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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。
% d) c9 \: ?+ C4 C5 O

( _+ `. E  K9 b" c% L8 _$ J. E) O( e4 a
[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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:
" f$ @* R, b1 k' l5 @) gSUMMARY OF THE OFFERING
# `! A& R6 {" O7 H0 ?. S% fThis 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’’.
6 k/ P0 P& h9 S& [3 M; v$ ^0 ]Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.; K- ^% p8 g& K: ?& C$ S7 i: m" S
Amount: $150,000,000 (6,000,000 shares).
9 G  G  Y: Y) P6 yPrice and Yield: $25.00 per share to yield initially 6.50% per annum.  y( r0 G! A# k  z/ }' X
Principal Characteristics of the Preferred Shares Series 18# S  n) q8 O9 F# a4 I, ]
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
; h# l: X  S" Pnon-cumulative preferential cash dividends, as and when declared by the% C6 B6 W! Z. D2 u4 n9 u! @
Board of Directors, subject to the provisions of the Bank Act, for the initial
5 r7 V  J+ f  F. |+ j8 hperiod commencing on the closing date and ending on and including6 ]/ L, @4 f* K
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
/ e6 `6 f, y  v8 @25th day of February, May, August and November in each year, at a rate9 ^, [* X. |" F4 `- T
equal to $0.40625 per share. The initial dividend, if declared, will be payable# d/ u1 g8 L' M4 a: \/ n
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
# I' T! M3 Q' k* V7 k6 ^date of December 11, 2008.
' h8 f9 X3 {6 h7 xFor each five-year period after the Initial Fixed Rate Period (each, a/ v6 e: q& F( ]( u- b; Z
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
  v1 O+ l- n, `+ H$ D1 K& DSeries 18 will be entitled to receive fixed non-cumulative preferential cash
* q. p9 m1 ^' u  Sdividends, as and when declared by the Board of Directors, subject to the
8 ~, B" C: Z# ]2 `5 ~  a1 \provisions of the Bank Act, payable quarterly on the 25th day of February,
& C" N& q7 P- ^1 @May, August and November in each year, in the amount per share per annum: x2 V; n+ s- T) k8 A8 A
determined by multiplying the Annual Fixed Dividend Rate applicable to3 L: \' N6 j/ i  ?
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend! u+ w9 S$ q% @
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
0 y* f( i, E  u! s1 DBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
- x3 b; M( E; d. zof such Subsequent Fixed Rate Period and will be equal to the sum of the
4 Y) {$ n8 u# R6 b, j3 D3 {Government of Canada Yield on the applicable Fixed Rate Calculation Date
3 N  e# \6 ~/ jplus 3.83%.
- z$ F6 Q$ O( h5 e  eIf the Board of Directors does not declare a dividend, or any part thereof, on& L' s; J; H: [5 y* ~9 F
the Preferred Shares Series 18 on or before the dividend payment date for a- t! x* [+ x7 c- u
particular quarter, then the entitlement of the holders of the Preferred
6 z  x- c4 J9 ?- ]6 x9 ~& w9 m, z/ pShares Series 18 to receive such dividend, or to any part thereof, for such
, y, z1 g0 i* P9 aquarter will be forever extinguished.$ _( u/ ^# X+ \+ a2 {! E% _. O5 d4 l3 Q
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the+ O3 O+ E* j5 b' e6 e/ d! B
Superintendent and to the provisions described below under ‘‘Details of the
, r, p  N! A7 o" s4 GOffering — Certain Provisions of the Preferred Shares Series 18 as a
. Z% Q) P- ^+ x  @6 }Series — Restrictions on Dividends and Retirement of Shares’’, on
# F7 F  }' B' p. `  B/ {/ S' NFebruary 25, 2014 and on February 25 every five years thereafter, on not2 f, b; b( R7 g' r( I' f
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any; t3 Z) Q7 Z0 G- r4 ~
part of the then outstanding Preferred Shares Series 18, at the Bank’s option. C  Z9 H+ d6 z6 T" B( t
without the consent of the holder, by the payment of an amount in cash for& }/ p  i: |& f
each such share so redeemed of $25.00 together with all declared and unpaid4 ~3 H- P# h# {
dividends to the date fixed for redemption." a9 `# x6 l+ G
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic$ \. a* `; T. c  G! r
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have% X6 ~; \) B9 E$ n
the right, at their option, to convert, on February 25, 2014 and on
8 c  M  ?+ }2 U% a/ ]9 iS-4) T6 V5 b! u  h7 N; Q; S$ J
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any) p6 ~( y, `$ [& r  `7 C
or all of their Preferred Shares Series 18 into an equal number of Preferred
7 b* w0 G9 l/ r+ RShares Series 19 upon giving to the Bank notice thereof not earlier than7 ~7 e. _* G( i" L! o& z* n$ F
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
: Y+ F! {+ z5 jpreceding, a Series 18 Conversion Date.9 X3 ]( }; {/ f- M8 K  ~
Automatic Conversion If the Bank determines, after having taken into account all shares tendered! o! b! f0 P. n3 y0 e
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
) O4 k# Y0 A7 \9 S; SSeries 19, as the case may be, that there would be outstanding on such
! V7 h8 b9 b; o" R* VSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,$ [- ~0 n" n. l" Q, l  N- Y- R9 O
such remaining number of Preferred Shares Series 18 will automatically be
. G$ W+ A7 |. J! V9 v6 `converted on such Series 18 Conversion Date into an equal number of7 N9 g- G4 o6 h8 J0 V% a$ X# t2 e3 m4 p
Preferred Shares Series 19. Additionally, if the Bank determines that, after) a* ?! R+ e# `; p1 C
conversion, there would be outstanding on such Series 18 Conversion Date# H2 [& n, h4 A: D& g
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares' Z+ i" Q* l2 I. ~! ?  ]
Series 18 will be converted into Preferred Shares Series 19.
, Y1 K9 v2 ~% h- w; B1 cVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares( Y) b$ ]  t. W8 @/ j
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
( l2 f( X% E( F% [any meeting of the shareholders of the Bank unless and until the first time at
/ j+ M. s7 R+ H' I2 @" u4 Xwhich the Board of Directors has not declared the whole dividend on the1 A+ V0 U  W' A( ?: \7 d
Preferred Shares Series 18 in any quarter. In that event, subject as
$ L( L) S7 W% D. I/ T# W; Phereinafter provided, the holders of Preferred Shares Series 18 will be+ ?6 J  [; A: a: N
entitled to receive notice of, and to attend, meetings of shareholders at which
' J& J" u, D2 ?4 c, [directors of the Bank are to be elected and will be entitled to one vote for8 j9 r+ ~9 v/ H+ d* I& {
each Preferred Share Series 18 held. The voting rights of the holders of the
" h3 x) L1 p& [& uPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
3 `2 V0 U* M% D; z8 ^the first dividend on the Preferred Shares Series 18 to which the holders are+ |% J2 l5 U& J% j3 v
entitled thereunder subsequent to the time such voting rights first arose until/ o( ~  i% I$ _2 R3 C; N$ U$ Q
such time as the Bank may again fail to declare the whole dividend on the7 j' P6 z! A+ k8 ^4 @
Preferred Shares Series 18 in respect of any quarter, in which event such
4 L8 H5 S& c, L4 g; Uvoting rights will become effective again and so on from time to time.; N7 z* A+ A- Y! n$ k- U2 W! e$ R
Principal Characteristics of the Preferred Shares Series 199 L) C, d: W* z. V  H( B  |  T
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
( ]: a  h, P& U: p% e& jfloating rate non-cumulative preferential cash dividends, as and when# r: l, l# p5 |6 ?3 n) K
declared by the Board of Directors, subject to the provisions of the Bank Act," F8 ~0 j7 a# |- m8 K# f) m( @  m
payable quarterly on the 25th day of February, May, August and November6 c7 y7 n0 l8 P
in each year, in the amount per share determined by multiplying the3 b0 ^$ N% P% q/ J7 s, j4 P
applicable Quarterly Floating Dividend Rate by $25.00.; D: p, z* I- n, c/ u
On the 30th day prior to the commencement of the initial quarterly dividend) D2 o1 o5 T+ q- t: M' J- T' N, i
period beginning on February 25, 2014, and on the 30th day prior to the first8 X8 [. o6 U0 T; Q' \
day of each subsequent quarterly dividend period (the initial quarterly
  L, G; j# d9 l0 `dividend period and each subsequent quarterly dividend period is referred to6 ]7 a9 B) k+ N3 v
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
& o4 t- g& t5 n; X  OQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate' j( H7 l% v8 U  t3 B$ `
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
# b7 r  S# y! c. U- ?4 AT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
( _, O/ X" T5 h. ]! w1 `  lelapsed in the applicable Quarterly Floating Rate Period divided by 365)
8 t/ B0 {4 V% D( H" d! ?) vdetermined on the 30th day prior to the first day of the applicable Quarterly; r8 ~; P  a  [8 n1 q/ Z% x4 k
Floating Rate Period.
4 J" R! L0 S, p4 CS-5; |. c; {3 Q1 e8 k
If the Board of Directors does not declare a dividend, or any part thereof, on
% r0 O+ ~- P6 ]! ~the Preferred Shares Series 19 on or before the dividend payment date for a
3 _  A# W; a. Yparticular quarter, then the entitlement of the holders of the Preferred
. C+ y7 \) c4 EShares Series 19 to receive such dividend, or to any part thereof, for such
# z! Q6 |& u6 P2 Tquarter will be forever extinguished.  p! v' F/ m5 V8 c0 e
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
: |2 i! q+ W7 e7 c4 e) J4 ^+ k2 pSuperintendent and to the provisions described below under the heading  v9 _/ w) G: `7 N- Z" j1 t
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
* \( \1 O  E: C- L/ N: R4 h! WSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
: u' q/ f4 |" S1 q/ j# L0 H5 jon not more than 60 nor less than 30 days’ notice, the Bank may redeem all3 h+ I$ K& G" C+ K" R( F. H
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
$ e! C: l* z) a. }" \5 V! Aoption without the consent of the holder, by the payment of an amount in) o( v9 C2 U  f( V
cash for each such share so redeemed of (i) $25.00 together with all declared
2 m/ k* K6 [, tand unpaid dividends to the date fixed for redemption in the case of
. F0 V  s- S0 a. N: L+ B; _1 `redemptions on February 25, 2019 and on February 25 every five years4 X, c$ |& ]/ k7 O3 w4 ~# M- k
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
; q. t& w1 b% I7 E- K1 Z  Ythe date fixed for redemption in the case of redemptions on any other date
1 y1 Z% N: m3 Z0 ~* m0 P' Ion or after February 25, 2014.
; N' ~0 k! h; ?$ UConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic1 I) j0 S" _$ J) d; J; U6 Q+ H
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
7 H1 I) ]) |- g  M. Vthe right, at their option, to convert, on February 25, 2019 and on( M% O2 j4 o  r2 K$ I
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any- S9 E0 a7 r# E
or all of their Preferred Shares Series 19 into an equal number of Preferred( W6 G8 y' S8 [" G( n4 {6 _
Shares Series 18 upon giving to the Bank written notice thereof not earlier  P" x. y- c7 ~# ?' P
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the( N# v% J* y# r' h$ `4 p
15th day preceding, a Series 19 Conversion Date.
8 a1 y3 S8 F$ u1 x- y% W( KAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
  P% a' A, x' N# Z" d% D9 z4 C. vProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares' e) g4 \, E2 U" B6 M+ P) E: i4 ?
Series 18, as the case may be, that there would be outstanding on such
3 g( w7 n0 b3 ?! S! j% uSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,7 n5 Y: T  n6 U" o1 \9 r& T! ^
such remaining number of Preferred Shares Series 19 will automatically be0 p1 A! m6 R4 u. n
converted on such Series 19 Conversion Date into an equal number of
$ u6 d. S+ H1 `4 a3 \3 S5 uPreferred Shares Series 18. Additionally, if the Bank determines that, after3 L& L; t! Q! |5 b5 {
conversion, there would be outstanding on such Series 19 Conversion Date
/ ~" Q/ ]- |$ ^less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
* o* A- y" m7 q( ]. Z' M2 VSeries 19 will be converted into Preferred Shares Series 18." h! a# G$ ^# C& K" v+ j
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares" n0 `7 ?5 G' J' c9 I; v8 l$ g
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
$ i8 H; E8 e; i6 G; F8 O# many meeting of the shareholders of the Bank unless and until the first time at
0 e! c8 L1 R! j& q4 ~' _2 y, jwhich the Board of Directors has not declared the whole dividend on the
5 D1 M7 ]) |; l2 G/ X! ~6 y" LPreferred Shares Series 19 in any quarter. In that event, subject as, ]+ T5 G% [* P* A2 q6 ]
hereinafter provided, the holders of Preferred Shares Series 19 will be
3 {+ {5 ~9 ?% R" Nentitled to receive notice of, and to attend, meetings of shareholders at which2 J" B8 y( O5 z! q" m  R9 E# g" D
directors of the Bank are to be elected and will be entitled to one vote for) H3 w9 n* \, |: B/ s' F/ T* d' H
each Preferred Share Series 19 held. The voting rights of the holders of the5 Y+ H  D* q" i: _7 v# L- ]* _8 w. Y
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
7 c- e8 [" x! V7 K7 Q1 Uthe first dividend on the Preferred Shares Series 19 to which the holders are4 A/ L3 J6 \' I& B
entitled thereunder subsequent to the time such voting rights first arose until
8 j  S3 M& r+ |9 q( q1 rsuch time as the Bank may again fail to declare the whole dividend on the+ |; `6 s( k1 o1 J; M. S* @8 P
Preferred Shares Series 19 in respect of any quarter, in which event such
; K  K+ j! U4 ], V7 Svoting rights will become effective again and so on from time to time.
, u7 B  {, u/ {5 O& XS-6
/ i* g( N/ |# K  [0 _7 A  s: yPriority: The preferred shares of each series of the Bank will rank on a parity with+ J1 _- ~( E/ C7 c  q% r' E
every other series and are entitled to preference over the common shares of
8 j3 H0 `, v, `- h$ d6 ithe Bank and over any other shares of the Bank ranking junior to the
% d8 [5 v0 E0 Epreferred shares with respect to the payment of dividends and upon any
- s1 Q# ]- l* _1 Y: m) ]distribution of assets in the event of the liquidation, dissolution or1 Y( J* _$ n; M0 t
winding-up of the Bank.
' }, H2 y, \+ {8 B9 t2 h- BTax on Preferred Share The Bank will elect, in the manner and within the time provided under. r) @+ P, \& ]: Q
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
" M- |( ]( C  L9 l" R$ q/ m& ]Series 18 and Preferred Shares Series 19 will not be required to pay tax on
, s& a  K- o: V; \" 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。
- @- O" Q- |! ^- i4 O' v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
& [7 e7 V, K; e( d

4 n, D/ \: M, E2 {3 F/ }! O下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
2 |9 j- X# }* E' `; Z) z: V( N/ w9 b# Z/ y0 j
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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