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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。3 w6 E# F! O7 V5 G& l1 R9 |, z
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[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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 楼主| 发表于 2008-11-29 16:58 | 显示全部楼层
下面是BMO的:* ~1 X% `  U4 e
SUMMARY OF THE OFFERING
  i$ V8 o2 u$ |/ r' tThis 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’’.
; V' F: t* ^! {$ HIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18., ?" I  _4 x% b# x
Amount: $150,000,000 (6,000,000 shares).. J" F4 D/ N6 t, ?7 [5 V5 J8 ~* f3 b
Price and Yield: $25.00 per share to yield initially 6.50% per annum.1 Q( v4 J+ {2 L  i6 j) P+ W
Principal Characteristics of the Preferred Shares Series 18' D- C# \% |3 `* @) t4 o
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed& k& \/ _/ z, Q  f
non-cumulative preferential cash dividends, as and when declared by the- r# J5 e/ z9 ~1 _, i: g
Board of Directors, subject to the provisions of the Bank Act, for the initial
5 G  W1 M0 g/ v% M6 X* \period commencing on the closing date and ending on and including: ]0 R" O* C7 M* g" J
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the/ W: O6 M6 }2 ^1 x
25th day of February, May, August and November in each year, at a rate
. ^, k6 p% T$ c- W1 l6 m* Zequal to $0.40625 per share. The initial dividend, if declared, will be payable. C& E/ c$ b' E1 o
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
& d) m+ |- @8 ^& Rdate of December 11, 2008.
- R! i$ D+ z1 @9 P/ ], Y- pFor each five-year period after the Initial Fixed Rate Period (each, a
; ^# c0 L3 ?. j7 p/ m4 F$ R‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares1 B3 j9 F7 r  ]; l" B) h
Series 18 will be entitled to receive fixed non-cumulative preferential cash
( [! ~* `5 V" F& z! z5 {dividends, as and when declared by the Board of Directors, subject to the1 S0 q  |! s4 d# T
provisions of the Bank Act, payable quarterly on the 25th day of February,
- x, B0 r% {" _4 s- U' T8 FMay, August and November in each year, in the amount per share per annum! M2 t" G. q6 Y9 d
determined by multiplying the Annual Fixed Dividend Rate applicable to
% Y1 ?; D2 m( O; f# ?- Tsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
* [5 n- A/ A: }( M7 F- [Rate for the ensuing Subsequent Fixed Rate Period will be determined by the* ~# e- j  M# o
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
2 J6 }. t8 A0 t0 S1 ~of such Subsequent Fixed Rate Period and will be equal to the sum of the" J2 T  P" N: X% A8 B
Government of Canada Yield on the applicable Fixed Rate Calculation Date
+ ~3 S8 v& C3 O* ]1 Vplus 3.83%.
7 r$ j8 g% p( Y/ r# k4 X; m( g/ i' ZIf the Board of Directors does not declare a dividend, or any part thereof, on
0 _- U& A1 H# d6 f+ o; sthe Preferred Shares Series 18 on or before the dividend payment date for a2 d5 ?7 P( B* L: K
particular quarter, then the entitlement of the holders of the Preferred8 j. U" U$ M' ]- u  j8 I
Shares Series 18 to receive such dividend, or to any part thereof, for such
' s( U' q5 r! ]6 G1 ]) Y7 u% tquarter will be forever extinguished.4 Z' n: c" T. \; b; q! W" Z. ?
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the& @# X. ?  `: R) Q  Q% j: n
Superintendent and to the provisions described below under ‘‘Details of the
' [0 u9 Z! G4 Y8 [* dOffering — Certain Provisions of the Preferred Shares Series 18 as a  k2 J8 i5 i! U- P  f
Series — Restrictions on Dividends and Retirement of Shares’’, on" `; i* q* s5 W3 Q
February 25, 2014 and on February 25 every five years thereafter, on not
9 v/ Y) C! |8 _4 Z$ umore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
: i: q* ^" ?8 s9 @: W2 A: R4 spart of the then outstanding Preferred Shares Series 18, at the Bank’s option4 |9 Z' E4 F7 ~- E3 N) M
without the consent of the holder, by the payment of an amount in cash for7 z- z  p3 i, N4 S6 r& ?7 G, N2 l
each such share so redeemed of $25.00 together with all declared and unpaid
' t; W; J% n# V$ _$ S+ n$ Pdividends to the date fixed for redemption.
- \1 O3 |8 g) z% D" e- t1 JConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
5 ?! g% |; x* h" cShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
( D3 c, s1 E/ q' ?, Y$ uthe right, at their option, to convert, on February 25, 2014 and on+ |* d& f( n! b9 ?9 n4 Y+ W
S-4
( B' V! B) L" ?. [February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any1 t; u: G6 j  q' x1 b' ]
or all of their Preferred Shares Series 18 into an equal number of Preferred4 c& C& n) x6 w8 ]; g3 K7 D
Shares Series 19 upon giving to the Bank notice thereof not earlier than: w2 B" U( u( v: i2 k5 |
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
8 ?: C  y$ W# I) s; ppreceding, a Series 18 Conversion Date.- g, c3 p! K) d7 z6 F, c; ?9 ]: D
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
9 c) H6 z; {# D5 _3 T1 i4 w# h* [Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
/ ~( c* i0 Y( l3 a) t' hSeries 19, as the case may be, that there would be outstanding on such
! i  d( k) d1 q& K: F8 c) t2 Q# USeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,2 y; \, p% Z" g3 d  P" T* i: o
such remaining number of Preferred Shares Series 18 will automatically be
) B9 C8 Z, _% C, J! ^2 T. Yconverted on such Series 18 Conversion Date into an equal number of
" j8 ?' U* `) t% n" kPreferred Shares Series 19. Additionally, if the Bank determines that, after
1 d" h$ R( k% V: Sconversion, there would be outstanding on such Series 18 Conversion Date- g! n  g0 c# O5 k" n0 @' A
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares! W2 f, S+ w4 y5 _2 H
Series 18 will be converted into Preferred Shares Series 19., I9 ?$ x2 w# q1 _
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
5 M& V( A) Q. [- mSeries 18 will not be entitled as such to receive notice of, attend, or vote at,- _6 j- r8 W" y1 \# c+ }3 c
any meeting of the shareholders of the Bank unless and until the first time at
9 }/ e% t0 V( M5 ~which the Board of Directors has not declared the whole dividend on the; j' N& }! a0 i7 I8 W2 v! [4 z) f
Preferred Shares Series 18 in any quarter. In that event, subject as
6 G4 C, p$ R* \( z. O% ahereinafter provided, the holders of Preferred Shares Series 18 will be
( U5 U$ ~# W* s( }. h; ]9 \2 Gentitled to receive notice of, and to attend, meetings of shareholders at which
# G+ E! P) l) W% ]directors of the Bank are to be elected and will be entitled to one vote for
. ?+ v# ~0 `/ ceach Preferred Share Series 18 held. The voting rights of the holders of the
& e: d: L( H, ^' qPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
4 _6 |8 y4 O9 u5 H) ]the first dividend on the Preferred Shares Series 18 to which the holders are3 b9 v* j6 l; Z$ N+ C
entitled thereunder subsequent to the time such voting rights first arose until- \9 x2 q  q6 I# U" ^% l
such time as the Bank may again fail to declare the whole dividend on the
" T7 ]) x# [' ?Preferred Shares Series 18 in respect of any quarter, in which event such
! i" t2 p$ U) Zvoting rights will become effective again and so on from time to time.8 m! I. Y, J# m/ @" m& U
Principal Characteristics of the Preferred Shares Series 19
0 F9 _; A0 m3 I2 dDividends: The holders of the Preferred Shares Series 19 will be entitled to receive& v. f! G# R; M7 S7 X
floating rate non-cumulative preferential cash dividends, as and when- N( |$ ^% e- R7 X- J
declared by the Board of Directors, subject to the provisions of the Bank Act,$ e" `/ a* _- }( X
payable quarterly on the 25th day of February, May, August and November
. v2 k8 {7 _. R2 L4 Nin each year, in the amount per share determined by multiplying the& T/ q1 f7 I/ p& u3 ]
applicable Quarterly Floating Dividend Rate by $25.00.( y% ^9 y( O3 I/ Z
On the 30th day prior to the commencement of the initial quarterly dividend# Q& [3 c8 K+ `0 {
period beginning on February 25, 2014, and on the 30th day prior to the first7 p- V& I) U. E- o/ F5 ^8 h
day of each subsequent quarterly dividend period (the initial quarterly9 j$ t2 @8 o$ W6 T7 N+ ^
dividend period and each subsequent quarterly dividend period is referred to
- s7 O1 E/ I0 Q7 |0 R& q; H# R( Pas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
) Y* M, p3 N+ L, x. G8 eQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate9 B; s; f6 q* r  c" Y4 |4 ?' o
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the# a7 T8 j' S* {% f" `& ]% j
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
5 j* F& y9 u! r/ r& M2 a0 f* oelapsed in the applicable Quarterly Floating Rate Period divided by 365)
, U1 L, |% c! m0 cdetermined on the 30th day prior to the first day of the applicable Quarterly
9 d- H+ g' l7 ]7 E; |Floating Rate Period.  ~0 F3 t" f$ e5 p: t( W+ |
S-5
+ c8 w6 n$ P9 i; J9 f) p) sIf the Board of Directors does not declare a dividend, or any part thereof, on
+ Q( K5 t5 I% P3 d- U( p' M5 mthe Preferred Shares Series 19 on or before the dividend payment date for a9 c/ U# ?/ c8 ]8 ^; f
particular quarter, then the entitlement of the holders of the Preferred
9 D+ {0 s$ R/ H7 t! IShares Series 19 to receive such dividend, or to any part thereof, for such
7 _5 d# A2 E/ aquarter will be forever extinguished.1 K7 L6 g. ]& u, ?) o+ i: B% R1 _7 a
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the( t' p" N; L4 }/ E1 D
Superintendent and to the provisions described below under the heading
$ a5 X/ @, y. [, H‘‘Details of the Offering — Certain Provisions of the Preferred Shares
8 S1 X& `1 n( v: PSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,: |" @/ Z! j% ~8 N( Z6 @0 [; E
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all" f/ _  A5 N* a& H+ ]3 W2 }
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s9 I) A7 S$ M# ~. s' E
option without the consent of the holder, by the payment of an amount in
) R" L: H. d3 gcash for each such share so redeemed of (i) $25.00 together with all declared0 a1 u1 w' j% y3 `1 [
and unpaid dividends to the date fixed for redemption in the case of: h- O! c/ C" T9 l
redemptions on February 25, 2019 and on February 25 every five years
. H& h$ i9 q, pthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
  ]- J" X5 m% C. v8 Q, }the date fixed for redemption in the case of redemptions on any other date5 `6 O3 A, a+ I" R  v! L
on or after February 25, 2014.
& m3 Y8 u3 [% j  Y% l+ _( V; {Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
+ M+ H9 j4 N; c/ _7 l& V+ jShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have- Y0 t; D2 M# f7 I9 P6 {$ I* J
the right, at their option, to convert, on February 25, 2019 and on! x# [8 P$ `0 f) y3 e7 P
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any' g* c' ]! b2 O3 O' _% ^( d9 F
or all of their Preferred Shares Series 19 into an equal number of Preferred
0 P1 S* @3 d$ C) `; dShares Series 18 upon giving to the Bank written notice thereof not earlier
/ U2 Y* z& \4 D, B8 O; d' jthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
& l! E! Q$ E' ?! h15th day preceding, a Series 19 Conversion Date.
! V% {& w4 E8 gAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
' B0 g$ C  b, GProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares- k4 A8 O/ x' t. t
Series 18, as the case may be, that there would be outstanding on such9 ]* j8 I2 C' K8 }* s% u& e9 a
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,8 \, W+ O# @7 m! h1 k% Y5 Z; f- ~
such remaining number of Preferred Shares Series 19 will automatically be2 N1 F. U1 K0 H# v  Y
converted on such Series 19 Conversion Date into an equal number of: Q( J3 O3 X  ^9 [, C0 I/ S$ q
Preferred Shares Series 18. Additionally, if the Bank determines that, after. c8 z8 \* `: y0 t
conversion, there would be outstanding on such Series 19 Conversion Date/ D8 N/ S: T4 ]$ ^
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares$ l# K0 L1 z" N5 z& ^: {- F( _
Series 19 will be converted into Preferred Shares Series 18.% l: ~. m5 I8 K3 q% y+ k
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
3 @% a% A" F. FSeries 19 will not be entitled as such to receive notice of, attend, or vote at,. O4 b: Y& l' R) u4 `5 K9 ?
any meeting of the shareholders of the Bank unless and until the first time at  ~9 {! |, B- `
which the Board of Directors has not declared the whole dividend on the* W# \1 v( T. i& f! S
Preferred Shares Series 19 in any quarter. In that event, subject as
7 g4 B9 x" S. N8 @- L1 O' Lhereinafter provided, the holders of Preferred Shares Series 19 will be
6 e( ~- H  A! X/ s+ C. |entitled to receive notice of, and to attend, meetings of shareholders at which9 o$ K0 b) J7 G( V9 y; ~9 q
directors of the Bank are to be elected and will be entitled to one vote for
% U" V& a- e1 Oeach Preferred Share Series 19 held. The voting rights of the holders of the" p! `' t' e- V- e, c6 m; F
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
! m8 q% \: o  T6 }the first dividend on the Preferred Shares Series 19 to which the holders are' y) O* h& o. g/ |8 I* S2 @
entitled thereunder subsequent to the time such voting rights first arose until
" m- x4 n$ K+ I* \5 jsuch time as the Bank may again fail to declare the whole dividend on the
! S/ E% s+ y4 J- {5 k) rPreferred Shares Series 19 in respect of any quarter, in which event such1 E' z8 d* F, H" [7 g. z1 w
voting rights will become effective again and so on from time to time.
5 K9 a' t. _5 G5 C( j/ lS-6
* J2 g% t' c+ x( APriority: The preferred shares of each series of the Bank will rank on a parity with
( |" A9 W" k$ Z  |/ o5 levery other series and are entitled to preference over the common shares of
" t6 Q* [3 p1 Gthe Bank and over any other shares of the Bank ranking junior to the% X5 o) v! }" E7 a3 h6 e
preferred shares with respect to the payment of dividends and upon any: }" @; j* ]6 N6 K
distribution of assets in the event of the liquidation, dissolution or
/ x3 x( P: B" i8 E9 Mwinding-up of the Bank.' m; [' W8 @, w+ _
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under" J5 e) w! ^3 [! j# v5 j
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
% o7 p$ ^2 N, ~$ k$ r' wSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
1 n$ L5 S$ a5 Z9 |9 @7 ]3 N2 }1 ydividends 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。( e7 X* {- G/ o$ ~8 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
- ~% F* A8 L! Q; J5 t

0 G. {# n& B2 s8 j" R下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。3 S% r' ]/ n# {* S5 u

/ A) Z& }& W- W* ncall 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。
理袁律师事务所
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