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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。0 H1 R/ e4 ^, g" q4 s4 `
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/ K3 v2 J& q; e4 D[ 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:8 |( E5 Q1 x0 S! e3 j% a
SUMMARY OF THE OFFERING
8 C7 T5 @/ U/ H4 G/ H% aThis 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’’.
7 B; \% U" k: S! y, kIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
% P: E/ p/ ?6 W6 w, ^% M* dAmount: $150,000,000 (6,000,000 shares).$ D1 y. g1 Z8 V+ n9 }
Price and Yield: $25.00 per share to yield initially 6.50% per annum.' J/ B1 y$ A" O0 p: {* k9 g
Principal Characteristics of the Preferred Shares Series 18
. k5 M+ X3 Y0 z- I9 {Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
5 n1 a' I) n! V7 Fnon-cumulative preferential cash dividends, as and when declared by the) n* t! @/ P2 e, e/ z% T
Board of Directors, subject to the provisions of the Bank Act, for the initial
) u* C" C: v& ]0 I; @, e: k2 [# Xperiod commencing on the closing date and ending on and including
5 N$ Z" ?% g: _February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the3 ?% X. A6 Z0 L/ h% |$ D; e
25th day of February, May, August and November in each year, at a rate
' Q% I2 L0 k# {7 ], d9 Kequal to $0.40625 per share. The initial dividend, if declared, will be payable
+ P/ x4 q8 b+ U% J& R2 ]1 cMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing* {- m4 _, o- |6 q# B
date of December 11, 2008.. A$ s: e- E7 {9 H1 e# N6 ?
For each five-year period after the Initial Fixed Rate Period (each, a
. }9 D1 w/ D- I5 }: X% q‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares" k9 _. [% ?# w- i/ u% T
Series 18 will be entitled to receive fixed non-cumulative preferential cash& C9 _9 I4 t: E" x8 }( \* ?
dividends, as and when declared by the Board of Directors, subject to the
; n  ]% ~: {0 G6 N: X! L. Bprovisions of the Bank Act, payable quarterly on the 25th day of February,+ j# \2 q) A7 ]5 z  Z
May, August and November in each year, in the amount per share per annum  K3 i, |! w' x3 Q5 M
determined by multiplying the Annual Fixed Dividend Rate applicable to" R+ m* R  K6 n2 Z
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
6 P, ?- F" l/ e; l5 aRate for the ensuing Subsequent Fixed Rate Period will be determined by the
1 B% x2 @& [+ tBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
6 _9 Z( h5 ?3 Y2 U* kof such Subsequent Fixed Rate Period and will be equal to the sum of the0 F8 s$ Z6 h; _! n9 E- m0 z/ o; H
Government of Canada Yield on the applicable Fixed Rate Calculation Date
1 d" {' _: b6 ]& k- |6 S2 bplus 3.83%.
  ~" }. }6 F  J# Q: i7 [1 ?7 O- bIf the Board of Directors does not declare a dividend, or any part thereof, on
5 @* L" P2 X4 p- o3 S7 Sthe Preferred Shares Series 18 on or before the dividend payment date for a9 o+ j1 W; F# x3 I, r
particular quarter, then the entitlement of the holders of the Preferred. _9 f. ~2 X8 |- m4 V  q
Shares Series 18 to receive such dividend, or to any part thereof, for such
- S+ m2 u' H7 ~! `, K4 m1 Nquarter will be forever extinguished.) e! q8 u3 C4 c0 l7 z( O( `
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the1 K# q9 a  u! Y2 d
Superintendent and to the provisions described below under ‘‘Details of the0 ~+ O* I1 n) u# Z! ~2 E3 @
Offering — Certain Provisions of the Preferred Shares Series 18 as a
: y, Y, M' o2 o0 v' a5 k' b. HSeries — Restrictions on Dividends and Retirement of Shares’’, on6 s  r) t+ ~. ?1 ]1 ]3 A( P- Y
February 25, 2014 and on February 25 every five years thereafter, on not" \0 Y9 ?5 _. P/ j6 c" w. E  b
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
1 T  J6 d# \: y5 Qpart of the then outstanding Preferred Shares Series 18, at the Bank’s option6 t3 L2 W5 m6 {( z2 y/ n- @
without the consent of the holder, by the payment of an amount in cash for6 ?5 ~/ G3 j! R, _! P
each such share so redeemed of $25.00 together with all declared and unpaid
2 M1 o. ?+ u8 i' c; o% k  e; H' ^dividends to the date fixed for redemption.
+ l4 w6 C, V5 m2 `  zConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
! z& J0 R; F7 dShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have4 x% M. b! A* E: h, M' J
the right, at their option, to convert, on February 25, 2014 and on
$ c$ {2 J* x- f0 A5 h, l. ~S-4
/ |( A' P8 Q- S7 T6 eFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
' U6 d0 Q' N( @0 [6 ror all of their Preferred Shares Series 18 into an equal number of Preferred
1 j" S6 E: f0 h& I. A) G# i2 PShares Series 19 upon giving to the Bank notice thereof not earlier than$ K/ b0 O/ d4 j
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
/ K2 _8 C8 p+ W; C# Dpreceding, a Series 18 Conversion Date.& F9 V" k6 ^% N& n
Automatic Conversion If the Bank determines, after having taken into account all shares tendered( Z; q% e0 T" N. a4 N) g) r
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
: K. v5 i( E; h7 _8 K2 iSeries 19, as the case may be, that there would be outstanding on such5 c, h1 N# p* I- T$ B9 ^6 ^& I+ f
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,* F+ t2 D% G9 P- E- e( D
such remaining number of Preferred Shares Series 18 will automatically be
7 C6 {3 z0 n2 E7 F0 T% W" y# I6 hconverted on such Series 18 Conversion Date into an equal number of
0 B( @' p- H+ k$ M' q* \Preferred Shares Series 19. Additionally, if the Bank determines that, after/ B3 H7 f0 M* M) t
conversion, there would be outstanding on such Series 18 Conversion Date; g7 h9 F1 m  e# _( M  c8 d0 _+ v$ n2 n  v
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares8 V7 P$ i4 u: X% s" _
Series 18 will be converted into Preferred Shares Series 19.
. K2 M3 C, j0 y1 nVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares- J. r$ W+ k7 d( a, e4 y# |
Series 18 will not be entitled as such to receive notice of, attend, or vote at,- T2 [% Q) v. p) }! i
any meeting of the shareholders of the Bank unless and until the first time at
* M' X' \3 p+ P7 cwhich the Board of Directors has not declared the whole dividend on the
8 W: G* g' O7 n5 ]; [7 L/ GPreferred Shares Series 18 in any quarter. In that event, subject as
- c: p2 i* j) M; P( m. xhereinafter provided, the holders of Preferred Shares Series 18 will be& w7 ]) i* F$ l
entitled to receive notice of, and to attend, meetings of shareholders at which
: [, k' q/ \, H! @directors of the Bank are to be elected and will be entitled to one vote for
$ T0 m+ N9 z: X. u8 |6 Deach Preferred Share Series 18 held. The voting rights of the holders of the
" a5 a; x& b8 T2 XPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
8 X) B: t7 z2 Y( x* y, x" i  j" n7 ithe first dividend on the Preferred Shares Series 18 to which the holders are
% z& b( `/ c: Q  Uentitled thereunder subsequent to the time such voting rights first arose until
! I/ n7 t' n; i2 Rsuch time as the Bank may again fail to declare the whole dividend on the
: ?+ b7 N* v, R; iPreferred Shares Series 18 in respect of any quarter, in which event such4 T+ G; S6 p0 k5 A
voting rights will become effective again and so on from time to time.
) j3 N' z* v. o* h" V" _Principal Characteristics of the Preferred Shares Series 19( j9 s/ e+ n0 ^+ Y: X. t
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive  \" v! Y! C: `! X1 F2 D
floating rate non-cumulative preferential cash dividends, as and when
- L7 C# X% y9 _. T# ?declared by the Board of Directors, subject to the provisions of the Bank Act,9 k6 V: [0 l7 G, j
payable quarterly on the 25th day of February, May, August and November
" E) N1 p  s) Sin each year, in the amount per share determined by multiplying the2 A& c3 |( l; f+ v# [4 z
applicable Quarterly Floating Dividend Rate by $25.00.' B! B/ W9 s# O2 D- h" N
On the 30th day prior to the commencement of the initial quarterly dividend# l3 T. x: \, S: q5 F
period beginning on February 25, 2014, and on the 30th day prior to the first
* o  o, h) n9 z0 Z& Dday of each subsequent quarterly dividend period (the initial quarterly
3 U+ G0 ]3 ?7 g, Udividend period and each subsequent quarterly dividend period is referred to
; ]5 S2 I# K3 A7 N6 O$ Z$ o6 Q* Yas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the6 A4 g# A' _" a( _. P& A3 g& @% [
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
6 C# {: ^4 ~# VPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the: u+ H9 C- ?+ O5 e9 D7 i6 ~
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
$ I' Z2 ]( d' E/ P4 k9 S( k$ F# K  Z0 Selapsed in the applicable Quarterly Floating Rate Period divided by 365)2 ^$ j+ z; }$ d2 z
determined on the 30th day prior to the first day of the applicable Quarterly# o2 \/ _) A( ^6 G# M, F
Floating Rate Period.
* d! a; i7 ^& b: |; e2 @5 }S-5' S, T! J2 F0 D- `& b" m
If the Board of Directors does not declare a dividend, or any part thereof, on
; |  O9 `- i* H# V$ @the Preferred Shares Series 19 on or before the dividend payment date for a1 @* c; n/ p* R4 u9 X  k
particular quarter, then the entitlement of the holders of the Preferred6 a3 e+ u  E. Q$ Q* v, _: U
Shares Series 19 to receive such dividend, or to any part thereof, for such2 _0 t4 I7 x$ h, ]
quarter will be forever extinguished.& q) d' b5 y. L; r
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
- u2 m' c& L+ i; y0 ]- B! g8 g( T* I/ dSuperintendent and to the provisions described below under the heading
, l4 K: P. x8 }. ~3 ?‘‘Details of the Offering — Certain Provisions of the Preferred Shares, l1 i0 s+ J  `
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
! d5 `& C( Y9 w9 ^/ f7 son not more than 60 nor less than 30 days’ notice, the Bank may redeem all
* u+ ]2 c/ g, r8 X. i. `! ]or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
8 }( I  Y' [/ ?4 ]1 n0 L+ ^# F. `) Yoption without the consent of the holder, by the payment of an amount in
  k/ y& v4 B  X3 \cash for each such share so redeemed of (i) $25.00 together with all declared
1 J  X# C8 H9 n/ Pand unpaid dividends to the date fixed for redemption in the case of
0 K5 J+ i0 _( W3 Credemptions on February 25, 2019 and on February 25 every five years
* ~( a) H4 C* M' R2 e# vthereafter, or (ii) $25.50 together with all declared and unpaid dividends to' k+ G; @2 s  \$ Y# x- O
the date fixed for redemption in the case of redemptions on any other date$ [, z. X6 E6 M5 V' J; \
on or after February 25, 2014.
" t6 |% e* D. t$ q2 v' ?Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic, |! j& ?; z1 o, h" G; Q; ^
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
0 E( Z* h" _0 b6 s% g" Othe right, at their option, to convert, on February 25, 2019 and on
# Y& i$ @. I- F# ^% V+ z# RFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
9 @; @5 a' L. E0 n5 [or all of their Preferred Shares Series 19 into an equal number of Preferred
5 r. F1 O6 B: y% S4 `Shares Series 18 upon giving to the Bank written notice thereof not earlier- M# c0 J' Z2 c/ h: m5 H
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the/ ~/ n$ r, D* ~! j- ~& |
15th day preceding, a Series 19 Conversion Date., _6 e4 c& \% u, [0 A
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
- H0 F: ?. V$ s/ q& y7 r! K6 EProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares7 r* G* f: ]( y& d- T, R3 I
Series 18, as the case may be, that there would be outstanding on such
% z5 A' I, ^. k2 n( ^2 L0 G% C9 @4 bSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
# ^9 b: n8 }& ysuch remaining number of Preferred Shares Series 19 will automatically be) P; e, [% |6 g8 J/ m! E8 @
converted on such Series 19 Conversion Date into an equal number of
" N6 O, X" i8 X: z: j6 x0 w5 YPreferred Shares Series 18. Additionally, if the Bank determines that, after
  {/ A4 t/ N: k) D1 N5 \: [conversion, there would be outstanding on such Series 19 Conversion Date
  S  y+ {& Q7 A8 Z1 ~6 b* xless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares3 G9 m# z( S6 S% \
Series 19 will be converted into Preferred Shares Series 18.
  u7 ?7 n3 S& fVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares! y; v" e) I0 J( N! D
Series 19 will not be entitled as such to receive notice of, attend, or vote at,; b& ?, G& s5 E4 X, r! ]- `
any meeting of the shareholders of the Bank unless and until the first time at
" f( O* X+ b; f; C' C3 S9 Wwhich the Board of Directors has not declared the whole dividend on the
) ?+ m& D, b; k4 |9 VPreferred Shares Series 19 in any quarter. In that event, subject as
/ A  B$ [& b/ T" K: W. R, A1 ?4 bhereinafter provided, the holders of Preferred Shares Series 19 will be
' w5 [  b" ^4 L, ~entitled to receive notice of, and to attend, meetings of shareholders at which
* Z0 m8 f& j3 `, kdirectors of the Bank are to be elected and will be entitled to one vote for  H5 E: a, R. o
each Preferred Share Series 19 held. The voting rights of the holders of the6 i. I6 I9 H  E- F  }8 G7 z
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of1 d, [" x8 O0 r' [
the first dividend on the Preferred Shares Series 19 to which the holders are6 l% q, w$ x. x
entitled thereunder subsequent to the time such voting rights first arose until% r& h3 O* y7 f6 S
such time as the Bank may again fail to declare the whole dividend on the0 h  P( f9 R) m/ q/ A
Preferred Shares Series 19 in respect of any quarter, in which event such" Y  c1 |4 ]0 Y5 B7 g
voting rights will become effective again and so on from time to time.
# `, o  W; N% }# Q% t3 w7 ]S-6
3 {% V' r: g/ Q! ]/ i* V9 DPriority: The preferred shares of each series of the Bank will rank on a parity with
' U) O7 [( X; Y+ g: Bevery other series and are entitled to preference over the common shares of! N9 r) L) K' \5 G9 _
the Bank and over any other shares of the Bank ranking junior to the& ]( h! C. m1 B
preferred shares with respect to the payment of dividends and upon any
: w8 I3 Y3 I7 Hdistribution of assets in the event of the liquidation, dissolution or. e8 J* N' k( `- r5 u2 v
winding-up of the Bank.
/ S+ [/ p$ Q5 P& b3 ]Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
- ]& _5 U+ ?; P# LDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares8 |# E, c: ]8 b: H/ Y+ M
Series 18 and Preferred Shares Series 19 will not be required to pay tax on% y, \% t+ \8 U8 Y3 g5 h4 o
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。0 E3 v% F0 _. S' f
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
7 f( }. {! U) F$ c7 j; `5 i
" Y% c( n4 G  @, h# u0 |# r# J
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
$ n  @/ w) c) S1 R$ W" L5 o! M1 C
6 h* F- D. j, Y- I  Kcall 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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