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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。6 J+ C: K! W1 k( M. i9 z$ |

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* L" V; u' x4 o& e1 o: ?5 i  |[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
理袁律师事务所
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:* k$ D4 b: a* U8 p$ l1 B+ s
SUMMARY OF THE OFFERING/ h' Q* n$ p+ ^+ y: d
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’’.
+ D  j$ E9 t  I* V% \; XIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.  I9 Y3 K! S# A" F6 _6 A
Amount: $150,000,000 (6,000,000 shares).
$ f" @8 {4 m% }, ]' @2 oPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
; C( R: F1 J8 A& o! }Principal Characteristics of the Preferred Shares Series 18
, l- n% z$ ~1 w& j% ?5 xDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
) U5 w, z2 L4 ~+ r8 }% o2 Hnon-cumulative preferential cash dividends, as and when declared by the
, u- ^. ~+ F. S. P( F! L' v9 gBoard of Directors, subject to the provisions of the Bank Act, for the initial
; U4 c2 l0 C0 e. |. X# Pperiod commencing on the closing date and ending on and including: R7 l* }1 f/ S% C' v3 N9 z
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
( N' V4 c1 x+ V+ I25th day of February, May, August and November in each year, at a rate
, J$ e  H4 e! ~3 H) {6 l3 Aequal to $0.40625 per share. The initial dividend, if declared, will be payable# ]# t3 T+ ]5 X" B
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing8 |0 f& G9 B6 K. g
date of December 11, 2008.
! u" E" C+ N+ g6 a2 q) jFor each five-year period after the Initial Fixed Rate Period (each, a. W+ P3 _/ h; L/ V9 [; }. r
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares( M8 Y) ?% Q6 n/ r  M
Series 18 will be entitled to receive fixed non-cumulative preferential cash3 P. Y$ H2 m! g% Y
dividends, as and when declared by the Board of Directors, subject to the) t" U# n, M+ N; ^- z
provisions of the Bank Act, payable quarterly on the 25th day of February,
( B& V, o8 d5 X, f2 W( O% s6 WMay, August and November in each year, in the amount per share per annum1 a$ `3 f: o$ E9 f* L4 z1 l
determined by multiplying the Annual Fixed Dividend Rate applicable to
& h  s4 r" q8 Gsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
, Q& \: \8 r( ORate for the ensuing Subsequent Fixed Rate Period will be determined by the* }. r2 [# |2 d& M. d% H2 ~7 R
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day7 s! c- m! ?9 l. F
of such Subsequent Fixed Rate Period and will be equal to the sum of the
: w6 M# d, P9 D! bGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
" k: l# Y; ~" V6 uplus 3.83%.+ ~* T; o5 @3 J2 ^$ V, L# w1 R
If the Board of Directors does not declare a dividend, or any part thereof, on, B& S6 T7 w$ p; {8 i5 |1 o. z
the Preferred Shares Series 18 on or before the dividend payment date for a& u5 g/ z9 a/ p# }
particular quarter, then the entitlement of the holders of the Preferred" i: ^* U, T2 C" `5 Z
Shares Series 18 to receive such dividend, or to any part thereof, for such
6 g1 F: i6 J9 H7 h# L* ^' S  A8 Yquarter will be forever extinguished.5 c6 `& M  v! X
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
9 f" }- d& G4 ?: i- JSuperintendent and to the provisions described below under ‘‘Details of the
& ~# h/ m& I, S: A0 LOffering — Certain Provisions of the Preferred Shares Series 18 as a" `9 N7 R+ |1 v2 ]: B' Z
Series — Restrictions on Dividends and Retirement of Shares’’, on
6 s  S( z2 B0 l) l$ uFebruary 25, 2014 and on February 25 every five years thereafter, on not' N, I/ X! a! _0 e
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
& b. v6 O$ t5 E9 Q' opart of the then outstanding Preferred Shares Series 18, at the Bank’s option) W' y. Y, U/ r
without the consent of the holder, by the payment of an amount in cash for
5 I8 S/ ]# z5 Oeach such share so redeemed of $25.00 together with all declared and unpaid- B+ d4 k& L8 m% N- f0 X
dividends to the date fixed for redemption.
3 h/ o: o8 y; W, z0 g. q2 z! {  uConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic* J5 n( B- {& `9 M6 L3 Q9 A
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have- B8 y: W% F7 B, X# _% F9 W
the right, at their option, to convert, on February 25, 2014 and on0 Q$ T4 J0 W5 R$ z- e
S-4
7 E" F! f% S" X2 @! IFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
6 U* Q# [( l' H# t* Mor all of their Preferred Shares Series 18 into an equal number of Preferred
) r7 M" F4 h' k1 r5 S* _Shares Series 19 upon giving to the Bank notice thereof not earlier than
- X  X+ V: W% P4 A30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
/ U" N2 f1 W, X! lpreceding, a Series 18 Conversion Date.5 U; f# E5 M. W. G$ V% h8 {
Automatic Conversion If the Bank determines, after having taken into account all shares tendered( j; }8 S# i) T
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares3 e8 U* O( Z- S  o
Series 19, as the case may be, that there would be outstanding on such; T0 w: ~8 @# y/ v
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
5 r1 x9 z5 U! Z) n# Csuch remaining number of Preferred Shares Series 18 will automatically be
0 R) Y7 t7 }4 c( k  a! T' mconverted on such Series 18 Conversion Date into an equal number of
& v2 n  ?6 V3 a' fPreferred Shares Series 19. Additionally, if the Bank determines that, after) H" c! s3 R& z5 H2 D0 {" w8 u
conversion, there would be outstanding on such Series 18 Conversion Date4 Q, E4 ?2 t& O6 c1 m# |. c  R2 d& |
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
, N0 A" x, p% F" gSeries 18 will be converted into Preferred Shares Series 19.
" A8 [, g0 r  k  J/ n# C/ EVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
/ a* m% M0 E2 Y  y' @Series 18 will not be entitled as such to receive notice of, attend, or vote at,
0 Z% [/ m" I3 o$ @$ {any meeting of the shareholders of the Bank unless and until the first time at
6 k, n( M) s5 F7 @3 D5 b- rwhich the Board of Directors has not declared the whole dividend on the
' V; v' D$ W* yPreferred Shares Series 18 in any quarter. In that event, subject as
1 e0 s/ I; B3 H6 vhereinafter provided, the holders of Preferred Shares Series 18 will be" L( [7 N, m& Q" W+ K/ Y: B+ d
entitled to receive notice of, and to attend, meetings of shareholders at which
% S. s* {' X! u3 Cdirectors of the Bank are to be elected and will be entitled to one vote for. l( M# G2 @# Q' T
each Preferred Share Series 18 held. The voting rights of the holders of the
! N/ R( q" ]7 ~3 rPreferred Shares Series 18 will forthwith cease upon payment by the Bank of8 g% l+ a1 G9 L3 `  O+ W
the first dividend on the Preferred Shares Series 18 to which the holders are6 t! }: J3 M6 s, B+ F  I1 r
entitled thereunder subsequent to the time such voting rights first arose until- U+ a' Z" {- V
such time as the Bank may again fail to declare the whole dividend on the
# y! H$ H! v1 E( KPreferred Shares Series 18 in respect of any quarter, in which event such
/ G+ R* A6 r. gvoting rights will become effective again and so on from time to time.
$ f9 T8 z' Q' [, [4 w; D3 e; [8 a* u4 B9 LPrincipal Characteristics of the Preferred Shares Series 19
* g: h! R( F; Y- v0 T! E3 C# ~Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
- ~7 y6 M% b5 b3 m! zfloating rate non-cumulative preferential cash dividends, as and when* A3 _; n0 c7 @9 ^) [
declared by the Board of Directors, subject to the provisions of the Bank Act,
+ D. T# m7 z! c0 h7 f, mpayable quarterly on the 25th day of February, May, August and November
5 _4 @  H5 o9 {  Bin each year, in the amount per share determined by multiplying the% D: l' `4 x5 r8 Q& q1 m6 Y
applicable Quarterly Floating Dividend Rate by $25.00.
, w" o& h+ C' |3 f: l. q- f6 OOn the 30th day prior to the commencement of the initial quarterly dividend
6 f! ?  ^3 m) P. P3 m' O+ aperiod beginning on February 25, 2014, and on the 30th day prior to the first
# L$ f- P+ a( W, Z/ K1 a6 p: a' ]0 Zday of each subsequent quarterly dividend period (the initial quarterly
6 i( o+ O& N$ B9 r9 [7 O# ldividend period and each subsequent quarterly dividend period is referred to* X+ V) a- S8 p2 \
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
3 _9 Y4 u7 e. ^# K: [Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
* B& ]4 y) r  d) Z! [1 I9 }5 UPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
* y4 I+ ?- t0 Q& E; JT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
# h( q. N* e) _elapsed in the applicable Quarterly Floating Rate Period divided by 365)' _  Q4 g' s/ f& Z7 C4 V
determined on the 30th day prior to the first day of the applicable Quarterly
; d8 a3 h  O4 c& e, F; A# t$ XFloating Rate Period.9 z, f$ O3 L9 e+ N5 W+ k: \
S-5  h/ Q) }! Y' W& R! Z9 N9 N* D: R
If the Board of Directors does not declare a dividend, or any part thereof, on9 `0 I: Q: s' d! ]
the Preferred Shares Series 19 on or before the dividend payment date for a" F7 v8 P0 o& k2 e7 ^
particular quarter, then the entitlement of the holders of the Preferred1 b* H. f2 r( Y! P+ G
Shares Series 19 to receive such dividend, or to any part thereof, for such
5 r( l: S" {0 `" l7 p+ |; `0 K; T& I8 rquarter will be forever extinguished.
/ h7 ]2 T' v- H# CRedemption: Subject to the provisions of the Bank Act and to the prior consent of the0 {2 K; O8 ~8 M1 K; O1 ]# |
Superintendent and to the provisions described below under the heading
/ `( ]. {+ @3 `% y7 I1 h+ W8 j‘‘Details of the Offering — Certain Provisions of the Preferred Shares1 I; n: a( T' _+ j( P/ F" C: b4 U3 s
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,& J' g3 e7 K+ _3 z6 n$ S
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
2 u; ?- q' j0 @, D) H( Cor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
1 g  ]3 ]6 S7 t- t- B  Eoption without the consent of the holder, by the payment of an amount in
) V7 G5 C2 E4 Q1 k7 i# I1 G+ _cash for each such share so redeemed of (i) $25.00 together with all declared
8 f% B+ [+ ]# P& O- u0 Y( U# k- kand unpaid dividends to the date fixed for redemption in the case of
+ Q# q3 _; V; ^4 m; x, rredemptions on February 25, 2019 and on February 25 every five years( x4 `$ v% h4 q% c6 l0 a
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to% f! g6 S3 h5 {# m+ g3 B& ]" m: e$ a( Y
the date fixed for redemption in the case of redemptions on any other date
5 [- j, }$ J+ U% Oon or after February 25, 2014.3 K: Y* v! V+ t/ `
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
' V. f* {7 U( FShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
; t# o/ T' f5 H# h$ x1 Athe right, at their option, to convert, on February 25, 2019 and on
6 f% s& Y4 F  M9 J5 DFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any0 O% v' }/ G+ i
or all of their Preferred Shares Series 19 into an equal number of Preferred& Z8 ~, l% j% V( C; w1 m" D2 k
Shares Series 18 upon giving to the Bank written notice thereof not earlier
0 P5 ~% u; Z" s/ A; _3 f; tthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the/ l  X& O+ K9 [9 M
15th day preceding, a Series 19 Conversion Date.
  a: {( C' [# ?: BAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
. Y. L' W, X2 L9 l; wProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
+ B, B% y7 f/ CSeries 18, as the case may be, that there would be outstanding on such
& B) w5 B" c) v( h$ W0 j9 G: lSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
! q2 z1 G( ?7 F2 e8 Z$ f1 Osuch remaining number of Preferred Shares Series 19 will automatically be! x( A5 _" _. N  c! h7 b$ e
converted on such Series 19 Conversion Date into an equal number of$ c/ _( Y  y6 x& `
Preferred Shares Series 18. Additionally, if the Bank determines that, after/ I) `, N0 w  Z) }
conversion, there would be outstanding on such Series 19 Conversion Date
3 D5 k" L: a$ c* X$ zless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares; x8 U$ g7 x, U2 p8 m
Series 19 will be converted into Preferred Shares Series 18.. D0 j# {; ?' ^" r8 ~1 r2 K
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares8 R; t; K- w* U, c9 v
Series 19 will not be entitled as such to receive notice of, attend, or vote at,$ L0 r: T2 ^3 H6 }& F1 \8 W( C: h
any meeting of the shareholders of the Bank unless and until the first time at) a, c8 Z* h: b6 C% j* q# u$ n" W9 L
which the Board of Directors has not declared the whole dividend on the
! K$ d; a3 f+ }( BPreferred Shares Series 19 in any quarter. In that event, subject as
5 ?5 Z: y$ a8 H2 H8 hhereinafter provided, the holders of Preferred Shares Series 19 will be
  _' w3 s" U* oentitled to receive notice of, and to attend, meetings of shareholders at which: t& I! x, W# K7 v3 H2 c5 e- q9 O& K
directors of the Bank are to be elected and will be entitled to one vote for! b3 @9 E- _# V6 e" F% c
each Preferred Share Series 19 held. The voting rights of the holders of the
$ u7 t( w  j0 U: ]Preferred Shares Series 19 will forthwith cease upon payment by the Bank of( b' b% O; ~7 M, h' L0 g7 J
the first dividend on the Preferred Shares Series 19 to which the holders are2 ^9 S+ J) |: ?1 w
entitled thereunder subsequent to the time such voting rights first arose until
$ h. |1 `: o* W# Msuch time as the Bank may again fail to declare the whole dividend on the8 j- D  {5 K6 F
Preferred Shares Series 19 in respect of any quarter, in which event such# F9 G$ V* l% D0 m! T
voting rights will become effective again and so on from time to time.% \& W" s' x+ A7 L' H
S-61 E1 j: j' m2 W5 @3 z
Priority: The preferred shares of each series of the Bank will rank on a parity with0 e. p# d# D: A  f$ y% [8 t
every other series and are entitled to preference over the common shares of5 i. \! r  g1 n0 I
the Bank and over any other shares of the Bank ranking junior to the
6 v3 h+ r" ^( n& r) a+ Q; P/ _preferred shares with respect to the payment of dividends and upon any) I, O+ C& B* }- N9 z* O
distribution of assets in the event of the liquidation, dissolution or7 ^' J3 {) n& M
winding-up of the Bank.
) n  |$ P& v, o$ P# v7 ~/ ~0 B& oTax on Preferred Share The Bank will elect, in the manner and within the time provided under# a3 w* u( P5 q7 d: n* `
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
9 c4 D- X+ N  d8 k$ uSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
1 o9 X& X4 I8 A0 N; c3 F9 Fdividends 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。) I* Z$ @3 R; q, j% i# Y3 B" k
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

" P9 P& T7 F. U6 K" c  Q8 f2 G* n: m) _' J: D$ E
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。# o: t" H' ~+ |5 M+ V" Q
0 c) F8 J/ s# [" v6 o+ f
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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