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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。& x1 I: }% I  L: p, ]0 P; K  z  R

3 ~' g/ R2 h, y' c+ i' R& `6 x# @+ C" W' V
[ 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:
( B" V& ^% d8 a" m* c  QSUMMARY OF THE OFFERING
7 j8 P% S' a' c( ^- @& n- jThis 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’’., t: N2 f* \3 {' a" D3 N8 {
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
$ o' R, Z7 @+ P! L' FAmount: $150,000,000 (6,000,000 shares).* H, M1 Q1 L' p# c0 h
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
; r: o1 o6 B4 C+ m  I% jPrincipal Characteristics of the Preferred Shares Series 18
7 X. k, z0 y) G% ^5 s2 XDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed, ~8 {. M* Y" |
non-cumulative preferential cash dividends, as and when declared by the+ `+ y- C3 [( u
Board of Directors, subject to the provisions of the Bank Act, for the initial6 m0 r3 U1 R4 z4 {& B! J
period commencing on the closing date and ending on and including
* Z1 c; m' {: W  n+ yFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the. L1 l% f" y% [4 C/ ]( d
25th day of February, May, August and November in each year, at a rate: Q3 P! J3 ^- B, N- G7 N
equal to $0.40625 per share. The initial dividend, if declared, will be payable; D' w* q( {. C2 u
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing8 }/ M3 D, q* {  O
date of December 11, 2008.
) V7 {5 d4 s. Q5 A% H6 U9 L$ AFor each five-year period after the Initial Fixed Rate Period (each, a
1 A: ]/ B1 ]7 i" `‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares& F2 _$ p% T1 e, u; N; e* H
Series 18 will be entitled to receive fixed non-cumulative preferential cash
" C' W9 B, ^' T0 U  i' w3 G- Odividends, as and when declared by the Board of Directors, subject to the: V- A0 B8 \" ~: ?
provisions of the Bank Act, payable quarterly on the 25th day of February,  q4 i" g; \) r
May, August and November in each year, in the amount per share per annum
4 _& k+ T* v/ \; Fdetermined by multiplying the Annual Fixed Dividend Rate applicable to2 \: b1 e* C0 N4 y% l
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend' s, d) \% F7 n  d! e! \6 A
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
( d4 @4 q" y# N: x8 L& _Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
. b! k* i+ K2 R" jof such Subsequent Fixed Rate Period and will be equal to the sum of the
9 l5 t7 x5 W; ]9 DGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
0 I  ~! ?4 D7 S( F" ?4 lplus 3.83%.! A( W" y7 i3 I# s) X& x+ B) d
If the Board of Directors does not declare a dividend, or any part thereof, on
: {' d; z( \7 b7 ^the Preferred Shares Series 18 on or before the dividend payment date for a
% P3 [5 r% Z" A3 }: ?! ]* \- Gparticular quarter, then the entitlement of the holders of the Preferred! _  V7 S  D" v  t2 b0 O
Shares Series 18 to receive such dividend, or to any part thereof, for such; O- H2 t4 l1 k
quarter will be forever extinguished./ p( N# z% G$ J4 U) {
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the8 U4 u; J( i; y8 t' ]
Superintendent and to the provisions described below under ‘‘Details of the( e7 u( F8 H( D
Offering — Certain Provisions of the Preferred Shares Series 18 as a; y' @9 l. A. O# C! I7 Y+ B
Series — Restrictions on Dividends and Retirement of Shares’’, on
1 t! Y% c4 V$ k3 ~& VFebruary 25, 2014 and on February 25 every five years thereafter, on not) v9 P+ Y% K( L" M! i& h( m+ E7 K
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
$ {) R- x" M4 B0 A  J& a8 xpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
' i9 ?% J+ @* n- G& m8 E$ @without the consent of the holder, by the payment of an amount in cash for4 _: E  D7 C' G' l. l8 g2 D
each such share so redeemed of $25.00 together with all declared and unpaid
9 K- P+ n6 w% [9 Mdividends to the date fixed for redemption., a! N! g( U! ^
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
9 D7 ~3 |: g) A3 ]8 ^4 QShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
+ k6 U7 R) L* U* ^1 C& N* ^the right, at their option, to convert, on February 25, 2014 and on+ U1 c* l# L7 X3 }' A6 C% y
S-4
, i) H9 J' m: M3 ^& n) I* _4 k6 r$ BFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
: r& h- l: f  b' u" zor all of their Preferred Shares Series 18 into an equal number of Preferred
9 O- T' j4 n% O* k2 h1 XShares Series 19 upon giving to the Bank notice thereof not earlier than
9 R! U1 }4 a; _  V$ b30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day7 Z% ?9 c5 J  P5 a- f
preceding, a Series 18 Conversion Date.
- F+ a* p  m# a' Q- vAutomatic Conversion If the Bank determines, after having taken into account all shares tendered" T) C8 M8 M  E$ Q
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
, E8 T* ?- {$ l2 I4 `Series 19, as the case may be, that there would be outstanding on such+ P' z: d) ?: x" T+ H6 B
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
" g7 K7 ^) i9 X. @/ p7 L0 hsuch remaining number of Preferred Shares Series 18 will automatically be
0 }/ i. Y4 w0 p! ~converted on such Series 18 Conversion Date into an equal number of) T7 }+ y! G% y6 O7 c4 m  w3 s
Preferred Shares Series 19. Additionally, if the Bank determines that, after
0 b! G! F. B5 t7 {conversion, there would be outstanding on such Series 18 Conversion Date
2 m- z/ \2 G2 n  ^less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
7 }+ [7 T5 p: x* w% bSeries 18 will be converted into Preferred Shares Series 19.
. F! I2 b; ]0 V8 ~* W. K* yVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares9 Y- S3 X( s/ {5 w4 P! f
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
# a# P& l$ S3 e& f- ]any meeting of the shareholders of the Bank unless and until the first time at6 @6 T6 I( Z( A
which the Board of Directors has not declared the whole dividend on the& g& H) T4 X( w) C3 N4 D
Preferred Shares Series 18 in any quarter. In that event, subject as! [3 N5 Q5 E* q7 E
hereinafter provided, the holders of Preferred Shares Series 18 will be) Y$ z" k9 n( g  A/ f( S
entitled to receive notice of, and to attend, meetings of shareholders at which
1 n: d, W! j1 \/ l2 Y0 L% [directors of the Bank are to be elected and will be entitled to one vote for
! G* |: f0 c- i; U+ Keach Preferred Share Series 18 held. The voting rights of the holders of the
. M4 _  Q$ ^- }- S7 GPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
! a. ?) I5 G3 a; C7 E/ K  bthe first dividend on the Preferred Shares Series 18 to which the holders are
, T7 e/ r* C8 p' v: U" e6 _( r. Nentitled thereunder subsequent to the time such voting rights first arose until' |5 ?3 g0 x: ^
such time as the Bank may again fail to declare the whole dividend on the
7 L4 R2 o/ K: E+ J2 W6 ~Preferred Shares Series 18 in respect of any quarter, in which event such
" G( `1 B8 }6 f! D8 evoting rights will become effective again and so on from time to time.& G- g' t% b- J2 Z8 n
Principal Characteristics of the Preferred Shares Series 19: M' f, o2 o, _9 ^* c, A* @3 N, ^* S
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
. K  F& o. i- p9 |floating rate non-cumulative preferential cash dividends, as and when: Y' X7 \2 d; ?3 t( ^/ K
declared by the Board of Directors, subject to the provisions of the Bank Act,
: F" C  y! B* @" |payable quarterly on the 25th day of February, May, August and November* z" m' D% J& f+ ]( {! q+ J( A! w
in each year, in the amount per share determined by multiplying the
$ I1 c. g' v/ e* z. K& s2 T/ ?% a2 A# oapplicable Quarterly Floating Dividend Rate by $25.00.
& z. i& \( \$ }4 O- ROn the 30th day prior to the commencement of the initial quarterly dividend
5 d  D+ G2 o2 j, Z1 p! f( ^period beginning on February 25, 2014, and on the 30th day prior to the first7 L) b& Y# H$ \
day of each subsequent quarterly dividend period (the initial quarterly$ F& N  R1 d; p* w6 J( O5 d0 U- t0 m
dividend period and each subsequent quarterly dividend period is referred to
. N" }* {) }, |( Yas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the% c  o: I3 \* J/ ]
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
4 S* g; ?; v' Y. ePeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the7 A1 O2 M; R6 I; `* U: i
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
) o, s# ~, B. s6 L$ H' \elapsed in the applicable Quarterly Floating Rate Period divided by 365)- \( Y, w( s) B
determined on the 30th day prior to the first day of the applicable Quarterly+ N6 Z7 T" t3 r4 F% g
Floating Rate Period.
4 s: u! K4 i1 i/ I; y( vS-58 }. |5 o1 \# \: q: N
If the Board of Directors does not declare a dividend, or any part thereof, on
! [, J' }6 ?2 a! S+ `7 [3 g+ ~  Uthe Preferred Shares Series 19 on or before the dividend payment date for a: |& P' y; `1 Y0 ]% [
particular quarter, then the entitlement of the holders of the Preferred
$ p( k: O  [9 CShares Series 19 to receive such dividend, or to any part thereof, for such( y( \7 d: M, b. P# {6 ]6 }1 ~
quarter will be forever extinguished.8 O  |6 G: l$ `% ?& W9 m0 Q0 b+ d$ S
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the5 R$ j3 m) u. {
Superintendent and to the provisions described below under the heading$ J9 `. v! J7 s: T( V' o
‘‘Details of the Offering — Certain Provisions of the Preferred Shares0 T* E, P! J1 O5 F" x1 E! s( z
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,$ d1 Y, {% D, [! v6 `$ C
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
+ w* ^- z+ u! D, }4 |or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
- t; o  [+ R" [# X( ioption without the consent of the holder, by the payment of an amount in
( v6 F8 M" x& w- Gcash for each such share so redeemed of (i) $25.00 together with all declared! }6 p$ A" E7 ~+ p
and unpaid dividends to the date fixed for redemption in the case of
* g; M$ G- M4 K5 J) Y0 M2 credemptions on February 25, 2019 and on February 25 every five years$ n# D; S! E0 |( R& x
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to% k, w. z# u% _
the date fixed for redemption in the case of redemptions on any other date
- }+ N. d3 D- w( H! Y  j) non or after February 25, 2014.
+ W: i; {" y: q  TConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic4 c4 a% q$ B5 E0 r0 c; V; n
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
$ q$ C% A& ^2 I. rthe right, at their option, to convert, on February 25, 2019 and on3 P1 V. n: d9 ]% e& B- M
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any5 |6 }; F5 f/ m$ _
or all of their Preferred Shares Series 19 into an equal number of Preferred
0 Z# u3 U& T  v+ gShares Series 18 upon giving to the Bank written notice thereof not earlier
0 \; m: B5 a: m) rthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
+ X" N% s& V8 U8 {+ b- I15th day preceding, a Series 19 Conversion Date.
$ x, G; T7 r# \* _# x1 O, {" ]Automatic Conversion If the Bank determines, after having taken into account all shares tendered
. b7 O& Q, F5 U3 O. `Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
  b* J) j% r: ~- ^* o! YSeries 18, as the case may be, that there would be outstanding on such$ q# v. r$ d9 }9 x$ y+ z; T
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
7 \  k9 Y2 P5 Wsuch remaining number of Preferred Shares Series 19 will automatically be" D# a' F8 R$ A# O+ E7 o+ C$ S
converted on such Series 19 Conversion Date into an equal number of
& @+ `7 W6 |3 ^Preferred Shares Series 18. Additionally, if the Bank determines that, after1 Y/ C* b2 U0 r) J% ~9 X+ f+ e/ n
conversion, there would be outstanding on such Series 19 Conversion Date  m/ F( h# S' J) z1 |8 {( n
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares+ X* G3 p# d, Y+ l* c$ p) A/ [# y
Series 19 will be converted into Preferred Shares Series 18.
% }" h/ R6 V: l) D. zVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
- L4 G0 F$ I0 bSeries 19 will not be entitled as such to receive notice of, attend, or vote at,; [" J% `, C# d) {
any meeting of the shareholders of the Bank unless and until the first time at
# a  c0 {- W1 ?. u8 z% nwhich the Board of Directors has not declared the whole dividend on the8 C+ b& r* A" T7 L: M
Preferred Shares Series 19 in any quarter. In that event, subject as
  P9 i' V+ a9 D4 F, ]/ U; phereinafter provided, the holders of Preferred Shares Series 19 will be1 a6 A+ q. ^( r% |  F
entitled to receive notice of, and to attend, meetings of shareholders at which$ }5 f) X: x( T
directors of the Bank are to be elected and will be entitled to one vote for: A. g" _* I- s; b- q
each Preferred Share Series 19 held. The voting rights of the holders of the
1 q0 Z+ t! z- S9 d0 }Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
7 f. p& M  ]) ~! w& }( ]+ F7 uthe first dividend on the Preferred Shares Series 19 to which the holders are) Q3 c3 g9 j7 o* [' E8 `0 f# `$ @
entitled thereunder subsequent to the time such voting rights first arose until+ j, S7 p5 N3 @+ F- ~3 V9 G+ r
such time as the Bank may again fail to declare the whole dividend on the5 }) T1 f$ h2 K& x* K1 U$ ?/ M( V& S
Preferred Shares Series 19 in respect of any quarter, in which event such: m) D; O) D* U* S" k
voting rights will become effective again and so on from time to time.
! \1 G4 V4 S' ^( h) US-6
- @" w3 p7 L( n" s) yPriority: The preferred shares of each series of the Bank will rank on a parity with; `; D3 B6 c+ b% x
every other series and are entitled to preference over the common shares of6 y  y: R5 r- q; C- T
the Bank and over any other shares of the Bank ranking junior to the
9 U+ Q6 l9 T' i( }9 J/ Cpreferred shares with respect to the payment of dividends and upon any
0 T, u' X& a$ G: K" k) Tdistribution of assets in the event of the liquidation, dissolution or
! _! P! G/ N; S8 k! I6 Hwinding-up of the Bank.
. T7 x! ^( l& ]+ l, _Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
; n" ^$ X. A: l+ F0 b( F8 f" T) JDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares; z& t! [( k, B* A' f$ o0 m2 o4 e! b2 u
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
2 h( P) I" `9 ^1 _# T2 k- |4 Ldividends 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。& Z7 X' A1 `! p, M, A
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。
大型搬家
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 18:26 | 显示全部楼层
6 `' n6 R! E1 R5 Y# A

, [+ B( [- S, e2 n3 _& I下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。5 N' A+ h; x% H+ D) X, k& {% I

0 T' `7 N2 V, e$ Y5 Acall 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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