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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。8 G) f4 R6 \8 F9 F- W4 _- B

5 u6 T% i  y: l- H7 T7 }
" x& ]: z# R3 Z2 {* u2 @[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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:
9 W/ C8 P! U7 J, k3 U+ }SUMMARY OF THE OFFERING+ F, r) M& l3 `# V; r4 Y
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’’.7 Q  t$ v, @) B3 g" G
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
' J" D' B8 b5 [Amount: $150,000,000 (6,000,000 shares).
6 ]* _' L; p5 h1 aPrice and Yield: $25.00 per share to yield initially 6.50% per annum.; o, f# G3 i' ^2 h1 s* @
Principal Characteristics of the Preferred Shares Series 187 i* f8 `% t# ]& b0 r$ X+ y% Z7 K6 ]
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
( [: c. N! x- U) S7 ?non-cumulative preferential cash dividends, as and when declared by the, r% A* g* r6 A% p8 F2 }- f  \
Board of Directors, subject to the provisions of the Bank Act, for the initial/ v6 F; X# F0 ~) W6 |- t: z. d% j
period commencing on the closing date and ending on and including
. A4 P! s% D5 m( U8 `1 G. Z4 {February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the+ ]: c( V4 n, m4 \2 j5 A. g
25th day of February, May, August and November in each year, at a rate
6 v' B# O: w1 i: u1 ]equal to $0.40625 per share. The initial dividend, if declared, will be payable. |, u- v1 |- w. `! p/ W
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing4 T- R* ]. q! x5 o& x1 ?
date of December 11, 2008.0 @9 c! D" F+ s4 C
For each five-year period after the Initial Fixed Rate Period (each, a9 P1 _: P3 P7 F  U
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
0 S% L. d' A" P3 eSeries 18 will be entitled to receive fixed non-cumulative preferential cash
! t: n' u+ e, j8 [- zdividends, as and when declared by the Board of Directors, subject to the. p" Z+ w  p5 v1 s* m) m
provisions of the Bank Act, payable quarterly on the 25th day of February,8 D% J0 f/ R4 y& B0 D% V6 H- \
May, August and November in each year, in the amount per share per annum3 i6 t; {- C* d
determined by multiplying the Annual Fixed Dividend Rate applicable to
. @; ^* |" y3 ^such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend% w& e& E  k% e7 q. o: F
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
! U+ g# u" \- i0 G& W2 p; \5 vBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
9 @0 z- j! w+ I  W( @) {& Hof such Subsequent Fixed Rate Period and will be equal to the sum of the" s! y  d' F: i9 M
Government of Canada Yield on the applicable Fixed Rate Calculation Date% @8 Q8 e* ~5 s: _8 r6 E
plus 3.83%.& S8 g  G' ?: J6 x: {+ W
If the Board of Directors does not declare a dividend, or any part thereof, on- x' i) t8 b# `, B9 _9 p( K& a0 V2 K
the Preferred Shares Series 18 on or before the dividend payment date for a
& `, n- B% B5 C% T# ^; E0 Yparticular quarter, then the entitlement of the holders of the Preferred
9 B8 z( a% B# L! VShares Series 18 to receive such dividend, or to any part thereof, for such
; V8 z! n+ Q9 R: s, l" J. {! squarter will be forever extinguished.
: E  C6 W8 j$ T8 XRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
' W, U" ]+ L; f9 L/ Q' U/ L1 YSuperintendent and to the provisions described below under ‘‘Details of the
" r' t+ j0 w; XOffering — Certain Provisions of the Preferred Shares Series 18 as a* ^4 x! U! n  c( i
Series — Restrictions on Dividends and Retirement of Shares’’, on
% E! l; `( F8 XFebruary 25, 2014 and on February 25 every five years thereafter, on not
  {! g; m# v* w9 vmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
7 b/ w2 X7 t: m/ p* z0 opart of the then outstanding Preferred Shares Series 18, at the Bank’s option
6 E. y8 Q3 v9 Ewithout the consent of the holder, by the payment of an amount in cash for
( {) k% d9 p- y; s9 [4 Geach such share so redeemed of $25.00 together with all declared and unpaid
4 ~7 c/ B& X. U8 n3 K4 O+ zdividends to the date fixed for redemption.
+ F. ^0 c8 q2 K: s* y& B$ G& r, LConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
  B7 I; k; k0 d) y  h+ M. W2 AShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have6 V# W5 ^/ }0 E5 {, j4 W- W
the right, at their option, to convert, on February 25, 2014 and on$ \" g" M2 M/ q' h2 V. j* H6 H- V
S-4
8 c7 A7 h% a4 Q, o' F! G: WFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
; \( {  g# _! i) R( w! zor all of their Preferred Shares Series 18 into an equal number of Preferred' u8 Z" V4 f/ p* z
Shares Series 19 upon giving to the Bank notice thereof not earlier than
. A2 b; m1 M( {, ?7 p# S# ]5 L/ w2 v30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
) `% _# z( n6 a, ]5 J. e) epreceding, a Series 18 Conversion Date.
6 Z  K- l9 Y! k0 f6 c+ Q* m$ t" ^Automatic Conversion If the Bank determines, after having taken into account all shares tendered& K$ g2 H' l! S8 ]: Q
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares# T: j" o3 w; m
Series 19, as the case may be, that there would be outstanding on such
* J9 z* L5 t0 y$ _0 r8 R; [1 hSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,) x2 P9 Q! d: r, V" j) ~: q
such remaining number of Preferred Shares Series 18 will automatically be; b; N1 K; k# _! U% e+ R
converted on such Series 18 Conversion Date into an equal number of2 E( w3 D! y0 d3 t* I! ?
Preferred Shares Series 19. Additionally, if the Bank determines that, after; O1 u7 @8 y  u% z
conversion, there would be outstanding on such Series 18 Conversion Date
+ ~7 l3 m, Q- Z% n8 A2 bless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
* B4 z7 P7 V2 `/ z; P3 G9 P' QSeries 18 will be converted into Preferred Shares Series 19.
; x# b! e2 }/ C7 c2 r- E2 F+ YVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares( n. Q0 \- H% D9 k/ `% x. L
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
6 u  D9 s0 Q  ^any meeting of the shareholders of the Bank unless and until the first time at2 N+ e8 U! ^  n/ L0 Y
which the Board of Directors has not declared the whole dividend on the- X7 ~+ d4 n) [( M
Preferred Shares Series 18 in any quarter. In that event, subject as
- j- F8 ^6 w! zhereinafter provided, the holders of Preferred Shares Series 18 will be3 T6 b9 l, q9 B+ w& J
entitled to receive notice of, and to attend, meetings of shareholders at which: l3 \9 w; w$ P9 J$ o( B
directors of the Bank are to be elected and will be entitled to one vote for( w5 t) q( Y, `2 N2 Z3 l2 V' A
each Preferred Share Series 18 held. The voting rights of the holders of the
% r% s0 \3 R4 E# B0 w0 D1 [% qPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
" E9 `- y) @, t7 l& k. w# ^the first dividend on the Preferred Shares Series 18 to which the holders are
' ~0 [/ U0 g* u) h' i" J$ Q" Jentitled thereunder subsequent to the time such voting rights first arose until
1 u( k: J- [) h8 V. {% ssuch time as the Bank may again fail to declare the whole dividend on the4 `3 t- a, }/ U# R7 {) R
Preferred Shares Series 18 in respect of any quarter, in which event such% H' @5 m" w5 h+ Q( T" ~% w: [
voting rights will become effective again and so on from time to time.1 {7 I9 \6 W5 r$ E$ o& _
Principal Characteristics of the Preferred Shares Series 197 `' H; l1 l1 \7 t
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
6 @+ ]! h. s' {) c0 Y3 ]floating rate non-cumulative preferential cash dividends, as and when
+ d; D2 c' X) W' m% y6 o. ldeclared by the Board of Directors, subject to the provisions of the Bank Act,& i: w6 K4 p" I* W7 v
payable quarterly on the 25th day of February, May, August and November$ n- M8 d8 j% H  U
in each year, in the amount per share determined by multiplying the
4 i' w: u; D5 F2 fapplicable Quarterly Floating Dividend Rate by $25.00.+ |2 `7 q8 G5 G/ j
On the 30th day prior to the commencement of the initial quarterly dividend3 U) X8 {9 L6 i" {7 i. d
period beginning on February 25, 2014, and on the 30th day prior to the first
+ q- e* \* F3 Z4 r4 B/ E: Tday of each subsequent quarterly dividend period (the initial quarterly% `* }3 u% |1 `
dividend period and each subsequent quarterly dividend period is referred to* ]0 s' ^3 O9 R; e/ k
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
) r9 {! w( C1 b' i7 F  T2 YQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
& `8 c5 q, q6 Z6 Z& w' NPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the7 Y! S4 p! }8 M4 q3 R( a
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
. z1 ?/ M$ ^/ u$ C4 A' Nelapsed in the applicable Quarterly Floating Rate Period divided by 365). t0 {) `6 h- `
determined on the 30th day prior to the first day of the applicable Quarterly0 i6 @( g6 w4 S3 }" o! R% q
Floating Rate Period.: V& m: G5 a' h& Z; F3 s. ~
S-5
' p8 }) G3 n0 a/ mIf the Board of Directors does not declare a dividend, or any part thereof, on) C6 D0 K4 ^2 m& [( n
the Preferred Shares Series 19 on or before the dividend payment date for a
; i9 o, `/ b% m$ a9 N4 bparticular quarter, then the entitlement of the holders of the Preferred$ z- g9 z  W% H6 F4 s0 ?
Shares Series 19 to receive such dividend, or to any part thereof, for such5 E( G' |4 r  s& `( ^0 p+ }1 Z
quarter will be forever extinguished.
3 N* r8 N: |' |" gRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
, T$ Y# f& e3 Z4 S3 o3 V0 @+ I3 cSuperintendent and to the provisions described below under the heading
! J" K! [  K& d7 G5 z3 ~‘‘Details of the Offering — Certain Provisions of the Preferred Shares  q& |; p. k# q
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
6 X1 I; w8 U& g% X1 E: N  p% e9 ion not more than 60 nor less than 30 days’ notice, the Bank may redeem all
9 p7 O" k* q0 _4 ?9 i$ jor any part of the then outstanding Preferred Shares Series 19, at the Bank’s+ N& Y) z9 ^7 T$ H" \' Z
option without the consent of the holder, by the payment of an amount in, l, E- o6 E4 D6 k# {% x7 c: N2 H) d
cash for each such share so redeemed of (i) $25.00 together with all declared
$ u' i. p7 H  {% G2 Z, S: u/ fand unpaid dividends to the date fixed for redemption in the case of4 O4 b& T9 }" a$ E' u6 X
redemptions on February 25, 2019 and on February 25 every five years& g; ~/ _( P$ p9 a) z! t- `
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
  m2 n) r5 ~" b- ~  I. l% Tthe date fixed for redemption in the case of redemptions on any other date
- d* B: `$ ]* y$ Z7 r' Qon or after February 25, 2014.
9 C( q' H& x" c6 b/ z/ UConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic4 r7 E% a3 r8 G* W' G9 S5 M
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have; u0 O' S: t' s% a
the right, at their option, to convert, on February 25, 2019 and on- W1 F  |+ G# h/ w' ?8 y. Z
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
& k2 A; x3 D# p# B9 }- s$ E2 B. V  A+ F1 [or all of their Preferred Shares Series 19 into an equal number of Preferred
$ ^) }  x, h7 F+ E9 KShares Series 18 upon giving to the Bank written notice thereof not earlier
( x( |, b5 w9 M" d' |' U- Wthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
' c$ j) P- T+ H, h5 P" S# V) B15th day preceding, a Series 19 Conversion Date.
' n4 T: s" d& ]) K" pAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
+ r) W) ^  g2 L. M0 F2 c3 `1 J  uProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares+ q: F: o& Z( y4 i1 H* V
Series 18, as the case may be, that there would be outstanding on such
, M2 @& i  ]" y* u( B- j- [6 USeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,6 m- e* w& c- E+ y  }
such remaining number of Preferred Shares Series 19 will automatically be
( k* D7 v" }* H- l) }. \; S* Bconverted on such Series 19 Conversion Date into an equal number of
9 U3 U. `8 t# H/ ]1 q0 u6 m' vPreferred Shares Series 18. Additionally, if the Bank determines that, after
/ \! z: {* E; e5 r. qconversion, there would be outstanding on such Series 19 Conversion Date
8 f* ]' Q0 a( W! \- `" ]less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares4 P7 [. Z' x* {5 }% ?, A* Y( j/ G0 h
Series 19 will be converted into Preferred Shares Series 18.9 q) O# X( q- N* E' `
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
5 ^0 ?  \1 n' ^+ \1 G# NSeries 19 will not be entitled as such to receive notice of, attend, or vote at,8 N/ H) ^, |% k1 x& j: D
any meeting of the shareholders of the Bank unless and until the first time at
6 F8 l7 m/ V' o1 Hwhich the Board of Directors has not declared the whole dividend on the
& }8 `% R. n2 K3 s& ~Preferred Shares Series 19 in any quarter. In that event, subject as
5 y$ y* R" S( Uhereinafter provided, the holders of Preferred Shares Series 19 will be+ y0 Y+ ~. x: m- R/ W7 N/ D2 U
entitled to receive notice of, and to attend, meetings of shareholders at which* Q/ ^" z( s6 }+ E  D+ z
directors of the Bank are to be elected and will be entitled to one vote for: b8 Y, z; H& s7 v8 r. ]& i
each Preferred Share Series 19 held. The voting rights of the holders of the
& m' K# I1 i' K+ CPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
; X  h- e' w$ ^% Ethe first dividend on the Preferred Shares Series 19 to which the holders are9 X" z' F) C2 k1 l( A" J# b
entitled thereunder subsequent to the time such voting rights first arose until2 c5 o- l6 @3 {' i/ |# W1 x
such time as the Bank may again fail to declare the whole dividend on the
8 v# P5 j# |6 T, A1 NPreferred Shares Series 19 in respect of any quarter, in which event such3 o3 V% M* w$ h6 o7 O/ k
voting rights will become effective again and so on from time to time.
% r0 {' \, Y6 G7 L5 P! m( g+ ?! @S-6
6 ^; X! V7 w( ^3 y0 q/ k* z% ]Priority: The preferred shares of each series of the Bank will rank on a parity with
2 x1 f9 }) f& v9 q% cevery other series and are entitled to preference over the common shares of; c" J( P2 H; {$ x
the Bank and over any other shares of the Bank ranking junior to the6 i1 L0 s, p+ Y% i  C7 X4 N& t
preferred shares with respect to the payment of dividends and upon any
0 r/ _8 F& S' l2 e( Edistribution of assets in the event of the liquidation, dissolution or: h: u; }# K6 i+ W( x
winding-up of the Bank.
% p. x3 r' ]; [* d# p( LTax on Preferred Share The Bank will elect, in the manner and within the time provided under. {1 {% @6 ~5 U
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
. R9 x( I+ q9 N% E2 a' SSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
: T" |2 E4 e0 Sdividends 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。. A/ G+ R6 B9 p- v
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。
理袁律师事务所
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 18:26 | 显示全部楼层

: N7 [  p% n$ D* p1 W8 y7 I
3 |, u5 ^7 Z( l# z% d$ }下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。* o# \9 v: d% d% X  l- {2 f) ]
, \5 ^4 _! x' q5 u( f0 |; D
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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