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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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5 p4 `. W0 a& S' F+ i! k  w5 v; e$ \$ C& ~' [, ?
[ 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:
  e3 a! m" h3 i+ QSUMMARY OF THE OFFERING  v& E0 G, c2 `1 Z/ p5 v- D
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’’.
/ _9 m0 N' k) L; JIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
/ S* b, z- e9 k4 E  F. H) lAmount: $150,000,000 (6,000,000 shares).& @" S$ t% ^8 x7 }$ b
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
% O7 i( L2 |& B$ O) U3 O9 APrincipal Characteristics of the Preferred Shares Series 18
+ R0 E) v2 V6 x5 F% M  [; [; wDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed3 D& x2 D1 P- R6 F) |) L
non-cumulative preferential cash dividends, as and when declared by the( I) n8 e, r5 y  a
Board of Directors, subject to the provisions of the Bank Act, for the initial
1 m3 P6 u% r/ ~7 ~' d# Xperiod commencing on the closing date and ending on and including
% v! F4 O# ?7 X6 o. QFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
6 c/ E' E3 u" m) U# b$ N# h3 \25th day of February, May, August and November in each year, at a rate7 F' m* v5 p' G: y
equal to $0.40625 per share. The initial dividend, if declared, will be payable+ h2 O4 x5 h8 [2 {9 L; o1 A4 @
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
& w/ t1 D$ V: l9 r3 x; Udate of December 11, 2008.& z' q2 P3 z- ?8 u
For each five-year period after the Initial Fixed Rate Period (each, a* `' j% H( a" [  P9 Y5 w
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares2 e$ Q: G6 x7 C3 Y* }+ B
Series 18 will be entitled to receive fixed non-cumulative preferential cash1 I% A# n8 x, V2 l! E7 M9 a) b
dividends, as and when declared by the Board of Directors, subject to the
3 C0 p5 u. h9 m0 Rprovisions of the Bank Act, payable quarterly on the 25th day of February,
4 ~" L5 ^$ E2 w, D; ]May, August and November in each year, in the amount per share per annum9 ~* b  r& a4 I# R+ X) O: w
determined by multiplying the Annual Fixed Dividend Rate applicable to' M2 J; |! e! y/ o' C4 U& B- t$ c
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend0 ]1 B4 E- u. s6 ^) W: ^" Y# k; M
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
0 G* D% g% ^, \/ WBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day6 t# L; O! t- G) ^% d6 c
of such Subsequent Fixed Rate Period and will be equal to the sum of the( H6 C; T1 A. l# u! E4 }+ |) A8 J
Government of Canada Yield on the applicable Fixed Rate Calculation Date- w0 f, {- u$ t% M% E4 @' y
plus 3.83%.# u" G" `1 r6 r9 c+ f( l
If the Board of Directors does not declare a dividend, or any part thereof, on
$ k8 E+ ^8 G! h% Q4 u5 ?the Preferred Shares Series 18 on or before the dividend payment date for a3 A# h2 F1 B& l+ U8 t
particular quarter, then the entitlement of the holders of the Preferred( J4 B# i5 G  n# e
Shares Series 18 to receive such dividend, or to any part thereof, for such
" {/ w; |* q# A) t, k, cquarter will be forever extinguished.- q8 q2 h* K3 @$ P0 g3 A4 F& d
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the  h+ L: x0 C) j8 T  J# f! y
Superintendent and to the provisions described below under ‘‘Details of the5 {' _6 X2 @+ t+ W
Offering — Certain Provisions of the Preferred Shares Series 18 as a" U) p! g0 E1 Y* h
Series — Restrictions on Dividends and Retirement of Shares’’, on3 P9 g  I$ v  R8 C3 M( Z) _* w6 s
February 25, 2014 and on February 25 every five years thereafter, on not7 U+ C  \) h# E0 h; g3 t
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
6 ^1 U9 U# ~# b7 V' Qpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
# R& o( b8 y, Z, [4 B2 H" g/ g: Nwithout the consent of the holder, by the payment of an amount in cash for
, B" Z/ I4 Q2 B7 jeach such share so redeemed of $25.00 together with all declared and unpaid
! @2 E) g2 R* o! @' o+ wdividends to the date fixed for redemption.* H- F+ e/ J% S
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
6 e/ [/ W% |$ [Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have. W0 U# o5 v, R$ D9 k6 K. K7 ?. T  F
the right, at their option, to convert, on February 25, 2014 and on
. Y/ H7 J4 f% c* @6 R  TS-4- Y( F! m( A2 U4 s
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any* J5 E0 ^5 C. F" F* Q7 ^- [
or all of their Preferred Shares Series 18 into an equal number of Preferred: e! F" d2 G" N! ~% J
Shares Series 19 upon giving to the Bank notice thereof not earlier than9 {: T: J% N( H
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day4 `5 Z$ q& V/ l$ D, I$ |" k! e
preceding, a Series 18 Conversion Date.
7 U$ p0 D. H7 g7 h  CAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
* S4 i8 ?: t3 _( s: u1 ZProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
: K6 V! s( D5 lSeries 19, as the case may be, that there would be outstanding on such" I" _: s" a$ p! w, X0 k$ ^
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,2 ^0 w& P5 Q' z) W4 x* U% m$ ^
such remaining number of Preferred Shares Series 18 will automatically be
9 I; k+ a% m, F6 [. |% u: o1 Rconverted on such Series 18 Conversion Date into an equal number of) n0 `) m; l5 u9 v. l4 V% }( U
Preferred Shares Series 19. Additionally, if the Bank determines that, after. L) M* J  x4 }& u6 B* F
conversion, there would be outstanding on such Series 18 Conversion Date
- J) G% _% x8 v% k" `less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares: d) r: L, N7 p: X- R
Series 18 will be converted into Preferred Shares Series 19.( F: O9 K* T# `" T4 [8 o' m
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares" R* j5 [6 ?2 ]  g3 F
Series 18 will not be entitled as such to receive notice of, attend, or vote at,/ _4 h! ?- U3 \; f* z
any meeting of the shareholders of the Bank unless and until the first time at
2 G% ]( o8 g0 L+ Iwhich the Board of Directors has not declared the whole dividend on the) s4 T; p  }/ d
Preferred Shares Series 18 in any quarter. In that event, subject as, L+ ]8 `4 U6 k1 _. j3 y
hereinafter provided, the holders of Preferred Shares Series 18 will be
/ D$ }8 {+ c% O% U* Fentitled to receive notice of, and to attend, meetings of shareholders at which
+ p. \) M: ]: n- U; U% gdirectors of the Bank are to be elected and will be entitled to one vote for' \8 K" ]9 {/ T
each Preferred Share Series 18 held. The voting rights of the holders of the! w$ V3 I3 @! k$ n& e' @: k
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of1 u9 x! W  E8 l! p7 X; ?; Z
the first dividend on the Preferred Shares Series 18 to which the holders are, M$ _+ i0 Y- s3 a. J! Q
entitled thereunder subsequent to the time such voting rights first arose until
" _9 j' V3 f- C* l+ Vsuch time as the Bank may again fail to declare the whole dividend on the
5 q! P- y: b! M% UPreferred Shares Series 18 in respect of any quarter, in which event such" y/ n  A- l. x2 h) E: w. L7 }
voting rights will become effective again and so on from time to time.
1 m+ D3 N/ k* E* z1 R& P. C$ u+ jPrincipal Characteristics of the Preferred Shares Series 19
6 e+ q( L* ^  d0 EDividends: The holders of the Preferred Shares Series 19 will be entitled to receive1 M8 N* U1 K9 H5 t5 z
floating rate non-cumulative preferential cash dividends, as and when: F9 w9 p( ~* q* Z0 u
declared by the Board of Directors, subject to the provisions of the Bank Act,6 ?1 M) J( H+ a( N4 _0 ^( \# I
payable quarterly on the 25th day of February, May, August and November
* O3 K+ f: N: W5 a4 m& |3 k4 min each year, in the amount per share determined by multiplying the
- k4 h# [. J2 u; g5 j; O2 y4 papplicable Quarterly Floating Dividend Rate by $25.00.
- v$ Q7 P/ l& f: @On the 30th day prior to the commencement of the initial quarterly dividend! ~; \2 R$ Q5 K5 h1 o
period beginning on February 25, 2014, and on the 30th day prior to the first
+ n$ \, H# Z2 {# Bday of each subsequent quarterly dividend period (the initial quarterly
$ P; M2 f) S$ K" N& R" ^5 D( {dividend period and each subsequent quarterly dividend period is referred to0 z! @0 A" {" H! ~
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the, A7 s% u5 G5 s2 K( ]
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
* s1 l! t6 C! ~- mPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
) ?* N2 }% ]7 T2 G4 c, rT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
! E, N1 e4 W9 D7 K; nelapsed in the applicable Quarterly Floating Rate Period divided by 365), ~) J. Q0 z4 w2 ]
determined on the 30th day prior to the first day of the applicable Quarterly9 G2 c9 |: D* W; |( u- i
Floating Rate Period.
& Y. z+ r% i  x% ~+ g* \1 ?. KS-5
' c: D& \7 [  Y2 O: H9 H$ AIf the Board of Directors does not declare a dividend, or any part thereof, on
' v% Q# I1 Q- o7 ~/ uthe Preferred Shares Series 19 on or before the dividend payment date for a
& Q7 Y  S" {- jparticular quarter, then the entitlement of the holders of the Preferred0 U1 S, ^1 b) Q$ w
Shares Series 19 to receive such dividend, or to any part thereof, for such, J4 ~2 O2 L: ^$ [. J
quarter will be forever extinguished.  c; o* C# p- B# w
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the: h- C& A% F, z8 Q5 k5 I5 B
Superintendent and to the provisions described below under the heading
. [/ L5 H/ g$ z‘‘Details of the Offering — Certain Provisions of the Preferred Shares
! p9 C' o3 t6 h- X' e! GSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
0 J9 [  J4 E6 _on not more than 60 nor less than 30 days’ notice, the Bank may redeem all$ F* l2 N( W1 ]4 M$ b: i& P
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
  I8 I1 o" {$ [# D% Ooption without the consent of the holder, by the payment of an amount in
6 N3 h/ }3 M$ \8 h: v: r/ {cash for each such share so redeemed of (i) $25.00 together with all declared# [* E( i1 P9 J
and unpaid dividends to the date fixed for redemption in the case of0 K; H+ a# R; U( M! K" }
redemptions on February 25, 2019 and on February 25 every five years
' \$ p; v7 w( F  H# [4 jthereafter, or (ii) $25.50 together with all declared and unpaid dividends to+ r: z2 r5 r) y- x2 N
the date fixed for redemption in the case of redemptions on any other date
- G2 Q  r% \# R0 z: \( g* ^on or after February 25, 2014.
  @( i: w$ I1 ]: b' A( c# yConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic! A$ J; d' l; h/ p
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
9 e* m4 S* J6 w1 \* dthe right, at their option, to convert, on February 25, 2019 and on
2 `) f  V! [$ E1 T* l2 K9 XFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any6 E( I% T5 J& ~  l  L, E# ~5 F
or all of their Preferred Shares Series 19 into an equal number of Preferred' k$ J! Q% l- L* K$ p' ]
Shares Series 18 upon giving to the Bank written notice thereof not earlier% x7 j0 h& `5 T( R
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the8 @* Z' E. ^# u; k
15th day preceding, a Series 19 Conversion Date.7 I. E" R- g* K- {0 D$ y6 L3 B: b
Automatic Conversion If the Bank determines, after having taken into account all shares tendered8 T7 C2 I) C9 q
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares( p( ~- t+ Y) U1 @- k& _  M
Series 18, as the case may be, that there would be outstanding on such
5 W& }' m8 d! k, i+ kSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,$ r# f4 q# w& K# h9 [
such remaining number of Preferred Shares Series 19 will automatically be
# C& x% l! z: c' M; ]converted on such Series 19 Conversion Date into an equal number of# _( B3 E' g- `6 S& b) g
Preferred Shares Series 18. Additionally, if the Bank determines that, after* B5 a2 K  [9 m- ]% [2 N
conversion, there would be outstanding on such Series 19 Conversion Date
  l2 w- y* l( B$ Q% ~$ rless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
$ G8 J8 ~: C. Q' \" H- gSeries 19 will be converted into Preferred Shares Series 18.
( X4 J' q: n+ S* {, q9 hVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares3 Y, u  q/ V# [
Series 19 will not be entitled as such to receive notice of, attend, or vote at,6 B9 F) H/ q1 ^1 U) `
any meeting of the shareholders of the Bank unless and until the first time at
# {7 F# a, @0 y! j/ ~& Mwhich the Board of Directors has not declared the whole dividend on the+ N5 x: D8 r+ q( _4 v
Preferred Shares Series 19 in any quarter. In that event, subject as
) T: [% Z/ s  X8 Ohereinafter provided, the holders of Preferred Shares Series 19 will be1 Q( c! |. r3 u" D' ?
entitled to receive notice of, and to attend, meetings of shareholders at which
4 r1 z3 F6 a! p# T" e: B3 Udirectors of the Bank are to be elected and will be entitled to one vote for
7 O& X$ C# n8 e: D! D! k# {each Preferred Share Series 19 held. The voting rights of the holders of the
, n# M  u6 i! }: w6 RPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
5 [" o. z; p: `3 ]the first dividend on the Preferred Shares Series 19 to which the holders are
" P5 z, `8 Y5 ]9 M6 b, f6 {; {entitled thereunder subsequent to the time such voting rights first arose until
3 R& ]9 Z* w, D- z) ]; y! n6 xsuch time as the Bank may again fail to declare the whole dividend on the
( |- p( ?2 ?1 n  k# U7 U8 u0 rPreferred Shares Series 19 in respect of any quarter, in which event such) M" W2 b' T/ m2 ^; }& x( y) K
voting rights will become effective again and so on from time to time.
8 r! a* a* c1 O7 qS-6
2 W. t2 |& h8 {' m, d) BPriority: The preferred shares of each series of the Bank will rank on a parity with
4 Q: G0 ]4 G% I4 |3 Q+ `0 ievery other series and are entitled to preference over the common shares of+ u8 K; Z5 M, C3 h
the Bank and over any other shares of the Bank ranking junior to the
: y7 `  Y8 T( M0 O5 Zpreferred shares with respect to the payment of dividends and upon any, t0 E) H7 D: Y7 o* k, K! B
distribution of assets in the event of the liquidation, dissolution or# g' K9 b4 n, O% Q0 p; Q2 Y
winding-up of the Bank.5 y9 _  T$ n$ l" j9 T' Z
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
8 \/ T* @# V, c1 _6 ~Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares- v. Z( t1 u' w* r# |$ K& t, W
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
3 D( ^4 n  A" @, E) G' r* ]8 J9 {4 cdividends 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。* w6 s$ `& u# Y, J1 F- b* |6 B
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
# z4 o8 w# X- ^' S
& E' E* ^+ U1 X( H  E1 L" q5 r+ P* M
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
. X( Y! i- P3 j8 R1 G
( R1 G; h  ?& ^3 M+ x$ Ecall 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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