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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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/ e# ~$ x3 T, J! w2 \( K0 J5 F; r( \/ A$ G
[ 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:6 a; V8 f% _2 L# }* Z
SUMMARY OF THE OFFERING
0 o! U4 _3 X1 p; IThis 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’’.
4 G9 x1 t! N( H3 t0 n& a: I- iIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.' K0 [& G, K3 d: X, g. \# q
Amount: $150,000,000 (6,000,000 shares).9 o5 D6 X. q( S8 v! k
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
1 J2 N7 z6 g2 i. b; Y& b7 @, A* _+ jPrincipal Characteristics of the Preferred Shares Series 18
7 L. |% f5 `% z) tDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed3 d! w# }0 S- }$ A4 _
non-cumulative preferential cash dividends, as and when declared by the
7 f; f" i* V$ r2 p7 I! pBoard of Directors, subject to the provisions of the Bank Act, for the initial
, h- F& F: q, h3 f" Z, d6 X7 \, B* nperiod commencing on the closing date and ending on and including
. \# I& _1 V1 q- D3 V7 X& RFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the1 A6 T  e, Z3 B  `* l0 \
25th day of February, May, August and November in each year, at a rate
, |; n1 t3 v" o+ Gequal to $0.40625 per share. The initial dividend, if declared, will be payable7 ]3 f( y% y3 N8 D% p! ~) T8 e
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
6 U/ ]5 J. V7 \date of December 11, 2008.3 _  w9 p0 d/ N7 P4 g
For each five-year period after the Initial Fixed Rate Period (each, a) i( t, ?) t) s& {2 b7 ~5 m' [
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
! ~6 l( V8 i- `0 |( l8 GSeries 18 will be entitled to receive fixed non-cumulative preferential cash7 @' }; u6 s0 j  f& ~4 z8 D
dividends, as and when declared by the Board of Directors, subject to the( E1 l/ x6 c! \1 ]
provisions of the Bank Act, payable quarterly on the 25th day of February,0 a, _) f/ q5 x9 U$ ~4 |
May, August and November in each year, in the amount per share per annum- G" ~# J* E9 w& \
determined by multiplying the Annual Fixed Dividend Rate applicable to0 k- Q/ ]: x4 {/ Q* l( G3 s
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend0 I' A7 l, \1 a
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
( j2 v8 [! u4 o0 h: x1 M/ {0 RBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day- D- J# z% L; W
of such Subsequent Fixed Rate Period and will be equal to the sum of the, Z! [! M. H) J3 X+ U/ _+ f6 U
Government of Canada Yield on the applicable Fixed Rate Calculation Date: D  ?( R0 _3 T2 b! D$ o9 m/ `
plus 3.83%.
4 Q( @2 `1 P: v  j1 VIf the Board of Directors does not declare a dividend, or any part thereof, on9 y- c. {' {5 a3 f1 ~* R7 K
the Preferred Shares Series 18 on or before the dividend payment date for a. g9 s) o- L, h! q4 }4 Q
particular quarter, then the entitlement of the holders of the Preferred2 ]9 ^  s. b+ X7 ?" B, A0 ?
Shares Series 18 to receive such dividend, or to any part thereof, for such
- \6 z2 Z( ]; V. o& q6 Pquarter will be forever extinguished.( M6 b: V7 S! ^9 Z1 ~, k9 \
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
8 S9 p; j8 ]0 M$ V2 @Superintendent and to the provisions described below under ‘‘Details of the9 z. f3 A2 Q6 A/ T5 s# [2 Z
Offering — Certain Provisions of the Preferred Shares Series 18 as a& @3 P5 j7 C6 o3 m: k9 c* Q
Series — Restrictions on Dividends and Retirement of Shares’’, on: Y# V8 |$ D- t4 _
February 25, 2014 and on February 25 every five years thereafter, on not
/ N! ~. E8 G2 l7 Hmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
* y: F$ N- o/ Jpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
# a7 C) n  x. n. `without the consent of the holder, by the payment of an amount in cash for
) U& d7 H1 R4 T* {7 b+ d. neach such share so redeemed of $25.00 together with all declared and unpaid6 ^5 c! M* O( _8 z* p
dividends to the date fixed for redemption.
4 W% b; q* ~* z3 B) a% ^, LConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic# Y, E3 f: f( M  r' R' P; U6 N
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have6 q. G) b0 `2 F6 A) j! O* [/ Z
the right, at their option, to convert, on February 25, 2014 and on
2 n0 E4 b+ a5 J7 j. l5 W* nS-4
% c; I2 w9 z. d- S: OFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
7 ?- m2 M7 k! z- gor all of their Preferred Shares Series 18 into an equal number of Preferred7 p- Y+ Z8 J) @3 }# F! \
Shares Series 19 upon giving to the Bank notice thereof not earlier than: F8 n4 u9 e4 w2 r& C% s9 w
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day6 m+ T0 x. E2 f) v( l
preceding, a Series 18 Conversion Date.1 X5 U( l& ~4 B$ m+ R8 i( M
Automatic Conversion If the Bank determines, after having taken into account all shares tendered" g, X5 o+ i# M
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares6 }5 M1 U& B* y+ W7 S. O
Series 19, as the case may be, that there would be outstanding on such
6 R1 [, @' y5 ]8 E4 fSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
, V1 X9 w" \+ b# N/ U# Z) Hsuch remaining number of Preferred Shares Series 18 will automatically be
8 t( j% M) V+ k( T2 s3 C" J5 x$ pconverted on such Series 18 Conversion Date into an equal number of
- m* X& @/ W- L# e0 |Preferred Shares Series 19. Additionally, if the Bank determines that, after
8 n* Q& v( u' Z3 n) L' t- f9 Lconversion, there would be outstanding on such Series 18 Conversion Date2 m) }" t  L$ ~8 C6 ?
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
' ~& B' `1 x" o, F4 C6 pSeries 18 will be converted into Preferred Shares Series 19.- K/ t0 |3 z& i% [
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares8 [' v' ^# N0 }$ d* C9 r
Series 18 will not be entitled as such to receive notice of, attend, or vote at,+ E/ J) P9 d; E# {5 U, o$ Q
any meeting of the shareholders of the Bank unless and until the first time at9 K& L! u) ~8 V' F7 X3 S
which the Board of Directors has not declared the whole dividend on the4 w6 k7 T" S0 e# h* }4 Y* O
Preferred Shares Series 18 in any quarter. In that event, subject as) O4 R4 l. l3 x6 \  r
hereinafter provided, the holders of Preferred Shares Series 18 will be
1 ]. ?4 z0 |, f% u. f2 R9 \entitled to receive notice of, and to attend, meetings of shareholders at which
7 r, t' _$ B# Cdirectors of the Bank are to be elected and will be entitled to one vote for* f) t0 h" r- `; ]! F2 B3 D
each Preferred Share Series 18 held. The voting rights of the holders of the$ [9 \- z8 I7 J4 d3 v- d9 V
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
8 W  H# y- t' O( l2 W/ vthe first dividend on the Preferred Shares Series 18 to which the holders are
6 v6 q# j$ A3 K# ^0 Sentitled thereunder subsequent to the time such voting rights first arose until
) w' @1 M6 _+ @  k: V! m( x' Msuch time as the Bank may again fail to declare the whole dividend on the7 _, ^" y* L2 U3 G& z6 J# x* W, [
Preferred Shares Series 18 in respect of any quarter, in which event such
4 E# n8 n. W# ~* zvoting rights will become effective again and so on from time to time.
9 x8 t( a8 t. \( ?Principal Characteristics of the Preferred Shares Series 19
3 |( J0 i( y3 LDividends: The holders of the Preferred Shares Series 19 will be entitled to receive5 U) w7 S0 N, o. O5 ~9 w9 W
floating rate non-cumulative preferential cash dividends, as and when
" p' D5 a, Z8 J# ^declared by the Board of Directors, subject to the provisions of the Bank Act,
0 s! L' k0 @! e- ]  qpayable quarterly on the 25th day of February, May, August and November5 a9 n5 Z- g+ B* X7 q" x
in each year, in the amount per share determined by multiplying the' k" v3 V  I- ~' ~1 a5 v6 Q
applicable Quarterly Floating Dividend Rate by $25.00./ y$ x8 g# g* a7 D; a
On the 30th day prior to the commencement of the initial quarterly dividend
- ?. I, w3 K1 [" f- b3 {period beginning on February 25, 2014, and on the 30th day prior to the first1 @0 c: w4 _6 U
day of each subsequent quarterly dividend period (the initial quarterly
" m0 K- c0 E1 cdividend period and each subsequent quarterly dividend period is referred to
, r' v% i7 N! [4 d" Y. F- ]as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the8 V2 W' h+ ^3 s; j
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate- h7 J+ n, ^3 \8 |& U% T9 V6 x
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
6 |7 o' H1 z8 j& CT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
4 F, P0 N3 z. z0 W- I8 A& Kelapsed in the applicable Quarterly Floating Rate Period divided by 365)! s7 T6 `, R) J4 u
determined on the 30th day prior to the first day of the applicable Quarterly
9 A1 e* h( q. jFloating Rate Period.* O! v8 A3 b5 m! V( T' w
S-5
2 ?( z  A* [5 Z: \; U& ^6 A" K1 aIf the Board of Directors does not declare a dividend, or any part thereof, on3 ?( n2 g& |4 |+ E
the Preferred Shares Series 19 on or before the dividend payment date for a( b* n0 \8 M6 l9 u1 u
particular quarter, then the entitlement of the holders of the Preferred
0 |- ?' G" v! \- N' c" eShares Series 19 to receive such dividend, or to any part thereof, for such, x4 r) d  O- U5 g
quarter will be forever extinguished.
/ |  o9 _# Q: j* _9 cRedemption: Subject to the provisions of the Bank Act and to the prior consent of the/ g$ C) R* b/ q! X4 W+ z
Superintendent and to the provisions described below under the heading
" H: ?4 j: [( n& q% K# C‘‘Details of the Offering — Certain Provisions of the Preferred Shares
' l. d9 v/ b8 C$ }/ r. z+ r4 t1 VSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
& o9 Y0 {" |0 d9 x8 F1 o( ^! hon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
. q9 H1 ^: z+ S2 e& `or any part of the then outstanding Preferred Shares Series 19, at the Bank’s3 B: e" Y. a0 ^% A# N6 \1 U- e
option without the consent of the holder, by the payment of an amount in
) i" `# k; A+ s5 a5 L) P, Scash for each such share so redeemed of (i) $25.00 together with all declared
; O5 o& n( O& M5 s& }7 l; Land unpaid dividends to the date fixed for redemption in the case of; Q* D, U: s. X4 C4 [
redemptions on February 25, 2019 and on February 25 every five years- m" A% b- [; [8 Y$ w. d
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
& X( M9 ^0 r8 F6 Lthe date fixed for redemption in the case of redemptions on any other date. y0 r$ A" s) A8 y' t9 a' K
on or after February 25, 2014.
" H" \8 U) k1 R1 \( [: m' A, GConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic; j7 u1 H) h3 U5 v" x
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
# T- {1 Y2 t8 Pthe right, at their option, to convert, on February 25, 2019 and on, W+ {# P0 e7 v7 q+ S6 @
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any( C- N. ?- R! T9 X' U  }' F. \
or all of their Preferred Shares Series 19 into an equal number of Preferred7 S: X; D( W/ Q9 y5 J
Shares Series 18 upon giving to the Bank written notice thereof not earlier
$ C) G0 {  {. {than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the4 y" @, S7 \6 M2 W$ E( h$ ?4 T+ g  n
15th day preceding, a Series 19 Conversion Date.
: I& ]( w* u# S/ w% g- I+ R. tAutomatic Conversion If the Bank determines, after having taken into account all shares tendered4 e" c+ i! [" k4 y; p% o1 h1 H$ G
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares' w1 q* _9 V$ |  w1 q# Z
Series 18, as the case may be, that there would be outstanding on such3 }0 J- l8 y& |% \' {$ l: Y
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
9 s1 A8 Y1 ?! _* e! b; asuch remaining number of Preferred Shares Series 19 will automatically be
1 O& g& F  R7 U; rconverted on such Series 19 Conversion Date into an equal number of/ Y- L) l. U/ n
Preferred Shares Series 18. Additionally, if the Bank determines that, after1 v8 E9 `: h$ Q7 P3 g6 d  i- i$ X
conversion, there would be outstanding on such Series 19 Conversion Date' b- r( k5 b( I/ o- u3 M
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares2 f7 c( W3 G+ G' Z" p3 p1 a0 J
Series 19 will be converted into Preferred Shares Series 18.
; K$ r7 W+ K- N( G6 ]/ N2 J, D  MVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
# v* H0 x, B! P5 P" h+ mSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
. V4 `$ y# ?+ {5 H% c2 w- k3 oany meeting of the shareholders of the Bank unless and until the first time at! k) r& f. x9 w) ~9 L/ j3 n
which the Board of Directors has not declared the whole dividend on the% v' x% s+ [+ Y! K- ]
Preferred Shares Series 19 in any quarter. In that event, subject as+ B& I* p) M9 t* X/ d. M
hereinafter provided, the holders of Preferred Shares Series 19 will be
9 ?2 }: H0 e) o1 u$ |% |- U2 \& Sentitled to receive notice of, and to attend, meetings of shareholders at which1 n. l0 \- \/ t
directors of the Bank are to be elected and will be entitled to one vote for4 `  E' r8 d2 N5 [1 U( _4 o
each Preferred Share Series 19 held. The voting rights of the holders of the1 u1 `) _& r; x4 ~
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
: l! g5 ?* s+ n6 ^the first dividend on the Preferred Shares Series 19 to which the holders are! E6 k4 V5 W9 F( X7 R& g& ?
entitled thereunder subsequent to the time such voting rights first arose until  g" A& u0 o5 X6 ~. k( j+ w9 t$ i* ^
such time as the Bank may again fail to declare the whole dividend on the3 K+ P3 \. n/ W
Preferred Shares Series 19 in respect of any quarter, in which event such/ K( i# N5 l, f, Z1 @
voting rights will become effective again and so on from time to time.9 v6 f0 N$ \9 d# Q
S-6% d: ?1 @6 C, }7 |
Priority: The preferred shares of each series of the Bank will rank on a parity with6 @& S) a9 k+ I
every other series and are entitled to preference over the common shares of, t1 V% ^- o4 [9 y7 d, S& d8 N
the Bank and over any other shares of the Bank ranking junior to the' D4 p! `$ S1 B8 e0 B& k
preferred shares with respect to the payment of dividends and upon any
; `0 j# B# @- O4 p+ L5 ]. Bdistribution of assets in the event of the liquidation, dissolution or
, H2 ^- b, k9 c# Z/ q; r/ iwinding-up of the Bank.+ K( s( Z" T, I4 T) n
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
* ?0 L7 C. b: p) }% \- oDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
! n+ i% N3 q: g& r- D; p( S: GSeries 18 and Preferred Shares Series 19 will not be required to pay tax on  X9 x" s& B3 B$ I" k% O
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。/ r$ ~  `; F: b# D5 \# a- Z3 m
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

5 t' R; x! F7 j4 g: s+ m+ w- [/ X3 q7 |. h& u6 C3 X8 P8 b2 U
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
9 e( I4 U8 R: L, I5 G5 x% G/ E
* n3 Y7 ?8 n" O  mcall 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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