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
- o# a2 X3 M, w$ e+ Qor all of their Preferred Shares Series 19 into an equal number of Preferred
/ J0 t6 c& i) Q" XShares Series 18 upon giving to the Bank written notice thereof not earlier
& O5 _4 |  ?$ w$ u+ |than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the5 E+ X$ G3 b( l* M, U% J
15th day preceding, a Series 19 Conversion Date.
; C' r2 c6 [4 q) }3 @% `* K# IAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
0 p; f& y8 [; yProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares) j; j+ m8 g5 o, l( V9 w: a7 z4 U
Series 18, as the case may be, that there would be outstanding on such
( x8 u  ?7 {! R4 B8 bSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
/ m% a% @* g) C7 H6 A* Lsuch remaining number of Preferred Shares Series 19 will automatically be
+ v' O" P! a+ n: |) T/ @" Z) iconverted on such Series 19 Conversion Date into an equal number of
1 g, k1 }, I1 Y7 k8 B2 E0 cPreferred Shares Series 18. Additionally, if the Bank determines that, after
0 N6 V8 Y  _  ]( E% ]0 bconversion, there would be outstanding on such Series 19 Conversion Date" i3 C. f( C1 R! x1 _; P
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares* x5 _; `: [6 V* L4 K/ S9 v0 N
Series 19 will be converted into Preferred Shares Series 18.
6 a3 U- d0 {4 p3 X/ \/ n' BVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
2 y; a' W/ h' a$ Z. S6 sSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
  p: R! C- Y3 d1 _5 _$ xany meeting of the shareholders of the Bank unless and until the first time at
, _% i- Y7 x7 J2 P' ~$ _( uwhich the Board of Directors has not declared the whole dividend on the. b% o' s) k( i) C
Preferred Shares Series 19 in any quarter. In that event, subject as
. y( S( L- f3 F4 O1 j* |" l% ?hereinafter provided, the holders of Preferred Shares Series 19 will be$ G+ @7 ]2 k3 m
entitled to receive notice of, and to attend, meetings of shareholders at which  T1 ]# P6 ?: E7 ~
directors of the Bank are to be elected and will be entitled to one vote for
6 N, M5 _1 i6 R6 [) d$ D5 Zeach Preferred Share Series 19 held. The voting rights of the holders of the( c& i0 ?7 t# P9 g  ~8 c
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
! M! w1 M' b* s3 O3 g0 v. wthe first dividend on the Preferred Shares Series 19 to which the holders are- F; Z( L% B" q6 M& i3 r3 i
entitled thereunder subsequent to the time such voting rights first arose until
/ X( x5 E# Q0 v# m4 F! J1 J( Zsuch time as the Bank may again fail to declare the whole dividend on the
4 b6 ^3 h. |  ]* mPreferred Shares Series 19 in respect of any quarter, in which event such. P2 t2 L4 I. x( V
voting rights will become effective again and so on from time to time.+ [  _" g6 c, Z* {4 w# `3 }
S-6: o# h+ J: J  g5 q
Priority: The preferred shares of each series of the Bank will rank on a parity with
% @/ F/ q' e9 P; J% zevery other series and are entitled to preference over the common shares of
; P. t  K0 Y! X- e' s% [1 Wthe Bank and over any other shares of the Bank ranking junior to the
1 J) o& J/ N5 b: n8 M( @: Tpreferred shares with respect to the payment of dividends and upon any+ m  i8 X% O3 E- F2 t- q9 s* }
distribution of assets in the event of the liquidation, dissolution or
0 E, b; ^; \: Hwinding-up of the Bank.* H. n# V! A* a* o
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under, Z* x( t5 H+ v; Y
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
0 K; q9 J" c% C, t0 K. b& oSeries 18 and Preferred Shares Series 19 will not be required to pay tax on. ?0 B: A- o# I
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。
" l0 X+ b# d  b& q0 N/ n# w5 s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

+ a( r' `& W) ^+ T% k& O" B
  x. a  R7 x5 M4 q1 f# l下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
2 C5 t! L" G9 S% N0 B! h3 t% i/ j* X" Y* m7 l1 Y% T
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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