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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。& d( N- E% Q0 @- R( x- v
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+ d# Z, O2 |' I1 N[ 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:
% j( N1 W& ~) A* VSUMMARY OF THE OFFERING
5 C; e$ {. f9 d. O, [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’’.
1 [3 ^- F9 {- }& kIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18." N  @( {0 G3 X9 s
Amount: $150,000,000 (6,000,000 shares).3 }1 F/ U/ k- t: h" e. _
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
- q3 I) {4 i/ |, N. {5 m) {Principal Characteristics of the Preferred Shares Series 18
3 D3 l" |5 d! ?2 i; e5 BDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
1 o0 D" s- a! x' f! @non-cumulative preferential cash dividends, as and when declared by the
" I2 o) L0 |( r. \2 g& {% m6 pBoard of Directors, subject to the provisions of the Bank Act, for the initial0 x" x1 \# @$ p) P% R# m- Q
period commencing on the closing date and ending on and including2 ^& {# p& |; ^* Q5 v
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the. U4 _8 o/ L- M2 I3 c
25th day of February, May, August and November in each year, at a rate
0 P* [) o$ B) Y- u  H6 hequal to $0.40625 per share. The initial dividend, if declared, will be payable
; o2 B+ C2 R4 i0 nMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
3 C2 w3 Z- s) n/ O& X6 Mdate of December 11, 2008.
! d% c4 t" o$ z. U' x+ v4 }For each five-year period after the Initial Fixed Rate Period (each, a; ^% N2 w6 B  y( e2 `" L" x0 t
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
: Q0 l, t: J3 n) ?Series 18 will be entitled to receive fixed non-cumulative preferential cash
' h) X. _) I  d( B& Udividends, as and when declared by the Board of Directors, subject to the" `2 u$ f) X" t7 ?
provisions of the Bank Act, payable quarterly on the 25th day of February,
* {4 S& @, s8 N; @May, August and November in each year, in the amount per share per annum
6 I' g- v2 }$ g2 }determined by multiplying the Annual Fixed Dividend Rate applicable to
1 V) \* l7 {: B0 `2 c0 A0 a& ]such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend7 l# o; r/ w0 S% g) v) b3 `% N$ E
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
# q: D# r$ `  \2 Y5 q- k  k; yBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day' ]2 r: D2 q  R4 z" c
of such Subsequent Fixed Rate Period and will be equal to the sum of the
, C8 h& G& N6 kGovernment of Canada Yield on the applicable Fixed Rate Calculation Date% q* P  h" D1 N8 h+ r
plus 3.83%.
4 d+ ]$ C1 z2 R3 e9 O% X8 G0 FIf the Board of Directors does not declare a dividend, or any part thereof, on  L8 M$ A( G7 ~7 f
the Preferred Shares Series 18 on or before the dividend payment date for a
3 J8 M) Q: R0 c# ]* {( R5 v" z% J+ ?particular quarter, then the entitlement of the holders of the Preferred0 J3 h, Z$ K6 a  u9 d$ a: O/ \
Shares Series 18 to receive such dividend, or to any part thereof, for such1 @' l3 @! a* B
quarter will be forever extinguished.
3 t; g* W# ^  ^. B) gRedemption: Subject to the provisions of the Bank Act and to the prior consent of the% o- f  J5 }4 v- y0 W; V
Superintendent and to the provisions described below under ‘‘Details of the% q- c# [: Y/ D2 R$ _( c* M5 @0 G
Offering — Certain Provisions of the Preferred Shares Series 18 as a
/ n6 P/ j( l% }) P6 |' [- C; i: ASeries — Restrictions on Dividends and Retirement of Shares’’, on% y* F- B% e" R/ \( w. l, _
February 25, 2014 and on February 25 every five years thereafter, on not
4 s5 Y' W, R8 t1 i* R/ ^more than 60 nor less than 30 days’ notice, the Bank may redeem all or any' x  y5 T. S9 g, O
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
* @* r2 a/ R. n, r: dwithout the consent of the holder, by the payment of an amount in cash for
6 \2 H9 d5 I5 z0 _  ?9 Oeach such share so redeemed of $25.00 together with all declared and unpaid, z5 Q, Y6 ~, [- b4 l  a8 T
dividends to the date fixed for redemption.3 H3 t6 p- V! d* H
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic' x9 j* W; M& x: {# H
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have' \" J5 x) W" q  [' @# ^' Y
the right, at their option, to convert, on February 25, 2014 and on
0 T! n+ Z9 V3 b' K0 j$ E4 @4 oS-4
% s; U# y& A% {. k0 LFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
! ]. a- C6 f" \) _or all of their Preferred Shares Series 18 into an equal number of Preferred5 l4 e8 S) r; _7 W  A2 E+ v
Shares Series 19 upon giving to the Bank notice thereof not earlier than0 Y9 c3 N! r5 F' q& G
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day4 ?& r9 `( L8 P
preceding, a Series 18 Conversion Date.
% ~! ^& p# g3 N' z& t& VAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
4 F: `- \& g6 R" xProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
. s  P2 a; `' p/ W' ISeries 19, as the case may be, that there would be outstanding on such
( O, r% Y/ j2 P6 n# ?6 sSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,! O9 f9 A8 W3 Q% f) y" o
such remaining number of Preferred Shares Series 18 will automatically be
  t$ x! R4 V" Y: O9 H, {) kconverted on such Series 18 Conversion Date into an equal number of
6 l: `. ]2 a: XPreferred Shares Series 19. Additionally, if the Bank determines that, after) B: x2 P& p: z4 {
conversion, there would be outstanding on such Series 18 Conversion Date7 F% Z# l8 D" n2 W1 k: O8 R
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
, U+ r6 H) k& k& S! h; P! ]$ eSeries 18 will be converted into Preferred Shares Series 19.: i7 n8 l4 [# t6 ]) G, ^
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
  F0 h* X5 z5 n, I: k0 ~1 o; p' t0 KSeries 18 will not be entitled as such to receive notice of, attend, or vote at,+ h: K6 r; R$ y. b. Z. G
any meeting of the shareholders of the Bank unless and until the first time at4 p1 n9 S$ Z: Y1 ]1 v
which the Board of Directors has not declared the whole dividend on the% @4 I0 ^* ^5 h# A% _: e
Preferred Shares Series 18 in any quarter. In that event, subject as
$ J& U  T# f1 G- o1 @hereinafter provided, the holders of Preferred Shares Series 18 will be
5 K  }9 q5 X% X, x+ Dentitled to receive notice of, and to attend, meetings of shareholders at which
5 h6 C5 }' F! U: b9 g; edirectors of the Bank are to be elected and will be entitled to one vote for
# }6 z$ x1 v9 A6 Peach Preferred Share Series 18 held. The voting rights of the holders of the
$ T0 O- o/ F3 o) OPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
4 Y' n0 N& o& v; z7 Othe first dividend on the Preferred Shares Series 18 to which the holders are
- e! H( ]( j% F5 T2 D/ |& Aentitled thereunder subsequent to the time such voting rights first arose until
: F; W/ ^2 m1 g( z9 Q2 dsuch time as the Bank may again fail to declare the whole dividend on the+ q5 Z# E7 N5 g9 r, a8 X0 s( N
Preferred Shares Series 18 in respect of any quarter, in which event such( u0 i% m% z8 U' o
voting rights will become effective again and so on from time to time.) |3 \1 ~9 j5 F* X) ~
Principal Characteristics of the Preferred Shares Series 19
4 W& h& I7 T$ n( U( N8 g. vDividends: The holders of the Preferred Shares Series 19 will be entitled to receive6 Z2 P" S7 c5 X1 q! h5 U
floating rate non-cumulative preferential cash dividends, as and when
& W. x( T3 Q4 \! H: \- Vdeclared by the Board of Directors, subject to the provisions of the Bank Act,# c& k4 B6 K) a
payable quarterly on the 25th day of February, May, August and November
: K- t- ]: w( R3 j- i% jin each year, in the amount per share determined by multiplying the+ w5 H% n: [5 y( [  B
applicable Quarterly Floating Dividend Rate by $25.00." L9 J# @9 |8 T* y  c- h4 ^, D
On the 30th day prior to the commencement of the initial quarterly dividend) ^' {4 W& q; T* N5 x) p# r
period beginning on February 25, 2014, and on the 30th day prior to the first
4 e) w7 ^. X" H8 k( H0 fday of each subsequent quarterly dividend period (the initial quarterly
/ H$ T% w. s, I" k& _) Hdividend period and each subsequent quarterly dividend period is referred to
4 e4 T5 E' K' S0 K" [, f! fas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
* @. Y% z  \4 d. i+ K' xQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
  L  l; |6 B, o, w$ O# nPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
0 M8 ^& o$ y+ |' E7 o+ lT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days% A& I) m3 J/ {2 h8 ]
elapsed in the applicable Quarterly Floating Rate Period divided by 365)! e& _# j/ l& W1 V2 p/ T# Z' r, X
determined on the 30th day prior to the first day of the applicable Quarterly
7 _0 Q# I, h7 k1 p' a& H; EFloating Rate Period.# A6 _9 R' [' l# I/ ^6 Y: c
S-5
! K/ b8 W. |0 X: ^: ?: m1 PIf the Board of Directors does not declare a dividend, or any part thereof, on
! t4 f/ Y( ^! x$ Hthe Preferred Shares Series 19 on or before the dividend payment date for a
6 @, }. U, b6 ?$ A# L8 Cparticular quarter, then the entitlement of the holders of the Preferred
3 z% H5 h! S) tShares Series 19 to receive such dividend, or to any part thereof, for such
2 A/ T) N/ A' c; y+ E/ g8 Wquarter will be forever extinguished.
5 u* O2 y  S: J  U3 cRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
1 O* Z  a' t0 r/ }# oSuperintendent and to the provisions described below under the heading
6 B0 s+ q1 Y  L  [8 Q$ M6 f. f‘‘Details of the Offering — Certain Provisions of the Preferred Shares* p% W$ Q2 f1 l% a/ w) i
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
8 l* z2 j1 m5 C- p3 P4 Won not more than 60 nor less than 30 days’ notice, the Bank may redeem all
! n$ X+ z  ?9 x+ ^- m* Kor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
7 l: Q/ J$ e5 Y6 N* toption without the consent of the holder, by the payment of an amount in
: O) o4 m" Y& @+ S' q, Kcash for each such share so redeemed of (i) $25.00 together with all declared% F5 @9 {5 ?9 `/ [0 ?
and unpaid dividends to the date fixed for redemption in the case of  v0 p5 w: L2 V+ ]& H
redemptions on February 25, 2019 and on February 25 every five years
4 w) y# J8 P/ ~( [9 l( y* x+ Lthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
% d7 J* ?; {. l3 c- N! j+ c* s2 x: Vthe date fixed for redemption in the case of redemptions on any other date
7 K9 C  N1 O* o1 H5 z9 Zon or after February 25, 2014.4 L) [4 r" Y3 P9 k; z, _
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic. H9 I7 ^7 ~: h1 m4 Q3 D" ~# B
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
8 q8 T& W/ q; N+ I6 Dthe right, at their option, to convert, on February 25, 2019 and on; S, V( h! k- v" g" A; ]
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
6 c+ k, ^' z8 P. w( \or all of their Preferred Shares Series 19 into an equal number of Preferred
5 E, F: A: K* ?+ v( t9 J7 @# MShares Series 18 upon giving to the Bank written notice thereof not earlier
8 B4 P! p8 E# p) b: t* w, R! athan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
- g6 q! B9 j2 Z1 P9 ^  N* O15th day preceding, a Series 19 Conversion Date.0 P+ D! Y( }6 i/ m1 n( x9 }( D
Automatic Conversion If the Bank determines, after having taken into account all shares tendered* [) z! A& r4 `
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
+ b5 H) {* M1 hSeries 18, as the case may be, that there would be outstanding on such
+ S6 q, e7 L* D  c, g; j% PSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
" y" b" p2 N9 y4 q9 S8 r( zsuch remaining number of Preferred Shares Series 19 will automatically be
. r% V8 A7 |% v- r4 E' econverted on such Series 19 Conversion Date into an equal number of
& t  Y5 G% m/ G5 b9 Z) wPreferred Shares Series 18. Additionally, if the Bank determines that, after0 \) F9 z' q$ Y, s
conversion, there would be outstanding on such Series 19 Conversion Date6 v2 O" |! c+ d, i  a
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares8 t% P% k& f, j% ], Q
Series 19 will be converted into Preferred Shares Series 18." R- f6 E) P# @0 h( V
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
1 X5 ?. T: ]4 q8 l+ ]Series 19 will not be entitled as such to receive notice of, attend, or vote at,
, d+ T3 [* I/ y1 u7 k5 e7 v+ x& Many meeting of the shareholders of the Bank unless and until the first time at
" L$ ^2 ~- U1 }. l$ q4 }/ i( dwhich the Board of Directors has not declared the whole dividend on the8 G( V: \' ~  k; U7 `: t
Preferred Shares Series 19 in any quarter. In that event, subject as
1 W1 T& L/ T+ {6 n) |7 m" F$ e: [  rhereinafter provided, the holders of Preferred Shares Series 19 will be
( n* h+ a* s  M3 aentitled to receive notice of, and to attend, meetings of shareholders at which
& Z1 G" ~; I+ V: V  ]6 n% f' V5 xdirectors of the Bank are to be elected and will be entitled to one vote for
- U; g3 C0 D8 f3 s$ Veach Preferred Share Series 19 held. The voting rights of the holders of the
- R+ O+ @0 M: b2 t# iPreferred Shares Series 19 will forthwith cease upon payment by the Bank of0 W4 z0 d. m9 L; D
the first dividend on the Preferred Shares Series 19 to which the holders are" y% V: f) u& h! _  x
entitled thereunder subsequent to the time such voting rights first arose until
0 v9 D; O$ y! b2 S$ zsuch time as the Bank may again fail to declare the whole dividend on the  W, Q& O4 G$ V' Y0 W0 Z% G
Preferred Shares Series 19 in respect of any quarter, in which event such
/ ~+ F: U5 G  |voting rights will become effective again and so on from time to time.1 Y% Z2 ?# k% s' a5 u
S-6
& W+ P8 i( s3 jPriority: The preferred shares of each series of the Bank will rank on a parity with2 G) V6 |7 L2 z6 h8 x! l: t7 [
every other series and are entitled to preference over the common shares of
( \. R! y; h9 a2 C# E- Pthe Bank and over any other shares of the Bank ranking junior to the
* x  j2 \4 i, Y8 G( Ypreferred shares with respect to the payment of dividends and upon any8 f; w4 y- N' B& A$ i. C: u
distribution of assets in the event of the liquidation, dissolution or! l" l/ _$ r$ D, N& [' F
winding-up of the Bank.
( k3 l$ _1 B* D1 U1 P: _Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
( R* K  p( R( BDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
2 S* X5 ~/ X1 p/ Y6 W' B/ KSeries 18 and Preferred Shares Series 19 will not be required to pay tax on' F; T: c. q. }! U, ]6 [
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。9 }( _& w! D) r) ^
今天讲座如何?
理袁律师事务所
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

, n+ `7 G; O6 m3 s# d& j7 G$ X1 Y5 I* M! @' V( j
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。0 F9 v$ K2 h! F7 Y, \* [( D3 h1 p

# M# {; ~- ?' i( `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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