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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。$ l2 B6 A0 c; t- F7 o7 L

1 y! P, R+ P0 X9 a# c& x$ Z/ j$ ^, Z9 t; Y4 |
[ 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:
0 f8 m4 G9 o8 R0 JSUMMARY OF THE OFFERING% @' V/ f, _4 ?2 U3 X; H3 V
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’’.
2 g1 D" h# Z) y- B& l3 tIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
! P  O9 G- T+ `+ qAmount: $150,000,000 (6,000,000 shares).
" O0 l/ U5 Y) L& d( L8 p9 lPrice and Yield: $25.00 per share to yield initially 6.50% per annum.2 ^. T+ A, W$ `9 j6 n
Principal Characteristics of the Preferred Shares Series 188 x# ]) z2 R* L2 x5 |6 k- L
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
- W1 d0 i2 Z% V1 qnon-cumulative preferential cash dividends, as and when declared by the8 O# o6 I2 @* O+ Y' W5 y
Board of Directors, subject to the provisions of the Bank Act, for the initial4 `* T5 i  s  g+ b/ z
period commencing on the closing date and ending on and including
$ \& o* w% F* D: {- R* UFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
/ @( h) l( H8 r: o25th day of February, May, August and November in each year, at a rate  S8 k# n2 ]1 Q& z/ B0 ~! Q
equal to $0.40625 per share. The initial dividend, if declared, will be payable8 w- y  J0 M6 Z4 A( K% F5 n3 J4 {
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing& n+ r; \( C% y& e1 t+ G
date of December 11, 2008.
( s0 r8 Y  l: f! `7 {For each five-year period after the Initial Fixed Rate Period (each, a
0 g  [; O# h0 F7 k: Y  i‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares' o% B$ Y( O0 {6 c
Series 18 will be entitled to receive fixed non-cumulative preferential cash
6 a, V1 Y- x) F$ H+ wdividends, as and when declared by the Board of Directors, subject to the! C: }, J( B' h$ L
provisions of the Bank Act, payable quarterly on the 25th day of February,
* o+ a1 P: B# B* a) YMay, August and November in each year, in the amount per share per annum5 O- N4 T2 y/ M; W* A
determined by multiplying the Annual Fixed Dividend Rate applicable to" s! o% R( o4 @! Q5 B/ R
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
' G# u2 S2 K! o' `) ~4 g$ v7 ?  SRate for the ensuing Subsequent Fixed Rate Period will be determined by the
! X! _5 W0 o1 UBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day: o) R( z+ l) i& P' H
of such Subsequent Fixed Rate Period and will be equal to the sum of the8 b0 j9 p; F! `
Government of Canada Yield on the applicable Fixed Rate Calculation Date  T! `( A$ i/ |5 D% n4 e
plus 3.83%.- u; M; k( T3 G, z3 Q3 m
If the Board of Directors does not declare a dividend, or any part thereof, on, W+ {9 ^& I+ e/ `1 z
the Preferred Shares Series 18 on or before the dividend payment date for a
* L: l% k0 p. s; G) @0 n) lparticular quarter, then the entitlement of the holders of the Preferred! D- O! p3 M! c9 m: Z
Shares Series 18 to receive such dividend, or to any part thereof, for such3 D* V4 f/ T* K) i2 r( U) |
quarter will be forever extinguished.
) v5 B) A* R* j% E! ERedemption: Subject to the provisions of the Bank Act and to the prior consent of the
( P( }7 p% A) B' T9 L0 X& o4 t2 r* BSuperintendent and to the provisions described below under ‘‘Details of the' W, J9 a: D! b  h0 z/ }
Offering — Certain Provisions of the Preferred Shares Series 18 as a
2 I* d2 t! m: l& L7 w: rSeries — Restrictions on Dividends and Retirement of Shares’’, on
2 K4 D2 r5 ^2 l2 vFebruary 25, 2014 and on February 25 every five years thereafter, on not6 [1 k5 b$ n& i- h
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any. P# n. F3 i9 `  A' _6 z" w4 D' v" y5 w
part of the then outstanding Preferred Shares Series 18, at the Bank’s option. Q& e2 ]# P" }2 Z$ u. ?
without the consent of the holder, by the payment of an amount in cash for
  X. v0 ^8 D' ^# @- u  x5 Zeach such share so redeemed of $25.00 together with all declared and unpaid5 y: T9 r4 w0 W% f" I0 b- g
dividends to the date fixed for redemption.) t5 Z) X4 m  m
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
, p' I5 M; }0 dShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have/ h: Z1 N; C4 ~1 q7 K
the right, at their option, to convert, on February 25, 2014 and on
( a+ l4 z8 A0 x. X$ h, f7 xS-40 @( r! y7 }& M# y
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
( w( B( O. ?8 h- c! k4 ^or all of their Preferred Shares Series 18 into an equal number of Preferred
3 A2 L! d3 p# I. w) VShares Series 19 upon giving to the Bank notice thereof not earlier than: p; m- ?3 ~, {4 Y8 [' T2 ?1 E
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day; u$ J' |' e. ?' [) _# K  v, N
preceding, a Series 18 Conversion Date.* ?$ `* G7 w+ P6 s; \" Y3 x4 {
Automatic Conversion If the Bank determines, after having taken into account all shares tendered) _6 ^: G6 Y$ X( I+ A" J/ ]
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
+ g5 `% g/ _" b' \( D& s! Z: ]# _/ CSeries 19, as the case may be, that there would be outstanding on such9 m4 X/ q0 O- E& t
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
" E/ ?& r* W9 }# X: M# ~! L0 _such remaining number of Preferred Shares Series 18 will automatically be
5 M6 S/ w- }9 ]9 f% [* p; nconverted on such Series 18 Conversion Date into an equal number of# a# X' B4 P. k" f
Preferred Shares Series 19. Additionally, if the Bank determines that, after
# n% V  t$ P5 @& Bconversion, there would be outstanding on such Series 18 Conversion Date
! J5 u: g2 B; n& q  k7 P; ?/ U  Iless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
' A+ X3 h5 M: |; W" e2 l; d7 ]8 X+ HSeries 18 will be converted into Preferred Shares Series 19.
: [/ f. a2 l' d+ o. rVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
( ]5 Z' O! [6 [  [Series 18 will not be entitled as such to receive notice of, attend, or vote at,7 B' Z: ^4 @/ M6 c
any meeting of the shareholders of the Bank unless and until the first time at
3 f) U. O; u! m8 i7 S3 wwhich the Board of Directors has not declared the whole dividend on the
& @0 v* }( L8 `Preferred Shares Series 18 in any quarter. In that event, subject as0 x' N1 q/ L" y' k" y
hereinafter provided, the holders of Preferred Shares Series 18 will be
& O. Q' _9 n) y3 T7 T; s5 a4 Pentitled to receive notice of, and to attend, meetings of shareholders at which
; T% j# }) Q; @2 ~5 c' udirectors of the Bank are to be elected and will be entitled to one vote for7 H% p8 M6 J- S! L" b8 O+ b+ y2 M
each Preferred Share Series 18 held. The voting rights of the holders of the5 v& a- x6 b4 h6 P
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
6 S" w8 f  h8 a  T$ F" \the first dividend on the Preferred Shares Series 18 to which the holders are. H* o4 s( q8 _8 Q/ i6 ]# L7 Y
entitled thereunder subsequent to the time such voting rights first arose until3 g" u. d) |1 U- f5 ^& S
such time as the Bank may again fail to declare the whole dividend on the
) y1 {  u8 `1 A; p8 H& zPreferred Shares Series 18 in respect of any quarter, in which event such6 n$ Y7 ?( W/ w' h- H
voting rights will become effective again and so on from time to time.
, T, y5 F! b9 v/ rPrincipal Characteristics of the Preferred Shares Series 19
. ?' T, k" \& A) dDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
" ~/ `9 Q+ ]$ I8 K( l  Sfloating rate non-cumulative preferential cash dividends, as and when+ Z. N( Y; ?! w
declared by the Board of Directors, subject to the provisions of the Bank Act,6 B6 H* [  V6 p; Q7 T: A( l/ c
payable quarterly on the 25th day of February, May, August and November
0 U' x0 P# y8 ]9 y/ `1 uin each year, in the amount per share determined by multiplying the4 W6 J. G8 ]2 d
applicable Quarterly Floating Dividend Rate by $25.00.
7 c: U( A5 K0 m, XOn the 30th day prior to the commencement of the initial quarterly dividend
, y9 i. x  B# _) e; Y7 y( Dperiod beginning on February 25, 2014, and on the 30th day prior to the first' x& g- c1 l8 v
day of each subsequent quarterly dividend period (the initial quarterly, O; [5 N! C! J( k) f0 i
dividend period and each subsequent quarterly dividend period is referred to# E' N$ W5 O. R& U8 ]1 O
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the6 |! I3 b  c9 f! w" H
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
: ~" r7 j4 @: N% sPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
" b9 C& ~, ~) NT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
3 {- |/ i: i  |4 X- I* s$ Aelapsed in the applicable Quarterly Floating Rate Period divided by 365)
5 y, K6 X* |* f' n( \determined on the 30th day prior to the first day of the applicable Quarterly# J7 Y, k6 R1 Y7 X( a3 [
Floating Rate Period.. o$ t- w% v) f* v
S-5' @. c" g  X% H* S( P6 U
If the Board of Directors does not declare a dividend, or any part thereof, on
- N4 Q4 G( Q# {0 Sthe Preferred Shares Series 19 on or before the dividend payment date for a& x  ~" D  x  W6 j- `& d1 m7 I
particular quarter, then the entitlement of the holders of the Preferred
* i1 f  e6 `; Y# ]+ RShares Series 19 to receive such dividend, or to any part thereof, for such
& `; z4 p5 }. \! f. squarter will be forever extinguished.
, C8 g  J3 F2 n# n* vRedemption: Subject to the provisions of the Bank Act and to the prior consent of the3 ]2 U/ |, m" V8 a: x2 T7 ~
Superintendent and to the provisions described below under the heading# ]0 d. S4 N( l" s9 S; W. ~" W
‘‘Details of the Offering — Certain Provisions of the Preferred Shares9 ^8 [% j$ y& S
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,0 u  L6 c# a' h  |5 ^  B0 }2 u& A
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all3 q& ?, p, H0 Y  J
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
" _" l/ r( ^2 U& y/ roption without the consent of the holder, by the payment of an amount in4 F2 Q4 R8 ?4 ?* c: h! [$ }1 {" W
cash for each such share so redeemed of (i) $25.00 together with all declared
% y  c1 D2 G# \& rand unpaid dividends to the date fixed for redemption in the case of9 d! u7 m/ G4 C5 L
redemptions on February 25, 2019 and on February 25 every five years
4 _2 O; g4 t7 C2 x$ j0 Othereafter, or (ii) $25.50 together with all declared and unpaid dividends to. z4 V  N0 y5 _2 C  }" Y: ?- S, K- o
the date fixed for redemption in the case of redemptions on any other date' A* ?$ T" ^/ A3 F7 W2 Q
on or after February 25, 2014./ T* H3 I0 x* i
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
) v$ Y! @/ b5 C, N1 K% {( E; uShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
& V, k' L, Q* [4 O4 Uthe right, at their option, to convert, on February 25, 2019 and on+ k6 S, b7 d! s, n$ A: i
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
, T) M" {1 M1 X8 E; _. C/ X7 Jor all of their Preferred Shares Series 19 into an equal number of Preferred6 O4 w/ X8 |$ K: P# K& T4 t
Shares Series 18 upon giving to the Bank written notice thereof not earlier
. z7 @! c3 z1 }% e) ~$ r! L/ v) ]than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the" ?' U& g+ k9 Z# X+ x
15th day preceding, a Series 19 Conversion Date.
1 X- t2 h5 F7 R1 W* p. cAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
. Q  |  Z+ u/ I) K( RProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
1 i: d; \: v) k/ s  S$ nSeries 18, as the case may be, that there would be outstanding on such* s) \2 {+ b( g2 v5 w3 t# s
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,3 c' k: k- ?# C( q; _
such remaining number of Preferred Shares Series 19 will automatically be7 B/ m1 j& |4 G
converted on such Series 19 Conversion Date into an equal number of
8 i4 {6 h$ O9 e2 T5 nPreferred Shares Series 18. Additionally, if the Bank determines that, after- a. [; ?- V" c; D- z
conversion, there would be outstanding on such Series 19 Conversion Date  }: V8 O" d$ j3 [# s" ~. {+ z
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
8 ]/ p8 \# D7 H) G/ e" VSeries 19 will be converted into Preferred Shares Series 18.- }& l3 B5 m5 h5 l! k' r
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares  D6 U+ Q9 {. |0 N, A( I
Series 19 will not be entitled as such to receive notice of, attend, or vote at,  Q. q* A* h% C9 h5 `/ Q
any meeting of the shareholders of the Bank unless and until the first time at
5 s6 ?5 F2 {) R2 J3 rwhich the Board of Directors has not declared the whole dividend on the
+ h) i. d, v; R( ]) _. sPreferred Shares Series 19 in any quarter. In that event, subject as
9 V4 L' v% ]6 S* O& s' Jhereinafter provided, the holders of Preferred Shares Series 19 will be5 m# a; i: n+ \0 G9 A# r( n3 E
entitled to receive notice of, and to attend, meetings of shareholders at which2 B/ {7 L! R8 y# W# K0 i$ L
directors of the Bank are to be elected and will be entitled to one vote for3 C% V. C6 h  z* l1 }2 C
each Preferred Share Series 19 held. The voting rights of the holders of the
2 n% @( m4 g7 s. Z8 b# TPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
1 H8 g2 @8 b! l# uthe first dividend on the Preferred Shares Series 19 to which the holders are
& D5 c2 K! _/ m  j) A+ fentitled thereunder subsequent to the time such voting rights first arose until
# B# j: P- D- Gsuch time as the Bank may again fail to declare the whole dividend on the- A: j% p% v, S9 Y2 h! d
Preferred Shares Series 19 in respect of any quarter, in which event such2 z) ^- Y& `. l' C  U# }
voting rights will become effective again and so on from time to time.  S; b  q# V' `0 `
S-6( {& g: r4 e, F
Priority: The preferred shares of each series of the Bank will rank on a parity with) q/ L9 f0 f) j" N( A2 `' J5 M
every other series and are entitled to preference over the common shares of. c) n2 n0 J1 W7 T* z4 Y- Y( l
the Bank and over any other shares of the Bank ranking junior to the5 D4 l7 J; k- U- h' P$ C0 z
preferred shares with respect to the payment of dividends and upon any
5 B! y3 S  m7 h, i. c8 D: `distribution of assets in the event of the liquidation, dissolution or" O0 Q7 m3 `9 s: O, r  t) d! _, |
winding-up of the Bank.1 C  C/ }1 h7 h; R, w5 y
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
. Q+ k# c. s) l% nDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
2 z$ A: w) y" u' ?Series 18 and Preferred Shares Series 19 will not be required to pay tax on( D  N4 s/ m2 Z
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。
. n7 U" D1 S$ c; Z- w% ]8 |  q! H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

) j' Q+ G5 F* i5 ~1 o6 A/ G& A% x* m3 l; i# P* k( S2 \
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。: |' w; C) W) s- U$ Z' g  T1 j( W3 Y) F
, `* x' z/ ]+ `& Q6 r1 ~
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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