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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。1 M6 a" ]7 `, C5 B8 K
$ a2 t8 m9 X$ M) t
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[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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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:
! V% k6 y3 J8 w, PSUMMARY OF THE OFFERING
9 Q2 T8 {5 V5 T4 P# J' nThis 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’’.+ X) v2 G' H7 f5 P. |# y' J
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.2 k; [( I% v; @# Q6 M: Z! y
Amount: $150,000,000 (6,000,000 shares).! t# `( b. \9 Q+ l4 @& l1 U
Price and Yield: $25.00 per share to yield initially 6.50% per annum.( J* x/ d5 ?" k5 J6 G
Principal Characteristics of the Preferred Shares Series 186 E1 a# }# K8 ~) [0 z6 T
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed' o2 I9 z+ T% s) G
non-cumulative preferential cash dividends, as and when declared by the+ L1 r: ~) c! W4 i: P( s
Board of Directors, subject to the provisions of the Bank Act, for the initial
; p: f4 g' v( C9 ]: D/ m. Gperiod commencing on the closing date and ending on and including
$ V8 J9 g+ u1 b4 H. p+ p7 gFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the3 X/ M2 w$ Y0 }2 Y
25th day of February, May, August and November in each year, at a rate# |. R* c1 n' u" s2 C
equal to $0.40625 per share. The initial dividend, if declared, will be payable
/ o# G  J/ Y  o" Y: L8 }May 25, 2009 and will be $0.73459 per share, based on the anticipated closing: E' G6 f" C% E2 C% R0 m
date of December 11, 2008.
& n+ j4 P8 y: M) uFor each five-year period after the Initial Fixed Rate Period (each, a1 t& B4 [, b2 L
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares/ a& {) B5 e7 w3 O
Series 18 will be entitled to receive fixed non-cumulative preferential cash, [) o$ L& o- h: A5 i
dividends, as and when declared by the Board of Directors, subject to the
8 P7 r" O9 s- j  P4 Xprovisions of the Bank Act, payable quarterly on the 25th day of February,
' g7 y  |7 B% J" U# L" CMay, August and November in each year, in the amount per share per annum
: h( y' [; U' l9 u# W( ndetermined by multiplying the Annual Fixed Dividend Rate applicable to
+ g- i3 u% w( h  Tsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend. D3 X3 I1 t' r  y/ j5 k" I+ g8 Y0 X) |
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the/ q* F  X( N% O( U" A8 P" |1 R
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day, E8 c/ F: `( [
of such Subsequent Fixed Rate Period and will be equal to the sum of the
( z9 ]$ ~6 l9 X2 w6 Q2 k/ JGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
4 v: |, d, X. A) K( x/ fplus 3.83%.0 @3 \: |. B, R5 h4 e8 ]  H
If the Board of Directors does not declare a dividend, or any part thereof, on# e6 E2 ]( r- R* D' s
the Preferred Shares Series 18 on or before the dividend payment date for a
; T5 F2 o" M$ }( V. ^/ Fparticular quarter, then the entitlement of the holders of the Preferred- [9 m: j# S! t! D" z
Shares Series 18 to receive such dividend, or to any part thereof, for such+ r: P- }4 u0 C/ h- C
quarter will be forever extinguished.6 `. o+ J! U  F8 w  ]
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
! ]- \% }5 O0 e; ESuperintendent and to the provisions described below under ‘‘Details of the
! O' |6 M+ r' JOffering — Certain Provisions of the Preferred Shares Series 18 as a: D; W2 F- {  J2 \1 T) W! C
Series — Restrictions on Dividends and Retirement of Shares’’, on3 x8 E3 T' w# h. j  z. ?# _0 |
February 25, 2014 and on February 25 every five years thereafter, on not& O0 N& A6 R, v+ @: Q/ f$ X6 M
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
( W, t5 g; J% o( A1 F( q! {part of the then outstanding Preferred Shares Series 18, at the Bank’s option6 t6 z# ~& F! A7 C& f
without the consent of the holder, by the payment of an amount in cash for
8 w1 |  l7 H/ \$ P1 `! h- R( K: deach such share so redeemed of $25.00 together with all declared and unpaid8 f) U1 r0 J" ?/ K# [$ F1 ?
dividends to the date fixed for redemption.4 l) v: k/ i6 a( \; s6 u
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
: ]' T" _( h% {: @& KShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
# B  ~$ k% g' pthe right, at their option, to convert, on February 25, 2014 and on
0 l* p5 ^+ X5 g; Y7 lS-4
3 O, b8 g( |2 f( [; ]' r; AFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any1 W" J5 Q, f5 k9 c0 o' ?
or all of their Preferred Shares Series 18 into an equal number of Preferred6 m( u& y8 Z( q6 [2 N
Shares Series 19 upon giving to the Bank notice thereof not earlier than
6 R6 |. c. \/ A' z1 T- d, P30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day. I0 N4 w; s- z: u5 k, @
preceding, a Series 18 Conversion Date.
3 p- a' a5 S4 |' Z; ~Automatic Conversion If the Bank determines, after having taken into account all shares tendered
# X, \' @1 Z+ P; OProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares) i! a, g2 Q3 j9 E9 e
Series 19, as the case may be, that there would be outstanding on such
" D2 |9 p' D/ I5 J& f) e, m# FSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
6 D' n8 k& r( u- d6 l3 lsuch remaining number of Preferred Shares Series 18 will automatically be! P# L6 J5 u: h; I1 b- }" D7 [9 ?5 D
converted on such Series 18 Conversion Date into an equal number of
( p( i" z5 {* U0 Y1 ?, k( pPreferred Shares Series 19. Additionally, if the Bank determines that, after2 w  i1 @; Y8 t3 L# C6 G
conversion, there would be outstanding on such Series 18 Conversion Date- `, h6 C' z7 U4 @' D
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
1 v( z- ^* z: Q/ }9 [- r2 gSeries 18 will be converted into Preferred Shares Series 19.
9 I) i, ~9 `" O, xVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares. ]. \& h0 t) _4 J1 C* P/ W
Series 18 will not be entitled as such to receive notice of, attend, or vote at,/ I! ^! C+ F: g: ]$ J
any meeting of the shareholders of the Bank unless and until the first time at
! U/ L- p: {0 y5 _which the Board of Directors has not declared the whole dividend on the0 ?. \- a0 X% Q( H% m4 u6 X
Preferred Shares Series 18 in any quarter. In that event, subject as
, C/ m3 y0 y9 c5 w  x" Uhereinafter provided, the holders of Preferred Shares Series 18 will be
( i0 F+ P7 S2 J: Q) h+ ientitled to receive notice of, and to attend, meetings of shareholders at which% f6 M! ^; H7 [  r& I' O. _
directors of the Bank are to be elected and will be entitled to one vote for
% n$ R3 y1 G. g8 S3 ?$ oeach Preferred Share Series 18 held. The voting rights of the holders of the
, |+ h# x7 m  x9 z4 D* l4 q+ a2 aPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
  `9 \! N% _" y6 Q# r+ s' Kthe first dividend on the Preferred Shares Series 18 to which the holders are' N' d8 d& K; l' I
entitled thereunder subsequent to the time such voting rights first arose until4 S' D! F3 j: \6 n$ g
such time as the Bank may again fail to declare the whole dividend on the0 g- M! ]( F( {( }9 n# B% M  u) N
Preferred Shares Series 18 in respect of any quarter, in which event such7 S2 M) D0 R. L% G5 ~& o
voting rights will become effective again and so on from time to time.
% c/ H! j9 n" F% q; a$ nPrincipal Characteristics of the Preferred Shares Series 19
  J: n* R. o6 O" uDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
; }& q8 k+ l  C- v8 K3 u) @floating rate non-cumulative preferential cash dividends, as and when
; `1 d+ Z8 O2 Cdeclared by the Board of Directors, subject to the provisions of the Bank Act,# m- h$ }5 K* M) U. E1 h3 B
payable quarterly on the 25th day of February, May, August and November
# _: O. S- ^' J3 w( u: _* L3 vin each year, in the amount per share determined by multiplying the
- d& e0 A  p7 I" s& X1 A1 w; a0 ?applicable Quarterly Floating Dividend Rate by $25.00.8 X" Y! ?  k; n4 L! g1 ]
On the 30th day prior to the commencement of the initial quarterly dividend/ @, @) M% h* G* ]
period beginning on February 25, 2014, and on the 30th day prior to the first
" y" K: }/ f8 Mday of each subsequent quarterly dividend period (the initial quarterly
# G3 E: q9 \9 F9 L" R, Gdividend period and each subsequent quarterly dividend period is referred to: O0 Y, |& l5 e: x
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
* u  r0 b2 C7 m& W- lQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate% t0 P5 O7 Q; n! ?
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
6 K& L1 @5 a. D: |# Y  RT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days% R6 @: x9 @0 ?' _3 W/ s' m
elapsed in the applicable Quarterly Floating Rate Period divided by 365)+ |  o( s6 n* g# a& C
determined on the 30th day prior to the first day of the applicable Quarterly
. P* ~" r: J) `: m" aFloating Rate Period.
9 m7 w% n" K- u* U/ R1 {& ]. }S-5$ |2 ^+ Q& h4 }3 n/ ]! ?. w& i
If the Board of Directors does not declare a dividend, or any part thereof, on  y! @  W+ T  s4 N* Q
the Preferred Shares Series 19 on or before the dividend payment date for a2 \' O0 A0 r8 h, \; z2 [3 J
particular quarter, then the entitlement of the holders of the Preferred8 g0 K6 W: u7 J7 G) [8 d) E" h
Shares Series 19 to receive such dividend, or to any part thereof, for such2 M/ x% X" T; A4 W2 M2 o$ d5 I
quarter will be forever extinguished.
  u3 Q1 h9 i3 T; W9 q3 _% x2 Q' rRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
0 x; s- G8 t' d' tSuperintendent and to the provisions described below under the heading
. ?! o; S; i7 h) a: c‘‘Details of the Offering — Certain Provisions of the Preferred Shares/ H  |  \) {2 f# N9 p
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,  ^5 Y4 Z, `. N, g
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
1 P$ G  m& T! j. oor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
( H3 ~+ w! ^2 n/ q# Roption without the consent of the holder, by the payment of an amount in, ^' d' ]  J( g% q, o( e  @
cash for each such share so redeemed of (i) $25.00 together with all declared7 J! P' V8 l7 Q  O+ k7 s; G$ |
and unpaid dividends to the date fixed for redemption in the case of
+ w2 n( X6 o1 U  k+ E+ Uredemptions on February 25, 2019 and on February 25 every five years' [  M; l% {4 Y3 j1 C& W! H
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
7 m5 k! U( b- c: i! ]the date fixed for redemption in the case of redemptions on any other date
3 V) |6 V) l  `0 b( X+ }" q" z, zon or after February 25, 2014.& G7 @  r& n8 `1 Z5 p
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic$ x5 o9 a' F2 A, Q, {0 }2 l- K- h
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
, D/ W/ j$ [- othe right, at their option, to convert, on February 25, 2019 and on5 ]9 d1 B: R. I" E# p$ p+ \9 U
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any3 a# g+ M5 s& W4 q2 [7 d2 ~* k
or all of their Preferred Shares Series 19 into an equal number of Preferred5 @. C: m, |5 P" U+ u% O
Shares Series 18 upon giving to the Bank written notice thereof not earlier8 h% [* u- s8 e) z5 H6 K
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the) K! Q7 j. M7 q8 P
15th day preceding, a Series 19 Conversion Date.' V. [4 P! E, X
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
# P) l* {6 `. E' h- ]# eProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares7 D) ]5 X3 S8 h, `  P8 y4 x
Series 18, as the case may be, that there would be outstanding on such4 C. {" x) k- ^! x$ ~
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,6 A5 p! X' P5 L8 y# {% G
such remaining number of Preferred Shares Series 19 will automatically be
0 M: X5 a3 v9 h: R- C$ econverted on such Series 19 Conversion Date into an equal number of
1 T5 g6 a. I4 ~Preferred Shares Series 18. Additionally, if the Bank determines that, after
- w2 t  x: j1 K1 }' Pconversion, there would be outstanding on such Series 19 Conversion Date
2 S; q( L) U: R, \1 nless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
& ?9 I8 P! l  ^' x! l1 Z. NSeries 19 will be converted into Preferred Shares Series 18.
4 i5 C$ a/ C5 @' hVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares* F& {9 Q8 b4 D, ~9 j, T
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
1 Z5 q% R: D0 W0 c3 g  \! ?& eany meeting of the shareholders of the Bank unless and until the first time at) ]8 A3 C. Z! x0 |1 U
which the Board of Directors has not declared the whole dividend on the
1 C" D. c6 H& ~4 y- M5 fPreferred Shares Series 19 in any quarter. In that event, subject as( p9 N# ?- B3 i8 L' O8 p, M
hereinafter provided, the holders of Preferred Shares Series 19 will be
" x- [* [& z- c: u5 f) [entitled to receive notice of, and to attend, meetings of shareholders at which
+ a, F* g* k0 f2 {$ {' ~4 ]directors of the Bank are to be elected and will be entitled to one vote for
/ l2 _: J5 Y7 q% eeach Preferred Share Series 19 held. The voting rights of the holders of the
5 i9 N3 @2 x% RPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
, }) I3 v0 I5 V% A  fthe first dividend on the Preferred Shares Series 19 to which the holders are& K7 }! P( M  n7 }9 _
entitled thereunder subsequent to the time such voting rights first arose until. Q: ]0 h' D- T& t3 _
such time as the Bank may again fail to declare the whole dividend on the
* e3 F& c% U1 ~8 J; B6 sPreferred Shares Series 19 in respect of any quarter, in which event such
! v4 p" u0 W8 H' K% F  q9 l$ _voting rights will become effective again and so on from time to time.
/ f1 h1 Q) }  w5 r. c% sS-6
- Q( t4 g7 Z; w3 A% Y% I  z( vPriority: The preferred shares of each series of the Bank will rank on a parity with
: M0 B6 [* B7 [every other series and are entitled to preference over the common shares of2 B& r, z! c  s5 R% b
the Bank and over any other shares of the Bank ranking junior to the3 E& h" l8 B% ], K
preferred shares with respect to the payment of dividends and upon any% g: Q8 @0 m+ i' n5 q7 @
distribution of assets in the event of the liquidation, dissolution or. y  K9 S; D# {) g! Z3 j! K" X
winding-up of the Bank.! u' n" s' A7 W' a: Z
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under% M- F% }  F4 _2 D1 z! z
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
% M: W( x9 r1 M0 f1 H: x! YSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
1 F8 W5 C8 c3 W, F7 Y# L/ u. b. k1 T5 wdividends 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* c* @8 b" S2 p+ Y
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
4 r. Q2 G7 `5 _* \: n/ _! G

/ u, {  [& R; v: ?& q下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。) S9 H" y2 `( ?9 U# ~! S7 R
- e1 n$ R4 K4 }2 b# e, 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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