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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。- k& W) H3 N4 |, j* H
  `6 X" v8 o7 W$ _5 Q8 K& A

. Q4 Q; B+ X; X7 |[ 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:: A/ v0 X8 ^. x7 {. Y
SUMMARY OF THE OFFERING
9 T5 t# Q1 x. j0 c4 _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’’.% A6 P% a! s& b) J! w/ V/ }5 K
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
# K5 g% v' \$ {' f% j' DAmount: $150,000,000 (6,000,000 shares).  z7 g2 k- e8 W
Price and Yield: $25.00 per share to yield initially 6.50% per annum.3 D7 b4 V  C6 `2 G7 L9 q
Principal Characteristics of the Preferred Shares Series 18+ U1 L' [( [3 |2 `; g  Z
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
# P( w4 d- x: ]5 dnon-cumulative preferential cash dividends, as and when declared by the
) G3 b/ n4 p. a5 s: zBoard of Directors, subject to the provisions of the Bank Act, for the initial
. b( `8 r) J$ eperiod commencing on the closing date and ending on and including
& T* Q& |) v0 }4 |February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
- t# z" ]. Y8 [  f25th day of February, May, August and November in each year, at a rate2 B9 Y$ R. @1 D+ \1 z
equal to $0.40625 per share. The initial dividend, if declared, will be payable! c0 S" }3 t0 H; a- G3 ]+ b
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
. O5 v2 ]. d& h: d% Q2 X2 C4 fdate of December 11, 2008.
& i* j9 C& L5 Y2 E% h2 M7 l+ CFor each five-year period after the Initial Fixed Rate Period (each, a
1 @0 d8 q9 k6 w$ _  @; |‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
; o$ `' |' x: D8 a0 _1 l. mSeries 18 will be entitled to receive fixed non-cumulative preferential cash$ c& [1 D7 ?; ]7 q" Y
dividends, as and when declared by the Board of Directors, subject to the+ l5 y# V  M; y, e0 g; v
provisions of the Bank Act, payable quarterly on the 25th day of February," d4 m* K' N! N: N3 m$ C3 H
May, August and November in each year, in the amount per share per annum
6 ~; V- N# I3 R0 P: Q: pdetermined by multiplying the Annual Fixed Dividend Rate applicable to4 m3 A# K7 \, ^" u3 A# u
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend5 p- r- \& u3 B( Y4 Y9 {1 c
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the# b/ r- |) o  z3 O5 V
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
6 Q& r8 e% J0 m+ Z9 D% Aof such Subsequent Fixed Rate Period and will be equal to the sum of the, r3 l* z/ x+ v" I/ J; e
Government of Canada Yield on the applicable Fixed Rate Calculation Date( K0 I* D3 Z+ {% v$ W, a
plus 3.83%.
: z) E: h& A7 ~If the Board of Directors does not declare a dividend, or any part thereof, on
/ w& m6 V. F$ d  f! {/ vthe Preferred Shares Series 18 on or before the dividend payment date for a
, Z) M0 H$ N) |3 ^; Oparticular quarter, then the entitlement of the holders of the Preferred. v3 ^. P9 D. i% o8 D" `
Shares Series 18 to receive such dividend, or to any part thereof, for such
, f! }) H3 `/ I3 K1 J- e  ]+ A* F2 L  Hquarter will be forever extinguished.) M! d4 _% E; }7 `& d6 V
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the- W2 T$ |4 ~4 e6 K# u( V
Superintendent and to the provisions described below under ‘‘Details of the% a  O% R, O; K. T1 ?! Z/ Q9 _$ u
Offering — Certain Provisions of the Preferred Shares Series 18 as a
* B( Y3 C  b: B" l/ _% DSeries — Restrictions on Dividends and Retirement of Shares’’, on
' }* g" K/ L2 S0 X. ~February 25, 2014 and on February 25 every five years thereafter, on not3 q/ w7 f  Q8 x+ t/ ^1 A) a
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
4 F( p& L4 ^( `8 u' ]5 ipart of the then outstanding Preferred Shares Series 18, at the Bank’s option+ M" @% T5 N+ d3 B+ N
without the consent of the holder, by the payment of an amount in cash for
/ V3 X8 u1 @& \9 }' }' a0 @1 g+ p+ keach such share so redeemed of $25.00 together with all declared and unpaid6 o: M! p6 j& Q+ E3 a' _) k6 Z
dividends to the date fixed for redemption.
( _( q5 w% Q4 |0 F* zConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic7 F& q( K, d2 M/ G
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have. H, ~- z: T5 @3 c$ e' a
the right, at their option, to convert, on February 25, 2014 and on
  W4 R! M' ]/ H9 @+ h: xS-4
/ p2 D, n( u8 i$ r. OFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
* c# j7 C' J- F7 w7 @' P7 s4 jor all of their Preferred Shares Series 18 into an equal number of Preferred2 b9 U, {* q0 G0 N/ P' }+ X
Shares Series 19 upon giving to the Bank notice thereof not earlier than6 _! v% |" J  A9 Z; q$ y% o# K5 S
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day% K# w. s/ h% t  T3 o
preceding, a Series 18 Conversion Date.
& s0 Z* `3 E3 b  h* uAutomatic Conversion If the Bank determines, after having taken into account all shares tendered' V! G% V. A$ G" j
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
0 z( u/ G8 c$ Y; |6 {8 L) cSeries 19, as the case may be, that there would be outstanding on such
6 h2 x6 e5 P& J. U1 ~Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,: L% G: p3 q4 r) q, I9 P( L9 t
such remaining number of Preferred Shares Series 18 will automatically be
+ M# h" e8 I3 b) ^converted on such Series 18 Conversion Date into an equal number of
' }* Q$ s5 x+ @9 L: GPreferred Shares Series 19. Additionally, if the Bank determines that, after& {; m) ^/ J8 U$ j( x9 c: c
conversion, there would be outstanding on such Series 18 Conversion Date
% {" i6 x6 W; D/ B# y( Y. vless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
* V) I9 r  k8 b% r0 ^( {3 e7 {9 _Series 18 will be converted into Preferred Shares Series 19.; u5 Q5 `4 ~% w. X5 y! l" G
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares* Q6 b5 c/ H1 q/ m9 \3 _* s
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
5 f7 a) E0 l$ ^3 U/ n  B$ Rany meeting of the shareholders of the Bank unless and until the first time at
+ F4 ^8 q3 B! ~6 V1 m6 I" {% |which the Board of Directors has not declared the whole dividend on the
/ K, X* o6 a- d+ VPreferred Shares Series 18 in any quarter. In that event, subject as: [& j% z, Q" z5 U9 p  K
hereinafter provided, the holders of Preferred Shares Series 18 will be
+ _. o6 [) _7 e4 ]) W  P: u, v2 g; xentitled to receive notice of, and to attend, meetings of shareholders at which% v8 q' U: [% B3 K% T
directors of the Bank are to be elected and will be entitled to one vote for
8 Y$ T/ ]+ c& m9 @, d* zeach Preferred Share Series 18 held. The voting rights of the holders of the
! F& H1 x$ L) I; dPreferred Shares Series 18 will forthwith cease upon payment by the Bank of2 B- R' O, L( W7 c# Z! u
the first dividend on the Preferred Shares Series 18 to which the holders are$ C  I: O+ s2 K7 M, C
entitled thereunder subsequent to the time such voting rights first arose until
% `, ~& l. v8 gsuch time as the Bank may again fail to declare the whole dividend on the
! O/ Y+ L  n3 j* j3 x& e+ APreferred Shares Series 18 in respect of any quarter, in which event such: y: O# }: i: C, Z" F  @( B
voting rights will become effective again and so on from time to time.
* x. j. D0 A4 T4 c# tPrincipal Characteristics of the Preferred Shares Series 19
, U& i1 q: ~6 M  Q" eDividends: The holders of the Preferred Shares Series 19 will be entitled to receive: t, l. h5 I% N: O: z
floating rate non-cumulative preferential cash dividends, as and when
( E2 A; C8 A/ {declared by the Board of Directors, subject to the provisions of the Bank Act,7 i/ a# \9 @; P. u$ N% G
payable quarterly on the 25th day of February, May, August and November7 y0 \" m. X- r
in each year, in the amount per share determined by multiplying the9 `, E1 c# ~3 i
applicable Quarterly Floating Dividend Rate by $25.00.
; C$ @0 V' q1 _* B& e' fOn the 30th day prior to the commencement of the initial quarterly dividend- C  t( R" V& h" }$ f  D
period beginning on February 25, 2014, and on the 30th day prior to the first
5 X" ]9 H" q8 O- g) C+ R/ vday of each subsequent quarterly dividend period (the initial quarterly$ d8 w5 Y9 ^! W7 }, |. g+ T6 u
dividend period and each subsequent quarterly dividend period is referred to
8 }0 D) }/ \: Q4 W; L# x- z' Z, R) Uas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the( r4 h5 A( R$ J; p' \2 Y7 c
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate3 i) R$ D( r! R0 i3 \5 j, r% T
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the- }8 N1 B/ e) E" Q- ]! d, C
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
3 h' b1 q2 {* A- Z: Zelapsed in the applicable Quarterly Floating Rate Period divided by 365)5 P+ p5 n, Z" F% p9 g
determined on the 30th day prior to the first day of the applicable Quarterly7 ]1 C& k) Y3 [* j1 X
Floating Rate Period.
' P& s/ R- r3 M; K; e" IS-55 I8 J7 y# L5 n
If the Board of Directors does not declare a dividend, or any part thereof, on
& t4 e  z+ J& o' Qthe Preferred Shares Series 19 on or before the dividend payment date for a
6 Y/ B* V9 z5 f- {9 O3 B+ k2 Hparticular quarter, then the entitlement of the holders of the Preferred3 h1 D: }9 Z9 Z( F" L! V
Shares Series 19 to receive such dividend, or to any part thereof, for such1 B( P! K+ ]* ?
quarter will be forever extinguished.5 C4 S; @3 @6 L) u# x- o! W
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
( w* @) O) z! ^. {5 {Superintendent and to the provisions described below under the heading
/ d3 J$ Z1 S1 x6 s- N‘‘Details of the Offering — Certain Provisions of the Preferred Shares4 c8 Z' N: X( Y3 Y* i
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
9 A+ \' g" R* x5 aon not more than 60 nor less than 30 days’ notice, the Bank may redeem all* j) r) ]6 A3 n5 d8 h* H
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
6 _7 u& j; n" P( b' f3 F9 W% S/ `option without the consent of the holder, by the payment of an amount in, N$ C9 [4 Q9 I: P1 G3 d
cash for each such share so redeemed of (i) $25.00 together with all declared0 d) s4 }: v6 U: i2 p, F: p
and unpaid dividends to the date fixed for redemption in the case of, a  c8 ?3 f( `  a% b
redemptions on February 25, 2019 and on February 25 every five years
4 a( w3 s: ?/ q. X, Uthereafter, or (ii) $25.50 together with all declared and unpaid dividends to5 S/ ?/ M5 f( s6 A! p( K$ n: y
the date fixed for redemption in the case of redemptions on any other date
5 A6 z% F/ x0 f8 [( p+ ion or after February 25, 2014.; F0 h) j$ \9 K
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic: l( h% q( \! A% c8 f: q
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
& ]+ K# [, x4 @2 n: T5 xthe right, at their option, to convert, on February 25, 2019 and on/ O$ V- O& w7 d! P4 `8 l* H" Z+ y9 M8 i
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any8 Q# D- z4 w7 u
or all of their Preferred Shares Series 19 into an equal number of Preferred- T$ e5 F$ ?# S/ }1 j. g
Shares Series 18 upon giving to the Bank written notice thereof not earlier  L1 Z8 w# l/ q; s5 \" n
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the- ]. [" ]5 E5 e( \  k6 k  g
15th day preceding, a Series 19 Conversion Date.
: i5 Y- \9 q+ YAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
8 b9 r5 L' [" I/ MProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
3 p, A* {" S5 \) ^/ A1 LSeries 18, as the case may be, that there would be outstanding on such2 Q+ D. P" B$ D. s" K
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
$ n  j/ w$ o+ [0 `& Osuch remaining number of Preferred Shares Series 19 will automatically be4 ?. j7 S0 Z) K
converted on such Series 19 Conversion Date into an equal number of
  W" O8 o0 [& e( [# tPreferred Shares Series 18. Additionally, if the Bank determines that, after
8 C/ T. N. L, V9 {. Yconversion, there would be outstanding on such Series 19 Conversion Date
- a! u4 t2 X* [less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares6 A5 X0 [+ g- C
Series 19 will be converted into Preferred Shares Series 18.
: W* d! ?7 v* }. EVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
# f' o5 I: E* T9 ~- a  ?Series 19 will not be entitled as such to receive notice of, attend, or vote at,
& h* I% F4 q4 g' n- K; |any meeting of the shareholders of the Bank unless and until the first time at
- s% Y4 U0 ?$ @! A6 Xwhich the Board of Directors has not declared the whole dividend on the
8 s# y/ F( j% Z) s6 }6 JPreferred Shares Series 19 in any quarter. In that event, subject as2 ]# j- f3 I) u- ~; W* _' [+ f
hereinafter provided, the holders of Preferred Shares Series 19 will be# T' f8 a8 P5 R* c
entitled to receive notice of, and to attend, meetings of shareholders at which4 }, d6 M4 m7 Q* A5 X
directors of the Bank are to be elected and will be entitled to one vote for
" B) m% `2 \  U) K( r3 T/ Reach Preferred Share Series 19 held. The voting rights of the holders of the/ ~; L+ q" f1 H( a. c7 P1 }5 j
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of! q! x8 g( R- k
the first dividend on the Preferred Shares Series 19 to which the holders are# \% {! p) Q3 N" B8 ?" g( L
entitled thereunder subsequent to the time such voting rights first arose until
. E1 y) h0 m' ^' H3 N/ _such time as the Bank may again fail to declare the whole dividend on the
/ _8 {. P6 J( u4 A5 B/ X/ D  O/ KPreferred Shares Series 19 in respect of any quarter, in which event such8 z3 A/ j3 f8 y! T
voting rights will become effective again and so on from time to time.- ^# v3 [4 }8 V" x! K8 |' C
S-6
2 i9 P7 m1 o- f1 _6 s6 f4 ^Priority: The preferred shares of each series of the Bank will rank on a parity with' X8 `7 ~# j; s: O9 a
every other series and are entitled to preference over the common shares of
- y! F0 a$ Y: z* N  L5 K5 [the Bank and over any other shares of the Bank ranking junior to the
# U% G! j+ A. U! O  h9 zpreferred shares with respect to the payment of dividends and upon any
; j9 s# A0 V4 E0 }: ~distribution of assets in the event of the liquidation, dissolution or
. C% B( C9 I, i. T) m$ v% Uwinding-up of the Bank.
- n# D& r6 Y4 JTax on Preferred Share The Bank will elect, in the manner and within the time provided under7 R* R& k6 L: p- b
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
' p) W% v6 `3 c: YSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
! ?3 h) O  o! V, U4 Udividends 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。4 s$ @4 H% i" N4 s; H7 H2 w
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
  r& V5 g% A8 s! ], I9 U( o

$ ]+ B. \- @, M; }" P# L% o- N下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
% ^2 E% b/ h/ Q) x, ?6 v
+ c; F+ _! {2 f& u# Lcall 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。
理袁律师事务所
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