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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。8 a& ^* _2 ^& I$ p  N$ D4 z& v
6 w+ U- }8 F7 H7 N. n- k8 C

" Y( \1 u/ Q) e: @0 W+ {[ 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:4 C- j8 a; m0 V5 K; @/ f: ?
SUMMARY OF THE OFFERING8 b: x6 ?) M" S
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’’.
, U: J0 K& j8 R+ G* b9 SIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
# {- ]- v& U2 hAmount: $150,000,000 (6,000,000 shares).! }- S2 Z. p$ z2 e  s, Q
Price and Yield: $25.00 per share to yield initially 6.50% per annum.0 @7 I% N# ^9 Z
Principal Characteristics of the Preferred Shares Series 18: U& g# G& q0 S" |, z/ F
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed6 O( c" N8 l+ V- g2 g. I
non-cumulative preferential cash dividends, as and when declared by the; b+ l6 P+ ]4 H# S" m8 c9 S3 N0 K
Board of Directors, subject to the provisions of the Bank Act, for the initial
$ x. ~9 w$ O8 j, kperiod commencing on the closing date and ending on and including
8 D0 @5 ?2 Z9 a2 g) Z( ]% ~February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
; l0 S. P* H& h2 I( s# c; v25th day of February, May, August and November in each year, at a rate
! r& E! Q( i" u/ w, p7 F. bequal to $0.40625 per share. The initial dividend, if declared, will be payable. H- C3 q, p4 v
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
; c$ K7 D& Y' d3 ydate of December 11, 2008.
; _* b2 U! k; M# ]For each five-year period after the Initial Fixed Rate Period (each, a; O. ]* \9 |! w4 _7 H! ]4 W
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
8 Y# A% |2 K8 R4 Y# H8 Y* j1 xSeries 18 will be entitled to receive fixed non-cumulative preferential cash% I- P% _/ W$ F& }% q5 n
dividends, as and when declared by the Board of Directors, subject to the
! H$ ]2 [5 y- p( bprovisions of the Bank Act, payable quarterly on the 25th day of February,' k8 k) Q  Z9 Q, J) V+ n: w
May, August and November in each year, in the amount per share per annum) G$ c- D6 r2 I! p1 |" J0 }
determined by multiplying the Annual Fixed Dividend Rate applicable to# g8 ?, ~# `8 U; W% ^
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend5 f6 @/ E3 E5 M# C% M# V2 ]; m
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the5 w6 h8 w& b6 j
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
$ H5 s* a! R6 ~2 [- Wof such Subsequent Fixed Rate Period and will be equal to the sum of the' d9 J9 X0 ~5 ^- y
Government of Canada Yield on the applicable Fixed Rate Calculation Date" d  m) Q, M" ^- w
plus 3.83%.
7 h  [. F2 v) C6 kIf the Board of Directors does not declare a dividend, or any part thereof, on6 n7 g% K+ u- t
the Preferred Shares Series 18 on or before the dividend payment date for a5 L& r1 w' Z- }/ W7 j7 O
particular quarter, then the entitlement of the holders of the Preferred6 a; P8 Q( s6 j, w, C
Shares Series 18 to receive such dividend, or to any part thereof, for such# N; T7 D# o  @* |; }/ W1 ^5 o
quarter will be forever extinguished.
/ B: B# [* d4 v/ t+ O9 d% SRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
4 ^8 [; |6 ]: }0 ESuperintendent and to the provisions described below under ‘‘Details of the% r0 w# V; d5 c% S
Offering — Certain Provisions of the Preferred Shares Series 18 as a
. w, S' U! }$ OSeries — Restrictions on Dividends and Retirement of Shares’’, on
) g- H8 k9 x1 j* N) VFebruary 25, 2014 and on February 25 every five years thereafter, on not$ h7 O4 c& \6 w3 }  }1 d9 [
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any" |) A$ c" V0 \+ r2 r6 F
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
+ J( c) p8 j5 K. e! R/ A/ i  Wwithout the consent of the holder, by the payment of an amount in cash for; M" r3 u& d6 c
each such share so redeemed of $25.00 together with all declared and unpaid1 A6 @8 }9 C! P! s! h
dividends to the date fixed for redemption.
3 O0 w- }' N4 Q% AConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
( S$ M- r- s6 c. {' aShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have7 |2 D. F! A! ^/ r; \
the right, at their option, to convert, on February 25, 2014 and on7 p9 I1 b* u$ Z1 d& u/ a# O) R: m
S-4
4 j0 \' W! a: @February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any- S+ W: h6 C4 R& C
or all of their Preferred Shares Series 18 into an equal number of Preferred
3 G9 b, [0 j" L) {& L8 cShares Series 19 upon giving to the Bank notice thereof not earlier than
# E: N. z' P7 i6 r3 }5 T3 d( b30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
$ o5 {* h+ k4 e9 O! P& Z$ gpreceding, a Series 18 Conversion Date.
5 j* D4 T2 u6 x- e8 AAutomatic Conversion If the Bank determines, after having taken into account all shares tendered. }' U$ ^* y$ P8 I) e- Q  ?
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares, R5 n+ J1 c1 o
Series 19, as the case may be, that there would be outstanding on such" _6 @9 b$ z  n$ w* E
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,, U  A5 l4 ^% J6 u$ u3 {
such remaining number of Preferred Shares Series 18 will automatically be4 N. r& z7 u. p0 E( H2 P4 p
converted on such Series 18 Conversion Date into an equal number of8 z! v( h. {5 X
Preferred Shares Series 19. Additionally, if the Bank determines that, after4 q  e& d# k0 l7 z* S: \
conversion, there would be outstanding on such Series 18 Conversion Date
  o- S" f  x% T7 T, h7 |% r+ i3 C+ ~less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
9 C9 G/ v9 ^  v; ~' D4 ^" XSeries 18 will be converted into Preferred Shares Series 19.
2 a" b$ P8 G- c" `Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
# e0 z  `$ ^: M4 DSeries 18 will not be entitled as such to receive notice of, attend, or vote at,+ w0 c. d3 m, F4 F" w6 S
any meeting of the shareholders of the Bank unless and until the first time at
5 ~* U+ }  C2 lwhich the Board of Directors has not declared the whole dividend on the
. z- Y& `- H8 `7 ^7 G& E2 ]Preferred Shares Series 18 in any quarter. In that event, subject as6 d* k, U  @) W5 w" x
hereinafter provided, the holders of Preferred Shares Series 18 will be; l- p% B* s& J) G5 F0 G  `- Q
entitled to receive notice of, and to attend, meetings of shareholders at which
, J, z; x+ r5 N/ P" pdirectors of the Bank are to be elected and will be entitled to one vote for
2 S+ f  |7 N  D7 h8 heach Preferred Share Series 18 held. The voting rights of the holders of the
4 L' O* _) y5 k3 VPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
, Q, c$ f" i) B$ P6 w% G+ gthe first dividend on the Preferred Shares Series 18 to which the holders are5 m0 U3 ^: U# |" N4 m
entitled thereunder subsequent to the time such voting rights first arose until7 t  |) T4 d' ^: u4 O* n2 F
such time as the Bank may again fail to declare the whole dividend on the
6 \4 r5 S  K9 n& m1 m$ J0 `' d/ ZPreferred Shares Series 18 in respect of any quarter, in which event such
1 M0 u1 k3 ]0 H: {/ ]  [' `  uvoting rights will become effective again and so on from time to time.& a6 o- `2 y; O3 H6 a9 Y
Principal Characteristics of the Preferred Shares Series 19( I5 v0 N( b+ G  N' r* o
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive2 I$ N& c5 L$ F. }. w
floating rate non-cumulative preferential cash dividends, as and when
7 P& `; |" p; G" f% ~declared by the Board of Directors, subject to the provisions of the Bank Act,
% ?. s; R+ z5 dpayable quarterly on the 25th day of February, May, August and November
6 n& Y% w6 }* rin each year, in the amount per share determined by multiplying the3 z' `: l7 r% X; c+ p8 E& D  ?+ i2 u
applicable Quarterly Floating Dividend Rate by $25.00.
7 g6 j! `1 o, JOn the 30th day prior to the commencement of the initial quarterly dividend
/ l/ m+ Q9 b, o3 I. Lperiod beginning on February 25, 2014, and on the 30th day prior to the first* L5 |3 n+ [0 Z) ^! Y& [
day of each subsequent quarterly dividend period (the initial quarterly) h! \, V9 T, M( w$ u
dividend period and each subsequent quarterly dividend period is referred to
$ l, I" h9 O' \8 @6 N* `as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the5 x0 D, F: N; g- A; m
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate$ m' c: ]" D5 X' s: b3 t6 f
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the( t6 D+ S: \' p! T2 b/ f
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days% q  x8 J6 P4 o3 {" `$ G/ {4 Q# s
elapsed in the applicable Quarterly Floating Rate Period divided by 365)( C0 x( Z4 u: l) ?
determined on the 30th day prior to the first day of the applicable Quarterly# V. u) u" s1 o2 `- H% F& Q/ Z" O2 S1 @" }
Floating Rate Period.: c( x7 w4 J2 Q# O: K+ L0 W0 q0 Q
S-55 K7 p+ H" @5 C, B
If the Board of Directors does not declare a dividend, or any part thereof, on
7 }1 f3 J. u# e+ J: Y. sthe Preferred Shares Series 19 on or before the dividend payment date for a
6 N+ m0 J3 w3 S" Q5 n* r2 `particular quarter, then the entitlement of the holders of the Preferred
6 x7 q2 y- M0 }Shares Series 19 to receive such dividend, or to any part thereof, for such  S0 x  I, ?" X' z
quarter will be forever extinguished.
" B) e0 e8 x0 p. i4 c8 T2 A. gRedemption: Subject to the provisions of the Bank Act and to the prior consent of the% ]2 j  ^) J# k8 t: K
Superintendent and to the provisions described below under the heading
% U' D) D! [( w% A1 Y‘‘Details of the Offering — Certain Provisions of the Preferred Shares& P5 v) W# p( {; b9 P, B( s
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
2 c) P* P* _+ a6 p4 U) Von not more than 60 nor less than 30 days’ notice, the Bank may redeem all+ b! D+ w/ q' q4 j! D" E( x7 j
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s: k/ f& J0 M  Y) E7 |9 h- {
option without the consent of the holder, by the payment of an amount in/ Q2 f" B$ `# s" ?8 p  j
cash for each such share so redeemed of (i) $25.00 together with all declared
7 t) S/ e1 I- G" [/ k9 p. eand unpaid dividends to the date fixed for redemption in the case of
$ t, |' f: O) I% gredemptions on February 25, 2019 and on February 25 every five years) h6 T* ^& m4 L
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to+ a4 K! b" ~- [" k' e  H
the date fixed for redemption in the case of redemptions on any other date
% m' U  [4 C; won or after February 25, 2014.* X+ N# L2 v& X; w
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic  H/ D7 b+ p; {( w, E# A* ]6 W9 `
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have7 B. t: r% l( u" D! J" |
the right, at their option, to convert, on February 25, 2019 and on0 g( p! |# E4 J; F& s4 U% b
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
4 }0 ]7 U  ~; x9 h' K  ~9 u* Nor all of their Preferred Shares Series 19 into an equal number of Preferred8 P7 q3 ~) k; v3 U( X. c  }, w
Shares Series 18 upon giving to the Bank written notice thereof not earlier0 t! [, ]7 c) b9 ?0 {
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
% q1 ^3 @6 x+ _, ^15th day preceding, a Series 19 Conversion Date.8 n& \: p, s! ^6 q- }' C
Automatic Conversion If the Bank determines, after having taken into account all shares tendered4 [. z; c( q& b, N
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares  H+ c5 c4 U% ]( h6 T, z
Series 18, as the case may be, that there would be outstanding on such6 O' e- t( w! ?) e
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,! l  P/ U4 f% X' f" h# J
such remaining number of Preferred Shares Series 19 will automatically be5 {+ m4 J! x9 X3 x* I- q
converted on such Series 19 Conversion Date into an equal number of
* f4 I% z7 N6 C& A, u! F' |Preferred Shares Series 18. Additionally, if the Bank determines that, after
+ D# k# _* _* Y* bconversion, there would be outstanding on such Series 19 Conversion Date8 @0 k0 x  C. v
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
$ q1 |9 L6 F* c# v' e& m7 H5 USeries 19 will be converted into Preferred Shares Series 18.' A- f6 ?+ E2 a4 M# a& |+ ^
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares. I* H0 c# z' q/ r6 \5 _1 U' H
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
1 N" m% ^6 Q* I2 P) x+ {any meeting of the shareholders of the Bank unless and until the first time at  \4 P$ B1 o% n
which the Board of Directors has not declared the whole dividend on the& S; W1 i! X, D7 c0 @5 f' b4 Z
Preferred Shares Series 19 in any quarter. In that event, subject as
- O' L, m7 u( w- c+ S! [2 {: khereinafter provided, the holders of Preferred Shares Series 19 will be& w! E( J% j. a' G5 V
entitled to receive notice of, and to attend, meetings of shareholders at which! @7 e9 j" d1 q+ v0 n
directors of the Bank are to be elected and will be entitled to one vote for
1 W! a3 Z  \$ @each Preferred Share Series 19 held. The voting rights of the holders of the
, }# E8 S0 s5 ~1 @! IPreferred Shares Series 19 will forthwith cease upon payment by the Bank of- L* N! U6 l" Q0 I
the first dividend on the Preferred Shares Series 19 to which the holders are
0 U( d6 L9 P) {* A+ f2 {# ~+ Centitled thereunder subsequent to the time such voting rights first arose until
# W( P& a5 S2 u" Ssuch time as the Bank may again fail to declare the whole dividend on the
! x7 T/ g7 j& _& u. f( NPreferred Shares Series 19 in respect of any quarter, in which event such
) R+ m5 [! J" u: I' z5 y4 Nvoting rights will become effective again and so on from time to time.
- X. `' ]# W/ T' h5 Z* x; ?! F' P. {S-6
* G; a! t& N$ @- _) o6 cPriority: The preferred shares of each series of the Bank will rank on a parity with
$ V' ~1 {; n0 C  W( h+ V9 V" wevery other series and are entitled to preference over the common shares of6 b/ m4 N! i: e$ g, Y
the Bank and over any other shares of the Bank ranking junior to the0 i4 m2 U$ A/ w) ~. q# I0 J
preferred shares with respect to the payment of dividends and upon any/ m. @$ {2 c- [8 n, o$ ^
distribution of assets in the event of the liquidation, dissolution or
5 Y* A# I9 G! N# swinding-up of the Bank.; H+ `! E! B$ O2 r
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
" [( `$ \/ Y# C0 W* `9 f7 V5 z7 hDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares7 t/ \: J0 j  L4 S2 F7 A
Series 18 and Preferred Shares Series 19 will not be required to pay tax on: x  S; Z, y* f8 h% Y
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。5 O2 v; ?6 [0 N& W* }
今天讲座如何?
理袁律师事务所
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

- C: H; `" e& k) k, I7 i- z* u4 x) n  g8 @/ k/ L
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
6 X9 N$ q0 D% @# L8 \. h! x& V+ R$ d1 F/ v+ i: w, F8 ~+ C6 {, M1 ?
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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