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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。" t7 t1 `1 |9 v/ W% j) p

. o' F- }, z2 R+ j  F5 N$ k
, v' l$ X$ r! E8 [[ 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:
5 \7 m# V4 ], C# C" {; i' OSUMMARY OF THE OFFERING5 J+ C7 y$ w! X' Y: T9 X
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’’." }: g! M( O* o' p
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.+ o, h8 O. x4 U1 I. V* }0 |
Amount: $150,000,000 (6,000,000 shares).
9 w. r! \* z( i1 HPrice and Yield: $25.00 per share to yield initially 6.50% per annum.0 R! m0 a" m% d! N
Principal Characteristics of the Preferred Shares Series 184 c% U  N9 z) T- i8 b
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
! x$ l2 D4 Z/ Q. Y+ n% |% h/ ]non-cumulative preferential cash dividends, as and when declared by the/ r  ?1 b0 E; {$ O# R; a  {
Board of Directors, subject to the provisions of the Bank Act, for the initial
2 W" ?0 q: M* ~4 o9 Q) gperiod commencing on the closing date and ending on and including! s  n9 o2 E3 e4 u
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the) b% i' M7 ]- r2 s# x/ U' d( l5 x3 [
25th day of February, May, August and November in each year, at a rate' P  D! \5 j  l7 @: S4 t! B6 _
equal to $0.40625 per share. The initial dividend, if declared, will be payable
; u! D- m6 p4 y4 o- CMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
: [0 c7 X5 G4 Z- Bdate of December 11, 2008.
+ o" W: D& `& u* ~3 IFor each five-year period after the Initial Fixed Rate Period (each, a
! K! O/ U/ I( Q. X5 P4 _‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares+ @8 S: x2 X! U) F# Z& V" `
Series 18 will be entitled to receive fixed non-cumulative preferential cash3 t. {' F: }$ C( \- f* D, x
dividends, as and when declared by the Board of Directors, subject to the
8 \2 d( P0 {7 T0 \1 xprovisions of the Bank Act, payable quarterly on the 25th day of February,) {( {+ |! c6 f- |6 B, n$ D! z
May, August and November in each year, in the amount per share per annum" N/ M/ @2 {' D" q$ N5 |$ S
determined by multiplying the Annual Fixed Dividend Rate applicable to
0 ~3 B& I* X3 a, G! m$ ~) Lsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
. `3 o4 Q5 z' i1 TRate for the ensuing Subsequent Fixed Rate Period will be determined by the
* X  ~8 X1 X& {. H6 rBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
% v5 ^+ s7 M6 N" p' ]! \of such Subsequent Fixed Rate Period and will be equal to the sum of the8 m/ c" U2 c. V9 ~3 Y
Government of Canada Yield on the applicable Fixed Rate Calculation Date
+ N/ N3 q7 u9 I1 O9 K! xplus 3.83%.( y9 i$ B  }# N' Q9 a! p) o
If the Board of Directors does not declare a dividend, or any part thereof, on. ?8 K5 d6 }! m# R2 V
the Preferred Shares Series 18 on or before the dividend payment date for a
2 ~$ A) W; V9 \7 L8 p2 H8 ^# B: eparticular quarter, then the entitlement of the holders of the Preferred. I! }7 ~1 V% [: b# |' ?5 t
Shares Series 18 to receive such dividend, or to any part thereof, for such  y# w" Z4 d5 y
quarter will be forever extinguished.
( z4 K& g" C: WRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
$ s9 I) f; p' M& |" J- ESuperintendent and to the provisions described below under ‘‘Details of the8 U0 J) }2 a9 _; G4 V" h
Offering — Certain Provisions of the Preferred Shares Series 18 as a" b2 E1 o, d, [. ^7 X( ]) ^0 d
Series — Restrictions on Dividends and Retirement of Shares’’, on
, J" w* B0 e% w) V8 HFebruary 25, 2014 and on February 25 every five years thereafter, on not
: ^1 J3 V  R" ~# T* n5 X1 `. j, hmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
8 d8 q) K+ Q9 r+ @part of the then outstanding Preferred Shares Series 18, at the Bank’s option
% d! }9 l3 [' X- s' a8 Ewithout the consent of the holder, by the payment of an amount in cash for2 N( m9 l- e# A! \7 |3 G
each such share so redeemed of $25.00 together with all declared and unpaid/ }( d7 {4 K* {0 g8 q7 ~
dividends to the date fixed for redemption.+ z  {6 I0 X0 O3 O7 [* k
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic, ]6 Q% l- u3 g& G/ }( _9 C. Y4 x  ]
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
- M' ~! A0 c1 H8 M% |' Zthe right, at their option, to convert, on February 25, 2014 and on2 u& }, }0 T0 e% a0 |9 G3 h
S-4. ]; I) [! Z) `$ }
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any6 |% E2 l& {8 ]' P1 J4 H
or all of their Preferred Shares Series 18 into an equal number of Preferred
/ e- z7 Q, K5 W6 o* {$ ]Shares Series 19 upon giving to the Bank notice thereof not earlier than# q8 t: D1 _* Z2 U$ d
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day8 W0 ^+ x# P  M9 q/ D3 u' x
preceding, a Series 18 Conversion Date.4 w# Q4 T( }7 Q: M
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
! y9 l% d  n5 V0 dProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares( x. o8 [* e( u+ v  q/ K$ X9 _
Series 19, as the case may be, that there would be outstanding on such
% U) e" F! O3 ^8 M, LSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
: M; b( p/ w* U0 V% K9 }- l" P; c: `such remaining number of Preferred Shares Series 18 will automatically be
' H: y8 i0 {) A1 F1 V2 B/ P# j% Gconverted on such Series 18 Conversion Date into an equal number of, \! r. u9 I# M2 z
Preferred Shares Series 19. Additionally, if the Bank determines that, after
% f1 S, U- i8 R* b7 uconversion, there would be outstanding on such Series 18 Conversion Date
  }  g$ O0 u9 d' G7 K( _less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
0 N+ x- P( z; L$ P3 nSeries 18 will be converted into Preferred Shares Series 19.
4 o4 s, n8 e6 J9 fVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares$ X8 x+ @$ M! |5 D* l
Series 18 will not be entitled as such to receive notice of, attend, or vote at,6 B& ~2 M% P. F( \+ L
any meeting of the shareholders of the Bank unless and until the first time at. [. r+ V. D$ n6 Y( s0 g! e: M! U
which the Board of Directors has not declared the whole dividend on the, p, j, P; _0 s- Q
Preferred Shares Series 18 in any quarter. In that event, subject as3 E2 t. o  N  H( f! \6 T2 e  U: N: r
hereinafter provided, the holders of Preferred Shares Series 18 will be1 q  m" E# d$ F, T
entitled to receive notice of, and to attend, meetings of shareholders at which
, K* U' `5 ~2 Xdirectors of the Bank are to be elected and will be entitled to one vote for# l/ _/ c+ N# S- o
each Preferred Share Series 18 held. The voting rights of the holders of the7 E/ Z, B7 T2 [$ y1 _
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
( R+ R6 U+ |. G6 Vthe first dividend on the Preferred Shares Series 18 to which the holders are
* a5 h, i! r, c/ Y0 m$ ^: F6 X' ~entitled thereunder subsequent to the time such voting rights first arose until
- K( ~. @, e' E! Fsuch time as the Bank may again fail to declare the whole dividend on the4 i- N) H5 i! B; p5 y" p
Preferred Shares Series 18 in respect of any quarter, in which event such
9 m- A8 j; j# _0 `, e$ Fvoting rights will become effective again and so on from time to time., v! Y5 T$ X3 t5 A
Principal Characteristics of the Preferred Shares Series 19* J9 p7 `  h$ j1 m- I1 x
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
. `; D4 D8 P$ @9 \7 W! Gfloating rate non-cumulative preferential cash dividends, as and when: R' p4 k5 U4 A' x4 M
declared by the Board of Directors, subject to the provisions of the Bank Act,7 i- V1 o9 Y9 e. P
payable quarterly on the 25th day of February, May, August and November8 D# f( s5 Y! S  a  W  `  J, _
in each year, in the amount per share determined by multiplying the: Y" h( O! i6 T6 }9 x5 V
applicable Quarterly Floating Dividend Rate by $25.00.' I1 M' }2 p. T- A7 N
On the 30th day prior to the commencement of the initial quarterly dividend
8 O; s- i  f! X* e6 C! C4 bperiod beginning on February 25, 2014, and on the 30th day prior to the first
+ ]' Q1 B0 f, l8 Zday of each subsequent quarterly dividend period (the initial quarterly
9 I8 c; B5 s- F+ q5 udividend period and each subsequent quarterly dividend period is referred to! ?8 ]6 q! \$ ^8 _2 C, X
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
0 k7 I) i  q; r3 k  GQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
# c. Z# {. o  k& G4 H8 z' OPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the8 A* j, M3 I" r% S% L/ n
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days4 d) q. _+ A1 n( C' ]# l0 ~
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
3 v, k% ?3 @  _  Y! ydetermined on the 30th day prior to the first day of the applicable Quarterly
7 O" R+ S* z) U. {) MFloating Rate Period., R" s8 Y0 |. ?( W# N
S-5  ~. [9 S% Q5 X- X$ A& M
If the Board of Directors does not declare a dividend, or any part thereof, on
* q" U7 D% u- r4 }+ ~9 P' ~the Preferred Shares Series 19 on or before the dividend payment date for a
( {% C2 g1 p* I( I0 t: W# f4 wparticular quarter, then the entitlement of the holders of the Preferred2 Y& j3 F; J" {9 O/ F* S/ A+ P/ [
Shares Series 19 to receive such dividend, or to any part thereof, for such
6 L1 y% O7 W7 y. Vquarter will be forever extinguished.2 G% ]; K" O9 B- x. ?: U
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
: S0 d% P9 z* X4 |, YSuperintendent and to the provisions described below under the heading) v5 V: _( y- B' V1 [' H) y$ m' @
‘‘Details of the Offering — Certain Provisions of the Preferred Shares. G7 l1 Y% x' V2 V
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,5 I5 I* o; X% R0 O; K8 X
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all" A8 i9 w/ K" [5 E) T
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
* Q" T; _7 y! G: @7 Yoption without the consent of the holder, by the payment of an amount in# r5 U- |- n/ H" d  D. ^
cash for each such share so redeemed of (i) $25.00 together with all declared" [0 }' N6 ]( T. J
and unpaid dividends to the date fixed for redemption in the case of
* ]3 y& x) H. T5 eredemptions on February 25, 2019 and on February 25 every five years
$ N  s, e# U+ I; x5 F$ lthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
, K" Y/ Z# L, I8 D2 sthe date fixed for redemption in the case of redemptions on any other date1 I- G& i+ X4 D# ~
on or after February 25, 2014.1 X4 p9 H, H2 `5 s! ]
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
  H( {7 W2 u. `! uShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
' w3 g! I* L( A* z) {( athe right, at their option, to convert, on February 25, 2019 and on( Q$ T" v1 ?# E  _1 B: _4 {
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any  s- k2 {! d1 z/ x
or all of their Preferred Shares Series 19 into an equal number of Preferred. U7 C( C$ `8 ~& [* h& n  M0 r
Shares Series 18 upon giving to the Bank written notice thereof not earlier; H+ L! f9 c1 J
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the+ K' v% j7 w1 a0 `& L
15th day preceding, a Series 19 Conversion Date.2 v2 L1 i# G' D/ u6 P7 W
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
1 O* y. }4 ?' WProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares2 n3 [' x7 o  Z% l: W4 y4 H5 u: O
Series 18, as the case may be, that there would be outstanding on such+ \5 m; n6 l1 h% [* k
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
3 ^2 c4 Q$ X+ K# f' _# m1 p, r7 Hsuch remaining number of Preferred Shares Series 19 will automatically be3 Y: k/ {& {- H0 @4 Z6 j6 h3 c& i9 t
converted on such Series 19 Conversion Date into an equal number of5 [8 k! b5 E6 j' c% m7 O! Q9 i! p
Preferred Shares Series 18. Additionally, if the Bank determines that, after
" j8 s: @+ @; r' c- Kconversion, there would be outstanding on such Series 19 Conversion Date; i4 d* L, g$ W. D1 ~! K  Z
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares. U; K( Y! z1 e8 V
Series 19 will be converted into Preferred Shares Series 18.
% M% z  X4 r. uVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
2 W; E' h. T- V9 ^  a9 I, jSeries 19 will not be entitled as such to receive notice of, attend, or vote at,4 j3 s' a9 n! v, @% N3 T0 r
any meeting of the shareholders of the Bank unless and until the first time at& w+ X* Y. B/ I
which the Board of Directors has not declared the whole dividend on the' L( N' Z5 ]% I5 ^+ Z) [+ G
Preferred Shares Series 19 in any quarter. In that event, subject as
4 T$ S5 N& o$ S8 L5 Lhereinafter provided, the holders of Preferred Shares Series 19 will be
/ D9 I+ i. o9 w5 R5 u$ |/ zentitled to receive notice of, and to attend, meetings of shareholders at which
; i& X0 O  u$ H; V4 hdirectors of the Bank are to be elected and will be entitled to one vote for" e7 q; ]) R0 B4 m) B/ Z
each Preferred Share Series 19 held. The voting rights of the holders of the3 Y) S5 J& [: |6 z* ]7 z: t. ^- z  q
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
1 n- e7 a2 K8 v3 Bthe first dividend on the Preferred Shares Series 19 to which the holders are/ A  W8 J1 b6 p% C& p0 c
entitled thereunder subsequent to the time such voting rights first arose until, \& D. y" Y) l8 X
such time as the Bank may again fail to declare the whole dividend on the
8 f' _, f# j1 V( \" ]Preferred Shares Series 19 in respect of any quarter, in which event such
( F. E5 H0 v* y; s6 A% n. b9 `voting rights will become effective again and so on from time to time.
- [5 J3 K" ^  h/ U. E, p2 g/ lS-6
1 i( m2 e3 ?% w! |& ~Priority: The preferred shares of each series of the Bank will rank on a parity with
) |1 r& {: K# A2 E* q$ k, U/ Oevery other series and are entitled to preference over the common shares of" ?; q/ ?6 g$ Q: N% e! R) ?' ^
the Bank and over any other shares of the Bank ranking junior to the5 w  |8 U+ ]5 W. w& t5 M1 L7 I
preferred shares with respect to the payment of dividends and upon any
' s4 U* j% t/ f' r7 |distribution of assets in the event of the liquidation, dissolution or
7 [( q/ R. C  n, xwinding-up of the Bank.
& d# I# ], j- l. UTax on Preferred Share The Bank will elect, in the manner and within the time provided under
( |3 _0 _. t# m8 X. JDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares4 j5 P' c# a$ a0 J
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
0 d; \: h9 B: b; X$ ?) Z5 _1 ddividends received on such shares under Part IV.1 of such Act.
理袁律师事务所
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* Z8 c0 w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
1 ]! N! u+ r3 N7 |7 ]

( v* t* m3 Q5 k1 E9 I; p0 m  U下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。5 W1 C$ ^7 G/ {6 {
' k' W) k& m5 D, ?
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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