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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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[ 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:
9 U# `4 D+ u- |SUMMARY OF THE OFFERING8 t1 D( ?1 P2 K5 c& Y
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’’.3 v+ m* ]" @+ L( `
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
& a3 D( a, J5 v3 z! y! F% sAmount: $150,000,000 (6,000,000 shares).
4 z2 S* I3 A4 c0 p6 r( N3 S- a5 C: LPrice and Yield: $25.00 per share to yield initially 6.50% per annum.; m1 }" C" ^7 X* v: H
Principal Characteristics of the Preferred Shares Series 18
5 {! h$ T3 A) i3 P# h' H$ o& ZDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed2 o- H  Y0 z0 i7 q* v
non-cumulative preferential cash dividends, as and when declared by the: r6 ~( s) T6 s4 @
Board of Directors, subject to the provisions of the Bank Act, for the initial0 S8 E; C  K4 X! @
period commencing on the closing date and ending on and including
# a; t3 C0 ~8 \& ZFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the3 F$ M5 ~$ J, u/ [8 R: G
25th day of February, May, August and November in each year, at a rate
- m5 i* @1 E; t" s) q; |equal to $0.40625 per share. The initial dividend, if declared, will be payable
7 E% u8 E% o% G3 Q/ q' xMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
. l* ]8 i/ o  [& ^date of December 11, 2008.- [8 J1 M- z& j6 Q0 f
For each five-year period after the Initial Fixed Rate Period (each, a
9 {3 F' M' G, Q2 H6 G‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
* {% W6 B1 c; A2 KSeries 18 will be entitled to receive fixed non-cumulative preferential cash
! V4 i$ L, v7 d5 z+ c# Z, wdividends, as and when declared by the Board of Directors, subject to the
4 ?4 o* K+ X4 `3 i( Uprovisions of the Bank Act, payable quarterly on the 25th day of February,% k5 Y2 N8 ?6 r1 ?* ?, |
May, August and November in each year, in the amount per share per annum, d0 T. y1 I) K
determined by multiplying the Annual Fixed Dividend Rate applicable to
+ k/ A) i" h, N" M9 ?& N" C( psuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend8 V6 ?0 @) _; V. R+ ~
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the5 l8 [/ _, t; L+ P1 x4 b
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day3 E! l" l* o8 ~. r' _( u  z
of such Subsequent Fixed Rate Period and will be equal to the sum of the
( C- h7 x' k7 _8 T& C7 L; x6 vGovernment of Canada Yield on the applicable Fixed Rate Calculation Date7 ?0 F1 |7 P* y9 Q8 n
plus 3.83%.
0 t" G" v# T$ \If the Board of Directors does not declare a dividend, or any part thereof, on
! R' t0 f, N7 R- q+ |the Preferred Shares Series 18 on or before the dividend payment date for a: y- A' x, }0 z8 V  d; F) ~
particular quarter, then the entitlement of the holders of the Preferred
' ]2 m, x0 G% m3 x7 {Shares Series 18 to receive such dividend, or to any part thereof, for such6 n9 r' W+ {$ @7 k
quarter will be forever extinguished.6 y+ D0 d5 k- y
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the( }3 Y. g6 ?4 n; `1 W( b
Superintendent and to the provisions described below under ‘‘Details of the1 }& f; `% b* m1 Z# v% ~
Offering — Certain Provisions of the Preferred Shares Series 18 as a( a# g! L: N7 J# w( J3 c) r: Z
Series — Restrictions on Dividends and Retirement of Shares’’, on4 R" Y6 G# F! C0 m! I  X
February 25, 2014 and on February 25 every five years thereafter, on not' H+ [6 m# d  O; o( {) g
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any' {1 [2 @! Y" n) m9 h
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
: o; Y$ I! x3 a% ^' s" swithout the consent of the holder, by the payment of an amount in cash for% Q" k4 R6 t) z# s+ D0 D# i( x9 E
each such share so redeemed of $25.00 together with all declared and unpaid
* V" c  m2 X8 ^& ddividends to the date fixed for redemption.1 g2 i# [: Q: @% |. k( [4 a4 Q
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
0 R/ c# k6 ^7 V& G  ?0 F/ O" fShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
7 F) R% t3 X! j, Wthe right, at their option, to convert, on February 25, 2014 and on
5 Y, `3 U( p: g( n' mS-4
! ~( l  w! K# j" h5 Q! Q) vFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any* v% S  g& i  v* \$ M
or all of their Preferred Shares Series 18 into an equal number of Preferred3 u9 U8 W/ m+ u5 ]0 _
Shares Series 19 upon giving to the Bank notice thereof not earlier than% K: _9 v& R- k) ?. o
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
1 Q  V5 k$ E: A1 x( |+ g6 Ipreceding, a Series 18 Conversion Date.
5 r' i# Y" B. q; _, ^. z2 tAutomatic Conversion If the Bank determines, after having taken into account all shares tendered% o/ v. Q) g4 D
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
9 Z, b& j5 u6 @8 k3 e, Y6 TSeries 19, as the case may be, that there would be outstanding on such3 u7 N9 h# g$ D1 N
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
$ d8 }, H* b3 Isuch remaining number of Preferred Shares Series 18 will automatically be, J# H4 e" J0 q6 _
converted on such Series 18 Conversion Date into an equal number of5 n8 f# n( k4 K: ]
Preferred Shares Series 19. Additionally, if the Bank determines that, after3 G( p3 }# _6 R5 W
conversion, there would be outstanding on such Series 18 Conversion Date
9 N8 ~5 @7 Q6 Eless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares, R. k7 o- ~! k  j+ Y: e  J3 ^
Series 18 will be converted into Preferred Shares Series 19.
! ^" ]* A6 ?$ dVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares; c5 n5 ?) ^; w
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
1 V7 P2 @# c1 \( O/ gany meeting of the shareholders of the Bank unless and until the first time at
( N8 \3 x8 A; B7 C/ j' Swhich the Board of Directors has not declared the whole dividend on the( ~- v0 o7 }' W/ H. A
Preferred Shares Series 18 in any quarter. In that event, subject as
8 N; V4 \' P0 e1 L! c- [hereinafter provided, the holders of Preferred Shares Series 18 will be! M; y$ k9 s* ^; c! T  T
entitled to receive notice of, and to attend, meetings of shareholders at which' \3 R* [, E+ L+ c! b+ d
directors of the Bank are to be elected and will be entitled to one vote for
. [2 k3 p4 R( p: \8 x1 qeach Preferred Share Series 18 held. The voting rights of the holders of the. B# D; V( l& [: X
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of5 X# j. v  p5 b& `
the first dividend on the Preferred Shares Series 18 to which the holders are
2 n) R: g: g" V+ m# Y; w) Wentitled thereunder subsequent to the time such voting rights first arose until; o) B; O- ?& D& i
such time as the Bank may again fail to declare the whole dividend on the
0 [( h& L' d* X- a' WPreferred Shares Series 18 in respect of any quarter, in which event such  Z% C0 q: W9 i) y
voting rights will become effective again and so on from time to time., @6 N( V9 i+ |) A' h/ m5 l
Principal Characteristics of the Preferred Shares Series 19
" c/ I! ?! q$ ^; u2 T( l# sDividends: The holders of the Preferred Shares Series 19 will be entitled to receive0 C8 n5 n1 c4 y9 ]3 B
floating rate non-cumulative preferential cash dividends, as and when  r5 w4 E& F' }/ N& H
declared by the Board of Directors, subject to the provisions of the Bank Act,
+ {) D3 c6 s8 B0 R0 e3 npayable quarterly on the 25th day of February, May, August and November
3 c0 ^5 u; X2 xin each year, in the amount per share determined by multiplying the7 U5 n5 p8 Y1 o5 }& a: d
applicable Quarterly Floating Dividend Rate by $25.00.3 a0 G8 T9 X7 N
On the 30th day prior to the commencement of the initial quarterly dividend
, E. q; {0 [) F! ?% Q: jperiod beginning on February 25, 2014, and on the 30th day prior to the first
! g6 r; m7 B+ @" k* A) A# ~day of each subsequent quarterly dividend period (the initial quarterly
  t3 ^3 S, }& H- ]2 Jdividend period and each subsequent quarterly dividend period is referred to- W6 v# s" T# P  p) ~
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
8 p7 o9 M# J" l& p; y) }( JQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate) m( {: t6 \* P+ s) z& x
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
$ d: B- B* U% ~+ N7 L9 xT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
+ \( p: m* N3 P1 d' melapsed in the applicable Quarterly Floating Rate Period divided by 365)+ A2 j* s% ]) s. J
determined on the 30th day prior to the first day of the applicable Quarterly8 l4 U" U& w+ ~* ^* B
Floating Rate Period.
( \1 r& v1 \. V' O4 XS-5
# D7 g2 A# z1 D' nIf the Board of Directors does not declare a dividend, or any part thereof, on* M  k5 {7 c* @2 m$ Z. f1 S4 H
the Preferred Shares Series 19 on or before the dividend payment date for a; G- X9 \* M: h4 \/ y: y- c
particular quarter, then the entitlement of the holders of the Preferred5 k- L% K6 q" i; w
Shares Series 19 to receive such dividend, or to any part thereof, for such. c, {, n* o  n. H* [6 C2 L' h) ^
quarter will be forever extinguished., C( f) s. W$ W- N7 [$ u/ @0 [
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
! Y0 E# m) o3 D9 v* b7 w9 S2 [Superintendent and to the provisions described below under the heading' y. a+ g4 i$ Q/ U4 ?7 ]$ I4 T
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
& Z4 W: p+ E, ~4 `, {) U" R. _Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
1 O3 Z& d  T  s: l/ Mon not more than 60 nor less than 30 days’ notice, the Bank may redeem all0 N! W0 E% Q" r) T( y6 b! j
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
6 c6 i) b& a& d; s3 I7 e( roption without the consent of the holder, by the payment of an amount in
1 j0 [* \$ Z3 N) gcash for each such share so redeemed of (i) $25.00 together with all declared2 X( G  w/ r: ]4 z
and unpaid dividends to the date fixed for redemption in the case of
6 U; m8 N$ B# F& U( _" ?redemptions on February 25, 2019 and on February 25 every five years
! `/ J: {/ U( D% _! O5 d4 nthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
/ Y+ H& Q: |3 X$ P& v/ [& N  Xthe date fixed for redemption in the case of redemptions on any other date
% Q5 w3 {: o* _2 `on or after February 25, 2014.
' Z+ X  F( q) ^; r. {% pConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic5 l' C; c$ v. o7 w8 ?, ?2 i
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have, k" c, g& a% b
the right, at their option, to convert, on February 25, 2019 and on
" C0 \) j( d0 L! o3 RFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
* _2 }6 Y) u0 c8 b' p& Hor all of their Preferred Shares Series 19 into an equal number of Preferred
* S7 r3 u. v2 M! M% V& gShares Series 18 upon giving to the Bank written notice thereof not earlier* R% t; I, o, E% I# [6 q9 u4 J
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the) V1 g; d7 i' S8 Q0 w& [
15th day preceding, a Series 19 Conversion Date.1 n4 W0 m, B) S8 k' P
Automatic Conversion If the Bank determines, after having taken into account all shares tendered" B4 S4 B6 d6 x1 F0 R. A
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
. m) ?8 q; i2 k) i. Z4 RSeries 18, as the case may be, that there would be outstanding on such
( ^# p" k( l* N2 F  j$ LSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
+ y. G3 H7 U* B# S8 g8 R& P6 Rsuch remaining number of Preferred Shares Series 19 will automatically be
5 W5 q6 }6 p% F6 Qconverted on such Series 19 Conversion Date into an equal number of" d1 s3 ]) v/ \4 V* o
Preferred Shares Series 18. Additionally, if the Bank determines that, after. p: i, S" ?/ x! Y- v
conversion, there would be outstanding on such Series 19 Conversion Date/ y) d7 j: l) L$ C" Q$ f
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
* S; D3 V3 }( y" K8 s, }Series 19 will be converted into Preferred Shares Series 18.
$ R6 v' E; W  @3 P7 [Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares7 }" Z) j' q& S
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
5 m% L0 E& |. I, |any meeting of the shareholders of the Bank unless and until the first time at2 o9 E* m$ F: a
which the Board of Directors has not declared the whole dividend on the- K6 ?" A0 `% ~% @0 i8 o. K
Preferred Shares Series 19 in any quarter. In that event, subject as
, R* u" ~' A1 z& bhereinafter provided, the holders of Preferred Shares Series 19 will be" V% J. f8 y' K/ J, A
entitled to receive notice of, and to attend, meetings of shareholders at which1 o3 Y: [9 i9 H2 t
directors of the Bank are to be elected and will be entitled to one vote for
) O' |  Z% u5 i+ _! i$ V% v: xeach Preferred Share Series 19 held. The voting rights of the holders of the
$ ~9 T2 Q  F; f& D) \0 yPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
* i" O$ _. t$ U8 A* o6 Vthe first dividend on the Preferred Shares Series 19 to which the holders are8 `/ w. n. s; e" u) ]' M( r- A
entitled thereunder subsequent to the time such voting rights first arose until
4 f; V8 a. T; L" u7 o& C" vsuch time as the Bank may again fail to declare the whole dividend on the
  Y/ K1 f3 l; E0 zPreferred Shares Series 19 in respect of any quarter, in which event such
3 ]8 d+ ~2 d1 O# s  k% y. Wvoting rights will become effective again and so on from time to time.
/ Z3 Z+ N) a5 g' L9 ?% y: lS-68 W8 i' ^* d" T  r
Priority: The preferred shares of each series of the Bank will rank on a parity with7 @4 R+ Z/ h% n& [7 M0 t
every other series and are entitled to preference over the common shares of; [+ f, h& c3 N/ m
the Bank and over any other shares of the Bank ranking junior to the$ f* {1 O9 J1 r9 u. t5 q/ a: Y
preferred shares with respect to the payment of dividends and upon any
8 J2 B5 v# l% d5 l8 fdistribution of assets in the event of the liquidation, dissolution or$ J& D- `" p% F& w- ~
winding-up of the Bank.+ t4 C& H6 p9 b6 d
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
/ e0 r& N" j9 E8 k1 cDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
. R- z: ]7 S2 p/ \5 ~4 z( GSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
3 p0 J8 U+ s7 O' `: u6 cdividends 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。; j" Q+ ^% Y$ _8 ^9 u# Y2 |0 F
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
- B' _5 J. l/ H! j% W
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下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。# F& a- V% x; m5 s2 Y  ^$ V) B; u' x

/ e7 n% I% b4 b) P7 _- Lcall 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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