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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。% A  ~1 |+ @! q* k0 c0 c: n

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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:5 l/ z# E$ `& d% d5 ^
SUMMARY OF THE OFFERING& u1 E5 E4 b2 _# d8 q
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’’.
$ F& r3 a. W) P2 hIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18., L% n1 g" m1 k! H
Amount: $150,000,000 (6,000,000 shares)./ q! j$ y6 F1 U5 c
Price and Yield: $25.00 per share to yield initially 6.50% per annum.6 {$ A# r$ T* _" L+ o! q
Principal Characteristics of the Preferred Shares Series 18
2 \8 p# \$ l+ x% u( N9 M1 z, K; C5 `Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
3 o3 O& q( ~6 S  t- F( [& v& Y) anon-cumulative preferential cash dividends, as and when declared by the$ t9 h2 c4 S# D5 E+ o) i( L
Board of Directors, subject to the provisions of the Bank Act, for the initial
% t# t( S* R5 j& L6 D$ L+ gperiod commencing on the closing date and ending on and including
8 X. d1 x. I% r  \2 ~February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the) P0 {2 W& p# ?8 K! b+ K1 g
25th day of February, May, August and November in each year, at a rate
' L6 |, Z3 Y( M: S" `5 m1 Xequal to $0.40625 per share. The initial dividend, if declared, will be payable2 ?; O- r7 b& K
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing# ^% q2 B" n$ x& n
date of December 11, 2008., |2 E0 x& n  z- K
For each five-year period after the Initial Fixed Rate Period (each, a* ~4 ]( l" I6 T9 K8 Q1 X# P
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
3 h( H+ k) }7 c* p0 x& P/ HSeries 18 will be entitled to receive fixed non-cumulative preferential cash
2 {& `& x# e8 q2 J% |( }3 Rdividends, as and when declared by the Board of Directors, subject to the
5 U6 g  ]7 X( x" `& |) B% \% ~provisions of the Bank Act, payable quarterly on the 25th day of February,: N) r+ ~+ O+ b1 y: Y6 [( [' L
May, August and November in each year, in the amount per share per annum/ k' ?; m- w5 z, v; |
determined by multiplying the Annual Fixed Dividend Rate applicable to2 I' z1 ?. m$ y) J
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend7 V5 A3 w- ]- s; @) m
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
# y0 ~$ A3 w3 m$ SBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day% W: H/ S: p4 H9 I
of such Subsequent Fixed Rate Period and will be equal to the sum of the0 [; n4 |$ f: N& K6 X- v4 ]& ~
Government of Canada Yield on the applicable Fixed Rate Calculation Date
4 `+ y$ K/ i& r- k0 N) oplus 3.83%.
6 {$ x) _& ~0 W! PIf the Board of Directors does not declare a dividend, or any part thereof, on
6 S7 Q6 `3 \/ O3 Qthe Preferred Shares Series 18 on or before the dividend payment date for a$ U1 @+ e3 T& d3 t/ t. O) z: k
particular quarter, then the entitlement of the holders of the Preferred  g) P: w3 a3 \  A6 m1 O. i4 ?
Shares Series 18 to receive such dividend, or to any part thereof, for such+ j( n/ X4 I& H) c; C4 P* Z
quarter will be forever extinguished." Y0 }- D7 }. Z8 n
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
7 }; m3 O/ a3 S# n/ \. E& ~9 iSuperintendent and to the provisions described below under ‘‘Details of the" a5 |/ i$ Q( l/ {. Y6 a) g$ A, U2 @
Offering — Certain Provisions of the Preferred Shares Series 18 as a
2 v4 ^# Z. D) P4 |# b* ]Series — Restrictions on Dividends and Retirement of Shares’’, on
, x5 B/ {3 F0 N+ m- r" b: `February 25, 2014 and on February 25 every five years thereafter, on not
, a% H- q! R) smore than 60 nor less than 30 days’ notice, the Bank may redeem all or any) g: \" }- h( ^
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
' W9 Z4 |! N6 C/ Owithout the consent of the holder, by the payment of an amount in cash for
, t( b& r+ q5 t6 ueach such share so redeemed of $25.00 together with all declared and unpaid
6 j/ K6 d# k) \/ [' odividends to the date fixed for redemption.
, L9 |1 V! b1 T" I) C0 i; h1 gConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
) c/ w5 T" v/ Z. ^& h& ]Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
% m+ b0 h1 C/ F& Y2 x% u4 O: i9 B) Cthe right, at their option, to convert, on February 25, 2014 and on
# i& {% x' i" A7 F$ h3 Z- u/ IS-4
" S6 _! T; ]6 SFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
' S/ Q3 ^" p6 v9 @6 gor all of their Preferred Shares Series 18 into an equal number of Preferred+ ~0 ^3 C7 K7 i
Shares Series 19 upon giving to the Bank notice thereof not earlier than
1 K' q' l3 m% N1 v30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day! @- B; u# z" a; M/ @/ Q2 |
preceding, a Series 18 Conversion Date.6 R7 g1 N, K4 w/ I, |( l
Automatic Conversion If the Bank determines, after having taken into account all shares tendered6 s& Q; |7 S$ k: L1 L7 X5 x6 `
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
! _/ V. a. |6 v2 P& \Series 19, as the case may be, that there would be outstanding on such
! B* S5 n7 H  n6 s! M6 zSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
: U9 o" E& g+ q. osuch remaining number of Preferred Shares Series 18 will automatically be  U$ V9 b1 J/ `
converted on such Series 18 Conversion Date into an equal number of
9 [5 c# H" f* G- K0 yPreferred Shares Series 19. Additionally, if the Bank determines that, after3 u8 `8 m9 j1 R. i' N( s0 |
conversion, there would be outstanding on such Series 18 Conversion Date6 s% {- z. K1 h6 }1 g: b+ q! O. B+ j
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
3 y; p1 d- U, H* Y+ @- ?4 qSeries 18 will be converted into Preferred Shares Series 19.- ^2 ~! b# x( \+ ^! L8 |6 a
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares% E/ [6 u) @5 l5 w0 R6 H$ p5 q
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
. z, p+ m' o7 E+ `! |+ _% dany meeting of the shareholders of the Bank unless and until the first time at( G' t% }" ^  S  Y1 Q
which the Board of Directors has not declared the whole dividend on the9 D+ R2 u7 t8 ?% v/ E; c  j
Preferred Shares Series 18 in any quarter. In that event, subject as( s& ^9 }9 B$ J+ A* d
hereinafter provided, the holders of Preferred Shares Series 18 will be  q; X( b& M! b7 C% C
entitled to receive notice of, and to attend, meetings of shareholders at which7 Q. ], E# O' X, f
directors of the Bank are to be elected and will be entitled to one vote for/ R  U/ D; t% N+ Q0 {
each Preferred Share Series 18 held. The voting rights of the holders of the
5 V; z: d# z8 y6 EPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
" ^. f/ z% `0 `. hthe first dividend on the Preferred Shares Series 18 to which the holders are
2 ^- l6 A9 ?3 u2 O; l8 C' y$ g# zentitled thereunder subsequent to the time such voting rights first arose until+ r  f7 T6 U8 A) I8 E
such time as the Bank may again fail to declare the whole dividend on the
5 M- a- W  q1 k$ hPreferred Shares Series 18 in respect of any quarter, in which event such1 y6 b) r) w& x) D- f; `3 |
voting rights will become effective again and so on from time to time.( m1 y! H5 K% v! V  ~
Principal Characteristics of the Preferred Shares Series 19% b' H# t3 W, W# K1 B/ t
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
5 {: M- N0 f' b4 ?/ j! k4 O. Sfloating rate non-cumulative preferential cash dividends, as and when/ o7 x1 E% N$ E- A1 w" t, g; o. I
declared by the Board of Directors, subject to the provisions of the Bank Act,
( T8 J8 M, x1 a9 tpayable quarterly on the 25th day of February, May, August and November( o, F! z2 v5 l2 Z+ Q6 }
in each year, in the amount per share determined by multiplying the$ g* H- m4 w, |$ G3 u' X
applicable Quarterly Floating Dividend Rate by $25.00.
+ D5 v$ O' n, f8 t; UOn the 30th day prior to the commencement of the initial quarterly dividend
! o  I1 E2 i1 G4 e5 |  n, Xperiod beginning on February 25, 2014, and on the 30th day prior to the first
/ @% z7 Z7 w' _5 a, xday of each subsequent quarterly dividend period (the initial quarterly2 B) W7 B) r5 e; e0 m
dividend period and each subsequent quarterly dividend period is referred to% D$ Q+ {$ s$ v4 C/ B7 A: w
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
) }, t7 l; [+ `2 d- O% `" BQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
7 B  n' H" M+ J, }  QPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
' |* b) v% B% G& IT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days6 X) o8 U* G1 i7 U1 F4 \% C# b
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
' s( D5 W; B/ w9 m) }4 mdetermined on the 30th day prior to the first day of the applicable Quarterly4 z& g9 B" A9 _. F
Floating Rate Period.
8 `2 e- f( T5 N# c: s1 gS-5
+ U6 `+ q( r' I/ U2 X1 eIf the Board of Directors does not declare a dividend, or any part thereof, on
  }3 A; g( g+ l. s) B& ^1 T8 jthe Preferred Shares Series 19 on or before the dividend payment date for a! W$ `( X; t6 A
particular quarter, then the entitlement of the holders of the Preferred
# |, t+ G1 l, J$ H. N$ S* QShares Series 19 to receive such dividend, or to any part thereof, for such: a# A5 m9 f  h( @9 h
quarter will be forever extinguished.+ T9 d' z- q% k6 B
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
. M$ H5 q4 j# {2 ^Superintendent and to the provisions described below under the heading
6 P) I( G2 k/ @3 Q7 m‘‘Details of the Offering — Certain Provisions of the Preferred Shares
" u' A& L7 {1 `( G/ O7 i1 R. y: f% d* ASeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,3 R0 x2 @# H- x% X. h, _" g) q
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all% A. v: D& K' n' ?3 G) k& O
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s7 b% j: U2 P# x9 O- m+ _
option without the consent of the holder, by the payment of an amount in
9 [/ u4 D( j4 A2 Acash for each such share so redeemed of (i) $25.00 together with all declared
8 G1 |) d  ]# M1 R, ]6 @9 Cand unpaid dividends to the date fixed for redemption in the case of
/ ~  L0 o4 r( _& w- J1 U' h3 Jredemptions on February 25, 2019 and on February 25 every five years
) {8 \* i' s7 x/ Uthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
, q, z. p  S8 s! X5 u& y" Cthe date fixed for redemption in the case of redemptions on any other date
, i# g# m9 U, p2 E$ oon or after February 25, 2014.
! E! e3 r9 ]5 j7 Q2 R1 CConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
8 Z& [9 k% w: s* z- G0 Z$ xShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
) v' B9 t0 S9 athe right, at their option, to convert, on February 25, 2019 and on
+ ~$ l2 q8 ?" t7 o+ }# x  `February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
( S2 k& N% }+ o2 a4 E( bor all of their Preferred Shares Series 19 into an equal number of Preferred
  t! f& [3 Z0 f/ D, A+ wShares Series 18 upon giving to the Bank written notice thereof not earlier
6 J" c4 D3 c) T5 Lthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
% K7 a3 w0 i5 P) L) }+ o( N15th day preceding, a Series 19 Conversion Date.
, t! d$ I# H( h; A3 B8 v5 ?Automatic Conversion If the Bank determines, after having taken into account all shares tendered3 _& Y( T# [5 ~. E+ [+ n$ j0 Q
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares: Z6 i2 F, i, }7 v7 o
Series 18, as the case may be, that there would be outstanding on such" @' Q' o* F) ?% V2 S0 K. s/ t" g
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,6 a; F( ?  G( s# m9 b
such remaining number of Preferred Shares Series 19 will automatically be
! l9 h7 f+ ]% E' g3 W' F0 Q6 v7 rconverted on such Series 19 Conversion Date into an equal number of0 x# I, e% k& W3 i# L2 M
Preferred Shares Series 18. Additionally, if the Bank determines that, after# C: s9 w$ v# c/ [
conversion, there would be outstanding on such Series 19 Conversion Date
& y2 A* X; p; r# E$ |: |less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
6 B9 \, ^: n- d. l; i* `9 [Series 19 will be converted into Preferred Shares Series 18.7 M6 M  y+ v0 o. j+ u4 J
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
' b- L  H% d3 g* j9 b% n5 D3 h2 c0 e3 sSeries 19 will not be entitled as such to receive notice of, attend, or vote at,7 _2 k# e* q8 p7 B, a+ g
any meeting of the shareholders of the Bank unless and until the first time at9 q, z6 D' w, e
which the Board of Directors has not declared the whole dividend on the1 f# ]) v& y( w) C
Preferred Shares Series 19 in any quarter. In that event, subject as
9 S( k4 j# p/ khereinafter provided, the holders of Preferred Shares Series 19 will be! q4 G. Q! [9 p! m+ R$ m
entitled to receive notice of, and to attend, meetings of shareholders at which
5 u9 j/ O8 M& J( `8 Cdirectors of the Bank are to be elected and will be entitled to one vote for
% U4 B  T( }/ U  S' oeach Preferred Share Series 19 held. The voting rights of the holders of the
! @. }; B# }# |# F* V: [Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
5 ~9 E, L' j; Cthe first dividend on the Preferred Shares Series 19 to which the holders are
$ }) I7 b3 \4 {8 f8 {1 g) R# f& d& Jentitled thereunder subsequent to the time such voting rights first arose until/ c( v+ K  ^0 N, G
such time as the Bank may again fail to declare the whole dividend on the
* O4 N. y5 N# h4 d# q" z# LPreferred Shares Series 19 in respect of any quarter, in which event such; \$ u1 v# F& q3 R
voting rights will become effective again and so on from time to time.
; I6 D! g6 y3 X; k! R7 gS-68 y+ n. h+ v4 y' W
Priority: The preferred shares of each series of the Bank will rank on a parity with$ {" o; X+ @; ~. X0 M9 s+ [8 n8 ?
every other series and are entitled to preference over the common shares of
; `: z/ O1 w, K$ J2 V% Z# Q- {the Bank and over any other shares of the Bank ranking junior to the
: I4 k6 \9 H( e8 g' H1 u, hpreferred shares with respect to the payment of dividends and upon any
/ O/ ]. {. g5 s& [distribution of assets in the event of the liquidation, dissolution or
; f3 d5 Z  w: h# ~- }6 r! dwinding-up of the Bank.7 v+ Z6 e% d# I2 ]: j8 g
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
6 V) _# l& F- x4 Q8 NDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares% \& O' M0 U. e  O& L$ {
Series 18 and Preferred Shares Series 19 will not be required to pay tax on$ ^4 r& f% E& Q4 e( m
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。
2 f% l/ M" r% F+ }, Y8 {0 @3 F) x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
  X7 S; J! {8 W( G
* R1 M5 J5 C/ E( l
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。% x4 a9 N6 Z3 T% e
+ H' M. F( o7 o9 [
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。
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