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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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  ~) C0 w0 ]$ W+ ^0 y/ ]% ^* B6 l
% Q* |& N  h* l0 K( e4 q[ 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:- K; ~* R3 ?9 y$ z0 S) c: h3 p
SUMMARY OF THE OFFERING
  D# {4 m: z  C; I7 }& H, `1 uThis 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’’.
. x, ?8 `7 G: zIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
( w( u$ d2 s, ~  \1 u1 Z7 bAmount: $150,000,000 (6,000,000 shares).
6 i' X+ A+ J$ C5 B  JPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
5 A: V7 e& y# T6 z1 wPrincipal Characteristics of the Preferred Shares Series 18& C" m9 i3 `" ^, w1 p6 {8 D- @
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed* N) T$ h. _! n+ i
non-cumulative preferential cash dividends, as and when declared by the
7 n; p3 Y( }; _! H; f6 @" k% cBoard of Directors, subject to the provisions of the Bank Act, for the initial- k+ ^6 U: s. l: A
period commencing on the closing date and ending on and including8 q7 ?1 y1 @1 L, r4 }, T
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the* T7 Q% j2 b% m: [, t
25th day of February, May, August and November in each year, at a rate( }5 Z2 z- x" I1 _) B9 S& m
equal to $0.40625 per share. The initial dividend, if declared, will be payable* G  I, N  C2 {0 |9 _& W: t) E
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing) w$ r& p1 z& K( H0 l
date of December 11, 2008.- W# D1 R# r* J2 ?! A& N: e
For each five-year period after the Initial Fixed Rate Period (each, a
& l; Q6 i/ [- t‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares( x1 u' ?7 a# o9 L( d% f6 ~. p
Series 18 will be entitled to receive fixed non-cumulative preferential cash9 m8 n" a  Q& z' G8 f
dividends, as and when declared by the Board of Directors, subject to the  T9 _2 ]! y& N" ]/ }4 w5 `+ j
provisions of the Bank Act, payable quarterly on the 25th day of February,9 x, p% }2 s- C" {
May, August and November in each year, in the amount per share per annum
  E2 W! n0 k# d/ W6 Idetermined by multiplying the Annual Fixed Dividend Rate applicable to
& P; J9 a7 |1 i* |& Y$ Ysuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
. g5 l" v% `% t+ E8 KRate for the ensuing Subsequent Fixed Rate Period will be determined by the
- e; O6 ?6 [* ~Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day& x& l, H6 M8 D$ E5 m; Q# A
of such Subsequent Fixed Rate Period and will be equal to the sum of the+ [+ J' v3 U% s# l
Government of Canada Yield on the applicable Fixed Rate Calculation Date
) n. G5 S$ m5 J7 Y- @plus 3.83%.
( q; ?# A, g- s4 ]If the Board of Directors does not declare a dividend, or any part thereof, on: o" [; Z. j5 C- I  w: x
the Preferred Shares Series 18 on or before the dividend payment date for a: s, [% M# p2 `- w
particular quarter, then the entitlement of the holders of the Preferred) d) {0 W5 E9 A( Y
Shares Series 18 to receive such dividend, or to any part thereof, for such$ _) w1 `4 B' }) r% X+ R& ^
quarter will be forever extinguished.
: u  }1 O0 b+ q4 I# d7 n) tRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
2 B6 ^* g, _, }9 e# f* D; F7 rSuperintendent and to the provisions described below under ‘‘Details of the
3 q+ ~' F6 H/ d- X* y, nOffering — Certain Provisions of the Preferred Shares Series 18 as a
0 o1 Y" O$ @" g$ X' }+ q1 u0 z8 jSeries — Restrictions on Dividends and Retirement of Shares’’, on  u) I, x5 I  u% G) @
February 25, 2014 and on February 25 every five years thereafter, on not
6 w6 b2 O* H/ e# O4 amore than 60 nor less than 30 days’ notice, the Bank may redeem all or any8 d# o+ D7 j0 w
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
9 @- o, P$ h' r; y9 l+ p' uwithout the consent of the holder, by the payment of an amount in cash for2 a6 w/ l1 a9 s( x' _& A: Y
each such share so redeemed of $25.00 together with all declared and unpaid
/ M  g8 I2 f, m7 h* n: m% y/ Zdividends to the date fixed for redemption.
! U3 y% D9 X; X& kConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic4 U2 \7 q* J, k3 H$ S
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
2 I; k# }3 U+ ?the right, at their option, to convert, on February 25, 2014 and on
* f& w; E* g. a  R! b- H* M2 R0 XS-4. h/ [6 l( t, P( f; u5 l5 C3 W
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
$ S7 V* J$ T4 Gor all of their Preferred Shares Series 18 into an equal number of Preferred; H3 N/ u5 S/ C# ~
Shares Series 19 upon giving to the Bank notice thereof not earlier than
6 _- t5 _; n1 N2 t# l3 s2 S30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day8 G; C" ?$ w' \' `
preceding, a Series 18 Conversion Date.7 x: R" `* |) O0 ?3 f' f9 A
Automatic Conversion If the Bank determines, after having taken into account all shares tendered4 `8 q9 J0 W/ `! [/ q
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares6 p. ^0 R6 ]( j) l# Y/ o
Series 19, as the case may be, that there would be outstanding on such
$ B# m. X/ e" ^7 s* QSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,1 V* i. g" R" m' o3 M/ ^  X6 ~" E9 N
such remaining number of Preferred Shares Series 18 will automatically be! S% d5 c0 W9 H& L" Z/ P
converted on such Series 18 Conversion Date into an equal number of
) n% j2 U/ n3 d" l0 f1 E( LPreferred Shares Series 19. Additionally, if the Bank determines that, after1 q7 j9 s% U' p3 r2 k* E2 C
conversion, there would be outstanding on such Series 18 Conversion Date0 t: I" |- R% T6 W  R% ^( n) b) |
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
- E5 A( L, Q, |, f* TSeries 18 will be converted into Preferred Shares Series 19.% J% L9 V* M% V
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
) q2 @2 e. ]0 V1 ?% Z$ t3 ?# _$ N2 GSeries 18 will not be entitled as such to receive notice of, attend, or vote at,- A  [4 S$ G4 o7 C" S: c  x& ~
any meeting of the shareholders of the Bank unless and until the first time at
& u+ X/ o3 m4 @7 p" R! i1 Nwhich the Board of Directors has not declared the whole dividend on the4 h+ d1 m  ~# P. _8 X. M8 k. M. F! ~
Preferred Shares Series 18 in any quarter. In that event, subject as
- X' p3 E+ a' f- Dhereinafter provided, the holders of Preferred Shares Series 18 will be9 S1 g, \) O& @, ]3 ?4 z2 d6 x; i
entitled to receive notice of, and to attend, meetings of shareholders at which
* `1 M/ C2 \2 b4 e0 Cdirectors of the Bank are to be elected and will be entitled to one vote for/ \' v) r3 ^( \) c; _* Q7 ]
each Preferred Share Series 18 held. The voting rights of the holders of the
9 O! P! s" p8 N" ~8 RPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
* U: d8 e4 |& ]5 `# U9 Q9 n" b$ bthe first dividend on the Preferred Shares Series 18 to which the holders are% m. T3 S. S9 f
entitled thereunder subsequent to the time such voting rights first arose until
7 c$ w6 g5 b6 |5 Msuch time as the Bank may again fail to declare the whole dividend on the; [% E0 z8 R" x$ k
Preferred Shares Series 18 in respect of any quarter, in which event such+ ]# U- k0 f6 o4 K* X( i
voting rights will become effective again and so on from time to time.4 w& U' u5 P3 n1 x  c# }
Principal Characteristics of the Preferred Shares Series 19# @9 ]9 A6 Y2 z$ O- t7 ^, L
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive. i" y' D4 ^5 J' W; x2 S" I  I
floating rate non-cumulative preferential cash dividends, as and when
; J" t, y# t  f/ k  u1 D: odeclared by the Board of Directors, subject to the provisions of the Bank Act,
0 P4 O8 Y- k# [; fpayable quarterly on the 25th day of February, May, August and November
( m! a; {2 Z9 U9 L2 sin each year, in the amount per share determined by multiplying the! k4 e5 \! h' k3 a. d
applicable Quarterly Floating Dividend Rate by $25.00.4 Y' r- l1 T5 e5 g0 t5 S
On the 30th day prior to the commencement of the initial quarterly dividend
- r# }- e! t* A9 K, a8 z2 Z1 ^* E5 ^7 Operiod beginning on February 25, 2014, and on the 30th day prior to the first' J: v9 D- B0 p& r$ x% q( i
day of each subsequent quarterly dividend period (the initial quarterly/ j/ P! y! o; X3 Q# b" `
dividend period and each subsequent quarterly dividend period is referred to; |% _7 D. P9 w
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the# W, i4 V; ^0 ^- J
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate8 A7 G+ E) }- H2 i! _2 r& l
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the5 @+ Z1 |' l. r0 e( S0 y( Y7 T
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
+ D4 H2 A' c, X, f, Helapsed in the applicable Quarterly Floating Rate Period divided by 365)+ W' {8 r9 v  \9 z0 Q. J6 W
determined on the 30th day prior to the first day of the applicable Quarterly
& x2 P* K  |2 ~  M5 AFloating Rate Period.6 P1 `+ d1 N0 u
S-5# H' O  ]' z% f$ K5 K
If the Board of Directors does not declare a dividend, or any part thereof, on- S" {4 @1 g4 i7 S, I
the Preferred Shares Series 19 on or before the dividend payment date for a' l% K$ B5 D/ F  L0 e' N
particular quarter, then the entitlement of the holders of the Preferred# e  R: Y. h4 |4 Z7 V
Shares Series 19 to receive such dividend, or to any part thereof, for such
  c% O9 y* ~: V  n9 ^, Tquarter will be forever extinguished.
6 L7 ]$ O& F0 g" E7 zRedemption: Subject to the provisions of the Bank Act and to the prior consent of the* M, l( r9 Z  y! ~
Superintendent and to the provisions described below under the heading
' t9 k' x6 y: d) U  x" m‘‘Details of the Offering — Certain Provisions of the Preferred Shares# W% Y+ h% {* L! D! n' {
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
9 a6 y: B2 s- _# U$ Hon not more than 60 nor less than 30 days’ notice, the Bank may redeem all# _+ i+ y! i! ]4 [0 K7 d2 H
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
3 |3 U7 J9 M5 o3 |) y; g: o! Y5 }option without the consent of the holder, by the payment of an amount in- s* |8 x: w4 j: j, @
cash for each such share so redeemed of (i) $25.00 together with all declared' D$ x* E) K# N/ ?
and unpaid dividends to the date fixed for redemption in the case of
7 S: N* ^$ B9 l; b6 k1 aredemptions on February 25, 2019 and on February 25 every five years& T) `8 L; U: i. z
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
& [3 L. v  G  d( e8 N; f# g2 othe date fixed for redemption in the case of redemptions on any other date
6 J9 j1 J# a3 L& H# L" gon or after February 25, 2014.9 i( e( z" \/ |
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic+ W2 j$ g, \; c$ N1 K$ F* {9 C
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
4 B% `% ]1 B9 E, m  R2 L% }( K; Hthe right, at their option, to convert, on February 25, 2019 and on
. ~6 U' C/ ~8 d0 S( @7 B9 i+ e8 ]February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
1 w8 g  a$ f" Sor all of their Preferred Shares Series 19 into an equal number of Preferred4 `% ]4 w$ X4 C7 R6 q! F
Shares Series 18 upon giving to the Bank written notice thereof not earlier6 v7 J- z+ H  E8 k
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the( u3 D- j8 F$ z; G) @: D
15th day preceding, a Series 19 Conversion Date.& u, ~. @8 x; B! v: @7 n$ S
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
. r7 ~$ m7 W7 F# ~/ |Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
) H8 r- `0 W" a  N4 tSeries 18, as the case may be, that there would be outstanding on such: f+ [4 `8 w: W3 R% d5 J
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,5 D& W4 D- Y9 J* C) w* u
such remaining number of Preferred Shares Series 19 will automatically be
8 F3 e, `4 q( g+ W. Mconverted on such Series 19 Conversion Date into an equal number of5 O4 \' B% \# X3 [# V$ _5 [' P
Preferred Shares Series 18. Additionally, if the Bank determines that, after
# D( N2 r" y) w5 b' Cconversion, there would be outstanding on such Series 19 Conversion Date" m5 S; k2 }( H  c. s4 R
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
; t4 A2 E# C. `) t& YSeries 19 will be converted into Preferred Shares Series 18., _% m9 x# {2 B! J
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
% z5 l* A' ^; T  E. O4 q7 FSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
& j7 [! P4 p/ p+ n# Kany meeting of the shareholders of the Bank unless and until the first time at
- i5 `$ `6 e( k. `' j& @which the Board of Directors has not declared the whole dividend on the2 o0 Y: r6 n- f2 g) A/ n
Preferred Shares Series 19 in any quarter. In that event, subject as+ k7 s4 z' `3 i/ `1 o& }1 W
hereinafter provided, the holders of Preferred Shares Series 19 will be
! G! H/ [/ J! ?3 Lentitled to receive notice of, and to attend, meetings of shareholders at which0 p, {' F) I7 J& s. f
directors of the Bank are to be elected and will be entitled to one vote for! c6 c; @# k1 d: A3 |# l
each Preferred Share Series 19 held. The voting rights of the holders of the5 W7 Y9 m/ H. o! ?
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
# k" [; s8 ]) N; ~3 {the first dividend on the Preferred Shares Series 19 to which the holders are
' K2 f9 o! H6 [6 b5 D) T# L3 h8 V: [entitled thereunder subsequent to the time such voting rights first arose until
7 d# y1 i: ~5 c$ _8 a8 {; I* }) u- \such time as the Bank may again fail to declare the whole dividend on the
  t$ h) m0 @' l# R( K- r3 M, PPreferred Shares Series 19 in respect of any quarter, in which event such
+ P8 v9 \' N5 Y2 w' Mvoting rights will become effective again and so on from time to time.
% `' I! q5 p- Q1 a  \9 ZS-6
1 W8 t( s1 s9 [$ g' N4 ePriority: The preferred shares of each series of the Bank will rank on a parity with/ j% ]5 M# B  u, z+ h, Y5 r
every other series and are entitled to preference over the common shares of( h/ }+ b, H1 J
the Bank and over any other shares of the Bank ranking junior to the
: v7 ~6 z% ~4 q! R9 K. C4 U/ j5 w5 Qpreferred shares with respect to the payment of dividends and upon any; O8 a; Q* y; l  R- m$ I) o9 p5 B
distribution of assets in the event of the liquidation, dissolution or3 D- w! o$ U1 ?
winding-up of the Bank.5 R+ M2 ~8 g: w  R
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under3 a1 {: G) a& E; t8 E# s
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
4 k" M7 k) @% W! _Series 18 and Preferred Shares Series 19 will not be required to pay tax on6 ]3 i4 i4 P! Z
dividends received on such shares under Part IV.1 of such Act.
理袁律师事务所
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。* m' o( ~8 `1 x+ ]5 c
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

. I$ ^- t+ F& E) {* z8 c  n
* _! u$ C# Y7 w3 d* h5 J. {& A下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。2 b. ]9 J1 E  I+ g8 ?8 d7 ]
: t; C- }; Z* }+ O% J
call 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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