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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。
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) K- Y+ V8 t/ U$ k) T% r" p: W$ J& q; F  [6 v8 l; |5 Z
[ 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:0 q8 S, F1 r0 i, X( C. w
SUMMARY OF THE OFFERING! M- g- S( ]) W4 y4 z. L
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’’.- X9 W  M: {) g- W0 ^! {" N* r
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
+ `& H* H5 v9 T$ BAmount: $150,000,000 (6,000,000 shares).% b, Q; ?$ X- o4 D# e9 T" t( N( b
Price and Yield: $25.00 per share to yield initially 6.50% per annum.7 `2 J2 K' T& ]: _2 U/ N* o
Principal Characteristics of the Preferred Shares Series 18
! ]" Z, Z) P) d# d( LDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed9 A3 v) p5 b# O2 ~7 \" Y
non-cumulative preferential cash dividends, as and when declared by the
; o) E% i( A. wBoard of Directors, subject to the provisions of the Bank Act, for the initial# F1 z' D2 |; f/ }0 C8 I
period commencing on the closing date and ending on and including
$ r7 ]) R/ z5 @) PFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
( y/ r% [  v. }. E$ x5 A4 {# O25th day of February, May, August and November in each year, at a rate7 |9 r5 X5 S! O9 E
equal to $0.40625 per share. The initial dividend, if declared, will be payable- H/ b4 [( q" |: k8 o6 ?
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
6 T5 p0 }" X& B8 f1 l9 m( ?3 Odate of December 11, 2008.
$ u+ ?2 ]: h" \  [- BFor each five-year period after the Initial Fixed Rate Period (each, a
1 u$ x- r6 n  ]$ ^" e0 d‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
, m$ H' a5 V, X) GSeries 18 will be entitled to receive fixed non-cumulative preferential cash5 F4 p8 \7 |" Y$ X% O. |
dividends, as and when declared by the Board of Directors, subject to the9 d3 B: W3 ]$ v4 W& Q
provisions of the Bank Act, payable quarterly on the 25th day of February,- b5 ?( l* D3 u: C. ~# }. k& z
May, August and November in each year, in the amount per share per annum
' M; d' x; I' U9 ~# q% Tdetermined by multiplying the Annual Fixed Dividend Rate applicable to
' g1 }9 c5 V0 E9 Esuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend/ m! I' A  C9 u- |! U
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
' D" N# k6 q+ J) l7 s- W4 wBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
$ @" W3 k7 z3 w) Mof such Subsequent Fixed Rate Period and will be equal to the sum of the# G* p  I. f/ J9 D9 J3 `
Government of Canada Yield on the applicable Fixed Rate Calculation Date
, f6 a6 C. c# j' t# T6 @  ^plus 3.83%.
* e. d+ @& z9 J  `/ |* v& pIf the Board of Directors does not declare a dividend, or any part thereof, on
' e, k+ b0 D8 Fthe Preferred Shares Series 18 on or before the dividend payment date for a
& ^7 A; C4 i7 p8 {particular quarter, then the entitlement of the holders of the Preferred
# e/ Q  S* |- AShares Series 18 to receive such dividend, or to any part thereof, for such! [' F+ C+ ]. c$ X& f) p' k
quarter will be forever extinguished.1 b) \% ^: f# `* e
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
! M% `  b- }* V' p# P) C$ S) zSuperintendent and to the provisions described below under ‘‘Details of the
- y- f# C% t( x" kOffering — Certain Provisions of the Preferred Shares Series 18 as a! X, J" f! g  h( y8 H7 K# [
Series — Restrictions on Dividends and Retirement of Shares’’, on
% b$ O0 [; y: \# w  YFebruary 25, 2014 and on February 25 every five years thereafter, on not: g7 C+ h2 O7 X- h
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any) s$ Y  o! e( j7 w0 N
part of the then outstanding Preferred Shares Series 18, at the Bank’s option5 l# A( G2 b4 o/ I4 k
without the consent of the holder, by the payment of an amount in cash for
4 I& S8 j4 y" r3 A) O# geach such share so redeemed of $25.00 together with all declared and unpaid
/ q! [5 F+ O  ^7 p% n' K! J1 R+ bdividends to the date fixed for redemption.9 R7 U8 u8 i2 M+ l6 K
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic( Z$ q/ @2 _1 z* e; b
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
/ u. T6 E: ]9 @2 g" Nthe right, at their option, to convert, on February 25, 2014 and on
0 I8 o, R3 D. ~* x, iS-4
2 x0 E5 M4 ]$ {/ nFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
; A2 M5 a; E, |6 b; W& ]or all of their Preferred Shares Series 18 into an equal number of Preferred% C2 ?+ t/ n; B' [
Shares Series 19 upon giving to the Bank notice thereof not earlier than
! _+ |- ^3 o; B2 K4 N30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day- Z1 a6 Z, C9 I0 S* K6 _$ N7 s
preceding, a Series 18 Conversion Date.
/ w# I" D/ j) ~7 R3 _: }' BAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
) w# G7 ?' e5 `, s$ c4 K" t) LProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares6 R" @% j+ ?0 V3 J8 t3 o
Series 19, as the case may be, that there would be outstanding on such
0 u# ~' W& o% Z+ A& [Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,3 x7 d; Y' W3 X7 z
such remaining number of Preferred Shares Series 18 will automatically be/ G) ]# l( n& P( W
converted on such Series 18 Conversion Date into an equal number of" G" U' M- O; ]9 C& _
Preferred Shares Series 19. Additionally, if the Bank determines that, after
0 q& B1 ]0 m! m  m6 Hconversion, there would be outstanding on such Series 18 Conversion Date+ ]! _. U) o  z& f1 w
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
! ?% e  I6 Y7 y: g& sSeries 18 will be converted into Preferred Shares Series 19.
6 s# J8 i3 {6 E4 ~( n  LVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares  V) o6 |* h3 F/ y" J2 \" }# R4 Z- J/ |4 k
Series 18 will not be entitled as such to receive notice of, attend, or vote at,' X% h, ]9 [" A7 e
any meeting of the shareholders of the Bank unless and until the first time at
1 x/ S% n" U. m% l: _which the Board of Directors has not declared the whole dividend on the
4 Q: |* u( q) c' g& M4 n0 pPreferred Shares Series 18 in any quarter. In that event, subject as
" h  I( d0 R. _+ _hereinafter provided, the holders of Preferred Shares Series 18 will be
- C: K" `) ~/ E- @/ N! mentitled to receive notice of, and to attend, meetings of shareholders at which
4 V/ ~5 U* n/ Z4 vdirectors of the Bank are to be elected and will be entitled to one vote for
6 `7 T5 J. X1 H' ~each Preferred Share Series 18 held. The voting rights of the holders of the
7 p" H# p4 U+ ^2 V0 }0 n3 iPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
3 Q' y; [( O. I9 ^& O0 |! j$ ^the first dividend on the Preferred Shares Series 18 to which the holders are- ]5 l3 ~8 y) q2 p  p
entitled thereunder subsequent to the time such voting rights first arose until
. k! z$ u  h5 G# Vsuch time as the Bank may again fail to declare the whole dividend on the
' @( F9 M2 E$ D' b. U$ T# h( ^Preferred Shares Series 18 in respect of any quarter, in which event such
. ^; I  ~  ?7 u; \* gvoting rights will become effective again and so on from time to time.
+ s9 g$ G" y% t* f, j0 q" NPrincipal Characteristics of the Preferred Shares Series 19
$ V8 n: ]4 Q8 M' p( O, `- e6 v; WDividends: The holders of the Preferred Shares Series 19 will be entitled to receive) `) _$ U* ]5 N6 |
floating rate non-cumulative preferential cash dividends, as and when
2 {9 b& ~$ i7 |; M+ k6 edeclared by the Board of Directors, subject to the provisions of the Bank Act,3 o8 `$ S# J' c: H
payable quarterly on the 25th day of February, May, August and November
/ K6 H$ r1 q2 ?3 }9 u( o/ }0 Q: }in each year, in the amount per share determined by multiplying the
! j9 a, ?( \; ^9 {# o5 ?& capplicable Quarterly Floating Dividend Rate by $25.00.0 O( w- \/ Q0 v
On the 30th day prior to the commencement of the initial quarterly dividend( p7 Q: t8 P6 U: C/ {
period beginning on February 25, 2014, and on the 30th day prior to the first
2 Z; M3 p, `( Tday of each subsequent quarterly dividend period (the initial quarterly
2 G+ q2 s5 }/ g0 f, Rdividend period and each subsequent quarterly dividend period is referred to! p; j" E9 h7 g0 |$ I
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the3 v6 H) }. Q. _5 w, @
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate0 g& p4 B" s- Z) h+ `
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
; X% C, ?+ G4 X* x& w% E5 O; XT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days4 P' N1 W2 F. Q+ t
elapsed in the applicable Quarterly Floating Rate Period divided by 365)4 V! P( Q; `: v* B" A4 `  f% z6 ~
determined on the 30th day prior to the first day of the applicable Quarterly
- a8 d+ K' [( u3 O% J3 T3 f7 tFloating Rate Period.
$ g* V& r* x: `5 HS-5  ^. @( J9 ~5 x  k3 }( U2 F
If the Board of Directors does not declare a dividend, or any part thereof, on
* [& W+ z6 E" l: uthe Preferred Shares Series 19 on or before the dividend payment date for a9 l4 c& d* s; s
particular quarter, then the entitlement of the holders of the Preferred
, L8 ?3 |1 F9 C+ aShares Series 19 to receive such dividend, or to any part thereof, for such6 _, @# g$ |+ f
quarter will be forever extinguished.- w9 u% N, ?) _2 a
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
7 O  s7 \" R$ p7 p  `, L# _Superintendent and to the provisions described below under the heading! b4 w! M; q. Z1 Y9 P
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
/ o0 v9 |- e; T5 E2 b) CSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
" ]! K; K, P. Z) y- g- y9 V9 eon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
" i, Y$ d: P, X& Cor any part of the then outstanding Preferred Shares Series 19, at the Bank’s/ k, v# t8 N/ l1 W
option without the consent of the holder, by the payment of an amount in
; B* x+ z; g0 |" ]) P+ u6 W( [cash for each such share so redeemed of (i) $25.00 together with all declared% ^( U. G5 p' M7 F2 B' T% [
and unpaid dividends to the date fixed for redemption in the case of
) I0 T/ t, `. G9 Wredemptions on February 25, 2019 and on February 25 every five years
9 G9 P( h5 X5 y6 M& mthereafter, or (ii) $25.50 together with all declared and unpaid dividends to! b: g) g! s7 s. k0 V2 a
the date fixed for redemption in the case of redemptions on any other date
% G5 `' f; n* c" e* Fon or after February 25, 2014., I* v. D5 {# d# j) N0 W" m* s
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
& b8 N4 V2 h, Y/ hShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have; r2 \( z8 U; J- s, B" `
the right, at their option, to convert, on February 25, 2019 and on8 G, k1 M/ A" v2 ^
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any3 G! J: Y2 {9 i# c6 I
or all of their Preferred Shares Series 19 into an equal number of Preferred
* ?3 y! S! b' j' SShares Series 18 upon giving to the Bank written notice thereof not earlier
8 u" S# _1 Q3 {: Q) m+ S& |than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
" ?' Y" u( @7 d/ J& b3 \( L. }1 t15th day preceding, a Series 19 Conversion Date.
6 f' U9 G1 X4 G/ @; D1 L# jAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
! \. {4 ^+ R+ G; o( j9 pProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares4 c3 ?, y  Y" q8 ^9 f$ g
Series 18, as the case may be, that there would be outstanding on such  ]% p4 j' K. p' R- i' C
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,9 \- I4 _2 x1 G0 ]6 m, Y# b+ ^
such remaining number of Preferred Shares Series 19 will automatically be9 P0 {. q: E% `' M8 n
converted on such Series 19 Conversion Date into an equal number of
3 x. s! B# p1 [& L7 lPreferred Shares Series 18. Additionally, if the Bank determines that, after* k; t* O" r4 a8 A# h9 Z# Y
conversion, there would be outstanding on such Series 19 Conversion Date+ r) n' r! c* m% W- L  G; N
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares+ V$ G& C4 x1 `( T, E! M2 O
Series 19 will be converted into Preferred Shares Series 18.
9 i/ J5 p+ W: a: e0 ]% a7 yVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares; X2 D+ i5 N$ [
Series 19 will not be entitled as such to receive notice of, attend, or vote at,2 S/ }4 R8 s" U. A
any meeting of the shareholders of the Bank unless and until the first time at% q8 R- I, ^. o$ y, _/ f3 {: C
which the Board of Directors has not declared the whole dividend on the
% E  v9 V' v, V- KPreferred Shares Series 19 in any quarter. In that event, subject as
8 @9 z  \7 E4 {. `  s" r8 Xhereinafter provided, the holders of Preferred Shares Series 19 will be) L- ?; I: z4 d2 b6 @3 N, Q9 ~: @
entitled to receive notice of, and to attend, meetings of shareholders at which" `/ q* x$ j' }( I5 y
directors of the Bank are to be elected and will be entitled to one vote for/ Y: g$ }+ r0 i  |
each Preferred Share Series 19 held. The voting rights of the holders of the! p" A0 r( _' w0 D# k0 x' Q% O
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of: E: T4 m  V5 c1 ~' }$ O
the first dividend on the Preferred Shares Series 19 to which the holders are9 p  b8 V% i# L4 D- X) d
entitled thereunder subsequent to the time such voting rights first arose until
, Z  l5 k8 C- Msuch time as the Bank may again fail to declare the whole dividend on the
3 T  q; J3 w4 X* cPreferred Shares Series 19 in respect of any quarter, in which event such
  a, k/ S6 \- ]1 ~4 c7 g. r; d2 z1 svoting rights will become effective again and so on from time to time.5 T" @- M/ S) q2 q6 X
S-6
) R6 B$ `) R8 G1 C0 J5 NPriority: The preferred shares of each series of the Bank will rank on a parity with4 Q* q/ k3 G0 B& D  j
every other series and are entitled to preference over the common shares of1 B3 y7 ^( O$ j! j2 Z7 u6 P
the Bank and over any other shares of the Bank ranking junior to the4 J: T; I! [0 Q) L& s0 ?
preferred shares with respect to the payment of dividends and upon any
: i/ x) U( ^. i) T* ]! a- pdistribution of assets in the event of the liquidation, dissolution or, B4 y, l4 c: R7 y2 L  D1 Z! W
winding-up of the Bank.
  k  B: T  w+ eTax on Preferred Share The Bank will elect, in the manner and within the time provided under9 x" b" ^2 d) H. i' ]
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares! f; ^" @4 x8 o! O0 H: ?8 h! ?
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
2 k* E; B4 i$ k& `: h5 ldividends 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。
' O/ G  J" R" C' h+ n" \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

6 Q  f  r& o( _, i6 {% @: k& D, t( K6 _
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
: s+ Q6 K: a9 ^6 n, O- Z. F' K. [* d3 F! M0 g% x
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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