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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。
$ a; {6 s; T$ C: H0 a& |

6 c" S" n4 K9 C5 v' M
' f7 A. B" t) J- o3 y6 z[ 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:- I5 W6 `7 ]4 M( Q, r+ x
SUMMARY OF THE OFFERING
# M" D  Q6 _6 p# V7 W0 IThis 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’’.$ }) E9 U" e+ g: M% B
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.4 s2 S- u' l% ]2 n  ~5 B& x
Amount: $150,000,000 (6,000,000 shares).
6 }5 H/ h( b% X; c) QPrice and Yield: $25.00 per share to yield initially 6.50% per annum.! V( |* B: m  R0 h
Principal Characteristics of the Preferred Shares Series 18
* C) ^$ S5 y5 ZDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
- d" i5 {3 \% m8 B5 {/ [, L" znon-cumulative preferential cash dividends, as and when declared by the
# o. Q% x1 {5 l, g  ?Board of Directors, subject to the provisions of the Bank Act, for the initial' V& p  C7 Q. R0 k% Q2 Q9 G
period commencing on the closing date and ending on and including+ L5 P, s* b, e; \3 C% P0 S* y8 b
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
$ W! d* y! N% K) {+ ~$ @4 z25th day of February, May, August and November in each year, at a rate
; g3 F5 w2 S7 f6 @6 k  }1 ]equal to $0.40625 per share. The initial dividend, if declared, will be payable6 b5 m+ K* L3 J2 R
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
; i" m$ r2 z/ u/ I* wdate of December 11, 2008.! [- o" _7 V. |  @  s2 X
For each five-year period after the Initial Fixed Rate Period (each, a/ b# ^- Z9 d. n7 m! e8 [
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
- {2 I) U" J6 x5 `3 a) xSeries 18 will be entitled to receive fixed non-cumulative preferential cash! n# C0 F5 g) h! ~; C* w6 F6 I
dividends, as and when declared by the Board of Directors, subject to the/ }% {1 I: ?2 U' s; E
provisions of the Bank Act, payable quarterly on the 25th day of February,
/ ]; c2 X% |2 j4 Q  {! AMay, August and November in each year, in the amount per share per annum
$ ~- c$ W" T# Qdetermined by multiplying the Annual Fixed Dividend Rate applicable to, i' W3 R; O3 J  z8 Z! g4 T
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend  ^  Z2 v9 s" v4 A
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
! W5 `- f  V) e0 Z' _. iBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day7 `6 \* C* N7 a7 ~+ V7 @; k! I
of such Subsequent Fixed Rate Period and will be equal to the sum of the$ X2 R6 A3 \* z, T( \  i) `" q+ T6 C
Government of Canada Yield on the applicable Fixed Rate Calculation Date4 n8 p4 Z5 A2 d) _4 B
plus 3.83%.
- K7 d  i6 F+ vIf the Board of Directors does not declare a dividend, or any part thereof, on
  j' Y+ O2 }" _/ b# wthe Preferred Shares Series 18 on or before the dividend payment date for a8 G- h: f3 |: _- T
particular quarter, then the entitlement of the holders of the Preferred, z4 c, f! R$ t3 F$ s
Shares Series 18 to receive such dividend, or to any part thereof, for such
2 o4 e0 W) G0 H+ L3 F/ |quarter will be forever extinguished.: T0 D3 g: S( d0 k2 c, T1 m
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
/ ^* j6 L  p6 `Superintendent and to the provisions described below under ‘‘Details of the+ Z9 K8 b8 g  I% q- B
Offering — Certain Provisions of the Preferred Shares Series 18 as a
% J/ `- \' K9 Y1 _Series — Restrictions on Dividends and Retirement of Shares’’, on
+ i! j% b+ E+ J5 P+ k1 YFebruary 25, 2014 and on February 25 every five years thereafter, on not/ t& Q: @0 w# O) S" p& ]; e
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any/ G4 ?6 p5 G6 p: i
part of the then outstanding Preferred Shares Series 18, at the Bank’s option2 L$ }; p7 B4 s7 a4 u4 Q" r" N
without the consent of the holder, by the payment of an amount in cash for. B: e& s- ]& _8 ?* ^$ D3 W
each such share so redeemed of $25.00 together with all declared and unpaid
2 p6 x1 X  B+ q$ ^' Adividends to the date fixed for redemption./ ?2 @& n( s4 \# X. N
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic! P! W. L# V2 @
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
" n% Q  O0 B6 g) Vthe right, at their option, to convert, on February 25, 2014 and on
+ L2 a" k3 x9 J5 LS-4& d/ v. t2 ^. _5 d6 S/ x
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
; a7 O! L. e) m9 T3 por all of their Preferred Shares Series 18 into an equal number of Preferred4 R( E+ {' ]8 Q; T1 c
Shares Series 19 upon giving to the Bank notice thereof not earlier than
" J; c/ |% c( ]30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
2 p) v  G1 o* |# m; u/ u( `preceding, a Series 18 Conversion Date.
2 F* o, \9 {) o; \7 U4 r' CAutomatic Conversion If the Bank determines, after having taken into account all shares tendered+ `* E8 E* I- i+ ]0 n
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
8 k% u1 x8 D  K3 U2 m) tSeries 19, as the case may be, that there would be outstanding on such
# v: Z; |1 z' k& B0 q! PSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,0 B* c0 E; B. u2 \3 ]- _* T  `: r
such remaining number of Preferred Shares Series 18 will automatically be
6 Q9 T0 B4 s/ g/ W, O3 Y$ Xconverted on such Series 18 Conversion Date into an equal number of
" J4 I0 F3 ]3 q+ e6 u0 Q9 BPreferred Shares Series 19. Additionally, if the Bank determines that, after
' m" u4 x! V4 q1 Q5 Q! Y' sconversion, there would be outstanding on such Series 18 Conversion Date" ]: J8 D2 }5 C4 [* [6 i% F
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
5 p  t" Z1 O$ S& p7 M1 lSeries 18 will be converted into Preferred Shares Series 19.
/ D5 Z- }" `5 B; i# ?Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares9 A/ l2 j! h! W/ g. v
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
/ O8 o+ |" [# a2 fany meeting of the shareholders of the Bank unless and until the first time at+ B) s& {# R0 }
which the Board of Directors has not declared the whole dividend on the
/ [: E! W0 k- D/ tPreferred Shares Series 18 in any quarter. In that event, subject as
3 i8 }- ]/ U, r" ]hereinafter provided, the holders of Preferred Shares Series 18 will be/ ?1 ^0 R7 A$ Q* E$ b' U
entitled to receive notice of, and to attend, meetings of shareholders at which5 ~( D2 i0 m8 g: y5 @; j
directors of the Bank are to be elected and will be entitled to one vote for- {1 K- \: [  j% ?' c" R
each Preferred Share Series 18 held. The voting rights of the holders of the- b( S/ V1 Y/ Z" g9 Q- @2 ]6 E
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of( H# I7 j- H9 Z# c" i
the first dividend on the Preferred Shares Series 18 to which the holders are0 @+ G2 X. ^5 L1 X% m
entitled thereunder subsequent to the time such voting rights first arose until' H' a1 `5 ^( l& o  l' a& z+ K
such time as the Bank may again fail to declare the whole dividend on the5 P0 s( f; U# |
Preferred Shares Series 18 in respect of any quarter, in which event such: T' p; K3 z; ^3 B
voting rights will become effective again and so on from time to time.2 |: ]6 }( R( C3 o
Principal Characteristics of the Preferred Shares Series 199 N9 ?/ W0 e4 N* ^  |0 s$ r; q
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
+ s1 {5 g% S$ ~5 Efloating rate non-cumulative preferential cash dividends, as and when& \- ?* z0 k8 {9 J4 I( w
declared by the Board of Directors, subject to the provisions of the Bank Act,
0 k7 f7 Z! e4 _5 F3 apayable quarterly on the 25th day of February, May, August and November
- f7 I% x" H* `% Jin each year, in the amount per share determined by multiplying the$ @3 _6 @. u9 O
applicable Quarterly Floating Dividend Rate by $25.00./ l6 s9 z$ A2 v! Q) J2 V4 }, ^
On the 30th day prior to the commencement of the initial quarterly dividend
0 u" i. Y2 H) h; L7 }2 y9 n$ o% S' R" Uperiod beginning on February 25, 2014, and on the 30th day prior to the first% J# p' I4 M+ m" g, x6 \/ W5 X% i5 ^
day of each subsequent quarterly dividend period (the initial quarterly
5 _4 X/ U4 M7 @, ?. z) B' B. \7 [dividend period and each subsequent quarterly dividend period is referred to
* P! m) ^0 e' U* L* [as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
% w* b4 D# h$ o2 v2 I) dQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate6 ]7 U. G" p. J% V+ ~
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
2 J" y4 S# F7 w7 ^" bT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days+ o, |( v3 a0 |8 C: u
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
& l5 d- q% T) ~8 v6 A4 |determined on the 30th day prior to the first day of the applicable Quarterly
# m2 F- u/ ?1 Z8 W# u( ^Floating Rate Period.2 o, p+ ?1 W1 q7 x
S-51 @, w: z: R& L4 \3 V5 y; X3 M) f
If the Board of Directors does not declare a dividend, or any part thereof, on( v: a0 v+ R$ ], {3 X$ H/ t( R
the Preferred Shares Series 19 on or before the dividend payment date for a. m9 @  S. }4 u! B
particular quarter, then the entitlement of the holders of the Preferred
3 {$ g1 W; E1 k0 B$ ]2 v; |3 V: QShares Series 19 to receive such dividend, or to any part thereof, for such7 x* s3 _5 T. I8 i
quarter will be forever extinguished.
) b; }9 F# s: b; Z( YRedemption: Subject to the provisions of the Bank Act and to the prior consent of the$ \6 l+ Z2 I  u& u0 M2 u
Superintendent and to the provisions described below under the heading
" l4 b4 o0 \$ W‘‘Details of the Offering — Certain Provisions of the Preferred Shares; E' R4 r3 i( L
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,6 N( i& e; p( F" |) S% }
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all& w. ]. c( @, |3 E6 ]' d
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s+ `' \$ _: B- |, i! A$ w
option without the consent of the holder, by the payment of an amount in
7 U6 P* }, d+ [' j1 }4 Icash for each such share so redeemed of (i) $25.00 together with all declared
: Y# v; b& o, E  a2 r! z; c' Wand unpaid dividends to the date fixed for redemption in the case of/ N  J% R/ P7 w- T+ K; p/ s4 p
redemptions on February 25, 2019 and on February 25 every five years# h4 K5 }4 m& h( }5 a
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to/ e: f8 d/ d8 z5 ~5 T/ O: u
the date fixed for redemption in the case of redemptions on any other date
1 w$ p) v' n, k/ P$ y6 Y; g! ~on or after February 25, 2014.
  z/ K0 V8 b: s& g* nConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic; @: O3 V+ V/ l
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
- j8 c5 t4 |+ }& ithe right, at their option, to convert, on February 25, 2019 and on5 s1 A  @' y9 T) i, Y' ^4 c  n, d
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
4 w9 }; k: C6 P" d& b- Q2 O% l4 Hor all of their Preferred Shares Series 19 into an equal number of Preferred
: i/ ^: J9 [) _* ^Shares Series 18 upon giving to the Bank written notice thereof not earlier
1 T% _/ }  h+ Pthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the8 P+ @5 w& H% G) K. y4 e
15th day preceding, a Series 19 Conversion Date./ y4 X7 X0 S2 n% P7 R4 Q! w9 R# D
Automatic Conversion If the Bank determines, after having taken into account all shares tendered, z! q9 t4 ~6 s' e
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares+ d5 [3 l( _- m: x& i. l1 k
Series 18, as the case may be, that there would be outstanding on such
& S0 [" ~- X) O+ ^, o! z$ H+ E& I. WSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,8 X2 n, k2 L. D! J8 I7 x0 u" w
such remaining number of Preferred Shares Series 19 will automatically be! S# v. W; L, T4 A
converted on such Series 19 Conversion Date into an equal number of
: ?" a9 W" f6 }0 f! p7 oPreferred Shares Series 18. Additionally, if the Bank determines that, after. b& A" O7 o5 \
conversion, there would be outstanding on such Series 19 Conversion Date
$ V. A  Q3 H  wless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
9 A) `" s4 o9 G4 Z/ Y9 ~* W+ lSeries 19 will be converted into Preferred Shares Series 18.
# A) W* X! S. Y5 x( E8 ~  A6 [4 Z3 yVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares4 O; K: e6 |  y7 B
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
# ^  O3 ^! n3 E  |any meeting of the shareholders of the Bank unless and until the first time at
. g; r- f$ N( Y% w2 {% m3 Owhich the Board of Directors has not declared the whole dividend on the
; t4 \% }8 ^- GPreferred Shares Series 19 in any quarter. In that event, subject as( X4 f1 Z3 _" Y. r6 `" [
hereinafter provided, the holders of Preferred Shares Series 19 will be
$ j/ d/ Y6 F- C8 V6 N& \, e. b. lentitled to receive notice of, and to attend, meetings of shareholders at which
0 V) t. t# C2 z; z/ b; edirectors of the Bank are to be elected and will be entitled to one vote for
. E9 _4 P" g+ X  h" n. [each Preferred Share Series 19 held. The voting rights of the holders of the
) T8 \1 r4 C9 n- HPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
( D4 ]5 x: {7 m, `% h( m; G" ethe first dividend on the Preferred Shares Series 19 to which the holders are
# ~" H& g; X$ Qentitled thereunder subsequent to the time such voting rights first arose until
0 }- e3 J! c8 rsuch time as the Bank may again fail to declare the whole dividend on the
/ B: K' U, g+ }  Y) L% z* D( QPreferred Shares Series 19 in respect of any quarter, in which event such, m9 I9 u( g/ s: G6 x& H' x
voting rights will become effective again and so on from time to time.
3 X8 O- z4 `) J  g; [S-6
3 A. Q+ \3 ]- y0 WPriority: The preferred shares of each series of the Bank will rank on a parity with( s* N) ~9 P- {% G& i9 Z: f! p
every other series and are entitled to preference over the common shares of
& {5 I* g! O3 n) v% Kthe Bank and over any other shares of the Bank ranking junior to the
6 }6 {2 I; ?* k  [: ?6 r3 npreferred shares with respect to the payment of dividends and upon any$ P7 L3 v4 ~. O. j
distribution of assets in the event of the liquidation, dissolution or
; W7 r( k1 ^5 Jwinding-up of the Bank.+ @( d# X  H4 g* ^" s+ [& S
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
  n1 n8 ^' T8 w$ ^+ ~( QDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares, O- G9 m" V3 L& n0 C4 _5 Y
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
/ J& z( N3 P( g; b0 O: N$ t# Ydividends received on such shares under Part IV.1 of such Act.
大型搬家
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。$ ]& i% v% j! S& r
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

; A% t2 S7 I1 D- l' J' q' V& ]
% z& y( ^6 Y$ Y! I* t+ |; `下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
* T. w) m0 n8 ?$ d& G
' A( V: D. h5 ~/ k: e. k8 X6 mcall me.. 780 6699880 转101
理袁律师事务所
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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