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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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# q5 |9 g, E0 K/ j6 M[ 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:
4 w! @: c/ [# E- ?SUMMARY OF THE OFFERING
% a* @) V) b( n5 oThis 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’’.
/ g' g, L" n; k8 JIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.1 w5 s  G1 M( J, R# }
Amount: $150,000,000 (6,000,000 shares).9 q7 w& ~) P4 ]* n; e$ `5 B
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
" N" e  F" C6 O& H+ i% CPrincipal Characteristics of the Preferred Shares Series 18; G! R: K; c! M( O
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed$ U% e1 }$ Z- ~7 |. C: A
non-cumulative preferential cash dividends, as and when declared by the5 A+ e# Y( t; n' F
Board of Directors, subject to the provisions of the Bank Act, for the initial
3 L! j! C7 p3 Q/ z" gperiod commencing on the closing date and ending on and including. t# m, l! D: ?/ ]
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the- J3 g3 _5 s* O$ a) @
25th day of February, May, August and November in each year, at a rate( [( s( O4 p2 h$ i
equal to $0.40625 per share. The initial dividend, if declared, will be payable" R0 r0 f5 E' `% [
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing9 Q4 t. q7 \: l  m+ t; e
date of December 11, 2008.' s8 A9 ?7 [6 S* S$ A! J1 W9 |" p
For each five-year period after the Initial Fixed Rate Period (each, a; Z* S- x/ J( p$ Q- y& C7 ^
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares+ U8 R  M) G5 s: l$ t: U, z
Series 18 will be entitled to receive fixed non-cumulative preferential cash( X8 I$ o1 E  N, z% m( l
dividends, as and when declared by the Board of Directors, subject to the8 p2 J# ~, s' W
provisions of the Bank Act, payable quarterly on the 25th day of February,
$ o! k2 f( I9 L, f7 E% ]$ uMay, August and November in each year, in the amount per share per annum
( r% c/ }( P- ?9 [# Kdetermined by multiplying the Annual Fixed Dividend Rate applicable to) z1 C% n  V* g* N. G5 D" o
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend7 [5 }6 b+ C% `
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the; h/ V: G: F( p! j
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day* y1 B; ?! S) Q
of such Subsequent Fixed Rate Period and will be equal to the sum of the
6 L5 b$ P5 t6 Q* P3 e; XGovernment of Canada Yield on the applicable Fixed Rate Calculation Date( L) \0 p" O+ \$ S
plus 3.83%.
$ a6 y9 F  `  T, g$ jIf the Board of Directors does not declare a dividend, or any part thereof, on2 P- Z7 h1 o+ N, U# }
the Preferred Shares Series 18 on or before the dividend payment date for a1 p0 X8 l/ v& ~0 i6 x! e& ]
particular quarter, then the entitlement of the holders of the Preferred
' A% F! S' O3 yShares Series 18 to receive such dividend, or to any part thereof, for such5 z' C6 P& p. G  B
quarter will be forever extinguished.7 }( b' ]" i6 ]0 H* S; h
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the7 a5 D! }+ Z. z8 W9 O
Superintendent and to the provisions described below under ‘‘Details of the
: d) K& `% W6 m  U4 e( ^Offering — Certain Provisions of the Preferred Shares Series 18 as a
2 k6 N/ k7 M* G  uSeries — Restrictions on Dividends and Retirement of Shares’’, on
( q8 Z4 C, {! v0 P" l. H" YFebruary 25, 2014 and on February 25 every five years thereafter, on not
5 |; ~7 G6 \; S8 V2 Umore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
4 L2 o3 ]. g, ^* N0 Kpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
% c5 ^* ]1 U: k3 ], xwithout the consent of the holder, by the payment of an amount in cash for
: N7 h3 q: `0 Heach such share so redeemed of $25.00 together with all declared and unpaid, G; s# M* v& h# n
dividends to the date fixed for redemption.( x7 {2 i* ?! c+ h4 |& g
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic5 r# w# G5 ~4 f% H4 R# l
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have* }/ l! v# Y: |: p; K  l7 P7 ^9 k3 l
the right, at their option, to convert, on February 25, 2014 and on
% A5 F  e: j7 E  ?  RS-4
+ ?8 p+ O$ g1 g+ E6 R. ~8 OFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any/ w) h3 q) h4 v( t1 g; H7 {
or all of their Preferred Shares Series 18 into an equal number of Preferred
% z* [3 `" a1 G' [- s8 n7 OShares Series 19 upon giving to the Bank notice thereof not earlier than
$ N  S# `* Z2 n/ s% D; M30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
0 _' X" ]* M4 h: y4 }. e* ipreceding, a Series 18 Conversion Date.
; x5 W9 U7 {) j; c( sAutomatic Conversion If the Bank determines, after having taken into account all shares tendered$ J6 T8 P; `- _" X6 E
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
, W+ n! t( t" \5 W8 z% h( ASeries 19, as the case may be, that there would be outstanding on such
% A. P: p! X( s( RSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
* g, a6 k! ^% A: L: tsuch remaining number of Preferred Shares Series 18 will automatically be
$ `2 \8 W" h2 f- wconverted on such Series 18 Conversion Date into an equal number of
% N& K+ x$ ?$ D' U' ~7 s7 B: TPreferred Shares Series 19. Additionally, if the Bank determines that, after7 M2 T1 f% z+ D( M" ]9 Q: ]0 G) ]
conversion, there would be outstanding on such Series 18 Conversion Date
$ }8 F9 k; N, p+ B7 m2 k, p! Vless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares- i9 W' D/ P8 t  K) l4 d
Series 18 will be converted into Preferred Shares Series 19.+ s) H1 @* N/ s- T* d3 }* k
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares% g3 E: g4 b/ d! S2 Y4 t8 E
Series 18 will not be entitled as such to receive notice of, attend, or vote at," t: J9 n5 C( Z. f& A* f" D
any meeting of the shareholders of the Bank unless and until the first time at
5 G' T/ O7 F# _3 z* V) }  Ywhich the Board of Directors has not declared the whole dividend on the
* k# A3 d$ }8 ]7 z6 ^( y9 vPreferred Shares Series 18 in any quarter. In that event, subject as' i5 L$ |; {) u6 O
hereinafter provided, the holders of Preferred Shares Series 18 will be7 j5 ]9 U' D; e/ w
entitled to receive notice of, and to attend, meetings of shareholders at which9 Y5 ^' S2 F" J  S0 m
directors of the Bank are to be elected and will be entitled to one vote for8 g9 Z* [& F7 [% g6 E& `
each Preferred Share Series 18 held. The voting rights of the holders of the; X5 v$ E. e& @0 o! l0 [* A
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of4 D* F: u1 V) M1 t; R& l) u2 S; k
the first dividend on the Preferred Shares Series 18 to which the holders are, D( r% ]" \! ?
entitled thereunder subsequent to the time such voting rights first arose until4 w- R. A4 m5 Z) E) S6 W6 C) s
such time as the Bank may again fail to declare the whole dividend on the; Q9 E7 q; p9 a0 X) N# ^/ j+ T9 u/ O
Preferred Shares Series 18 in respect of any quarter, in which event such
2 M, d! Q1 w3 d7 s$ W& Dvoting rights will become effective again and so on from time to time.
  Y& `. I9 k& j! p) I- u; vPrincipal Characteristics of the Preferred Shares Series 19
( a0 K/ w$ L) bDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
& A) _" X, |% hfloating rate non-cumulative preferential cash dividends, as and when& ~$ x) Y9 j8 T3 C6 M
declared by the Board of Directors, subject to the provisions of the Bank Act,
+ e8 y) G9 I* v1 p* Mpayable quarterly on the 25th day of February, May, August and November
; }) k& c& S6 rin each year, in the amount per share determined by multiplying the9 F8 w( b# {5 x) ^" g; K
applicable Quarterly Floating Dividend Rate by $25.00.! u. V# ]7 P' X0 p% T
On the 30th day prior to the commencement of the initial quarterly dividend1 e9 w+ ?2 _1 ~8 r- [$ `3 S
period beginning on February 25, 2014, and on the 30th day prior to the first! C8 D" r  x# p4 R; W
day of each subsequent quarterly dividend period (the initial quarterly- X, j7 g! y" q& f8 e; _
dividend period and each subsequent quarterly dividend period is referred to4 M$ F# {* s' w, y
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the8 _! }  L4 V3 `7 x2 K
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
3 k2 ~( c* p8 M2 iPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
' s9 z$ B" O$ v; U% K% Y: w) K7 FT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days3 g; I# |. I6 @' \$ D
elapsed in the applicable Quarterly Floating Rate Period divided by 365)% i0 a! v' s5 w" I  z
determined on the 30th day prior to the first day of the applicable Quarterly
% E& ~" r2 V; l& P( R& S4 D, _Floating Rate Period.0 s$ h& W9 u: e, R
S-5- H/ M9 @7 R  d+ V+ {7 V
If the Board of Directors does not declare a dividend, or any part thereof, on! f( ^; E& k) \- b4 V
the Preferred Shares Series 19 on or before the dividend payment date for a
5 }3 K" Y; e. Q" fparticular quarter, then the entitlement of the holders of the Preferred
; M7 F" |" y7 R/ Y/ zShares Series 19 to receive such dividend, or to any part thereof, for such, t6 l* P+ e, i
quarter will be forever extinguished." y4 c; T$ w2 H9 \* t. |; X; t$ T1 g( l
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
2 \" y: s. S4 o) @* I: YSuperintendent and to the provisions described below under the heading& }5 [% x. a- k$ ~7 }& g7 C1 k
‘‘Details of the Offering — Certain Provisions of the Preferred Shares- E3 O/ \1 G% {/ m9 @
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
) r- [$ l. I( S% ion not more than 60 nor less than 30 days’ notice, the Bank may redeem all, e& Z- q( r; e9 `6 |
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
9 g- ~% b) A% R  Y7 toption without the consent of the holder, by the payment of an amount in: T  T* \8 j2 d! k7 ?- d
cash for each such share so redeemed of (i) $25.00 together with all declared& d+ g3 s: k6 J& Z! _
and unpaid dividends to the date fixed for redemption in the case of* t6 @; {4 a1 s3 ^1 P
redemptions on February 25, 2019 and on February 25 every five years4 `# y8 _4 `: v7 ?* y: P
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
9 G8 [; j7 E' F$ ]the date fixed for redemption in the case of redemptions on any other date0 V) C0 \: `; D- E+ X/ b& q
on or after February 25, 2014.
. `# i2 j2 C* k$ I" I4 W% K! [$ ^# aConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
  @- k5 K6 q) K9 NShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
7 I& q5 I$ e- V" T" z! lthe right, at their option, to convert, on February 25, 2019 and on% a6 x. _+ D! |, ~8 |
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any* C1 d9 T8 [$ P. ~& ~+ h
or all of their Preferred Shares Series 19 into an equal number of Preferred
- z, A/ U* y( a/ X5 a) L) jShares Series 18 upon giving to the Bank written notice thereof not earlier
: L$ b( c+ y6 T- ^than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
# ^* R0 G0 |* t* w7 g15th day preceding, a Series 19 Conversion Date.- l. C/ U9 L1 ~4 z/ R* K
Automatic Conversion If the Bank determines, after having taken into account all shares tendered8 r& d+ I/ R* K: i! g0 O: }8 b
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares6 F; H6 f1 s  h7 j( [. y
Series 18, as the case may be, that there would be outstanding on such0 R. P- }9 W/ z% c! C2 ]* S
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
( L: C+ O0 \! e( s- d) R9 asuch remaining number of Preferred Shares Series 19 will automatically be! l" L( V! h3 d: l3 v- c7 f1 b! M( O
converted on such Series 19 Conversion Date into an equal number of
. w# L3 L% w3 Y7 }0 UPreferred Shares Series 18. Additionally, if the Bank determines that, after% J! V0 z1 I4 E2 I
conversion, there would be outstanding on such Series 19 Conversion Date
4 `% R( C) r+ mless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares  e7 `& A9 K0 v% T
Series 19 will be converted into Preferred Shares Series 18.
  F: k+ q& P1 }6 h; G! N, LVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
7 e0 O) T% i7 A9 ]+ N( iSeries 19 will not be entitled as such to receive notice of, attend, or vote at,7 y6 Y8 q  ?* m- ]" R
any meeting of the shareholders of the Bank unless and until the first time at% e2 s  g9 k# [5 `& W
which the Board of Directors has not declared the whole dividend on the
* x( z2 Y8 x3 r( P3 LPreferred Shares Series 19 in any quarter. In that event, subject as
( D' h3 k  T  ]8 e0 M- \* E& Shereinafter provided, the holders of Preferred Shares Series 19 will be* ~6 y* g0 Z. }5 b
entitled to receive notice of, and to attend, meetings of shareholders at which0 H( p9 J! Q' x
directors of the Bank are to be elected and will be entitled to one vote for
* q2 q, D! \0 S) u7 h/ Eeach Preferred Share Series 19 held. The voting rights of the holders of the
, R5 ~6 D! Q3 fPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
/ P7 W/ z) x' `  }3 k- Lthe first dividend on the Preferred Shares Series 19 to which the holders are
  `% W% P1 X- i8 |4 Aentitled thereunder subsequent to the time such voting rights first arose until
( V) F0 f  n5 t! M7 Xsuch time as the Bank may again fail to declare the whole dividend on the
& ^* w) H; v* f& L4 h# P5 t) D1 ZPreferred Shares Series 19 in respect of any quarter, in which event such9 c" e) N1 j' ?
voting rights will become effective again and so on from time to time.
$ `  v3 ]" _& L* L4 t; ?S-6
7 D% {' V; [  P, H% b% ?1 @' Z3 ]( R( uPriority: The preferred shares of each series of the Bank will rank on a parity with
# h7 ]3 f+ C2 M5 L- ~every other series and are entitled to preference over the common shares of
# m0 j& F% n9 E/ c/ O. I0 {the Bank and over any other shares of the Bank ranking junior to the
4 C2 V" ^! W7 o5 A2 Ppreferred shares with respect to the payment of dividends and upon any
+ `1 R  I) p7 f7 b6 \distribution of assets in the event of the liquidation, dissolution or' P: T3 r# V8 O" B. J
winding-up of the Bank." y8 u6 q+ }7 P6 }4 f
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under, `$ B6 w& {3 M! }; {6 g0 P
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares5 {) V1 k* t5 G# n3 {5 T
Series 18 and Preferred Shares Series 19 will not be required to pay tax on( b+ n0 o5 W. U. R3 Q* ]+ k
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。
9 V" F3 M4 _4 W0 N% v6 D1 u今天讲座如何?
大型搬家
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
; U' w; Z, b2 K+ c
+ H( }1 N9 s" v9 G* p
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。/ ^9 |* J: @+ _8 H4 w+ [

$ Z* r- d; W! _6 S; @, D+ Vcall 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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