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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。
5 S+ J! [# ?5 h1 [/ {5 M6 [0 E

9 T# E; X3 V9 o: ]1 W. Y0 [+ F8 [$ y% b" u3 F3 m
[ 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:+ g  w8 a+ i; k$ w" T
SUMMARY OF THE OFFERING
) [: ?4 `  {1 ~0 z$ a7 nThis 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’’.
$ ]8 U, b# [- r2 QIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.+ y/ g5 |0 W! T  y) b/ I
Amount: $150,000,000 (6,000,000 shares).+ }7 o- u: P; A
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
8 p. f3 _5 e  `/ U$ g9 hPrincipal Characteristics of the Preferred Shares Series 18
) ~7 m% x& O1 _/ RDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
3 f% ?9 r3 c9 [* A( cnon-cumulative preferential cash dividends, as and when declared by the2 f+ o$ m3 v+ H- ^
Board of Directors, subject to the provisions of the Bank Act, for the initial
. W! ]/ k/ D. Dperiod commencing on the closing date and ending on and including+ _& B9 p! N3 i9 q  ^+ c3 D
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
9 c0 W/ I" J% [- r/ `) z25th day of February, May, August and November in each year, at a rate# R# d8 c% \2 w, ]+ T, i! h
equal to $0.40625 per share. The initial dividend, if declared, will be payable7 M* k# L9 }0 v! Y
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing# Z" d" U2 o6 C$ e
date of December 11, 2008.
  B1 u7 q( M1 j6 P, IFor each five-year period after the Initial Fixed Rate Period (each, a
$ l0 i- m+ |0 [1 n+ Z( l‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
+ u: G; v+ Q" k. @Series 18 will be entitled to receive fixed non-cumulative preferential cash
- x1 n" ~5 p. v# r7 Wdividends, as and when declared by the Board of Directors, subject to the
  G5 n% D( q7 h! t% |& q2 L$ @provisions of the Bank Act, payable quarterly on the 25th day of February,
0 |! c  U  O- j( V( b) H3 I3 MMay, August and November in each year, in the amount per share per annum
7 t8 x" Y: M# Sdetermined by multiplying the Annual Fixed Dividend Rate applicable to
/ ?7 R( r( g9 }such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend! F: h- |( G/ A& [7 Z; e: M
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the: |: x5 q9 I3 G* |' J
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
) p( A8 `4 g  I- J/ Q9 X9 _of such Subsequent Fixed Rate Period and will be equal to the sum of the; v: A% d  X2 `6 R
Government of Canada Yield on the applicable Fixed Rate Calculation Date. h5 J3 i; l3 l& c: X+ _3 b4 Z
plus 3.83%.
! B( _& T* Z3 J# w. YIf the Board of Directors does not declare a dividend, or any part thereof, on
. I: I1 e  P! j0 n3 H7 G4 Ethe Preferred Shares Series 18 on or before the dividend payment date for a
/ A4 n6 S# d; g( bparticular quarter, then the entitlement of the holders of the Preferred/ f2 n2 `6 h1 E; A1 x
Shares Series 18 to receive such dividend, or to any part thereof, for such
: l; }- r7 j9 S0 v8 I1 d' g; B' Rquarter will be forever extinguished.
2 z  M7 o, }6 Z, w. R/ LRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
4 C$ X/ q; `: o+ y$ Q& _Superintendent and to the provisions described below under ‘‘Details of the& M# ]: K" k5 f9 v8 R! q9 h
Offering — Certain Provisions of the Preferred Shares Series 18 as a9 I2 O2 T+ h# m  Y- J, w
Series — Restrictions on Dividends and Retirement of Shares’’, on
# A) z0 D7 S1 B6 xFebruary 25, 2014 and on February 25 every five years thereafter, on not
1 P1 V* \7 R$ h' W3 D% Nmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
) v' h2 Q) `/ L! D- Bpart of the then outstanding Preferred Shares Series 18, at the Bank’s option% K6 \: j6 K* s) \5 }/ h& e/ y# f
without the consent of the holder, by the payment of an amount in cash for4 ~1 F& I# l( I$ w. ]- \
each such share so redeemed of $25.00 together with all declared and unpaid  D# ?+ N  a+ B. M( w+ K7 }
dividends to the date fixed for redemption.
1 x8 U% D3 Y) v$ @Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic& m' B) Q# V* Z% z; R! `! r! m
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have8 q. d$ s! e% p; r! Q* ]# K% w, e# H
the right, at their option, to convert, on February 25, 2014 and on6 Z2 ~: w' K2 Y) [! h! t
S-4
4 b( t( i4 f0 \7 a, zFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any' O$ _  c  O4 ?* c; s  Y# m* A
or all of their Preferred Shares Series 18 into an equal number of Preferred, g/ y- f6 {* B' L/ d7 q) t
Shares Series 19 upon giving to the Bank notice thereof not earlier than3 T) m' a9 L) ?0 M3 ^# I$ l, W
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
7 g0 p6 w$ e5 W5 ^3 F) {  o+ ypreceding, a Series 18 Conversion Date./ t4 W# f* ^  J4 ?' z1 o4 v" j
Automatic Conversion If the Bank determines, after having taken into account all shares tendered' x) \5 ]9 N- Z/ e9 t
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares2 F' u$ E0 _6 {2 x
Series 19, as the case may be, that there would be outstanding on such, I4 E: m, Z- M/ I  U7 f
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
7 E1 c, M9 P- Y1 W" Asuch remaining number of Preferred Shares Series 18 will automatically be
1 U- T. [$ i" h; X% w0 c7 G2 Qconverted on such Series 18 Conversion Date into an equal number of" \; @4 [( _6 S; V. l9 b: c
Preferred Shares Series 19. Additionally, if the Bank determines that, after2 ]0 F* J$ P8 T9 e' P" K
conversion, there would be outstanding on such Series 18 Conversion Date$ _. m* F/ n/ Z$ {( ^
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
2 Q! ?- ]7 |+ [- A  \& nSeries 18 will be converted into Preferred Shares Series 19.- _/ ^6 U/ g# K. K, U7 Z: Z; d. A0 l
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares  [# ~. j8 [) g! p! j$ f3 s
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
7 Z, e( I  ^0 y' t$ {1 W8 Dany meeting of the shareholders of the Bank unless and until the first time at& T+ y# ~  _3 c
which the Board of Directors has not declared the whole dividend on the
6 Y2 K1 a1 u, ]# n) C. U. ]Preferred Shares Series 18 in any quarter. In that event, subject as
. E: e1 j* T% P4 C  t# i( s  xhereinafter provided, the holders of Preferred Shares Series 18 will be
" Z% t8 m  k3 H. N1 U1 R% {8 b/ ~7 Ventitled to receive notice of, and to attend, meetings of shareholders at which
3 @* R) o. W4 Z% N3 ?directors of the Bank are to be elected and will be entitled to one vote for) ?. I/ J  E$ t8 T
each Preferred Share Series 18 held. The voting rights of the holders of the
# G& i" c; w! E8 H$ `Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
" d6 ]3 o: d6 m! ^1 xthe first dividend on the Preferred Shares Series 18 to which the holders are
5 t8 T5 r9 I" M' s. q+ h: s/ @, xentitled thereunder subsequent to the time such voting rights first arose until  ]# @. j1 Y0 _% `) q
such time as the Bank may again fail to declare the whole dividend on the
; m2 X4 m1 c& ^/ B6 r8 q2 X' uPreferred Shares Series 18 in respect of any quarter, in which event such, G8 K4 u% V6 v: o( P' r3 X
voting rights will become effective again and so on from time to time.5 r1 x1 @0 _6 E) `7 Y0 P- G
Principal Characteristics of the Preferred Shares Series 19
7 e' p' ~% ?, [8 r! x+ p$ r; h" mDividends: The holders of the Preferred Shares Series 19 will be entitled to receive3 x% o/ ~) o6 R/ U% ?% D. _- {( [
floating rate non-cumulative preferential cash dividends, as and when- a8 ~, T; _. u) a; Y! y( v
declared by the Board of Directors, subject to the provisions of the Bank Act,
) m( ^0 Z' Q, f! mpayable quarterly on the 25th day of February, May, August and November
9 y& H6 H6 C" R0 Z& fin each year, in the amount per share determined by multiplying the
! p) U9 `( a0 X+ ~5 X% q. ~applicable Quarterly Floating Dividend Rate by $25.00.
3 n5 Q" P. ?8 y: VOn the 30th day prior to the commencement of the initial quarterly dividend6 P5 V2 i. y; y! G8 `0 a/ b/ S
period beginning on February 25, 2014, and on the 30th day prior to the first
: v8 |4 v+ [$ A3 f4 Y9 r0 mday of each subsequent quarterly dividend period (the initial quarterly
5 p9 ^7 ?  R; |- r. {dividend period and each subsequent quarterly dividend period is referred to5 w4 u% o7 j0 d) Y3 o; w1 F) t+ s
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
- k& L* v5 _- _2 MQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate: G& U( f- Q* e4 G0 l3 c( B9 c* [. B
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
' _4 e* s) c* |5 tT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days+ q3 A+ u( |0 e1 b) l. E' m
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
/ N: p- e7 y0 }2 S/ k1 Ldetermined on the 30th day prior to the first day of the applicable Quarterly, i7 C4 `) C; L1 ~$ k5 Z1 t
Floating Rate Period.
: k5 i7 c& B$ B: ^9 wS-57 n: Y. z3 N' F4 J; T& j4 ]+ _% T
If the Board of Directors does not declare a dividend, or any part thereof, on
+ K( F% o4 C0 V, Q0 @the Preferred Shares Series 19 on or before the dividend payment date for a
! J7 v. r5 o+ n  f1 pparticular quarter, then the entitlement of the holders of the Preferred% z. Z% l% {( \4 c$ s
Shares Series 19 to receive such dividend, or to any part thereof, for such% z) N0 p2 n. h: {7 t+ Y( I3 v
quarter will be forever extinguished.
: D6 f. g2 e, F+ x9 vRedemption: Subject to the provisions of the Bank Act and to the prior consent of the8 `- L' N; r4 m
Superintendent and to the provisions described below under the heading
$ O' {# d( C9 r4 ]$ c1 J5 `/ {‘‘Details of the Offering — Certain Provisions of the Preferred Shares
; ~- l! _6 S: N! iSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
  K  V" `( x2 o* n( Pon not more than 60 nor less than 30 days’ notice, the Bank may redeem all( A+ q' f9 N; C1 y9 i8 S0 r/ m
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s4 f% {* G2 E1 j2 d1 _4 Q8 |# R
option without the consent of the holder, by the payment of an amount in& p0 |; G7 {& T$ H) T7 r/ ?, y
cash for each such share so redeemed of (i) $25.00 together with all declared
- }/ `. w8 V& r# C3 X0 X& ]and unpaid dividends to the date fixed for redemption in the case of
2 I- M* ?  l$ Q% q+ j8 q- rredemptions on February 25, 2019 and on February 25 every five years5 m) M" X$ b1 P+ n( \; |. Y
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to1 J; w4 _% P+ h, V( Z0 j5 E: P
the date fixed for redemption in the case of redemptions on any other date" `  J. n: i" L+ J
on or after February 25, 2014.
# `, `$ x9 \5 ]8 u* LConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic" p1 N7 p' w, b& p  W3 e& S; X
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
; s/ Q# |3 r. I  Y& _2 A, f) p9 Mthe right, at their option, to convert, on February 25, 2019 and on
& x" ^" y4 }4 F& {February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
) m' H0 b2 w+ `4 _or all of their Preferred Shares Series 19 into an equal number of Preferred
$ \1 J+ z* \7 }6 |9 TShares Series 18 upon giving to the Bank written notice thereof not earlier
( ]2 g& Y9 E6 A6 n* a6 ]8 m6 fthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
' a; b5 u# C6 u0 x7 R9 T' b15th day preceding, a Series 19 Conversion Date.
( z5 V' [1 I. \3 s& x5 w- fAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
( b/ N5 f- C8 u2 iProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
6 ~9 [6 Y- C8 e' MSeries 18, as the case may be, that there would be outstanding on such
+ @6 A. q& S& |7 O4 y/ ZSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,9 W: g0 K7 D: O' w0 P2 L5 ]. m
such remaining number of Preferred Shares Series 19 will automatically be
4 J, p6 l: S  D) g3 S3 oconverted on such Series 19 Conversion Date into an equal number of
# C: H7 J0 a( V+ U0 o4 G6 E$ DPreferred Shares Series 18. Additionally, if the Bank determines that, after4 e6 p" A) l7 ?
conversion, there would be outstanding on such Series 19 Conversion Date
9 U" a; v3 V- P% w# [less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares" M( f1 s) @% f5 s1 f
Series 19 will be converted into Preferred Shares Series 18.9 x) {( c3 F- R# @/ R
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
6 B3 n. O1 s8 N9 |Series 19 will not be entitled as such to receive notice of, attend, or vote at,' C3 {! K) X5 O
any meeting of the shareholders of the Bank unless and until the first time at
+ r; a# i2 R+ n3 |; G/ }) x" Jwhich the Board of Directors has not declared the whole dividend on the
7 L% L' }6 k, I1 M8 s$ ?& q' d$ s- WPreferred Shares Series 19 in any quarter. In that event, subject as# G+ e8 n0 J1 F$ G
hereinafter provided, the holders of Preferred Shares Series 19 will be
& c2 e) I$ X( Tentitled to receive notice of, and to attend, meetings of shareholders at which
; ]! X6 V1 z/ V( @! y: }directors of the Bank are to be elected and will be entitled to one vote for8 r7 g9 ?3 T8 D4 x, f4 L- ]; d9 i
each Preferred Share Series 19 held. The voting rights of the holders of the# `# z# [* P7 I. }# i- x% F
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of1 `0 f1 i- v# S' u" B
the first dividend on the Preferred Shares Series 19 to which the holders are
/ M! _* Z7 c2 _' n5 t. R. z: Xentitled thereunder subsequent to the time such voting rights first arose until
3 H* M# ^" p3 L, E9 Msuch time as the Bank may again fail to declare the whole dividend on the
, ?1 F3 M7 t! U+ P5 y) [Preferred Shares Series 19 in respect of any quarter, in which event such5 ~; K) O3 {$ n5 u4 N, t6 q
voting rights will become effective again and so on from time to time.) `- A& e9 v" }7 q) p1 O6 a2 c
S-6: O- {& N) y" D7 x! r
Priority: The preferred shares of each series of the Bank will rank on a parity with) w; r5 J% {- n5 [$ d2 l- l/ U( F* c
every other series and are entitled to preference over the common shares of
+ N& R7 F0 g; lthe Bank and over any other shares of the Bank ranking junior to the% M0 E3 s+ ~7 W  N- E
preferred shares with respect to the payment of dividends and upon any0 T) Y) y+ [* \0 J# Z- A3 [
distribution of assets in the event of the liquidation, dissolution or1 e- s, T3 y5 I" d9 @7 q# Y" Y
winding-up of the Bank.
7 ]6 p. C- ^# c/ [" kTax on Preferred Share The Bank will elect, in the manner and within the time provided under- ?4 d3 Y, ?  J. c& L
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares( _0 \% C3 ~2 M- T" i, W
Series 18 and Preferred Shares Series 19 will not be required to pay tax on5 x6 C$ }  j# o8 a/ @9 M
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。
0 A* ^4 Q8 M, U9 T: P: X  d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
' W, X( ?0 j6 I& L/ O

& ^! ~/ D& k4 L+ i9 I2 V, q, P! i5 G下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。1 l9 [3 x/ W6 }: r( l5 a) r$ K
  b: ~- U% \; ?4 w1 i& D& C8 w) U+ r
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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