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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。/ ]! u' M3 a6 g; _- @; R* I
- _' [+ \& H( t6 n* e$ C* v

0 _3 y: B. V4 K; Y. P+ m7 n[ 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:
; b) b+ b1 T5 T; |7 Z! U6 BSUMMARY OF THE OFFERING) w( n6 [+ d& `0 `! _* N5 l9 M
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’’.; N) W! O5 m, I- O. n
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.6 q  o* h; F5 r
Amount: $150,000,000 (6,000,000 shares).
: z8 `2 q; m9 ?Price and Yield: $25.00 per share to yield initially 6.50% per annum.  e, }0 I! y8 t# q8 J: r
Principal Characteristics of the Preferred Shares Series 18
3 K' u/ V& Q( GDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed- P. Q8 C0 X( D( \9 V
non-cumulative preferential cash dividends, as and when declared by the
8 h. R2 o8 A- D; X3 z" ^Board of Directors, subject to the provisions of the Bank Act, for the initial
! K( b# U" Q9 A8 u+ gperiod commencing on the closing date and ending on and including
/ b3 s" C; O. ?6 }( OFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the, Q# D  f4 O+ S% f
25th day of February, May, August and November in each year, at a rate
8 A- h& n) b, a7 a4 _equal to $0.40625 per share. The initial dividend, if declared, will be payable
5 P% x+ ~5 H7 N$ j+ UMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
1 _: D: E+ R" q+ ^6 _date of December 11, 2008.' l3 M. t  \, ?) x4 N
For each five-year period after the Initial Fixed Rate Period (each, a- ]& D/ m" W+ k2 u, J
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
% @: F" }$ w2 O: t" g+ R  [$ sSeries 18 will be entitled to receive fixed non-cumulative preferential cash
# ?4 o, M& v( G3 q( |. `dividends, as and when declared by the Board of Directors, subject to the% }! t4 N! E5 r7 a8 T/ D- X  M! f
provisions of the Bank Act, payable quarterly on the 25th day of February,
; r9 o0 p0 y  z/ _* ?8 zMay, August and November in each year, in the amount per share per annum4 @1 }$ N) A$ N/ i% D
determined by multiplying the Annual Fixed Dividend Rate applicable to" z5 d7 G7 c8 B
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend- K$ v/ P) o8 k# a7 y* b
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the$ w4 i% ]* k+ O- C8 E
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day  r8 U1 l7 E' L7 M
of such Subsequent Fixed Rate Period and will be equal to the sum of the
6 ~" e: c4 ~% d+ m0 X: LGovernment of Canada Yield on the applicable Fixed Rate Calculation Date1 b3 t% Y" @2 k
plus 3.83%.1 }0 E3 V1 W2 i' }- O
If the Board of Directors does not declare a dividend, or any part thereof, on2 a% Z3 j2 N$ G" S+ o, D8 S
the Preferred Shares Series 18 on or before the dividend payment date for a, m- `9 D0 a+ h5 o
particular quarter, then the entitlement of the holders of the Preferred
' U: J( F4 m! I( G4 }Shares Series 18 to receive such dividend, or to any part thereof, for such
) ?8 ?* q" s. c* [: p. Q" M! U! cquarter will be forever extinguished.
% N- M; Q* p1 J" J4 [" ~3 w$ ZRedemption: Subject to the provisions of the Bank Act and to the prior consent of the; R6 r) A  O" G
Superintendent and to the provisions described below under ‘‘Details of the
  G9 I* N+ b- Z. ~* D9 OOffering — Certain Provisions of the Preferred Shares Series 18 as a
- c! ~7 O) t7 l/ CSeries — Restrictions on Dividends and Retirement of Shares’’, on
9 x. C) K! K" \2 z# |0 i) eFebruary 25, 2014 and on February 25 every five years thereafter, on not
! w/ b; |' e7 S4 l& r  {& Y' tmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any8 L$ t( @* ?  g7 v, K" a$ ]6 y6 U
part of the then outstanding Preferred Shares Series 18, at the Bank’s option# T1 P/ h3 a  o3 T$ g1 @
without the consent of the holder, by the payment of an amount in cash for5 e7 ~/ p% v- w3 ~8 ?8 t$ w
each such share so redeemed of $25.00 together with all declared and unpaid
( i; _" d' p4 T. _6 X3 q6 C. I2 _dividends to the date fixed for redemption.) j& W, W- i. Z: T- |0 O
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic7 X) s9 B1 m* m
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
* E6 a! Z6 l- [: t1 Uthe right, at their option, to convert, on February 25, 2014 and on9 }1 }  P9 s! O, P8 Z  l  M) M6 y0 A8 n
S-4
+ I5 O0 N) Y- L1 y% eFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any; k1 e# F/ d% s  {1 I0 u! I
or all of their Preferred Shares Series 18 into an equal number of Preferred
: T, ^% p9 V$ UShares Series 19 upon giving to the Bank notice thereof not earlier than( H; V' ]" ]4 I( T* b! {
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
7 Z5 ~# A9 D9 j+ V9 v- f1 z" w; ?preceding, a Series 18 Conversion Date.& C7 L" f9 O3 o6 J
Automatic Conversion If the Bank determines, after having taken into account all shares tendered- B! ?" s# h5 u6 O
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
! e. z- p( [) f9 g- F# q% _2 YSeries 19, as the case may be, that there would be outstanding on such
; ?; Y, @1 C$ RSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,1 |: ~9 I/ b$ X' w" y+ e( {
such remaining number of Preferred Shares Series 18 will automatically be
* ?# [/ Q1 h2 n% A9 X( [( Lconverted on such Series 18 Conversion Date into an equal number of) V2 V: P/ W) `7 z
Preferred Shares Series 19. Additionally, if the Bank determines that, after
# d+ X0 H6 F' |8 D' h  e, [* l! Zconversion, there would be outstanding on such Series 18 Conversion Date
6 c# ^8 r" B$ }2 t% s; _- oless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares1 t1 Y" Q1 G" U6 T0 Y3 `
Series 18 will be converted into Preferred Shares Series 19.
5 H/ A  u( T- dVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares+ m. P4 u$ M1 {5 |3 ?, ~$ X9 c
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
4 N- \; |  R! |; I4 i3 u# Many meeting of the shareholders of the Bank unless and until the first time at9 t9 @5 t- a( m% m$ s2 f
which the Board of Directors has not declared the whole dividend on the
2 U5 D5 R! q/ k3 B6 ?$ cPreferred Shares Series 18 in any quarter. In that event, subject as. V# g  `3 A7 [" t& s5 f
hereinafter provided, the holders of Preferred Shares Series 18 will be: j# d6 J$ t$ i$ [0 g1 k* z0 S
entitled to receive notice of, and to attend, meetings of shareholders at which$ y. X) z8 O6 Q6 `7 G4 ]
directors of the Bank are to be elected and will be entitled to one vote for3 c1 M* j2 V+ H: G, M" ~/ y
each Preferred Share Series 18 held. The voting rights of the holders of the
0 a* q: Q% L' U0 WPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
8 _- q. x. y* v  c# q9 w; N) wthe first dividend on the Preferred Shares Series 18 to which the holders are
7 O2 ?+ @& J4 \: ~1 ?entitled thereunder subsequent to the time such voting rights first arose until' D# o( ^/ j) d0 ?
such time as the Bank may again fail to declare the whole dividend on the
6 f6 }! ]# y, x; {, b& _Preferred Shares Series 18 in respect of any quarter, in which event such/ r8 I7 r4 w1 K8 @2 @/ t$ }
voting rights will become effective again and so on from time to time.
+ A' T8 I4 L" f7 ?0 N7 s- H" PPrincipal Characteristics of the Preferred Shares Series 19, m0 m9 L' n) Y
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive  [8 H7 k0 t1 L* Z' v8 P, m7 h
floating rate non-cumulative preferential cash dividends, as and when
% c* T3 G" r6 T& s2 w* Ydeclared by the Board of Directors, subject to the provisions of the Bank Act,
# h& [$ A  a% v  l" V- E+ kpayable quarterly on the 25th day of February, May, August and November
8 S4 U+ g- _* ~+ {8 m/ ?7 j" ^1 Cin each year, in the amount per share determined by multiplying the9 c+ o6 r$ A2 D/ i
applicable Quarterly Floating Dividend Rate by $25.00.
3 ]; U3 d+ g0 U# C$ xOn the 30th day prior to the commencement of the initial quarterly dividend, I$ B/ v* `1 g# K* Z: b* E+ o9 H& `
period beginning on February 25, 2014, and on the 30th day prior to the first
% [; @1 W0 i: c; x8 J9 C; E9 S( Vday of each subsequent quarterly dividend period (the initial quarterly
4 H( e+ H/ T0 P5 ~dividend period and each subsequent quarterly dividend period is referred to8 M- i, `+ M9 w& D3 Y
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
7 d/ o: d7 j% I$ r- Q% G3 QQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate6 E# ~) b& m% c, z5 i5 `& F$ z2 E
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
6 C, p2 g- ~) j' D2 |) f. rT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
1 S% Z6 ~  g1 f7 W. [8 P. M5 Yelapsed in the applicable Quarterly Floating Rate Period divided by 365)- F# ]" }) X+ k: [  o+ G, P2 f. f
determined on the 30th day prior to the first day of the applicable Quarterly
! n1 C) L  w+ w4 @' X* a% yFloating Rate Period.4 X+ |' S: i) i3 N3 f) k# ?* Z
S-5
$ o4 {# n& e5 y$ \" h& hIf the Board of Directors does not declare a dividend, or any part thereof, on1 q- v* b% a  d7 R# J
the Preferred Shares Series 19 on or before the dividend payment date for a
& [! i( _4 E6 m  P4 Xparticular quarter, then the entitlement of the holders of the Preferred: S/ x2 T) a3 y9 \
Shares Series 19 to receive such dividend, or to any part thereof, for such: D; Z  f. G8 ~8 Z9 _
quarter will be forever extinguished.
' A$ y# A; g/ b9 k, GRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
* C; ]6 _4 F/ t6 JSuperintendent and to the provisions described below under the heading
8 ]1 k1 v5 b' I9 I7 f‘‘Details of the Offering — Certain Provisions of the Preferred Shares3 W( b& y; q( v! ^7 D& a2 ?6 i
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
7 ]0 e  I8 V- i! x( G$ don not more than 60 nor less than 30 days’ notice, the Bank may redeem all
/ K1 [* @' \1 P, b0 Gor any part of the then outstanding Preferred Shares Series 19, at the Bank’s, x2 |/ L! k1 c* E8 W1 [
option without the consent of the holder, by the payment of an amount in. O1 J$ u0 c# _+ K/ @- R+ Y6 H
cash for each such share so redeemed of (i) $25.00 together with all declared2 e1 h/ B/ m: h8 s& J4 |: P
and unpaid dividends to the date fixed for redemption in the case of
! F7 b& V6 C; o- r2 Lredemptions on February 25, 2019 and on February 25 every five years( b& }& U) _6 r4 {+ p
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to& h5 a! ]/ j  ^% y0 M
the date fixed for redemption in the case of redemptions on any other date
* \; p1 M' w! _8 P' A* Q) ~on or after February 25, 2014.9 G0 n. d: r! p6 ?3 t: T" d: _
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
' p5 u' L5 G6 k! U' B# f( m0 oShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have3 U& V* Y! t* l2 z3 ]
the right, at their option, to convert, on February 25, 2019 and on* K4 H- j5 a, z
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any: |+ M( u( K) i8 ?' M
or all of their Preferred Shares Series 19 into an equal number of Preferred3 f0 E/ p; {$ j* j
Shares Series 18 upon giving to the Bank written notice thereof not earlier8 e# c) t$ t7 m$ q( K) @# v2 ~9 ]
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the1 a7 Q& \% k+ D. W3 X) f' J
15th day preceding, a Series 19 Conversion Date.+ `, N/ P& \( J. ?; l6 y
Automatic Conversion If the Bank determines, after having taken into account all shares tendered7 b4 o0 A7 R( b2 q8 E& h; M
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
4 M- {1 O- F( m/ ?7 s) ]Series 18, as the case may be, that there would be outstanding on such
: e" S; n' t' n9 \Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
: `  y) a$ Z2 ~& v" @such remaining number of Preferred Shares Series 19 will automatically be# i4 U9 S7 `# T
converted on such Series 19 Conversion Date into an equal number of2 N8 l/ T4 k. d- w! L6 Z7 s
Preferred Shares Series 18. Additionally, if the Bank determines that, after' R6 x0 q0 a) p, ?3 F' r
conversion, there would be outstanding on such Series 19 Conversion Date+ |+ }/ j$ a2 h8 P
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares$ X; A8 E' W( \; _2 A
Series 19 will be converted into Preferred Shares Series 18.* Z* |1 P, l6 ]8 `, _
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares1 J% g9 M# n" Y: {0 n
Series 19 will not be entitled as such to receive notice of, attend, or vote at,* `$ m: N$ V9 o. ?
any meeting of the shareholders of the Bank unless and until the first time at' ?; L; P* c: n
which the Board of Directors has not declared the whole dividend on the; s; U. K* k( i/ T4 v6 b4 H
Preferred Shares Series 19 in any quarter. In that event, subject as' L0 B' V* b) |# E" w$ S
hereinafter provided, the holders of Preferred Shares Series 19 will be- i/ @; J+ {7 {  ?
entitled to receive notice of, and to attend, meetings of shareholders at which
) F9 l. I7 M! H; Pdirectors of the Bank are to be elected and will be entitled to one vote for; T4 k( w! Y$ b" U* P
each Preferred Share Series 19 held. The voting rights of the holders of the* ]/ c* J$ S/ o- W, \
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of& Q' R& K* ~) H$ w/ m( O- f
the first dividend on the Preferred Shares Series 19 to which the holders are
; h! A; P& E% ~9 j0 {5 ^entitled thereunder subsequent to the time such voting rights first arose until, S! g6 r  M$ {& C1 Q$ l' m$ r
such time as the Bank may again fail to declare the whole dividend on the
+ p  Z% I" T- T9 i# M+ \' [Preferred Shares Series 19 in respect of any quarter, in which event such) A! ]3 G$ B) |7 n! Q$ Z6 q
voting rights will become effective again and so on from time to time.
7 j4 @# c% w% E- {S-6* a  l) J, p: m( G8 ~4 J: j$ t/ ?. X
Priority: The preferred shares of each series of the Bank will rank on a parity with
" z4 e0 o. q3 H1 fevery other series and are entitled to preference over the common shares of. w* I4 k) I$ Q
the Bank and over any other shares of the Bank ranking junior to the' Z9 [$ o' R- v! R
preferred shares with respect to the payment of dividends and upon any  y: I. q3 h. V" j/ s! q' U
distribution of assets in the event of the liquidation, dissolution or* A& E* I3 ^0 q" h
winding-up of the Bank.
. a4 C- \: D, @8 eTax on Preferred Share The Bank will elect, in the manner and within the time provided under
% t8 V' ]) c; k' E7 h$ VDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
1 L# G! b0 a' x$ n8 u; @Series 18 and Preferred Shares Series 19 will not be required to pay tax on
, H4 ]# s; z+ E/ W. Jdividends 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。
( R  i3 Z  `4 E; p6 `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。
理袁律师事务所
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 18:26 | 显示全部楼层

7 ~" B6 ?8 b1 [; v# x. T/ X. I! M* ^8 u$ _
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。9 u. u2 d7 K7 `! P% E6 t7 Y0 X
* @: `, S9 h3 U  p" M; ?
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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