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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。
3 j, r+ M- \& W! N+ I* J4 V

0 B7 J2 L( x$ ?4 K- Z+ Q9 |6 H/ S0 i; X# P) G* O! l' 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:
1 O% I, ]& f. U. J! j0 |SUMMARY OF THE OFFERING/ C4 n, T; B) j# F+ V, ~
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’’.
: M/ P8 w$ j5 B1 yIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
9 {- ]% a+ Y# b5 Z& Z) j/ TAmount: $150,000,000 (6,000,000 shares).8 \- _8 s- |9 Q8 |. U. ]
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
3 X: _. |% A; O0 S% N9 u! FPrincipal Characteristics of the Preferred Shares Series 18
, D% q1 t, v+ VDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
+ ~1 A% C9 U$ l' [' p8 snon-cumulative preferential cash dividends, as and when declared by the& a/ i9 Z9 u- r
Board of Directors, subject to the provisions of the Bank Act, for the initial  P# M8 D& b  e" ~  r
period commencing on the closing date and ending on and including+ y4 P' }& [& f5 R0 H9 H! c0 V
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the- V5 l- [& @7 P" \; ?$ j
25th day of February, May, August and November in each year, at a rate
9 O  r7 l; s/ H9 y' M9 Oequal to $0.40625 per share. The initial dividend, if declared, will be payable
" U0 p2 ?( [6 l' B% m# ]+ ^May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
) z4 N# e* y- L2 gdate of December 11, 2008.
1 P- X  z  O" |For each five-year period after the Initial Fixed Rate Period (each, a* e- i& \2 Y  s6 n. O- ?
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
) H; O1 g" j) C9 a$ YSeries 18 will be entitled to receive fixed non-cumulative preferential cash
% p+ k1 [2 e* mdividends, as and when declared by the Board of Directors, subject to the" g' n& @) h0 p: c
provisions of the Bank Act, payable quarterly on the 25th day of February,
6 ]- V! u0 c7 m6 N' yMay, August and November in each year, in the amount per share per annum
, @% y. ], @/ N0 v; [+ ?determined by multiplying the Annual Fixed Dividend Rate applicable to/ o  M, _& @+ B- \
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend4 t4 F' l# d, E" @
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
( k) E6 N& Y; S( a# \2 |Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
! m: L0 o: V6 |: ?, Cof such Subsequent Fixed Rate Period and will be equal to the sum of the
7 [/ G1 C* E: E, g/ }4 e  oGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
- E3 j. b/ d1 ]4 q! B7 iplus 3.83%.' r" R! f  e8 e
If the Board of Directors does not declare a dividend, or any part thereof, on2 M6 K! g! P9 |
the Preferred Shares Series 18 on or before the dividend payment date for a
1 D, I" B6 M4 s5 ]0 Eparticular quarter, then the entitlement of the holders of the Preferred# H7 ^9 H" d+ {+ e2 m3 ^
Shares Series 18 to receive such dividend, or to any part thereof, for such
3 i" @0 F2 W( p: Q$ |- o/ o# k4 Hquarter will be forever extinguished.
0 t) u. V& G6 \Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
5 a0 ~9 _- z" i8 T1 K0 T2 u) {0 vSuperintendent and to the provisions described below under ‘‘Details of the' ~) Y+ C9 o& t
Offering — Certain Provisions of the Preferred Shares Series 18 as a# `  b- S* \+ N* q$ R, N
Series — Restrictions on Dividends and Retirement of Shares’’, on
: X5 o/ Y. e3 V6 ~2 GFebruary 25, 2014 and on February 25 every five years thereafter, on not+ @9 Z$ Q! }1 I; T
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
, |* \5 \9 n) {$ n4 W3 tpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
! D: Q( i+ h) \) |) B: u/ @' Q7 qwithout the consent of the holder, by the payment of an amount in cash for$ N2 Y0 t5 K! H% i% B" F8 Y& g
each such share so redeemed of $25.00 together with all declared and unpaid8 Y7 t- U% x5 @! ?7 ^$ S9 j1 T6 F4 w
dividends to the date fixed for redemption.
) i. W8 D1 U" i! S1 ]& m. C- gConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
5 ?$ K7 h( U: L: o0 a% S& zShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have& f5 f! _# A1 g5 d7 v
the right, at their option, to convert, on February 25, 2014 and on
. y( [" ?! Y& a: {( m0 M( V, HS-4
" r! o; y4 e5 i$ |$ f8 H- G. v+ bFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any& J; ~  ?2 \0 J9 n( w  w9 }3 G( B) n
or all of their Preferred Shares Series 18 into an equal number of Preferred* V3 c0 t9 `2 o# I; D
Shares Series 19 upon giving to the Bank notice thereof not earlier than0 x6 @9 N  r3 u8 C9 @. Q
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
. X! q- d" P" N+ [preceding, a Series 18 Conversion Date.
! [. A* g3 k# TAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
2 p) S$ c6 g7 A  lProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares. X$ w' E( G6 L/ c0 M
Series 19, as the case may be, that there would be outstanding on such) A" O6 X) {( Z( Y' @. s8 T
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,4 \" z) @% `3 N8 J: F/ H
such remaining number of Preferred Shares Series 18 will automatically be9 k3 w; G" a1 u9 C+ C8 w
converted on such Series 18 Conversion Date into an equal number of" l6 P7 w* d' ?3 F5 e
Preferred Shares Series 19. Additionally, if the Bank determines that, after
% b, g' x/ c7 p3 z8 j8 C" J) \4 m+ rconversion, there would be outstanding on such Series 18 Conversion Date" d1 V  H8 j0 p. A; H
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
$ _' ~0 u. C! eSeries 18 will be converted into Preferred Shares Series 19.
$ u% U/ B: A) k. ?/ F+ D. C" _8 ^Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares3 c4 {# X: _5 C0 H, z- S
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
! [7 z2 ~& H; P) y* J' k/ Bany meeting of the shareholders of the Bank unless and until the first time at
, _( H9 o# e8 d. a6 w' w1 wwhich the Board of Directors has not declared the whole dividend on the! e9 M5 d/ q+ ~" `1 r8 L
Preferred Shares Series 18 in any quarter. In that event, subject as7 p4 l( {2 \( E& i! ]. ]- H3 \  X- ?
hereinafter provided, the holders of Preferred Shares Series 18 will be
; D* o0 Z; Y# E6 fentitled to receive notice of, and to attend, meetings of shareholders at which5 L$ a- j4 ?) i* t- v9 e9 q! \
directors of the Bank are to be elected and will be entitled to one vote for3 |- h, J% j' j, v: @; T! m2 d
each Preferred Share Series 18 held. The voting rights of the holders of the  c4 o& |/ R; y) V! U: ]
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of; w2 p; A9 S8 K" n5 R3 a! e& R& l
the first dividend on the Preferred Shares Series 18 to which the holders are$ ~1 {) h; o$ a4 C
entitled thereunder subsequent to the time such voting rights first arose until# ^7 b& j' L) V4 k
such time as the Bank may again fail to declare the whole dividend on the1 W( i8 e5 `5 f$ a6 A- N6 V6 q
Preferred Shares Series 18 in respect of any quarter, in which event such) A/ ^! C; m& v! V, ~) m+ e  M
voting rights will become effective again and so on from time to time.
4 \* ]1 E* K; Y$ ^Principal Characteristics of the Preferred Shares Series 19
( a( {0 C$ I' y0 s$ ]# ZDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
* @: T7 n- y( a8 Qfloating rate non-cumulative preferential cash dividends, as and when, J4 ^( Z) H1 }  R! H+ A
declared by the Board of Directors, subject to the provisions of the Bank Act,: m! r3 {# u& f/ z9 P
payable quarterly on the 25th day of February, May, August and November7 V0 U  K" v. v/ `
in each year, in the amount per share determined by multiplying the
* l3 ^8 Z" [, u( S7 A7 gapplicable Quarterly Floating Dividend Rate by $25.00.8 \7 J7 v# e0 U% l* p
On the 30th day prior to the commencement of the initial quarterly dividend3 E+ K  E$ B/ [8 L' f
period beginning on February 25, 2014, and on the 30th day prior to the first/ i( L+ k; ]7 v/ W0 K8 h
day of each subsequent quarterly dividend period (the initial quarterly
- h+ I' K2 C7 ~dividend period and each subsequent quarterly dividend period is referred to
1 f1 n1 A9 a$ qas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the0 _5 @, B8 _) [. D) H4 Y- R$ G9 y/ N
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate+ v, u, a. B& D" V, s: l. Y
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the6 v! S- u' ]9 B) O! j" v
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days7 I6 V% H, q2 t( v4 }# r
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
# f1 D7 Q) r) i# A0 Bdetermined on the 30th day prior to the first day of the applicable Quarterly
* H: X/ J8 `! _9 D# P+ ?Floating Rate Period.6 I& F: [  b6 t8 }8 O) V
S-51 i! u" p9 o/ N5 M( T
If the Board of Directors does not declare a dividend, or any part thereof, on
  o, g$ ?9 d8 t4 B: G* o. zthe Preferred Shares Series 19 on or before the dividend payment date for a" C/ j$ ?/ [4 o( @
particular quarter, then the entitlement of the holders of the Preferred; J  O; {; j+ V0 x) V
Shares Series 19 to receive such dividend, or to any part thereof, for such- {) |/ z& R: i6 Q9 j9 q0 P
quarter will be forever extinguished.
* l( A2 p+ v8 N. {4 yRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
0 G5 A7 |3 g2 ?' ~Superintendent and to the provisions described below under the heading
0 `, e: q- V$ I‘‘Details of the Offering — Certain Provisions of the Preferred Shares" g1 X- O1 x) h  N
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,; e4 Q! I" d& k, Q& d0 U: p2 W
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all! A; Z$ w; j7 k7 i9 F4 l4 e7 c- U
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
7 f& s6 u' k8 q) w& H2 f' F2 Roption without the consent of the holder, by the payment of an amount in
$ Y1 }% ^7 j2 y+ {6 Z/ vcash for each such share so redeemed of (i) $25.00 together with all declared3 }* ]3 H1 {% ?! r
and unpaid dividends to the date fixed for redemption in the case of" Q; o( A* [  P4 p- n8 t) t
redemptions on February 25, 2019 and on February 25 every five years% k6 @+ @- R4 |6 T" ]
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to6 a8 |4 u: L, q
the date fixed for redemption in the case of redemptions on any other date
. [$ {- [7 Y! {" Z3 Kon or after February 25, 2014.! `+ y8 i6 K9 C5 H/ ?  ]
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic( l$ y7 O1 _& z/ @6 }4 Z0 q
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
" N. ^% h  n! J9 p/ F) R, othe right, at their option, to convert, on February 25, 2019 and on
' J  ~/ k  d, [8 i0 eFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any2 |7 q! |- V6 z2 l- b/ x  b' |0 ~+ D* g
or all of their Preferred Shares Series 19 into an equal number of Preferred" a& k$ `2 Q" j
Shares Series 18 upon giving to the Bank written notice thereof not earlier
2 p1 X9 R" V! j: Gthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the4 F: A/ k, X9 K0 q7 K- M! T
15th day preceding, a Series 19 Conversion Date.) t# Y  j9 b; }1 K
Automatic Conversion If the Bank determines, after having taken into account all shares tendered1 Q/ m  E" d1 c7 N! ]* X% h
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
2 i; b$ ]& T* f3 KSeries 18, as the case may be, that there would be outstanding on such/ [/ m! X. K! a5 M
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,1 S# D) [9 X" ?
such remaining number of Preferred Shares Series 19 will automatically be4 m5 v7 F  T- }# H9 P2 h' B' ^
converted on such Series 19 Conversion Date into an equal number of# k5 e' V1 Q+ k
Preferred Shares Series 18. Additionally, if the Bank determines that, after
$ V/ h2 [. T8 k& J! Kconversion, there would be outstanding on such Series 19 Conversion Date
) X; `) C* b8 F* n% [) Aless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares9 O" J: h: S3 n: _/ o
Series 19 will be converted into Preferred Shares Series 18.! u9 K  o  H6 V  {8 a8 R
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares4 M& [3 g$ G  T( i! q" F. d$ \$ V" ^
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
/ y8 a' H+ z/ i  ~7 a' w* p6 O# |any meeting of the shareholders of the Bank unless and until the first time at! L& t6 s! \" c/ D3 h* K3 e
which the Board of Directors has not declared the whole dividend on the3 m6 T8 l, s* g
Preferred Shares Series 19 in any quarter. In that event, subject as
3 D+ e9 X6 o/ ~hereinafter provided, the holders of Preferred Shares Series 19 will be
8 J. @; I1 S( Q3 h3 i: k" Zentitled to receive notice of, and to attend, meetings of shareholders at which; B- A! D! a2 }# A; i% [
directors of the Bank are to be elected and will be entitled to one vote for
+ i7 s0 i7 a/ n. h* _- v& Meach Preferred Share Series 19 held. The voting rights of the holders of the
. t# ?3 n  T% R$ E2 b- gPreferred Shares Series 19 will forthwith cease upon payment by the Bank of) }. D3 T  c6 b- U) s6 j% u
the first dividend on the Preferred Shares Series 19 to which the holders are
( G0 S) D7 G/ v3 z6 Hentitled thereunder subsequent to the time such voting rights first arose until
% i& v: @/ h% F* C2 O7 Q. usuch time as the Bank may again fail to declare the whole dividend on the
7 q8 e7 j" @) U+ d; ~Preferred Shares Series 19 in respect of any quarter, in which event such$ q/ w8 O: n7 M  r
voting rights will become effective again and so on from time to time.
( f/ k2 `$ P$ d* o& xS-6# F) }3 {- A% T6 C
Priority: The preferred shares of each series of the Bank will rank on a parity with
* z4 I4 r% `- O) r# Y( s+ devery other series and are entitled to preference over the common shares of
5 V+ m( x, L0 N+ y/ V2 othe Bank and over any other shares of the Bank ranking junior to the
* U7 r) {2 ?. E6 s3 N' [preferred shares with respect to the payment of dividends and upon any: f, v4 L9 |$ C9 P+ j
distribution of assets in the event of the liquidation, dissolution or
* b1 [" C: `+ j  X. iwinding-up of the Bank.# @: r+ P" f& t- }- \' }; q
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
" y0 ]" v- Y8 x0 x4 J/ ?; W7 a# QDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
. X. Z) [$ c* I& _3 D2 ^6 l2 J0 T8 j8 C3 NSeries 18 and Preferred Shares Series 19 will not be required to pay tax on5 X3 A3 v7 @6 J9 D& }* E
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。3 b$ T7 z" e1 E
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
' }* _) {' G' ^) `3 t% V

% n. s, r/ u( q9 {- K) r下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。- T; y% O5 ]* S8 Y! g
+ A3 x& D0 i7 F7 ]
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。
理袁律师事务所
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