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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。, Z4 H) }8 G3 D9 `
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[ 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:; a9 D5 ?( X3 ~% z! v: {2 B
SUMMARY OF THE OFFERING4 X( c2 j+ f5 c0 v7 _* Q4 {
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% s* J, M& [5 g* s( S& ^! K2 M2 LIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
  `/ P3 O; F( _, ?# sAmount: $150,000,000 (6,000,000 shares).
0 O, O5 e& A4 J3 aPrice and Yield: $25.00 per share to yield initially 6.50% per annum.& S( \$ h2 M: d3 k
Principal Characteristics of the Preferred Shares Series 18: b! b5 a! m' N+ P% s
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed4 m4 h" `7 Z8 u3 U8 s0 c/ X% q+ E
non-cumulative preferential cash dividends, as and when declared by the$ B0 }+ A/ A" O3 p( b8 M' O
Board of Directors, subject to the provisions of the Bank Act, for the initial" ?' t9 U! g7 e0 Y; e7 [- l; N9 `
period commencing on the closing date and ending on and including+ u3 t& N8 Y, V" `5 F; V! V
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
- i2 ~1 q% g' s25th day of February, May, August and November in each year, at a rate9 }8 o  I7 e; [6 _/ k$ P. a7 b
equal to $0.40625 per share. The initial dividend, if declared, will be payable
/ _5 {- E* X  t# vMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
) U, e  J: }/ Z: f$ [, U1 Tdate of December 11, 2008.3 s. o* z% \  _0 F2 A5 R$ ^9 V  E
For each five-year period after the Initial Fixed Rate Period (each, a# e% n+ N9 u6 ~8 J
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares" W) B% c! P$ F1 y
Series 18 will be entitled to receive fixed non-cumulative preferential cash# Z% x" Z2 _- ?7 x" B
dividends, as and when declared by the Board of Directors, subject to the
2 {7 @  l! ^: k) u, o3 x9 Dprovisions of the Bank Act, payable quarterly on the 25th day of February,
7 V5 @7 @7 Y4 CMay, August and November in each year, in the amount per share per annum
& u0 j; t$ L. o5 B& q5 Q3 Jdetermined by multiplying the Annual Fixed Dividend Rate applicable to
4 r- n" {, W4 [) a6 \3 wsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend8 j) b! L/ z9 I4 f2 s
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the) m( C. `! u* f* L
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day' _/ v( w8 o5 S# }$ U, N$ b
of such Subsequent Fixed Rate Period and will be equal to the sum of the& J7 M. R2 r. v+ W/ g  t
Government of Canada Yield on the applicable Fixed Rate Calculation Date, L: W- v0 W6 s  b$ o9 W
plus 3.83%.8 J4 _( |6 n, O" u8 e& v
If the Board of Directors does not declare a dividend, or any part thereof, on, V: `- X* L; `  d4 `0 o
the Preferred Shares Series 18 on or before the dividend payment date for a
# K' q1 v1 W. |, |8 {8 S1 q8 t% [particular quarter, then the entitlement of the holders of the Preferred
2 D' y* O8 w& Z0 l* _2 XShares Series 18 to receive such dividend, or to any part thereof, for such1 i" x" d( f6 v' F+ Z4 I! {) H
quarter will be forever extinguished.
6 L/ }: @" h! q* vRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
) w9 V3 ^* K9 h% RSuperintendent and to the provisions described below under ‘‘Details of the" X+ \' x  K  v! K1 {5 T
Offering — Certain Provisions of the Preferred Shares Series 18 as a' {% `5 s, B, {) a3 s+ J" j
Series — Restrictions on Dividends and Retirement of Shares’’, on/ I) x2 ^' F( u" X9 G
February 25, 2014 and on February 25 every five years thereafter, on not
6 r% R* ], ]6 e3 |0 xmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any4 m7 \) z7 I! E7 W
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
/ P2 W" J5 j, t  ?% @without the consent of the holder, by the payment of an amount in cash for& b, X7 y6 @8 R5 K! n' s
each such share so redeemed of $25.00 together with all declared and unpaid# k* o- }6 ?+ E. M* l) X- e
dividends to the date fixed for redemption.
1 K+ s2 U* l  O/ K/ g: `Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
' M5 f0 l& @( o  l3 ~9 FShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
# W3 Q7 j) _' f7 f0 lthe right, at their option, to convert, on February 25, 2014 and on4 V8 Q+ ?. D8 ]9 s8 h
S-4# m$ S6 o* h" T8 L5 }* r" E
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any3 X6 d: j$ s' b9 y" D* F8 h
or all of their Preferred Shares Series 18 into an equal number of Preferred7 k. J% `. a  V, l
Shares Series 19 upon giving to the Bank notice thereof not earlier than
( E% \7 P( [; ^7 n* R30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day3 X/ z8 y' z  w2 ^! f  c
preceding, a Series 18 Conversion Date.
$ J$ d8 ~+ H' j) L" _8 e! p2 `Automatic Conversion If the Bank determines, after having taken into account all shares tendered; l% v& y$ c8 p  M0 a9 v
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares; d& q) h5 D- v! |
Series 19, as the case may be, that there would be outstanding on such$ p: r  y0 ^# P9 L) g
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
. w- M+ {( F2 R# Zsuch remaining number of Preferred Shares Series 18 will automatically be
) w+ [. g2 m* \) W; t" }converted on such Series 18 Conversion Date into an equal number of6 g5 i$ _+ K  F
Preferred Shares Series 19. Additionally, if the Bank determines that, after
0 o( m) v8 C9 r3 `/ k- Iconversion, there would be outstanding on such Series 18 Conversion Date# s" z! s0 E9 \* |" F% M1 A
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares- i" F' n/ ?8 p. i/ W- A: U
Series 18 will be converted into Preferred Shares Series 19.% L0 F5 M6 ]+ H, _; J
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares2 }% x1 G: s! `" n8 h/ U; l: q9 Y) ~
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
* \* ?* N# o9 a; ^any meeting of the shareholders of the Bank unless and until the first time at+ ~% o1 t# s0 ]/ `$ Z
which the Board of Directors has not declared the whole dividend on the- ?& h1 W; X8 k, V( Z6 N8 U
Preferred Shares Series 18 in any quarter. In that event, subject as* Q8 x3 ]6 I0 w) k) l0 v
hereinafter provided, the holders of Preferred Shares Series 18 will be7 ~$ ?9 V2 Z* m) E1 q8 U) R. w& i
entitled to receive notice of, and to attend, meetings of shareholders at which
6 e/ a2 z9 K2 R  Q$ odirectors of the Bank are to be elected and will be entitled to one vote for
0 ^( `: H& }9 f0 D, Y1 f$ e$ r9 qeach Preferred Share Series 18 held. The voting rights of the holders of the
2 D; R5 C; Y" \+ L4 LPreferred Shares Series 18 will forthwith cease upon payment by the Bank of! v- c# I6 E: i6 W0 z7 }/ M
the first dividend on the Preferred Shares Series 18 to which the holders are
* N; R. J* y( f5 _entitled thereunder subsequent to the time such voting rights first arose until' _4 s4 C' R) q3 N$ U
such time as the Bank may again fail to declare the whole dividend on the
7 I5 K* k) g0 y1 _0 }, JPreferred Shares Series 18 in respect of any quarter, in which event such" y! w: V- K( C% \' |0 }
voting rights will become effective again and so on from time to time.
, X. U" k" u' i/ D1 J! x! ZPrincipal Characteristics of the Preferred Shares Series 19
; e) f% ^, r  B7 A; @/ n  P2 dDividends: The holders of the Preferred Shares Series 19 will be entitled to receive( V. J! R; b& g- ^. b+ |
floating rate non-cumulative preferential cash dividends, as and when
7 v& q, @- J/ d6 Xdeclared by the Board of Directors, subject to the provisions of the Bank Act,8 b8 }2 F/ N3 x2 n) Z$ Y9 T4 ]
payable quarterly on the 25th day of February, May, August and November% y. |/ C$ f+ v, b' [! f
in each year, in the amount per share determined by multiplying the# i) N; H( c$ [3 Q, l
applicable Quarterly Floating Dividend Rate by $25.00.
! |7 r/ ^$ q+ }; @! KOn the 30th day prior to the commencement of the initial quarterly dividend" f( M- n: O- G. o3 [, `6 s
period beginning on February 25, 2014, and on the 30th day prior to the first4 Q+ A, o- C, J3 v' n
day of each subsequent quarterly dividend period (the initial quarterly
* W8 c: V* N4 G5 Rdividend period and each subsequent quarterly dividend period is referred to
4 M& S2 K$ w* p/ n/ K  q+ Has a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the6 r, p1 r2 m# H
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
! z9 z# w6 @) SPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the5 `5 e9 F1 ^1 |, m/ w7 _" q% V
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days* C4 \2 v* H( n4 y& i9 v6 X, Q
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
# I8 z9 @0 \  P2 U, ndetermined on the 30th day prior to the first day of the applicable Quarterly+ v6 p. h7 b$ G" V7 A( |
Floating Rate Period.5 f! U( h6 Q. {+ E/ v4 [
S-5& z* \% Z- d( i6 b- j
If the Board of Directors does not declare a dividend, or any part thereof, on
. t( P7 V; C) f: z% rthe Preferred Shares Series 19 on or before the dividend payment date for a
- U: p- K" Q/ Z: c$ aparticular quarter, then the entitlement of the holders of the Preferred
3 ~. M7 r/ G5 w  b9 k9 g  TShares Series 19 to receive such dividend, or to any part thereof, for such* N: b9 b8 j3 \
quarter will be forever extinguished./ v! D9 Z, g& S- C1 K) J
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
# o* B7 q: Q" ^) a/ T% C2 ~Superintendent and to the provisions described below under the heading6 F/ |$ s1 M: v* O
‘‘Details of the Offering — Certain Provisions of the Preferred Shares4 v8 Y0 l" I3 Z3 |3 q+ F3 ]
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
  ?' ~4 z( P/ aon not more than 60 nor less than 30 days’ notice, the Bank may redeem all3 c& j/ c6 \" ?$ o& m( i! T
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s5 u4 f4 L- n' K+ `8 |) y
option without the consent of the holder, by the payment of an amount in& n$ b1 K( [" i  s
cash for each such share so redeemed of (i) $25.00 together with all declared- _  ?$ s% a3 x, L+ n! I: @7 f% F
and unpaid dividends to the date fixed for redemption in the case of. F. q7 g; b! S7 G
redemptions on February 25, 2019 and on February 25 every five years
+ t" P6 D/ h8 q+ S- ~thereafter, or (ii) $25.50 together with all declared and unpaid dividends to* \1 E8 |( }1 F' o. X
the date fixed for redemption in the case of redemptions on any other date
, U6 M6 K/ f. M4 r0 y, d/ Won or after February 25, 2014.
6 H7 q4 d4 m( l: t" DConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
& |$ L% V, _) G0 JShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have# @8 D/ S# w6 Z0 C
the right, at their option, to convert, on February 25, 2019 and on4 Q- U' B7 h0 W8 ~, Z( W
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any" c$ z% O9 p. h3 D' d- C
or all of their Preferred Shares Series 19 into an equal number of Preferred
$ z7 V: \3 t/ Q7 E2 MShares Series 18 upon giving to the Bank written notice thereof not earlier
' e# r4 ?3 p4 s+ B& B- G3 G4 xthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
8 x1 _" K) v: G/ A: ]) c15th day preceding, a Series 19 Conversion Date.
' D0 v! W' l- `: j  h$ RAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
7 T* Q8 J: |) w  H& E* F1 e; pProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
2 K- \; L2 ~, ISeries 18, as the case may be, that there would be outstanding on such8 D2 q1 z4 i# {! `: r  M( }
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,5 w* j3 ]# r1 `( V
such remaining number of Preferred Shares Series 19 will automatically be! D5 K% H  F+ @8 X% _) ~
converted on such Series 19 Conversion Date into an equal number of
/ J+ x* B$ U" u( nPreferred Shares Series 18. Additionally, if the Bank determines that, after5 e% W; E" @! L: E9 z
conversion, there would be outstanding on such Series 19 Conversion Date9 l$ p, [# A) _9 E3 X
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
5 i' X0 T8 Q$ ^; QSeries 19 will be converted into Preferred Shares Series 18.6 Q) r% [% l/ P
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
1 {0 j5 x( A$ m( mSeries 19 will not be entitled as such to receive notice of, attend, or vote at,; K, h5 n/ }/ t  _+ Q& J
any meeting of the shareholders of the Bank unless and until the first time at
' ~4 W4 n& _. K! q7 hwhich the Board of Directors has not declared the whole dividend on the" L  e. a/ W1 E' f; Y; N0 S
Preferred Shares Series 19 in any quarter. In that event, subject as
6 }8 q# d' t: x% F5 rhereinafter provided, the holders of Preferred Shares Series 19 will be
- H" W9 L8 M: O7 l5 [, bentitled to receive notice of, and to attend, meetings of shareholders at which4 ~+ w6 r# @  m+ Q+ q' \
directors of the Bank are to be elected and will be entitled to one vote for
3 Z+ B  ?4 w' G8 S. a& veach Preferred Share Series 19 held. The voting rights of the holders of the5 }; h9 A2 D' q7 ?5 h
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
2 a% c/ J8 o& j4 G+ ^the first dividend on the Preferred Shares Series 19 to which the holders are
! `- w6 S6 h, V: @entitled thereunder subsequent to the time such voting rights first arose until  {, [9 z+ |6 A, A4 G6 n: ^4 _
such time as the Bank may again fail to declare the whole dividend on the9 X; Y- h2 B8 n
Preferred Shares Series 19 in respect of any quarter, in which event such$ Z9 b7 r) a* [
voting rights will become effective again and so on from time to time.$ d3 @0 c" P" G# G
S-6$ Y; c' v/ N' m: ]
Priority: The preferred shares of each series of the Bank will rank on a parity with
' H- I6 L" a0 w# p) W9 |every other series and are entitled to preference over the common shares of
7 P& T1 Q0 V7 ^8 q$ ^8 \( ethe Bank and over any other shares of the Bank ranking junior to the" e. d, f8 k+ z2 I9 e
preferred shares with respect to the payment of dividends and upon any/ ^; {0 Y, S' e% Z% D
distribution of assets in the event of the liquidation, dissolution or+ I& i" W* \+ Y+ j
winding-up of the Bank.
) z2 _) T) d8 f4 Q; x. g  {8 ZTax on Preferred Share The Bank will elect, in the manner and within the time provided under% A8 n1 K' \8 U4 `5 |
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares  m$ S* g- e/ S& v4 \
Series 18 and Preferred Shares Series 19 will not be required to pay tax on8 x" E  }- u+ k% S+ |1 |! l1 L
dividends received on such shares under Part IV.1 of such Act.
理袁律师事务所
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。" r( z+ I% f3 |8 J, f" P# K
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

  |9 k% a- n" q$ ?; _' p. k. |7 i+ P: Z6 e  c: ]
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
6 @3 L2 e5 ], T: f" E9 x5 d! l0 X; V: p. V' d: X
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。
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