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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。; v- t$ b4 k# L7 s  W+ N
* d& {8 C" {, `! H  u( d  N/ ^
/ j4 N* \$ V2 [2 q5 `7 e0 {) p+ A
[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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 楼主| 发表于 2008-11-29 16:58 | 显示全部楼层
下面是BMO的:3 }7 ]- g: t) t& Y% l
SUMMARY OF THE OFFERING5 c7 p" ?( a5 }( B
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’’.) w& K, P, p, R( u3 R7 n  Z
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.2 U5 U: e: U, C8 `1 w0 u: O
Amount: $150,000,000 (6,000,000 shares).- t* ~" d3 q2 W: n; n
Price and Yield: $25.00 per share to yield initially 6.50% per annum.% R: q# `2 K* B. g# i  a" X0 F
Principal Characteristics of the Preferred Shares Series 18
/ {, T3 b3 z. T1 b4 YDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
! C- f! Y! c0 }2 gnon-cumulative preferential cash dividends, as and when declared by the$ a5 @4 U& j0 f# j0 Y
Board of Directors, subject to the provisions of the Bank Act, for the initial, g0 L3 N* N: W- R* X- h) s0 _
period commencing on the closing date and ending on and including% e7 a, i- m8 _- V" }
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the2 F' K5 z3 i! U; Y" y
25th day of February, May, August and November in each year, at a rate6 Q( h. \: a8 l1 C. y0 V4 p6 O
equal to $0.40625 per share. The initial dividend, if declared, will be payable2 G1 j4 n2 i" P9 {. w
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing/ y  k, F1 Q! s9 ~% l
date of December 11, 2008.
- ~' ^' b, B( `; Q6 ?0 OFor each five-year period after the Initial Fixed Rate Period (each, a1 R1 P6 q! y* X3 V0 N3 G
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares7 ~$ U, F5 Y2 Z2 x
Series 18 will be entitled to receive fixed non-cumulative preferential cash
% G; C# d# f& p/ r: Y8 odividends, as and when declared by the Board of Directors, subject to the
& r5 Y) u! {+ @2 R- k7 \6 y4 k0 jprovisions of the Bank Act, payable quarterly on the 25th day of February,
& Q9 [7 g, @* _) u* W: p  U( gMay, August and November in each year, in the amount per share per annum+ n- T; I- H# |
determined by multiplying the Annual Fixed Dividend Rate applicable to  S4 L2 W  C9 j+ j
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
, e, v4 ]8 r6 }( w" LRate for the ensuing Subsequent Fixed Rate Period will be determined by the
' N+ e+ d/ ^0 w) l$ R. ?; IBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
% R( C+ F; X6 \of such Subsequent Fixed Rate Period and will be equal to the sum of the9 u9 A# l# S# j
Government of Canada Yield on the applicable Fixed Rate Calculation Date
  ]4 q$ ~( }$ t. D" P0 Aplus 3.83%.' W6 k' ^0 [# P% {/ f9 q* v# t: l
If the Board of Directors does not declare a dividend, or any part thereof, on
8 q; X. }6 y. l2 k& l4 g8 g' Dthe Preferred Shares Series 18 on or before the dividend payment date for a
7 H$ {% b: T1 c8 w* jparticular quarter, then the entitlement of the holders of the Preferred# T8 p+ z1 y/ w% \
Shares Series 18 to receive such dividend, or to any part thereof, for such
# t' \0 f; [# hquarter will be forever extinguished.
9 P( i  ]3 f, y2 S( q' H+ yRedemption: Subject to the provisions of the Bank Act and to the prior consent of the! J$ q' Y/ ~: u, X% U% f1 Z
Superintendent and to the provisions described below under ‘‘Details of the: x& l! F3 J$ j8 l9 U0 W
Offering — Certain Provisions of the Preferred Shares Series 18 as a
& x- l5 g: Y- k8 i) x1 ?9 f$ QSeries — Restrictions on Dividends and Retirement of Shares’’, on
4 s$ ~/ D# W% c. c; XFebruary 25, 2014 and on February 25 every five years thereafter, on not3 T4 N; D7 e* ^
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
) E- E6 G1 W& ]: \part of the then outstanding Preferred Shares Series 18, at the Bank’s option/ F7 B  H5 ]6 {8 o" r/ q. P0 O: d
without the consent of the holder, by the payment of an amount in cash for
9 q" K, A8 Q" U! @) Beach such share so redeemed of $25.00 together with all declared and unpaid
  G7 H$ G9 y! `, \4 E# }' G, Idividends to the date fixed for redemption.
+ h  Q& I0 Q8 t. qConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic6 X8 H8 `3 @! |, B( [
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
$ p- b8 e$ Z7 `1 H! h% fthe right, at their option, to convert, on February 25, 2014 and on- ~3 `0 e; {. k0 @$ b. [4 P
S-49 P* [- Y2 j  T' i6 X) G; m% e+ a
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any  I& J  S0 Q7 ~
or all of their Preferred Shares Series 18 into an equal number of Preferred) ~1 }9 {' P0 v, g  `; t; `" j
Shares Series 19 upon giving to the Bank notice thereof not earlier than
% t! Z8 Y( g& [/ e: d30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day3 S7 w$ Q% _8 \8 e# Y
preceding, a Series 18 Conversion Date.* O( d% }: i# p$ p3 T/ ~# {
Automatic Conversion If the Bank determines, after having taken into account all shares tendered9 U5 u0 [- e! T, g
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares( }4 r$ @: S8 \& _. _  p
Series 19, as the case may be, that there would be outstanding on such# i! ?) Q2 q9 ^( x. k
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
8 K& t1 O6 {, ~  ]" `such remaining number of Preferred Shares Series 18 will automatically be+ Z1 i2 p( }# W+ s/ i# j
converted on such Series 18 Conversion Date into an equal number of
0 X- y' N: g$ v: I: c7 M0 hPreferred Shares Series 19. Additionally, if the Bank determines that, after
) P$ W) z0 D' Y: Y9 gconversion, there would be outstanding on such Series 18 Conversion Date+ o6 O% x7 L2 k/ d- P& V/ _' [
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
; H2 |4 }$ \- |  d# O( P) b7 R! `Series 18 will be converted into Preferred Shares Series 19.# k( W1 N) a: f: T+ r# H4 _/ H
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
; x6 l. h. Y# u+ p  dSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
, W  I, ^; M3 d$ Q2 Yany meeting of the shareholders of the Bank unless and until the first time at) ]6 O( h" p/ d( z8 i
which the Board of Directors has not declared the whole dividend on the: v3 F$ G& e) W- }# R$ J/ G
Preferred Shares Series 18 in any quarter. In that event, subject as& L) ~5 j" ^+ Z. L' G2 r' f
hereinafter provided, the holders of Preferred Shares Series 18 will be
9 f3 ~% p; _. L$ I6 I! P; ~" rentitled to receive notice of, and to attend, meetings of shareholders at which8 X$ g. ]) g8 \! j; D
directors of the Bank are to be elected and will be entitled to one vote for$ u) H6 r- [, P/ r2 k
each Preferred Share Series 18 held. The voting rights of the holders of the: m/ |# L; r# K6 J
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of3 b: ^; G! |, B& y1 t4 y
the first dividend on the Preferred Shares Series 18 to which the holders are" K: w4 K+ f+ k8 ]( W
entitled thereunder subsequent to the time such voting rights first arose until3 J: @8 ^# C0 w
such time as the Bank may again fail to declare the whole dividend on the
$ ?  Y/ M, `, y! tPreferred Shares Series 18 in respect of any quarter, in which event such. m/ d* g: d& D, y* N3 b* I
voting rights will become effective again and so on from time to time.
6 Y; F. Z: c& b5 h- @  EPrincipal Characteristics of the Preferred Shares Series 19
6 [! o6 e/ b& M! \Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive1 Q1 X% r( ?: D( t
floating rate non-cumulative preferential cash dividends, as and when0 f( n" h: X) q- f/ j3 s8 a. c
declared by the Board of Directors, subject to the provisions of the Bank Act,/ a4 }5 m6 D, E3 h
payable quarterly on the 25th day of February, May, August and November
9 j8 r* Q- [" r( [/ ~0 Nin each year, in the amount per share determined by multiplying the- E7 K/ r# K3 ^! c. V. X" {
applicable Quarterly Floating Dividend Rate by $25.00.( l; N/ D5 e. v" x1 c# b; d4 d
On the 30th day prior to the commencement of the initial quarterly dividend+ a4 x* C8 v9 X: w; m5 g
period beginning on February 25, 2014, and on the 30th day prior to the first( V) x9 z6 c2 N# R$ G& [
day of each subsequent quarterly dividend period (the initial quarterly
1 t% K# O5 S9 n: r0 \# \& _dividend period and each subsequent quarterly dividend period is referred to
; E( S+ B* [! R! t$ K+ D# H7 Gas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the$ |) D; Q5 L' Q2 P7 F9 j6 O
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
/ J6 Y8 f8 s3 Q5 S: {Period. The Quarterly Floating Dividend Rate will be equal to the sum of the1 T0 b3 q, G2 ]1 i" S
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days- ~5 Z+ }- ]3 B% T( Z( {% S
elapsed in the applicable Quarterly Floating Rate Period divided by 365). w8 K, S: M7 }! D8 A: Z
determined on the 30th day prior to the first day of the applicable Quarterly% Y5 t% ~; K9 ~5 j6 d! K
Floating Rate Period.3 u* i! W  w6 @* k& |5 Q
S-5
! u0 x2 U5 u+ D0 M8 m6 g! s3 N5 qIf the Board of Directors does not declare a dividend, or any part thereof, on% z8 A- J7 u- i) d& t
the Preferred Shares Series 19 on or before the dividend payment date for a
3 T5 p1 i8 i# Z& y+ R+ Z2 O% Zparticular quarter, then the entitlement of the holders of the Preferred4 u; F' V+ Q- c9 @9 F% R* Q; k) w
Shares Series 19 to receive such dividend, or to any part thereof, for such
+ ]0 Z" p# q5 P- T& r+ squarter will be forever extinguished.
( E+ U: J: g/ ~4 H. C$ C9 z9 {' iRedemption: Subject to the provisions of the Bank Act and to the prior consent of the9 ?& x( x. \1 V$ \- [
Superintendent and to the provisions described below under the heading
3 G2 B0 }) o- N; z9 u" d: k; [8 F‘‘Details of the Offering — Certain Provisions of the Preferred Shares" U+ M  f5 U7 Q* Y! j* A0 g, S, L0 I0 `
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
1 o9 t7 \+ p) Qon not more than 60 nor less than 30 days’ notice, the Bank may redeem all  r' P. G- o& Z+ l
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
* n2 j: i# R' V1 R3 Soption without the consent of the holder, by the payment of an amount in
; o. \: G6 B- h7 T* wcash for each such share so redeemed of (i) $25.00 together with all declared
$ Q( |3 |! i/ T' T5 N* |, Z( Rand unpaid dividends to the date fixed for redemption in the case of
" }8 o* d! [# k5 Qredemptions on February 25, 2019 and on February 25 every five years
" z& Z& f: F* w2 t$ W( }2 Uthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
5 t: P: u; R8 `* M( [% ^* {the date fixed for redemption in the case of redemptions on any other date1 [7 K- M, S* Y6 {; g
on or after February 25, 2014.+ p. f! M; G! K; D& h
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic3 L, }* I( f, Z5 F' W
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have* E% e) v! j0 y
the right, at their option, to convert, on February 25, 2019 and on9 l* U: X: h. h  I# p4 o
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any* n: l6 h6 F" d' |- N
or all of their Preferred Shares Series 19 into an equal number of Preferred& G) L" R( o& U9 x
Shares Series 18 upon giving to the Bank written notice thereof not earlier
! s& O- r5 a7 f/ r' N2 F4 jthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the% X7 U  q7 Z' h+ M+ d! V* ]7 u
15th day preceding, a Series 19 Conversion Date.8 [3 z3 s. ]9 M' d1 |% f
Automatic Conversion If the Bank determines, after having taken into account all shares tendered8 a; s3 q0 M, f8 v
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares# s8 n; |0 G1 P
Series 18, as the case may be, that there would be outstanding on such" |/ K" S! d' Q4 c
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
: h) y% l0 ]9 }5 L' L- R) Hsuch remaining number of Preferred Shares Series 19 will automatically be" |3 A! r( e/ i" [% ~
converted on such Series 19 Conversion Date into an equal number of
+ C6 _8 l3 a( r" t9 ~Preferred Shares Series 18. Additionally, if the Bank determines that, after' w: Z) O# K' _0 g# p7 X
conversion, there would be outstanding on such Series 19 Conversion Date1 P; [; c7 y5 L9 W
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares, J8 K, f+ G) }2 }% E- w
Series 19 will be converted into Preferred Shares Series 18.
# B' z; I0 P1 c$ OVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares; @( |* I+ I& m4 v. S+ S4 x3 _
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
; h5 Q  C$ S- W9 F4 L+ d9 R( Oany meeting of the shareholders of the Bank unless and until the first time at
9 ?; c, Q% p. K* g' r* Fwhich the Board of Directors has not declared the whole dividend on the$ I3 r" j+ E: s( o# z
Preferred Shares Series 19 in any quarter. In that event, subject as4 ?5 T8 q) q8 C2 h8 k
hereinafter provided, the holders of Preferred Shares Series 19 will be% |. `, x% Q* ?& s
entitled to receive notice of, and to attend, meetings of shareholders at which# u2 A+ @  c" @9 }# h: x1 ]
directors of the Bank are to be elected and will be entitled to one vote for
' K! A, a% K6 J3 Seach Preferred Share Series 19 held. The voting rights of the holders of the" J8 J# L$ P8 G7 o9 N: x
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of& c+ \  L. v* m' D) R4 x
the first dividend on the Preferred Shares Series 19 to which the holders are4 G1 M0 i3 S. e% N
entitled thereunder subsequent to the time such voting rights first arose until
/ m& Q2 h6 X# f9 D: d5 P1 s( f8 x+ Rsuch time as the Bank may again fail to declare the whole dividend on the
0 q# u! M5 y. e" u& p9 `Preferred Shares Series 19 in respect of any quarter, in which event such, n2 h$ n& a6 j" u
voting rights will become effective again and so on from time to time.5 x& ?- h( i. K9 d+ z/ \9 g
S-6$ A$ g6 M) ]. ^# n9 p
Priority: The preferred shares of each series of the Bank will rank on a parity with3 |. q4 b% O, P/ z  J1 \
every other series and are entitled to preference over the common shares of
% a  Q: A2 x# f. v+ cthe Bank and over any other shares of the Bank ranking junior to the- z& Y, B6 O( z+ r4 w$ @3 r
preferred shares with respect to the payment of dividends and upon any# }" I  w+ x- ^$ S
distribution of assets in the event of the liquidation, dissolution or
! ]# [! g! @& l+ G/ awinding-up of the Bank.
+ ?% t, C4 o; Y3 OTax on Preferred Share The Bank will elect, in the manner and within the time provided under7 r- o% N+ `8 k4 w8 {6 f& c
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
9 M6 c+ ^; u' N& n% BSeries 18 and Preferred Shares Series 19 will not be required to pay tax on/ U. _1 @8 S4 J& l
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 m8 W, u8 T4 V0 [今天讲座如何?
大型搬家
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
: M+ c/ k" u6 \+ `) c8 i, V) n
/ S2 o# |9 r( ^) f
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。& c* {" i3 G7 p, P. \

8 A9 u$ a; M7 \1 bcall 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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