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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。- N5 |- N) `- x! L4 x5 H: ~
5 U( L9 g  U$ O: z3 `/ _% l

0 L$ V; m7 G' B& D; Q; \[ 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:# Q# G. v1 x* X% I$ g
SUMMARY OF THE OFFERING( }* @* m/ R' q- Z8 Y7 Q1 L
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’’.
( P# G* h: U1 i. h* gIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
! h& d7 {3 F) Z# F/ a& @Amount: $150,000,000 (6,000,000 shares).
" ?8 X2 z: @7 _$ T, C* U" z  C8 M& s5 kPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
% B$ C# Q4 D6 {2 rPrincipal Characteristics of the Preferred Shares Series 18
3 ~' a( m- P# H: ]Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed$ K) X9 j0 [2 h" l! ]9 p. w) W
non-cumulative preferential cash dividends, as and when declared by the
9 I2 k8 o0 H: ~4 q; M3 rBoard of Directors, subject to the provisions of the Bank Act, for the initial$ b9 T' h1 Z) r  F; N
period commencing on the closing date and ending on and including3 g3 h) [4 [5 V, Q, g
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
: V) u# I6 J. _) N+ M% G, h25th day of February, May, August and November in each year, at a rate
7 |: V$ J( r; _' uequal to $0.40625 per share. The initial dividend, if declared, will be payable
1 X2 G  {# {% U7 X9 [& ?. p1 cMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing1 d& U& j0 h* e3 B4 R7 s& ?
date of December 11, 2008.- @. F& A& G( {/ p: ?
For each five-year period after the Initial Fixed Rate Period (each, a' q6 Q+ s- u/ Z3 n: E  I
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
; D9 Z( H+ C& g) ~Series 18 will be entitled to receive fixed non-cumulative preferential cash
! ]. U+ k# j- p7 G: O" q, m% G+ kdividends, as and when declared by the Board of Directors, subject to the
. n! {9 p4 ?4 J; t- j* kprovisions of the Bank Act, payable quarterly on the 25th day of February,
9 b, y! e$ y: p" O) qMay, August and November in each year, in the amount per share per annum
. t' K  V' @3 A- R8 c. K& Pdetermined by multiplying the Annual Fixed Dividend Rate applicable to
* w5 [! A# B! ?9 E$ Wsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
' j- T  _7 T8 i$ b4 LRate for the ensuing Subsequent Fixed Rate Period will be determined by the! B# y4 X7 |6 ?* S4 U
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
1 _  l" c- i2 X) P2 ?of such Subsequent Fixed Rate Period and will be equal to the sum of the3 ?' ]8 h: ?1 c; E3 K* }/ I
Government of Canada Yield on the applicable Fixed Rate Calculation Date8 H; p7 x. a0 D0 I# A8 F
plus 3.83%.5 B5 ]9 e; s, ^4 _1 u5 X
If the Board of Directors does not declare a dividend, or any part thereof, on
/ N! C' B& D' k9 b. n' ]) Tthe Preferred Shares Series 18 on or before the dividend payment date for a
) \- W- G, t8 q; jparticular quarter, then the entitlement of the holders of the Preferred* V" G$ z  Y' e7 @* ~8 |. @
Shares Series 18 to receive such dividend, or to any part thereof, for such
: l$ F. Z  W- gquarter will be forever extinguished./ j  I. e) w, u% i* k
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
4 ]$ {8 Y' N. wSuperintendent and to the provisions described below under ‘‘Details of the' g2 `: A# I2 a$ m
Offering — Certain Provisions of the Preferred Shares Series 18 as a
; p4 ~% B+ e3 A$ [Series — Restrictions on Dividends and Retirement of Shares’’, on
' ]& D$ h6 y- S$ q; H, @February 25, 2014 and on February 25 every five years thereafter, on not
* Y1 d# Z9 r$ h4 k$ C8 {* tmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
$ q  A; f; x1 \  W' p3 {part of the then outstanding Preferred Shares Series 18, at the Bank’s option# z: \- E6 w3 I( O! E" F1 {
without the consent of the holder, by the payment of an amount in cash for" b; Y+ o8 a0 q4 A4 Z: H$ d. x# U
each such share so redeemed of $25.00 together with all declared and unpaid
- I- @% f' R7 q/ f  [: |  ]dividends to the date fixed for redemption.) h: Z4 Q2 x8 @" z! @8 P% S2 b. ^! V; ?
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic6 @- i! O8 O: }7 e2 ^: \$ O
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have& }+ I0 F! b) }
the right, at their option, to convert, on February 25, 2014 and on" ]  L4 @" x0 i: l
S-4
+ ]; z: g! ^" @4 d* j: j; ?( sFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any  g7 p* i0 e+ v1 ?( I
or all of their Preferred Shares Series 18 into an equal number of Preferred1 S( `+ T6 V  v( o* |1 q! `
Shares Series 19 upon giving to the Bank notice thereof not earlier than1 q; R4 E: m' l& x0 D$ R" W
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
% i* @. g2 I+ X1 K9 M/ Z- [( Ipreceding, a Series 18 Conversion Date.1 Y, z4 J5 P6 `! E3 L$ p
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
, n# S8 A* |, I! e9 j8 OProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
9 E+ K' i0 f( J! O, Z' R( U& \Series 19, as the case may be, that there would be outstanding on such
/ t& [: _6 X3 Q8 e( xSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
, }. b2 J; s' `8 f( b7 |, zsuch remaining number of Preferred Shares Series 18 will automatically be
' A" x: O& R# q7 c) iconverted on such Series 18 Conversion Date into an equal number of
" {1 [6 h0 R6 Q) A* |8 ZPreferred Shares Series 19. Additionally, if the Bank determines that, after
- n! [* T, n9 A8 J- A9 `4 |conversion, there would be outstanding on such Series 18 Conversion Date
1 O% O! G$ A$ i3 h0 r% T0 f! bless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares" _, W6 I/ F$ {
Series 18 will be converted into Preferred Shares Series 19.5 a7 a% E( b: D3 a) L) I% e* u
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares: J: f# T/ a' T. T  g$ y( A
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
0 {' X/ d+ \7 A' Cany meeting of the shareholders of the Bank unless and until the first time at* @3 l3 M! X% T3 S! t) ?- ?- u
which the Board of Directors has not declared the whole dividend on the
" f$ A/ W; D0 z6 ZPreferred Shares Series 18 in any quarter. In that event, subject as* M0 u. }( W0 [0 M& G. `2 c+ J1 Y
hereinafter provided, the holders of Preferred Shares Series 18 will be2 V# M' K7 Y8 D8 y$ `
entitled to receive notice of, and to attend, meetings of shareholders at which% g* ^, n5 d! u2 C9 m5 E
directors of the Bank are to be elected and will be entitled to one vote for
! [) Y* ]6 y7 w. @: Q* leach Preferred Share Series 18 held. The voting rights of the holders of the6 e& h# n7 L$ e# d& C' ]1 u
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
  b8 q" L  {6 e- H3 sthe first dividend on the Preferred Shares Series 18 to which the holders are; f, k; ~) c0 x: ?0 i
entitled thereunder subsequent to the time such voting rights first arose until8 ^4 O; \( T4 Z+ u) P/ Q7 O' E: l: b7 D
such time as the Bank may again fail to declare the whole dividend on the  U5 H; v- h* p1 I
Preferred Shares Series 18 in respect of any quarter, in which event such* h+ T) e. x0 k/ a% S! P3 D
voting rights will become effective again and so on from time to time.
, G" j2 {+ ^/ w3 \4 B$ NPrincipal Characteristics of the Preferred Shares Series 19
8 X4 E& a$ T  Y$ r' k( ~Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive. C' X9 l. D9 g/ K% [$ w
floating rate non-cumulative preferential cash dividends, as and when
7 F8 K2 ~4 ]2 M% B9 bdeclared by the Board of Directors, subject to the provisions of the Bank Act,, ]" v* G3 |& x  q6 r
payable quarterly on the 25th day of February, May, August and November6 Z& Q0 Y. J2 k# e7 u; P# M# a
in each year, in the amount per share determined by multiplying the
  ~8 Q1 z6 D" ?! dapplicable Quarterly Floating Dividend Rate by $25.00.7 t1 W$ c5 i# q& L" b1 u8 \% Z4 u
On the 30th day prior to the commencement of the initial quarterly dividend
# x0 e( k  \8 Y" O# m) ]period beginning on February 25, 2014, and on the 30th day prior to the first- x. V  e0 m  U/ A
day of each subsequent quarterly dividend period (the initial quarterly
4 H" v: Y( D7 s. v$ a: p2 R' h/ qdividend period and each subsequent quarterly dividend period is referred to# H( p* p3 B# y' i3 s
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the' O7 {" s4 t8 W, D6 E" S
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate& X8 k& C1 B% _; a& E/ p9 Y/ j
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the3 }! f+ F3 c2 E  \4 Y2 ~' `7 I9 O' c
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days% K; v9 x/ H2 O1 o$ z4 u. U
elapsed in the applicable Quarterly Floating Rate Period divided by 365)/ r9 o( R- E: ~0 `+ x; ?4 r
determined on the 30th day prior to the first day of the applicable Quarterly
( F, \& }$ `9 r% q5 g2 ~7 pFloating Rate Period.' ?7 ]0 M% a3 |& e# C
S-5
+ H+ O% ?" F% l& k8 S9 M& ZIf the Board of Directors does not declare a dividend, or any part thereof, on
9 {- ~; W, p/ ]* d# u0 U6 E0 z( ithe Preferred Shares Series 19 on or before the dividend payment date for a: J. B! s% v4 B  q) f3 {
particular quarter, then the entitlement of the holders of the Preferred8 M& h; j5 k# ^/ f4 a1 O* i
Shares Series 19 to receive such dividend, or to any part thereof, for such
/ D. @! A) n) ?( I, T  i7 w! zquarter will be forever extinguished.
% E/ h& m, e: X3 ~( p0 _Redemption: Subject to the provisions of the Bank Act and to the prior consent of the( W6 g. _9 H0 \+ Z; v9 H
Superintendent and to the provisions described below under the heading
( j0 D1 `% g# C) f/ v. O2 w- N* x‘‘Details of the Offering — Certain Provisions of the Preferred Shares) D- b5 d2 H3 ^1 s1 ~( W
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
. E/ T9 \) g4 [  Z# i# `on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
: u! S  ?4 s. w% h( Vor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
$ T$ T5 q+ y& ^. T: foption without the consent of the holder, by the payment of an amount in7 b5 E' _: ^, x# ^" p3 x4 V0 I2 m6 X
cash for each such share so redeemed of (i) $25.00 together with all declared
' ]$ v9 i) M( i: H' ]and unpaid dividends to the date fixed for redemption in the case of$ W1 m# W1 G/ q- i
redemptions on February 25, 2019 and on February 25 every five years
: h/ j8 ?; n! w4 }4 q% o3 ythereafter, or (ii) $25.50 together with all declared and unpaid dividends to* X( S+ l+ k/ G+ N7 s3 g/ O3 |
the date fixed for redemption in the case of redemptions on any other date. ?  s0 J. K1 @7 x% v
on or after February 25, 2014.
+ b( m5 A8 n9 vConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic6 v$ ]8 d9 F& [
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have' S& s- q& t$ @+ g4 S
the right, at their option, to convert, on February 25, 2019 and on( d+ _/ N+ L* P! @+ g, t& h
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
8 B8 `. _* Y; G* {; b3 p0 b2 Zor all of their Preferred Shares Series 19 into an equal number of Preferred3 X( V- B4 P+ P) e% V
Shares Series 18 upon giving to the Bank written notice thereof not earlier5 ^# w4 o& E/ l' C" n
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the, i7 s6 r) {3 G- c  _3 q; B# g
15th day preceding, a Series 19 Conversion Date.) @8 s6 p: D6 T- |) T% l
Automatic Conversion If the Bank determines, after having taken into account all shares tendered; Y$ |1 K  |4 }, v7 S1 a: q5 U$ O
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
) g  @& r7 k# f+ A# }! J4 PSeries 18, as the case may be, that there would be outstanding on such
: e3 T9 Q: E8 |9 H' vSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,: H. D' x/ a& W- @7 G5 Q; c9 a
such remaining number of Preferred Shares Series 19 will automatically be! b" g/ ~) B0 Z. ?8 {; E3 y0 {
converted on such Series 19 Conversion Date into an equal number of
4 c7 v- k4 e& o7 z# P) O' q1 pPreferred Shares Series 18. Additionally, if the Bank determines that, after$ j+ p- N1 p" n8 H% l2 r5 ~8 q3 Y# C
conversion, there would be outstanding on such Series 19 Conversion Date* L) {# l; N0 W3 U; E! ]* U
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares# E! R9 i' o  \' b$ l, N0 o9 u
Series 19 will be converted into Preferred Shares Series 18.3 n2 `4 C. Q8 l5 ]$ K
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
6 ]; U1 I" D' D3 _1 R; uSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
1 D! K5 E+ A0 L0 W  _any meeting of the shareholders of the Bank unless and until the first time at; ~+ b% W7 g: [  \
which the Board of Directors has not declared the whole dividend on the
$ F) _4 y' y5 B; ]8 }+ LPreferred Shares Series 19 in any quarter. In that event, subject as
/ U% c1 s* P1 u+ Q+ S/ {5 f5 Qhereinafter provided, the holders of Preferred Shares Series 19 will be
( H0 z! d, l( E# Tentitled to receive notice of, and to attend, meetings of shareholders at which
1 U) o9 s9 i7 X7 B1 U' \directors of the Bank are to be elected and will be entitled to one vote for
; W8 g- V5 i: c; Qeach Preferred Share Series 19 held. The voting rights of the holders of the
3 G+ H) {+ ~9 v3 Y7 W  VPreferred Shares Series 19 will forthwith cease upon payment by the Bank of9 W$ j0 a9 X: ]% F. t
the first dividend on the Preferred Shares Series 19 to which the holders are
0 c, u4 P( [) m% L+ Q& pentitled thereunder subsequent to the time such voting rights first arose until/ p( G+ P. f, B: f* \5 a/ J
such time as the Bank may again fail to declare the whole dividend on the4 D- ?: H# B( U5 U4 W6 o3 [
Preferred Shares Series 19 in respect of any quarter, in which event such
( i3 j0 {( X& d1 D: \6 t- M0 ovoting rights will become effective again and so on from time to time.
8 R2 U& q/ C3 j5 z  f8 xS-6
2 g  P1 O* o9 w$ jPriority: The preferred shares of each series of the Bank will rank on a parity with' j( Y( j4 T* u7 x% S) x
every other series and are entitled to preference over the common shares of
: [  T( _" p, k1 ~the Bank and over any other shares of the Bank ranking junior to the3 w: I) Y' ?2 P+ R$ @
preferred shares with respect to the payment of dividends and upon any: y' o2 p) ^6 D
distribution of assets in the event of the liquidation, dissolution or6 V' K9 g8 D) s$ w$ ?$ ~, B
winding-up of the Bank.2 v$ b$ v5 Z: {% `) J% r, T
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
3 u! g7 `4 n. E+ e/ tDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares, f* ?9 D$ h5 e: s7 [  e
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
2 u+ C2 h- V: v9 w+ ^" o0 cdividends 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。' d1 r% d& k% r; Q. D% i
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
; B* d4 l9 T* Q# Q" w/ ?. A
1 s5 ]  Y) R% Y' f4 x6 Q- C# Y! Z
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
. Q3 N& s7 N) n$ ]) @1 J1 W" G
" E* N! P! I7 ^/ K3 u1 Ucall 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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