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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。- ^, G, D9 G5 ?' t6 S
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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:
1 o" o( A' i( ]SUMMARY OF THE OFFERING9 A& M! S0 V  T9 q; e9 t4 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’’.
! F3 p( a6 p6 n4 M. x, hIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
9 I' h  h8 K- Y! h4 E/ L1 NAmount: $150,000,000 (6,000,000 shares).3 X% M' }" I8 ~% ]% f- h& U4 f
Price and Yield: $25.00 per share to yield initially 6.50% per annum.) s) x2 q! s" r
Principal Characteristics of the Preferred Shares Series 18
+ B+ _1 j/ A. v4 ^. u4 G( n* g+ cDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed4 L& y8 h0 O. l, n0 G5 b9 H- d
non-cumulative preferential cash dividends, as and when declared by the) V5 o0 M: o# ]. T3 a5 X+ T
Board of Directors, subject to the provisions of the Bank Act, for the initial3 C! J* H8 |7 n+ B* {0 m
period commencing on the closing date and ending on and including" h; \! Q+ r2 T% t' e! d
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the% j  f: V# g  F9 w9 s; U* z
25th day of February, May, August and November in each year, at a rate8 m( h% n- V: ]4 r( U1 U
equal to $0.40625 per share. The initial dividend, if declared, will be payable
5 Z" P  B; c. `; a4 g+ j: nMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing/ c. n" f0 M) @2 O0 S
date of December 11, 2008.1 l4 a6 b! A3 Z$ S
For each five-year period after the Initial Fixed Rate Period (each, a
/ b+ |% U( Z* z+ H7 D: k2 V/ ?‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
# ~- W( J- K3 B  \: L% b: D! eSeries 18 will be entitled to receive fixed non-cumulative preferential cash
! b% F& T( f) m( ]3 V, x, @: a5 Xdividends, as and when declared by the Board of Directors, subject to the
6 g( S$ A' |: b: c" Gprovisions of the Bank Act, payable quarterly on the 25th day of February,
$ N" v+ G& a( W% |0 ], NMay, August and November in each year, in the amount per share per annum
3 G% |# C( W- [9 z' b1 P. _0 q4 {determined by multiplying the Annual Fixed Dividend Rate applicable to
/ [  X9 P3 u7 K" V1 Q% n& f$ [such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend* p! |5 G" y/ q) {6 c8 O- y
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the' f8 b/ r8 b  H. |1 V
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day! ^. |8 R& U4 I% K
of such Subsequent Fixed Rate Period and will be equal to the sum of the
2 @6 ]1 F: G+ u3 M; YGovernment of Canada Yield on the applicable Fixed Rate Calculation Date5 O$ l% I( w: o
plus 3.83%.
; h; A1 y* d5 c7 hIf the Board of Directors does not declare a dividend, or any part thereof, on
. k; n) v  n4 `, ]the Preferred Shares Series 18 on or before the dividend payment date for a$ t" i% z, X: i) i! m+ K
particular quarter, then the entitlement of the holders of the Preferred% x6 X) B! [/ |) B
Shares Series 18 to receive such dividend, or to any part thereof, for such5 Q4 ]0 t" i5 y- x
quarter will be forever extinguished.
0 W% v3 i- Z( }  s7 g, QRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
& m; j- M, D& ^2 u+ B. rSuperintendent and to the provisions described below under ‘‘Details of the
, u$ c: t7 N$ k. r( e) ^- COffering — Certain Provisions of the Preferred Shares Series 18 as a
8 C. r7 L5 g8 _% x  ]Series — Restrictions on Dividends and Retirement of Shares’’, on
( ?* a' V* C$ g% D, m% f! n2 _2 yFebruary 25, 2014 and on February 25 every five years thereafter, on not
9 s6 g, N$ N: P) O8 N6 }0 }more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
3 j' J; w0 Z( V" e  Y5 O6 gpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
9 i  Z3 b7 j  Y' `without the consent of the holder, by the payment of an amount in cash for
- ~$ l  T" s+ q4 `, a3 }0 heach such share so redeemed of $25.00 together with all declared and unpaid
4 Q; q# X3 z, Q9 d. x+ H& Wdividends to the date fixed for redemption.
, a' T# @4 |+ P! ~Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic* D* |8 n& M$ `/ M
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
  p8 |% b" l' @7 s$ Kthe right, at their option, to convert, on February 25, 2014 and on
& p; u1 t# ?5 c* E6 W2 aS-4
5 G* l+ d& a7 z* _0 \- ^( u0 ], JFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any" n( \) `- W  P% W: i
or all of their Preferred Shares Series 18 into an equal number of Preferred
( i% P& m% |/ Q2 M4 F  {0 EShares Series 19 upon giving to the Bank notice thereof not earlier than0 A9 ~( T' T+ I; J
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day" ?' U  T8 w# W1 V! ]0 C8 l9 I6 w
preceding, a Series 18 Conversion Date.6 k/ u6 r5 D0 C+ |
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
! |0 Z$ i! X, WProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
9 E* a* q4 h/ {5 J& t+ ~Series 19, as the case may be, that there would be outstanding on such$ ]+ I" Z' L2 H1 N  E* v
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,0 ^: t0 d% A' J, e3 i
such remaining number of Preferred Shares Series 18 will automatically be* i& T( k9 m8 Y+ k2 T5 X0 k* e# Y
converted on such Series 18 Conversion Date into an equal number of! D9 F) |+ y' {3 k
Preferred Shares Series 19. Additionally, if the Bank determines that, after! e; v( ~) J1 K# w, B1 E6 u9 }6 Z1 o8 B
conversion, there would be outstanding on such Series 18 Conversion Date' |5 _% T2 |( J' Z" B" k
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares7 q1 G9 h# F% C6 V+ }- w% \
Series 18 will be converted into Preferred Shares Series 19.7 c) Q% W+ z# N% i' L2 I
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares1 p2 f9 c* B3 U% ~4 h$ h: _7 }8 T- e
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
( \1 v5 G% \9 m7 q1 Gany meeting of the shareholders of the Bank unless and until the first time at' _; T- Q# G. J2 S$ n" a1 [
which the Board of Directors has not declared the whole dividend on the1 o; J) f7 a) l: U+ c& K" w2 r4 I1 t
Preferred Shares Series 18 in any quarter. In that event, subject as
1 P2 I" e6 ~0 z2 uhereinafter provided, the holders of Preferred Shares Series 18 will be  w( r1 E2 E* Q" H: Q9 a
entitled to receive notice of, and to attend, meetings of shareholders at which
8 c) @. S5 V! @* \9 Rdirectors of the Bank are to be elected and will be entitled to one vote for
9 t0 Q7 o. _+ o# n& zeach Preferred Share Series 18 held. The voting rights of the holders of the
) i/ n3 {  q8 f5 I! IPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
5 }9 O. b0 c9 K" dthe first dividend on the Preferred Shares Series 18 to which the holders are
6 V8 u" {" Z6 C% r4 c' Uentitled thereunder subsequent to the time such voting rights first arose until- D9 j. j. e$ a% e  p
such time as the Bank may again fail to declare the whole dividend on the+ q9 [; O0 U7 E; e& a' W( e- D; `
Preferred Shares Series 18 in respect of any quarter, in which event such
, q3 a0 ?" i9 n8 Q2 uvoting rights will become effective again and so on from time to time.
; ]% |8 Y6 [2 z- ^' iPrincipal Characteristics of the Preferred Shares Series 19
6 m9 i8 w+ S4 l0 G" |; zDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
  s7 u7 ?# U* N3 ?5 W7 lfloating rate non-cumulative preferential cash dividends, as and when
4 w3 T$ M6 W: }$ Xdeclared by the Board of Directors, subject to the provisions of the Bank Act,
& M' x; B) [! t  l, [% ?* r, z" J" Fpayable quarterly on the 25th day of February, May, August and November
' o5 ~/ U* m' O( f& oin each year, in the amount per share determined by multiplying the' z6 ~+ W1 g2 M7 C  @
applicable Quarterly Floating Dividend Rate by $25.00.2 A, w0 l3 H6 v' X' A6 N
On the 30th day prior to the commencement of the initial quarterly dividend
0 {" M. K1 U* g) S' aperiod beginning on February 25, 2014, and on the 30th day prior to the first4 B( |% F" f, T# R* C& Q
day of each subsequent quarterly dividend period (the initial quarterly4 T# S% E' g5 h1 G5 B( R
dividend period and each subsequent quarterly dividend period is referred to
7 M1 ^% @$ X% Das a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the: W, Y4 i, b  Y2 n' z7 S
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate! }* k8 D3 g1 }' k* l0 N9 _
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the7 K) W7 F7 ]; ~) A' B; k" p
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
$ R' V7 e) s% W/ _* [5 zelapsed in the applicable Quarterly Floating Rate Period divided by 365)+ E$ k* U/ e6 `; l1 I
determined on the 30th day prior to the first day of the applicable Quarterly" w" o3 \: }1 c' n8 W4 r
Floating Rate Period.
2 a: g/ d  U! }! J0 r3 H+ YS-5  l+ |& S" |* U! `- l4 G
If the Board of Directors does not declare a dividend, or any part thereof, on1 N1 O7 ]! D6 Q* p
the Preferred Shares Series 19 on or before the dividend payment date for a' Y5 t4 e8 J7 @  ?" ^' N
particular quarter, then the entitlement of the holders of the Preferred
# O9 E2 J+ x1 {6 w, i4 N9 BShares Series 19 to receive such dividend, or to any part thereof, for such
* i, H# F2 n. C' A* bquarter will be forever extinguished.% o3 h& N' o1 u& S
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
% }" n* |& ]7 `$ G! q4 DSuperintendent and to the provisions described below under the heading
- r8 d6 k( n9 [3 Q‘‘Details of the Offering — Certain Provisions of the Preferred Shares% d' W7 n$ q- D0 S" R
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,  u: Q. A, F5 G! ]: R1 L( u0 ?
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all1 c' Z7 ?1 O5 S9 [+ Z6 K
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
/ |6 W2 c: L$ b+ F& Uoption without the consent of the holder, by the payment of an amount in' m8 P9 g  ^1 e, ]% `
cash for each such share so redeemed of (i) $25.00 together with all declared8 _% I0 ^' L$ o: j% l
and unpaid dividends to the date fixed for redemption in the case of0 t) i5 E+ V7 n7 H& T3 _$ X: C% @
redemptions on February 25, 2019 and on February 25 every five years; \- n# s% q% p; I9 A5 l2 c$ h
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
* t4 w8 S. F4 D' E# othe date fixed for redemption in the case of redemptions on any other date' r& D- X+ u' W1 a! Q( w+ D: {+ Y
on or after February 25, 2014.& t. {1 `6 Q9 _( m5 B, f1 S
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic) s8 ^( P  j! l2 d
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
2 H: M& p3 k5 \* L9 Fthe right, at their option, to convert, on February 25, 2019 and on
' p# _& \- {8 k  e% ~$ G" ZFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any! {9 [9 C8 H1 p) t5 G- b$ J
or all of their Preferred Shares Series 19 into an equal number of Preferred
, ~7 h' b4 E4 |  r# [- X7 V0 gShares Series 18 upon giving to the Bank written notice thereof not earlier' p) h5 I$ X* ]
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the# C) T* J: K! @, Y9 K
15th day preceding, a Series 19 Conversion Date.. @6 M8 n, ^6 R" D7 F" y
Automatic Conversion If the Bank determines, after having taken into account all shares tendered# z! K7 _. c7 G6 m+ w! G; u" ]' ]
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
3 z# d2 F' p" Q8 r0 P0 Z; O# {Series 18, as the case may be, that there would be outstanding on such
" D. l  f3 r( o8 dSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
. G# ^) e9 n4 i8 @9 I% ]8 F( _such remaining number of Preferred Shares Series 19 will automatically be) b( S! S; e/ {& V+ \5 J, L
converted on such Series 19 Conversion Date into an equal number of! ^7 e0 |' M& w# b
Preferred Shares Series 18. Additionally, if the Bank determines that, after; B7 P) j" J+ P$ ]" |$ \
conversion, there would be outstanding on such Series 19 Conversion Date# S, T- ?, v" v9 B* D- }4 M
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares& f/ B) d+ y% ]$ ?2 A
Series 19 will be converted into Preferred Shares Series 18., `7 p; i: t  w, h  P& j+ |
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
. O# q, P; M; A6 x# I1 V! [Series 19 will not be entitled as such to receive notice of, attend, or vote at,
; a, E. @! ~0 a. C4 V! {) N8 L3 Uany meeting of the shareholders of the Bank unless and until the first time at9 x; Y  h: c7 H
which the Board of Directors has not declared the whole dividend on the' R' J' q4 m# W( X8 T" e
Preferred Shares Series 19 in any quarter. In that event, subject as
4 V* y$ K$ _9 m! }& {. b  Xhereinafter provided, the holders of Preferred Shares Series 19 will be
9 s  w8 D( R: m0 b0 o' {entitled to receive notice of, and to attend, meetings of shareholders at which: \& E9 h$ |! t% _% Z
directors of the Bank are to be elected and will be entitled to one vote for
$ w  @- t- y$ R+ A& m4 Oeach Preferred Share Series 19 held. The voting rights of the holders of the2 ?7 d- `9 W( s
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
5 M5 L; P% E2 K$ zthe first dividend on the Preferred Shares Series 19 to which the holders are
, H9 ^8 h: |, y: k( f. g4 _8 Pentitled thereunder subsequent to the time such voting rights first arose until
- k% c' v/ r  c' s- }such time as the Bank may again fail to declare the whole dividend on the! l& U8 ~' O1 c" v9 ~: f
Preferred Shares Series 19 in respect of any quarter, in which event such
! R; X: L1 _4 F5 f# w3 f: u: |  Ivoting rights will become effective again and so on from time to time.
  H. m9 T+ G1 o, c! X! c. o: ?S-6  ~# C5 Q- I- X1 @; D2 n4 S
Priority: The preferred shares of each series of the Bank will rank on a parity with9 U1 E! j- d$ ?1 I* C4 t" R! f
every other series and are entitled to preference over the common shares of# r  Y7 C4 F2 X
the Bank and over any other shares of the Bank ranking junior to the
$ p" k" a, E% Q+ _0 ]preferred shares with respect to the payment of dividends and upon any( e/ a$ C2 F3 m6 ^, f- J* h
distribution of assets in the event of the liquidation, dissolution or1 u- ^' z( O0 p- \/ P
winding-up of the Bank.
0 @: z1 r9 {' NTax on Preferred Share The Bank will elect, in the manner and within the time provided under' h9 x  R: w6 G( Q. D
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares1 O1 [' n! e; x7 i7 s
Series 18 and Preferred Shares Series 19 will not be required to pay tax on( u9 ~  D. }3 P: D( \
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。
" T4 }2 n/ ~% U; y5 l4 O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

) D% S) T0 u4 A6 O. l( D: Q  T- A9 U
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
* N0 k" n% Y% p' l
' E; f' r6 Z4 O' Ycall 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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