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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。" _4 d7 t) b# P% u& V

5 j+ e  m+ U; i/ B; `3 b" ?, R9 p) q( `& o8 h
[ 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:% v" D. ~# v: ?1 F
SUMMARY OF THE OFFERING
6 o0 d: L; J7 [" jThis 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’’.! T+ \$ f- k' O  E; h: @% I
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18./ Y$ }+ Z' n9 v" }; z5 B( _) J
Amount: $150,000,000 (6,000,000 shares).
4 N2 u5 e: o: I" m" |Price and Yield: $25.00 per share to yield initially 6.50% per annum.- L. K$ ]  I; `: H) A# N
Principal Characteristics of the Preferred Shares Series 18
0 H! w% b/ {0 A$ ODividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
, A, y- u* j. vnon-cumulative preferential cash dividends, as and when declared by the
9 \2 [* |  ?: U4 a$ UBoard of Directors, subject to the provisions of the Bank Act, for the initial
0 l$ H/ V+ E- }period commencing on the closing date and ending on and including
9 c3 }+ r) I6 t1 l3 {February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the9 I/ |5 }2 J2 ]" _
25th day of February, May, August and November in each year, at a rate5 H, v1 W& G1 T3 [- f* L& p
equal to $0.40625 per share. The initial dividend, if declared, will be payable
4 L: Y' c: t1 T$ T/ C3 H& h" ?May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
4 U/ e/ u; j6 p/ @; u( Bdate of December 11, 2008.5 W8 s. W; J# e
For each five-year period after the Initial Fixed Rate Period (each, a
5 `5 {6 r! C" D% o8 {‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares( U  V  l8 t4 S1 ^5 V; M+ z  W- P
Series 18 will be entitled to receive fixed non-cumulative preferential cash
5 u) A& X/ [% Z/ Ndividends, as and when declared by the Board of Directors, subject to the
- J) Q+ R4 v2 D# _/ ~provisions of the Bank Act, payable quarterly on the 25th day of February,
$ S/ `& |2 P0 L; M3 T  g( \+ ^' qMay, August and November in each year, in the amount per share per annum: \% W( a  e, I8 |
determined by multiplying the Annual Fixed Dividend Rate applicable to  E  \- _2 c; T8 }+ a* d( Z
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend1 o, m. P7 m& d
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the- K" M. {$ H5 d$ G0 \/ U
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day$ \+ M$ t# j4 Q; B  Q' x1 A
of such Subsequent Fixed Rate Period and will be equal to the sum of the
. v: e/ v4 u8 K& d' V1 tGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
! g/ u7 H% `4 j) @% Jplus 3.83%.
9 c6 V$ y2 d/ v5 i1 ]3 jIf the Board of Directors does not declare a dividend, or any part thereof, on! Y' b' x3 c: f6 H1 T
the Preferred Shares Series 18 on or before the dividend payment date for a
7 W/ P7 ], k7 j$ G& _particular quarter, then the entitlement of the holders of the Preferred6 u7 U; w! Z* ~/ ~
Shares Series 18 to receive such dividend, or to any part thereof, for such: S; p5 p$ l  ]- L  s( ~5 o! g# g: a
quarter will be forever extinguished.6 D0 @  ~  S' v3 r! t5 J( o# E
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the3 x8 J2 o# p2 P# @7 W9 y1 {9 j
Superintendent and to the provisions described below under ‘‘Details of the
5 J/ \4 E3 o+ f: o+ P: x  ]$ DOffering — Certain Provisions of the Preferred Shares Series 18 as a
! Q! E/ i" ^3 F# }% VSeries — Restrictions on Dividends and Retirement of Shares’’, on
% b- Z2 x; F1 A" n/ Y1 r6 g1 SFebruary 25, 2014 and on February 25 every five years thereafter, on not8 H3 K9 x- H$ g0 m
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any/ l& S' E6 k9 T. Z+ H# Y
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
, y2 d4 |! Z8 k' l- z  qwithout the consent of the holder, by the payment of an amount in cash for- G9 G0 F, h) Z* ?
each such share so redeemed of $25.00 together with all declared and unpaid, U' y1 A# E1 K' |- W' _
dividends to the date fixed for redemption.) }) @" H/ r$ A7 b. b
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
7 p; m( x4 K9 r0 [. l4 W& ~  lShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
1 o8 S" k8 t; Z! N& Rthe right, at their option, to convert, on February 25, 2014 and on" y$ C* T: B" A* b2 H/ }# C& b7 R
S-4/ O9 x( n" O! j! o! V' S
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
2 e6 S+ \/ ]0 g( }- X* b0 G- Yor all of their Preferred Shares Series 18 into an equal number of Preferred, s; ]2 D  g+ w6 {7 t8 s
Shares Series 19 upon giving to the Bank notice thereof not earlier than1 U/ U' ]- v9 G7 f( h: {
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day' @2 b) I+ B. {: o7 `+ R" _
preceding, a Series 18 Conversion Date.
0 N7 A0 {4 }  e0 D5 |1 K& y2 jAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
# i0 t* X! [8 Q5 F% eProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
" S& s9 t# ?* z/ }3 @6 BSeries 19, as the case may be, that there would be outstanding on such
) [$ `2 E  D" p; |3 K5 z# vSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
  |! a' T* M8 I! Tsuch remaining number of Preferred Shares Series 18 will automatically be; N( ~/ n$ \9 O0 m* I; [
converted on such Series 18 Conversion Date into an equal number of
; V0 k* j$ q+ W1 p! o' q: O  X1 {Preferred Shares Series 19. Additionally, if the Bank determines that, after
; I" p' q: `2 B8 m, \5 O4 c" T  Wconversion, there would be outstanding on such Series 18 Conversion Date' H- ?( J6 H* u: _6 d
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
4 @7 i* r* |* R' x+ Y8 ~Series 18 will be converted into Preferred Shares Series 19.5 o6 C+ g8 X5 G% Y5 n
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
6 v7 }. z" d5 S8 U4 V2 d/ N) RSeries 18 will not be entitled as such to receive notice of, attend, or vote at,3 v2 O! T" d7 l* N% A; ?" Q6 M
any meeting of the shareholders of the Bank unless and until the first time at
; V' q; h; l+ Dwhich the Board of Directors has not declared the whole dividend on the5 X# {) E" ?; ?( @/ `& ^
Preferred Shares Series 18 in any quarter. In that event, subject as& {+ {# m9 U* o; ^' S8 t2 a
hereinafter provided, the holders of Preferred Shares Series 18 will be4 x7 M- L+ @/ O; C4 Q% q6 x
entitled to receive notice of, and to attend, meetings of shareholders at which
# Z" M5 F& p0 Z2 Ldirectors of the Bank are to be elected and will be entitled to one vote for% U9 M7 W5 R) g2 Q! ^
each Preferred Share Series 18 held. The voting rights of the holders of the! h6 S, Z2 x7 J" |+ x- v7 M
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
$ Q! A5 p5 E( f" k, |9 Zthe first dividend on the Preferred Shares Series 18 to which the holders are, z( B( g: r* S" W1 [4 S" `* Y
entitled thereunder subsequent to the time such voting rights first arose until
5 P8 ^2 e+ L/ K, q: `; wsuch time as the Bank may again fail to declare the whole dividend on the! _. n, o5 e$ U( Y6 h% e; z
Preferred Shares Series 18 in respect of any quarter, in which event such8 L0 y$ h1 g! N5 k+ G
voting rights will become effective again and so on from time to time.
8 i5 E2 ^9 g$ ~5 S- D( Q  gPrincipal Characteristics of the Preferred Shares Series 19- d; x  M3 T. l8 R0 R
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
+ S6 S7 [- @3 dfloating rate non-cumulative preferential cash dividends, as and when. H2 F6 \/ G. Q- x( Z
declared by the Board of Directors, subject to the provisions of the Bank Act,6 T: g$ |- B& W- _3 m- B3 ^2 ~
payable quarterly on the 25th day of February, May, August and November
% M) \4 z+ N' W' X0 o8 uin each year, in the amount per share determined by multiplying the
- y" E6 R3 L6 y  mapplicable Quarterly Floating Dividend Rate by $25.00." y( ^2 h& K( D, H) z( V. x
On the 30th day prior to the commencement of the initial quarterly dividend  `( ^7 y, x$ m1 D
period beginning on February 25, 2014, and on the 30th day prior to the first
! t1 @, |' ?0 vday of each subsequent quarterly dividend period (the initial quarterly
0 ^/ d5 z) Q1 Z5 w1 Ddividend period and each subsequent quarterly dividend period is referred to
/ t1 O. M! i- W! ]' |as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
9 d' e+ t5 z- N! h% mQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
% @5 l) u& i9 gPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the: @% E5 T* i$ M- Q! X: o
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days8 ~5 T0 ~& l% r) q! v0 F+ c3 K0 c& [& X
elapsed in the applicable Quarterly Floating Rate Period divided by 365)3 [& t, J' M' x$ @( C
determined on the 30th day prior to the first day of the applicable Quarterly
* X% g# ^( n% |! h% a% EFloating Rate Period.
0 H! I' A9 a" f+ _S-5
% B7 f; o! I3 b' _) qIf the Board of Directors does not declare a dividend, or any part thereof, on5 K7 S+ I: D' U5 d, Y0 s- B
the Preferred Shares Series 19 on or before the dividend payment date for a( P2 V# f/ r9 X# S+ K; `
particular quarter, then the entitlement of the holders of the Preferred
4 a3 O/ Y1 `/ R  @! n0 Z" i$ {Shares Series 19 to receive such dividend, or to any part thereof, for such
" g5 c) H6 z8 i& |quarter will be forever extinguished.& W3 k6 `) y3 O1 f- B5 @
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
2 _$ X) y! F+ `5 F) [* |Superintendent and to the provisions described below under the heading
8 E, i6 y9 M( H: V% S‘‘Details of the Offering — Certain Provisions of the Preferred Shares' r- l# Q* ?0 f8 }0 e! `! ?3 M
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,9 F/ L! C) V$ A* ^" T" d# b6 k4 I
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all1 J" S6 |7 d% Y, a. i3 i
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s: L% \; i2 A% ^. n9 y1 v1 F& {
option without the consent of the holder, by the payment of an amount in/ ^' V( S& K$ u+ u8 S
cash for each such share so redeemed of (i) $25.00 together with all declared
; B' X0 K) V9 T2 ]: G2 Wand unpaid dividends to the date fixed for redemption in the case of
/ E- E! V% C& U" q: iredemptions on February 25, 2019 and on February 25 every five years/ V( F9 @% ]7 Z' P
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to5 I6 X8 n9 `+ n7 T
the date fixed for redemption in the case of redemptions on any other date
0 p( G3 X! m/ z" M: x; A; v# Qon or after February 25, 2014.& W' T& s9 E- s7 i, o
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic" i/ W+ {( I$ ?2 z" z$ d
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have/ i1 {/ R) s! `& @, q$ r
the right, at their option, to convert, on February 25, 2019 and on
6 E' R! a$ o7 I9 m0 j7 w4 f) WFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any( P+ G; |3 e1 j2 O! u7 I$ t: W
or all of their Preferred Shares Series 19 into an equal number of Preferred9 A# u! Y) G, x' a) `* T2 A
Shares Series 18 upon giving to the Bank written notice thereof not earlier
( i- S2 |' L# ?; {% M% d/ K0 Qthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
1 J8 S. L) o9 |  c+ w/ M' ]6 H15th day preceding, a Series 19 Conversion Date.3 K/ ?3 g  d, s4 g) e( P
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
9 o, W1 J# j2 g! H( n; v2 E, V; ~Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
* ~& C3 f( _  l3 ^Series 18, as the case may be, that there would be outstanding on such
7 i5 h8 X. L2 q. @Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
& N8 O$ X! L# q& ]# p2 Y8 wsuch remaining number of Preferred Shares Series 19 will automatically be
$ L$ m7 D! B8 N8 _6 J, Z% sconverted on such Series 19 Conversion Date into an equal number of
5 ^( n0 @; N* w9 mPreferred Shares Series 18. Additionally, if the Bank determines that, after
' q% E: T' ?, P4 y2 Hconversion, there would be outstanding on such Series 19 Conversion Date
, y8 U. N9 ]8 o( ^2 a/ gless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
" H6 N2 B1 d4 ASeries 19 will be converted into Preferred Shares Series 18.% w5 S  D. o% y0 A# B0 J
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares& B6 l, H1 Q( R( M! q6 W
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
# u4 v  O4 e3 \, t. h! G& f  Tany meeting of the shareholders of the Bank unless and until the first time at
/ I2 S( t6 P# _' E2 k* \2 ?which the Board of Directors has not declared the whole dividend on the( b# E' [6 }% c
Preferred Shares Series 19 in any quarter. In that event, subject as
. b# L# K. x6 C- l0 m8 Whereinafter provided, the holders of Preferred Shares Series 19 will be
. W" C- @4 }  K# Jentitled to receive notice of, and to attend, meetings of shareholders at which9 @2 I4 A7 W+ S9 s
directors of the Bank are to be elected and will be entitled to one vote for
# v2 ~: V6 M/ Q, ?each Preferred Share Series 19 held. The voting rights of the holders of the
/ ^* n; X  `1 W8 ]# W# Q( BPreferred Shares Series 19 will forthwith cease upon payment by the Bank of( R6 Z# ^  x$ ?  T( E9 L/ @% @
the first dividend on the Preferred Shares Series 19 to which the holders are
  ~% E  b2 q7 g8 fentitled thereunder subsequent to the time such voting rights first arose until
+ x; s2 a2 X$ }* w4 R" b6 b3 Asuch time as the Bank may again fail to declare the whole dividend on the- R' e: g& E  K" F/ v# \0 o- o
Preferred Shares Series 19 in respect of any quarter, in which event such
% j" {. ]7 n1 x8 u. U5 `8 [' b6 h' b1 Fvoting rights will become effective again and so on from time to time.
" u* Q2 y, C; X3 I  J5 P" h! t" pS-6
' `3 K% `/ K: b; h" pPriority: The preferred shares of each series of the Bank will rank on a parity with6 T5 n! m+ f+ ?
every other series and are entitled to preference over the common shares of
/ B5 w, G) U+ @the Bank and over any other shares of the Bank ranking junior to the* j7 o9 k' A/ v: ?6 i
preferred shares with respect to the payment of dividends and upon any
( O* N. `6 ]" d. h4 S) n0 I/ mdistribution of assets in the event of the liquidation, dissolution or; G% W% w$ T: v. H
winding-up of the Bank.
2 X" a$ r1 c2 y  ]5 WTax on Preferred Share The Bank will elect, in the manner and within the time provided under4 `. W8 n2 v/ ^2 [9 k4 c" W
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares$ [, E+ s1 G; _9 N9 q" y
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
5 s1 |8 H1 I6 D8 {* kdividends 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。! u7 p  E3 ?( d/ f9 K9 f% p. Y
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
: E  t$ _$ T  S; [  j

9 c2 x5 t; R! c7 |' n下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。0 D+ v+ k8 ?( F' x6 D  Q/ P6 M: x" X
" ?- e( B( R3 z: w, e
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。
理袁律师事务所
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