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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。( F3 Q+ y4 Q7 @3 B( [1 }

) e$ P, \) V" @6 Q* m. k) Q( b' a. ?5 Y
[ 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:
0 J/ Q8 h4 l+ ]- P- ^SUMMARY OF THE OFFERING8 y1 k# \, }5 s) r( b$ t
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’’.$ h7 K* e, |" s' U
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.8 Y  C+ P1 g; a" e+ l$ d
Amount: $150,000,000 (6,000,000 shares).
+ T: r+ K" X+ g7 F* Y1 u6 @, a6 @, HPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
* b( g* Z1 ~8 ?Principal Characteristics of the Preferred Shares Series 18
0 _# r! O" h* F* q" c/ ~) N: ^Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed: D/ e: f' B) a7 Q, D+ Y& i: Y
non-cumulative preferential cash dividends, as and when declared by the' [- ]2 ]3 T0 a7 s
Board of Directors, subject to the provisions of the Bank Act, for the initial
2 W9 r' B# _& n! hperiod commencing on the closing date and ending on and including
7 J, F: `% I' @* x% _- @9 zFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
( H! }) y, l( a- }25th day of February, May, August and November in each year, at a rate; |* z, w/ D2 p# X
equal to $0.40625 per share. The initial dividend, if declared, will be payable0 A, l$ O1 a: K) S+ B
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
: P! q! O% _$ Edate of December 11, 2008.
2 \- v# u6 C3 I' y% CFor each five-year period after the Initial Fixed Rate Period (each, a
( M. k& c( P# v2 \‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
2 f, n' f) D2 N2 bSeries 18 will be entitled to receive fixed non-cumulative preferential cash( T8 a; ?( ~( [$ g! n
dividends, as and when declared by the Board of Directors, subject to the" Z3 ?7 [% n, \* v# C
provisions of the Bank Act, payable quarterly on the 25th day of February,* o; D! R. B6 x. w7 N& |
May, August and November in each year, in the amount per share per annum
: z0 U$ e; y* N# L4 k+ Gdetermined by multiplying the Annual Fixed Dividend Rate applicable to$ w5 q7 k; U5 Z* W; d3 {
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
5 S' G) R) y' @8 a- ]; y+ jRate for the ensuing Subsequent Fixed Rate Period will be determined by the/ W: P7 Z8 @2 O5 ]% B( X
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
* Z; u- d; D: \8 p) kof such Subsequent Fixed Rate Period and will be equal to the sum of the0 X, Y9 T  o5 B5 \
Government of Canada Yield on the applicable Fixed Rate Calculation Date  e. E4 F, Q: w! X1 d
plus 3.83%.$ i2 B3 M$ [5 q, D/ O1 T3 \# X
If the Board of Directors does not declare a dividend, or any part thereof, on
# J2 R6 N1 j2 b! s' t5 |the Preferred Shares Series 18 on or before the dividend payment date for a
1 e* |* k" y1 X2 e% Z, _. t0 @particular quarter, then the entitlement of the holders of the Preferred
& C7 p/ h: ]+ |! NShares Series 18 to receive such dividend, or to any part thereof, for such
' @* Y3 x% {0 S. K1 ^/ iquarter will be forever extinguished.
' D. @- @/ j# b  L6 X! nRedemption: Subject to the provisions of the Bank Act and to the prior consent of the# e! t; T7 R  u# z8 ^$ p
Superintendent and to the provisions described below under ‘‘Details of the+ F' }" G+ `8 s( f3 I
Offering — Certain Provisions of the Preferred Shares Series 18 as a
- m3 K- L; ]( ^' c* BSeries — Restrictions on Dividends and Retirement of Shares’’, on% i. n- s. G9 }9 c
February 25, 2014 and on February 25 every five years thereafter, on not
% B+ V. q' ^- Z* |, Wmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
% i; d  u1 t' |, f: V6 `1 Hpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
$ @8 L0 @( |' V4 B. E6 xwithout the consent of the holder, by the payment of an amount in cash for
, e- O  P# b. D. y! k- j2 J7 oeach such share so redeemed of $25.00 together with all declared and unpaid
% C+ L' H1 ]. C+ X( |1 q' ~dividends to the date fixed for redemption.
* G  R7 d/ L, \' xConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic* h: M, g4 W7 i% _; c; Z7 j6 t/ @
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
0 \8 Q/ C7 @! f+ Y6 ^2 d% r2 bthe right, at their option, to convert, on February 25, 2014 and on) }* Z: I1 Z% _0 ^
S-4
/ s+ D' _( G1 t* u! D6 E: iFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any! J6 e8 _1 q/ C, ~; ^8 W9 ]! U
or all of their Preferred Shares Series 18 into an equal number of Preferred
0 c9 o8 Y, h0 @5 k5 k: wShares Series 19 upon giving to the Bank notice thereof not earlier than; B, D  g! X& M8 `
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day$ _$ D+ ~5 E; D3 Z  G4 b6 {
preceding, a Series 18 Conversion Date.
; {3 R/ \. b! ^$ ^Automatic Conversion If the Bank determines, after having taken into account all shares tendered; z; e3 y) }6 @, h( e3 e7 U
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
9 \, n  ?! P8 Y) G6 B7 LSeries 19, as the case may be, that there would be outstanding on such  E+ b6 F/ j1 c4 L! ^- R" m
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
! U2 Z% l; _$ B4 d5 J% e7 N& ?such remaining number of Preferred Shares Series 18 will automatically be2 A) _! w! o' ?  R" F( R
converted on such Series 18 Conversion Date into an equal number of9 i; w! {0 m: t; v1 G) T  E
Preferred Shares Series 19. Additionally, if the Bank determines that, after2 |- G% i3 Z) V! b1 b$ Z& z
conversion, there would be outstanding on such Series 18 Conversion Date( O) {- b6 W1 p5 X- }9 z
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares: |5 X" t$ t9 k( V! D
Series 18 will be converted into Preferred Shares Series 19.
, f9 @) U2 ~6 L5 m2 m9 wVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares! U3 x" H! J% {! {
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
% y% s" A% D4 P  W$ k/ n' Iany meeting of the shareholders of the Bank unless and until the first time at4 V9 p7 o: @/ p: p: A
which the Board of Directors has not declared the whole dividend on the
$ F# Z3 H2 e9 |; H; u& D( A9 vPreferred Shares Series 18 in any quarter. In that event, subject as3 i$ y  y/ M9 S# u
hereinafter provided, the holders of Preferred Shares Series 18 will be* W- R7 |" V# c  c0 N3 N/ A/ ]
entitled to receive notice of, and to attend, meetings of shareholders at which, S* |* F& I* r- l
directors of the Bank are to be elected and will be entitled to one vote for$ o7 V+ j3 P" I! L8 `9 `* a
each Preferred Share Series 18 held. The voting rights of the holders of the
, j7 S1 o# `7 z+ M. Y; b' }6 a2 zPreferred Shares Series 18 will forthwith cease upon payment by the Bank of: J3 i* R5 `6 j4 X, O- u
the first dividend on the Preferred Shares Series 18 to which the holders are
/ a3 J/ D: ]! F8 g* H5 sentitled thereunder subsequent to the time such voting rights first arose until5 \1 t  e! r: q& Z& X9 k; S
such time as the Bank may again fail to declare the whole dividend on the
( F) w3 S% I) W4 }Preferred Shares Series 18 in respect of any quarter, in which event such$ f3 P$ A0 X( P$ T$ o# ^
voting rights will become effective again and so on from time to time.) j. l4 N7 j8 _. B
Principal Characteristics of the Preferred Shares Series 19
- D: m/ S! d2 k' yDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
- I* G  c0 ]2 f1 H& \' ^floating rate non-cumulative preferential cash dividends, as and when; V7 ]5 w3 y, v. a. c
declared by the Board of Directors, subject to the provisions of the Bank Act,
: L1 O. c+ z  }+ {' J" [payable quarterly on the 25th day of February, May, August and November
& o8 D! c4 O8 g4 H  I2 P% P( S4 lin each year, in the amount per share determined by multiplying the
) F8 L" J% f( u5 E* _. Kapplicable Quarterly Floating Dividend Rate by $25.00.1 m+ ^' @5 n- ?5 b$ C) ?
On the 30th day prior to the commencement of the initial quarterly dividend5 X2 b: H6 A+ w# U4 N; N9 q
period beginning on February 25, 2014, and on the 30th day prior to the first9 h9 g9 _8 _5 _4 {; I
day of each subsequent quarterly dividend period (the initial quarterly
$ Y) m' @, t: U& G! B5 Adividend period and each subsequent quarterly dividend period is referred to/ d( e$ h) a. L! o5 Q* x5 V- h
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
0 j. @8 M- C  D) D+ d! i. z7 g  VQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate' P9 E+ \$ ]" Y( X
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
) v- n8 u- X# i5 G, p# L  pT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
9 t: F: h0 Y7 L5 @( s7 U) o- ~7 felapsed in the applicable Quarterly Floating Rate Period divided by 365)% `0 H3 A- b+ N) h
determined on the 30th day prior to the first day of the applicable Quarterly
% Q9 V  A) x% t$ [! W* J1 [9 mFloating Rate Period.
$ q7 \: ]$ v4 {" _: U0 FS-5
; b* u+ l- Z: |/ ]If the Board of Directors does not declare a dividend, or any part thereof, on1 @. \  @" T2 s) O$ l
the Preferred Shares Series 19 on or before the dividend payment date for a
$ p: P1 u2 b( `: b; jparticular quarter, then the entitlement of the holders of the Preferred' u1 @) S2 D& }- I
Shares Series 19 to receive such dividend, or to any part thereof, for such3 _4 u7 y: u  p- O8 @$ p$ K
quarter will be forever extinguished.
: \7 k& a- U5 [% c% Q  ~7 W8 tRedemption: Subject to the provisions of the Bank Act and to the prior consent of the' v4 s; f2 F# m: L- Y5 K
Superintendent and to the provisions described below under the heading3 x$ r' k+ y* l3 g  b4 y: G
‘‘Details of the Offering — Certain Provisions of the Preferred Shares8 k  B: X1 B$ G! E4 g6 V( K1 Z( o3 f
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,( F4 D" H3 X6 Q8 e8 M/ m
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
2 ^9 i7 r. l; p7 dor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
  S5 e0 j" F' H* Q6 ~" b4 [+ X" d( R/ |option without the consent of the holder, by the payment of an amount in
$ w; S8 \) w3 @. W% L: Bcash for each such share so redeemed of (i) $25.00 together with all declared  G( `* l8 u: n$ {9 z
and unpaid dividends to the date fixed for redemption in the case of6 A3 d& _3 ?% U& w/ J8 g
redemptions on February 25, 2019 and on February 25 every five years
2 V5 v$ B. J% P9 C! ]% Ithereafter, or (ii) $25.50 together with all declared and unpaid dividends to+ f# v7 z* \  e/ n% J
the date fixed for redemption in the case of redemptions on any other date
$ U1 S5 |% m0 E: con or after February 25, 2014.) z4 C9 ]) f/ j, c  W
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic% b& n% m5 s; j: k( e5 _
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
. \. I, c3 {0 d2 b. n. Z, vthe right, at their option, to convert, on February 25, 2019 and on+ N# y7 s* W8 }/ \
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
- ~3 V- d5 M2 u& {or all of their Preferred Shares Series 19 into an equal number of Preferred6 F3 n+ M, v; q; w
Shares Series 18 upon giving to the Bank written notice thereof not earlier7 C4 ?, w: ?$ k" C, r; w
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the( S  Q6 V- @" {/ j& {
15th day preceding, a Series 19 Conversion Date.% i$ A/ J3 D/ X9 Q4 X3 `
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
- P4 X/ i1 ], Y) c( G0 A. oProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
: A+ w6 n2 q$ hSeries 18, as the case may be, that there would be outstanding on such
" t; ~2 T$ a/ T; |# ~Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
0 n# c) {" @  o. k9 Q9 Zsuch remaining number of Preferred Shares Series 19 will automatically be: j9 r' c- m) \' h2 M7 L
converted on such Series 19 Conversion Date into an equal number of2 Y3 l9 f  @  U
Preferred Shares Series 18. Additionally, if the Bank determines that, after* p4 Q" ]" [* W" s  k: S6 ~- ]. [
conversion, there would be outstanding on such Series 19 Conversion Date% g/ E6 {0 U4 g) G) \; r
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares9 V( C4 D6 R% z, z8 N
Series 19 will be converted into Preferred Shares Series 18.
* N8 R* Q& n( o% i) ?' \3 NVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares7 R) T2 s6 m7 B& q% D
Series 19 will not be entitled as such to receive notice of, attend, or vote at,: s' `1 B& _' R4 E! V
any meeting of the shareholders of the Bank unless and until the first time at  h% \# ]: a! y' q# w9 ^
which the Board of Directors has not declared the whole dividend on the
: y# q! o+ |7 M& m3 I* BPreferred Shares Series 19 in any quarter. In that event, subject as
% d  X/ R8 X- x9 k4 ]hereinafter provided, the holders of Preferred Shares Series 19 will be
9 D4 a, D1 F6 D0 D9 d( b# e+ zentitled to receive notice of, and to attend, meetings of shareholders at which5 r' i3 d8 ~5 c; I/ }  i. `
directors of the Bank are to be elected and will be entitled to one vote for
! T  M5 v; d8 {each Preferred Share Series 19 held. The voting rights of the holders of the
5 y9 u5 {4 v# h( ?' ePreferred Shares Series 19 will forthwith cease upon payment by the Bank of
( b" h8 {) v1 Q- _( Q7 q& tthe first dividend on the Preferred Shares Series 19 to which the holders are
9 l+ E& j$ p/ K6 W! \# u8 Bentitled thereunder subsequent to the time such voting rights first arose until/ }) B2 `% H$ _7 f9 W# L, K+ `
such time as the Bank may again fail to declare the whole dividend on the7 J2 W% ^: X2 {  s  j: ^; g' U
Preferred Shares Series 19 in respect of any quarter, in which event such
0 V* T' r$ |' G6 q/ ?* ^voting rights will become effective again and so on from time to time.
8 a5 s( V# h0 @S-6. q  I/ }0 ?$ h) e& K4 A
Priority: The preferred shares of each series of the Bank will rank on a parity with: y0 W0 g1 J2 Z+ o; w+ z9 [. C
every other series and are entitled to preference over the common shares of- r1 Z. |' z5 U: P% v
the Bank and over any other shares of the Bank ranking junior to the# m, ]" C! w+ v9 y! p0 e) X* a
preferred shares with respect to the payment of dividends and upon any
& u6 ?. g3 C* o, R7 H9 Bdistribution of assets in the event of the liquidation, dissolution or, _' J" i) G% B! D! w, A6 S! W
winding-up of the Bank.
$ U( f  @- G5 X3 I4 \0 STax on Preferred Share The Bank will elect, in the manner and within the time provided under
, l" n& R( J( F# u" @+ Z6 _9 SDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
+ w9 j* y; R- N" n& l) w" {Series 18 and Preferred Shares Series 19 will not be required to pay tax on7 G0 {" D( p' }: \% o- B! L2 a
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 d3 t3 T  J) p5 z3 s/ w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

/ a0 ?3 S" j$ l: s$ p. L  ^+ k$ W9 k0 q: ^0 D6 N7 W4 L, H
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。9 i& b0 f: ]3 w6 M# Y/ e" R

# U7 K5 a* \$ M$ Ocall 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。
大型搬家
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