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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。) h0 E9 H; |4 B* h
2 W& ~' B. Y' l; v( ?! }) x2 W; `
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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* w7 p$ {% T  |0 }2 v9 vSUMMARY OF THE OFFERING  S* t; y0 t: {, k* K% J6 u( I9 s5 F2 H
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’’.
9 ~- ?" V3 T1 d) R6 x( aIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.0 g% A# ]) x* S0 h
Amount: $150,000,000 (6,000,000 shares).
1 L8 v- o3 o  T0 a3 _5 vPrice and Yield: $25.00 per share to yield initially 6.50% per annum.$ I8 e  D0 Z+ m, B* k" t; C7 ?
Principal Characteristics of the Preferred Shares Series 180 t% C/ R# r5 z
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
: q5 V# x+ p- O; Vnon-cumulative preferential cash dividends, as and when declared by the, Q1 C, t& B. m, k' w- w
Board of Directors, subject to the provisions of the Bank Act, for the initial9 g/ `/ R, h  v: \, I
period commencing on the closing date and ending on and including% ?- s1 |4 ^* Y: w* @6 J. r& X# ~
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the6 Z& o9 X' I- w; q) V$ V  B3 H
25th day of February, May, August and November in each year, at a rate! r) ?; E) ?' ^# e
equal to $0.40625 per share. The initial dividend, if declared, will be payable+ [8 i( C' D& D- x. x! B' m- }
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
9 R7 @8 K( x) T9 o* K. idate of December 11, 2008.
' s% m% [- S! i/ q& {, z0 e7 lFor each five-year period after the Initial Fixed Rate Period (each, a
$ _7 E5 E) P- T( U$ t‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
/ a  B, h' K2 g/ Q/ A2 F: JSeries 18 will be entitled to receive fixed non-cumulative preferential cash0 Y. D4 O0 u8 a5 k; D" U& H
dividends, as and when declared by the Board of Directors, subject to the
6 A' D3 d/ X2 M5 l# [) Z6 qprovisions of the Bank Act, payable quarterly on the 25th day of February,
/ k1 ]1 W' e5 ]0 }8 W6 aMay, August and November in each year, in the amount per share per annum
# e. s( _- U6 e/ }! y5 [determined by multiplying the Annual Fixed Dividend Rate applicable to
% }4 v& \, g: B5 k+ Zsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
7 |& A- P: l0 B1 O, FRate for the ensuing Subsequent Fixed Rate Period will be determined by the+ u9 y4 @; o  F) [: G
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
8 N, `) J8 V. r3 ]) S! iof such Subsequent Fixed Rate Period and will be equal to the sum of the* `" W# {+ ^9 `, f0 h  |4 [
Government of Canada Yield on the applicable Fixed Rate Calculation Date) @+ K; `6 [+ |! C0 L7 S! {' t
plus 3.83%.
0 P' B) j" C  d5 p; ^: rIf the Board of Directors does not declare a dividend, or any part thereof, on
6 ?, [& o; N1 Xthe Preferred Shares Series 18 on or before the dividend payment date for a: {) _0 W4 n7 {% W! k
particular quarter, then the entitlement of the holders of the Preferred) w5 B0 c& U7 \6 [
Shares Series 18 to receive such dividend, or to any part thereof, for such# L" D7 c! y% n7 j, j
quarter will be forever extinguished./ F+ K+ J; C; z5 y
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
2 ?# u# {) v8 H/ ~, FSuperintendent and to the provisions described below under ‘‘Details of the8 n- o: c; ~7 \% F! n1 `+ w
Offering — Certain Provisions of the Preferred Shares Series 18 as a& a+ D9 a% X& ]
Series — Restrictions on Dividends and Retirement of Shares’’, on
. C7 U; N- s; c0 a2 DFebruary 25, 2014 and on February 25 every five years thereafter, on not
% m0 X' _: \+ E+ {more than 60 nor less than 30 days’ notice, the Bank may redeem all or any7 R4 ]# A- ]  L  A9 p/ c0 {
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
0 Y# w0 q# J. z: wwithout the consent of the holder, by the payment of an amount in cash for
4 l5 X/ y( ?/ m+ p9 B) p! _. }each such share so redeemed of $25.00 together with all declared and unpaid
. [; D# `, `  }# jdividends to the date fixed for redemption.
; X# x4 p8 t6 O- Z! c' b, u) P1 JConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
( A* \5 w" Q3 ?. n1 rShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
6 H7 Y2 R9 A# e! P# ?: @8 L( ~/ bthe right, at their option, to convert, on February 25, 2014 and on
/ I- C7 d# X  r3 w+ WS-4: F+ z2 m0 n3 ?
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any$ [0 B( q( \( r) T' d
or all of their Preferred Shares Series 18 into an equal number of Preferred
: {. @- f1 N3 T$ ^$ a2 x% }( }Shares Series 19 upon giving to the Bank notice thereof not earlier than
& K! y) s; v' c# M, c/ [# w6 [* [30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
; m6 \9 l' P5 F0 q) G) npreceding, a Series 18 Conversion Date.; Q+ Q* M* v- R# \. p+ {
Automatic Conversion If the Bank determines, after having taken into account all shares tendered3 e6 L' A1 n1 L  c4 _( b( Z
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares% X- b( _5 K- ?. J% U; s
Series 19, as the case may be, that there would be outstanding on such
  m: C0 ~% e2 S8 a. O6 _Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
9 E; @$ i$ M0 B4 bsuch remaining number of Preferred Shares Series 18 will automatically be- }) d5 N0 w0 h/ e1 J- ]
converted on such Series 18 Conversion Date into an equal number of
/ Y! |' S0 w2 v/ mPreferred Shares Series 19. Additionally, if the Bank determines that, after5 N0 k- L( r5 e3 O- {, w
conversion, there would be outstanding on such Series 18 Conversion Date
; a( c/ r) C: Aless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
8 Z+ V0 G7 c1 F2 X& s7 F% _Series 18 will be converted into Preferred Shares Series 19.* H. z& `: W9 X% ^1 N
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares) [6 h5 u/ {1 g9 U0 t/ Y
Series 18 will not be entitled as such to receive notice of, attend, or vote at,' g4 M8 O' [% C$ ^3 c% [
any meeting of the shareholders of the Bank unless and until the first time at* q+ j: R1 r9 Y, k  Z
which the Board of Directors has not declared the whole dividend on the' o. J5 A0 L! ]* a# X. Y
Preferred Shares Series 18 in any quarter. In that event, subject as5 w* E/ o, _) n3 j  {- Y8 }! V6 L; s
hereinafter provided, the holders of Preferred Shares Series 18 will be! f- r3 E# `) @& g9 {( p
entitled to receive notice of, and to attend, meetings of shareholders at which
$ G. \  K) K- b: V9 h) Hdirectors of the Bank are to be elected and will be entitled to one vote for
; k9 t* `. P' Meach Preferred Share Series 18 held. The voting rights of the holders of the
8 R" U7 ]) f+ b0 vPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
1 T" D( a( Q: F: ]7 j; e. mthe first dividend on the Preferred Shares Series 18 to which the holders are
  |9 a$ U- y1 N" ^+ K1 \entitled thereunder subsequent to the time such voting rights first arose until5 w! ~6 i4 x" L# y5 g/ ]1 N
such time as the Bank may again fail to declare the whole dividend on the
$ |- u5 C' N: }Preferred Shares Series 18 in respect of any quarter, in which event such6 y+ q8 J& i: ^+ o
voting rights will become effective again and so on from time to time.
! J- p5 J: v1 c" z6 SPrincipal Characteristics of the Preferred Shares Series 19
" @( t  i6 E9 t' U* T% N5 SDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
9 z5 _$ ^3 _. s1 q+ f' M) w8 g2 Q3 _floating rate non-cumulative preferential cash dividends, as and when4 d1 h( y, t! ^* n5 Z$ }  l
declared by the Board of Directors, subject to the provisions of the Bank Act,
8 ~2 j. g; k9 N% S& e/ |5 {* i$ f" Ipayable quarterly on the 25th day of February, May, August and November" j* \& a9 }. Z0 j
in each year, in the amount per share determined by multiplying the! @3 V5 V* J5 _4 f+ h' x9 M
applicable Quarterly Floating Dividend Rate by $25.00.
0 v, z2 f( ]& a7 \3 _On the 30th day prior to the commencement of the initial quarterly dividend5 t6 j7 d& j  \) e! D9 ^0 A; U! P
period beginning on February 25, 2014, and on the 30th day prior to the first. q/ i# Q8 f2 b- m; r
day of each subsequent quarterly dividend period (the initial quarterly! b- c4 e6 Z6 g% N7 ~, q. G1 C
dividend period and each subsequent quarterly dividend period is referred to
" |7 X- b- [. d9 ]/ S" Uas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
- `% p4 r5 I+ a: ^" H% l$ xQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
3 ]( z# q& F; t1 z( qPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
! w- v" C. M; w% aT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days7 M# E# }/ q/ O% g& D: H( f
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
& T  o8 W' t7 Kdetermined on the 30th day prior to the first day of the applicable Quarterly
. X9 q+ J9 n/ Z/ u$ rFloating Rate Period.
8 n; Y  q% l3 t4 p! I  {8 Q5 qS-5
/ z" E4 u3 d* v8 X+ KIf the Board of Directors does not declare a dividend, or any part thereof, on' G+ @6 c; V& w( }, J! Q
the Preferred Shares Series 19 on or before the dividend payment date for a" u0 F9 ?( j8 L$ p( n
particular quarter, then the entitlement of the holders of the Preferred
* \: T: T9 G+ j& j! J- KShares Series 19 to receive such dividend, or to any part thereof, for such
: Q& p3 M8 E* [& S1 k( Q, }quarter will be forever extinguished.1 M, |0 u# Q+ b5 P: t
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
3 Q2 y0 V2 l: P! z; b2 H8 w% HSuperintendent and to the provisions described below under the heading0 {8 ~5 K: q; S8 X
‘‘Details of the Offering — Certain Provisions of the Preferred Shares8 C' v$ k# E9 _
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
2 H/ b& K. u& D4 {5 I( l* u* xon not more than 60 nor less than 30 days’ notice, the Bank may redeem all0 }- g+ @. f) h$ W8 e' k
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
# k: w# ]% _6 H8 I! t1 Ioption without the consent of the holder, by the payment of an amount in7 v: ?0 h0 d5 _! _# i: R, u8 |  ^6 f
cash for each such share so redeemed of (i) $25.00 together with all declared
2 x' `2 n7 A, band unpaid dividends to the date fixed for redemption in the case of/ u2 b6 k; ~! q- O
redemptions on February 25, 2019 and on February 25 every five years
+ ~: G* K% t' B( v0 O' gthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
! _1 e9 X/ U; \) i2 \+ W% M2 gthe date fixed for redemption in the case of redemptions on any other date
. U9 z% {1 K3 @4 F/ b1 Uon or after February 25, 2014.
5 {8 _5 y  |2 {Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
7 X7 X6 V& C* f2 @# jShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
# o* G4 y2 x3 Athe right, at their option, to convert, on February 25, 2019 and on% |  `* y8 Z: d- x' y% V
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any! c/ K7 ]5 T# E5 C7 L( L  n  l+ k
or all of their Preferred Shares Series 19 into an equal number of Preferred6 l7 k0 L# \7 S- W5 s+ U' D) x% O& R
Shares Series 18 upon giving to the Bank written notice thereof not earlier3 t# m! r1 o5 g0 s
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the  E2 X- _3 [# }4 J: H! K
15th day preceding, a Series 19 Conversion Date.4 T* Q: w; i$ s& c+ r" V
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
* @7 q  C: I& A+ z6 i" aProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
8 c4 D+ h3 R" M# I% L9 y" GSeries 18, as the case may be, that there would be outstanding on such
- e" i3 w6 h; ?: BSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,& J5 d/ k2 |# ], ?
such remaining number of Preferred Shares Series 19 will automatically be6 Q/ i" Q9 i% l0 \# @! n
converted on such Series 19 Conversion Date into an equal number of
7 ]) R+ O' }" K2 F) K' l; a% mPreferred Shares Series 18. Additionally, if the Bank determines that, after
6 @+ Y: q( C0 K- w" ?/ ]conversion, there would be outstanding on such Series 19 Conversion Date
1 I" W: Q7 V5 |2 Xless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares* d: P5 Q- ~. ~$ Q: q
Series 19 will be converted into Preferred Shares Series 18.
* d5 k# g6 x3 A% m! SVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares" o8 Z; \: c& H8 g7 j
Series 19 will not be entitled as such to receive notice of, attend, or vote at,4 S" W0 H& O+ {7 k3 F& L( G
any meeting of the shareholders of the Bank unless and until the first time at  L; \* e2 S, V+ e
which the Board of Directors has not declared the whole dividend on the  Y7 W4 _/ `7 S6 L% x& D
Preferred Shares Series 19 in any quarter. In that event, subject as
) V  B5 w5 ~$ ?; T% nhereinafter provided, the holders of Preferred Shares Series 19 will be
7 a' C9 ~. p' f+ |entitled to receive notice of, and to attend, meetings of shareholders at which! i! ^7 L: n4 Z8 H1 A  t
directors of the Bank are to be elected and will be entitled to one vote for
+ x' H7 O* j  a2 Neach Preferred Share Series 19 held. The voting rights of the holders of the
; j& d/ x- n8 GPreferred Shares Series 19 will forthwith cease upon payment by the Bank of! F1 g6 [) `; x% |2 r( V3 k
the first dividend on the Preferred Shares Series 19 to which the holders are
; W7 |( t) l' Tentitled thereunder subsequent to the time such voting rights first arose until
, J1 @# x( m2 ]' Q7 B9 m/ Ysuch time as the Bank may again fail to declare the whole dividend on the! l1 \# `' k- G  H9 L+ A# m& F
Preferred Shares Series 19 in respect of any quarter, in which event such
; @) u% F& g7 ^* x  ?+ Nvoting rights will become effective again and so on from time to time.) |, g- g& e8 L/ k
S-69 s( W' C9 k% s
Priority: The preferred shares of each series of the Bank will rank on a parity with
# g" i0 p0 I7 m: oevery other series and are entitled to preference over the common shares of
4 S* j- T( B0 r! qthe Bank and over any other shares of the Bank ranking junior to the+ E5 b/ }8 p5 r; x; A
preferred shares with respect to the payment of dividends and upon any2 k( j/ \4 r/ }/ H0 E
distribution of assets in the event of the liquidation, dissolution or" s- ?7 m8 U* U
winding-up of the Bank.  Q; I  ^* P# ^) b
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under7 n- d7 L9 ~# u  |
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
, H2 F/ R* s3 ^Series 18 and Preferred Shares Series 19 will not be required to pay tax on1 R' @; E, |! w
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。
( P/ L2 r2 L( O7 z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
2 S0 U5 _8 T( ?6 i
' S4 D% y0 y2 T7 R
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
( n% j) E' ]5 v% z$ q9 l% t) P" t7 l0 \/ ^
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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