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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。
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! m5 m9 j4 G% q[ 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:
* u( r/ a/ X6 J# Q6 k: tSUMMARY OF THE OFFERING
2 c2 Z+ J8 D+ q( D; ]6 R9 i( YThis 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’’.
0 y! W1 P( _: m& |# g" ~Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.* z6 X) C4 F' c4 M# f
Amount: $150,000,000 (6,000,000 shares).
4 ]) J0 k; u/ B. h3 j) N: E: r% D1 SPrice and Yield: $25.00 per share to yield initially 6.50% per annum.% c3 B& H/ w/ e  m
Principal Characteristics of the Preferred Shares Series 189 s/ {6 G& O0 S- c( {0 s  P
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed( Z; R: ]6 t: x
non-cumulative preferential cash dividends, as and when declared by the( B: R& n+ X0 u
Board of Directors, subject to the provisions of the Bank Act, for the initial$ X1 V! t7 A9 d
period commencing on the closing date and ending on and including
/ Z. V) ]5 Y9 r4 p5 JFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the: W3 u6 v: A  T6 {3 j* ]* m
25th day of February, May, August and November in each year, at a rate
. k. L( M5 o* f. V) s$ Vequal to $0.40625 per share. The initial dividend, if declared, will be payable
2 T6 {- T  V$ a: }2 f5 d$ nMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
/ h$ G) n$ ?! J# c5 G7 _$ b5 a; Jdate of December 11, 2008.
" B7 X' b5 }$ T, [' V' `* G# a$ _For each five-year period after the Initial Fixed Rate Period (each, a) Z# F. ]% V) d3 m7 {8 \# ]+ @
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
3 A% W2 B) @  j+ Z: ~" NSeries 18 will be entitled to receive fixed non-cumulative preferential cash
6 v; C0 J+ {4 g1 x1 Cdividends, as and when declared by the Board of Directors, subject to the
: ~. [% `9 X# S8 |& mprovisions of the Bank Act, payable quarterly on the 25th day of February,
) w( s. Z; j. [6 H2 g4 H3 e7 VMay, August and November in each year, in the amount per share per annum# o) A6 r& K3 }) t: |5 V2 T" X
determined by multiplying the Annual Fixed Dividend Rate applicable to& S" Y0 S; o( [" o# ~( U  {
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
7 E3 M& e' A4 |' P6 n+ rRate for the ensuing Subsequent Fixed Rate Period will be determined by the( v$ i( U" B2 r" _' M3 g
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day$ ~' w( O4 b. n3 B" o, i
of such Subsequent Fixed Rate Period and will be equal to the sum of the
$ e: j0 j/ F/ @# ?4 k) j" WGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
3 g" [" Y% ^3 vplus 3.83%.
. Y7 v0 g- i0 zIf the Board of Directors does not declare a dividend, or any part thereof, on) _2 i# s* [) ?
the Preferred Shares Series 18 on or before the dividend payment date for a
3 I) n3 ~& \6 b4 ~particular quarter, then the entitlement of the holders of the Preferred
9 k2 O$ k- ?  v& N2 {" JShares Series 18 to receive such dividend, or to any part thereof, for such
- V2 {5 \! h( S, gquarter will be forever extinguished.
6 w2 s! R& O. B4 ZRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
! D# y2 n  w: p7 i3 F+ g# c7 zSuperintendent and to the provisions described below under ‘‘Details of the& i. Y6 p/ ~5 B' _# k9 K8 [! F8 Y
Offering — Certain Provisions of the Preferred Shares Series 18 as a  ^& K7 o5 h0 \. u+ K& l/ _! X
Series — Restrictions on Dividends and Retirement of Shares’’, on% m* G0 H. L8 _& D9 y5 c
February 25, 2014 and on February 25 every five years thereafter, on not
! f* L7 t6 u0 H3 T* ^' Emore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
# z! f* p% ?0 ~# H8 M0 u* Dpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
& P3 n: g! h" v  W5 o+ }without the consent of the holder, by the payment of an amount in cash for5 n* T$ F- s) K7 L
each such share so redeemed of $25.00 together with all declared and unpaid
6 d* e2 w- U2 pdividends to the date fixed for redemption.! u- i- U0 D1 W
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic3 s( W) P* N' k
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
: X. M. D% g" b1 Hthe right, at their option, to convert, on February 25, 2014 and on. G/ Y5 h. m+ `2 q( x
S-4* y! l( i7 @; t+ k; O
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any" t6 D6 _" n% j& R. t
or all of their Preferred Shares Series 18 into an equal number of Preferred
" R0 y: X$ W1 UShares Series 19 upon giving to the Bank notice thereof not earlier than
3 J) n& n+ ]; s) r# |" K30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day$ k6 a3 J7 m5 g: ]0 E
preceding, a Series 18 Conversion Date.0 y$ X& H9 l7 D5 u/ \) s/ K0 W8 B
Automatic Conversion If the Bank determines, after having taken into account all shares tendered  W' W/ g% Y4 K' e
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
- h" d! ^( k+ g0 f( ESeries 19, as the case may be, that there would be outstanding on such
: q5 a' `  z2 F9 U, X( OSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,& w) A5 d* `$ U( K1 G- o3 `
such remaining number of Preferred Shares Series 18 will automatically be: \$ X4 h5 K( R( Z8 x" U4 R
converted on such Series 18 Conversion Date into an equal number of( \. H0 Q; W. Z. ?3 I( z
Preferred Shares Series 19. Additionally, if the Bank determines that, after
. f' M7 m4 x7 o! [+ Fconversion, there would be outstanding on such Series 18 Conversion Date
7 Q8 |) S% H/ I/ `, b1 ~* V& Iless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
7 z) K8 B& Z6 WSeries 18 will be converted into Preferred Shares Series 19.$ ^5 F, ?: h" V' O
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
& Z6 m* s7 y- F6 |5 Z$ j& h& hSeries 18 will not be entitled as such to receive notice of, attend, or vote at,* O. H/ o4 ~' U, D
any meeting of the shareholders of the Bank unless and until the first time at
5 b  U, g6 a. p3 q0 ]which the Board of Directors has not declared the whole dividend on the' V1 n; o( r# z$ @% v: @. u
Preferred Shares Series 18 in any quarter. In that event, subject as% B9 S* a3 n- e# t. |; M- y
hereinafter provided, the holders of Preferred Shares Series 18 will be* U2 a4 _) s* N3 s' p; H
entitled to receive notice of, and to attend, meetings of shareholders at which
. C. N5 x/ l' D6 N* ]directors of the Bank are to be elected and will be entitled to one vote for' E% O& ?( s# h& S5 A' t
each Preferred Share Series 18 held. The voting rights of the holders of the" ^. p* O$ _* [5 _4 g: \7 A4 T
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of% U: G4 s9 g6 Z1 S' @3 W
the first dividend on the Preferred Shares Series 18 to which the holders are' w3 H% r5 S* H- a# ]  t: l8 N
entitled thereunder subsequent to the time such voting rights first arose until/ ^& l; j( u) z/ `5 |' {- x
such time as the Bank may again fail to declare the whole dividend on the0 [% `8 U& Y" O% ?1 n) u
Preferred Shares Series 18 in respect of any quarter, in which event such
" e! ]; g+ \& @6 ivoting rights will become effective again and so on from time to time.
6 _. e) |- q% l1 C; I9 p0 B; {Principal Characteristics of the Preferred Shares Series 19
4 v$ h! ~/ x* \+ @) ~  ?8 ?5 aDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
" S* p9 A: l4 T6 c- c  P; `- {1 Rfloating rate non-cumulative preferential cash dividends, as and when. n9 z4 t9 M( F/ B
declared by the Board of Directors, subject to the provisions of the Bank Act,# O. l" m1 I; s4 a1 D
payable quarterly on the 25th day of February, May, August and November
; s$ ]; g7 n. i5 uin each year, in the amount per share determined by multiplying the& N& D8 ~: X& r4 |2 t* x1 G- R
applicable Quarterly Floating Dividend Rate by $25.00.
2 J' T" @7 ]1 U+ O! C3 hOn the 30th day prior to the commencement of the initial quarterly dividend3 k3 A+ o2 ~) K# U/ d
period beginning on February 25, 2014, and on the 30th day prior to the first$ I% p# X! R+ D0 ^
day of each subsequent quarterly dividend period (the initial quarterly. i1 z7 Z9 K! U/ s* d1 q" q
dividend period and each subsequent quarterly dividend period is referred to* S. f0 j( c' `) A- H
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the7 X$ M% y! ]5 C6 Y. |1 B, P
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
8 l1 j& F1 u# g5 f1 Q% ?2 J, bPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the3 r( {$ ?3 o* G: Z+ c. P% w
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
$ N9 k3 ]- E( U. L! R) l, ?elapsed in the applicable Quarterly Floating Rate Period divided by 365)
9 a) L5 P+ ]+ m7 }% U3 Adetermined on the 30th day prior to the first day of the applicable Quarterly1 g  T) q, w! ]. Y) h
Floating Rate Period.3 E: W9 l9 }* {' {' Z& Q- d
S-5& ^+ D: d/ u, {  r
If the Board of Directors does not declare a dividend, or any part thereof, on
% e3 B2 [5 |8 {# zthe Preferred Shares Series 19 on or before the dividend payment date for a
' r/ e  C& @* ]5 t3 W# L3 Xparticular quarter, then the entitlement of the holders of the Preferred0 E% E9 Y8 k/ i
Shares Series 19 to receive such dividend, or to any part thereof, for such7 Q" p6 ?+ ^5 O) o; L- J1 @" h8 z
quarter will be forever extinguished.
. U3 q$ E7 s" I0 HRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
4 U& T+ V# f8 R+ d8 N. }Superintendent and to the provisions described below under the heading
: K6 o7 @3 b( s/ G9 ]# H0 r/ y# K; \‘‘Details of the Offering — Certain Provisions of the Preferred Shares5 ]3 ~- ~: W2 Y4 k. w
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,  Q/ q# K( n" |  z1 y* x0 n
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
/ F) R) K) {% N1 b0 ^! Z; Aor any part of the then outstanding Preferred Shares Series 19, at the Bank’s1 Y, Q( D6 d2 Q6 G6 L1 c) p* O3 ^
option without the consent of the holder, by the payment of an amount in
9 L! ?3 r3 Z% b+ mcash for each such share so redeemed of (i) $25.00 together with all declared
) c, C- c5 [. fand unpaid dividends to the date fixed for redemption in the case of' Y  C& C! W0 a) |9 C2 N
redemptions on February 25, 2019 and on February 25 every five years
+ @* `; W7 f9 u* o3 nthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
, k/ W) Z% M# K( [( v0 p& c, Hthe date fixed for redemption in the case of redemptions on any other date- A! W0 B5 G, e
on or after February 25, 2014./ `& K& k! i# I0 E  ?8 ~2 }
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic; K2 {8 Q. H. U
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have/ H9 V- |) _. T/ O% q
the right, at their option, to convert, on February 25, 2019 and on
4 W/ r1 W, ?! D/ X- s, @February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
; ^3 ~$ j9 y  G' J* s6 xor all of their Preferred Shares Series 19 into an equal number of Preferred7 c# m$ `9 k0 y+ o  M
Shares Series 18 upon giving to the Bank written notice thereof not earlier
# ~5 [; w# i3 R5 }than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
* N" n$ Y5 }" y# O15th day preceding, a Series 19 Conversion Date.; S* O' Z) ^+ m5 u
Automatic Conversion If the Bank determines, after having taken into account all shares tendered8 H$ R8 ~- \3 y4 J" R
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares% A/ v  g& |' v" |. K: ~
Series 18, as the case may be, that there would be outstanding on such
' F# y9 P, }1 m* m, E; bSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,. @0 @- k' Z/ j! i+ V
such remaining number of Preferred Shares Series 19 will automatically be1 q7 F1 V6 m( }9 K
converted on such Series 19 Conversion Date into an equal number of
* X- Y6 ^- ?3 {0 E) W; f7 M$ |Preferred Shares Series 18. Additionally, if the Bank determines that, after, A6 n9 Z3 K5 k0 M% d" o3 c( G
conversion, there would be outstanding on such Series 19 Conversion Date
5 v# c0 S5 P- Y6 J& Y1 I! ^less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares, V; V) v4 j/ j) o/ B5 _
Series 19 will be converted into Preferred Shares Series 18.7 V' S. F5 A% V+ i6 h
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares$ I  e% }( K/ l) z
Series 19 will not be entitled as such to receive notice of, attend, or vote at,- m5 G8 Z# `8 m  w, y& H9 R/ G
any meeting of the shareholders of the Bank unless and until the first time at0 U& |! s: Y" }& ~- x
which the Board of Directors has not declared the whole dividend on the6 Z% U8 f2 K: h$ z' j7 j# ]
Preferred Shares Series 19 in any quarter. In that event, subject as  h. J& }( U3 L" s8 q) v. U
hereinafter provided, the holders of Preferred Shares Series 19 will be
" c0 {. _/ e; Y8 v2 k) _entitled to receive notice of, and to attend, meetings of shareholders at which; t0 X7 b2 g# ^  F8 z' U- a+ K. e) k
directors of the Bank are to be elected and will be entitled to one vote for8 z! m! Z: L  Y$ V+ I! b3 X9 \  \
each Preferred Share Series 19 held. The voting rights of the holders of the
) g: X& C/ i) U- ^  kPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
, g, r* y. o$ I* jthe first dividend on the Preferred Shares Series 19 to which the holders are+ u/ q$ K. @% E4 r( l1 L
entitled thereunder subsequent to the time such voting rights first arose until6 O- Z0 }+ E+ e2 [3 D
such time as the Bank may again fail to declare the whole dividend on the' C4 _5 u; C/ U8 Q, D: |
Preferred Shares Series 19 in respect of any quarter, in which event such
5 S% w% r/ c# i9 j4 Rvoting rights will become effective again and so on from time to time.
0 `  j, w. s1 t2 [3 KS-6
! Y, s9 m" ~+ f/ L# ]Priority: The preferred shares of each series of the Bank will rank on a parity with# t, V; Y4 r; T+ w8 b
every other series and are entitled to preference over the common shares of
2 j. `, r/ x# ]. n8 u, uthe Bank and over any other shares of the Bank ranking junior to the
4 k/ T: S4 x, T4 b2 w, [3 u3 hpreferred shares with respect to the payment of dividends and upon any( C3 G) M2 D1 S
distribution of assets in the event of the liquidation, dissolution or
) V7 l7 S- r4 [$ u* vwinding-up of the Bank.
& X- H# h/ G& |" K2 J1 B" i0 t: FTax on Preferred Share The Bank will elect, in the manner and within the time provided under* G3 j/ i  n+ p
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
6 e, g) h3 u- s3 v/ dSeries 18 and Preferred Shares Series 19 will not be required to pay tax on7 p* M9 j+ E) G  Z% p6 s! Q
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。- ?; h7 i* r& k/ x
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
$ P  M  T' d* |5 q4 Q1 v7 D- S' F2 n

5 q& f! Z4 x* d# P# F. ~下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
) S, R+ A3 w& d2 f/ L  K+ `: J% B' w6 S
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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