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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 ]
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:
# x$ ]/ q* s1 bSUMMARY OF THE OFFERING
! S6 F- c& P2 P# m1 v% L. pThis 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’’.
+ U0 i  _$ e3 y# B# pIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
; b! d5 k7 t5 |$ SAmount: $150,000,000 (6,000,000 shares).# S) v3 e$ Y5 O/ I* Z
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
! z# N( I. y8 |Principal Characteristics of the Preferred Shares Series 18
, _: M: l( Y6 E3 @5 O2 {* bDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
# p: X) h0 g3 [" _+ |: Nnon-cumulative preferential cash dividends, as and when declared by the" a8 k. }$ k2 Q% G  n, o
Board of Directors, subject to the provisions of the Bank Act, for the initial
* u* R9 ]. W6 C+ L/ `period commencing on the closing date and ending on and including
1 K- c8 J; x" t7 |  n# N. IFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the9 v" \2 \' T, f: K
25th day of February, May, August and November in each year, at a rate5 U0 r+ W1 m% u) D0 V
equal to $0.40625 per share. The initial dividend, if declared, will be payable! L( l; e* V6 V+ s( s% ?% k
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing/ d- U) Q3 h4 D/ ]& [* i' _- S( T! b; ?
date of December 11, 2008.
. ^7 D0 E' i* @For each five-year period after the Initial Fixed Rate Period (each, a+ ]7 r) S- x. N3 Q) E
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
4 @( h, D, A, H% u: T  l8 ^Series 18 will be entitled to receive fixed non-cumulative preferential cash" C9 ~$ q' J  ^# w- A
dividends, as and when declared by the Board of Directors, subject to the
+ ^: x9 t5 ~* x9 cprovisions of the Bank Act, payable quarterly on the 25th day of February,
2 ~2 y+ X+ P' L7 c1 P; hMay, August and November in each year, in the amount per share per annum$ M- i7 v* M; Q
determined by multiplying the Annual Fixed Dividend Rate applicable to9 k$ i) _, x, O) H/ U/ e( P! U% Z
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend( |5 r+ Q+ ?9 z& v5 v- o
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
# K/ M  h6 E; n& yBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day' M; f1 E+ ~4 O* {( E# h; t0 N
of such Subsequent Fixed Rate Period and will be equal to the sum of the0 z% I: `8 R% I  k
Government of Canada Yield on the applicable Fixed Rate Calculation Date2 M1 @! P4 V5 w4 A
plus 3.83%.
$ s1 I  I- n+ V9 @3 k: }2 S" kIf the Board of Directors does not declare a dividend, or any part thereof, on
1 h6 S$ @/ Q2 a' ?the Preferred Shares Series 18 on or before the dividend payment date for a
# N; i( p/ Y1 Eparticular quarter, then the entitlement of the holders of the Preferred
' R  k8 L7 [0 Q4 F/ w  TShares Series 18 to receive such dividend, or to any part thereof, for such* }2 g1 |0 g/ P( Q$ c8 \3 }
quarter will be forever extinguished.
/ @7 u7 }; Y0 b, eRedemption: Subject to the provisions of the Bank Act and to the prior consent of the  D$ T, s) W% Z& v' @* B
Superintendent and to the provisions described below under ‘‘Details of the/ A2 p6 f, b2 h0 \  \1 S, Y& S
Offering — Certain Provisions of the Preferred Shares Series 18 as a
7 f; P4 h8 b. e' B" zSeries — Restrictions on Dividends and Retirement of Shares’’, on( L; ?$ @) U+ Y# Z' k' @: R' i
February 25, 2014 and on February 25 every five years thereafter, on not
% I$ r6 u# w8 Q3 ymore than 60 nor less than 30 days’ notice, the Bank may redeem all or any6 @0 a$ r, |. z( }
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
* ~$ V0 p) K; V  Rwithout the consent of the holder, by the payment of an amount in cash for
7 ^. H- T' @: _4 P1 N) S1 ^: yeach such share so redeemed of $25.00 together with all declared and unpaid/ s8 W# _) {4 O4 I& V5 \
dividends to the date fixed for redemption.8 v+ G3 p& G! B/ I: [; [
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic, h7 H0 k/ i  `1 H; |- E# w
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
* t- o3 m/ |8 y1 [$ k. s) othe right, at their option, to convert, on February 25, 2014 and on4 ~: P$ }9 |$ M$ g4 ]; `' P( k. c
S-4
- D1 i6 |0 D7 z7 {. F& ^4 yFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
' s$ J1 @3 q) G6 Jor all of their Preferred Shares Series 18 into an equal number of Preferred  L8 E9 s( N9 b% Z$ T
Shares Series 19 upon giving to the Bank notice thereof not earlier than
- j& M% @( B+ r  O& V5 A5 S/ N30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day9 ^/ d2 _+ h4 _: e. B
preceding, a Series 18 Conversion Date.
6 l  r, M6 F0 D! ~) D( oAutomatic Conversion If the Bank determines, after having taken into account all shares tendered  l) }' W# H* {/ |( K
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
  L( _9 h7 Q6 [2 P0 ^4 j. c+ g7 OSeries 19, as the case may be, that there would be outstanding on such3 Z$ y1 |% C1 n1 F- |8 X* Y
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,2 }, v4 w+ u. t- e4 K! x
such remaining number of Preferred Shares Series 18 will automatically be
/ ?- ]3 o& q0 }% a( T9 x' l7 cconverted on such Series 18 Conversion Date into an equal number of/ Y- L6 X2 p( e+ P" [* Y
Preferred Shares Series 19. Additionally, if the Bank determines that, after
  ]. f9 A, H# Z( V& lconversion, there would be outstanding on such Series 18 Conversion Date# I; Y5 W( d/ T0 i8 i/ o3 F. \8 u
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares* G# H( L6 T- i* J6 @- f) r
Series 18 will be converted into Preferred Shares Series 19.
- k  R; ~0 ^$ _  X2 }$ oVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares% F  @* x! [& V( Q8 X0 m
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
$ n  g* B* C* a  d3 j4 ^( zany meeting of the shareholders of the Bank unless and until the first time at5 `% }) s# }, q. F1 k) u4 J
which the Board of Directors has not declared the whole dividend on the
( u8 o4 S2 P- I9 O' v# s6 n6 ePreferred Shares Series 18 in any quarter. In that event, subject as
7 o* f6 {2 L3 J" P0 Phereinafter provided, the holders of Preferred Shares Series 18 will be
! Z  ?: T4 u6 F$ E$ }6 n0 @4 Gentitled to receive notice of, and to attend, meetings of shareholders at which4 `, d; L/ t0 G- W4 \  S
directors of the Bank are to be elected and will be entitled to one vote for
, [1 Q: O) F. I/ w) ?+ v6 D. n3 Beach Preferred Share Series 18 held. The voting rights of the holders of the, ]" \$ o$ y- o1 n
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of5 ~+ @- d; d( k# O7 Y; e0 a2 U
the first dividend on the Preferred Shares Series 18 to which the holders are
/ z& A+ h& O$ m! oentitled thereunder subsequent to the time such voting rights first arose until# _1 x8 i6 S" A
such time as the Bank may again fail to declare the whole dividend on the' F9 V0 a: P6 o( t" Z/ U+ J  k( r
Preferred Shares Series 18 in respect of any quarter, in which event such1 h6 l; \& }5 d: ]6 {; R
voting rights will become effective again and so on from time to time.
& J: |. h% [( @9 `$ XPrincipal Characteristics of the Preferred Shares Series 19
/ V" z' W# [% z) s  W5 _Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive+ p. O' B4 d6 x
floating rate non-cumulative preferential cash dividends, as and when1 G4 a  S! o' Y* ^( R
declared by the Board of Directors, subject to the provisions of the Bank Act," V- Y. D* {6 @. S  n# ]+ Q( R
payable quarterly on the 25th day of February, May, August and November
* G; A8 [" g0 _- zin each year, in the amount per share determined by multiplying the
, `4 [9 O: r: V2 Capplicable Quarterly Floating Dividend Rate by $25.00.
0 o2 h) R& d4 \& [/ dOn the 30th day prior to the commencement of the initial quarterly dividend
  e* B% e) m9 K- g  tperiod beginning on February 25, 2014, and on the 30th day prior to the first
8 W; o9 E- u! Q( m+ o6 eday of each subsequent quarterly dividend period (the initial quarterly2 F" l9 n& W) [* t' `
dividend period and each subsequent quarterly dividend period is referred to6 T/ V2 W/ x9 S
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
% j0 m- {9 {; E7 T: {# _. Z% e/ bQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate) I0 T% s% E4 `7 k9 u1 ^
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the- \3 ~$ O+ ?  h4 h! E
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days+ h" _1 z- q- ^0 d" R# m
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
, M# ]9 D+ s! Edetermined on the 30th day prior to the first day of the applicable Quarterly8 h( q6 Y( @9 b( B3 x1 n
Floating Rate Period.' b8 \& J8 `& e7 |4 e& X
S-5
3 g$ X' E; p; ]3 N  v  f( JIf the Board of Directors does not declare a dividend, or any part thereof, on
. o. Z2 y+ _+ a9 F( Cthe Preferred Shares Series 19 on or before the dividend payment date for a
1 N6 u3 _" ]8 U6 I) R3 mparticular quarter, then the entitlement of the holders of the Preferred
5 L( w$ d% ~% ?2 K( P/ s, KShares Series 19 to receive such dividend, or to any part thereof, for such
* ?( j5 p# T, ^$ L( Xquarter will be forever extinguished.
+ p  c* ^; g$ z4 }Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
/ _# |% R" M. |Superintendent and to the provisions described below under the heading" o% O& w7 }( h3 T) N
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
/ x, D7 K! k% M" vSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
. X: f- f# d# w/ o% W- xon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
  {2 W: F* q' P) O; t! L- Jor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
1 f. V, e5 a: y7 Xoption without the consent of the holder, by the payment of an amount in
3 e1 U" n" Z6 W6 I7 W8 s7 Xcash for each such share so redeemed of (i) $25.00 together with all declared# w5 {/ }" v1 F
and unpaid dividends to the date fixed for redemption in the case of
8 z! L4 J! J9 O$ }redemptions on February 25, 2019 and on February 25 every five years9 {" @0 Q+ K0 z; `9 _- r; v
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to" A: g0 Q4 b: U# D
the date fixed for redemption in the case of redemptions on any other date
# i. E* O  S  ?on or after February 25, 2014.6 \8 v4 j! D7 i! q
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic' g$ e7 Z' C7 T! z
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
  L- j# |( F% ?8 D" uthe right, at their option, to convert, on February 25, 2019 and on0 F8 d* B% e# @* s& F* }
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
( f) f/ O2 z0 k6 }5 Hor all of their Preferred Shares Series 19 into an equal number of Preferred; k. f( H4 p! v2 G* O" @
Shares Series 18 upon giving to the Bank written notice thereof not earlier
1 P/ s5 A; C1 L0 J) ]( `than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the+ f" b3 l2 _1 W( y' h: z
15th day preceding, a Series 19 Conversion Date.
& t0 M/ ~; w( V* s2 wAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
. `7 P0 D+ C: h/ z/ iProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares% B0 d# ?/ t% l; W% t) S) d# g
Series 18, as the case may be, that there would be outstanding on such
( S: j0 D& u6 I  ISeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
' p" i& g. Y* ?. I# N' Csuch remaining number of Preferred Shares Series 19 will automatically be; w0 q+ ^) R: W( h4 p. N
converted on such Series 19 Conversion Date into an equal number of
( R7 V! ?# o9 D0 k0 pPreferred Shares Series 18. Additionally, if the Bank determines that, after
5 O; Z4 `8 r1 v, Q1 _conversion, there would be outstanding on such Series 19 Conversion Date' j3 l, \" B, b. D+ t. K$ h
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares/ a$ \# I. d" U
Series 19 will be converted into Preferred Shares Series 18.
! U$ k; y4 Y1 n) I" O5 YVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
: C6 a. \; K( P0 a, f) d& \' Y2 ISeries 19 will not be entitled as such to receive notice of, attend, or vote at,
0 m5 i1 r$ `7 ~0 d+ E% }" Oany meeting of the shareholders of the Bank unless and until the first time at
  y) y7 `+ }/ t0 J  q- Nwhich the Board of Directors has not declared the whole dividend on the
2 b2 K3 s% ~1 r' R$ g, u, wPreferred Shares Series 19 in any quarter. In that event, subject as
/ ~) N! f$ z* W% Nhereinafter provided, the holders of Preferred Shares Series 19 will be
& {* ?! `) U) L( G7 R4 ~entitled to receive notice of, and to attend, meetings of shareholders at which, k- S$ f: w$ K: g- u+ c
directors of the Bank are to be elected and will be entitled to one vote for
- ~& k. A( `2 u6 P7 F  R% ueach Preferred Share Series 19 held. The voting rights of the holders of the
$ Y. ]: h# U2 R; z1 o+ }0 FPreferred Shares Series 19 will forthwith cease upon payment by the Bank of3 M0 f' A' m; R: J: `/ F9 `, i/ m
the first dividend on the Preferred Shares Series 19 to which the holders are
! ~* w! ^% e" Y. \0 u# q+ \entitled thereunder subsequent to the time such voting rights first arose until
& r# t& l7 W2 e! @such time as the Bank may again fail to declare the whole dividend on the& g) Y4 W6 B  w. T" P
Preferred Shares Series 19 in respect of any quarter, in which event such, m; L# Z0 a, s. j5 K+ N3 Z3 j
voting rights will become effective again and so on from time to time.$ r/ J+ x' k* F9 T  i2 }
S-6- t3 x) O6 F. x: a! r
Priority: The preferred shares of each series of the Bank will rank on a parity with
0 X- w* p% z; A' {every other series and are entitled to preference over the common shares of; Q- j5 T5 f; n' ~9 t  @# q
the Bank and over any other shares of the Bank ranking junior to the
& }. s, l) N( p8 K7 m  I4 c& Zpreferred shares with respect to the payment of dividends and upon any
9 K) J, q  d5 S0 Fdistribution of assets in the event of the liquidation, dissolution or
; J/ z6 L7 C/ u& \1 o7 y8 Pwinding-up of the Bank.
' e' l' q3 L6 O- S' v0 u, gTax on Preferred Share The Bank will elect, in the manner and within the time provided under0 {7 _" K* Y  x% ]0 {! [% R
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
. P9 Q9 k7 ]" ?7 C1 g, U! ~Series 18 and Preferred Shares Series 19 will not be required to pay tax on! p0 A& N! |4 i1 G
dividends received on such shares under Part IV.1 of such Act.
理袁律师事务所
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。% M; R: H: h+ Q+ }6 [/ C* 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
$ `, [& I, B! e* }9 O2 [/ b

% k0 v, L0 B! g& |9 ]下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
1 u) ?  A( Y0 z6 n8 [6 V* z3 M$ I7 r! M' b
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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