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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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) B# @5 R5 W7 u7 s4 |6 e8 _[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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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:
' M9 @: q! C6 k( T% i. RSUMMARY OF THE OFFERING+ h; B8 _0 z' c% x9 c: b* m
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’’.
; A* [& x3 ~& m9 w$ O3 V3 V9 G- nIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18./ ?- X0 Y2 H# J  W
Amount: $150,000,000 (6,000,000 shares).
# T3 l. T6 D0 `7 f* DPrice and Yield: $25.00 per share to yield initially 6.50% per annum.  c4 G4 Z0 w( p0 K' S
Principal Characteristics of the Preferred Shares Series 18
/ D$ Q5 v" S$ r) lDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed4 Z; l9 G& U6 h+ T
non-cumulative preferential cash dividends, as and when declared by the
/ a; a4 e! A' N2 X7 O7 nBoard of Directors, subject to the provisions of the Bank Act, for the initial& U8 x$ |/ L! j: w
period commencing on the closing date and ending on and including
5 \! ]7 F! z: Q* y6 K# ?February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the5 T# ?" F2 V8 G$ f. {4 r  t
25th day of February, May, August and November in each year, at a rate4 _, ~4 t9 L: S0 d( @, R* O
equal to $0.40625 per share. The initial dividend, if declared, will be payable( ^# A( f4 F4 w( h" _
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing. C; }+ F% B/ `0 P" Y  S. X8 l% {* e
date of December 11, 2008.
& E+ C% G2 w2 X7 E8 T$ w/ ^For each five-year period after the Initial Fixed Rate Period (each, a) a/ K; f: P& q& O2 e' K! `
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
3 d0 E7 ^" {* H  |( Y" JSeries 18 will be entitled to receive fixed non-cumulative preferential cash
6 A* ?& n! {3 N3 p$ Mdividends, as and when declared by the Board of Directors, subject to the
( Y2 r7 F% P9 k1 C8 f6 r( Iprovisions of the Bank Act, payable quarterly on the 25th day of February,9 `* p. R3 U' w- W, H$ K
May, August and November in each year, in the amount per share per annum
( }* k# h) y4 _1 ^determined by multiplying the Annual Fixed Dividend Rate applicable to( E; r4 Y% R1 `8 |! B/ K* `
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend, B# J. p  X8 k0 q8 g) Q/ b
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the& i. g* r$ Y" z* }1 i8 y# D0 ]
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day9 x) S* n' e, V% K
of such Subsequent Fixed Rate Period and will be equal to the sum of the; _* I& c2 ?. f. s
Government of Canada Yield on the applicable Fixed Rate Calculation Date2 M/ F$ a! Z8 H; k  R5 T* n
plus 3.83%.6 m+ i9 N. p2 n
If the Board of Directors does not declare a dividend, or any part thereof, on  D/ q% F) S) d. Y
the Preferred Shares Series 18 on or before the dividend payment date for a! ]3 i/ c; a7 O  p/ P
particular quarter, then the entitlement of the holders of the Preferred
8 E; U& R+ V- a; [, N! a  s7 zShares Series 18 to receive such dividend, or to any part thereof, for such
1 I1 f  d4 v: g+ l( @. c  fquarter will be forever extinguished.
, @  S/ s. k5 s9 R* ?Redemption: Subject to the provisions of the Bank Act and to the prior consent of the+ b0 ]7 R& }* b' b- q( z% Y# X( w% Q
Superintendent and to the provisions described below under ‘‘Details of the
; S9 G" |$ m' POffering — Certain Provisions of the Preferred Shares Series 18 as a, c6 q* H, r. I7 X4 a" n0 q9 w
Series — Restrictions on Dividends and Retirement of Shares’’, on+ G1 [9 `, q8 X" H
February 25, 2014 and on February 25 every five years thereafter, on not+ o! s+ ?; S! l
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
8 d% |1 L' L  k9 F) Opart of the then outstanding Preferred Shares Series 18, at the Bank’s option
* L+ F# R# q; D+ A2 Gwithout the consent of the holder, by the payment of an amount in cash for- l. s9 v: Z3 G8 T3 s  Z3 j
each such share so redeemed of $25.00 together with all declared and unpaid
) b# u* E) _# W# c- |dividends to the date fixed for redemption.
; u: @  [3 r5 }) rConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
$ M8 o0 x4 d9 f8 l+ lShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have. P' e% |  r, G- B
the right, at their option, to convert, on February 25, 2014 and on
, L' s7 W; t, ^8 @9 fS-4
' }* P9 n+ ~9 WFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
, |1 w1 \6 ~! d: O( h4 e# @0 ~7 V# por all of their Preferred Shares Series 18 into an equal number of Preferred7 R0 @9 l1 o* n6 U# v$ l2 e
Shares Series 19 upon giving to the Bank notice thereof not earlier than3 w; z' t( Y) a/ H/ B
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
+ _& i, {; n$ z2 Wpreceding, a Series 18 Conversion Date.
) a) C" M9 n. u3 ?Automatic Conversion If the Bank determines, after having taken into account all shares tendered0 Y4 u) E  L2 [8 y+ Z+ T& F
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
7 `+ J# y; M+ w6 S. uSeries 19, as the case may be, that there would be outstanding on such
5 u6 A4 ^3 ^7 @Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
& l- E3 z/ w9 `5 ^such remaining number of Preferred Shares Series 18 will automatically be
$ c" V' A: {# M7 N# ]converted on such Series 18 Conversion Date into an equal number of
( v. S: _# o1 T! S' p( U' sPreferred Shares Series 19. Additionally, if the Bank determines that, after
3 e, u) x( |0 ]+ \. Tconversion, there would be outstanding on such Series 18 Conversion Date, J9 s5 h4 j0 a- z% O9 j- `
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
- w; L  B4 E+ I9 w. l4 kSeries 18 will be converted into Preferred Shares Series 19.0 f+ k* n9 D) o9 f$ L2 g
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
9 E7 M" D  F- p  ASeries 18 will not be entitled as such to receive notice of, attend, or vote at,% l) g. q/ u/ p3 [/ y& p
any meeting of the shareholders of the Bank unless and until the first time at
/ ]( Z9 s+ o: a9 x6 Y" T% \which the Board of Directors has not declared the whole dividend on the
  ^5 A' O* x- _+ LPreferred Shares Series 18 in any quarter. In that event, subject as
9 O9 b, z/ B' n  ^0 d5 ihereinafter provided, the holders of Preferred Shares Series 18 will be
$ K' U5 W& t$ m# {+ j- E# bentitled to receive notice of, and to attend, meetings of shareholders at which
1 v: ]+ C  p7 T6 ?/ n1 e. j8 adirectors of the Bank are to be elected and will be entitled to one vote for4 ~- c4 h7 r! \: Y0 e
each Preferred Share Series 18 held. The voting rights of the holders of the
* I( ]7 i# S6 g# s! C: M  H- HPreferred Shares Series 18 will forthwith cease upon payment by the Bank of; Q# B7 `9 ?: E
the first dividend on the Preferred Shares Series 18 to which the holders are3 L2 S. ^7 V& Y1 r; ?) ^
entitled thereunder subsequent to the time such voting rights first arose until7 n# s# C3 q6 h4 _9 |
such time as the Bank may again fail to declare the whole dividend on the
% c: A  g, B, tPreferred Shares Series 18 in respect of any quarter, in which event such
! m" b4 C) ^/ }$ _. C( Y3 u: ^voting rights will become effective again and so on from time to time.
% a$ V7 h- c" ~( j2 u* Z# E5 S: dPrincipal Characteristics of the Preferred Shares Series 19
! |# e& i3 q: o& i# t& p3 HDividends: The holders of the Preferred Shares Series 19 will be entitled to receive6 b7 `4 F3 ~  j8 b  o
floating rate non-cumulative preferential cash dividends, as and when
/ ~7 }# q; {$ ndeclared by the Board of Directors, subject to the provisions of the Bank Act,7 k( W7 A5 n$ t& R  g
payable quarterly on the 25th day of February, May, August and November
6 A! R/ f/ ]) @% f8 s, din each year, in the amount per share determined by multiplying the
' y5 U5 h; Y9 `% y) f& T/ tapplicable Quarterly Floating Dividend Rate by $25.00.
. y$ O% }( @- t- Y( `, m" `On the 30th day prior to the commencement of the initial quarterly dividend$ O2 j, j  q5 ]. O9 n) \$ A
period beginning on February 25, 2014, and on the 30th day prior to the first4 O; _1 D* `4 ?( j9 d% K5 H& S% N
day of each subsequent quarterly dividend period (the initial quarterly  |: l( |) w7 M8 H* M' w* e8 N& n
dividend period and each subsequent quarterly dividend period is referred to1 D/ a! X( E# b' b* j5 y% a: O
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
$ Q6 f( c/ e" h- U& y# L: W  _8 UQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate; k# P. B' F9 [* d
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the6 D( K+ ]2 ?& A' R
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
; V  s; P' n0 }( kelapsed in the applicable Quarterly Floating Rate Period divided by 365)
: `& V& v& C+ h3 R3 odetermined on the 30th day prior to the first day of the applicable Quarterly, y" o4 f, ]0 i6 T
Floating Rate Period.& ?4 D: x6 L$ f1 p4 H9 N
S-5
1 n4 [: d  S/ s: n4 t" pIf the Board of Directors does not declare a dividend, or any part thereof, on
6 v% M" N) P4 d4 fthe Preferred Shares Series 19 on or before the dividend payment date for a/ k1 g1 J8 d# Z# k. i4 o4 L
particular quarter, then the entitlement of the holders of the Preferred. B) U6 A9 F4 x0 T( b
Shares Series 19 to receive such dividend, or to any part thereof, for such
  u7 v! a/ q# H7 H5 z: d1 ?quarter will be forever extinguished.' U0 ?5 q* `% ?& i) L# [8 G+ _
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
& Y$ J6 t& [/ F5 {. u, P& X- mSuperintendent and to the provisions described below under the heading
4 d% o5 D# O' z+ K3 ?% e‘‘Details of the Offering — Certain Provisions of the Preferred Shares
1 |' r" Y  V9 s! b5 PSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,3 R6 Y7 g4 U; |$ L  z" S4 T" x5 n
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all+ C- V8 |; u4 c) J+ ]
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
  _; s% q4 H7 i5 p0 j. Coption without the consent of the holder, by the payment of an amount in
4 `2 F, N0 D" u. N' w$ Tcash for each such share so redeemed of (i) $25.00 together with all declared
0 ?+ ~& A+ |2 Tand unpaid dividends to the date fixed for redemption in the case of
" K) _" n; L, `  B9 g6 C; j6 Eredemptions on February 25, 2019 and on February 25 every five years
/ k1 @3 k6 P& c$ t) i& d( {thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
8 a5 A4 W- ]$ {- L- Y4 wthe date fixed for redemption in the case of redemptions on any other date$ Q# u4 }- b- z# x# ?& a# i" L' s
on or after February 25, 2014.1 i' K- |, t0 U  u
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic' o7 {/ B, s1 u$ H; c  [$ i
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
! b6 ^" B: q1 ?* `3 i; rthe right, at their option, to convert, on February 25, 2019 and on
4 g8 h! _( @- ?) m+ @February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
8 }3 X, n2 ~$ x, s8 T1 oor all of their Preferred Shares Series 19 into an equal number of Preferred' H( L7 e9 E5 h* `8 ]9 m
Shares Series 18 upon giving to the Bank written notice thereof not earlier
! f0 U8 r& y& L  c; G: A& [than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the6 F, b/ i, |2 i, q
15th day preceding, a Series 19 Conversion Date.
5 @/ g* B6 v( A2 t. ]Automatic Conversion If the Bank determines, after having taken into account all shares tendered
1 @" c; W2 z, U0 b; R5 UProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
$ y; C: {. U# f& R$ ^% p# xSeries 18, as the case may be, that there would be outstanding on such
. A0 |2 d3 \0 R" ]3 v! ~- E: }+ Z" FSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
+ U: M7 s( b' w* }+ \( y1 Nsuch remaining number of Preferred Shares Series 19 will automatically be" D; T8 n' e7 x- u
converted on such Series 19 Conversion Date into an equal number of
$ V/ \6 U; ~* [% `  ]1 aPreferred Shares Series 18. Additionally, if the Bank determines that, after
+ {" V" S# W/ z: Econversion, there would be outstanding on such Series 19 Conversion Date
6 _# r, b& n+ k7 |* x: Sless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
: N* A: ^! r+ P' K2 }Series 19 will be converted into Preferred Shares Series 18./ _7 M# F6 b$ N. g
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares( l/ |, x% \% |. w
Series 19 will not be entitled as such to receive notice of, attend, or vote at,! _3 [) j& _$ F) H/ k
any meeting of the shareholders of the Bank unless and until the first time at
( E3 O, R) ^( P' n$ g1 X/ Qwhich the Board of Directors has not declared the whole dividend on the
& k$ w- A2 h4 @$ q8 BPreferred Shares Series 19 in any quarter. In that event, subject as
; O6 S% l: M) i- ahereinafter provided, the holders of Preferred Shares Series 19 will be
  G6 j$ [, o/ O" j4 J9 C$ M3 Z- aentitled to receive notice of, and to attend, meetings of shareholders at which) A& I6 i; N. @- F- `
directors of the Bank are to be elected and will be entitled to one vote for
! p* w' W2 }, _  P  Seach Preferred Share Series 19 held. The voting rights of the holders of the
9 a/ P0 V/ i; U# h* C9 ^Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
8 W0 O# s# q6 V/ Tthe first dividend on the Preferred Shares Series 19 to which the holders are, }3 _. ~" C& z% @2 V  r1 o
entitled thereunder subsequent to the time such voting rights first arose until0 @. r5 G+ B' Z2 A2 F$ w1 x! {* N& i' Y
such time as the Bank may again fail to declare the whole dividend on the% U; s/ P. G7 Y+ _! u
Preferred Shares Series 19 in respect of any quarter, in which event such& k! ?% ]  Y! f
voting rights will become effective again and so on from time to time.
* f! i* b2 X. F& x0 [& P3 K0 LS-6/ D% L0 d* @. X9 |$ f
Priority: The preferred shares of each series of the Bank will rank on a parity with( W/ f2 }+ e: u! P/ r& p) y
every other series and are entitled to preference over the common shares of
8 D; d& m0 z; q- hthe Bank and over any other shares of the Bank ranking junior to the
5 D; C/ s1 ^, l: Fpreferred shares with respect to the payment of dividends and upon any
+ j0 I# |: \; J, L' i! O4 f3 Mdistribution of assets in the event of the liquidation, dissolution or
5 \0 _$ b) |: w9 x' O! K* Owinding-up of the Bank.$ v- v0 K! w4 j" i$ q6 D
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under# m" e2 ~. Y. b. c  A& k9 }
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
. b" G5 T+ ?. V6 q. ]" E& a, Y: QSeries 18 and Preferred Shares Series 19 will not be required to pay tax on2 m8 W! a; n9 v0 W
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。
, r. z' j8 q* [( ]% O8 [* q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
7 B. G( a, r" H& P5 X' P+ e

; {( v0 h8 l9 c8 ]下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
2 W2 J2 k3 A: G- S" u/ e; r) I
- H' l. f! x4 X6 mcall 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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