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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。
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[ 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:
! F; V% [. O( I$ y! r- \5 JSUMMARY OF THE OFFERING$ U2 m9 x) w; h7 m
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’’.% _5 C) o0 z/ p, Y
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
1 L( W' u# H8 K3 W3 |7 SAmount: $150,000,000 (6,000,000 shares).! Q, W- J. R0 ~& u* s8 w9 M" v
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
! d, L+ c" p0 C/ k& ^% D% lPrincipal Characteristics of the Preferred Shares Series 18
& S1 _) n+ K' r  E2 Y6 JDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed" u7 w- H- [, c+ W4 [
non-cumulative preferential cash dividends, as and when declared by the
" Z0 E: s" Y4 k, w# GBoard of Directors, subject to the provisions of the Bank Act, for the initial
; p8 ?5 W* c, rperiod commencing on the closing date and ending on and including
% ^$ c! e0 w  K; d7 FFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
$ i% t' ^! ]1 g25th day of February, May, August and November in each year, at a rate. k! `& _8 G. S% W
equal to $0.40625 per share. The initial dividend, if declared, will be payable6 v/ O( f3 a6 q; W, A: N' f9 t
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing$ }  Q9 B+ A9 Y+ D
date of December 11, 2008.6 ]; g" `) w2 O% \; W8 ?+ w$ L
For each five-year period after the Initial Fixed Rate Period (each, a
+ j( s% t6 Y' n) {3 q‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
0 a! x/ j9 ~* z+ z1 p1 {9 KSeries 18 will be entitled to receive fixed non-cumulative preferential cash" Z1 y  Y" h; @
dividends, as and when declared by the Board of Directors, subject to the* ?  v. F, q, ^  A/ X: \
provisions of the Bank Act, payable quarterly on the 25th day of February,
& m$ D' @& i2 Q" b  ?May, August and November in each year, in the amount per share per annum3 {6 H6 c7 D! F: V, O: f
determined by multiplying the Annual Fixed Dividend Rate applicable to
( H' P) p- p& ]' qsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
# x) n; f  j* g7 |/ h7 z2 v3 N0 FRate for the ensuing Subsequent Fixed Rate Period will be determined by the
' Q; ^+ H: L- I3 L' t& ]Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
* }' z5 ~% Y7 U) }! l+ C  e$ ?9 l; Aof such Subsequent Fixed Rate Period and will be equal to the sum of the
! x% i  Z; K8 EGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
1 Q2 ?2 G; w- {, Z7 p8 x  Q6 G0 q/ `plus 3.83%.9 c1 p0 ?5 D9 h% W
If the Board of Directors does not declare a dividend, or any part thereof, on
' J3 I2 L. R% N  p$ y  Ethe Preferred Shares Series 18 on or before the dividend payment date for a* g8 o# r; ?% S9 X& b( ^9 m2 t
particular quarter, then the entitlement of the holders of the Preferred
& f- x; y0 ?5 r. g- o2 d+ XShares Series 18 to receive such dividend, or to any part thereof, for such* b: T$ y: X( _& P' ]- `/ S
quarter will be forever extinguished.
9 N4 l! H: x: k; C* gRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
/ h* V9 n# L8 m3 A) f. y7 b: ySuperintendent and to the provisions described below under ‘‘Details of the9 G1 S7 q8 v# w& j
Offering — Certain Provisions of the Preferred Shares Series 18 as a
5 Q4 z' W" v. O% X$ M" pSeries — Restrictions on Dividends and Retirement of Shares’’, on
0 U/ K2 o# i. Z7 @' K5 b0 tFebruary 25, 2014 and on February 25 every five years thereafter, on not$ s7 m$ {$ h+ a
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any$ ]6 Q1 m" {. ~: A
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
! Z7 I9 g, M% V4 l* swithout the consent of the holder, by the payment of an amount in cash for
. s# \4 h% y1 x# }! k/ }. Seach such share so redeemed of $25.00 together with all declared and unpaid
2 \; p& L0 f: Y! f4 U; Tdividends to the date fixed for redemption.
' O( R, k  D; _( A% SConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic3 O2 j8 G4 `# X  l  F: J! H
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
' q. b9 f- x9 v4 q3 ]" gthe right, at their option, to convert, on February 25, 2014 and on
! ^$ u: h" n$ T# ~$ c2 ^2 iS-4
' k& \4 n) I1 ?' g- C: e) Q( ?February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
, E  C5 ]% i7 L% n5 o0 hor all of their Preferred Shares Series 18 into an equal number of Preferred
7 J$ U; [3 c% w6 XShares Series 19 upon giving to the Bank notice thereof not earlier than
( h) u( [( e# p# A% }% Z30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day, G' b2 V  f" |6 l% P
preceding, a Series 18 Conversion Date.7 J7 g0 A. r: S$ ^' ^
Automatic Conversion If the Bank determines, after having taken into account all shares tendered( K" O$ x* X5 m
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares' a: m5 G" o3 |/ X9 g
Series 19, as the case may be, that there would be outstanding on such! s' ]& d5 w0 q6 z: m5 l
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,. P! P+ B+ C$ s1 s8 D0 _5 |
such remaining number of Preferred Shares Series 18 will automatically be
; E  i" Q6 ?3 {. x7 ~. Jconverted on such Series 18 Conversion Date into an equal number of5 {2 Z' d; u- m4 i* t9 n& J- u, N8 g
Preferred Shares Series 19. Additionally, if the Bank determines that, after  e" z4 }# }  R5 _( G# v4 a' X" w
conversion, there would be outstanding on such Series 18 Conversion Date6 N; ]* R5 l) A% {/ |# C4 A6 k9 ^- d
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
* S5 y0 {! E& u- {  ZSeries 18 will be converted into Preferred Shares Series 19.7 p& x0 W' h+ }0 |( _
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
4 E& P4 G/ M* g) |2 ASeries 18 will not be entitled as such to receive notice of, attend, or vote at,
1 b$ j8 l! i/ V  ]5 F" Cany meeting of the shareholders of the Bank unless and until the first time at* I3 c7 z# z$ Q& W3 p5 I8 D4 N
which the Board of Directors has not declared the whole dividend on the4 g& t4 W9 }# l6 O: S
Preferred Shares Series 18 in any quarter. In that event, subject as( ?4 F, S  h2 x3 O" W3 x
hereinafter provided, the holders of Preferred Shares Series 18 will be
+ W/ T% ~! s& h1 g: sentitled to receive notice of, and to attend, meetings of shareholders at which* K5 Z" J+ W+ i% _1 X
directors of the Bank are to be elected and will be entitled to one vote for5 e; c  b" ?& d6 o+ u' w" r
each Preferred Share Series 18 held. The voting rights of the holders of the. b# r$ l) X. F) M0 [1 N4 @0 b
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of* Q) E) I% K! t! X  B
the first dividend on the Preferred Shares Series 18 to which the holders are
4 N' P' |+ @! e. l- V: R( T$ Aentitled thereunder subsequent to the time such voting rights first arose until
; s0 W. U- j" @  ~* S$ }such time as the Bank may again fail to declare the whole dividend on the" E$ ?- x" O& p7 i5 a
Preferred Shares Series 18 in respect of any quarter, in which event such6 j5 F& }3 `9 U$ M
voting rights will become effective again and so on from time to time.7 I3 d+ n& X0 m
Principal Characteristics of the Preferred Shares Series 195 B& s/ U/ k, g( ~; [
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive) T' M# E8 Y  j" v# _
floating rate non-cumulative preferential cash dividends, as and when$ K$ a0 y! m( S% R
declared by the Board of Directors, subject to the provisions of the Bank Act,
" `! [0 @0 a4 H* x. y$ z, h/ Opayable quarterly on the 25th day of February, May, August and November* ]: {2 J! R. u- d' [3 A; }' V, d
in each year, in the amount per share determined by multiplying the8 Z. c- }7 d  f3 h8 [
applicable Quarterly Floating Dividend Rate by $25.00.# g* t' b3 H! G
On the 30th day prior to the commencement of the initial quarterly dividend
! w! h6 L5 L9 G4 ], o2 Zperiod beginning on February 25, 2014, and on the 30th day prior to the first8 O0 B) Y; C9 ^, Q; z
day of each subsequent quarterly dividend period (the initial quarterly
# x$ H" q: i$ F9 }% X  ]dividend period and each subsequent quarterly dividend period is referred to3 J' o, u- f# r  [) r8 p
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the5 ^; X: {5 h9 A0 ^' u3 v$ A* i! O
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate9 H( Z/ c. R/ K8 j# j) T+ P
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
* P2 }' E5 n) }: JT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
7 b0 S1 U& X5 }, j6 Qelapsed in the applicable Quarterly Floating Rate Period divided by 365)
) H* q7 H$ m* c  R$ \# sdetermined on the 30th day prior to the first day of the applicable Quarterly+ Q8 K. N) S4 g7 W/ F; c8 z
Floating Rate Period.
6 v. q/ {' i" t# D) u3 cS-51 p& g$ N" N: L! A9 A
If the Board of Directors does not declare a dividend, or any part thereof, on3 s2 Q# X) k9 G! ], l
the Preferred Shares Series 19 on or before the dividend payment date for a
, m4 L" u; f2 Rparticular quarter, then the entitlement of the holders of the Preferred5 j8 r* W' A: P" b. b" H
Shares Series 19 to receive such dividend, or to any part thereof, for such6 q- m0 b3 P, Y7 O
quarter will be forever extinguished.
) Z, H+ t, @% tRedemption: Subject to the provisions of the Bank Act and to the prior consent of the0 S* {- A. W- v' `, N- k" V
Superintendent and to the provisions described below under the heading2 a! I3 n; n! V& y2 p, x
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
, z1 A( z, V& D2 C( f, iSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
6 C  {8 x) K9 \4 H" I# e* m! x3 Ton not more than 60 nor less than 30 days’ notice, the Bank may redeem all
- _- J. r& x' U5 e% mor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
0 g; `& ~* Q& d5 ~" L6 soption without the consent of the holder, by the payment of an amount in
9 Y4 `/ `' A" E% g: \6 \cash for each such share so redeemed of (i) $25.00 together with all declared
$ E+ K8 f3 Z/ G" r3 eand unpaid dividends to the date fixed for redemption in the case of8 N% w' O- x4 ^* t+ \
redemptions on February 25, 2019 and on February 25 every five years% u- w. F3 n+ ^" V* T
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
( ]+ Z" O! v: [the date fixed for redemption in the case of redemptions on any other date/ o4 ~9 G! S- Y! R+ _% V  j
on or after February 25, 2014.
; }; v) ]* y- P. sConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic" R  G: d  f; u- ^$ I& Q3 e
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have& }6 P* J5 v, o8 y
the right, at their option, to convert, on February 25, 2019 and on
4 R8 L/ i/ D9 K4 p! [February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
$ ^% r, W* x0 i1 G/ P7 Cor all of their Preferred Shares Series 19 into an equal number of Preferred
* }/ E6 L2 l( j& b+ gShares Series 18 upon giving to the Bank written notice thereof not earlier
: E+ r$ ^( E0 F/ F+ jthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the: S2 e4 g3 g+ V, r0 ]8 D
15th day preceding, a Series 19 Conversion Date.
. x. ^( F6 J8 _, @; k: b. EAutomatic Conversion If the Bank determines, after having taken into account all shares tendered& d( V5 R9 g# c4 r4 O$ D
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
5 A0 N! j, z  z" |Series 18, as the case may be, that there would be outstanding on such# s+ a/ A. i0 i% l, o# G9 O
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,9 _* B' V. ^: H* L* k* c9 I
such remaining number of Preferred Shares Series 19 will automatically be+ e3 M" Y# B9 A7 {  ~" M  g$ h
converted on such Series 19 Conversion Date into an equal number of8 b9 ?# Y7 s9 B) Z; W
Preferred Shares Series 18. Additionally, if the Bank determines that, after& ~5 v' V) }, O3 p- t) l
conversion, there would be outstanding on such Series 19 Conversion Date1 S7 u. o7 V" D8 w1 i
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
: K$ R/ D, E: D' x* y6 pSeries 19 will be converted into Preferred Shares Series 18.
6 ^" y% l$ V; ?7 k  WVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
& f% z; q  o! K  u3 \$ V2 ~: z. iSeries 19 will not be entitled as such to receive notice of, attend, or vote at,1 @- z: \# z* v  F, X& @1 y/ q5 x
any meeting of the shareholders of the Bank unless and until the first time at6 K! }0 ~% @) w# C% ^
which the Board of Directors has not declared the whole dividend on the
0 {$ M* g3 m2 {' y6 iPreferred Shares Series 19 in any quarter. In that event, subject as
1 i) R" y# W4 dhereinafter provided, the holders of Preferred Shares Series 19 will be
" q- f. A6 ?; Y' k  S6 Pentitled to receive notice of, and to attend, meetings of shareholders at which
( n! O( W! w/ f5 \directors of the Bank are to be elected and will be entitled to one vote for
5 k- C/ C( ?3 i; E4 ceach Preferred Share Series 19 held. The voting rights of the holders of the0 a+ M1 U  f& s5 Y4 w; u
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of5 n7 B+ h3 H/ T3 m# [
the first dividend on the Preferred Shares Series 19 to which the holders are0 j9 |  c9 }8 G: `5 D4 o0 W
entitled thereunder subsequent to the time such voting rights first arose until
0 O4 L! ?0 ?- K, G' |- d% l4 V4 @such time as the Bank may again fail to declare the whole dividend on the, V/ z- o! Y+ h2 t* n1 N8 o! @
Preferred Shares Series 19 in respect of any quarter, in which event such
5 y/ L% c; [( a, @# ^% Pvoting rights will become effective again and so on from time to time.
' P9 A. M1 u  V+ u  d4 aS-6
, g0 u% |- R9 s. s/ sPriority: The preferred shares of each series of the Bank will rank on a parity with/ m% E2 u+ S1 H
every other series and are entitled to preference over the common shares of
  F3 ^5 D& v7 I7 Othe Bank and over any other shares of the Bank ranking junior to the
' Q% k1 q; X" A$ Opreferred shares with respect to the payment of dividends and upon any
6 y; M" ], d. k1 l# mdistribution of assets in the event of the liquidation, dissolution or. N( x# a' \3 W2 r3 f2 Y
winding-up of the Bank.
/ o0 u. i' |( I0 ^6 eTax on Preferred Share The Bank will elect, in the manner and within the time provided under5 h8 y  \; Q2 y$ J5 d- @2 a
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares3 b' l; Z* b: W& }: v
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
) g5 @- A, {7 W8 M* U4 N5 Z5 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。
, E) h& h% E2 {2 H5 V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

3 k0 h/ Q/ z$ N. R2 K* W- K0 o3 q$ ], G' i/ R2 N6 J  d3 h$ u/ E) s8 D
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
( t) X9 ?  m1 K, t
$ @% g( N; h8 t( E, {7 ecall 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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