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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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' f( z' X% R: Z- k/ O, z) l3 O* b
& l6 W& @7 f/ z[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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 楼主| 发表于 2008-11-29 16:58 | 显示全部楼层
下面是BMO的:2 R3 X" _9 `  Y1 U/ g8 f1 x
SUMMARY OF THE OFFERING, V3 M: X6 t9 k' c4 `, _1 i. K
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’’.7 J/ E* x, B, N9 N9 X; w! `1 H% O5 \0 U
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.; I6 u  V& d7 R; O0 k0 e
Amount: $150,000,000 (6,000,000 shares).
( e7 A) j4 m# A" {' b9 WPrice and Yield: $25.00 per share to yield initially 6.50% per annum.0 w* d: J" d4 V3 f0 w2 Q
Principal Characteristics of the Preferred Shares Series 18
: \7 z0 L, n9 O4 |Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed0 n: }- v4 y6 Y0 \
non-cumulative preferential cash dividends, as and when declared by the
8 r$ Q% d+ }9 ^Board of Directors, subject to the provisions of the Bank Act, for the initial
$ [$ A6 q# W. e6 p4 C1 mperiod commencing on the closing date and ending on and including4 k, a/ @+ p4 S; u! S! U
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
( i* o% a+ y" y9 _+ v% j+ {25th day of February, May, August and November in each year, at a rate
1 w2 s/ z3 F7 P/ ~8 _& J- Requal to $0.40625 per share. The initial dividend, if declared, will be payable
/ _( H: [  `+ n0 MMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing# f, G! b. n/ o" H& w8 G  Q: ~# k) B
date of December 11, 2008.0 W4 ?6 \6 Z! \5 }, `
For each five-year period after the Initial Fixed Rate Period (each, a
3 V0 J7 ^/ U2 s. r8 g‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
' N" ]2 d, ~1 ^; U) v' L0 aSeries 18 will be entitled to receive fixed non-cumulative preferential cash
" ~! o  \; T/ _4 ~dividends, as and when declared by the Board of Directors, subject to the
" ?0 L" |& P/ |, J$ T/ A% pprovisions of the Bank Act, payable quarterly on the 25th day of February,% W2 v. U7 B( p6 D
May, August and November in each year, in the amount per share per annum* `1 T% V8 `9 R
determined by multiplying the Annual Fixed Dividend Rate applicable to* n' Z) L) O  d6 G0 {% {
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend) c/ t7 T; c% H7 u9 L7 ]4 W% D
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
$ z5 @% n5 @. r: w5 vBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day. K) a' J& q8 r( \& k
of such Subsequent Fixed Rate Period and will be equal to the sum of the+ `3 A% d- i& k+ t- E' q
Government of Canada Yield on the applicable Fixed Rate Calculation Date
3 T' W# B' U, q; d% iplus 3.83%.
# o0 p/ D) q+ D3 bIf the Board of Directors does not declare a dividend, or any part thereof, on
2 {) D9 T4 R0 f  dthe Preferred Shares Series 18 on or before the dividend payment date for a
6 N: G( o+ q# B7 ^- ^4 U( V. h- jparticular quarter, then the entitlement of the holders of the Preferred  v( n1 n: ~! D& E  @6 |& c  A
Shares Series 18 to receive such dividend, or to any part thereof, for such1 S7 B& o" d& X  e
quarter will be forever extinguished.% c" w8 t, t" Z) v
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
$ I9 c: r9 w. v+ u. b. }Superintendent and to the provisions described below under ‘‘Details of the+ }, ?7 p% ~7 j0 _7 G
Offering — Certain Provisions of the Preferred Shares Series 18 as a: K5 s& V  W+ [
Series — Restrictions on Dividends and Retirement of Shares’’, on/ Q+ ~! L: W% R# P. {
February 25, 2014 and on February 25 every five years thereafter, on not
# M" [2 \2 u6 M* Kmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
4 ?; I4 u/ w' ?; T( }/ H- ipart of the then outstanding Preferred Shares Series 18, at the Bank’s option
0 E+ p0 D! ~8 N. g4 r- ewithout the consent of the holder, by the payment of an amount in cash for
8 ^4 Y5 V  X2 @; W) geach such share so redeemed of $25.00 together with all declared and unpaid
5 [  N+ X0 H5 _! Y0 edividends to the date fixed for redemption.
: N' |( o0 y- c4 s2 S' i- k) sConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic5 r2 }9 E1 x' _
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
" A# V2 g. b" g8 {/ bthe right, at their option, to convert, on February 25, 2014 and on
' L, V: ]8 B; ?/ p% iS-49 D( `! y7 d& H4 N0 C4 ?* ]/ F
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any' C5 }$ H$ a3 H3 n; D! t
or all of their Preferred Shares Series 18 into an equal number of Preferred% R( |; c' v# a, P8 q
Shares Series 19 upon giving to the Bank notice thereof not earlier than; @, |' K* B! @
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day6 R  b* a! [4 n  F* k7 v* W; W' ~
preceding, a Series 18 Conversion Date.
% [2 ^6 u+ V9 A2 JAutomatic Conversion If the Bank determines, after having taken into account all shares tendered/ X! q7 b# j- d$ c
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares6 G7 x8 G5 u% o8 n, k
Series 19, as the case may be, that there would be outstanding on such
8 w" l! F- D8 p8 cSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
( r* M1 \: m+ N6 H0 X6 Dsuch remaining number of Preferred Shares Series 18 will automatically be+ U6 A9 x5 l5 _/ t* i
converted on such Series 18 Conversion Date into an equal number of, A$ m% @9 {$ h) [, x$ L. G3 `' |
Preferred Shares Series 19. Additionally, if the Bank determines that, after
# q7 A# `+ ^  j* X6 rconversion, there would be outstanding on such Series 18 Conversion Date/ c8 X' d# W8 b
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares( Y! A- M, h' [3 U2 T1 L! o
Series 18 will be converted into Preferred Shares Series 19.! n8 H$ }' s- u4 ?+ f
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
: I8 E8 M& ]2 T: WSeries 18 will not be entitled as such to receive notice of, attend, or vote at,6 j, J$ }9 U/ \" O+ |/ G5 K: a
any meeting of the shareholders of the Bank unless and until the first time at
( |! M' p% x/ Vwhich the Board of Directors has not declared the whole dividend on the
5 T) W; `- n+ vPreferred Shares Series 18 in any quarter. In that event, subject as6 K4 p  E9 ]: C+ g9 l
hereinafter provided, the holders of Preferred Shares Series 18 will be- j: t4 w/ l) S- ~* R) r
entitled to receive notice of, and to attend, meetings of shareholders at which8 l% Q) ^# k/ |3 W# E
directors of the Bank are to be elected and will be entitled to one vote for
; K; ]! K1 a; |2 [each Preferred Share Series 18 held. The voting rights of the holders of the. f/ b  i6 H; m0 W, n  X* ?
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
6 m8 q0 c  S0 L( n5 Cthe first dividend on the Preferred Shares Series 18 to which the holders are
: E( [8 Z. m% F# W4 L* Gentitled thereunder subsequent to the time such voting rights first arose until3 q0 T% ]; w5 Z8 k' T
such time as the Bank may again fail to declare the whole dividend on the0 K' m# [8 b$ I+ h' N* p  _, ?5 W
Preferred Shares Series 18 in respect of any quarter, in which event such* s4 X- A* f# z! m: u" e5 Q
voting rights will become effective again and so on from time to time.4 M! c: y4 Q' e9 Q4 J& s7 O
Principal Characteristics of the Preferred Shares Series 19+ g' u' R) i# S" X* b# l
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
1 d! q/ W5 m! _$ H! [3 t1 Yfloating rate non-cumulative preferential cash dividends, as and when
1 H- X0 R& h5 K: bdeclared by the Board of Directors, subject to the provisions of the Bank Act,  k, [' g: G. D0 W8 s, |
payable quarterly on the 25th day of February, May, August and November
- F. Q% }% O, A, _+ P7 Rin each year, in the amount per share determined by multiplying the
  l( t5 {& M2 Q+ n+ capplicable Quarterly Floating Dividend Rate by $25.00.
# z: J0 S4 P  V& v7 R# YOn the 30th day prior to the commencement of the initial quarterly dividend/ N" _* f8 ]6 E1 J8 M
period beginning on February 25, 2014, and on the 30th day prior to the first
) W/ \6 U( b+ }  mday of each subsequent quarterly dividend period (the initial quarterly
  s5 t) f$ [# {dividend period and each subsequent quarterly dividend period is referred to
2 d  Y+ K  P$ l8 z0 C: }as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the! y4 Q- p6 a/ \) b
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate9 y! T6 f& t2 d- i, j, X: F
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
4 ?: f- q# R0 Q- \& K1 N. \& iT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days3 C/ l3 [& i0 g
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
: c( ?* a. W8 X6 l. ?determined on the 30th day prior to the first day of the applicable Quarterly
/ V9 H5 ^" o- S( \0 n! B4 RFloating Rate Period.' f3 `3 K2 o$ x5 I. y. o8 ?
S-5
/ y$ n( t5 C- ^% D3 w' bIf the Board of Directors does not declare a dividend, or any part thereof, on
% }7 o/ e0 I0 v( O5 \8 U, `the Preferred Shares Series 19 on or before the dividend payment date for a0 A7 A; \* y2 B+ e3 i
particular quarter, then the entitlement of the holders of the Preferred
/ Z: w+ l- e9 P( G7 UShares Series 19 to receive such dividend, or to any part thereof, for such
7 q* X5 [8 a& P) Uquarter will be forever extinguished.
/ I# k5 P/ g8 d8 p9 C8 ~: KRedemption: Subject to the provisions of the Bank Act and to the prior consent of the4 |& f$ Z4 U% v3 p; m3 e$ a
Superintendent and to the provisions described below under the heading
/ k* q8 a/ o$ `3 {6 H# R) L" x‘‘Details of the Offering — Certain Provisions of the Preferred Shares. e  R  F- H4 \: l7 q1 i' {
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
* q, m7 V$ U- ~3 o9 r& ~7 }on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
3 }( L4 E- \" T' N0 X" `! h7 W5 V6 Tor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
  `3 l0 M2 }8 \- r  r/ G/ Foption without the consent of the holder, by the payment of an amount in7 s3 N: n4 v* ^1 ~" \
cash for each such share so redeemed of (i) $25.00 together with all declared  q( M3 a2 i- U9 j5 p
and unpaid dividends to the date fixed for redemption in the case of. g' ~6 u) q! y- z0 A
redemptions on February 25, 2019 and on February 25 every five years; `# p% K% Y; ^' T( @! {
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
5 L4 V, n6 z- g! |, athe date fixed for redemption in the case of redemptions on any other date
0 M1 w; F0 V! t, _) s' {" U0 ron or after February 25, 2014.
; C6 P+ Y. S9 hConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic* p2 }& ]) l/ s
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
. \- E# m* j5 {; F4 r2 Uthe right, at their option, to convert, on February 25, 2019 and on+ M$ B/ ^  ^- ~) m4 r
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
/ a( q9 r( K. L2 j# K' mor all of their Preferred Shares Series 19 into an equal number of Preferred
  U5 H: h! q5 |$ ]4 XShares Series 18 upon giving to the Bank written notice thereof not earlier' d1 `0 n" f! y6 ]4 E: O. a
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the9 y7 `0 W5 Z; h
15th day preceding, a Series 19 Conversion Date.
* f6 o, `1 j! H* V6 dAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
1 t8 N. f+ R: G2 O2 EProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
( ?) k4 f; r) K( U+ h4 y6 eSeries 18, as the case may be, that there would be outstanding on such
9 h/ p: A0 X8 G/ x6 r9 zSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,6 l+ R  f, X$ L. Q# K  x$ K
such remaining number of Preferred Shares Series 19 will automatically be& r$ Q9 h% y. e. ~$ k! k
converted on such Series 19 Conversion Date into an equal number of( F  R$ R0 A6 [  x
Preferred Shares Series 18. Additionally, if the Bank determines that, after4 D) p! Z6 [) Q
conversion, there would be outstanding on such Series 19 Conversion Date- ?& _3 o! X0 K2 \
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
' M9 g1 X6 b4 a# cSeries 19 will be converted into Preferred Shares Series 18.
2 F8 d  H! J: C2 pVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares' ]* x; M& h/ {& ?" J9 I2 V5 L- W4 X
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
% V2 b) G/ x* O% P: Aany meeting of the shareholders of the Bank unless and until the first time at
) h8 ~7 c8 e; q1 H( W2 _; Awhich the Board of Directors has not declared the whole dividend on the! o" i8 k1 q. d
Preferred Shares Series 19 in any quarter. In that event, subject as
/ H9 f/ }, S9 }: ~  [hereinafter provided, the holders of Preferred Shares Series 19 will be
5 V) j9 H' R. y6 Eentitled to receive notice of, and to attend, meetings of shareholders at which
0 @- i: v3 s3 X2 s9 ~directors of the Bank are to be elected and will be entitled to one vote for$ T' B+ _# B  ]0 v+ e1 P; w, ^
each Preferred Share Series 19 held. The voting rights of the holders of the
& b5 \% o9 N0 u7 c1 L0 a9 J5 O/ ?Preferred Shares Series 19 will forthwith cease upon payment by the Bank of# L% L5 x$ T& B# [1 O
the first dividend on the Preferred Shares Series 19 to which the holders are1 S/ p. b* J5 S- D* x* b" s
entitled thereunder subsequent to the time such voting rights first arose until5 }% ?3 u. e% K) {
such time as the Bank may again fail to declare the whole dividend on the3 r8 V, U! {. t9 k
Preferred Shares Series 19 in respect of any quarter, in which event such; t0 b# ^$ A# k  S1 V* [
voting rights will become effective again and so on from time to time.
, D' f" M2 N0 u$ tS-6( O, E+ K' N% s, S# M; J' }/ V. r8 b
Priority: The preferred shares of each series of the Bank will rank on a parity with- q( T' `: E+ P1 l& u, @; r; m
every other series and are entitled to preference over the common shares of. X9 W, ~% [1 C; h$ o3 y. D
the Bank and over any other shares of the Bank ranking junior to the
0 ]* n6 q8 L+ Z4 g, Rpreferred shares with respect to the payment of dividends and upon any7 d2 W, T+ Y( T8 k' u: G
distribution of assets in the event of the liquidation, dissolution or
( u* @5 @* k; i8 B! N. Lwinding-up of the Bank.
7 k; @/ T7 n6 w8 o, wTax on Preferred Share The Bank will elect, in the manner and within the time provided under( E) i' ]- s/ X" v' {
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares  T6 t+ C. H: d5 ^2 e4 \! h' J
Series 18 and Preferred Shares Series 19 will not be required to pay tax on: q% l/ r  n/ s4 O! [$ T2 ]& }
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。
& q$ L5 ~" K6 h7 z& Y/ g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

7 v( Y* T0 P  P5 [, \
$ [) o3 N# q  r0 g+ _) e# w: ~, B下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。* Y6 b6 G& q" ?! B* f

" b" G  R/ M6 r4 S/ Qcall 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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