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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 @! F# [% c; j3 P8 b

7 B1 o0 A# `2 Y. o( A. |( L5 Y
  {8 Q1 E% T3 S) U: ?# o8 B[ 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:
. }) I# {/ _& e8 j& w  ?' FSUMMARY OF THE OFFERING
! n. ]" l4 t% R6 LThis 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’’.
0 y/ O, d8 ^3 D; Q0 K: p. wIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.2 B1 ]7 w, m# o+ w: p' p) d! N3 C- w. ?( W
Amount: $150,000,000 (6,000,000 shares).
; k$ ]8 ?5 r& D. MPrice and Yield: $25.00 per share to yield initially 6.50% per annum.! ~5 Q, T% `) Z5 ^! {  x- ^; W
Principal Characteristics of the Preferred Shares Series 18; Y. u* R# c" q8 Y9 @5 F: f
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed) K- a. [7 k( g$ i+ P
non-cumulative preferential cash dividends, as and when declared by the
2 v6 W( m6 M* y7 vBoard of Directors, subject to the provisions of the Bank Act, for the initial
2 E4 [( Q+ v& {4 vperiod commencing on the closing date and ending on and including
+ o8 I6 e6 F; {& \4 F* p+ t" TFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the  y  L, V; X5 w3 x
25th day of February, May, August and November in each year, at a rate" y2 x7 f' o& U+ |  U: x8 {
equal to $0.40625 per share. The initial dividend, if declared, will be payable; U6 S( t+ V6 o* ^* I2 i
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
5 H+ Y: j- {5 R0 N, v6 w6 ~1 sdate of December 11, 2008.
# p' L6 m% |% N9 d4 \For each five-year period after the Initial Fixed Rate Period (each, a
' C* I& @- O9 q2 Z) K2 U‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares$ a" v/ r# ?  @
Series 18 will be entitled to receive fixed non-cumulative preferential cash
) J+ E, I( H: e: M. n! T  Idividends, as and when declared by the Board of Directors, subject to the3 W8 e: T% t* K# H) ~/ \8 n
provisions of the Bank Act, payable quarterly on the 25th day of February,& X  S3 k  n2 q/ o( e
May, August and November in each year, in the amount per share per annum
) A* Q4 Y1 {  I0 a: A$ @determined by multiplying the Annual Fixed Dividend Rate applicable to6 U6 \3 L; g! M9 F  x, u
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
" S& i  T0 W3 b& J4 J7 r( nRate for the ensuing Subsequent Fixed Rate Period will be determined by the
2 c/ B( x; f* VBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
0 t9 q. Q8 R# @6 N4 Q: h3 uof such Subsequent Fixed Rate Period and will be equal to the sum of the% c: K% L( _8 Z3 [, Z* C% I
Government of Canada Yield on the applicable Fixed Rate Calculation Date
- q3 r% E+ o* v" g6 H" w2 ?plus 3.83%.7 [/ c# Z4 {& }: i# i- w
If the Board of Directors does not declare a dividend, or any part thereof, on& V$ j$ `# F; z9 q
the Preferred Shares Series 18 on or before the dividend payment date for a& a  [& b, }( B
particular quarter, then the entitlement of the holders of the Preferred
5 ~" ~/ g7 Z( ~' h$ qShares Series 18 to receive such dividend, or to any part thereof, for such
$ M9 u. p3 O/ I# Z+ W( u# oquarter will be forever extinguished.4 ^6 v3 e2 D: Z* U, u
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the1 l' f, K1 q% C0 j( s  X
Superintendent and to the provisions described below under ‘‘Details of the: K. M' _0 W% ~* |6 l* r
Offering — Certain Provisions of the Preferred Shares Series 18 as a" k6 d$ `5 S! V" _+ M
Series — Restrictions on Dividends and Retirement of Shares’’, on7 D! @* @  b' `  e: m! t' _
February 25, 2014 and on February 25 every five years thereafter, on not
# d+ D8 U2 g+ s1 K, hmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any; W: q& x# K9 b
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
! H- L! y# n6 C: _without the consent of the holder, by the payment of an amount in cash for0 V  [2 l3 C# @
each such share so redeemed of $25.00 together with all declared and unpaid" F2 k# v4 q9 X  d9 L7 V0 Z
dividends to the date fixed for redemption.
6 u3 y, }9 b1 ~' Y/ BConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
( A2 `3 l" B7 k) Y1 p: DShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
; {" L  N' z, o. U2 R1 vthe right, at their option, to convert, on February 25, 2014 and on1 ?' }: r9 j$ m9 g# d1 s( c& G4 n
S-4$ v0 E1 U% d# p% a
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
; f# P7 G6 F" Z( ~4 E5 k2 Bor all of their Preferred Shares Series 18 into an equal number of Preferred
% j& N! v8 P& L; D0 U( V9 I5 E, vShares Series 19 upon giving to the Bank notice thereof not earlier than
0 A9 v) B1 p$ d" H3 ~/ H30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day- \8 o5 O* U  C4 B
preceding, a Series 18 Conversion Date.
1 ^" s. V* }. v7 S1 R. ZAutomatic Conversion If the Bank determines, after having taken into account all shares tendered" p. w& ~* t9 u2 Y+ Y( ~( C9 g
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
3 O4 a9 N9 j6 p; J: Z$ {# }Series 19, as the case may be, that there would be outstanding on such
" y* H- o: Y9 n1 S" P: mSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,) X% _' h4 ~# s- L, U  L( t. D) _
such remaining number of Preferred Shares Series 18 will automatically be1 ?$ k( M+ \, A- @* m
converted on such Series 18 Conversion Date into an equal number of
# B, i8 Y9 h6 H' o2 [+ dPreferred Shares Series 19. Additionally, if the Bank determines that, after: z" p, z7 e& N- {* |
conversion, there would be outstanding on such Series 18 Conversion Date( g. }. ^" B7 ?1 c
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
0 E7 T" \( a6 R. }Series 18 will be converted into Preferred Shares Series 19.
' y7 H8 q6 i6 BVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares. m! w. q/ ~6 E$ @8 G6 Y
Series 18 will not be entitled as such to receive notice of, attend, or vote at,6 X8 R: r5 y. x; ~& w
any meeting of the shareholders of the Bank unless and until the first time at4 x) Z+ ?' {( C6 r% X8 z0 L" [
which the Board of Directors has not declared the whole dividend on the
& v" V0 H  A5 ?: v1 y, pPreferred Shares Series 18 in any quarter. In that event, subject as! ~: B- v4 o8 Z
hereinafter provided, the holders of Preferred Shares Series 18 will be4 T- k- x5 H9 p6 F9 b
entitled to receive notice of, and to attend, meetings of shareholders at which7 D# O+ T" @8 @
directors of the Bank are to be elected and will be entitled to one vote for
8 @3 H( A! [7 h2 N( zeach Preferred Share Series 18 held. The voting rights of the holders of the- S, @2 a6 B3 r; W1 _6 j" y% ?
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of2 d7 t, T$ y1 R4 U
the first dividend on the Preferred Shares Series 18 to which the holders are
; z$ m$ c0 n# h. }* ventitled thereunder subsequent to the time such voting rights first arose until( h* P5 ~' X6 v$ `$ e
such time as the Bank may again fail to declare the whole dividend on the/ }1 Z& Z/ P9 j- O6 [
Preferred Shares Series 18 in respect of any quarter, in which event such
' [% e# B7 h' G/ M* _& T: tvoting rights will become effective again and so on from time to time.! Y* G8 s+ J$ c6 b; ]
Principal Characteristics of the Preferred Shares Series 192 V" B" I3 e# b" j
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
4 h" h+ V  d+ _5 Wfloating rate non-cumulative preferential cash dividends, as and when, @5 v# B, ?+ X
declared by the Board of Directors, subject to the provisions of the Bank Act,
/ a8 e) c# [, ]# R, r( Fpayable quarterly on the 25th day of February, May, August and November
7 J$ u8 f. b6 i" Q9 F( u2 Zin each year, in the amount per share determined by multiplying the: l& N9 E) W5 G. F' o2 u8 A
applicable Quarterly Floating Dividend Rate by $25.00.* s7 R! I- R$ \& [
On the 30th day prior to the commencement of the initial quarterly dividend% B0 \5 N3 a. f5 x
period beginning on February 25, 2014, and on the 30th day prior to the first! k" f  j; o4 V' z) r
day of each subsequent quarterly dividend period (the initial quarterly
' O3 g! \+ H* I; V) P$ pdividend period and each subsequent quarterly dividend period is referred to4 M1 U# \' V2 a4 z7 z  c
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
" G9 x6 u! c- |. QQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate8 U8 ^3 k5 S$ t$ b4 p! Z* t
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
4 B: Q3 d8 u+ |5 R8 a! n- Y2 c6 VT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
% @; l$ V# i5 K6 yelapsed in the applicable Quarterly Floating Rate Period divided by 365)+ f$ t3 [1 j1 ~, i! v( w5 _
determined on the 30th day prior to the first day of the applicable Quarterly
4 I% k" M9 s7 T& E6 H+ [5 a2 ?Floating Rate Period.
( [9 l- }% E& O! `! D0 F) iS-5
6 z+ E2 }& l9 t8 {3 j& KIf the Board of Directors does not declare a dividend, or any part thereof, on" ^2 H, Q( ~# A# d8 p5 ?  Q
the Preferred Shares Series 19 on or before the dividend payment date for a
( ^% f0 Q5 s- f$ [$ `4 c, Mparticular quarter, then the entitlement of the holders of the Preferred8 z% v/ ]% z2 J$ y' m/ X( o. R
Shares Series 19 to receive such dividend, or to any part thereof, for such
3 C) r: P8 n9 d% e- T# ]0 S+ pquarter will be forever extinguished.
2 D9 y. i; o: P6 ]$ h5 B% P" ]6 [Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
. _4 a/ b) @& Q* `Superintendent and to the provisions described below under the heading
' y, \+ j  t8 I1 m  p: ?* W‘‘Details of the Offering — Certain Provisions of the Preferred Shares
: z4 j/ G' S' g' g6 qSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,+ }' V9 ^5 r6 C6 @. X
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all& m8 {: @, [8 x- [' `  y( s' E# L
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s& V3 p! Z0 w% e" i$ S. p# C
option without the consent of the holder, by the payment of an amount in% M/ l/ s& n/ }' c. g
cash for each such share so redeemed of (i) $25.00 together with all declared
% v/ R  S- ~. Nand unpaid dividends to the date fixed for redemption in the case of
% \. j* G$ x, W; V1 @redemptions on February 25, 2019 and on February 25 every five years
6 g  C3 a# }6 y' }  kthereafter, or (ii) $25.50 together with all declared and unpaid dividends to/ `* U/ A; E0 k6 k
the date fixed for redemption in the case of redemptions on any other date
5 `2 p3 d- T& R4 D0 z' A* yon or after February 25, 2014.
% J. e4 J. `8 u  ]Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
( b- q# ~& w* j9 V# NShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have8 ]3 o  J! @! ^# C
the right, at their option, to convert, on February 25, 2019 and on; ^& n' \6 ~' R4 S' x6 A8 t
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
2 g+ E7 t! y# Vor all of their Preferred Shares Series 19 into an equal number of Preferred
: X3 E  z9 O) O  H+ ]5 `7 \Shares Series 18 upon giving to the Bank written notice thereof not earlier
& k3 ^5 c/ H! F- M$ `7 Sthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the# p& v( e1 A' O4 P8 ~8 A
15th day preceding, a Series 19 Conversion Date.
0 L3 {) m$ L' u; }9 [" PAutomatic Conversion If the Bank determines, after having taken into account all shares tendered: a& n3 k3 \% d9 j+ P
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
7 W. j# a  F4 Z4 m$ t3 PSeries 18, as the case may be, that there would be outstanding on such
6 g7 c' K; t9 Y- o0 O% P* USeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
, S! B6 F5 `% @5 y0 o* O9 q  Esuch remaining number of Preferred Shares Series 19 will automatically be
- V# x, Q2 J0 m/ |( K( Sconverted on such Series 19 Conversion Date into an equal number of
: U; T: q6 J$ @2 t8 h6 PPreferred Shares Series 18. Additionally, if the Bank determines that, after
- q: @  k7 E+ i3 L' X5 Sconversion, there would be outstanding on such Series 19 Conversion Date
  e4 `8 h' E( v! f: r3 d- tless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares1 Z2 n( @0 X3 J: M4 Y* n5 c
Series 19 will be converted into Preferred Shares Series 18.2 i- h" R' g+ M/ j- W" N8 E: z8 ]
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares! A5 Q9 T& X* m
Series 19 will not be entitled as such to receive notice of, attend, or vote at,& {! q. A; r* W# x
any meeting of the shareholders of the Bank unless and until the first time at
) F2 [$ m( G0 O; b( C# gwhich the Board of Directors has not declared the whole dividend on the' W0 I1 {8 m( W
Preferred Shares Series 19 in any quarter. In that event, subject as$ P0 j( U$ C3 ^/ B
hereinafter provided, the holders of Preferred Shares Series 19 will be
* U( I2 o6 u+ Y" N/ |entitled to receive notice of, and to attend, meetings of shareholders at which' y0 V& i! s+ t8 Q; Y3 B
directors of the Bank are to be elected and will be entitled to one vote for
- j; V' Y- X: o( Veach Preferred Share Series 19 held. The voting rights of the holders of the
  [7 j+ j2 ^0 s1 C/ |Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
% ?) z! r, |  o& Ithe first dividend on the Preferred Shares Series 19 to which the holders are
/ M3 C0 E6 X1 M. T3 e+ eentitled thereunder subsequent to the time such voting rights first arose until
6 b$ |' X. E4 @/ Rsuch time as the Bank may again fail to declare the whole dividend on the  b, R% W) |6 k% g/ s
Preferred Shares Series 19 in respect of any quarter, in which event such
1 U. a& @1 L1 A  ^+ Y, l) }- ?voting rights will become effective again and so on from time to time.. ?. v, Z7 O& N. X; l
S-68 u8 F: o: M' F8 Q9 W  \8 w/ r
Priority: The preferred shares of each series of the Bank will rank on a parity with- y; ]! A9 _$ m! m& J
every other series and are entitled to preference over the common shares of. w7 M# {# m6 A0 l; t5 }
the Bank and over any other shares of the Bank ranking junior to the
, }  n$ ~7 f$ _' gpreferred shares with respect to the payment of dividends and upon any9 v7 O" b8 K8 x% ]
distribution of assets in the event of the liquidation, dissolution or
  V. Y1 A# h) C$ F9 wwinding-up of the Bank.3 F# y$ N3 Q' @* Y; n
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
6 h# q/ Y( _5 P3 ?! l8 R! M' \Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
) ^! Q" L) x" I0 w7 n5 x2 bSeries 18 and Preferred Shares Series 19 will not be required to pay tax on5 s, y* V3 i: t* M! H$ `8 e
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。
4 o# P2 {, }$ r3 U/ d5 n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
! Y. J! H. T6 d2 G+ j
8 |6 ?( V; J4 M/ ?4 Q
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
( f. }) D( y" P7 W" ~) `. B
3 L  i( l& E, f# z6 K2 y- rcall 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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