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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。1 ^- G% c, g( g' S1 w* I9 \
- q' A; m) q/ Q# j. ^7 k4 |7 k

3 I  X' H3 Z8 P6 t, r[ 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:
( D% G# d3 X4 S; }SUMMARY OF THE OFFERING
2 j5 w3 @% ]+ y1 U7 {7 J* aThis 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’’.
$ V6 J9 R# F3 T5 CIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
1 U5 i& W( P  ^Amount: $150,000,000 (6,000,000 shares).+ v- }" M0 i' C, }
Price and Yield: $25.00 per share to yield initially 6.50% per annum.3 Q2 [) E. B5 G& [( f" v" k- x
Principal Characteristics of the Preferred Shares Series 18
0 ~: w. @5 m% P9 W' Q; R( p9 TDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed, I: l# s* s: x$ `  U6 X
non-cumulative preferential cash dividends, as and when declared by the
9 t/ Z9 l3 R6 g* H7 ^Board of Directors, subject to the provisions of the Bank Act, for the initial+ q5 b. T* S7 g, D7 k
period commencing on the closing date and ending on and including. z# G$ }7 q) F" I  |
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
! \" J3 [) p$ X. {+ q7 D25th day of February, May, August and November in each year, at a rate& [; G# d3 b8 U1 T+ o7 Y& l
equal to $0.40625 per share. The initial dividend, if declared, will be payable
( O4 _' i; \8 Y; v/ ^1 LMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
. P* i% n. Y1 A* t* Ddate of December 11, 2008.  L' S, @1 X+ L' _1 o* J
For each five-year period after the Initial Fixed Rate Period (each, a
" c! J0 |: e( [8 b‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares" v. ?2 J5 M6 M  I" ]& j, O
Series 18 will be entitled to receive fixed non-cumulative preferential cash
, |) u+ |. B( Bdividends, as and when declared by the Board of Directors, subject to the' k, P' Q9 o4 |2 W" j. V
provisions of the Bank Act, payable quarterly on the 25th day of February,5 v. e4 S2 y2 Y; x+ z9 }) p
May, August and November in each year, in the amount per share per annum7 i' }% w2 l* W7 a
determined by multiplying the Annual Fixed Dividend Rate applicable to# }, w% |# ]5 o6 u# F
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend1 T, v# K7 j# D% O
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
' R! W  L& [9 t0 U7 o9 iBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
9 u0 S# |7 O5 Mof such Subsequent Fixed Rate Period and will be equal to the sum of the. C# V% H8 t3 G8 {, L
Government of Canada Yield on the applicable Fixed Rate Calculation Date/ F0 w1 f  d8 p. }* g# u9 ^. w
plus 3.83%.
( I: c- o# i% d1 GIf the Board of Directors does not declare a dividend, or any part thereof, on
3 p7 Z8 t. d" k( F! a9 v' y( vthe Preferred Shares Series 18 on or before the dividend payment date for a
. J0 ^" P; z% s, v% ?( Z6 eparticular quarter, then the entitlement of the holders of the Preferred
3 B& ?$ B7 H& S+ b4 CShares Series 18 to receive such dividend, or to any part thereof, for such1 d6 R6 f8 I9 V
quarter will be forever extinguished.
' c, A$ B* B- q$ xRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
3 p$ u' A4 v3 O" s1 z3 {7 H! FSuperintendent and to the provisions described below under ‘‘Details of the
% D' H0 n, o1 g5 Q/ kOffering — Certain Provisions of the Preferred Shares Series 18 as a, r( B( V9 u# q: }3 K: S/ G! I
Series — Restrictions on Dividends and Retirement of Shares’’, on. d* d' R( A: @% S) x1 H
February 25, 2014 and on February 25 every five years thereafter, on not
+ v6 R1 P. a1 L, {! a9 `" b" nmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any+ L9 o7 ^8 I3 J* o% K
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
- L) F3 _4 z$ E1 j9 \without the consent of the holder, by the payment of an amount in cash for
: [! G7 [- y- J! ?; f7 Aeach such share so redeemed of $25.00 together with all declared and unpaid
1 X  Y7 k" O# U# P+ {* I* Vdividends to the date fixed for redemption.
3 m4 J" b4 a1 B  b- O. R5 M0 NConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
9 U! q. L, E* s' Q' J  dShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have& l. E& V, M; h
the right, at their option, to convert, on February 25, 2014 and on( Z2 D$ j$ H; y& b" `. ]
S-4
! o0 B2 X+ _6 h% n5 n! ZFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any  t4 z6 H6 r* |( r( I
or all of their Preferred Shares Series 18 into an equal number of Preferred
/ f# M( z1 D8 V9 _Shares Series 19 upon giving to the Bank notice thereof not earlier than3 N% L8 X4 e1 S
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day' m8 i) c9 _# V3 g  i
preceding, a Series 18 Conversion Date.! S. h! g- V: {- m3 p$ z! C/ U
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
2 [6 }; [( D+ u' z5 D1 S0 q2 L( ZProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
9 Y# P% N" k+ @, h. `' i4 G- ^Series 19, as the case may be, that there would be outstanding on such2 w4 ]( c% P2 [7 Y0 z
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,& ?; S$ f" N( |% ~- ?6 X
such remaining number of Preferred Shares Series 18 will automatically be6 z3 t% B# `, r$ \
converted on such Series 18 Conversion Date into an equal number of+ c% C8 R/ |; f9 \3 x  H
Preferred Shares Series 19. Additionally, if the Bank determines that, after% x3 J1 ^3 ?! q$ D
conversion, there would be outstanding on such Series 18 Conversion Date! p. o( h9 L) U9 Q- u6 i+ ]" C3 e
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
* b+ X: H) |2 h  L1 D' USeries 18 will be converted into Preferred Shares Series 19.! f$ @% P5 R$ D8 }
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
) K( O# C# k3 jSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
- ^+ ]5 |# x5 A$ ]% ?- wany meeting of the shareholders of the Bank unless and until the first time at
4 |- w; J/ t1 p  d7 vwhich the Board of Directors has not declared the whole dividend on the
. Y! Y5 h" D+ ?$ K! X7 [9 t) \% nPreferred Shares Series 18 in any quarter. In that event, subject as8 b( ]9 k- ~6 N: r4 N. Y3 V
hereinafter provided, the holders of Preferred Shares Series 18 will be
. @) Q9 S; B) s) D; ]entitled to receive notice of, and to attend, meetings of shareholders at which; o6 x: ^" u) |4 ^; L
directors of the Bank are to be elected and will be entitled to one vote for
0 a/ d- S/ S) F+ Eeach Preferred Share Series 18 held. The voting rights of the holders of the
4 x9 }6 y% G: Y3 b8 r# UPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
3 R6 k, b6 B% x2 D* ]+ W  `4 Wthe first dividend on the Preferred Shares Series 18 to which the holders are
8 `: V% O( A9 sentitled thereunder subsequent to the time such voting rights first arose until
$ x. J: _% J1 |$ ^+ N9 Q( K% \such time as the Bank may again fail to declare the whole dividend on the
% J0 b* A7 I0 ~0 g' C# hPreferred Shares Series 18 in respect of any quarter, in which event such
! ]1 ]/ s- a! `8 G* P, hvoting rights will become effective again and so on from time to time./ @& y4 t  O" R0 T6 u- r. @( {
Principal Characteristics of the Preferred Shares Series 19
8 N1 r' j0 K& sDividends: The holders of the Preferred Shares Series 19 will be entitled to receive+ s1 i! b7 s: o. i% M' b' v  b
floating rate non-cumulative preferential cash dividends, as and when; V' Q" a' V$ i8 q( x8 E* w
declared by the Board of Directors, subject to the provisions of the Bank Act,
7 ?4 Q5 N/ j7 s3 N8 e4 }payable quarterly on the 25th day of February, May, August and November
2 V- P4 d/ L! C! y# {: K) ]& fin each year, in the amount per share determined by multiplying the% O! y  c+ {; M% {5 X! t
applicable Quarterly Floating Dividend Rate by $25.00.5 V  x; G& S+ k
On the 30th day prior to the commencement of the initial quarterly dividend
/ a; u8 Q3 z( w! y! @period beginning on February 25, 2014, and on the 30th day prior to the first) ^% j+ a4 t2 W/ k( b3 |9 e3 W6 ]( k
day of each subsequent quarterly dividend period (the initial quarterly. i: K# Z% \- R3 ~- w$ a+ t% L; L
dividend period and each subsequent quarterly dividend period is referred to
) k+ ~( b! q2 @7 Jas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
/ s' p8 v8 {# o- d; J& v7 ?0 iQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate- a' g0 f- Y7 \2 M% E
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
9 D5 j% P6 r8 pT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days# r2 ^( ^4 E* r' i( T6 d# L" V* u
elapsed in the applicable Quarterly Floating Rate Period divided by 365)% y3 u5 n" T7 x: V% W
determined on the 30th day prior to the first day of the applicable Quarterly
: Z) n; I; Q- ^3 }Floating Rate Period.( t3 H' T' J3 s- `
S-56 E9 M9 i: d% L) a: `
If the Board of Directors does not declare a dividend, or any part thereof, on
6 t9 u, ]( t9 ~the Preferred Shares Series 19 on or before the dividend payment date for a
/ R3 ]0 \2 J, E% nparticular quarter, then the entitlement of the holders of the Preferred
' b+ P0 E2 x5 {' Y, m4 Y# Y% ?Shares Series 19 to receive such dividend, or to any part thereof, for such" A+ f. v: ]+ }2 ~7 d: P$ h
quarter will be forever extinguished.2 @' A: e0 T8 N; ?- r  d4 t
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
7 D6 P5 z3 w. F0 hSuperintendent and to the provisions described below under the heading6 B: m+ U9 D. e2 V. j0 t$ d5 ]
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
  Z6 x) Y: E6 `' M, Q& X& }Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
7 M! c$ s* a% _% X4 n" Aon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
1 ^6 J& c8 l( t* M( |+ tor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
) _) p7 f. m5 ?' }- ?8 Z2 e  Aoption without the consent of the holder, by the payment of an amount in
( B% n4 u: k: X  ncash for each such share so redeemed of (i) $25.00 together with all declared4 W7 \1 j- ^0 B" \( `) m  R1 F, G
and unpaid dividends to the date fixed for redemption in the case of1 |1 ~- V1 u8 ]
redemptions on February 25, 2019 and on February 25 every five years( k- E. E4 I$ g
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to" I6 A7 W0 d5 j# K
the date fixed for redemption in the case of redemptions on any other date9 m! W+ L- F* |, [! H
on or after February 25, 2014.! N6 n0 g4 H) x, Y, L- i: w5 n
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
) l  w8 L: Z2 rShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have5 s* ]* W5 v* C! X# X# P
the right, at their option, to convert, on February 25, 2019 and on3 w" R% t" ?" ^% O+ f7 o& c3 c# s/ o
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
* f6 |: j/ u1 ]2 l/ |' }4 Qor all of their Preferred Shares Series 19 into an equal number of Preferred9 L4 Y8 k6 h4 Y3 q( C/ R3 c
Shares Series 18 upon giving to the Bank written notice thereof not earlier
% ?2 T6 J8 Q; A  Tthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the, r5 K0 o9 I! @
15th day preceding, a Series 19 Conversion Date.# f) Y! K  E( W# q
Automatic Conversion If the Bank determines, after having taken into account all shares tendered$ e/ |( |2 J* l& a) y5 |/ y- a
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares# T% P! o( l  {# u' d& @
Series 18, as the case may be, that there would be outstanding on such
$ |! h, H9 |8 ^( b6 W( B) ]' xSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
2 [+ Y% V! U, l" i$ I2 k$ r9 ~* asuch remaining number of Preferred Shares Series 19 will automatically be
9 f0 _( U7 h, A: p% q6 g$ }converted on such Series 19 Conversion Date into an equal number of0 C2 [+ I+ H5 x4 Z1 L% R0 S
Preferred Shares Series 18. Additionally, if the Bank determines that, after
4 P' I" m. O4 iconversion, there would be outstanding on such Series 19 Conversion Date1 c( I. H2 E1 g  K
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares4 c$ q5 j) y; Q/ B! M2 V  g& @
Series 19 will be converted into Preferred Shares Series 18.
2 O3 S3 f- ^) u2 y8 AVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares6 t9 v) G8 b. O3 D
Series 19 will not be entitled as such to receive notice of, attend, or vote at,3 X$ X4 e9 e9 q0 J2 l  J
any meeting of the shareholders of the Bank unless and until the first time at
2 O( L" M% H! d5 Vwhich the Board of Directors has not declared the whole dividend on the
$ E% r6 }. A$ e, A: OPreferred Shares Series 19 in any quarter. In that event, subject as
! y6 o7 j, C- ?' ^6 g  n  j* Nhereinafter provided, the holders of Preferred Shares Series 19 will be
; P1 ?! [, U9 z/ V5 J" g' Sentitled to receive notice of, and to attend, meetings of shareholders at which
% v6 U- W1 t! X# w7 B# K5 F  Ndirectors of the Bank are to be elected and will be entitled to one vote for3 _% I% V+ @9 U
each Preferred Share Series 19 held. The voting rights of the holders of the
! e* u4 Z% Y, O* s! ]Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
3 [% [1 D" f, I( Dthe first dividend on the Preferred Shares Series 19 to which the holders are. E# ~. _" k- m
entitled thereunder subsequent to the time such voting rights first arose until5 S& X" r4 B; a+ E" z  ?
such time as the Bank may again fail to declare the whole dividend on the
- O5 W+ A! Q7 u3 V3 m( TPreferred Shares Series 19 in respect of any quarter, in which event such$ k2 B! f1 J2 O0 E4 p5 [; J( V5 ^
voting rights will become effective again and so on from time to time.( f6 ]5 {' B% p) y' |
S-6% S! d. q" M- ~
Priority: The preferred shares of each series of the Bank will rank on a parity with9 @5 G5 D# a6 H1 P1 m
every other series and are entitled to preference over the common shares of
# D$ D5 Y% j7 C7 N1 K7 u6 athe Bank and over any other shares of the Bank ranking junior to the, d; K% `. w( ]. [6 q' |
preferred shares with respect to the payment of dividends and upon any# s- o" U$ }$ T- A5 D
distribution of assets in the event of the liquidation, dissolution or
$ U; C/ o+ x5 E5 Zwinding-up of the Bank.' @8 e, ]$ Q9 m: G' k
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
3 }% |- o1 k- \+ E- s# Y$ a- SDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares# ^1 o: e4 L8 u
Series 18 and Preferred Shares Series 19 will not be required to pay tax on, n2 @' c- B& {$ ~3 U
dividends 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。( ^' F. k' u5 M+ a5 _2 a9 W8 _+ a( w
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

5 Y/ ?: c+ _( Y- T
3 [/ H( k& Q6 }% G# A下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
2 M6 H; Q9 G' T! A2 C$ W
! {% S1 D8 ~1 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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