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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 Y, o9 J' F7 A

/ g( V- T$ o/ L5 K; L- k$ h# Q$ v6 w: t# Y4 _# U0 ~( g
[ 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:2 D3 k3 d5 ?8 W8 a
SUMMARY OF THE OFFERING
% `9 O$ A' \' c( ]# Y) gThis 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’’.6 ]+ Q  }3 P: @8 G/ N1 U
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.4 c0 H3 o( F: d/ n7 k7 y) d6 F8 v
Amount: $150,000,000 (6,000,000 shares).
+ B3 p# u1 \& G; bPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
; f. P: s  Y  _8 xPrincipal Characteristics of the Preferred Shares Series 18  f- ?, x2 w2 d; t- [
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
* q6 f  u3 N' e* C+ wnon-cumulative preferential cash dividends, as and when declared by the
6 k9 B  b5 ]7 j; X( C1 l4 rBoard of Directors, subject to the provisions of the Bank Act, for the initial+ Y- n0 \" x0 p9 t& y% O. y& K* ^
period commencing on the closing date and ending on and including3 K2 D( T) [3 n8 ]
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
' t" p( p. X& ^. ?$ |3 r8 H( Q25th day of February, May, August and November in each year, at a rate
8 r9 S3 B( J3 V, g; M: R' G5 Uequal to $0.40625 per share. The initial dividend, if declared, will be payable
# Q+ p4 t! k1 T5 T. B' EMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing6 o; I% t3 ?6 Y% P; W2 V$ M
date of December 11, 2008.7 O9 u( X% E* ~+ U
For each five-year period after the Initial Fixed Rate Period (each, a
' W1 V8 p9 q; C" D" O6 T, U‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
- W' E4 x4 G! ~Series 18 will be entitled to receive fixed non-cumulative preferential cash
: e( K2 t' F1 }" ^dividends, as and when declared by the Board of Directors, subject to the
+ u" T3 _% w4 W$ [6 L* Uprovisions of the Bank Act, payable quarterly on the 25th day of February,
" ~& N+ N" w! d7 D! fMay, August and November in each year, in the amount per share per annum
+ j8 B0 R1 J. y' h) z% Mdetermined by multiplying the Annual Fixed Dividend Rate applicable to
( g/ H) `% p+ Zsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend" ^3 U( h+ B1 `! {
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the$ X: |% o; g7 s
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
5 P7 b3 ^( C' rof such Subsequent Fixed Rate Period and will be equal to the sum of the
5 s0 w$ C0 Y% W' ^9 _$ O; }; T: RGovernment of Canada Yield on the applicable Fixed Rate Calculation Date3 ]; I* B; X: l
plus 3.83%.* m8 i4 Z$ ]! W1 A; z
If the Board of Directors does not declare a dividend, or any part thereof, on6 }0 ^; W# `! g  ?/ X9 q3 |
the Preferred Shares Series 18 on or before the dividend payment date for a
2 m: h. l# c! A" t+ d0 kparticular quarter, then the entitlement of the holders of the Preferred) A) _) v  i, P5 E
Shares Series 18 to receive such dividend, or to any part thereof, for such
# i1 G+ |; r+ C) A8 Squarter will be forever extinguished.7 s$ B8 ^/ g/ x3 E( H) h- P; y
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
3 A4 ]- s8 }# A7 D6 b% V6 T* RSuperintendent and to the provisions described below under ‘‘Details of the
) U" X$ Z$ r/ Q: R) p% OOffering — Certain Provisions of the Preferred Shares Series 18 as a! g; ^% t0 G1 n' x2 ^
Series — Restrictions on Dividends and Retirement of Shares’’, on0 p/ @# X; |% T) l( A
February 25, 2014 and on February 25 every five years thereafter, on not$ u4 v. C- j& x& B5 P
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
. d$ m: t5 R6 m6 Bpart of the then outstanding Preferred Shares Series 18, at the Bank’s option: j+ ]2 d! n4 M. e% f' n5 B  r+ C% z
without the consent of the holder, by the payment of an amount in cash for
4 ?# X0 H* r9 k& T4 @each such share so redeemed of $25.00 together with all declared and unpaid. A" r9 Y. E9 {9 ~
dividends to the date fixed for redemption.- W- p2 {) Q) G) T% S' q
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
1 [& q0 j' L, x5 u9 E9 CShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
) W" n" r5 r% E" ^/ lthe right, at their option, to convert, on February 25, 2014 and on
8 B" \$ E: ]" r. c* N/ ~S-4$ h% N# _+ G5 L5 J5 P8 s- e
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
' X7 Q" ~% U4 p. U8 \% cor all of their Preferred Shares Series 18 into an equal number of Preferred
5 M* x; ~/ {+ i9 w3 X+ [2 K. HShares Series 19 upon giving to the Bank notice thereof not earlier than7 H  _) k/ f& e! G  H
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
( `1 }7 F7 j. l4 g0 M  o3 \preceding, a Series 18 Conversion Date.
5 c& o- i, i7 g! ]- v2 }Automatic Conversion If the Bank determines, after having taken into account all shares tendered0 j7 D- h* P5 ?) X+ Q6 K) w
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares5 Y: Q- h: q' C
Series 19, as the case may be, that there would be outstanding on such; [- o# \4 h9 l0 ?, u
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18," l% P9 c: l) G5 |
such remaining number of Preferred Shares Series 18 will automatically be" N$ ~! E, `$ o, \. K
converted on such Series 18 Conversion Date into an equal number of6 X: y- ~- R. A: c* Z
Preferred Shares Series 19. Additionally, if the Bank determines that, after) T- N9 }, x, @5 p9 X& q
conversion, there would be outstanding on such Series 18 Conversion Date* @. [, n: b- `7 l' U
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
, h& f  B( s8 TSeries 18 will be converted into Preferred Shares Series 19.# k  v0 Z+ L2 e
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
& e4 P$ e. B7 r7 PSeries 18 will not be entitled as such to receive notice of, attend, or vote at,, N- ]1 N. C1 C9 d" D5 E# I: L4 ?
any meeting of the shareholders of the Bank unless and until the first time at
/ i# |/ N# t5 w3 ewhich the Board of Directors has not declared the whole dividend on the' Z. a; m+ m0 A. {/ Z3 W# W5 M; I; }
Preferred Shares Series 18 in any quarter. In that event, subject as1 q, P$ I9 _/ u6 B
hereinafter provided, the holders of Preferred Shares Series 18 will be
" c  P- P* k4 Bentitled to receive notice of, and to attend, meetings of shareholders at which( e  W+ T0 u; d
directors of the Bank are to be elected and will be entitled to one vote for/ s5 t; R5 f& ?, T5 O
each Preferred Share Series 18 held. The voting rights of the holders of the
% ?: g5 ?% {0 HPreferred Shares Series 18 will forthwith cease upon payment by the Bank of5 ^) a. O' D& B) k+ G- J
the first dividend on the Preferred Shares Series 18 to which the holders are) i* Z) r1 Y! c0 F# }2 E/ r. c: J
entitled thereunder subsequent to the time such voting rights first arose until
1 G5 l" l& [+ M6 K3 Asuch time as the Bank may again fail to declare the whole dividend on the6 C2 s+ Z  J6 x% l6 }. S1 y- A
Preferred Shares Series 18 in respect of any quarter, in which event such+ |/ ]" C5 M2 p: N9 |
voting rights will become effective again and so on from time to time.. C# ]+ L% X0 O, i+ L/ D0 ?1 c( I0 F
Principal Characteristics of the Preferred Shares Series 19
! [4 [' f" h+ H4 A$ C# T% O$ ODividends: The holders of the Preferred Shares Series 19 will be entitled to receive* H4 k7 t& Z* A- B$ D
floating rate non-cumulative preferential cash dividends, as and when
6 _0 \. M( X: W8 h! O2 X" Gdeclared by the Board of Directors, subject to the provisions of the Bank Act,  Z, w# O) L7 W, P& P9 M
payable quarterly on the 25th day of February, May, August and November
( U+ t: H5 a8 a& W2 K* c. t! Qin each year, in the amount per share determined by multiplying the
# h1 k+ r+ A* D, ?4 t+ Gapplicable Quarterly Floating Dividend Rate by $25.00.1 x, y# t. {% {0 z/ _* t6 N
On the 30th day prior to the commencement of the initial quarterly dividend
) c8 c; V5 p$ T" e7 _# O9 L( Cperiod beginning on February 25, 2014, and on the 30th day prior to the first) X; H4 G$ T  U3 g1 K2 j
day of each subsequent quarterly dividend period (the initial quarterly. Q1 j8 n. F+ L/ [4 U
dividend period and each subsequent quarterly dividend period is referred to
$ w% U: B; O" l6 O2 w4 [as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the) U7 p. k& [1 Z2 r4 q4 M
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
: @( J9 q; l. G# j7 g- A+ k+ ~6 zPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the8 t1 {% O0 e$ H' `
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days3 K* U8 C  z- M2 ]2 ]0 K
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
- u" v" ]3 P- S0 x' S: B8 Hdetermined on the 30th day prior to the first day of the applicable Quarterly9 T& ?8 d9 s( p3 T
Floating Rate Period.
' x; W# u/ p) T# x7 x6 `S-5, Q4 E9 u& _6 s; t
If the Board of Directors does not declare a dividend, or any part thereof, on4 }% e" a8 S/ U& C/ m, t. M
the Preferred Shares Series 19 on or before the dividend payment date for a
4 Q  R. k6 p: \! Dparticular quarter, then the entitlement of the holders of the Preferred4 M$ [/ X: W; t5 t9 v
Shares Series 19 to receive such dividend, or to any part thereof, for such# S# \* [: n; W" G
quarter will be forever extinguished.
' y! s# L* u# n5 _- P6 iRedemption: Subject to the provisions of the Bank Act and to the prior consent of the; B5 w/ |* l5 O: R5 I
Superintendent and to the provisions described below under the heading
- x- i# m+ c* i% ~  S/ B' i‘‘Details of the Offering — Certain Provisions of the Preferred Shares
) }0 C4 O6 A) f8 S- QSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
, c+ ]3 y! L0 _6 ~. `3 ?) r% Kon not more than 60 nor less than 30 days’ notice, the Bank may redeem all7 [( M% n0 T5 V9 |; E6 M7 {1 J
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s! {0 R) H4 G- A
option without the consent of the holder, by the payment of an amount in: r  u# P3 {% @( {0 s: R
cash for each such share so redeemed of (i) $25.00 together with all declared
# N$ [+ y- N/ T/ G- T! H7 ?and unpaid dividends to the date fixed for redemption in the case of9 O2 O5 F* l  R. T
redemptions on February 25, 2019 and on February 25 every five years, X. e9 n! h/ S1 b& D/ ^) @
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to  n1 K; u# W4 c
the date fixed for redemption in the case of redemptions on any other date8 a' H8 Z' `; ~4 t, d4 f
on or after February 25, 2014.
7 |- R; h7 K2 I$ l4 |9 \& yConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
) T" G6 L- R! z" P1 L! dShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
! n( w- J  n% H8 lthe right, at their option, to convert, on February 25, 2019 and on
7 g% ?+ I2 p/ ~February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
5 z4 }( R3 U4 ?  ~5 Aor all of their Preferred Shares Series 19 into an equal number of Preferred- n3 V* G) M* ?7 d9 t+ x8 |
Shares Series 18 upon giving to the Bank written notice thereof not earlier( y- K8 I6 B5 I, p9 U
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
$ e* i7 T/ O1 L: ]# G0 }7 m15th day preceding, a Series 19 Conversion Date.7 ]. {6 K0 H! ?$ x1 ]7 M
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
! E: [- c" S9 Y4 h4 OProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares6 j0 {) m& Z$ i7 v" ~
Series 18, as the case may be, that there would be outstanding on such  @! x! h$ B$ `
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
' C( `% {0 J+ [* A1 ^  [8 a! n- @1 Zsuch remaining number of Preferred Shares Series 19 will automatically be
$ h! V# d& k$ \  R, Qconverted on such Series 19 Conversion Date into an equal number of
0 t; x/ b" X! C. [* ^Preferred Shares Series 18. Additionally, if the Bank determines that, after- Z6 v5 B4 `* A
conversion, there would be outstanding on such Series 19 Conversion Date* @# C: ]* e( s& Q4 G! `1 w$ F2 \
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
9 ^* D$ F* w  C/ K0 W) ]# |Series 19 will be converted into Preferred Shares Series 18.7 T$ ~" L9 J3 Z; W
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
% h$ K" Y; X( T  K" w8 ~Series 19 will not be entitled as such to receive notice of, attend, or vote at,5 J. O7 A- G- q3 {& [, \
any meeting of the shareholders of the Bank unless and until the first time at: U! v9 r9 ^' P" \; h0 U
which the Board of Directors has not declared the whole dividend on the
! p2 @# m: U* W# c+ mPreferred Shares Series 19 in any quarter. In that event, subject as
* h$ _; S/ p; i) [9 Khereinafter provided, the holders of Preferred Shares Series 19 will be* A* X3 @/ L9 _, C
entitled to receive notice of, and to attend, meetings of shareholders at which: Q& @0 s% w: Y, e$ e
directors of the Bank are to be elected and will be entitled to one vote for) s* g+ @# A% _
each Preferred Share Series 19 held. The voting rights of the holders of the
- i6 V  u* ^7 k$ tPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
3 [5 Q6 M; j6 V. Y3 X& Nthe first dividend on the Preferred Shares Series 19 to which the holders are8 K# C- C) A! a/ |$ H, ~0 s4 h
entitled thereunder subsequent to the time such voting rights first arose until
% D- A, x) p/ F) Z- H5 p# d8 w, W" zsuch time as the Bank may again fail to declare the whole dividend on the
8 A# A/ V5 m& E6 [* z: `( f) X) sPreferred Shares Series 19 in respect of any quarter, in which event such
5 x& A# ]* c# r0 B. Z" svoting rights will become effective again and so on from time to time.
! |- d4 H8 b! g; S, kS-6
! o0 e9 x3 P8 j  D' SPriority: The preferred shares of each series of the Bank will rank on a parity with9 I+ Y3 n- e3 f. T5 U3 M
every other series and are entitled to preference over the common shares of
5 x* N) V2 L9 o  Zthe Bank and over any other shares of the Bank ranking junior to the
& G6 q0 i' V) E# M& g' N' X8 Opreferred shares with respect to the payment of dividends and upon any
! L# Z/ ^3 H" h! E' ]1 X& L% E0 xdistribution of assets in the event of the liquidation, dissolution or
4 u! ^1 N5 W$ H5 D- i* G! swinding-up of the Bank.8 q7 A7 z" P+ |# s
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
4 c9 {9 k( X, _Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
, `$ K: b  @' fSeries 18 and Preferred Shares Series 19 will not be required to pay tax on4 ]) @) ?. J  ^. _; s& {- B: k
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。# x9 `1 k$ V$ P
今天讲座如何?
大型搬家
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
% P1 O! q( P; Z( a
0 [& j! l7 i# @5 q
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。, O# q+ C* b- R8 G, H
' l4 R$ Z: H4 M# y0 D) I9 w
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。
理袁律师事务所
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