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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。/ J3 M1 `/ ^! ^9 [. Y' B7 G; }
3 Y- y0 b  l) L/ J7 t2 ?

8 C: r. {* p3 @[ 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:
7 V3 x7 M; N3 V7 p' k. zSUMMARY OF THE OFFERING+ D& R! ]: d) g8 v
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’’." O  _+ @( s0 E' j2 c% f
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.9 r5 u- F) x! A" o2 a7 K
Amount: $150,000,000 (6,000,000 shares).! ?& l) U% |" }3 j. F
Price and Yield: $25.00 per share to yield initially 6.50% per annum.: J/ {: g: ?5 W. X( b8 C( V
Principal Characteristics of the Preferred Shares Series 185 d- y: [7 }3 ^$ Z! ]# s! M
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed! A6 o7 A- S) H3 X4 a! z  j( t- F) r7 a7 s
non-cumulative preferential cash dividends, as and when declared by the% j+ M3 r0 ]$ |! B+ q. X
Board of Directors, subject to the provisions of the Bank Act, for the initial
) L# L% B, D/ J9 k, @) h' }period commencing on the closing date and ending on and including9 ]9 w) c+ i' h: Q
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
4 t% x7 s$ W7 o  K25th day of February, May, August and November in each year, at a rate
* _) ]  N: h) u# F% d, eequal to $0.40625 per share. The initial dividend, if declared, will be payable
# b$ Q9 s3 d/ T0 n" r$ G/ mMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
. g( @7 [6 L% u, z# c0 }( c. Ndate of December 11, 2008.
$ u$ J" ~3 S, J4 N4 ~( z6 ?For each five-year period after the Initial Fixed Rate Period (each, a
8 S3 Q. F3 t9 y1 k/ ?- t  \‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares4 f! g* V/ P) `9 D' L! C' M" h
Series 18 will be entitled to receive fixed non-cumulative preferential cash/ @0 n+ a, H: u6 U
dividends, as and when declared by the Board of Directors, subject to the
6 B  s; H# L  [2 nprovisions of the Bank Act, payable quarterly on the 25th day of February,% L1 }9 Q) H7 Q+ i  G7 `
May, August and November in each year, in the amount per share per annum' }2 v2 G( X* i& s; K
determined by multiplying the Annual Fixed Dividend Rate applicable to
  P2 J% C! M  \& g( osuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
; G' r" C# A* i2 q1 NRate for the ensuing Subsequent Fixed Rate Period will be determined by the
8 _' I, @9 p: {3 _' n( ]Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day- `  |' h4 y; c$ G* B
of such Subsequent Fixed Rate Period and will be equal to the sum of the
- x( i0 v+ b$ `0 C+ s+ k5 vGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
7 A1 i" ]: Q" B$ ]) @+ Qplus 3.83%.
1 ^0 g- l4 ?' X$ d5 nIf the Board of Directors does not declare a dividend, or any part thereof, on+ D  R8 X( G. v+ G- s
the Preferred Shares Series 18 on or before the dividend payment date for a$ Y9 j8 L* s" H7 I! O! B7 |# c
particular quarter, then the entitlement of the holders of the Preferred( K% \  C; s+ b9 ?3 v  T7 g
Shares Series 18 to receive such dividend, or to any part thereof, for such
3 N& @' m8 Q8 `( M& Lquarter will be forever extinguished./ S3 b; O2 Z$ X6 |9 x. @& ?, f4 ?
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the$ k) W9 [# ]5 w8 d' |, H
Superintendent and to the provisions described below under ‘‘Details of the' o: n6 A& D( K2 s3 k
Offering — Certain Provisions of the Preferred Shares Series 18 as a
8 R; c# c% @, W$ J9 k7 {3 e: n4 f  }Series — Restrictions on Dividends and Retirement of Shares’’, on# \7 r2 q+ q% n% z  ~
February 25, 2014 and on February 25 every five years thereafter, on not
& o; b" O" b; W7 s# B1 Bmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any% _% G' F- K. i: s5 ^
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
: Q, u* ~# v0 r; w6 _  z3 P  Wwithout the consent of the holder, by the payment of an amount in cash for2 \1 N. A0 @" J0 \0 o
each such share so redeemed of $25.00 together with all declared and unpaid
2 ?' R7 A2 d1 M2 h! ddividends to the date fixed for redemption.6 f: L. a  |6 E# R
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic: k# E8 W" P1 V! W: n
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
' p' S4 s5 @/ t! l) vthe right, at their option, to convert, on February 25, 2014 and on
5 K0 u9 k. t( ^' C- pS-40 x4 I3 @) \2 R% v, Q
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any: x. A7 X7 J; f0 P  }0 F, O. c
or all of their Preferred Shares Series 18 into an equal number of Preferred
6 v& j: Y2 m4 }% BShares Series 19 upon giving to the Bank notice thereof not earlier than
1 j! D/ u8 z' c- S30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
, w% }! B) D  apreceding, a Series 18 Conversion Date.: T" ?% ~& V4 j. r" F( S- I$ b
Automatic Conversion If the Bank determines, after having taken into account all shares tendered4 k) \) o. L; J  p
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
  ^) P* J6 o' n( QSeries 19, as the case may be, that there would be outstanding on such
5 `6 f8 x. w! Z& FSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
; Q+ @9 g7 ~( Osuch remaining number of Preferred Shares Series 18 will automatically be
. W/ l* E! A/ u6 s- i% mconverted on such Series 18 Conversion Date into an equal number of' Z8 @+ B- C1 i: u) H
Preferred Shares Series 19. Additionally, if the Bank determines that, after8 H* }1 h3 M& m
conversion, there would be outstanding on such Series 18 Conversion Date
6 x% S& s" z9 P9 qless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares6 g' h" E/ Z1 x  p
Series 18 will be converted into Preferred Shares Series 19.2 o: A1 w% N+ i- ~! \! v
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares6 v' r1 l7 R0 e3 e6 }" ]. E
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
! @& `9 ~( d. ~any meeting of the shareholders of the Bank unless and until the first time at
! `. Y' I- A2 \- \1 G. @3 r' Twhich the Board of Directors has not declared the whole dividend on the
0 i" N) N5 s0 b# A4 nPreferred Shares Series 18 in any quarter. In that event, subject as# d4 l% C: T& S9 {( \
hereinafter provided, the holders of Preferred Shares Series 18 will be. E" }" {9 C" c6 n6 r# ^4 E9 v" o
entitled to receive notice of, and to attend, meetings of shareholders at which
5 Q3 \# N# x8 R, H5 Z9 l9 edirectors of the Bank are to be elected and will be entitled to one vote for
; S. ~5 \0 E3 S3 Seach Preferred Share Series 18 held. The voting rights of the holders of the' L8 c! [5 U$ y; d& l) h
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
* g6 ~, ]: o$ B1 |  \$ u) t1 s& Qthe first dividend on the Preferred Shares Series 18 to which the holders are/ Q2 l' [( ~( P8 ^
entitled thereunder subsequent to the time such voting rights first arose until
; b  I4 d6 C. V6 Fsuch time as the Bank may again fail to declare the whole dividend on the  `5 f* n4 H# H# d! y' M+ ^0 f  A
Preferred Shares Series 18 in respect of any quarter, in which event such
0 Q/ @6 W# D$ g9 k0 [% zvoting rights will become effective again and so on from time to time.& ?0 I5 e* g, V. |
Principal Characteristics of the Preferred Shares Series 19
: H: s& J0 x' P1 m- m- mDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
/ ]6 z. G/ s7 ]1 e2 k; _) b- Cfloating rate non-cumulative preferential cash dividends, as and when
' S( ?' H  R  ]; N; W+ edeclared by the Board of Directors, subject to the provisions of the Bank Act,% H7 T2 O1 a4 g8 K
payable quarterly on the 25th day of February, May, August and November; p8 K' j- s! }% J
in each year, in the amount per share determined by multiplying the+ F$ W& [' ?6 g2 t- n4 U
applicable Quarterly Floating Dividend Rate by $25.00.
  n: O7 H% N$ c6 f5 @& p4 O( u" E2 JOn the 30th day prior to the commencement of the initial quarterly dividend
4 N$ w. U9 j, A+ X: Lperiod beginning on February 25, 2014, and on the 30th day prior to the first9 K/ @7 q. W, J7 E
day of each subsequent quarterly dividend period (the initial quarterly
& z! r5 W1 J9 S" F7 {) T2 ydividend period and each subsequent quarterly dividend period is referred to
# d5 A# h- y) h" Q6 a% xas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
# @& J$ N/ ?/ `6 S9 v- _6 I, s$ kQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
' V4 v$ l2 x% y, p" Z" R* f/ vPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
( k6 e) ^: o% ^7 X4 K& y/ V5 `8 {6 ^T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days5 z2 B9 }5 s# |) P& M- W9 x+ O- E
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
9 X0 P: c! n% {5 K2 udetermined on the 30th day prior to the first day of the applicable Quarterly( Z, I/ E) u' y5 w0 k: X
Floating Rate Period.! n; B* w' o( U( j
S-5
) |! \2 e) r2 \- H3 \& b$ ^If the Board of Directors does not declare a dividend, or any part thereof, on7 E4 G4 I' A* z5 c9 b' d+ S
the Preferred Shares Series 19 on or before the dividend payment date for a
% s% _1 K) N3 ~9 o2 z1 pparticular quarter, then the entitlement of the holders of the Preferred+ ~7 V1 V* P1 I8 i, K
Shares Series 19 to receive such dividend, or to any part thereof, for such
9 ]: y5 }( m3 y7 t5 Xquarter will be forever extinguished.
" H: f' @& @: r' S" \3 LRedemption: Subject to the provisions of the Bank Act and to the prior consent of the' Q4 d# |; i/ `' I4 l! j
Superintendent and to the provisions described below under the heading
* T. V9 \( o4 M; O8 w7 Y* I5 _‘‘Details of the Offering — Certain Provisions of the Preferred Shares  ?. j4 d9 q4 d" w
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,) T( W. ^% H- t, n% i
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
. u8 |' ?- q5 W. }. U" C4 d) i& yor any part of the then outstanding Preferred Shares Series 19, at the Bank’s* |& t: B. t, X1 {3 M9 p& x
option without the consent of the holder, by the payment of an amount in: x* m( B  H( a
cash for each such share so redeemed of (i) $25.00 together with all declared
! M5 T2 T3 l: g, c, ]and unpaid dividends to the date fixed for redemption in the case of& |; e- }5 |2 w+ F" p6 x
redemptions on February 25, 2019 and on February 25 every five years" @& k$ E1 Y; H- Y
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to5 _  |: O9 ]: t8 i% N+ D
the date fixed for redemption in the case of redemptions on any other date$ Z% n- D, G+ A) O4 d- `. H2 t1 ]
on or after February 25, 2014.
: u2 R) L  G- Q) }Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
/ w! W5 U# J5 o- h  V7 C  KShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have- R  y3 p" T& ~( ]
the right, at their option, to convert, on February 25, 2019 and on
0 j) r3 N7 }- _& z; \- D. RFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any7 ~! s- W& t! }( z/ f+ S7 {( V
or all of their Preferred Shares Series 19 into an equal number of Preferred/ k2 Z6 ]( y$ [5 X/ p8 I. U+ F. B
Shares Series 18 upon giving to the Bank written notice thereof not earlier  A% _* P. J. a6 V' @5 n. m& V* o  U
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the  T' u1 @, a# E  Z2 C: `
15th day preceding, a Series 19 Conversion Date.) m# q6 Q! C1 Q7 o# c2 \
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
3 b- f3 z  ]# n+ h+ s# ^6 u9 \* ?Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares$ E& l$ t5 C* @4 W6 u$ {0 x: C
Series 18, as the case may be, that there would be outstanding on such
+ U% K6 N$ J7 C. D, ^9 g% U! ySeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,) W- a# m5 q0 l$ V; |
such remaining number of Preferred Shares Series 19 will automatically be# O8 o3 z! Q% g, J6 ]
converted on such Series 19 Conversion Date into an equal number of
5 f3 _/ R0 b$ u! J) C7 `Preferred Shares Series 18. Additionally, if the Bank determines that, after7 U: [0 o' y+ {4 T
conversion, there would be outstanding on such Series 19 Conversion Date
+ {2 u) l/ m  @3 g- Iless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares, @: d) j" I7 d& c3 h
Series 19 will be converted into Preferred Shares Series 18.
  i" D0 s: Y' U8 n% s1 W( TVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares+ |( o( P5 d4 Q2 p3 S+ m8 y
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
" h# ]- S% W, e1 r/ y2 @; Yany meeting of the shareholders of the Bank unless and until the first time at# q7 i; T) N6 Y  a
which the Board of Directors has not declared the whole dividend on the/ @8 r6 Z$ Z, r9 j! m1 n! {. x
Preferred Shares Series 19 in any quarter. In that event, subject as
. _! e* w+ h0 L3 T  f8 Z9 q+ Phereinafter provided, the holders of Preferred Shares Series 19 will be
9 a9 \" q4 [5 W) z3 Uentitled to receive notice of, and to attend, meetings of shareholders at which
2 X, V9 R' u: P, e' ydirectors of the Bank are to be elected and will be entitled to one vote for
  j  q9 [  k' f, F& ~each Preferred Share Series 19 held. The voting rights of the holders of the
3 G& J( [0 B* oPreferred Shares Series 19 will forthwith cease upon payment by the Bank of$ L2 V" U3 @+ F
the first dividend on the Preferred Shares Series 19 to which the holders are
5 p& Q5 p5 P7 U0 ?entitled thereunder subsequent to the time such voting rights first arose until
- R4 |5 I4 ^& {such time as the Bank may again fail to declare the whole dividend on the8 B2 w  L9 G7 z& W
Preferred Shares Series 19 in respect of any quarter, in which event such
; i& n# L; q# q" `; X( uvoting rights will become effective again and so on from time to time.
: N! I0 j) _0 a( ^5 US-6( t9 n8 W$ J/ f' r+ A3 q
Priority: The preferred shares of each series of the Bank will rank on a parity with4 f, i0 ~6 g6 y$ H
every other series and are entitled to preference over the common shares of
2 N- W4 a6 y) i0 i1 E  T7 Sthe Bank and over any other shares of the Bank ranking junior to the  z, C4 \- t7 W3 h* ~& D3 m# Y
preferred shares with respect to the payment of dividends and upon any" t& B7 X  U; _& w! b3 E$ U
distribution of assets in the event of the liquidation, dissolution or) y6 u2 H! s8 }
winding-up of the Bank.
5 r' |6 B" f$ e& d; A7 n9 ~. o3 m& HTax on Preferred Share The Bank will elect, in the manner and within the time provided under' c: o% f8 n# x  [! u
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
  j1 g5 J( }- \0 Z3 pSeries 18 and Preferred Shares Series 19 will not be required to pay tax on- P4 O# S/ l2 |8 Q% }- v0 N
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。1 H1 a# f7 q  V0 I2 G6 i% v
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

# l9 h7 o2 V# J- {! B
0 [; R6 f* j2 j( o* i: W下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
, Z: g' B+ k: {) q* g$ p/ Z- q4 B. t& ~/ |( x0 z. c' |
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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