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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
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和GIC。不过这种Preferred Share是一种股票,其风险比基金和GIC都大。7 V6 p$ ]  M6 z- B7 S
' l* T! m5 k" m( C/ b& f% m' M6 ?1 H# E

$ L4 Y8 C# E2 X; {# b7 \7 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:
% @3 [$ o* N" ^0 ySUMMARY OF THE OFFERING
+ H3 A, R! s" f7 \3 v0 U8 d4 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’’.
1 D2 W, R3 ^0 q* D/ TIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18./ U$ u& A2 Y8 u: f! U
Amount: $150,000,000 (6,000,000 shares).
2 @& t: x% Q$ G( }5 _* R# BPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
& }* \+ F7 F" l9 UPrincipal Characteristics of the Preferred Shares Series 18+ y- q5 r# y: G+ O0 q% w% c' u8 E
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
8 K' K. ^) X' e' j1 L$ u! K  _6 Inon-cumulative preferential cash dividends, as and when declared by the
1 i; m4 p1 j& S1 Z) uBoard of Directors, subject to the provisions of the Bank Act, for the initial- y. V# M- E; J: @
period commencing on the closing date and ending on and including
$ s: _/ m; t! L2 m; KFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
, U' {( Q' k8 `% w1 ~25th day of February, May, August and November in each year, at a rate$ J5 H3 a  M7 s/ p
equal to $0.40625 per share. The initial dividend, if declared, will be payable- v  G: ?% k! ]2 F, j0 t, x3 a
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing3 S6 {: K9 n7 }
date of December 11, 2008.( F9 h8 n2 \( P$ a! R
For each five-year period after the Initial Fixed Rate Period (each, a0 |* Q- ]+ s8 f
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares" M- E# @5 ^6 U% y9 Y# s
Series 18 will be entitled to receive fixed non-cumulative preferential cash4 O- M0 a7 M9 t$ L% ^! U/ @( j
dividends, as and when declared by the Board of Directors, subject to the
% e. y9 \( t0 ^7 f7 qprovisions of the Bank Act, payable quarterly on the 25th day of February,
6 w6 ^3 F6 c8 Z& f! q) ^, o7 q) DMay, August and November in each year, in the amount per share per annum
; N$ m9 o6 }& u; \# ^& \determined by multiplying the Annual Fixed Dividend Rate applicable to% @- G6 w! T& `4 e* o& u
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend" }) D" y, k% L6 r
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
' B& _3 D* w6 y1 ~Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
( j/ B+ ?3 b$ ?# \/ C* \of such Subsequent Fixed Rate Period and will be equal to the sum of the6 C, F8 E; ?% o# c: J  n2 D+ P, ^
Government of Canada Yield on the applicable Fixed Rate Calculation Date
7 m; D- j) x: P9 a- Tplus 3.83%.4 q5 w0 F' x, r6 S6 B
If the Board of Directors does not declare a dividend, or any part thereof, on( ~2 a" @; x% I9 u; i, N
the Preferred Shares Series 18 on or before the dividend payment date for a
. U1 B$ t6 ?1 V$ p2 bparticular quarter, then the entitlement of the holders of the Preferred
. ^+ ^& X. P' O6 E- hShares Series 18 to receive such dividend, or to any part thereof, for such1 \8 @& B& D: h6 K& J
quarter will be forever extinguished.
9 O+ [; {9 U8 w9 y9 d" TRedemption: Subject to the provisions of the Bank Act and to the prior consent of the: u# t5 j- k5 Q6 @* n4 a" {5 f
Superintendent and to the provisions described below under ‘‘Details of the7 M  u& [! l8 k0 R6 b
Offering — Certain Provisions of the Preferred Shares Series 18 as a
  u2 U" {! o3 S- [Series — Restrictions on Dividends and Retirement of Shares’’, on
; M- X& [" A/ k: V" rFebruary 25, 2014 and on February 25 every five years thereafter, on not! L# O' f- f2 `7 N% r- {
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any# T; {) E  ~5 Q; h4 }: P! w! F: Q
part of the then outstanding Preferred Shares Series 18, at the Bank’s option3 B, g  i' h; i8 T) _9 O2 o3 |
without the consent of the holder, by the payment of an amount in cash for0 d. a3 N% U) K' `
each such share so redeemed of $25.00 together with all declared and unpaid; l7 d0 H/ d9 k7 s' _# N, W
dividends to the date fixed for redemption.  ?; Z% j8 J) H4 d
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic: {4 m4 Y2 o2 o' f1 `4 x! V
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
4 W8 _0 T8 C( y1 p% I! \) Lthe right, at their option, to convert, on February 25, 2014 and on) M2 |" C0 K+ C9 F' W6 a
S-4! ^/ \9 E2 t8 |9 R  b5 F+ N
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any/ e3 s# |3 K9 d+ ]& }$ Y
or all of their Preferred Shares Series 18 into an equal number of Preferred% ~# v+ a, W; e# @! z  _4 F
Shares Series 19 upon giving to the Bank notice thereof not earlier than
3 U9 W: U6 U* r+ A6 ~0 T30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day' q/ x9 h: |5 f( ~$ M2 r/ z
preceding, a Series 18 Conversion Date.* V  {4 k* s# q, w, {7 c
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
1 n, j: R( X5 r6 V, {- d' ZProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares2 [7 U, m: p! |( g! F, O
Series 19, as the case may be, that there would be outstanding on such1 S5 R0 s. @2 x0 q. v
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
. I3 `+ D3 Y8 x; B% e/ t& rsuch remaining number of Preferred Shares Series 18 will automatically be
7 x$ Z- P# x( l3 J( [converted on such Series 18 Conversion Date into an equal number of
% L7 ~$ `) J% i) X; i5 t0 SPreferred Shares Series 19. Additionally, if the Bank determines that, after+ c2 ]! y4 M0 [$ ]- }/ E
conversion, there would be outstanding on such Series 18 Conversion Date2 A7 F" U5 w# m1 j) i
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
2 d. z' T' Y# t% kSeries 18 will be converted into Preferred Shares Series 19.8 X: R% p" R" j; m1 M; m
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares5 A5 D5 R& S4 w: d# c- d5 L7 I
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
, A4 r- r- }; v  i0 ^) N( O  ]any meeting of the shareholders of the Bank unless and until the first time at) h% X4 I- \8 t6 a
which the Board of Directors has not declared the whole dividend on the
  m1 @; `4 E& E" X$ U. rPreferred Shares Series 18 in any quarter. In that event, subject as
+ b9 K$ Z* z. x' rhereinafter provided, the holders of Preferred Shares Series 18 will be! @$ T2 @; E" w' X; v8 {4 d( }2 V
entitled to receive notice of, and to attend, meetings of shareholders at which
8 J; h4 s3 v# f$ J+ Y) pdirectors of the Bank are to be elected and will be entitled to one vote for  z* ?/ [, n+ U' J
each Preferred Share Series 18 held. The voting rights of the holders of the
) Q) y5 W' B; B/ P( Y, ^2 g4 hPreferred Shares Series 18 will forthwith cease upon payment by the Bank of8 t8 _' ]; h- B1 v1 h9 E
the first dividend on the Preferred Shares Series 18 to which the holders are
9 q5 ^- q2 f! l$ U5 L4 @9 n8 U) xentitled thereunder subsequent to the time such voting rights first arose until
# P: I( D) t/ Y* b; Psuch time as the Bank may again fail to declare the whole dividend on the$ ]+ j5 g6 y7 T0 Y3 h& x+ `
Preferred Shares Series 18 in respect of any quarter, in which event such' p* O) F6 j% c. y$ n& r' i: b% a  N
voting rights will become effective again and so on from time to time.% f! M7 t! g; j! r* f* m
Principal Characteristics of the Preferred Shares Series 190 |0 ]( T9 f$ `
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
8 P/ W  C1 i" Y! s- Sfloating rate non-cumulative preferential cash dividends, as and when
- k2 G1 I7 P& p6 Z. E8 H. Mdeclared by the Board of Directors, subject to the provisions of the Bank Act,: |8 t6 ?+ m1 m5 H1 |
payable quarterly on the 25th day of February, May, August and November
( U7 d0 J4 N9 F* e  W( \+ v5 j7 }in each year, in the amount per share determined by multiplying the' o$ ]/ w4 H' T% f/ y
applicable Quarterly Floating Dividend Rate by $25.00.
& ?, _/ K8 @' A, yOn the 30th day prior to the commencement of the initial quarterly dividend
$ c6 j8 g( V+ r8 y3 uperiod beginning on February 25, 2014, and on the 30th day prior to the first, m0 V/ I  r7 u7 a2 A
day of each subsequent quarterly dividend period (the initial quarterly
+ {6 f/ X+ b! Qdividend period and each subsequent quarterly dividend period is referred to4 c* N7 z8 L. \, |/ U: G$ \
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the" W3 I+ {! {3 b( Q
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate! T  x. X* n! ^
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the: z7 W* u0 h# L+ c5 I  |
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days+ k4 T" x  j% p( w
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
& V4 H& r1 a: f; ydetermined on the 30th day prior to the first day of the applicable Quarterly: d5 o- ~! ?( e9 y1 s* m
Floating Rate Period./ ?. d9 }* S# Y- `, x6 Y$ o
S-5) H, U6 @8 J3 k5 O
If the Board of Directors does not declare a dividend, or any part thereof, on6 o( b( K0 g# U- b
the Preferred Shares Series 19 on or before the dividend payment date for a- E# z- g' u( d) r$ w) g) q+ h
particular quarter, then the entitlement of the holders of the Preferred
. m) m8 |: k3 ?9 RShares Series 19 to receive such dividend, or to any part thereof, for such3 I- u1 g9 v( z/ m& g* _2 P4 O7 E0 G. H
quarter will be forever extinguished." u- i. X( I2 l2 @$ H1 P
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the3 W1 h; l; @) E4 n4 O- n
Superintendent and to the provisions described below under the heading0 E& q# m6 a4 i" N7 c
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
1 |9 I7 C& {3 v; g7 X2 M6 t* K% `Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
6 |9 [" }2 c: h" O/ gon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
9 b" I+ i  k/ y. X) g4 ?( jor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
- }5 [; c% N4 }, E* Roption without the consent of the holder, by the payment of an amount in
" ?0 _9 a# b. d4 Kcash for each such share so redeemed of (i) $25.00 together with all declared6 i. u6 O& N- B0 G" h
and unpaid dividends to the date fixed for redemption in the case of( f. m  r4 _; d
redemptions on February 25, 2019 and on February 25 every five years3 j4 g# Q0 I* e+ E# g
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
$ L3 ~8 ~' X2 V; |* W9 G, `the date fixed for redemption in the case of redemptions on any other date
" E8 m; f. L. x/ S6 k1 Bon or after February 25, 2014.
  T+ j+ D" W7 G4 @3 I8 dConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
4 h$ Z3 Y6 y+ D3 l: aShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
- ]7 N3 @( p' F! m2 ]the right, at their option, to convert, on February 25, 2019 and on
4 g1 W9 p3 J, W! LFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
+ K4 ]6 ?3 @( ?0 T+ }) J8 U" mor all of their Preferred Shares Series 19 into an equal number of Preferred3 ?  Q. H. ^' Y8 [9 C, t0 o
Shares Series 18 upon giving to the Bank written notice thereof not earlier
+ X( N! _% S" B; v# b' `' w; R, dthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
* ^. v& L" P# z' V) b15th day preceding, a Series 19 Conversion Date.. w3 b! P' T* e- H. t! y6 [! K1 O
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
! a8 Q" V! Y! ~, i! ~. @Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares! h" h" n9 P2 w$ s' G
Series 18, as the case may be, that there would be outstanding on such
* \, i/ I! x  ~! ^Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,% T3 _: L) w) K% A& b
such remaining number of Preferred Shares Series 19 will automatically be# y7 L  ]2 @1 ^' h! y
converted on such Series 19 Conversion Date into an equal number of$ D3 \9 n* O# h- v" G* o* x
Preferred Shares Series 18. Additionally, if the Bank determines that, after
# F7 U4 M% u* F* Vconversion, there would be outstanding on such Series 19 Conversion Date& n1 ]8 K. s. b5 |
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
/ ~, L9 p% v: u2 m- wSeries 19 will be converted into Preferred Shares Series 18.
7 O9 @. s( ~. gVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares" H5 a7 q8 ]4 H  c" a
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
9 x; v( C* c# t( A( n! wany meeting of the shareholders of the Bank unless and until the first time at
$ B4 ?  \2 z2 g1 ^) hwhich the Board of Directors has not declared the whole dividend on the
1 \4 T( S8 f! b4 q6 Q6 PPreferred Shares Series 19 in any quarter. In that event, subject as6 |; ?! l0 [0 {6 e# i  \6 T6 {
hereinafter provided, the holders of Preferred Shares Series 19 will be6 c1 P4 e# \/ a; F! S( y- V5 X
entitled to receive notice of, and to attend, meetings of shareholders at which
# i+ L* E) O3 |; q1 t0 d  p% l" [1 F! ldirectors of the Bank are to be elected and will be entitled to one vote for
# B* _! m3 D% a0 O9 ?/ L2 leach Preferred Share Series 19 held. The voting rights of the holders of the
& L: @0 W' Q  W! w& U. {Preferred Shares Series 19 will forthwith cease upon payment by the Bank of. T( f/ D# e" L# p" X" j$ a& z- B
the first dividend on the Preferred Shares Series 19 to which the holders are
* f, x1 K  k+ Nentitled thereunder subsequent to the time such voting rights first arose until4 B. c6 X9 \2 t9 s( q& ~: L! P3 ?  a8 c& ~
such time as the Bank may again fail to declare the whole dividend on the8 V% w1 C& Q6 z* p( U& t
Preferred Shares Series 19 in respect of any quarter, in which event such4 r! d' ?7 i/ X2 A" J7 e1 k- Y* V% A
voting rights will become effective again and so on from time to time.
3 V! W3 M; K+ ^# x8 rS-6
  q: @9 v' P  h6 }+ _& {; q3 B8 ]Priority: The preferred shares of each series of the Bank will rank on a parity with
8 s% t8 i. _4 w3 ~0 u  x: oevery other series and are entitled to preference over the common shares of
. w4 L, L( }" C. a3 vthe Bank and over any other shares of the Bank ranking junior to the
; {0 L' G7 s4 r, a1 o4 m: k6 fpreferred shares with respect to the payment of dividends and upon any
: ~( d+ }- C! o* `/ vdistribution of assets in the event of the liquidation, dissolution or
# T3 i- k  c) x) R7 h3 Gwinding-up of the Bank.7 a8 ]' W; D/ s6 R$ E( Q7 O' [: v
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under* y5 Q: W5 i( Q
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
4 b5 S  k7 @4 u& ySeries 18 and Preferred Shares Series 19 will not be required to pay tax on
- t6 l& V' X6 i' ydividends 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。
: f9 c7 i6 k& n7 Q' U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
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

2 M% x( e& {5 a5 y* w% F9 f
% o; J3 M; c$ L7 J2 U, w5 ]下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。5 J9 F& r& H( R8 E4 e

* p! c$ N+ a5 ?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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