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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。
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* e) d2 o9 v5 b[ 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:
! e! o  p& W* n5 M6 JSUMMARY OF THE OFFERING
8 `4 O3 f+ ?3 e. 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’’.
% {( {7 X2 A4 mIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.# z: u- D2 R: \
Amount: $150,000,000 (6,000,000 shares).
5 X. j' l+ v/ {' ~  gPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
8 C. M% u& L/ q+ QPrincipal Characteristics of the Preferred Shares Series 18$ _9 J% p  M% }4 W* O" J
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
/ h% {1 R* W2 \6 g; _! K3 E( tnon-cumulative preferential cash dividends, as and when declared by the
" i0 r: x* b1 f  D# KBoard of Directors, subject to the provisions of the Bank Act, for the initial* S1 \# f: H* C  o6 ?
period commencing on the closing date and ending on and including
" q- w& `7 R( L( g' A! RFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the3 T( A0 O. k* j0 l0 f" ?5 c8 V. E
25th day of February, May, August and November in each year, at a rate
& _# i; O7 }, g% a( l. n  e/ x7 p& iequal to $0.40625 per share. The initial dividend, if declared, will be payable% C: |) B: b3 l- Y: E( G# I
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing* U$ C8 Q% @$ O( W
date of December 11, 2008.
5 n' R1 s! Z1 Z% [5 H6 ~  _4 ?For each five-year period after the Initial Fixed Rate Period (each, a: I  g! [; f- \9 r5 F
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
% w3 o; o+ E+ \; QSeries 18 will be entitled to receive fixed non-cumulative preferential cash& n" x( {5 e' C5 ]
dividends, as and when declared by the Board of Directors, subject to the
3 D; h/ i3 X  y. J6 s) r4 ^provisions of the Bank Act, payable quarterly on the 25th day of February,
6 G( m2 x# n7 w1 Z' d' D2 S# R4 JMay, August and November in each year, in the amount per share per annum1 N# Q5 S* w! k$ w+ x6 L
determined by multiplying the Annual Fixed Dividend Rate applicable to
3 p9 s: `  V2 e! j& Vsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
" s5 ?: {) [: N% Y, P  f# n. gRate for the ensuing Subsequent Fixed Rate Period will be determined by the+ V, C0 w8 |3 ]" |2 ~
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day5 }/ u: o  b8 X. G$ q* G
of such Subsequent Fixed Rate Period and will be equal to the sum of the
. |2 g. F/ S- U" X: ]% pGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
' n+ t; l$ J9 |% e. Bplus 3.83%.! Y5 L' _5 `0 e% u" M/ L
If the Board of Directors does not declare a dividend, or any part thereof, on
3 j' t6 Z) N1 V2 h( ?- Vthe Preferred Shares Series 18 on or before the dividend payment date for a
- Q: X9 W0 E$ k0 S& V+ ?particular quarter, then the entitlement of the holders of the Preferred
- p& W! \2 p9 n1 y+ B% U8 m) a( hShares Series 18 to receive such dividend, or to any part thereof, for such
& u- b# t- m* x7 A8 ~6 mquarter will be forever extinguished.6 S. R  V  i2 q- S5 N2 l& g! h% A
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
; k! m6 I" e$ x. ~8 uSuperintendent and to the provisions described below under ‘‘Details of the7 I' a# ~( k2 x% b' U
Offering — Certain Provisions of the Preferred Shares Series 18 as a( V2 H/ U, p4 ~: N
Series — Restrictions on Dividends and Retirement of Shares’’, on
2 E4 U. q) g% m5 PFebruary 25, 2014 and on February 25 every five years thereafter, on not
+ D7 U- Q  D/ r4 _more than 60 nor less than 30 days’ notice, the Bank may redeem all or any6 T# A  H/ X/ B+ C
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
, w7 @' Y0 E$ U0 o& g: Cwithout the consent of the holder, by the payment of an amount in cash for3 I9 b/ f! [: m2 U# K! ?. n
each such share so redeemed of $25.00 together with all declared and unpaid
) s; |/ K' [7 J' R& P% _dividends to the date fixed for redemption.
' s( k7 P% F1 P7 ZConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic! I/ a, W  V" {# r1 a3 ^# @
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
4 Q3 ], E% m8 H: c7 mthe right, at their option, to convert, on February 25, 2014 and on# E! w7 u) o, Z0 |# N
S-4
( I3 C2 j; M0 N- p% j: C0 R7 p+ qFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
9 x, \0 O! `8 X# b, K. ?or all of their Preferred Shares Series 18 into an equal number of Preferred+ `  w* m& b8 l4 @  A! u0 x4 A* a* v- h
Shares Series 19 upon giving to the Bank notice thereof not earlier than* _. V" R0 ?0 n# j
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
- m9 u8 n6 _8 Q7 e( s. A5 ~. Rpreceding, a Series 18 Conversion Date.
0 b' l7 W% \7 PAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
5 P% z' ~5 f# n' e) L( KProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
& H& w$ y/ ^3 f1 z" @; S+ hSeries 19, as the case may be, that there would be outstanding on such9 u+ ?4 V$ X% j) s
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,1 b! j( }1 u5 a2 c. K
such remaining number of Preferred Shares Series 18 will automatically be
$ r/ C3 b: C; X" Bconverted on such Series 18 Conversion Date into an equal number of
! @: |/ A( K& ?1 C* B% \* vPreferred Shares Series 19. Additionally, if the Bank determines that, after
; M8 O6 ~0 e* |2 ?3 u& i; W; Nconversion, there would be outstanding on such Series 18 Conversion Date6 E0 A* O- U# K* v8 k/ g
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares7 Z$ o$ s: b$ f  V/ Y, K8 f9 H
Series 18 will be converted into Preferred Shares Series 19.% |: W! r0 V7 _8 _/ p  s
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares9 \/ z' P$ W, _# L
Series 18 will not be entitled as such to receive notice of, attend, or vote at," [  _4 U" R+ Q% ^/ y1 [
any meeting of the shareholders of the Bank unless and until the first time at; e/ g0 i1 \( q
which the Board of Directors has not declared the whole dividend on the# E: [& `: n" W9 D5 N* D
Preferred Shares Series 18 in any quarter. In that event, subject as
- L" E  [. m: \- n" O" hhereinafter provided, the holders of Preferred Shares Series 18 will be. `! a) ?# i) Y, j
entitled to receive notice of, and to attend, meetings of shareholders at which; F9 I; O1 P6 `% z
directors of the Bank are to be elected and will be entitled to one vote for
* p) X! H  r, D* ieach Preferred Share Series 18 held. The voting rights of the holders of the
7 T5 G# r% c6 L) ~8 APreferred Shares Series 18 will forthwith cease upon payment by the Bank of7 |$ ]' [' y9 b. @
the first dividend on the Preferred Shares Series 18 to which the holders are; P' o) x- \& T8 K9 n4 O
entitled thereunder subsequent to the time such voting rights first arose until9 P8 ~  ~8 n, v  R
such time as the Bank may again fail to declare the whole dividend on the& U, y' u3 p. T$ i
Preferred Shares Series 18 in respect of any quarter, in which event such  w1 b  g' X6 |: R9 x
voting rights will become effective again and so on from time to time." s$ E- O. S' ~6 n8 \9 }+ U. {0 L, D
Principal Characteristics of the Preferred Shares Series 19
* e1 G4 P8 F. T# J5 E+ BDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
4 f5 l! q/ t" nfloating rate non-cumulative preferential cash dividends, as and when; ^2 s+ x; X' V/ O' V7 [
declared by the Board of Directors, subject to the provisions of the Bank Act,
% c2 c% y2 P6 n  t3 S- Ypayable quarterly on the 25th day of February, May, August and November
+ b- c( z5 ?" gin each year, in the amount per share determined by multiplying the
5 ]) b$ h' z$ @applicable Quarterly Floating Dividend Rate by $25.00.& ~) {% s! d0 e- r+ P
On the 30th day prior to the commencement of the initial quarterly dividend. f6 }$ h* B5 k) ?6 ^2 J% j
period beginning on February 25, 2014, and on the 30th day prior to the first! w7 w" N) s) ~
day of each subsequent quarterly dividend period (the initial quarterly9 F  L0 W% r: I3 A3 s- K
dividend period and each subsequent quarterly dividend period is referred to
2 @( Z& t6 x8 Vas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the; L6 U/ ?( Q  @7 u
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
1 L, t1 P& R+ u. D2 CPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the. n% F$ M8 ^" F$ G6 V
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
& Z3 \9 U0 a7 e5 N1 oelapsed in the applicable Quarterly Floating Rate Period divided by 365)0 [" @* M/ U, B
determined on the 30th day prior to the first day of the applicable Quarterly
  k+ U9 ?* F# h. e4 |/ J! V! EFloating Rate Period.
5 ?) A8 L7 r% H0 g3 l+ NS-5; d. S5 `+ h3 |! u; e
If the Board of Directors does not declare a dividend, or any part thereof, on% x. _  w( o+ a; j
the Preferred Shares Series 19 on or before the dividend payment date for a* g$ Y9 T$ {& m1 x, C. r# f' F0 v6 q
particular quarter, then the entitlement of the holders of the Preferred( g. \& K5 Z% H3 S+ _8 {3 Q& S
Shares Series 19 to receive such dividend, or to any part thereof, for such" Q% ]+ H/ p, R+ J& s
quarter will be forever extinguished." X5 q% E! X1 s  h  k# D
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
2 f$ i, u4 n" y6 pSuperintendent and to the provisions described below under the heading
! H+ a- @8 r8 k‘‘Details of the Offering — Certain Provisions of the Preferred Shares
% x2 x9 v* x1 s, f( OSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
, o/ l' n0 M& \on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
* Y8 P0 I/ X' M, J$ zor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
9 F# d& ^) N3 t- \+ Qoption without the consent of the holder, by the payment of an amount in
; q' d/ x/ F  a9 l2 N, Hcash for each such share so redeemed of (i) $25.00 together with all declared
4 y) b# e+ G* K; w& Vand unpaid dividends to the date fixed for redemption in the case of
  F% c( m( f5 u5 kredemptions on February 25, 2019 and on February 25 every five years! R* }3 i( X) h9 @- D3 J& w" {& F
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
& u  }, C* B' `5 f; Mthe date fixed for redemption in the case of redemptions on any other date$ [9 R7 x" N5 Y/ l
on or after February 25, 2014.% P. a5 w: [9 `# p
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic9 X" }. `" f. H/ E
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
- Y4 x3 E9 Q) i# h2 othe right, at their option, to convert, on February 25, 2019 and on
9 C) S; V+ @& ~& L7 z5 a4 ]; ZFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
7 C% V) y" g: b. {5 q9 Ror all of their Preferred Shares Series 19 into an equal number of Preferred
0 E3 d! R/ u9 A% x  h. XShares Series 18 upon giving to the Bank written notice thereof not earlier& G: a* V+ Y: e6 D3 n) }
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the" K% `% _( |) S, e
15th day preceding, a Series 19 Conversion Date.7 B0 w$ H) T* `. X4 a
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
) X! _6 E' K+ {, ?$ t3 b# N/ ZProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares: }+ |/ W2 ?3 F1 K9 T, ?
Series 18, as the case may be, that there would be outstanding on such
( G7 m- x0 F3 e. ]Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
# N1 ]9 b! O: ^8 lsuch remaining number of Preferred Shares Series 19 will automatically be
* B& e6 K% b5 Xconverted on such Series 19 Conversion Date into an equal number of: ~# w/ N. b) ?. o
Preferred Shares Series 18. Additionally, if the Bank determines that, after
5 L: O2 ^6 |( n) Gconversion, there would be outstanding on such Series 19 Conversion Date1 d( W+ p9 J6 w& K3 u6 h6 M3 Y
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares4 ~. S2 a/ b, P1 }+ G6 h; E! w
Series 19 will be converted into Preferred Shares Series 18.
" [: Y* H8 d4 c) o* m) ]( uVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares7 U7 o/ x4 ?# \" c: g
Series 19 will not be entitled as such to receive notice of, attend, or vote at,6 i$ Z  K. {% f0 i& K6 o5 `
any meeting of the shareholders of the Bank unless and until the first time at. R7 G8 Q: R% v' P5 Y- S( T8 L
which the Board of Directors has not declared the whole dividend on the8 ^7 ]9 o# K' t2 |2 L
Preferred Shares Series 19 in any quarter. In that event, subject as
, I- l  i% H9 @* l0 P0 J+ nhereinafter provided, the holders of Preferred Shares Series 19 will be
3 g) c9 r8 p+ T0 d$ Hentitled to receive notice of, and to attend, meetings of shareholders at which8 U( o6 Q( l% ^9 F9 ^: l
directors of the Bank are to be elected and will be entitled to one vote for
# N& P+ U  i% H. e, \) feach Preferred Share Series 19 held. The voting rights of the holders of the. B* y9 j3 B" \! G
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
' `" ~) n8 |/ l6 r* V- ithe first dividend on the Preferred Shares Series 19 to which the holders are
4 Z) Y- Y9 o5 }* bentitled thereunder subsequent to the time such voting rights first arose until
5 I& G& u7 y, S' B( Jsuch time as the Bank may again fail to declare the whole dividend on the
: `- Y: ]' W5 z8 dPreferred Shares Series 19 in respect of any quarter, in which event such& m8 ~9 K. ?. t' e
voting rights will become effective again and so on from time to time.% [1 d$ _1 S5 {- |  w
S-6
% }) u- f; K+ B% H/ f! S& \Priority: The preferred shares of each series of the Bank will rank on a parity with
0 Z4 f1 j- ~: w8 ~5 R. A3 H0 Uevery other series and are entitled to preference over the common shares of6 E1 n5 m% Z5 X  [' k
the Bank and over any other shares of the Bank ranking junior to the
1 H3 l# x. B) d* @6 Kpreferred shares with respect to the payment of dividends and upon any2 Y0 y  a& _! k# \/ b( Z' i& _
distribution of assets in the event of the liquidation, dissolution or% ~, O! E* f/ D. y4 Z, [- q
winding-up of the Bank.
) j# h" e) \5 \/ r* p+ aTax on Preferred Share The Bank will elect, in the manner and within the time provided under
/ c" m/ R9 m$ [7 }* S; I1 B3 T+ a& _Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
% \+ K+ ^' Z6 lSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
1 Q' k# S7 w, e& `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。' Z7 W! {3 l3 B. J3 `: k* ^
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

3 ]  [$ B( S2 X* _: l6 s* H# z7 U3 u' |0 v" _, b
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。5 V5 m2 y7 G+ p! B) o. ]. K, {
4 T" `1 K5 S1 n2 @- o6 d/ \
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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