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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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8 z* c3 T" D, B4 O1 \[ 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 w0 K( o( I* ZSUMMARY OF THE OFFERING
1 i* @" n" S( g; I7 X( V1 P* bThis 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’’.
/ v+ T1 G# r* ?; a% |3 |Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.5 Q0 n% D- L7 t' ^
Amount: $150,000,000 (6,000,000 shares).
$ G( F5 D4 E8 }! w+ w- FPrice and Yield: $25.00 per share to yield initially 6.50% per annum.& l3 F1 w( w# v1 f; Z+ X
Principal Characteristics of the Preferred Shares Series 18% Z, m* H0 l; l5 b3 L
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
$ g% G/ k0 K$ H% y# R4 C" [non-cumulative preferential cash dividends, as and when declared by the' h" X, W* \7 J, L" e
Board of Directors, subject to the provisions of the Bank Act, for the initial
4 O/ l+ i* B7 B0 Q( M2 B0 K8 x( Gperiod commencing on the closing date and ending on and including
# K, j5 o* v) ]February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
) h, ]4 F! Y; F  U25th day of February, May, August and November in each year, at a rate& s$ e, }* W& o4 D4 n, {. r
equal to $0.40625 per share. The initial dividend, if declared, will be payable
- ^1 [3 x" I) x4 \May 25, 2009 and will be $0.73459 per share, based on the anticipated closing) O5 f, g2 M6 C8 ^2 a
date of December 11, 2008.8 J2 s5 z7 }9 o  G& B+ ^  L* Z
For each five-year period after the Initial Fixed Rate Period (each, a
% X. ]* h0 R, u$ v4 m‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares4 b7 W8 T5 E7 `8 c$ `
Series 18 will be entitled to receive fixed non-cumulative preferential cash+ v' j% I% s% v5 ~
dividends, as and when declared by the Board of Directors, subject to the" K" S$ S8 A+ N! z8 v1 p3 @4 k
provisions of the Bank Act, payable quarterly on the 25th day of February,2 I' t; X8 v- Y/ b
May, August and November in each year, in the amount per share per annum; v1 n2 A9 d* o4 n# D$ D$ p
determined by multiplying the Annual Fixed Dividend Rate applicable to( q) P4 q" L) |3 y4 c; K
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
5 [; z! F9 b5 V3 T9 i  \/ o- YRate for the ensuing Subsequent Fixed Rate Period will be determined by the6 {, {1 R# D2 g1 q, Y6 m# q
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
0 d# @/ d: j4 }& g  J8 sof such Subsequent Fixed Rate Period and will be equal to the sum of the  S9 U& ~' n" \: x, |! t
Government of Canada Yield on the applicable Fixed Rate Calculation Date
) `6 c4 R) B5 z9 V* C: Q8 ]1 K2 @# \plus 3.83%.
. N" C0 V) w! c/ }; yIf the Board of Directors does not declare a dividend, or any part thereof, on" Y0 o4 W  c. J+ L3 V" J- d
the Preferred Shares Series 18 on or before the dividend payment date for a. k' c2 L* X9 |4 K$ M" O$ p7 Y5 A4 F
particular quarter, then the entitlement of the holders of the Preferred' A3 A4 Q8 |; K8 v
Shares Series 18 to receive such dividend, or to any part thereof, for such
9 {! a# W: \8 p7 ]quarter will be forever extinguished.
3 h9 H9 F& g: yRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
- p' S( @1 {- E8 m/ z, [( E% {Superintendent and to the provisions described below under ‘‘Details of the
9 W4 x9 n0 ]& P% NOffering — Certain Provisions of the Preferred Shares Series 18 as a. d6 }2 }/ S" ~; ~/ h
Series — Restrictions on Dividends and Retirement of Shares’’, on
3 t# s2 A! v( ?2 vFebruary 25, 2014 and on February 25 every five years thereafter, on not
1 {& w* x  |4 J( L0 Umore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
  x% e7 l1 X8 H) fpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
: [+ o  D2 \! B: b1 G' a) X5 Iwithout the consent of the holder, by the payment of an amount in cash for
# y$ ]3 Z5 y$ p, seach such share so redeemed of $25.00 together with all declared and unpaid
, h' T3 \; f% {" i# @4 X! Idividends to the date fixed for redemption./ ?4 x! Q/ w) \5 h! n6 y, r; s
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
: v4 R" o# K8 A- z# o# _/ EShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
. \* Y. U* l$ ~# Gthe right, at their option, to convert, on February 25, 2014 and on4 Y9 b$ M: x. d! ?
S-4+ Y2 C- V9 z2 K1 o
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
7 y8 ^) f% b6 w6 @2 Y* G+ U! ror all of their Preferred Shares Series 18 into an equal number of Preferred
6 P' ^9 p9 E- w5 O  R" Q* _+ YShares Series 19 upon giving to the Bank notice thereof not earlier than; S# A% ?8 c: E" o
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day, b7 @3 ]: O: W3 S1 h+ M, O. q
preceding, a Series 18 Conversion Date.
4 W( K/ }: U. Y5 [Automatic Conversion If the Bank determines, after having taken into account all shares tendered
- H0 b8 x$ _% T- I' c: {Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares$ T! S/ o% g' J" Z* \# M# F
Series 19, as the case may be, that there would be outstanding on such
& @% v+ z4 {% ZSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
8 d5 e9 P2 i7 I$ q: Csuch remaining number of Preferred Shares Series 18 will automatically be
( T- C! T0 \0 d% jconverted on such Series 18 Conversion Date into an equal number of
0 O! w& m' {+ U6 M; G: {+ TPreferred Shares Series 19. Additionally, if the Bank determines that, after0 r$ }7 M3 a0 e1 ]( [6 S1 K% z
conversion, there would be outstanding on such Series 18 Conversion Date
! f5 r" R  _8 ]/ U; R7 \7 ?less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares  A/ R& \, f1 l- F) [" O4 j
Series 18 will be converted into Preferred Shares Series 19.2 n- {" [+ Y( v6 Q
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares' c0 L3 R! k; p' m1 _3 J5 e; w
Series 18 will not be entitled as such to receive notice of, attend, or vote at,7 a; M  v4 F9 u1 d  I8 q
any meeting of the shareholders of the Bank unless and until the first time at# P8 r: h. Q' N6 x3 T
which the Board of Directors has not declared the whole dividend on the
% y7 h0 }8 K* G9 c% m0 Q- _Preferred Shares Series 18 in any quarter. In that event, subject as- L  `1 r* t" R; B4 v
hereinafter provided, the holders of Preferred Shares Series 18 will be
" H! ]. U* K. {2 ~$ jentitled to receive notice of, and to attend, meetings of shareholders at which
4 |& l; q0 c" i/ Xdirectors of the Bank are to be elected and will be entitled to one vote for
" E6 h9 t5 U' V; j* @each Preferred Share Series 18 held. The voting rights of the holders of the
7 @6 X5 H+ D) ~5 @0 [Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
% o+ V- P$ g1 V- F1 _& M- @the first dividend on the Preferred Shares Series 18 to which the holders are! q. l- W8 |* g
entitled thereunder subsequent to the time such voting rights first arose until$ v" D; F: j9 b# X7 ~
such time as the Bank may again fail to declare the whole dividend on the; s# X1 f3 L% u( ?, a2 ~4 h5 m
Preferred Shares Series 18 in respect of any quarter, in which event such
# }5 B+ j8 j+ P+ Yvoting rights will become effective again and so on from time to time.
1 j* ~. t! H' M2 @& UPrincipal Characteristics of the Preferred Shares Series 19: }! l% p, j: }+ N* S+ C% H9 D
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive3 `! \9 s( ^9 V, k; H7 G
floating rate non-cumulative preferential cash dividends, as and when7 T7 C# |# }0 q- L! x
declared by the Board of Directors, subject to the provisions of the Bank Act,  N4 ~6 b& K4 ]. O! q* B# [  d
payable quarterly on the 25th day of February, May, August and November& I1 c# B' E1 p; u- B
in each year, in the amount per share determined by multiplying the4 g0 E" U$ O+ p& G- Z0 r
applicable Quarterly Floating Dividend Rate by $25.00.; u6 ^8 Z" @; x+ \
On the 30th day prior to the commencement of the initial quarterly dividend
' W9 k' b  r' d8 Fperiod beginning on February 25, 2014, and on the 30th day prior to the first/ k$ k! T# p6 Z# O1 T# e& {6 u, Y; ]8 d
day of each subsequent quarterly dividend period (the initial quarterly0 q6 I6 A- h3 A2 H) B! p
dividend period and each subsequent quarterly dividend period is referred to
4 q& G2 P$ q8 f" k) \; |$ K: mas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
  J# L4 O9 W7 S0 N7 S7 R3 P7 iQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate/ D' n, O" i+ F: ~+ O8 o0 U
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the( n1 J( o% h8 j5 m
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
2 ]8 M8 f0 p/ l$ Y2 ielapsed in the applicable Quarterly Floating Rate Period divided by 365)
8 Q  v& r8 Z  Gdetermined on the 30th day prior to the first day of the applicable Quarterly. }0 S7 t+ D* {9 c
Floating Rate Period.4 z4 W9 {( P) |6 d! o
S-5
: @! H) \" O( \- i2 q/ zIf the Board of Directors does not declare a dividend, or any part thereof, on
- F! O/ v, i2 f& Sthe Preferred Shares Series 19 on or before the dividend payment date for a2 p$ W) }9 y. X
particular quarter, then the entitlement of the holders of the Preferred# q' C1 A3 ]( z' X8 @, f: k8 m) ?
Shares Series 19 to receive such dividend, or to any part thereof, for such
4 y, R; s. |: dquarter will be forever extinguished.( P9 R5 x! s2 `+ ^3 g
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the" }1 P3 e: v; `# d; p
Superintendent and to the provisions described below under the heading" w0 X$ B& J& [! ?+ m, ?9 m
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
' r6 |) X, j& _1 aSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
: Z: h1 ~2 @8 l% k3 |- ion not more than 60 nor less than 30 days’ notice, the Bank may redeem all
0 L6 ^* }# J. x( M" q7 uor any part of the then outstanding Preferred Shares Series 19, at the Bank’s- _0 J- v- ^$ \* d
option without the consent of the holder, by the payment of an amount in
* O. S4 h! x) O( U) u& D, tcash for each such share so redeemed of (i) $25.00 together with all declared
9 i; d, _; N  `and unpaid dividends to the date fixed for redemption in the case of
! ~; g7 o/ t' z5 F8 ?+ k* k3 {redemptions on February 25, 2019 and on February 25 every five years
( c! ?/ |6 }  T7 z" i, sthereafter, or (ii) $25.50 together with all declared and unpaid dividends to0 _. j" V9 A& l! \& U$ B: Y& C8 J
the date fixed for redemption in the case of redemptions on any other date
+ M! x0 _2 t) Hon or after February 25, 2014./ r8 \" a6 }& f3 t, N& y# l
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
  n3 ~' A' |0 Z: k# z, fShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have6 L/ A2 C  @; M: j
the right, at their option, to convert, on February 25, 2019 and on
- G9 A% R  b. W$ _7 i, ~4 {February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
1 x5 s- t+ ]& w2 xor all of their Preferred Shares Series 19 into an equal number of Preferred
, ?' C$ C  A( d! M- d) B- HShares Series 18 upon giving to the Bank written notice thereof not earlier7 d, P) Q% N, f, [
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the& ?- I5 R6 @  |4 p' k; Q$ b: `- Y
15th day preceding, a Series 19 Conversion Date.
" H% z% b; s' B7 `5 {" O& K- hAutomatic Conversion If the Bank determines, after having taken into account all shares tendered/ o7 @4 n: V' P' |3 E  W# t5 M
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
4 K* c& [+ ^. g, s) e7 ZSeries 18, as the case may be, that there would be outstanding on such, O+ }% c) c& w0 U! C# c. K
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
- T' w7 @3 a6 H' b; ?/ Y' E) Vsuch remaining number of Preferred Shares Series 19 will automatically be
; Z* K! }7 n- y  s4 i# vconverted on such Series 19 Conversion Date into an equal number of
: Z5 S# K. ?) \; a* ^Preferred Shares Series 18. Additionally, if the Bank determines that, after. w5 W' r  j) B) p5 n
conversion, there would be outstanding on such Series 19 Conversion Date$ B4 O- x1 A% o: T1 y4 J
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares! J3 U& h# q/ y+ S) S+ M
Series 19 will be converted into Preferred Shares Series 18./ r0 J/ H% s8 R8 }  _- w1 I
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
$ z# ~; }! L/ y4 |+ t+ `( T8 iSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
0 e: c. |0 Q' R& Tany meeting of the shareholders of the Bank unless and until the first time at
3 b+ \- `- U6 x# i" `, X9 I% zwhich the Board of Directors has not declared the whole dividend on the
* K+ X6 }. E  @0 qPreferred Shares Series 19 in any quarter. In that event, subject as
4 r4 C' Z$ B* H. b) c5 [hereinafter provided, the holders of Preferred Shares Series 19 will be2 F  \2 e2 |6 H# s& }, B+ x3 P: V
entitled to receive notice of, and to attend, meetings of shareholders at which' h' D6 m  H9 J
directors of the Bank are to be elected and will be entitled to one vote for
( C  N) i( }, K* g, Zeach Preferred Share Series 19 held. The voting rights of the holders of the
, P; _# ?% K4 F2 Q; ]. OPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
8 o, Y! I& {. h. |9 f3 \* Zthe first dividend on the Preferred Shares Series 19 to which the holders are9 V7 m- Z7 u7 M  E& K
entitled thereunder subsequent to the time such voting rights first arose until
7 c' f3 u, O+ z6 L0 @) e# }! rsuch time as the Bank may again fail to declare the whole dividend on the$ H! q6 A2 D6 H7 m5 r& c
Preferred Shares Series 19 in respect of any quarter, in which event such
& k- T+ T3 O  Lvoting rights will become effective again and so on from time to time.
# y9 T# Q- c" n% F' n* t: KS-6
5 C+ b" C4 J  o! C+ ~Priority: The preferred shares of each series of the Bank will rank on a parity with# x7 U- R( T9 Z- {6 g3 P
every other series and are entitled to preference over the common shares of
! l# H& e: n1 G9 V: Xthe Bank and over any other shares of the Bank ranking junior to the# I6 j8 x' M) u0 [8 G) w
preferred shares with respect to the payment of dividends and upon any
) y: U/ t9 f# v% zdistribution of assets in the event of the liquidation, dissolution or
0 R/ W5 i  R8 U9 y/ t4 F$ u9 Gwinding-up of the Bank.
; q0 e4 c/ p% |2 V: ZTax on Preferred Share The Bank will elect, in the manner and within the time provided under
& G1 a1 ]  {  P: \+ y6 JDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares$ H- I5 G# N+ C
Series 18 and Preferred Shares Series 19 will not be required to pay tax on# z7 M. Q& K1 Y! d- b
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。' J, @& y; D2 b6 q0 R4 {
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
! I0 m! }5 D5 Z: e) w- P$ A( W
9 I! T0 s# j5 ~
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
: {+ z" J. _& y3 ?. V8 N, `1 J8 t9 f; O; i9 n6 ]$ A% w. M! k1 z, v
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。
大型搬家
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