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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。5 H* P, g: {/ A$ |6 P" H4 v6 i1 G

+ V: k! p: P/ g8 q$ M+ g
7 Q. F) _2 q/ o% q6 m  Q5 I% F% L8 A[ 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:7 ]% V1 X& \) O- R! Q& p
SUMMARY OF THE OFFERING+ R! }' ^& z- O) K8 t7 ?6 Z
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’’.; k( F0 w- a( n: V) V, z
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.  B! R4 I- D8 V4 {9 a
Amount: $150,000,000 (6,000,000 shares).* G  G& I8 _* S( X9 _9 w
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
7 P4 B: |( m4 O% EPrincipal Characteristics of the Preferred Shares Series 18" N+ \; ^( [" E" m( O" `
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed; W+ G  r1 g3 X9 I& B, l, X; o
non-cumulative preferential cash dividends, as and when declared by the
$ X% |% m" ]: L( r1 u) CBoard of Directors, subject to the provisions of the Bank Act, for the initial) w; v7 K* J9 ], h- |; B' w
period commencing on the closing date and ending on and including
1 Y6 L3 J! |: a" Q! aFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the! z% ?% y! P% k
25th day of February, May, August and November in each year, at a rate7 u$ t! l' _- w8 _# L
equal to $0.40625 per share. The initial dividend, if declared, will be payable5 H* A$ `' E9 [+ n
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
6 e5 t: I+ l0 O$ f. v- j+ Adate of December 11, 2008.
, i9 c' c4 ?# {5 MFor each five-year period after the Initial Fixed Rate Period (each, a
- `+ R  u" k& E: D. L( I‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
; ]2 ^: E( Q9 W5 {6 ySeries 18 will be entitled to receive fixed non-cumulative preferential cash. t) S; A/ i' k& {4 X) P+ m# u
dividends, as and when declared by the Board of Directors, subject to the
/ W) E" N, e8 X+ `1 T: O1 kprovisions of the Bank Act, payable quarterly on the 25th day of February,
* G( v6 D/ z$ ]$ ^! i6 E: uMay, August and November in each year, in the amount per share per annum
7 N0 h9 N; I% \  V. ^3 B! t! O' ?" Kdetermined by multiplying the Annual Fixed Dividend Rate applicable to
) L' e8 A7 f: i( V- W9 F/ M: ?# Lsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
! V# [% @- t# |7 z  ]Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
2 ?. _1 L% r4 i" ]# F' \Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day  E, F# m6 U/ q/ Y6 ]$ @1 }. G
of such Subsequent Fixed Rate Period and will be equal to the sum of the
9 c& a7 P5 h7 `" Y9 S7 i4 kGovernment of Canada Yield on the applicable Fixed Rate Calculation Date' |  a+ v* Q1 ^
plus 3.83%.
% M3 U# [9 b5 p. u; a5 w& kIf the Board of Directors does not declare a dividend, or any part thereof, on
8 q) I0 T+ n0 @  m$ Y+ ?% [the Preferred Shares Series 18 on or before the dividend payment date for a7 {: A! Q* R' P7 X
particular quarter, then the entitlement of the holders of the Preferred
- `+ P% X" _, T% QShares Series 18 to receive such dividend, or to any part thereof, for such* ~9 \! @8 c! g: {
quarter will be forever extinguished.! b% k2 U; d6 N; k* q, O) W& ?7 \
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the# y' v8 n/ x! D3 s' C& b5 C; g
Superintendent and to the provisions described below under ‘‘Details of the
6 O; T: Z* A/ j  j3 v9 O, M% X6 x3 |$ HOffering — Certain Provisions of the Preferred Shares Series 18 as a% p- t- G9 @& j8 X% k
Series — Restrictions on Dividends and Retirement of Shares’’, on* ~- s$ ^8 g$ S& k7 f8 T  Z- E
February 25, 2014 and on February 25 every five years thereafter, on not
3 z" D7 ~9 Q4 \1 a, Omore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
) O( I" V# ^2 x. Tpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
/ h/ |$ P+ Q2 f4 B* r; uwithout the consent of the holder, by the payment of an amount in cash for
: G8 t& I8 G6 I# J# Z4 Heach such share so redeemed of $25.00 together with all declared and unpaid
: N9 t" i* [6 M& c3 }dividends to the date fixed for redemption.- _" A, J( g# r7 c
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic! W/ G% z$ K- l' D; a0 f' r! k0 \9 ?) _
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
) q- Q  ^2 ]; K8 S3 Y0 kthe right, at their option, to convert, on February 25, 2014 and on
# B- \1 i, o8 y3 ]  u$ @S-4
7 X) f& B  W; f( WFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
0 |& w/ T  d0 R6 K% Eor all of their Preferred Shares Series 18 into an equal number of Preferred0 T- [$ A0 G  H  W" P' }
Shares Series 19 upon giving to the Bank notice thereof not earlier than3 U5 Z3 I- d4 e
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day  R# E  b+ [3 [9 C' G+ `" G+ h5 v8 p
preceding, a Series 18 Conversion Date.; M# b# m4 T7 |8 a: O
Automatic Conversion If the Bank determines, after having taken into account all shares tendered7 ~: ?- a# ^! K* d
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares& j9 y; E9 K0 [3 n
Series 19, as the case may be, that there would be outstanding on such+ ~* S! t$ U1 T$ b0 J
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,* O4 }- X& _  S& D& ]& T0 Y8 R6 b
such remaining number of Preferred Shares Series 18 will automatically be4 p& Z2 {" p* Q3 X* j, Y0 j) k
converted on such Series 18 Conversion Date into an equal number of
- w4 h& K& v- ~$ R- v% u* xPreferred Shares Series 19. Additionally, if the Bank determines that, after
. W6 M. ~8 S: ~0 [; ?conversion, there would be outstanding on such Series 18 Conversion Date
% h; _1 y( A8 c+ p: T' P; vless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
# ^$ f6 r6 O! p9 n8 pSeries 18 will be converted into Preferred Shares Series 19.+ d' n! a% D7 ]: g+ O* p
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
0 n. }  ?- _+ V9 ^# [Series 18 will not be entitled as such to receive notice of, attend, or vote at,- N$ v' y( p+ W( G( g) z& C
any meeting of the shareholders of the Bank unless and until the first time at. `$ W. M( D* _# l0 n3 r4 o
which the Board of Directors has not declared the whole dividend on the
# l3 [9 {6 m7 l) v' n% T  d0 qPreferred Shares Series 18 in any quarter. In that event, subject as
+ q  E5 |! D% b0 }hereinafter provided, the holders of Preferred Shares Series 18 will be5 ~1 K, C& Y6 M' A
entitled to receive notice of, and to attend, meetings of shareholders at which
4 s( E9 R' B9 X- i+ h) Q  ndirectors of the Bank are to be elected and will be entitled to one vote for( L' b* p: Z- p( H; z" _+ X( ~9 v# f
each Preferred Share Series 18 held. The voting rights of the holders of the& k/ @7 q. K- R! Z% l
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
- i0 A! \6 f  O  j* Q" Gthe first dividend on the Preferred Shares Series 18 to which the holders are$ N, |9 f( m; z2 O5 t4 q% J
entitled thereunder subsequent to the time such voting rights first arose until% p6 x+ P7 N% y5 k1 `) _& v  E3 c
such time as the Bank may again fail to declare the whole dividend on the
7 A5 N1 i9 d6 u# `( x& r. b4 NPreferred Shares Series 18 in respect of any quarter, in which event such
- u' k0 _! V: Jvoting rights will become effective again and so on from time to time.
7 p8 p0 O( v' {; g/ S3 K9 r, OPrincipal Characteristics of the Preferred Shares Series 19
* C. u/ d" b8 N" \Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
. [, A, J9 t( L/ h$ H4 sfloating rate non-cumulative preferential cash dividends, as and when
7 J, t$ m1 m& h8 xdeclared by the Board of Directors, subject to the provisions of the Bank Act,& M* m" q; L, q
payable quarterly on the 25th day of February, May, August and November7 X9 `, S8 `2 y$ E4 N; h
in each year, in the amount per share determined by multiplying the' Y" Z" o' Y/ h: F+ o6 K
applicable Quarterly Floating Dividend Rate by $25.00.
5 C  K! \6 P1 w% N+ |& B) qOn the 30th day prior to the commencement of the initial quarterly dividend
* |, Z/ k4 e2 _period beginning on February 25, 2014, and on the 30th day prior to the first$ n7 n0 R$ b/ `4 U" |
day of each subsequent quarterly dividend period (the initial quarterly
/ L7 ~* B5 @. y2 w& f. zdividend period and each subsequent quarterly dividend period is referred to
5 P. P9 z4 a  u$ Oas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the2 _. M# r  M- [7 j, _
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
1 j( L/ _) ^% i3 KPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the0 a5 p* R6 W# h1 @1 g- T6 O9 C: s0 V& @
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
2 ?: h2 b; ?+ Z- L1 s- ~elapsed in the applicable Quarterly Floating Rate Period divided by 365)
$ p* O; C% y- c# qdetermined on the 30th day prior to the first day of the applicable Quarterly
9 ]2 Y& I0 k/ s& {Floating Rate Period.9 Z. k! R+ Q0 a& K! I
S-5
8 W2 D; N. Z& T# uIf the Board of Directors does not declare a dividend, or any part thereof, on
* S6 i  S! |$ e+ N! h8 lthe Preferred Shares Series 19 on or before the dividend payment date for a
0 Y# u' Y4 ?' }8 N5 G* \  ]particular quarter, then the entitlement of the holders of the Preferred; {# b, u+ P& c! e- |! K
Shares Series 19 to receive such dividend, or to any part thereof, for such
- ^+ m( H% F7 G. m; O4 c6 w. h' N- m, Vquarter will be forever extinguished.9 g7 Z" L! u2 S. }1 Q
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
* x* h' V& F3 c* B" d! cSuperintendent and to the provisions described below under the heading$ p7 z- x" @. n% s, W: a/ x# }
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
3 \$ a- l  s3 ^Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
: {: \, b8 z  s" H* pon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
6 |9 |, Y) L; v9 I: C) C( k9 A% |or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
2 [2 ], j1 b; |8 c+ ]option without the consent of the holder, by the payment of an amount in
9 R+ d. j/ B8 z7 b/ Q. F: |cash for each such share so redeemed of (i) $25.00 together with all declared
* A4 J: Q4 q4 R7 m; {: I& `and unpaid dividends to the date fixed for redemption in the case of3 S# T: @6 Y# l0 I
redemptions on February 25, 2019 and on February 25 every five years1 e& b8 O/ e- `! i2 y9 c
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to! Z2 H/ @: R' T+ @! }6 K4 k$ c
the date fixed for redemption in the case of redemptions on any other date
9 E7 S1 [) P* P; M5 x  o$ {on or after February 25, 2014.
/ y% E. l) c- w, oConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic# I  I+ T* S' M" e
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have  B, r( J" W) Z* H
the right, at their option, to convert, on February 25, 2019 and on
0 F) h# L/ l- f) _8 GFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any$ z3 o9 v. p: F  P/ u
or all of their Preferred Shares Series 19 into an equal number of Preferred
5 _3 o' U+ V4 m9 G0 HShares Series 18 upon giving to the Bank written notice thereof not earlier
( F& U5 S! P3 r7 Lthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the2 _6 s' p- }; r8 _/ l/ L( r
15th day preceding, a Series 19 Conversion Date.
6 @; ~* k+ f/ o- t& _$ tAutomatic Conversion If the Bank determines, after having taken into account all shares tendered1 L- e: `4 M: F2 Z* }4 f
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
( A/ Y. T1 @% G7 N  w" n; ASeries 18, as the case may be, that there would be outstanding on such: W$ s6 n8 {. ~8 ?- U
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
5 w: y7 D; |. `' R& d7 {# r( ?& n9 Esuch remaining number of Preferred Shares Series 19 will automatically be
9 m. }8 S1 K/ G6 o1 \converted on such Series 19 Conversion Date into an equal number of8 z5 @" j8 R  \; M
Preferred Shares Series 18. Additionally, if the Bank determines that, after
! y, a9 K" w. I6 g, U, R  C2 P8 X# fconversion, there would be outstanding on such Series 19 Conversion Date$ [: J% Y  n8 F$ O
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares" O, O" o0 \' f3 l+ K) @
Series 19 will be converted into Preferred Shares Series 18.
2 Z/ o7 s- @3 Q: e. L4 }; O( FVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares9 @, g, V/ [  c) U! b( ^
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
9 ?, n$ B; V, `; wany meeting of the shareholders of the Bank unless and until the first time at
, G' V) y( X4 E% P: A# awhich the Board of Directors has not declared the whole dividend on the& V7 K7 r& ^: f4 G* A% r1 }
Preferred Shares Series 19 in any quarter. In that event, subject as3 V( F% _3 C. c
hereinafter provided, the holders of Preferred Shares Series 19 will be
* F" Q3 u( J- v% g4 P. ^/ _entitled to receive notice of, and to attend, meetings of shareholders at which/ S' [1 O2 j) `! j: U
directors of the Bank are to be elected and will be entitled to one vote for2 d- o% N* ]& z, e% V
each Preferred Share Series 19 held. The voting rights of the holders of the
9 \% j. r1 G1 ]: HPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
/ U+ g0 i9 z+ _+ E5 X& vthe first dividend on the Preferred Shares Series 19 to which the holders are
! U) n# a9 l) X4 O* l2 f+ V9 H$ Eentitled thereunder subsequent to the time such voting rights first arose until. G+ |/ w0 \1 @' N0 F: A2 d
such time as the Bank may again fail to declare the whole dividend on the
  r, n& }" R5 M$ p" ~Preferred Shares Series 19 in respect of any quarter, in which event such
, W. m5 ]5 n0 [' vvoting rights will become effective again and so on from time to time.; R, \4 k/ ~: A5 k# x
S-6) A/ j; s) p. Q
Priority: The preferred shares of each series of the Bank will rank on a parity with
1 q$ }" Y$ S" S' j0 ievery other series and are entitled to preference over the common shares of
; @& _6 L, }- M+ d' Dthe Bank and over any other shares of the Bank ranking junior to the
0 {7 n" \4 P# V( _+ ^preferred shares with respect to the payment of dividends and upon any
( Q# p. Z, f; A! p4 Kdistribution of assets in the event of the liquidation, dissolution or
% X! v, T' B+ B9 o- G5 E9 X( G  P( nwinding-up of the Bank.! D3 q! [2 d1 s) G. A
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
$ C4 R! W) W! G2 _* Y% FDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares( b  L* A( G* f4 v
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
, k6 ^. [7 }6 v/ N  Ddividends 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。
6 n( a8 w0 |' H5 Q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。
大型搬家
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 18:26 | 显示全部楼层
( n9 j9 H$ T  }/ r

! u: R4 W6 s+ r. s4 J1 U3 \7 Q+ a% ~下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
  j6 o3 \6 j* e" D4 _( |
- x0 I7 U1 t  R0 g6 V. wcall 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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