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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。9 F9 \* q; v" ?$ |- x! e7 b1 u
% F* }. l& v0 E/ F4 }- a% Y
0 ?0 `4 M0 i* C+ W& |
[ 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:
9 E% B: }- K) N: R! ~SUMMARY OF THE OFFERING. J# q5 m7 Y9 F# H5 l* o
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’’.
2 B- W) w* Q1 E5 W" oIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.# A8 F3 i, V% p- @$ j& J
Amount: $150,000,000 (6,000,000 shares).
' y/ ^. I- k9 Z: S! V, _6 q' v# ?Price and Yield: $25.00 per share to yield initially 6.50% per annum.
6 ?& S5 A$ ]3 ?9 j4 Z, q7 ePrincipal Characteristics of the Preferred Shares Series 18' r) ]: {3 T4 A1 q% g- x$ S7 A
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
* q/ q) ~! }. U7 G1 |non-cumulative preferential cash dividends, as and when declared by the
; y; F7 P- c3 Z  ]! a& @Board of Directors, subject to the provisions of the Bank Act, for the initial1 x; _& a+ g: [/ u) L$ y- ^
period commencing on the closing date and ending on and including5 u  [+ F) N2 x3 p
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the7 s- ?. c  U: M! c
25th day of February, May, August and November in each year, at a rate
% b" k+ a$ U4 }7 R& s% h  Yequal to $0.40625 per share. The initial dividend, if declared, will be payable) K: D( N6 Q- J- W" [4 Q! s( I' q
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing  Z! R: _: d9 G8 ?* j
date of December 11, 2008.+ M+ [$ K& b& T9 j1 C6 p+ n
For each five-year period after the Initial Fixed Rate Period (each, a
4 n7 l! a6 b, C! {& r7 L‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
$ S# s' h6 @4 ^% }Series 18 will be entitled to receive fixed non-cumulative preferential cash2 t- e. [4 g( P2 F5 X
dividends, as and when declared by the Board of Directors, subject to the  z+ `! T! E% |9 A/ e
provisions of the Bank Act, payable quarterly on the 25th day of February,( g1 J  J' z+ b7 Z5 s5 R$ K9 A
May, August and November in each year, in the amount per share per annum
' h/ T9 @; k# _* w) [. Ldetermined by multiplying the Annual Fixed Dividend Rate applicable to  M2 B4 z- W" M; S/ |' V6 x8 g
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
1 g) W! r1 P0 C4 yRate for the ensuing Subsequent Fixed Rate Period will be determined by the. y% k! s: p7 E/ \2 |7 ]1 l
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
% J. i% S! [6 m: oof such Subsequent Fixed Rate Period and will be equal to the sum of the1 P7 f' i# T' u8 z9 S' T+ Y4 b: U
Government of Canada Yield on the applicable Fixed Rate Calculation Date
& k2 I0 B% h; j; r! U% ~. O' Jplus 3.83%.  A% C. s8 q! P) s, h7 ^/ I
If the Board of Directors does not declare a dividend, or any part thereof, on
1 M* r- R, c2 y4 ^the Preferred Shares Series 18 on or before the dividend payment date for a, X  R/ q0 Y8 B: d9 f6 ^8 l
particular quarter, then the entitlement of the holders of the Preferred
: V4 _, W2 Z7 ?+ Y- A. a5 OShares Series 18 to receive such dividend, or to any part thereof, for such
) w! k/ a) A7 aquarter will be forever extinguished.
* D) ?% t) E. b- }" C' Y) e4 XRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
* x7 G/ V8 P  i# q8 D( I# ZSuperintendent and to the provisions described below under ‘‘Details of the0 y3 w0 C  a) h  ]  k, f
Offering — Certain Provisions of the Preferred Shares Series 18 as a$ i; E7 e) H  W4 n) X# U
Series — Restrictions on Dividends and Retirement of Shares’’, on
" a* }+ N  H! w, A0 l" sFebruary 25, 2014 and on February 25 every five years thereafter, on not7 \9 D/ R; v/ o; u3 Y( b1 H7 b
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
6 ~5 k" D$ ~4 l' h/ A2 Z) J: fpart of the then outstanding Preferred Shares Series 18, at the Bank’s option6 L* Q4 i) s( o3 y& I
without the consent of the holder, by the payment of an amount in cash for9 x; ^0 [: `1 H
each such share so redeemed of $25.00 together with all declared and unpaid
, A3 J0 `/ j# B9 i% ~% z+ E5 Udividends to the date fixed for redemption.& z$ H* @2 J( S
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
0 Q) h3 T1 |2 `; }/ O" @0 [Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
" m# o/ z8 p0 D4 g. dthe right, at their option, to convert, on February 25, 2014 and on9 V  a; l; v4 @# W% V0 U
S-4
! U) v9 T9 i$ l- k/ }, A1 s8 qFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any( P; d' e% I" i- _; m" D
or all of their Preferred Shares Series 18 into an equal number of Preferred
& q. R  A( u' F- u  MShares Series 19 upon giving to the Bank notice thereof not earlier than
3 `7 A: i3 s3 W( Z30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day* ]* ~0 b$ s$ z$ _5 d( I1 V1 S
preceding, a Series 18 Conversion Date.
; x8 k6 H5 J. V2 P& H' RAutomatic Conversion If the Bank determines, after having taken into account all shares tendered# z, V/ H/ ]( \8 T0 @) s$ H
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares. @" Q6 j5 q. D
Series 19, as the case may be, that there would be outstanding on such' B) a' K/ Y4 o; N+ A, \( A; h
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,, [8 Q: G0 \. K) J
such remaining number of Preferred Shares Series 18 will automatically be1 q- R0 q  r3 P9 S
converted on such Series 18 Conversion Date into an equal number of8 r! L' R4 u, q( T' ~! w
Preferred Shares Series 19. Additionally, if the Bank determines that, after% Q; g8 Y5 I( [0 }
conversion, there would be outstanding on such Series 18 Conversion Date
+ L3 ^- v- O1 C! [less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
% L* c$ a6 {0 h7 L. B  xSeries 18 will be converted into Preferred Shares Series 19.  J! }/ L9 }2 u0 A5 T( w7 _" F4 M
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
1 D9 |6 S; }: v. p8 {( Z, lSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
5 a% p/ J7 k% N- W# Sany meeting of the shareholders of the Bank unless and until the first time at2 K5 \: f9 O" ^, C2 S( `
which the Board of Directors has not declared the whole dividend on the) a+ G6 l6 e: R
Preferred Shares Series 18 in any quarter. In that event, subject as3 M' `. p- D4 N: V+ N2 U' T) K( N; g
hereinafter provided, the holders of Preferred Shares Series 18 will be
( {) r2 F/ G* o* ]! kentitled to receive notice of, and to attend, meetings of shareholders at which
$ c" i5 \. a' |1 X, n1 C, ]directors of the Bank are to be elected and will be entitled to one vote for
: u% u. C! @! l+ oeach Preferred Share Series 18 held. The voting rights of the holders of the$ n( C1 ]' G* o* x
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
3 g' z# w3 k% E  p/ G* R* Ythe first dividend on the Preferred Shares Series 18 to which the holders are! S4 ~- L& X% x2 M
entitled thereunder subsequent to the time such voting rights first arose until" X4 q8 k/ c# J/ y$ Q1 k* D
such time as the Bank may again fail to declare the whole dividend on the
- _  ]) H# C, e/ wPreferred Shares Series 18 in respect of any quarter, in which event such4 C2 b9 o7 B) E0 ~% g. m
voting rights will become effective again and so on from time to time.# [: ]7 R" C! [' O8 _" ~/ ?
Principal Characteristics of the Preferred Shares Series 19
2 I! P+ o/ R: B3 y% IDividends: The holders of the Preferred Shares Series 19 will be entitled to receive% O! N" H. r+ p" U( U' R! ^* A5 T- y
floating rate non-cumulative preferential cash dividends, as and when5 j& m1 Q8 l( x1 I) y
declared by the Board of Directors, subject to the provisions of the Bank Act,
% c3 a/ o2 O3 w& a2 m' H( vpayable quarterly on the 25th day of February, May, August and November
* e2 S5 X( A7 W5 x9 v" @+ z1 win each year, in the amount per share determined by multiplying the( h$ D& T6 F9 a* e
applicable Quarterly Floating Dividend Rate by $25.00.
7 n" l1 c+ ?% u# q8 zOn the 30th day prior to the commencement of the initial quarterly dividend
& {' Q  \* S; g: |$ Qperiod beginning on February 25, 2014, and on the 30th day prior to the first: N' ]+ x0 `9 A/ b5 p3 Q
day of each subsequent quarterly dividend period (the initial quarterly& h& W" Y3 g3 ~9 o' D  l2 @4 H
dividend period and each subsequent quarterly dividend period is referred to
+ Q( [4 R, R/ u% g  k6 oas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
7 B4 `& x" E; G5 e5 `Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate% v2 |4 M9 K6 w0 s
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the# W/ N- r4 n8 y3 S$ W
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
, C, M0 Q9 g5 X( [/ delapsed in the applicable Quarterly Floating Rate Period divided by 365)
7 ]9 S. t/ x% @* G1 ~& k9 ~; gdetermined on the 30th day prior to the first day of the applicable Quarterly+ M9 z3 V% A6 y3 }0 E
Floating Rate Period.
  m5 O6 x% ^2 f# fS-5  _$ P+ D. P7 i
If the Board of Directors does not declare a dividend, or any part thereof, on. o( }' C$ g) {
the Preferred Shares Series 19 on or before the dividend payment date for a/ y; j! x* K; q3 V' p5 Z! a
particular quarter, then the entitlement of the holders of the Preferred
$ ]0 ]1 M4 P; J8 aShares Series 19 to receive such dividend, or to any part thereof, for such& |0 [- D- k$ @8 C4 O4 p% x) D0 Q0 {
quarter will be forever extinguished.- N$ F8 n, @6 I' F
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the+ t5 X$ }: Y# Y* J: Z
Superintendent and to the provisions described below under the heading
, H& r8 n- t( A$ q0 i* m. ?: g‘‘Details of the Offering — Certain Provisions of the Preferred Shares% ]$ s  ]6 L9 }& C8 B  x' |
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
$ E) z% B. x; kon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
3 o/ G/ X( c$ l  x6 x4 ^- sor any part of the then outstanding Preferred Shares Series 19, at the Bank’s' c) T) |5 i# n+ x
option without the consent of the holder, by the payment of an amount in
/ x% x1 Q$ T  ~3 v1 ncash for each such share so redeemed of (i) $25.00 together with all declared
, h: E8 O/ I& `* T) oand unpaid dividends to the date fixed for redemption in the case of; @6 m- @; X. m. E% p9 R
redemptions on February 25, 2019 and on February 25 every five years* K9 }- n0 {% e- n: y
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to0 [! j( U* O2 ]6 M& F: \! M, W
the date fixed for redemption in the case of redemptions on any other date7 R: @" d6 O* d% Z  H
on or after February 25, 2014.
6 n! I, z# v0 Y: r9 D! A% WConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic- z. k% a# X9 D
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have) ?0 J  d" j% g9 \  G0 |$ z5 w
the right, at their option, to convert, on February 25, 2019 and on# ~. r4 a6 C* f" p
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any, c" y8 v5 x. @4 n0 }& ?0 Z
or all of their Preferred Shares Series 19 into an equal number of Preferred
: ]3 F) q- W+ _: ^Shares Series 18 upon giving to the Bank written notice thereof not earlier
! n- I0 @$ v6 c# f0 z, D, y, a: u+ xthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the- h; x# C* i' I* j, }3 E0 K
15th day preceding, a Series 19 Conversion Date.
/ a/ M+ d& G) f' jAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
* x1 m0 Q2 n3 l  _: Q/ DProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
: }3 c$ s9 X; O- n# E. h* U% ISeries 18, as the case may be, that there would be outstanding on such
% _, j6 C3 l5 X9 M7 c7 |0 e, Z8 xSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
0 y, s/ ?( I  ysuch remaining number of Preferred Shares Series 19 will automatically be* R4 S+ e5 m1 m* ~
converted on such Series 19 Conversion Date into an equal number of
( q1 C; O3 R) J( qPreferred Shares Series 18. Additionally, if the Bank determines that, after
, e: N5 w+ L& Y1 l- ?5 A% F. `! g% vconversion, there would be outstanding on such Series 19 Conversion Date
: b" d$ I# `3 f9 s2 Uless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares9 J. e- f1 A  G
Series 19 will be converted into Preferred Shares Series 18.
2 j  S) x. h* F  t% r5 x5 ^Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares) [3 ~5 \8 I5 E2 I! I2 {3 \
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
# ~. \' l* Q6 W5 h! j' f) Pany meeting of the shareholders of the Bank unless and until the first time at
3 o. L. F$ U& }+ z! A$ dwhich the Board of Directors has not declared the whole dividend on the& K/ v" ^/ X2 v. p+ E9 I
Preferred Shares Series 19 in any quarter. In that event, subject as9 ~$ F% W. }  X! W
hereinafter provided, the holders of Preferred Shares Series 19 will be: R, C: o" R' q4 ]8 {; m
entitled to receive notice of, and to attend, meetings of shareholders at which  ~" A! R: X3 E) ]
directors of the Bank are to be elected and will be entitled to one vote for! K- t# w6 d+ b; b9 v0 e% N  N
each Preferred Share Series 19 held. The voting rights of the holders of the
+ Z2 i. I9 E/ ePreferred Shares Series 19 will forthwith cease upon payment by the Bank of, Z8 i) C& f: E$ |
the first dividend on the Preferred Shares Series 19 to which the holders are4 x$ C5 O  ?* x  t. t( @
entitled thereunder subsequent to the time such voting rights first arose until* K( N8 e/ l$ C$ T; T  h
such time as the Bank may again fail to declare the whole dividend on the
! O5 a( x9 G' N+ u, HPreferred Shares Series 19 in respect of any quarter, in which event such
" k: z" c2 {# i  Avoting rights will become effective again and so on from time to time.
0 ?# r% o4 ~& r7 VS-6
# C- i* U' j/ ~0 \! H3 q9 {6 G; \Priority: The preferred shares of each series of the Bank will rank on a parity with, \3 w" \$ W0 M, _$ X
every other series and are entitled to preference over the common shares of
7 d% ~9 v9 q0 h3 F4 ~4 [+ O5 sthe Bank and over any other shares of the Bank ranking junior to the& Z: ]+ v9 }' c3 L
preferred shares with respect to the payment of dividends and upon any4 a# k$ c1 U8 G" v' T
distribution of assets in the event of the liquidation, dissolution or7 ~2 j& X0 I0 r5 L( Q, x) `" ^
winding-up of the Bank.
' O% o7 h* c$ B$ {/ [5 mTax on Preferred Share The Bank will elect, in the manner and within the time provided under1 a0 R7 r3 e5 K" T! z
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares# `8 r6 K' h8 f3 D* ^
Series 18 and Preferred Shares Series 19 will not be required to pay tax on9 g: L4 v+ G) G+ o; d7 v% T  ]
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。6 g) o4 V) r% Y  |' M
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
. F- o5 m" L  I5 ]0 j) ^( I

. j' B) J: C6 x. H下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。: A$ h+ S5 E% M6 }. \
6 g: P" E8 U7 R2 s3 F
call me.. 780 6699880 转101
大型搬家
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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