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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。' `, s0 r5 e( P$ U

; x, o& C; ?$ v9 o" a$ E, L
9 m; m: B. K5 a1 a& M# C[ 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:
! n" g# D! t" C0 M  p) @3 o7 rSUMMARY OF THE OFFERING0 L. P: ^  f2 R% l/ Z/ U
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’’.
% @' h! ?6 r# h! GIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.8 v* h" G+ G2 |
Amount: $150,000,000 (6,000,000 shares).* L3 _( [+ j# k0 V
Price and Yield: $25.00 per share to yield initially 6.50% per annum.% S: ^; g( ?$ a! s5 J& d
Principal Characteristics of the Preferred Shares Series 18
" [4 H' i7 V) K5 A" \% [Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
3 k8 V1 P) f- K) g0 \5 nnon-cumulative preferential cash dividends, as and when declared by the# v. r7 r& C& M4 R9 b! {
Board of Directors, subject to the provisions of the Bank Act, for the initial
6 q# o/ t( C2 Z: k. W8 v! k4 S) zperiod commencing on the closing date and ending on and including
: r' g- |8 H! {1 t$ h' }  P- FFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the9 o* x8 g6 l0 U# H) n8 ?, L$ U+ V
25th day of February, May, August and November in each year, at a rate
! Y$ L% [3 @4 W' i" ?- @/ ]equal to $0.40625 per share. The initial dividend, if declared, will be payable; Q5 w; y, n4 m5 F: u
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
: e# U1 d9 F9 E: k5 m/ y; wdate of December 11, 2008.
& E8 z) S. [7 P7 {/ A, v# {% ]6 }For each five-year period after the Initial Fixed Rate Period (each, a" ?. ^! L0 R6 r6 t) i
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares0 F6 l. }/ O6 Q$ j! O2 X- T0 |* l
Series 18 will be entitled to receive fixed non-cumulative preferential cash
+ P% p& H6 G+ \) C' R( ~5 `dividends, as and when declared by the Board of Directors, subject to the
' Q' Q- d6 j- F5 T- g3 A6 o: ~provisions of the Bank Act, payable quarterly on the 25th day of February,
0 P& z! U# ?% PMay, August and November in each year, in the amount per share per annum
6 N* F" R4 ]3 R2 S4 _determined by multiplying the Annual Fixed Dividend Rate applicable to
8 O- ^, w8 Y/ b3 Usuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend4 I6 X5 E) T5 c
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the' M  ]0 X) y0 ]  V' y
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day, h' S0 W4 l$ t# S) o: s
of such Subsequent Fixed Rate Period and will be equal to the sum of the" e$ h' ~! h  n& x  p8 {+ @/ C0 K
Government of Canada Yield on the applicable Fixed Rate Calculation Date
' E$ @: L* t/ aplus 3.83%.. B8 v+ @! J8 `4 b3 {# e) \- V
If the Board of Directors does not declare a dividend, or any part thereof, on
' o) s* a4 c1 i& f) Ythe Preferred Shares Series 18 on or before the dividend payment date for a2 x7 R" a9 j% s7 Y" Z' _! L
particular quarter, then the entitlement of the holders of the Preferred
& U4 l0 Q3 ^2 }+ D- bShares Series 18 to receive such dividend, or to any part thereof, for such) m2 q4 g$ J- P0 V
quarter will be forever extinguished.4 U) g/ m( q6 i
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the( V7 {$ c$ f9 }  o
Superintendent and to the provisions described below under ‘‘Details of the1 u8 E/ U: D+ g* V' ]+ N5 b
Offering — Certain Provisions of the Preferred Shares Series 18 as a
, g- s$ F- N2 ]; h, {9 ^$ nSeries — Restrictions on Dividends and Retirement of Shares’’, on
$ z* h0 u* n+ [" e; Y2 s5 TFebruary 25, 2014 and on February 25 every five years thereafter, on not7 w! V3 L  Z& X+ L, D6 `4 d
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any  ]% J& u9 I1 b% K7 e
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
! a) J* G' {% |- g, D8 e9 P% @without the consent of the holder, by the payment of an amount in cash for( z( I. p* [3 C3 f; p& d+ Q& c
each such share so redeemed of $25.00 together with all declared and unpaid
; V+ w6 n) P4 {4 @dividends to the date fixed for redemption.
( k" G! o0 ]! e) k0 ~6 `) SConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic" o" s" n7 I8 G; I
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have# G; ?# v+ }7 P) ]
the right, at their option, to convert, on February 25, 2014 and on
( o' q9 o% r2 QS-49 r: \) w) R9 h6 i
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any- _( W$ }6 c, R, @% C
or all of their Preferred Shares Series 18 into an equal number of Preferred
$ R$ N# b. J: g6 m; \2 l. PShares Series 19 upon giving to the Bank notice thereof not earlier than
8 G. g# g/ R  [6 i# q5 Y' X30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
/ ]. N( y/ }. J- @preceding, a Series 18 Conversion Date.
5 @7 J% i) c* w4 G" ~Automatic Conversion If the Bank determines, after having taken into account all shares tendered
3 l' z; H1 }; Q- I6 V3 xProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares  ?4 ^/ i- j6 Y; z& L
Series 19, as the case may be, that there would be outstanding on such+ w  Y5 d" _" w+ A  c. g
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
3 o. }+ p& i. G: L$ e* Isuch remaining number of Preferred Shares Series 18 will automatically be
7 m' @( \& G$ p1 v3 nconverted on such Series 18 Conversion Date into an equal number of
4 L2 R3 {" g; S" r2 E# ZPreferred Shares Series 19. Additionally, if the Bank determines that, after' K' g1 R0 y! r- p& v& |. c# K( `
conversion, there would be outstanding on such Series 18 Conversion Date
, v" {# J# u+ Q8 f" V$ d" Xless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
, `# f5 P8 B6 ?& l$ h- BSeries 18 will be converted into Preferred Shares Series 19.! ?' G, e" g6 S
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
# J+ I2 Q+ ?6 K3 _Series 18 will not be entitled as such to receive notice of, attend, or vote at,6 n( r$ ?% R: d
any meeting of the shareholders of the Bank unless and until the first time at
3 \; Z/ w2 s% L3 d% kwhich the Board of Directors has not declared the whole dividend on the5 I: Z$ T9 i' i4 r( b
Preferred Shares Series 18 in any quarter. In that event, subject as
: @1 B7 E8 L$ a; b8 nhereinafter provided, the holders of Preferred Shares Series 18 will be
& f" V' {; v# ?! a7 `1 R6 hentitled to receive notice of, and to attend, meetings of shareholders at which
/ I4 g& o3 Y$ R, P" rdirectors of the Bank are to be elected and will be entitled to one vote for& g- P8 J& h) M( d+ j
each Preferred Share Series 18 held. The voting rights of the holders of the* j. n. q/ I5 ^
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
- l# V9 T# m  K  Q. S5 ~" B5 M3 {% {the first dividend on the Preferred Shares Series 18 to which the holders are
/ J% G. [, `& A" }' n6 }$ hentitled thereunder subsequent to the time such voting rights first arose until
! p9 j: N) U  L. p5 lsuch time as the Bank may again fail to declare the whole dividend on the
$ i1 T( f9 M5 z- yPreferred Shares Series 18 in respect of any quarter, in which event such
$ o: u& x% L& W1 {voting rights will become effective again and so on from time to time.: t: p+ f1 G: {$ P- W: g9 \
Principal Characteristics of the Preferred Shares Series 19( K' u% D  J2 A! n* a2 O! j
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive$ A5 m% j) p7 ]( ~7 Q" n8 r( ]8 C
floating rate non-cumulative preferential cash dividends, as and when
( N2 ^! M+ E, x: R* ldeclared by the Board of Directors, subject to the provisions of the Bank Act,: p: U+ T5 j4 C/ _% I
payable quarterly on the 25th day of February, May, August and November- T9 L) c' ~; W* I- Y
in each year, in the amount per share determined by multiplying the
' _" C, P/ P6 z: `" n3 }applicable Quarterly Floating Dividend Rate by $25.00.4 t! u$ e9 y# y$ G6 R# G7 Q2 _$ d
On the 30th day prior to the commencement of the initial quarterly dividend, T/ ^6 o) J' u9 [6 B5 v' l
period beginning on February 25, 2014, and on the 30th day prior to the first
+ O" q/ J& U, [: k; [) gday of each subsequent quarterly dividend period (the initial quarterly
2 g2 j  N: c+ I& e) Jdividend period and each subsequent quarterly dividend period is referred to. B+ i$ v( ~" }3 i. D# n
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
" b& }! Z8 w3 oQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
6 S$ V. @  ], WPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
8 R  c& T7 H( q: D3 a. r/ FT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days  F! w6 |6 C- ~2 H3 L
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
' h5 {+ p" k1 F! ?  k( @* Z5 `; Y) Edetermined on the 30th day prior to the first day of the applicable Quarterly, p- v0 O* g; a/ V9 i$ N& J( \
Floating Rate Period.
8 _$ H$ Z# `$ Q; F) J+ Z" P& z  ]! X! `* p1 ES-5
7 O- H8 [2 |) b8 ^( qIf the Board of Directors does not declare a dividend, or any part thereof, on! M0 o% L. x! }5 h) P2 U# f
the Preferred Shares Series 19 on or before the dividend payment date for a
2 c# b# ]3 K* C4 ?5 W& Bparticular quarter, then the entitlement of the holders of the Preferred7 Y3 G$ Q  n- F0 n! O* w
Shares Series 19 to receive such dividend, or to any part thereof, for such
7 t7 _! `( @$ v0 Pquarter will be forever extinguished.
6 L7 o" ~- g' G0 xRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
( }( W! ~0 V0 H) r) E0 oSuperintendent and to the provisions described below under the heading
- c* c- @' }7 Y/ t" d0 L# _" I( f‘‘Details of the Offering — Certain Provisions of the Preferred Shares
5 @0 r& h7 e* Y+ q8 t# D, @. OSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,: o: q/ N+ s' @/ m& Y
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
  N( k7 A/ G2 A5 b" @2 Zor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
" E. U3 c# D( N# L" boption without the consent of the holder, by the payment of an amount in
5 D0 X+ e" ]) O6 V4 ^cash for each such share so redeemed of (i) $25.00 together with all declared
- R7 b1 m) |- L, a1 \* T: Yand unpaid dividends to the date fixed for redemption in the case of
: _0 [& I' j# O2 q. W# d5 z: \redemptions on February 25, 2019 and on February 25 every five years; b& K. r* K9 k7 a
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
! w) E  l5 R4 l1 ethe date fixed for redemption in the case of redemptions on any other date
  |  J, ^; s# U5 g! @4 Qon or after February 25, 2014.
+ n. j5 Y: E, _% NConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
8 W- a. P/ W( P5 e" f4 LShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have' P. l) I/ `  _, t- W& \7 p3 u( t" }
the right, at their option, to convert, on February 25, 2019 and on
) S* l7 k" |1 @1 z# dFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
2 ~0 A7 J- t$ m1 ?4 h3 mor all of their Preferred Shares Series 19 into an equal number of Preferred
3 `( g% R6 Q0 d! QShares Series 18 upon giving to the Bank written notice thereof not earlier
- d; r, B! N: w$ a( _than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the7 u3 g: x% Q( @" ]
15th day preceding, a Series 19 Conversion Date.
8 ~$ d% u  Y9 I5 }Automatic Conversion If the Bank determines, after having taken into account all shares tendered
( x( `2 P. g( b3 q! F3 a8 ?$ d& xProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares( _; v: {4 _1 C! u8 t1 Q
Series 18, as the case may be, that there would be outstanding on such
/ c6 x9 r7 ?2 t, E9 }Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,8 G2 o. [$ \. |# j
such remaining number of Preferred Shares Series 19 will automatically be1 \& h  [1 s- f/ l1 \0 v, l1 E
converted on such Series 19 Conversion Date into an equal number of/ P  ]- h5 [6 l/ K9 q0 L
Preferred Shares Series 18. Additionally, if the Bank determines that, after" j& N$ G# B3 T' ?9 e
conversion, there would be outstanding on such Series 19 Conversion Date+ T$ F9 E* P4 G+ F- g! h
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares$ g: n  R4 o# W* Y) `. U0 G  d
Series 19 will be converted into Preferred Shares Series 18.
7 \- q& u, H8 z  D4 i* NVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
+ N; L$ ?# B6 F/ |  [5 ~Series 19 will not be entitled as such to receive notice of, attend, or vote at,
  c  O2 I) |) B( G; [any meeting of the shareholders of the Bank unless and until the first time at
: X; l; P1 E! p5 _which the Board of Directors has not declared the whole dividend on the$ u8 h$ |6 q- o3 v' ^" q$ s+ |. f
Preferred Shares Series 19 in any quarter. In that event, subject as1 D  B/ Q# x7 v. F! k  M
hereinafter provided, the holders of Preferred Shares Series 19 will be
- c: f$ e& y  w5 G! b- Fentitled to receive notice of, and to attend, meetings of shareholders at which0 |  d5 [$ ^# g6 [: s
directors of the Bank are to be elected and will be entitled to one vote for, z0 i: j$ F3 T6 H& L
each Preferred Share Series 19 held. The voting rights of the holders of the
: n  R) m% a* u6 ^/ h9 x& s. @- y) E8 BPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
6 K. {) l. q/ ^* ?$ z$ pthe first dividend on the Preferred Shares Series 19 to which the holders are
! E7 `  K" U8 s- l4 {entitled thereunder subsequent to the time such voting rights first arose until- H* O) A  J" J( o/ c" j
such time as the Bank may again fail to declare the whole dividend on the
9 g7 }9 L6 k7 s+ |6 |9 jPreferred Shares Series 19 in respect of any quarter, in which event such: N, j! B$ z: Y. c
voting rights will become effective again and so on from time to time.
$ P. {4 ~1 t6 [5 s; HS-6: y1 e5 X; v2 ?
Priority: The preferred shares of each series of the Bank will rank on a parity with
" W+ L# B  I6 G. q/ a4 W" Qevery other series and are entitled to preference over the common shares of: |# [: T5 V" ~# f
the Bank and over any other shares of the Bank ranking junior to the
5 n6 N# [6 T/ {; D7 ?+ \+ n9 r& U3 f, xpreferred shares with respect to the payment of dividends and upon any& L% Y; T! {' ]/ {8 F
distribution of assets in the event of the liquidation, dissolution or
. v# T* v% F# P7 W  f" cwinding-up of the Bank., G! N; g; R' {, R& k, u
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under; v6 N; _7 U3 M5 E9 L1 a
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares3 e& k" P+ F6 n: t5 B; u! r7 l
Series 18 and Preferred Shares Series 19 will not be required to pay tax on/ p% m( s- p. d6 U0 f' ]
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。6 t) E. h7 ^2 U3 r2 T$ \* Y2 l0 |
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

- @" P2 Y* W/ D' T: ~9 _' S5 G
& X% m% H& ?# F8 E下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
2 i! q- {+ W5 K% Y/ P- I% v7 B
9 A0 g' g! M% {. F0 ?9 V4 ccall 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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