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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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[ 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:6 J0 W, }4 ~% K4 B
SUMMARY OF THE OFFERING* R+ a, L/ ^0 n/ d8 Z6 l
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’’.
3 i. _5 [! a+ p) i' nIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
; I8 m' E9 K* @Amount: $150,000,000 (6,000,000 shares).
0 q' C, X& k8 Q- j4 A/ aPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
" z" j: \0 y+ p- X7 `) h+ v( ePrincipal Characteristics of the Preferred Shares Series 18
. l. d8 W8 U+ p: w5 ~, LDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed- W" F0 Z' M; q
non-cumulative preferential cash dividends, as and when declared by the& s) W5 ~  j5 I$ O
Board of Directors, subject to the provisions of the Bank Act, for the initial
6 h8 j- C1 k: ?: d; G. vperiod commencing on the closing date and ending on and including" E9 }# E4 I3 O
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
9 i+ ]' \3 o" N; c' J4 u+ ]25th day of February, May, August and November in each year, at a rate
+ d3 U$ H. w( N2 p4 p) c; Yequal to $0.40625 per share. The initial dividend, if declared, will be payable
: w/ u: i7 W$ ]& k# [: T8 h! UMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing0 _7 K; L1 B  I8 X3 u3 |7 P; _
date of December 11, 2008.. N; B0 Y  s" C8 `/ a4 }
For each five-year period after the Initial Fixed Rate Period (each, a
" w' X; u3 {4 [7 h* V- L3 ]2 Y‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
/ I8 o+ g1 d) m# ?: {2 RSeries 18 will be entitled to receive fixed non-cumulative preferential cash8 v  A, F( R6 g
dividends, as and when declared by the Board of Directors, subject to the
9 b/ x, l2 A- R% i# R) Mprovisions of the Bank Act, payable quarterly on the 25th day of February," p* V2 Z: i5 M* U7 y/ r: r. t2 D
May, August and November in each year, in the amount per share per annum) s8 V* F  M7 P: ]5 y2 V
determined by multiplying the Annual Fixed Dividend Rate applicable to
# d5 p, r: Y9 s: lsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend& H3 D$ r7 _4 X
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the* y7 v% p% W, O( l, g
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day2 m) o) V" _3 t7 ^$ y
of such Subsequent Fixed Rate Period and will be equal to the sum of the0 S, w1 ~( G, ?  K- \5 f& v+ R, x( t
Government of Canada Yield on the applicable Fixed Rate Calculation Date
$ ?5 N, m' u0 U6 q7 L4 G7 {0 ]; \plus 3.83%.
: [# j. |  m5 g3 z) o. gIf the Board of Directors does not declare a dividend, or any part thereof, on) [) {: @0 w. m! u; D- `
the Preferred Shares Series 18 on or before the dividend payment date for a, z8 }9 k! ~  O- w& _
particular quarter, then the entitlement of the holders of the Preferred; {7 L' A* b3 c# U
Shares Series 18 to receive such dividend, or to any part thereof, for such8 [- G. A2 h( H- G0 i( i$ D& }6 U
quarter will be forever extinguished." C' k( [) q) K6 n- H- l3 @9 O
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
1 |' ]5 Y; E! ?0 }( C# r1 T; e- F( ASuperintendent and to the provisions described below under ‘‘Details of the
0 F# n# l; ^, B) z) mOffering — Certain Provisions of the Preferred Shares Series 18 as a6 ~* k; f9 W) o: q! L
Series — Restrictions on Dividends and Retirement of Shares’’, on5 Z" M4 S1 ?4 b9 e0 }6 t$ @( P. E
February 25, 2014 and on February 25 every five years thereafter, on not
. \& L$ m% i, u0 lmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
5 a4 ]# X8 R) U" J7 qpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
/ Z# d/ ^' F$ b" s1 Jwithout the consent of the holder, by the payment of an amount in cash for
6 l/ ]( V9 P4 I% _( T2 ~; C3 Ceach such share so redeemed of $25.00 together with all declared and unpaid
9 u8 n# V: j- \& Cdividends to the date fixed for redemption.
4 U; U% ?# S* g" v# \; VConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic. Z0 {7 |; c; h- `
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have" o( Z4 B& ?  B1 @. j+ x. @
the right, at their option, to convert, on February 25, 2014 and on8 ?: N4 {! I2 _6 ]+ T' c, c& P; y
S-40 B& d) V3 J+ Y1 K
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any: _% D9 w7 r: h. G0 E
or all of their Preferred Shares Series 18 into an equal number of Preferred
4 u8 s7 L# I% c1 WShares Series 19 upon giving to the Bank notice thereof not earlier than
8 x/ ~, D5 y& w30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day/ X0 k& Z% y. ?, a3 Q9 ]3 h
preceding, a Series 18 Conversion Date.3 k1 v6 v( |; ]: p& |, T4 }
Automatic Conversion If the Bank determines, after having taken into account all shares tendered. ~7 e- c% k7 }; g: N0 m
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
% @# C; u$ F8 p" T$ e! `Series 19, as the case may be, that there would be outstanding on such
3 t4 l. O% D4 ZSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
6 S9 Z1 |5 t  J+ Nsuch remaining number of Preferred Shares Series 18 will automatically be* W$ V" w4 r5 z" M
converted on such Series 18 Conversion Date into an equal number of( q! T' N0 a5 ~7 l2 B" U( n2 w
Preferred Shares Series 19. Additionally, if the Bank determines that, after& I% T4 U5 E! u9 ?+ `0 F% Q+ U0 A
conversion, there would be outstanding on such Series 18 Conversion Date) P" I. f4 {: o9 l' i
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
, @1 T; y0 D4 P! i) ZSeries 18 will be converted into Preferred Shares Series 19.
; M6 [3 m0 W$ G1 p" h+ kVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares- L5 |, s1 |8 {2 R+ d
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
: W) [+ ~( U! ?( k- z# S1 c; aany meeting of the shareholders of the Bank unless and until the first time at4 K7 b" m" F; C. e
which the Board of Directors has not declared the whole dividend on the
( l3 k$ f& Q% K1 i1 CPreferred Shares Series 18 in any quarter. In that event, subject as
9 P" [; A* I; C- I2 u5 ahereinafter provided, the holders of Preferred Shares Series 18 will be( _* _# ?8 E; s! I5 Z
entitled to receive notice of, and to attend, meetings of shareholders at which
- o* N; f: n% N6 Q* [, v, wdirectors of the Bank are to be elected and will be entitled to one vote for
# u% p9 w7 m" c4 j3 n# |- keach Preferred Share Series 18 held. The voting rights of the holders of the
) ?( x& p. }1 ?Preferred Shares Series 18 will forthwith cease upon payment by the Bank of- X1 s+ a; y3 p' Q
the first dividend on the Preferred Shares Series 18 to which the holders are  ]5 [) F  p2 f0 N: m$ B) t$ \
entitled thereunder subsequent to the time such voting rights first arose until
' ]6 J8 e  S9 G4 l9 [  n5 |such time as the Bank may again fail to declare the whole dividend on the
) w' t  d  G: v6 \Preferred Shares Series 18 in respect of any quarter, in which event such$ e: J- r9 _- Z9 `$ G6 j
voting rights will become effective again and so on from time to time.( @( i; _/ [& g+ `, n
Principal Characteristics of the Preferred Shares Series 19
* x) G1 u" t9 i. p7 C0 n4 N  ]5 hDividends: The holders of the Preferred Shares Series 19 will be entitled to receive& f( h8 z: A! i) v- {+ @
floating rate non-cumulative preferential cash dividends, as and when( g# w# W# o! J% ^( T+ Z/ v% e
declared by the Board of Directors, subject to the provisions of the Bank Act,
/ V8 r" R. s1 {" |  k  j* h: ipayable quarterly on the 25th day of February, May, August and November: X( U+ W# n( z' [/ y7 q
in each year, in the amount per share determined by multiplying the+ H2 p  s2 f6 @3 f- {
applicable Quarterly Floating Dividend Rate by $25.00.7 r6 E/ M* w" X, p0 Q8 l
On the 30th day prior to the commencement of the initial quarterly dividend) v6 _7 @% W1 ^' S8 Y4 U0 x
period beginning on February 25, 2014, and on the 30th day prior to the first
7 @, J( \$ t3 eday of each subsequent quarterly dividend period (the initial quarterly) X/ f6 M6 V" D* e4 G
dividend period and each subsequent quarterly dividend period is referred to
/ |) k$ C  H& m' m7 {2 }; Q+ {as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
" P% \) Z* k4 q3 C" ?5 J3 LQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
. `: ~* F6 `  f1 v6 u4 FPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the# L4 }; e9 c! q3 v; k  t9 O
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
$ ]* \1 `, g9 Z+ K2 E% ielapsed in the applicable Quarterly Floating Rate Period divided by 365)' X5 c' u$ [8 k* I6 y
determined on the 30th day prior to the first day of the applicable Quarterly, s7 R6 s2 t0 ~* `8 h! c+ n% `
Floating Rate Period.0 w  U5 g) ~/ X6 W/ g! k
S-5
' g" n' S$ J3 a$ iIf the Board of Directors does not declare a dividend, or any part thereof, on$ J* X0 F. j0 h% @
the Preferred Shares Series 19 on or before the dividend payment date for a( L) G: C8 t. I" X# ?) p  F
particular quarter, then the entitlement of the holders of the Preferred# c. q+ J/ Y1 o5 B& e
Shares Series 19 to receive such dividend, or to any part thereof, for such7 }( b: P( w1 A; m# w+ Y
quarter will be forever extinguished.
9 `' O3 d1 |6 V& J7 x. xRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
5 v. N- `+ k0 C' q0 u. l/ @, NSuperintendent and to the provisions described below under the heading
+ d5 @* _% W5 c‘‘Details of the Offering — Certain Provisions of the Preferred Shares7 w  z7 M4 v' K4 ]$ i+ e  s. Q
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
2 X* @8 a& K( @+ l& Z1 H/ t9 L. B6 non not more than 60 nor less than 30 days’ notice, the Bank may redeem all# J$ @3 p/ q( R# N
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
: }* X+ K" ~$ j! Aoption without the consent of the holder, by the payment of an amount in
. \4 }+ A0 X/ a9 k& [4 ?0 b9 tcash for each such share so redeemed of (i) $25.00 together with all declared
* R: F. \) [2 {8 m# `5 ^and unpaid dividends to the date fixed for redemption in the case of8 |* E, f: S  R+ H! I
redemptions on February 25, 2019 and on February 25 every five years' e. S# f& L# [7 I
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to, U, d* n- C0 n9 q/ e
the date fixed for redemption in the case of redemptions on any other date: [% z" B1 d3 p+ |
on or after February 25, 2014.2 ?4 b% x7 Y* B
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
& D# A/ h2 `4 N) t4 C& w5 DShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have9 d2 X4 w' T( }' Z2 i1 J5 Z
the right, at their option, to convert, on February 25, 2019 and on' ]/ Y) P  y) _( g# d1 `5 m
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
/ T) s" c6 I2 }6 C4 `or all of their Preferred Shares Series 19 into an equal number of Preferred
) x0 F6 y" W& W9 b2 \Shares Series 18 upon giving to the Bank written notice thereof not earlier3 Z+ c- c5 g  O6 f" z) i
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the2 |$ j1 Y( W# C. d5 T* w" B% R
15th day preceding, a Series 19 Conversion Date.& M, B% Y; y* n& r) F7 y
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
; B6 H, m: I+ q& [, S7 |  dProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares: j' d* [3 M* G4 m" c# L* Q
Series 18, as the case may be, that there would be outstanding on such
2 ^, B# Q* ?* b& c& }! r7 DSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,7 S$ i/ F2 c3 V" _4 _* h1 n
such remaining number of Preferred Shares Series 19 will automatically be9 u/ |: S$ j. W1 t
converted on such Series 19 Conversion Date into an equal number of4 M; ?8 F- V1 Y
Preferred Shares Series 18. Additionally, if the Bank determines that, after
+ {. G: j; V; v0 ?/ ^conversion, there would be outstanding on such Series 19 Conversion Date
& u3 G+ M0 t: B- Y8 qless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
+ B6 Z# J1 |0 B% |: E& w0 q* N# R. NSeries 19 will be converted into Preferred Shares Series 18.
4 N( ]; @$ o3 [" m  h) P7 lVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
0 h! `( _' N1 i) DSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
* R# S9 M3 }4 @, c% X- J: J" {any meeting of the shareholders of the Bank unless and until the first time at% [; m5 @- w& d7 u& E5 v% @
which the Board of Directors has not declared the whole dividend on the
. K" p  K6 z& E7 q+ y: B1 [! LPreferred Shares Series 19 in any quarter. In that event, subject as/ \& L( |/ |8 g
hereinafter provided, the holders of Preferred Shares Series 19 will be
" R- W' E4 Y" G; d4 Q. S" o5 ^entitled to receive notice of, and to attend, meetings of shareholders at which
% m) D- s% Z2 Z% ?4 t0 v: E) }. Gdirectors of the Bank are to be elected and will be entitled to one vote for1 O5 U# J4 V3 W1 |2 w
each Preferred Share Series 19 held. The voting rights of the holders of the
% z' e/ Q. P' b  L) FPreferred Shares Series 19 will forthwith cease upon payment by the Bank of( e8 _$ {1 n1 q/ [
the first dividend on the Preferred Shares Series 19 to which the holders are8 x1 z- O; s! S
entitled thereunder subsequent to the time such voting rights first arose until2 b' C$ |  s- S( w* y; T/ G1 s
such time as the Bank may again fail to declare the whole dividend on the9 k3 @- `7 [9 I) w: x) T- I7 B1 ]0 Q
Preferred Shares Series 19 in respect of any quarter, in which event such! B9 k- t8 d7 c4 {
voting rights will become effective again and so on from time to time.
; k) p, e2 u# S7 W/ W. \S-6
' Y9 Q2 O  ?1 ^, U; R; ~. A7 bPriority: The preferred shares of each series of the Bank will rank on a parity with  f) r# v9 i0 ~# K" [3 x
every other series and are entitled to preference over the common shares of
  g4 z  o( E% Q2 w. Wthe Bank and over any other shares of the Bank ranking junior to the
+ q6 D  y9 [0 g% [5 O9 bpreferred shares with respect to the payment of dividends and upon any
8 T' M+ `' V; i, r! j/ r/ L4 idistribution of assets in the event of the liquidation, dissolution or/ b6 z- c. t  ^
winding-up of the Bank.
4 [1 Q, C: @# c4 x- P$ h! JTax on Preferred Share The Bank will elect, in the manner and within the time provided under6 W0 L1 d+ Q! e+ b  r4 w
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
( O: @" Y6 D0 r8 L4 ?6 u: I( oSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
* M. V$ [) u/ c  @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。& e6 O5 D+ R9 n! |& s- u2 z  |
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$ |4 _( I0 \& |$ E. A4 T' t6 @# m( x# j6 o, z+ N
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。3 ^" Q; p# ?: }
+ C% p2 Z. `: t# f# g
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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