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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。6 J9 q# x* m; |

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0 g$ x) Z2 k4 g' Y$ \/ `6 l[ 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:
+ h8 d; ~/ d/ b+ wSUMMARY OF THE OFFERING
, z* Y) j+ ^. a+ O& m+ ?, m. u! q- 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’’.' L+ W* }) @4 x. W0 A" m# m
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.) I+ C$ \/ t5 e$ q
Amount: $150,000,000 (6,000,000 shares).
0 ^  u7 h8 y* k/ yPrice and Yield: $25.00 per share to yield initially 6.50% per annum.) D* O3 x8 s7 S$ \9 v
Principal Characteristics of the Preferred Shares Series 18, Y0 y9 S+ F- m( v' j/ m/ y3 v& D
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed* T, o- R% z& a! ~
non-cumulative preferential cash dividends, as and when declared by the5 ~7 h+ p" z! |4 [
Board of Directors, subject to the provisions of the Bank Act, for the initial3 ^  p5 T; ]- a+ \0 K1 ^8 R5 K
period commencing on the closing date and ending on and including! p* F& c6 n3 G! W. q. K# F  ^) z9 R
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the$ \  m, d7 D1 A7 A: k' _  o
25th day of February, May, August and November in each year, at a rate* K) `+ {' y' a) v+ ^
equal to $0.40625 per share. The initial dividend, if declared, will be payable
, B/ T- T5 g1 n7 _9 y4 _, x7 aMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
3 ^. u* u  t  R  ^+ X  Ldate of December 11, 2008.1 H+ g5 u, b7 ]4 ?
For each five-year period after the Initial Fixed Rate Period (each, a
+ L1 e( ^' S4 p* U$ s0 P3 n‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares: u* g" ]( A% h, ]$ m# q
Series 18 will be entitled to receive fixed non-cumulative preferential cash  T* P# T& L0 d
dividends, as and when declared by the Board of Directors, subject to the
1 ]1 c5 L" Q9 o! w. _: N+ Uprovisions of the Bank Act, payable quarterly on the 25th day of February,: [3 ^  j: z* {* v( u/ _/ p: Q' {
May, August and November in each year, in the amount per share per annum
: o& ]5 B) D% L: X' Y0 R# cdetermined by multiplying the Annual Fixed Dividend Rate applicable to/ h) f0 X# a7 R* [7 R, T. w1 T
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
# o. t4 h$ E/ ]! m$ |Rate for the ensuing Subsequent Fixed Rate Period will be determined by the4 w; x& a( l8 R+ E3 K
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day0 a  m6 {9 i, h5 C& i8 _
of such Subsequent Fixed Rate Period and will be equal to the sum of the) b2 }1 b. W3 h. W) d; a
Government of Canada Yield on the applicable Fixed Rate Calculation Date: X6 C8 e, W: {8 o9 W: o7 a
plus 3.83%.
% d9 m+ b. e& X& `If the Board of Directors does not declare a dividend, or any part thereof, on
  r% c0 p0 B# I6 _. {- W& uthe Preferred Shares Series 18 on or before the dividend payment date for a
9 E# R! I* K. eparticular quarter, then the entitlement of the holders of the Preferred$ ^) i, e3 l" V  }
Shares Series 18 to receive such dividend, or to any part thereof, for such0 s: A/ {- m' S4 `3 f
quarter will be forever extinguished.
1 o' f. F- e: E( w3 r" Y# mRedemption: Subject to the provisions of the Bank Act and to the prior consent of the2 x% O! R( V0 z3 z
Superintendent and to the provisions described below under ‘‘Details of the8 \0 O/ x! R0 i' O% i# h: F
Offering — Certain Provisions of the Preferred Shares Series 18 as a
! R1 L+ O# j. L) d# S* L2 ASeries — Restrictions on Dividends and Retirement of Shares’’, on
% z4 j! l6 P; E* @February 25, 2014 and on February 25 every five years thereafter, on not
+ ]" `& G$ m# V( B5 Wmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
  e2 x8 [0 r# L, n8 G1 Q5 d& X/ W6 Opart of the then outstanding Preferred Shares Series 18, at the Bank’s option+ I: T) T) L) i  |- Q
without the consent of the holder, by the payment of an amount in cash for
7 {2 M6 m2 F9 P- O. q3 veach such share so redeemed of $25.00 together with all declared and unpaid
0 B2 v; j) g- d$ x( m! tdividends to the date fixed for redemption.6 j1 ?! m: W$ e+ H; K. I
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic  d7 B" _  P/ L! s+ [
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have; ^' l9 W& |% b# Y% z5 b0 s
the right, at their option, to convert, on February 25, 2014 and on2 v+ o5 l4 w9 k$ H3 |9 v
S-4( d' {# U  N$ p% u
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any' F; [6 [- E8 P0 M8 M
or all of their Preferred Shares Series 18 into an equal number of Preferred/ }, Y9 @/ @1 |$ P
Shares Series 19 upon giving to the Bank notice thereof not earlier than, k/ S6 l/ k( \7 ^
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
* A# K# m) W! t, rpreceding, a Series 18 Conversion Date.( N0 t( E; H: X  r" A+ x+ T
Automatic Conversion If the Bank determines, after having taken into account all shares tendered3 _- J" U2 h: z- A
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares( F9 ?9 ~" i7 {3 ]" o
Series 19, as the case may be, that there would be outstanding on such( e8 v3 Z3 V7 `
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
2 D! d  x; j7 Z9 psuch remaining number of Preferred Shares Series 18 will automatically be+ t, O! D. r3 a
converted on such Series 18 Conversion Date into an equal number of
* X' @% l' @& z2 r! m2 |+ Y; o* xPreferred Shares Series 19. Additionally, if the Bank determines that, after2 w6 p5 V  f! f  M8 c& D$ v
conversion, there would be outstanding on such Series 18 Conversion Date0 T6 S( @! D8 f6 k0 f* x; N
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares  n9 J- s4 t3 b: i( X% e
Series 18 will be converted into Preferred Shares Series 19.1 {/ ]) i/ g6 |
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
, v& m; ]  X( ?4 S, T; M- TSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
4 _" R9 f: x4 ]% k% Iany meeting of the shareholders of the Bank unless and until the first time at
; D% e8 v( y$ f9 R* n( m& M2 p9 qwhich the Board of Directors has not declared the whole dividend on the" v8 r: ?0 F' |! H3 W# D
Preferred Shares Series 18 in any quarter. In that event, subject as1 P7 B) r' m6 ^7 _* Z4 y; W
hereinafter provided, the holders of Preferred Shares Series 18 will be
' c  y4 M" [' ?entitled to receive notice of, and to attend, meetings of shareholders at which
: z: V. T. f( gdirectors of the Bank are to be elected and will be entitled to one vote for4 {# g- |1 F2 p, w
each Preferred Share Series 18 held. The voting rights of the holders of the8 \  N7 K! K7 B/ Z' i
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of* x' M) b! R& f( R+ y& i
the first dividend on the Preferred Shares Series 18 to which the holders are$ ~+ B; h  X+ Z& E
entitled thereunder subsequent to the time such voting rights first arose until) f. c/ W/ C% Z
such time as the Bank may again fail to declare the whole dividend on the
5 j, ?+ T& [) J+ C( r- h' B8 Q. XPreferred Shares Series 18 in respect of any quarter, in which event such
& D% g, a1 E7 W: q' i  _! Tvoting rights will become effective again and so on from time to time.
6 n2 ~, C% n( _: O5 M9 sPrincipal Characteristics of the Preferred Shares Series 19% I5 J- u. r3 t. [( F! l7 J
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive% y- i/ @; ~5 Y0 }
floating rate non-cumulative preferential cash dividends, as and when' Z1 Y  ?7 H1 M& z
declared by the Board of Directors, subject to the provisions of the Bank Act,
% w8 @" C# y( \4 a  n7 ]. [! r& upayable quarterly on the 25th day of February, May, August and November1 \2 i8 a+ }0 u' |: ^
in each year, in the amount per share determined by multiplying the+ _+ y& W' t/ Q) p7 ~8 M5 @
applicable Quarterly Floating Dividend Rate by $25.00.
$ G5 `; a3 z0 W! \$ wOn the 30th day prior to the commencement of the initial quarterly dividend( D$ @( Q' C* P  q/ A0 C, Q
period beginning on February 25, 2014, and on the 30th day prior to the first, f4 J+ x& c! ^9 \3 F: d" w! C0 D: S
day of each subsequent quarterly dividend period (the initial quarterly  R! _1 r0 ^& q7 C, S! i
dividend period and each subsequent quarterly dividend period is referred to
8 A1 c$ Q) t4 k* S1 l/ U  W9 m# ras a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
' X. ~) _5 B! X" S! l, V- n3 `Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate$ M: q0 @* Y0 H5 I+ Y1 g7 O* ?
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the! X; g' S' J2 S/ m- H* }
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
) a2 T7 F/ R/ ?. @6 t* e4 o5 ^* oelapsed in the applicable Quarterly Floating Rate Period divided by 365)
# w0 X/ M, B' pdetermined on the 30th day prior to the first day of the applicable Quarterly
) ^& _3 Q2 h% RFloating Rate Period.
% O% C* }( i& v' jS-5+ x: C, g" ]5 n
If the Board of Directors does not declare a dividend, or any part thereof, on
% X) `% M0 f' ]+ c0 athe Preferred Shares Series 19 on or before the dividend payment date for a
' M2 ?. C$ e+ Z  `$ |particular quarter, then the entitlement of the holders of the Preferred
1 Y/ L+ o# f# b3 u* K8 EShares Series 19 to receive such dividend, or to any part thereof, for such$ w) h, }6 c8 X5 H& x: W
quarter will be forever extinguished.# ~2 |% ~# W: g# U8 K: @5 U
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the9 E1 p1 a) N" S5 U+ G2 t6 V
Superintendent and to the provisions described below under the heading
5 O' O3 V0 C% U‘‘Details of the Offering — Certain Provisions of the Preferred Shares) [6 O" l+ t* Y! @, i
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
5 k. F6 Q: M, m% x, ?on not more than 60 nor less than 30 days’ notice, the Bank may redeem all( J. I. ?4 n1 e: Y9 D% y
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
( ?) [$ v  m0 [" v9 x- H' }option without the consent of the holder, by the payment of an amount in/ i9 I7 A9 F/ w( u( n0 S! O* e$ j
cash for each such share so redeemed of (i) $25.00 together with all declared4 K( z4 U+ W' A- {
and unpaid dividends to the date fixed for redemption in the case of
2 d  [9 ]% I* q+ Q! Z% j  w8 D/ Lredemptions on February 25, 2019 and on February 25 every five years) r8 I5 `5 |; N) [. {" _8 k
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to7 m  f6 Z4 w5 J4 Z+ x
the date fixed for redemption in the case of redemptions on any other date
' u% @4 r# S- J$ s; }2 m6 X7 Bon or after February 25, 2014.
8 x# [5 `( d* ~# A: L4 b7 tConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
# ?1 F1 J  a8 `. `: W3 zShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
, [8 u( ^& G' g, K: V2 Uthe right, at their option, to convert, on February 25, 2019 and on
6 j9 e2 w5 i! W  O6 Y5 gFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
5 j4 P4 I) C9 G& ^! Tor all of their Preferred Shares Series 19 into an equal number of Preferred  B( a* m# |  B! d4 L% b" n- j
Shares Series 18 upon giving to the Bank written notice thereof not earlier
7 R& l7 k: j, {4 ~3 q+ X/ Tthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
  I+ w4 ~3 n; K0 _) x15th day preceding, a Series 19 Conversion Date.
7 G( C* y1 L8 d6 I+ |9 {Automatic Conversion If the Bank determines, after having taken into account all shares tendered0 Z. i  l* X( _. H+ W2 ?( D$ X2 h
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares! c7 }) Y* D4 S: j4 n/ p. m
Series 18, as the case may be, that there would be outstanding on such9 P" K* J. b. |4 B, V6 h! A
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
* l2 k* V% |; a; K. Nsuch remaining number of Preferred Shares Series 19 will automatically be
( j1 y+ {+ S( `: ]converted on such Series 19 Conversion Date into an equal number of
: G7 Y' h  L  JPreferred Shares Series 18. Additionally, if the Bank determines that, after
3 `  m" y+ w% o  ?- T! Lconversion, there would be outstanding on such Series 19 Conversion Date2 g8 x, d  o0 }% a& @7 m& {
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares  q' X% a8 g+ p, A
Series 19 will be converted into Preferred Shares Series 18.1 x/ A* _6 m# G5 p5 H7 z# r: j
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares7 I: {  e' u" N- k$ E/ N3 s8 B
Series 19 will not be entitled as such to receive notice of, attend, or vote at,/ ]8 V. K) _; d) ~' s+ C
any meeting of the shareholders of the Bank unless and until the first time at+ j5 `2 D+ ~3 b% g" b4 }+ d! [
which the Board of Directors has not declared the whole dividend on the
9 W8 V$ P, T* P- VPreferred Shares Series 19 in any quarter. In that event, subject as0 l, G+ L+ B5 a8 r0 G
hereinafter provided, the holders of Preferred Shares Series 19 will be( i: e% E8 I+ Y* m& L; h& `( n
entitled to receive notice of, and to attend, meetings of shareholders at which
2 w4 R' K# ^$ `2 fdirectors of the Bank are to be elected and will be entitled to one vote for
/ Q' h6 L, ]  C" Weach Preferred Share Series 19 held. The voting rights of the holders of the2 s# f* Z3 R% R
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
: [8 p5 ~2 l* ^9 q0 o: Y! z  f  Qthe first dividend on the Preferred Shares Series 19 to which the holders are
9 [) N' z+ c$ ]6 y/ Wentitled thereunder subsequent to the time such voting rights first arose until1 d. l8 f7 s+ i& H% z  i
such time as the Bank may again fail to declare the whole dividend on the% x( o; e4 k6 J; k1 Z' m, \
Preferred Shares Series 19 in respect of any quarter, in which event such  \) _' f8 |. ?9 I- U  w* E
voting rights will become effective again and so on from time to time.
, W$ v, i4 A. JS-6! I% Y$ V/ d2 b3 _. `% O8 _6 m
Priority: The preferred shares of each series of the Bank will rank on a parity with
$ X! E6 w! v; d* j% devery other series and are entitled to preference over the common shares of
9 Z$ S$ f; r9 `9 g% Y+ P$ m7 Othe Bank and over any other shares of the Bank ranking junior to the" X# Z, b1 X2 y, ]  M
preferred shares with respect to the payment of dividends and upon any* e3 C: o+ `! @% K; W4 M& ~% `
distribution of assets in the event of the liquidation, dissolution or
+ N2 A. L4 z8 q  [9 |) g7 v% Ywinding-up of the Bank.5 n8 A! O# b7 r; b) {( [
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
% E$ s$ z. ~! p% L' l: TDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
- ~8 ~: F' g: v6 e' v9 RSeries 18 and Preferred Shares Series 19 will not be required to pay tax on2 B1 U' b$ [3 |5 `7 e
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。
! L$ E. S$ G5 f, k0 _8 C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

; L" H, D3 [& M: O4 d6 s. X' c9 S* n1 j
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。- @8 C3 C0 R- f4 _6 `
2 ]9 _( I, u, Z% [; w8 e) 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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