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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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( ]+ H. M$ R9 B7 W5 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:! a& |" m6 g" w; e( N+ j
SUMMARY OF THE OFFERING
( x0 N) {* U/ P% hThis 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’’.; W$ M4 g7 V2 t5 N* K
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.% [  F1 X' _/ L3 ?6 h3 ^- s. `
Amount: $150,000,000 (6,000,000 shares)." y, _3 `# J: j' Z$ S) [, }
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
, g: V. Z" g$ |6 C& IPrincipal Characteristics of the Preferred Shares Series 18
7 |. a( o9 y) W1 v' o; b! {Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed& R4 o/ H& }; c6 N8 s
non-cumulative preferential cash dividends, as and when declared by the4 A6 ^# z: O+ z7 i* J
Board of Directors, subject to the provisions of the Bank Act, for the initial8 s- _$ g% {6 Z! c$ w- l
period commencing on the closing date and ending on and including+ p+ V1 q% r% t. b5 F
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
! k- a, j5 i4 ~! [8 L9 n+ D# ^0 Z25th day of February, May, August and November in each year, at a rate" T9 N) I+ n" l9 o  |3 [
equal to $0.40625 per share. The initial dividend, if declared, will be payable
- h$ V9 J8 R2 ]May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
6 s1 c: h8 T" v& O% n: `date of December 11, 2008.
. Z6 I  {% R3 UFor each five-year period after the Initial Fixed Rate Period (each, a! W; u/ Z4 j( u& G5 j
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
6 I$ f/ ~# E/ {8 ~! L, uSeries 18 will be entitled to receive fixed non-cumulative preferential cash
* v5 g1 ~( E# `! L3 d$ Kdividends, as and when declared by the Board of Directors, subject to the* G  \/ ~! @* u" R" L$ }& }
provisions of the Bank Act, payable quarterly on the 25th day of February,# ]( D* b+ p. i
May, August and November in each year, in the amount per share per annum
$ N, L, D& ]; ]+ h$ D$ xdetermined by multiplying the Annual Fixed Dividend Rate applicable to/ {3 I% B6 g5 W$ x+ H6 O5 O5 x9 a; p
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend0 |6 i9 a8 o8 s4 ]: M+ Y
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the$ a" `4 R/ b$ ]
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day+ H: L1 t- T) E" [+ [2 X2 o9 y
of such Subsequent Fixed Rate Period and will be equal to the sum of the
) G# l& ]4 p8 EGovernment of Canada Yield on the applicable Fixed Rate Calculation Date0 }* T0 r% ~/ \" d2 q* ^
plus 3.83%.
5 o! ]' {7 g0 e6 p" LIf the Board of Directors does not declare a dividend, or any part thereof, on0 r5 _6 s% v5 r, [
the Preferred Shares Series 18 on or before the dividend payment date for a& b  ?" m# \) F  p9 {0 `
particular quarter, then the entitlement of the holders of the Preferred
8 \. P8 ?0 G+ n! b+ U( HShares Series 18 to receive such dividend, or to any part thereof, for such' V. x" B9 g* q$ t
quarter will be forever extinguished.. i5 Y) s* f6 H8 |: {3 ^
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
: \8 |+ t3 E0 S2 {5 v# ISuperintendent and to the provisions described below under ‘‘Details of the. b2 E0 |3 b. d% O5 F+ G5 x/ D0 K
Offering — Certain Provisions of the Preferred Shares Series 18 as a' W- ^' c: p- [/ q( q8 ^" e& |
Series — Restrictions on Dividends and Retirement of Shares’’, on/ l9 O- L5 l6 V5 t7 h6 Y; y
February 25, 2014 and on February 25 every five years thereafter, on not
7 s; V8 v( l1 z, c& j+ {. ~' b! d1 nmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any" t% B" P8 i2 }
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
2 x& x$ e0 @6 T& p1 J: A# Mwithout the consent of the holder, by the payment of an amount in cash for
- w. q2 ?. d5 _' z$ ^6 [. l! ieach such share so redeemed of $25.00 together with all declared and unpaid
8 Y# D+ W# r! kdividends to the date fixed for redemption.
2 R& c. R1 I- ^6 c/ {3 v/ @8 y. y; EConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
0 T, m  d6 Q: {$ _. I( P- iShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
/ \0 {) j9 i3 S0 Ythe right, at their option, to convert, on February 25, 2014 and on7 D3 F. V1 K1 q5 j* C* n
S-44 N3 Y. \/ |# p0 e6 X
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
5 G! Z* L1 Y  i* v& nor all of their Preferred Shares Series 18 into an equal number of Preferred
8 W9 d/ I4 l1 X: ?; ]/ J3 Y+ Y' bShares Series 19 upon giving to the Bank notice thereof not earlier than
4 f* z$ B4 c3 l# x30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
# p' z  q4 l+ jpreceding, a Series 18 Conversion Date.
# h$ U" J" U  Q) ~. uAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
$ H6 k* Y! I# p( ]2 yProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares0 F- ~5 h5 \2 I) W9 X* L
Series 19, as the case may be, that there would be outstanding on such
+ |6 k4 |8 D! L' o9 |Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,  Z8 W( G( p3 [8 e# i# C
such remaining number of Preferred Shares Series 18 will automatically be. Y, j: R5 F/ `8 q
converted on such Series 18 Conversion Date into an equal number of! m7 q, p5 k0 {
Preferred Shares Series 19. Additionally, if the Bank determines that, after1 y2 R6 @  X. Z: @" D
conversion, there would be outstanding on such Series 18 Conversion Date
& v$ n; N3 U0 A, t* fless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares2 ~+ e$ a9 P8 F, R
Series 18 will be converted into Preferred Shares Series 19.
& n+ m, {4 h2 v, [Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares" [9 ^2 @  R* n7 b  T
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
0 H+ D# c/ A& P2 n/ m1 aany meeting of the shareholders of the Bank unless and until the first time at2 r# U, X% |- l. i0 \
which the Board of Directors has not declared the whole dividend on the
6 I  c9 u* [: F/ K3 |  A8 dPreferred Shares Series 18 in any quarter. In that event, subject as
; l, ?0 v8 \9 n* l$ v1 S$ thereinafter provided, the holders of Preferred Shares Series 18 will be2 h8 J( A1 u( z  c2 H& p. v
entitled to receive notice of, and to attend, meetings of shareholders at which  L6 q- x, v* S  G  v  i6 z
directors of the Bank are to be elected and will be entitled to one vote for
6 u, T% k, _. @) D0 w$ neach Preferred Share Series 18 held. The voting rights of the holders of the7 S& K: v5 T1 N& r' m
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
$ x* I. ^/ A8 _. F; X2 Y6 \, Xthe first dividend on the Preferred Shares Series 18 to which the holders are
9 ~, o5 e9 S1 J. z) e. E+ h0 p' Aentitled thereunder subsequent to the time such voting rights first arose until8 B0 m* `  D/ C- l0 `0 }& e
such time as the Bank may again fail to declare the whole dividend on the
% m! X, W( v1 \* i5 f6 ]. W! fPreferred Shares Series 18 in respect of any quarter, in which event such; G5 m1 f! w/ `. w
voting rights will become effective again and so on from time to time.. f  _* ^9 t% h5 H8 h
Principal Characteristics of the Preferred Shares Series 19
$ k/ E+ k; x5 x1 o) D) m. RDividends: The holders of the Preferred Shares Series 19 will be entitled to receive! m- {/ C3 X: f: ^6 q2 l) ]0 Q
floating rate non-cumulative preferential cash dividends, as and when* n1 S8 U0 \5 \( x! f
declared by the Board of Directors, subject to the provisions of the Bank Act,; [/ t$ q: B! C% E0 G* \
payable quarterly on the 25th day of February, May, August and November- c4 `" Z" g5 Q* H
in each year, in the amount per share determined by multiplying the! |! i$ g4 r4 W2 c0 e6 u( ^
applicable Quarterly Floating Dividend Rate by $25.00.
0 T0 Q* t9 ]( F( pOn the 30th day prior to the commencement of the initial quarterly dividend
* L3 r1 s( i: ]. K4 A6 ]period beginning on February 25, 2014, and on the 30th day prior to the first0 \5 y9 j* e% x: z7 r
day of each subsequent quarterly dividend period (the initial quarterly
! c+ f% U, S3 L  V9 X$ fdividend period and each subsequent quarterly dividend period is referred to: I: W8 L3 ~% k) f* K+ b
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
: G' a" Y: H* f$ S% p( |5 U/ EQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
+ W9 j; Z5 a2 S) NPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
" h7 g! z0 }1 }! Y3 {4 V( ]T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days% J+ P4 O/ q# q/ Z3 y0 h
elapsed in the applicable Quarterly Floating Rate Period divided by 365)! M$ y3 P) J, T8 ]! k4 O* \
determined on the 30th day prior to the first day of the applicable Quarterly
) w( K( M% a' G4 U+ C4 i# m% O% dFloating Rate Period.( l2 i/ p& `9 f( D& E8 d$ c
S-5
9 L) P' }2 ], a/ b3 rIf the Board of Directors does not declare a dividend, or any part thereof, on
7 c" X( V. S8 L  M5 i- Ithe Preferred Shares Series 19 on or before the dividend payment date for a5 C+ R3 i: w/ n, E+ h2 j
particular quarter, then the entitlement of the holders of the Preferred
/ W% Q. n5 h% H7 e$ O! b9 g* SShares Series 19 to receive such dividend, or to any part thereof, for such# F/ h+ U% C8 D, ~; L8 I  E
quarter will be forever extinguished.4 i' W  e; W5 ^& B
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the3 ?+ i# i2 F- \% n3 T
Superintendent and to the provisions described below under the heading# v3 V* V. _3 F4 ~7 n- r# R
‘‘Details of the Offering — Certain Provisions of the Preferred Shares; j1 M" Q# M. z# S: M
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
$ T% s: p+ t, W( `on not more than 60 nor less than 30 days’ notice, the Bank may redeem all$ h( J$ Y4 ^1 {% p) Z1 {
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
# v. _5 K' n; h& ]6 moption without the consent of the holder, by the payment of an amount in
# ~# B- u" E+ D. f' X4 P) y: qcash for each such share so redeemed of (i) $25.00 together with all declared3 W) W3 F# f+ v6 x! m( P8 w$ W  s
and unpaid dividends to the date fixed for redemption in the case of
* X; a  }" J1 v. L5 b& h' |redemptions on February 25, 2019 and on February 25 every five years
; [) s& ]- y- v  ythereafter, or (ii) $25.50 together with all declared and unpaid dividends to
& o! W; I: C0 ^( gthe date fixed for redemption in the case of redemptions on any other date
+ o0 W4 f' ~7 Uon or after February 25, 2014.
! n; A& k. i6 {! pConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic$ k  p8 r+ g+ w/ k3 T5 c/ p- N
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
: w, ~% q8 G! m! c+ b+ g4 @* x+ tthe right, at their option, to convert, on February 25, 2019 and on! x/ R- n. N/ @8 P
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any4 S- j* w' w8 E9 i" P' H& H
or all of their Preferred Shares Series 19 into an equal number of Preferred
# r: R9 |1 c' a7 F8 `  ?Shares Series 18 upon giving to the Bank written notice thereof not earlier) E3 e- Q/ o/ L7 h
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the0 D, X) w0 ^/ u. c* K( ^
15th day preceding, a Series 19 Conversion Date.
5 C, k3 i  ~8 R9 lAutomatic Conversion If the Bank determines, after having taken into account all shares tendered+ f' r# p1 x" w( Y7 E5 L5 E( n  N
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
/ F0 Y, P; K- x0 V, x+ r4 DSeries 18, as the case may be, that there would be outstanding on such
( m1 M' j3 x, N5 p3 U- ESeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
( b6 [/ f9 U0 p% Z% Msuch remaining number of Preferred Shares Series 19 will automatically be" v. R; h7 ~2 {! b1 l: j3 n- ^! K
converted on such Series 19 Conversion Date into an equal number of
) g0 V" j/ D# YPreferred Shares Series 18. Additionally, if the Bank determines that, after, s& x" K* ]" H8 G* N$ E4 @
conversion, there would be outstanding on such Series 19 Conversion Date
- u) T  x& h, \4 w1 [3 Qless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares" P* d1 P3 w; l8 I0 g" e4 L
Series 19 will be converted into Preferred Shares Series 18.8 q4 O# o3 w- m7 P$ U$ ^$ B
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
" b; v( ?6 w3 Z! tSeries 19 will not be entitled as such to receive notice of, attend, or vote at,6 l% B7 [3 \& k% q& ^, d
any meeting of the shareholders of the Bank unless and until the first time at4 P. p/ b. Z, O$ [8 m7 @4 A* d
which the Board of Directors has not declared the whole dividend on the8 N! f7 K! s8 e5 a0 V# [
Preferred Shares Series 19 in any quarter. In that event, subject as( b. p6 P8 \% L9 q6 Q/ j
hereinafter provided, the holders of Preferred Shares Series 19 will be
- a4 I$ D2 f8 _5 wentitled to receive notice of, and to attend, meetings of shareholders at which4 g" k6 h+ S7 m) [! |$ e" N
directors of the Bank are to be elected and will be entitled to one vote for
4 v3 P/ _8 }, f5 G* h- T8 |each Preferred Share Series 19 held. The voting rights of the holders of the
+ N4 [, {" ?; o% a# G2 y8 XPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
4 t/ \. S1 `% I5 r2 S- V; s, Vthe first dividend on the Preferred Shares Series 19 to which the holders are' t0 N9 f2 |) W' J' k8 `
entitled thereunder subsequent to the time such voting rights first arose until' r: ^% m7 I& \  n
such time as the Bank may again fail to declare the whole dividend on the! b% a. L5 ^6 L, M7 j* w
Preferred Shares Series 19 in respect of any quarter, in which event such! G# H& J$ T9 T/ Z+ P( P! ]) [5 t" M
voting rights will become effective again and so on from time to time.
* F1 k: F# Z1 H) S1 Z" G! iS-6
9 Z! G1 W& Q# l. n7 k1 f/ jPriority: The preferred shares of each series of the Bank will rank on a parity with. k" U9 t: L: |# k, t5 @# \& n
every other series and are entitled to preference over the common shares of: B' K3 X7 L  Z; r$ ^
the Bank and over any other shares of the Bank ranking junior to the
6 @# h8 q+ k4 F% fpreferred shares with respect to the payment of dividends and upon any
2 a  |7 r4 x) ^2 wdistribution of assets in the event of the liquidation, dissolution or
# y- j9 T! a- J  n/ y7 u- a6 ]winding-up of the Bank.
5 k7 d7 }# m& D" ~  }5 FTax on Preferred Share The Bank will elect, in the manner and within the time provided under9 _) _$ C$ Q% M% S$ P& |5 ~
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
" n' f' b7 z' @. N) z& K4 Z, p6 }9 \Series 18 and Preferred Shares Series 19 will not be required to pay tax on+ E: p2 u/ A0 @; g. e3 c4 D
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。- n- x, p6 O/ F# L' s8 B
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

- y" R3 P. u7 X" T. h2 P  ]/ f! ~9 \* E  E
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。, F9 Z* D! C2 R. Q$ \1 L0 S
. B  O9 Q7 w- P1 q* A
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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