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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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[ 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:4 ]$ ^  I5 U2 Z: n- j* f1 O
SUMMARY OF THE OFFERING
( Y/ m. i5 ~* C3 QThis 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’’.
8 h1 L; B$ }4 FIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
  T8 ]6 G' R7 K/ Z9 o2 e7 sAmount: $150,000,000 (6,000,000 shares).
: i9 M1 l4 p3 jPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
8 M7 o7 _" |, }8 {Principal Characteristics of the Preferred Shares Series 18% a& r* G- W( [7 T" r- Q# Y/ Y
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
0 m" m5 Y& K( N+ s4 Q3 V! inon-cumulative preferential cash dividends, as and when declared by the
0 O9 T- |% V, x& g  i2 V( B+ zBoard of Directors, subject to the provisions of the Bank Act, for the initial9 @  r4 l! ^$ m( |4 m
period commencing on the closing date and ending on and including
" w, S$ ^5 c; `7 \February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
/ W8 K$ z0 W3 g# ?25th day of February, May, August and November in each year, at a rate% h( w! \# r. |  R: ^" b, }
equal to $0.40625 per share. The initial dividend, if declared, will be payable- M" A; m, O3 p! Q: j
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
: \5 ]5 ~( Y6 a, ~8 a5 O) pdate of December 11, 2008.2 D' \% j% q1 s; H2 V3 v; e
For each five-year period after the Initial Fixed Rate Period (each, a
1 }5 j& ?9 y" [, U& P, k‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
" [  x2 o' e' w9 a5 m: ~Series 18 will be entitled to receive fixed non-cumulative preferential cash
4 f! p0 a* }% K( p3 D( s8 f+ Bdividends, as and when declared by the Board of Directors, subject to the7 D9 F( r3 H( j, e2 i0 h$ @
provisions of the Bank Act, payable quarterly on the 25th day of February,
5 v9 c/ t- {8 S% P" m$ O0 L) cMay, August and November in each year, in the amount per share per annum
2 i* u. d) v2 f/ j* x% B5 Qdetermined by multiplying the Annual Fixed Dividend Rate applicable to
/ k4 f9 C3 T3 P; B# L! K4 Usuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
' M9 D2 ?6 y' c* D# o1 rRate for the ensuing Subsequent Fixed Rate Period will be determined by the
& N( F* {( v" O; _Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
& l5 O" a$ D5 P$ H- s( xof such Subsequent Fixed Rate Period and will be equal to the sum of the3 z0 _" q. Y! p1 ~8 o
Government of Canada Yield on the applicable Fixed Rate Calculation Date
, M, ?+ \& o$ \9 \; c6 R; l. Jplus 3.83%.
# [. |6 W5 B, I& y0 [If the Board of Directors does not declare a dividend, or any part thereof, on" S9 `$ t) }) m. E% _; |
the Preferred Shares Series 18 on or before the dividend payment date for a; K7 P4 ?0 X8 v" a+ _8 R! f- g
particular quarter, then the entitlement of the holders of the Preferred
2 e, M2 v0 P% C9 ^+ |/ p  U! YShares Series 18 to receive such dividend, or to any part thereof, for such/ \  I% c+ Q$ H& b
quarter will be forever extinguished.
  Z$ k% K$ y& T) k7 \9 |) LRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
: ~9 m- c. R+ E. \' ?$ YSuperintendent and to the provisions described below under ‘‘Details of the
+ G3 R& V. L" x4 B7 m$ tOffering — Certain Provisions of the Preferred Shares Series 18 as a
- C& y5 m" }; U) }! T& ~4 JSeries — Restrictions on Dividends and Retirement of Shares’’, on5 E" }: ]" ~) j" ]  y( p( v
February 25, 2014 and on February 25 every five years thereafter, on not# R: x' ~6 e: O
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any8 i* [+ Y9 U% \
part of the then outstanding Preferred Shares Series 18, at the Bank’s option/ b  R/ V# L8 V' b
without the consent of the holder, by the payment of an amount in cash for0 c+ P* y1 T7 E+ j$ j1 m& ]% p
each such share so redeemed of $25.00 together with all declared and unpaid
- @" C9 r( H: rdividends to the date fixed for redemption.
  O: g& i, i# k% _Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
; R2 Q. Y! K$ U# M: H- GShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have- r- ~# g% [! L( P3 f
the right, at their option, to convert, on February 25, 2014 and on/ n7 e+ h9 S# e: m
S-4# V2 B9 b( b7 O7 i6 v3 X$ }
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
/ J$ o- T4 f* o/ n; h' qor all of their Preferred Shares Series 18 into an equal number of Preferred
7 \5 G/ X& |" }7 ?0 V' N' aShares Series 19 upon giving to the Bank notice thereof not earlier than
3 z$ G& b4 t7 z$ d( U$ a; S30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day" _: `+ r: ]+ _6 w, Z: X
preceding, a Series 18 Conversion Date.
& s# m) x9 L& c  @" @( `Automatic Conversion If the Bank determines, after having taken into account all shares tendered
! S/ w- n) l' \& dProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
4 z6 M$ T* J* ESeries 19, as the case may be, that there would be outstanding on such2 c2 ~, o0 z' ]; k
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
) J' p! o# `6 [2 Csuch remaining number of Preferred Shares Series 18 will automatically be8 ]6 H; p; X' B* ?3 s
converted on such Series 18 Conversion Date into an equal number of" P; z4 d2 J* B1 W) n9 U$ ^. S
Preferred Shares Series 19. Additionally, if the Bank determines that, after
; R# _, R; |- q, [5 k4 cconversion, there would be outstanding on such Series 18 Conversion Date% [3 B* {" n% x8 [& A# {1 r
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares9 v" l- u2 r  C
Series 18 will be converted into Preferred Shares Series 19.
, Q1 c7 A3 a( I" mVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
9 P" ?" c; F& X  v5 c' }3 t; ^Series 18 will not be entitled as such to receive notice of, attend, or vote at,& v7 Z7 C) I% K/ Y% n
any meeting of the shareholders of the Bank unless and until the first time at" x+ ~2 W4 p6 l' a1 d$ c0 ^
which the Board of Directors has not declared the whole dividend on the
( b5 V' e/ ^8 ^Preferred Shares Series 18 in any quarter. In that event, subject as  d" k8 [- t) H' `7 u) Q9 t& b0 U+ |( O
hereinafter provided, the holders of Preferred Shares Series 18 will be
; Q: Y! N* ]$ _* U  X& I1 ^  Hentitled to receive notice of, and to attend, meetings of shareholders at which4 H1 m' ~$ r: b, ~% k$ w8 x2 ]
directors of the Bank are to be elected and will be entitled to one vote for
3 x6 G* F$ ^$ w( Q) l- Geach Preferred Share Series 18 held. The voting rights of the holders of the
  G6 h' c$ g5 w5 r6 ^$ mPreferred Shares Series 18 will forthwith cease upon payment by the Bank of9 C$ Y: V) D( [  j# L- L. i- N
the first dividend on the Preferred Shares Series 18 to which the holders are
% U( x1 a" l; g1 F% u5 p1 C: qentitled thereunder subsequent to the time such voting rights first arose until
: F% h6 \$ \- Y( |( u+ y2 x' }such time as the Bank may again fail to declare the whole dividend on the
/ t3 h1 S1 v0 n: d. ^3 yPreferred Shares Series 18 in respect of any quarter, in which event such
3 z. W2 ~( i3 Q$ M! |( e7 `voting rights will become effective again and so on from time to time.
) s, Y; _  K* M) X2 \: c% dPrincipal Characteristics of the Preferred Shares Series 19
. K$ y8 ^1 s1 |4 I; zDividends: The holders of the Preferred Shares Series 19 will be entitled to receive  Y: v5 u& }2 j5 R( z
floating rate non-cumulative preferential cash dividends, as and when8 u; Q; ?# l$ o) r
declared by the Board of Directors, subject to the provisions of the Bank Act,: N5 U( Z$ G, ?
payable quarterly on the 25th day of February, May, August and November
! g. r+ R5 y+ S9 `7 y& q* U2 ain each year, in the amount per share determined by multiplying the! V0 }1 |+ j5 |2 [" V) p
applicable Quarterly Floating Dividend Rate by $25.00.# U! J: w6 ?+ g$ B* W: }, `
On the 30th day prior to the commencement of the initial quarterly dividend: K$ K6 @  |: \" N
period beginning on February 25, 2014, and on the 30th day prior to the first6 G8 R+ r- T4 o
day of each subsequent quarterly dividend period (the initial quarterly
1 o% ]7 e0 t) r9 vdividend period and each subsequent quarterly dividend period is referred to' I$ l& B( J! b& t2 h
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
9 L: {- q( C. [7 b) @Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
# O! M" E/ J% T" s, E3 HPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the5 |" \& Y' ^: @3 X$ u
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
7 V: y  S- _" M1 w) G- m; n8 Velapsed in the applicable Quarterly Floating Rate Period divided by 365)0 N9 ^. l0 v; |, |) G+ v
determined on the 30th day prior to the first day of the applicable Quarterly
* j/ v0 ]1 B0 mFloating Rate Period.' ], _( p% D# g
S-5/ |( B+ _1 z0 }9 p
If the Board of Directors does not declare a dividend, or any part thereof, on
: N! E* U3 R( \% S6 Rthe Preferred Shares Series 19 on or before the dividend payment date for a( a) v  h  y% M2 @
particular quarter, then the entitlement of the holders of the Preferred
+ L6 ?7 q. ^; QShares Series 19 to receive such dividend, or to any part thereof, for such
% q9 v  a4 C6 ]4 T7 g7 p: R- }quarter will be forever extinguished., O% N2 H+ N+ @
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the. n8 H0 A" ?- n' m( m3 a& }; w
Superintendent and to the provisions described below under the heading# H9 b: T; w  P* p- T; ~  L' S) W
‘‘Details of the Offering — Certain Provisions of the Preferred Shares, a7 z$ D" C1 V, {3 |+ u. o4 A
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
- b" A  z& `" q* con not more than 60 nor less than 30 days’ notice, the Bank may redeem all. y% r; f# P  L4 q
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
( I9 q) h$ u1 e# H: E4 ^& n8 p/ [option without the consent of the holder, by the payment of an amount in
1 ?/ r3 s$ i% kcash for each such share so redeemed of (i) $25.00 together with all declared7 j0 A/ S3 l% ]+ e; P- \; _  ^" N
and unpaid dividends to the date fixed for redemption in the case of9 a- r3 f  f6 Y6 j
redemptions on February 25, 2019 and on February 25 every five years4 j, u9 g* P  K
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to& i; n5 }0 P  e
the date fixed for redemption in the case of redemptions on any other date; E7 w+ u  J0 G/ _% y. S
on or after February 25, 2014.
- y3 v4 H# g* W0 J/ F0 OConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
8 x* t/ {) ?* M; HShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have) v+ n+ h3 H" z0 D/ |3 X
the right, at their option, to convert, on February 25, 2019 and on
6 ^6 w' b2 T2 ^, SFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any2 }3 c" j. d3 y* b1 Z. D. M4 I' Y
or all of their Preferred Shares Series 19 into an equal number of Preferred
* X$ n  s, ]  }8 c" @Shares Series 18 upon giving to the Bank written notice thereof not earlier
0 @/ k" m# g0 y9 g( ^* V" [than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the8 Y9 N& ]8 ^$ K' E
15th day preceding, a Series 19 Conversion Date.
8 X5 f  I$ ]5 f: T2 Q6 @# }Automatic Conversion If the Bank determines, after having taken into account all shares tendered
' r5 F% j1 U5 V6 GProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares. d0 N5 i: X( n, w7 m: z) S
Series 18, as the case may be, that there would be outstanding on such
3 _3 O. }9 F: o% Q9 rSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
4 \% n1 Z4 ?6 N' esuch remaining number of Preferred Shares Series 19 will automatically be
4 q! y# A! q/ Q4 {4 I5 Dconverted on such Series 19 Conversion Date into an equal number of
7 K0 Q$ s! v: u  A* W) Y7 D9 ^Preferred Shares Series 18. Additionally, if the Bank determines that, after4 Y4 \. V8 V2 r+ M4 G1 c
conversion, there would be outstanding on such Series 19 Conversion Date
, N+ g+ h% E0 w1 Y# ]1 Bless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
2 K- n4 Q; n- qSeries 19 will be converted into Preferred Shares Series 18.
, S' u. g* ?) m2 ~# cVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares0 ?$ t: [6 `/ m7 u
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
  F7 H% F* I& c7 ?1 ?3 E: Aany meeting of the shareholders of the Bank unless and until the first time at4 c+ x! v! ^: B5 r
which the Board of Directors has not declared the whole dividend on the0 T' G( ?9 m% _5 y/ S
Preferred Shares Series 19 in any quarter. In that event, subject as' E3 P' X( W% A! _) m- H
hereinafter provided, the holders of Preferred Shares Series 19 will be
/ M9 p6 c% I* n) r% hentitled to receive notice of, and to attend, meetings of shareholders at which
  M2 T# K% E8 ]% l$ V( f6 s  H8 zdirectors of the Bank are to be elected and will be entitled to one vote for
* W. Q! M' M5 F: reach Preferred Share Series 19 held. The voting rights of the holders of the# A& q$ j0 k) R$ N8 B9 x
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
5 ]1 q5 e/ X) }. Hthe first dividend on the Preferred Shares Series 19 to which the holders are
1 v. ?2 R. c! Y+ I! u4 aentitled thereunder subsequent to the time such voting rights first arose until
) O: s; G) v4 Y) d8 v* M4 X7 |such time as the Bank may again fail to declare the whole dividend on the4 t* m6 s/ h2 a( S+ z2 \3 c
Preferred Shares Series 19 in respect of any quarter, in which event such8 g; v$ A9 Q! e, H
voting rights will become effective again and so on from time to time., p8 p' b- x  m! s5 ~" j
S-6; _3 c$ p8 @0 h3 U  |# W5 L, Q
Priority: The preferred shares of each series of the Bank will rank on a parity with
) l3 T" K# w7 F: w( P5 {every other series and are entitled to preference over the common shares of# P( U; t+ `' ^! [6 Z/ |/ @* N% p
the Bank and over any other shares of the Bank ranking junior to the; G& C/ _9 B7 Y* [) S7 }
preferred shares with respect to the payment of dividends and upon any
7 t, e- @% p4 t/ Gdistribution of assets in the event of the liquidation, dissolution or
7 ]2 j, F) Z  Qwinding-up of the Bank.  d& p: o9 Y" Y" P$ W6 o' O
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under& w) J; c+ d# c" r4 v
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares) [0 ~! F5 M8 V; Z
Series 18 and Preferred Shares Series 19 will not be required to pay tax on7 n( U7 z5 @8 H( L: \
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。/ G* P/ `$ U, [4 n+ J
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

, W$ D. w" E( I
, O6 R; ]9 N1 {% w- d/ T下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。# j; i+ |( j: ^0 I
) h: g2 r# |3 d: J
call me.. 780 6699880 转101
理袁律师事务所
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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