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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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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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, v0 @. z, W, h4 N[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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 楼主| 发表于 2008-11-29 16:58 | 显示全部楼层
下面是BMO的:
+ Q2 n  S! ~) g( hSUMMARY OF THE OFFERING
4 g6 o" `2 }/ f. ^+ D5 o* A; xThis 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’’.* U/ \9 W9 d' h+ S! P$ @4 n
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
2 {' }3 D& C& S; qAmount: $150,000,000 (6,000,000 shares).
2 y0 l$ Q0 t% X( WPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
: K2 g$ E6 N  ?Principal Characteristics of the Preferred Shares Series 18
) g/ ^8 d6 C. `& K( ODividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed; X0 a& q+ K- v# ^
non-cumulative preferential cash dividends, as and when declared by the
% Y0 t! }8 k0 L  c* r1 x+ lBoard of Directors, subject to the provisions of the Bank Act, for the initial' q* M! m4 ]- {* p7 K8 q3 i
period commencing on the closing date and ending on and including
. ~/ _% D) M: b% Z: D% h& {February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the: u/ x( d  D- J
25th day of February, May, August and November in each year, at a rate% j  d" W- }, n& ~: S
equal to $0.40625 per share. The initial dividend, if declared, will be payable/ t* i9 r. T# H' F$ p$ x
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing3 H" o( Z8 \8 I  T2 @* n
date of December 11, 2008.1 Z1 d& c0 T- w3 c. v& J' E1 w. P
For each five-year period after the Initial Fixed Rate Period (each, a
. k: {( B: p; ^‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares/ B" C4 r: H( Q  l( k( @, z, z' i
Series 18 will be entitled to receive fixed non-cumulative preferential cash
9 r+ Z$ \* K: m' L4 a8 R, W7 qdividends, as and when declared by the Board of Directors, subject to the
1 d3 P8 r: V( Z1 H0 Jprovisions of the Bank Act, payable quarterly on the 25th day of February,% v* ?  _& O9 P7 g1 r" e9 U' r
May, August and November in each year, in the amount per share per annum
, _- D- b  M' c3 Mdetermined by multiplying the Annual Fixed Dividend Rate applicable to7 O4 m( X. T+ U& o' k
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
! D2 H6 z  e/ y$ `9 F4 @- z5 _& |5 \Rate for the ensuing Subsequent Fixed Rate Period will be determined by the% w* N7 m7 d* A
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day* U/ Y5 q/ X' h# s
of such Subsequent Fixed Rate Period and will be equal to the sum of the
: r- a) J% u" V% oGovernment of Canada Yield on the applicable Fixed Rate Calculation Date8 I/ u, @, G' c/ l
plus 3.83%." v0 p+ w2 v6 A# C
If the Board of Directors does not declare a dividend, or any part thereof, on
8 V4 E! c2 T) g" r7 Bthe Preferred Shares Series 18 on or before the dividend payment date for a
5 V" O: ?+ d* g2 Bparticular quarter, then the entitlement of the holders of the Preferred/ F& Q' [) ^! f) v& \' {: C. p. q' v
Shares Series 18 to receive such dividend, or to any part thereof, for such: k) @% _+ z, m1 M( `
quarter will be forever extinguished.8 I9 }+ r$ e5 s: J
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
) A9 J! v* M+ f) G( e- ^. s$ e0 \Superintendent and to the provisions described below under ‘‘Details of the1 M+ r: h; Z3 ~9 w
Offering — Certain Provisions of the Preferred Shares Series 18 as a
- x9 F# Z) R# j4 I. J# dSeries — Restrictions on Dividends and Retirement of Shares’’, on
/ s# \4 A, v# o# M" x' E- FFebruary 25, 2014 and on February 25 every five years thereafter, on not& q, f& o. {# {0 ]  H
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any) k8 H# p) `6 e) q1 k% p
part of the then outstanding Preferred Shares Series 18, at the Bank’s option- u; g7 l6 j' ^3 j' |, w5 m  ~- j9 [+ P
without the consent of the holder, by the payment of an amount in cash for
; R. j5 K* O! n) D# ]& |each such share so redeemed of $25.00 together with all declared and unpaid
) i4 r. ~! R  ]( {+ C, b8 m: qdividends to the date fixed for redemption.
2 d; O6 ?8 `8 A+ `6 O( _. QConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic1 R3 d6 h/ V" w6 ^2 f& A
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
+ g; Q7 Z7 o' e* z: c9 T/ }) ~the right, at their option, to convert, on February 25, 2014 and on3 G) t' J) D; J5 d0 J
S-4( t: i" v) {7 w/ o$ \. v
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
2 B& E  c: S2 S* S, ~$ |or all of their Preferred Shares Series 18 into an equal number of Preferred
( I- C/ K# n2 @$ GShares Series 19 upon giving to the Bank notice thereof not earlier than7 F8 ^/ m7 [( r
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
" a  {+ c& c3 U# d/ c2 Cpreceding, a Series 18 Conversion Date.
- ?! I( I$ J3 ~Automatic Conversion If the Bank determines, after having taken into account all shares tendered
  e7 r3 `+ J# v! C; NProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
% b# f1 `; [& |2 NSeries 19, as the case may be, that there would be outstanding on such
! C0 Z2 \9 u3 `( }; vSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,4 O# Z- S! J( g2 c8 L
such remaining number of Preferred Shares Series 18 will automatically be' e4 M: J, b2 Y  W
converted on such Series 18 Conversion Date into an equal number of
; A+ e& C" l: y1 v$ f5 r6 Z# HPreferred Shares Series 19. Additionally, if the Bank determines that, after1 ^# R0 E* o/ m$ E# o
conversion, there would be outstanding on such Series 18 Conversion Date' o; n+ H1 b, h
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares; n+ V! W0 d% I8 w" }3 f+ }
Series 18 will be converted into Preferred Shares Series 19.  B# l9 F5 u) M
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares! l* i. T' A2 U2 {$ l5 X. b
Series 18 will not be entitled as such to receive notice of, attend, or vote at," `* f; @7 r5 Q& t" ^2 i* J9 v
any meeting of the shareholders of the Bank unless and until the first time at
3 ]: V0 f% R. ^$ ]0 qwhich the Board of Directors has not declared the whole dividend on the
3 n& F% e$ k- oPreferred Shares Series 18 in any quarter. In that event, subject as
' E( i6 w; _, Y1 j0 f& o  y; a  dhereinafter provided, the holders of Preferred Shares Series 18 will be  k9 M& Y8 {: H8 m7 C
entitled to receive notice of, and to attend, meetings of shareholders at which* g- ?8 x  R5 B1 \5 W
directors of the Bank are to be elected and will be entitled to one vote for
2 m7 U6 k! S4 u( q$ X! keach Preferred Share Series 18 held. The voting rights of the holders of the
, D$ g4 l0 t# {6 cPreferred Shares Series 18 will forthwith cease upon payment by the Bank of/ K% Y3 [+ k9 N1 c4 d& _
the first dividend on the Preferred Shares Series 18 to which the holders are
2 O( ~2 l1 B& j! I- |9 u4 ]entitled thereunder subsequent to the time such voting rights first arose until
6 r. G6 c" U; f) S* Jsuch time as the Bank may again fail to declare the whole dividend on the
! r. O7 x4 X2 }+ |9 JPreferred Shares Series 18 in respect of any quarter, in which event such
4 K1 Q4 o+ a) v* M8 M  y/ ~& o) Uvoting rights will become effective again and so on from time to time.
& C% o7 |: g) T- [" Z- r! rPrincipal Characteristics of the Preferred Shares Series 19
7 S* I7 Q0 w/ n8 @" ?9 }Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
0 m4 O7 z6 R- N9 afloating rate non-cumulative preferential cash dividends, as and when
, z) B4 ]% L& C1 G$ y9 C$ O; ndeclared by the Board of Directors, subject to the provisions of the Bank Act,
; S( _' ?; S' w' A8 A3 _payable quarterly on the 25th day of February, May, August and November' V( s2 g' e3 w; ~. U) F  i
in each year, in the amount per share determined by multiplying the
4 I! H" _. V; I. P; {: g7 q# O. napplicable Quarterly Floating Dividend Rate by $25.00.
. j& x" r% V+ s  c' W2 rOn the 30th day prior to the commencement of the initial quarterly dividend% T2 H; S1 T  k
period beginning on February 25, 2014, and on the 30th day prior to the first
- v' }9 t8 a1 u8 v' W: y8 v' z# o& oday of each subsequent quarterly dividend period (the initial quarterly; B% a4 N& T/ J; Y; M' q; N
dividend period and each subsequent quarterly dividend period is referred to
7 Z- \9 v* N/ L2 m0 D4 sas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
# M# N3 e$ g3 K( jQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
* v3 s  c  T8 s! A0 jPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
) ^4 C5 a" }! ET-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
: }9 \' C' O; Z2 Zelapsed in the applicable Quarterly Floating Rate Period divided by 365)
& V' A1 Q7 p3 h; z# O! }% ^determined on the 30th day prior to the first day of the applicable Quarterly" \* J$ D8 S; l2 s1 |
Floating Rate Period.+ M4 F5 i- z6 J4 M
S-5
4 _# k% N& e2 f7 kIf the Board of Directors does not declare a dividend, or any part thereof, on, t3 A+ d. b/ ~
the Preferred Shares Series 19 on or before the dividend payment date for a
, G8 i- m8 W! r- s3 dparticular quarter, then the entitlement of the holders of the Preferred- y( X) i! A) g
Shares Series 19 to receive such dividend, or to any part thereof, for such( l( `( i* Y$ v% G
quarter will be forever extinguished.1 m. f: ^0 c3 v3 I$ E" ~1 B2 x0 ^# C' k
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
2 t* O5 l; }% ?. E* }7 Q1 }Superintendent and to the provisions described below under the heading+ e, k7 I$ b' P4 t7 ~/ s
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
# B  o" v( q) c9 mSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
) }- J1 s8 r1 n# don not more than 60 nor less than 30 days’ notice, the Bank may redeem all
' k0 t: l9 z4 c) r# B+ e6 Lor any part of the then outstanding Preferred Shares Series 19, at the Bank’s+ E( w8 n. s8 t' S( N
option without the consent of the holder, by the payment of an amount in
, A3 U% U- E$ M2 Ocash for each such share so redeemed of (i) $25.00 together with all declared/ A% e& M/ c# ?3 R
and unpaid dividends to the date fixed for redemption in the case of
$ k0 W) [# N6 r. W8 g; rredemptions on February 25, 2019 and on February 25 every five years; D2 v# Z9 M0 o0 i# w
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to# s* \$ f" Q3 O. P/ w
the date fixed for redemption in the case of redemptions on any other date
; k3 m: X1 h* z2 d, ~on or after February 25, 2014.
) i; u$ M# m- _; @3 ^Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
$ m) c# G$ M8 S) ^  Z. RShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
" Z  O" r2 F0 M( g* {( ]: Ythe right, at their option, to convert, on February 25, 2019 and on
4 i5 s& ]* J8 p0 ~) }" _February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any5 Q. Z. ?: H; O8 W+ a
or all of their Preferred Shares Series 19 into an equal number of Preferred
1 c5 V( W- ^. V4 [! v1 M' E  W# {Shares Series 18 upon giving to the Bank written notice thereof not earlier
3 f8 a2 e8 R( |* ythan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the& ^7 p$ a: _$ t0 W
15th day preceding, a Series 19 Conversion Date.; p: K4 g( j. b8 S5 X
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
$ T# N9 K% y- |6 q. ?! ?( I6 k, PProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
. \' K+ P  C; L  w9 d) OSeries 18, as the case may be, that there would be outstanding on such+ ~) Y, [$ q8 m: E: f( X
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
$ y! k3 j: G! F0 _such remaining number of Preferred Shares Series 19 will automatically be
2 T3 }& E4 [; e  f2 ~9 Wconverted on such Series 19 Conversion Date into an equal number of
; A) s/ K5 E7 ^1 Y  pPreferred Shares Series 18. Additionally, if the Bank determines that, after
6 m3 g7 r4 j8 Tconversion, there would be outstanding on such Series 19 Conversion Date* C' z9 Y" c8 f
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares6 P- n+ ?3 r1 [( z
Series 19 will be converted into Preferred Shares Series 18.
7 v  ?7 W$ v# _  X/ j: A* n6 A) XVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
$ D) Q9 k! T- W9 y# m- @+ ~Series 19 will not be entitled as such to receive notice of, attend, or vote at,
8 ?. i8 [! O4 qany meeting of the shareholders of the Bank unless and until the first time at
6 I0 A; D, @6 P, lwhich the Board of Directors has not declared the whole dividend on the
, ^% h1 d+ z9 A( l' q0 [5 PPreferred Shares Series 19 in any quarter. In that event, subject as
: R8 ~* B: ]5 B  N8 b+ whereinafter provided, the holders of Preferred Shares Series 19 will be
3 p, j) B- T2 V+ g' g" I- [. xentitled to receive notice of, and to attend, meetings of shareholders at which2 i  N" {2 \8 E% t$ P3 r
directors of the Bank are to be elected and will be entitled to one vote for/ E3 R& Y, h! G) T7 O
each Preferred Share Series 19 held. The voting rights of the holders of the
/ T  }4 w  b( |& V  h  Z) ePreferred Shares Series 19 will forthwith cease upon payment by the Bank of. Q! Z8 o5 a3 P, N$ [9 ^
the first dividend on the Preferred Shares Series 19 to which the holders are
* T: P# @! T. K1 V; I  [$ t% Gentitled thereunder subsequent to the time such voting rights first arose until
, u5 V7 a# H" z' d7 `such time as the Bank may again fail to declare the whole dividend on the
$ D# M8 W. z' o# ^+ ^2 H7 n! ~Preferred Shares Series 19 in respect of any quarter, in which event such8 ~! P. P$ U8 I) u3 o3 O+ O* M
voting rights will become effective again and so on from time to time.
0 d4 {. w0 Z  w4 [+ F/ _S-6
  v7 j- p# v, ~6 _' u& dPriority: The preferred shares of each series of the Bank will rank on a parity with5 l6 K! i, Q  \1 f# s$ x& U7 _' T
every other series and are entitled to preference over the common shares of
- n0 U4 k  G" hthe Bank and over any other shares of the Bank ranking junior to the# L- }9 U/ ]* {9 M3 e3 @; i* ~+ @
preferred shares with respect to the payment of dividends and upon any0 H" m+ J! A( L1 |3 Y$ `
distribution of assets in the event of the liquidation, dissolution or
5 T" p. b* T: X* W/ p: ~* Wwinding-up of the Bank.
1 O5 E: t; |/ O2 Z8 W+ u+ fTax on Preferred Share The Bank will elect, in the manner and within the time provided under( q8 Q( D8 e" C. s/ s; ~8 a( a
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
# s. a# Q( K) a: W/ ZSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
0 t1 I8 u/ S, U. F  F& Udividends 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。
) A  M0 C9 H; W" f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。
理袁律师事务所
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 18:26 | 显示全部楼层
! ^& i; R" O7 P

; D/ o$ a# S# u% _下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
0 r8 c# M; w$ ^6 x; K' o8 ?8 M$ E4 q: V0 x
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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