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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。
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7 r' k: {4 h4 W$ K! d# f[ 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:
) M8 V% @0 ], P+ S2 G2 T" sSUMMARY OF THE OFFERING" ]6 ?" y. Q! n8 i% l
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’’.
% l$ H" U1 V; V: R7 SIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
% L& y$ {- w! RAmount: $150,000,000 (6,000,000 shares).
9 ?  G! Y  \2 [Price and Yield: $25.00 per share to yield initially 6.50% per annum.8 m, A/ H/ H" }- m
Principal Characteristics of the Preferred Shares Series 18- h/ f4 R* p' I( o, p2 B
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed) H: D% Y& ]/ p7 v: w5 l
non-cumulative preferential cash dividends, as and when declared by the; L; P) V  P0 _$ k' s9 Q
Board of Directors, subject to the provisions of the Bank Act, for the initial! ]' o2 l9 _! s3 a) H# O8 k
period commencing on the closing date and ending on and including
; s1 B; T2 W( \# U+ q/ bFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
+ L( p. X) s" X7 m9 b25th day of February, May, August and November in each year, at a rate
* Z: A$ n9 U0 n1 yequal to $0.40625 per share. The initial dividend, if declared, will be payable
* G& s3 i; f, I. l$ u' J) h. fMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing* z, X( W0 G, O5 k. u! y5 E
date of December 11, 2008.
5 I* D: e0 U! W" y; n. v, CFor each five-year period after the Initial Fixed Rate Period (each, a
8 p8 B$ ]7 T5 e6 N7 |; ?! @‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
0 B5 X8 W: U) ~3 G  jSeries 18 will be entitled to receive fixed non-cumulative preferential cash& U) i: I& z) ?6 X0 W6 [
dividends, as and when declared by the Board of Directors, subject to the
6 p  l7 v$ n9 J7 D' kprovisions of the Bank Act, payable quarterly on the 25th day of February,
, k: g. t  a% L+ D% m% ~May, August and November in each year, in the amount per share per annum
/ w% a' ?; e: Z$ r8 q1 K0 Idetermined by multiplying the Annual Fixed Dividend Rate applicable to
5 N  T0 ?) u" W2 Dsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
" w+ Z. B' {+ ^/ ^4 [Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
$ j0 ]/ E+ ^* N- [, K- J/ pBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day( c6 u9 o/ w" |% U. i8 @# c) S( u
of such Subsequent Fixed Rate Period and will be equal to the sum of the
# P" n: }4 l, @# A7 dGovernment of Canada Yield on the applicable Fixed Rate Calculation Date8 B; v9 q1 g' N  _$ @- Y1 q
plus 3.83%.
8 Z5 P# k9 p) }5 [If the Board of Directors does not declare a dividend, or any part thereof, on
7 e6 p, o! Q2 i# t: d: [$ `0 {the Preferred Shares Series 18 on or before the dividend payment date for a5 v) t2 p/ i" T8 f
particular quarter, then the entitlement of the holders of the Preferred
0 m, q, b4 z* z* r' u0 PShares Series 18 to receive such dividend, or to any part thereof, for such& i0 j* h! ]0 |9 X# M1 ~
quarter will be forever extinguished.
* Z3 S. N/ E. r4 I6 r6 NRedemption: Subject to the provisions of the Bank Act and to the prior consent of the. C  o: j7 f  l- M0 D. W  L5 a
Superintendent and to the provisions described below under ‘‘Details of the7 K9 f, D; e. i& ]8 F/ w
Offering — Certain Provisions of the Preferred Shares Series 18 as a% b, Y) {: a0 \+ V
Series — Restrictions on Dividends and Retirement of Shares’’, on+ n% @  v6 [# _1 U$ ~! q
February 25, 2014 and on February 25 every five years thereafter, on not
& f: T& T! k$ t4 H3 B+ N! I& Q, Q# Jmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any7 L4 P/ g3 f& J; @
part of the then outstanding Preferred Shares Series 18, at the Bank’s option+ u2 i7 H0 k. W7 p
without the consent of the holder, by the payment of an amount in cash for- ~* e3 r8 V; Z# t9 \  |
each such share so redeemed of $25.00 together with all declared and unpaid
8 e; O0 `1 A( l& x% Zdividends to the date fixed for redemption.
% }, q6 l, Q5 e  r" b5 ]; aConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic1 {; f6 g8 |7 V' l! E) \, ]; K( ^
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have; A. ~* c. G  S! X1 _  [
the right, at their option, to convert, on February 25, 2014 and on
( {5 l+ p! j5 W6 W. H! HS-4: e& `: Y" W6 ]$ E
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any/ x' W; c) n9 D
or all of their Preferred Shares Series 18 into an equal number of Preferred
9 a* X/ ?2 o. A0 R" _. p  O4 FShares Series 19 upon giving to the Bank notice thereof not earlier than
) l& j* e  V% X# F30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day0 j' U& N: W( q) _, ^
preceding, a Series 18 Conversion Date.
2 i8 i) f1 M6 _# ]$ p& P; t$ DAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
8 x, ?7 W- `) }7 v) D. L! cProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
7 J5 \' g# k% F# L  R1 |0 I8 RSeries 19, as the case may be, that there would be outstanding on such4 R* x/ e( J7 G4 t8 o8 F- t
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,* N7 D: r" c7 F0 u* }3 E
such remaining number of Preferred Shares Series 18 will automatically be
6 u6 I' a! Z9 w3 uconverted on such Series 18 Conversion Date into an equal number of
" v" d$ w. p% I9 IPreferred Shares Series 19. Additionally, if the Bank determines that, after
: o3 Q! [+ P! m- s. Pconversion, there would be outstanding on such Series 18 Conversion Date
7 w7 v. j- e* R8 Q7 Gless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares9 L9 U$ \8 `, _, L- a7 w9 J. a
Series 18 will be converted into Preferred Shares Series 19.
3 v' R5 t* s! iVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares' e3 u$ P" z' N, W' Q/ ], a
Series 18 will not be entitled as such to receive notice of, attend, or vote at,+ n6 F: `6 F; a1 b, B# ~; B. n
any meeting of the shareholders of the Bank unless and until the first time at  D' e4 }9 C  z6 @" c- |" b
which the Board of Directors has not declared the whole dividend on the$ H& y6 x5 u/ P  n7 i
Preferred Shares Series 18 in any quarter. In that event, subject as
2 w8 L2 a1 G/ F  a( zhereinafter provided, the holders of Preferred Shares Series 18 will be
( a" q  V1 T6 B5 ^entitled to receive notice of, and to attend, meetings of shareholders at which
! R% P5 C/ J' q0 J4 Ldirectors of the Bank are to be elected and will be entitled to one vote for- L: y" N6 y$ R. a
each Preferred Share Series 18 held. The voting rights of the holders of the+ E) v4 U0 h; V
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
7 X6 \; H2 M' S3 X$ o: O- ^) `the first dividend on the Preferred Shares Series 18 to which the holders are
( [1 ?7 t$ J1 l$ ~( A3 ]1 Jentitled thereunder subsequent to the time such voting rights first arose until$ V( Y( y- g* R* ?) v; a4 G9 ^& R
such time as the Bank may again fail to declare the whole dividend on the
( z: D6 M" K% g7 |  P' E7 Q6 lPreferred Shares Series 18 in respect of any quarter, in which event such
% _& n9 O  H6 ]/ q* `* Cvoting rights will become effective again and so on from time to time.
2 ?* j# S  @; k6 ]6 j3 ?* tPrincipal Characteristics of the Preferred Shares Series 19
' t6 b  t+ J* e$ E" E/ P; s0 QDividends: The holders of the Preferred Shares Series 19 will be entitled to receive, W4 \9 U8 H' ^% f1 Z  x5 @# h
floating rate non-cumulative preferential cash dividends, as and when
. |" o  o% @* W  Edeclared by the Board of Directors, subject to the provisions of the Bank Act,
- o  R& ]: L5 ^payable quarterly on the 25th day of February, May, August and November# v" d& E' I$ }, E4 J
in each year, in the amount per share determined by multiplying the
, v1 b- t. _6 p+ Z, z6 K0 Qapplicable Quarterly Floating Dividend Rate by $25.00.- ^1 [% I: l: @- y. y( b
On the 30th day prior to the commencement of the initial quarterly dividend
0 R1 y7 e0 H: R% v7 D% R" u/ qperiod beginning on February 25, 2014, and on the 30th day prior to the first$ A; ~0 T3 S# `) }
day of each subsequent quarterly dividend period (the initial quarterly6 F, d; g( t0 z/ V+ p, q$ r
dividend period and each subsequent quarterly dividend period is referred to
6 l( X: \8 R  d% {as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the* \* a3 Z; I+ H! m6 d' ^$ M( K
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
* ]$ t$ H% _2 u% Z" ~Period. The Quarterly Floating Dividend Rate will be equal to the sum of the% ^: `2 a7 K! ?1 L: N
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days6 s, M4 P" k7 N8 O$ C
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
$ G. u& H3 l. z; [- `3 O) E9 {determined on the 30th day prior to the first day of the applicable Quarterly' z4 F6 H3 {2 _+ n1 c
Floating Rate Period.$ Y1 }* B/ y2 m: C1 k6 v6 s
S-5
8 [! T2 l. u' S+ ]) @2 @& q! ?/ I& W  Q5 bIf the Board of Directors does not declare a dividend, or any part thereof, on
# Q  p$ ~2 H0 n' mthe Preferred Shares Series 19 on or before the dividend payment date for a
# w5 ~( X( o9 P+ f- }/ O( Cparticular quarter, then the entitlement of the holders of the Preferred
: a5 ^1 Q; N: I( s. K( MShares Series 19 to receive such dividend, or to any part thereof, for such
/ U) B( t% M4 L1 i& W9 ^, m2 o; B7 Vquarter will be forever extinguished.
& ]5 ^8 d) t+ z0 b/ q/ p3 H4 h* KRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
( a- b2 o" i2 k3 XSuperintendent and to the provisions described below under the heading' O! x; M/ v- i: ]9 A7 Q: w) |
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
1 v) D7 ^$ z8 ~1 `8 m- S) D9 VSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
6 p# Z: o1 w6 Lon not more than 60 nor less than 30 days’ notice, the Bank may redeem all- I" {7 {+ _  p1 a6 k3 q7 q+ v: f( k
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
3 s+ \8 U7 B% R* I7 Xoption without the consent of the holder, by the payment of an amount in4 W, Y: b5 S( L% H1 K0 P# q
cash for each such share so redeemed of (i) $25.00 together with all declared
* \% n4 n* c; Sand unpaid dividends to the date fixed for redemption in the case of( H2 c+ p; V4 ?4 R
redemptions on February 25, 2019 and on February 25 every five years& e/ Z6 F- [# m
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to( R1 s+ {2 x& k! H# J# r1 s; w  o9 V
the date fixed for redemption in the case of redemptions on any other date/ ?8 r/ c9 G5 ?2 |' W; n5 M6 `
on or after February 25, 2014., E' {5 {) U0 _, P9 C
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
6 T8 w2 @& t' C7 V3 Y# PShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
& b( v) p- j+ y5 b1 [& S& fthe right, at their option, to convert, on February 25, 2019 and on
+ H& r2 M" N: b$ L5 D9 [February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any7 l4 V! t* K: r( U0 o1 ?
or all of their Preferred Shares Series 19 into an equal number of Preferred
4 w' q7 c" v# kShares Series 18 upon giving to the Bank written notice thereof not earlier
+ L& b# ]( |4 u: L: T% L. rthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
( q5 o$ C& U. P  k5 Z3 r  K5 P* K15th day preceding, a Series 19 Conversion Date.. |9 l7 }2 F$ M6 k
Automatic Conversion If the Bank determines, after having taken into account all shares tendered/ g+ a8 B8 S1 C# r
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
; I8 E: O8 s9 k$ ]# mSeries 18, as the case may be, that there would be outstanding on such
! L  [9 i8 p3 l5 b3 ISeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
0 T& J; Y4 }; f3 o0 S$ Usuch remaining number of Preferred Shares Series 19 will automatically be9 A4 R" L3 Q! c9 Z& D
converted on such Series 19 Conversion Date into an equal number of
0 ]3 m: B, `3 z, {1 fPreferred Shares Series 18. Additionally, if the Bank determines that, after
" f* |* W8 L7 }' I' \& L% ?5 }conversion, there would be outstanding on such Series 19 Conversion Date" `8 G( y: q- _( K5 Y# n4 A& V
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares8 H% w, m$ A3 }+ g
Series 19 will be converted into Preferred Shares Series 18.$ r- ~5 e% x6 y9 {4 }! n
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares) p9 B" {* W- p+ M; ~* a
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
/ u% R' B5 ]) ]1 Gany meeting of the shareholders of the Bank unless and until the first time at
3 A) E: L+ a# S6 qwhich the Board of Directors has not declared the whole dividend on the
' v4 X0 F+ o( H, M8 vPreferred Shares Series 19 in any quarter. In that event, subject as# i6 o, `! k; V- e+ k$ A. s
hereinafter provided, the holders of Preferred Shares Series 19 will be! m! `: f# h  }: W. v
entitled to receive notice of, and to attend, meetings of shareholders at which0 [% j+ x" A. c4 W' U' \
directors of the Bank are to be elected and will be entitled to one vote for
2 L4 a0 H: f& q  g% D  |$ Y6 neach Preferred Share Series 19 held. The voting rights of the holders of the
, N, V# x1 {$ n4 R$ i$ F5 NPreferred Shares Series 19 will forthwith cease upon payment by the Bank of- B3 w; ~7 F* f2 y% _$ w$ X7 o
the first dividend on the Preferred Shares Series 19 to which the holders are
. x6 n! j2 n4 sentitled thereunder subsequent to the time such voting rights first arose until
, T( K3 h9 d- K" {  esuch time as the Bank may again fail to declare the whole dividend on the* k# u# u* y. p1 d9 Z( |
Preferred Shares Series 19 in respect of any quarter, in which event such- b' A! Z2 S- G% g9 J9 `
voting rights will become effective again and so on from time to time." ~8 D9 @$ s- I8 D/ y
S-6
3 f# n9 _8 d; @, RPriority: The preferred shares of each series of the Bank will rank on a parity with, W7 N  t: I! U1 c
every other series and are entitled to preference over the common shares of
" K# L: O% o+ B- l1 qthe Bank and over any other shares of the Bank ranking junior to the; S* H2 Q' k2 Y+ w7 `7 l6 J- m
preferred shares with respect to the payment of dividends and upon any, O' \* @0 O0 N/ J5 u! G8 ?
distribution of assets in the event of the liquidation, dissolution or' _  i1 E  }- \: Y6 h
winding-up of the Bank.
" U9 j3 v; F: gTax on Preferred Share The Bank will elect, in the manner and within the time provided under
- r1 M* n# L9 H7 a- JDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
  T- K' H0 q4 R* l1 T  L2 x7 o& PSeries 18 and Preferred Shares Series 19 will not be required to pay tax on( k: Q" y' G- `9 B$ p
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。
' w  |' m) q' V& A( h( 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。
理袁律师事务所
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 18:26 | 显示全部楼层
* F" R& x8 }) s4 v" q- w
- q2 q3 G" A  H( }
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。3 p6 L+ H; b& p

/ w5 e5 U' E6 q8 V! Y: J8 jcall 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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