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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 B, j  X  C8 l5 B
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[ 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:. s0 I5 J* ^, B. |
SUMMARY OF THE OFFERING# R, X- o' v: F: K+ c
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’’.
* ]! C2 |* t) W4 ~5 E' DIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.( y, a0 y8 K$ Q) B
Amount: $150,000,000 (6,000,000 shares).
" @% b+ A2 x4 A, ^Price and Yield: $25.00 per share to yield initially 6.50% per annum.
- o. }7 }$ ?$ a+ C, B4 j2 t8 wPrincipal Characteristics of the Preferred Shares Series 18
9 Q) o; z. p0 k! t6 h9 L0 O' ]Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed( D; |6 N- q4 f# W" j) n
non-cumulative preferential cash dividends, as and when declared by the
& K- t. F+ t* j& P5 U% B7 S# @Board of Directors, subject to the provisions of the Bank Act, for the initial
. C: b: M! `. R" Dperiod commencing on the closing date and ending on and including
1 v9 @0 o  _) c7 tFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
" p' |' B5 g- N) d& v% h1 I* Z25th day of February, May, August and November in each year, at a rate
) q; ~6 d8 v$ M4 ~equal to $0.40625 per share. The initial dividend, if declared, will be payable
7 g( A2 N. G4 l1 c: EMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing8 n7 E& I  L) z# h( L
date of December 11, 2008.' Z& p& H! {/ `; N8 }- D4 ~+ e
For each five-year period after the Initial Fixed Rate Period (each, a
( x. N4 j9 J* b0 Y- F2 o! y‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares- i! R5 S/ N8 b& X% R4 o/ m
Series 18 will be entitled to receive fixed non-cumulative preferential cash
5 t1 L- @7 j" z* |dividends, as and when declared by the Board of Directors, subject to the
9 q1 r+ N. y& |0 Hprovisions of the Bank Act, payable quarterly on the 25th day of February,
8 Q5 _2 S- q2 G$ F3 W. }May, August and November in each year, in the amount per share per annum
" ?* J, K# w- a: G* @% s/ kdetermined by multiplying the Annual Fixed Dividend Rate applicable to
/ \' {% U  j6 s/ o0 `& D0 fsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
; f7 U+ O. K" P' Q* Q8 I* z( s& f2 }0 HRate for the ensuing Subsequent Fixed Rate Period will be determined by the
; S- x+ |- R2 g& b% cBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
2 j) i( C: M1 V9 X3 Bof such Subsequent Fixed Rate Period and will be equal to the sum of the8 b' q; _# Y$ v# {( U( x
Government of Canada Yield on the applicable Fixed Rate Calculation Date3 I0 W' @. ]5 F6 [# F6 F$ g; x
plus 3.83%.
6 Y  W9 r; V/ O" h+ Y8 i$ ^% mIf the Board of Directors does not declare a dividend, or any part thereof, on6 Z$ d+ J! V6 g3 q% R4 x2 O1 n# i
the Preferred Shares Series 18 on or before the dividend payment date for a' J; M9 |; N2 N5 s1 ?4 Y
particular quarter, then the entitlement of the holders of the Preferred! U( Q' c) s0 I: P! h
Shares Series 18 to receive such dividend, or to any part thereof, for such
5 [. [4 _1 a/ r8 d) }quarter will be forever extinguished.0 x: W0 A2 d; g7 N5 W$ D) r
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
* z' K/ e: Q, b9 B) CSuperintendent and to the provisions described below under ‘‘Details of the5 ]! |1 G, t7 G' A
Offering — Certain Provisions of the Preferred Shares Series 18 as a5 X2 L0 P4 I& Q$ K
Series — Restrictions on Dividends and Retirement of Shares’’, on
. V& \) \9 c& D; A0 CFebruary 25, 2014 and on February 25 every five years thereafter, on not8 D% F* o( T! ]- S+ S
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
# N1 s0 Z2 V  xpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
. F, ^. o4 h% r7 u. i! Y9 y( Q# nwithout the consent of the holder, by the payment of an amount in cash for
5 j: `7 x7 u% B# t% H3 Heach such share so redeemed of $25.00 together with all declared and unpaid3 E# k) m# l  ]2 Q
dividends to the date fixed for redemption.
- Z* |2 `( W; X# a0 c$ IConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic9 d/ A( H# @3 @; v+ E' `) `
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have( H7 U6 d1 d) @) Y
the right, at their option, to convert, on February 25, 2014 and on
+ g7 j' t4 A3 r: C/ |( \S-44 ^5 T* S" ~1 p
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
2 ]& D4 L/ K/ g/ Ior all of their Preferred Shares Series 18 into an equal number of Preferred6 o4 P3 N( E* N0 f5 s
Shares Series 19 upon giving to the Bank notice thereof not earlier than
. E2 q5 n! S* o" l9 `30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
2 P, r* Z$ N; y1 f2 x) ~; Y2 opreceding, a Series 18 Conversion Date.
7 S8 ]( j" v6 ZAutomatic Conversion If the Bank determines, after having taken into account all shares tendered! u  U+ A8 t5 y+ n, A
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares% {, c+ J3 X/ c7 n( a; e2 {( U3 F
Series 19, as the case may be, that there would be outstanding on such- }8 ^9 |4 i1 e9 F  k$ U4 J  d
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
+ K# D9 z2 N5 ^; L7 ^" Csuch remaining number of Preferred Shares Series 18 will automatically be. M: E1 Y$ M) M  d
converted on such Series 18 Conversion Date into an equal number of/ U5 G7 p1 S) f
Preferred Shares Series 19. Additionally, if the Bank determines that, after9 }5 D6 U+ c9 w! w0 {
conversion, there would be outstanding on such Series 18 Conversion Date: @( P& p7 X. s# o" Y
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares$ R8 e2 N+ v7 [  l( X) t8 T. R' n4 L
Series 18 will be converted into Preferred Shares Series 19.5 G" W' V; H' ~3 \
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
) [" p. o( H5 f$ K" u; m# uSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
3 B1 L; v3 r& ~3 y# Z- a1 p0 ~  qany meeting of the shareholders of the Bank unless and until the first time at
# w7 R7 p1 E" j' N7 uwhich the Board of Directors has not declared the whole dividend on the% f" R; o4 k9 h! Q% `
Preferred Shares Series 18 in any quarter. In that event, subject as
; l5 y. x- u. ^9 P" K# I$ d6 Q! A7 `hereinafter provided, the holders of Preferred Shares Series 18 will be% I( M6 F2 p! s* M. {! j
entitled to receive notice of, and to attend, meetings of shareholders at which0 b5 Y" |. X4 ]: L) U* W
directors of the Bank are to be elected and will be entitled to one vote for6 @# S+ p. x6 j5 D  b
each Preferred Share Series 18 held. The voting rights of the holders of the- v  F7 F+ I- _& N5 o4 A
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of3 I/ E9 C1 q6 P- |
the first dividend on the Preferred Shares Series 18 to which the holders are* F5 M* ?' Y/ c
entitled thereunder subsequent to the time such voting rights first arose until
' i) m* X$ ^& V+ y# B* ?such time as the Bank may again fail to declare the whole dividend on the
4 K  _6 L1 {3 b7 S9 J+ @Preferred Shares Series 18 in respect of any quarter, in which event such
% c: l0 d. |# a+ I7 Wvoting rights will become effective again and so on from time to time.
: B# T- D! ^" Q% oPrincipal Characteristics of the Preferred Shares Series 198 k; U) T+ \' [, l  z3 o: n" g5 ]
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
# _# Z, G+ J% E+ [4 L# Rfloating rate non-cumulative preferential cash dividends, as and when! \1 T2 e5 L: N
declared by the Board of Directors, subject to the provisions of the Bank Act,
8 U. d* `* u3 E, `. G: d4 t: U+ lpayable quarterly on the 25th day of February, May, August and November# u2 A$ p& R4 G$ z  U( u) r
in each year, in the amount per share determined by multiplying the/ z. L7 o5 x4 m1 w
applicable Quarterly Floating Dividend Rate by $25.00.
3 H" h) Z8 F, I1 e+ COn the 30th day prior to the commencement of the initial quarterly dividend
' c! I8 |4 @% ]* Vperiod beginning on February 25, 2014, and on the 30th day prior to the first* k. }3 B; \/ T
day of each subsequent quarterly dividend period (the initial quarterly( F+ d; |% X( D2 Q2 l+ n' `. Y3 e
dividend period and each subsequent quarterly dividend period is referred to
4 p# f# q9 Q( r0 G- l) D& ]as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the0 C. W4 k' n0 q  \' m3 l
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
0 a. [1 r3 D% ~( U- t+ [3 {, K+ W* [Period. The Quarterly Floating Dividend Rate will be equal to the sum of the1 G8 x; E/ N, D! _/ D; l8 ~
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
" c; a) f7 q7 q' l! H6 Qelapsed in the applicable Quarterly Floating Rate Period divided by 365)" d- U2 v6 w1 y$ Y7 k& R1 i
determined on the 30th day prior to the first day of the applicable Quarterly+ u3 }' _  L+ L6 h
Floating Rate Period.$ C* d8 {4 v) k/ s. e
S-57 M9 _! y0 g6 {4 D7 C
If the Board of Directors does not declare a dividend, or any part thereof, on' M6 u0 o1 R* m, O, E. T
the Preferred Shares Series 19 on or before the dividend payment date for a0 s* ^' Y* s. m3 [" Y6 u
particular quarter, then the entitlement of the holders of the Preferred. ^$ [$ m8 J4 |( h
Shares Series 19 to receive such dividend, or to any part thereof, for such
3 c/ J0 u+ M" Pquarter will be forever extinguished.0 h! B/ u; e1 h. B* k- k
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the% ^2 h. C( H  D( e1 A8 \9 h
Superintendent and to the provisions described below under the heading+ |& @# N- |* O/ x5 v/ ^
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
: O) \9 }- ?2 Z$ P( V2 s% ?! qSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
! [- D6 Y% a# v9 oon not more than 60 nor less than 30 days’ notice, the Bank may redeem all3 j! b! @  D2 H6 J  f3 m
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s! x6 Q3 E( L: z5 y) I: @! Z' t4 c
option without the consent of the holder, by the payment of an amount in
0 ]3 I* A* N& [- {# N4 [! s- Ycash for each such share so redeemed of (i) $25.00 together with all declared7 i+ ^! i0 L, q  b1 G! L
and unpaid dividends to the date fixed for redemption in the case of0 w, u) v$ p; ?7 K: ~( W2 G# K) G2 a9 h  S
redemptions on February 25, 2019 and on February 25 every five years
' Q1 ^$ n! l6 Jthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
$ i% _/ \! n! t9 m; d9 qthe date fixed for redemption in the case of redemptions on any other date
. [2 l$ n4 d$ X; l% H0 `0 ]on or after February 25, 2014.
5 j8 M1 T" q3 u6 j4 X( k9 LConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
3 b8 ^3 k/ f4 _5 iShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
" k# a. I  r" C1 g* y5 N% s! F8 h7 X0 athe right, at their option, to convert, on February 25, 2019 and on
6 E( B( y8 k8 [" V  s1 r0 m# yFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any, b) c5 V0 _# P% x; ?! }
or all of their Preferred Shares Series 19 into an equal number of Preferred
% ~4 w* X: B% X7 {4 @. z8 DShares Series 18 upon giving to the Bank written notice thereof not earlier% n: ?, |6 M; q! h" q, F9 B
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the% x+ b6 p6 c8 f3 E' O" h& F- {
15th day preceding, a Series 19 Conversion Date.4 s% J- H5 ^2 A; T4 P4 O0 {
Automatic Conversion If the Bank determines, after having taken into account all shares tendered# T+ w! y( Z+ ?& J5 o( o2 @
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares" n$ [; m; W" \( L
Series 18, as the case may be, that there would be outstanding on such9 c8 K% J( Q$ P( Q6 H6 A
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,! ?- G% b. e% {: Q
such remaining number of Preferred Shares Series 19 will automatically be
9 q5 t- R9 O& a( L# M" \converted on such Series 19 Conversion Date into an equal number of" C( p8 a, L, H+ q* i
Preferred Shares Series 18. Additionally, if the Bank determines that, after
- ^5 o1 i7 b' A! Q, X1 Z- fconversion, there would be outstanding on such Series 19 Conversion Date! E7 V" u; u- k% M5 D" k
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares+ r6 [0 l# a0 D4 P4 a4 }3 N) L5 r
Series 19 will be converted into Preferred Shares Series 18.! O9 V! t0 _6 N1 S1 |
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
2 M9 A. A8 b) h! iSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
2 h! [  A* e# B* yany meeting of the shareholders of the Bank unless and until the first time at( {* D' ^8 W  {' N
which the Board of Directors has not declared the whole dividend on the8 b8 C  x! d5 Y$ k5 D( i! r
Preferred Shares Series 19 in any quarter. In that event, subject as$ j4 e1 a( ~" ]- k: l, J$ n# y
hereinafter provided, the holders of Preferred Shares Series 19 will be
4 `4 q2 t) t3 ]0 X. ?$ K! Xentitled to receive notice of, and to attend, meetings of shareholders at which
% a, b7 q0 Z- c1 S! q' vdirectors of the Bank are to be elected and will be entitled to one vote for
& e) G6 y; N& deach Preferred Share Series 19 held. The voting rights of the holders of the/ G( [- b0 _$ \; ]% {; n. V: k
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of! ^0 c/ F) `' j+ R5 R% P
the first dividend on the Preferred Shares Series 19 to which the holders are8 ]1 x2 ]" d; V9 W. f
entitled thereunder subsequent to the time such voting rights first arose until
1 z5 f: e+ H0 n6 v: v: p0 X! `such time as the Bank may again fail to declare the whole dividend on the
9 K& E7 ]: L6 t; xPreferred Shares Series 19 in respect of any quarter, in which event such. t0 U* T: a2 V2 r
voting rights will become effective again and so on from time to time.
; H, q4 r. X% ~* d2 \& t: mS-62 c, M2 F! n, U3 r# \
Priority: The preferred shares of each series of the Bank will rank on a parity with4 W! \' r6 L- n* x  l5 H
every other series and are entitled to preference over the common shares of' o5 a' E* t6 l0 u: T  ^
the Bank and over any other shares of the Bank ranking junior to the6 R7 @1 u" u$ i
preferred shares with respect to the payment of dividends and upon any
; j$ u7 U/ ]2 b0 vdistribution of assets in the event of the liquidation, dissolution or
. v, Z$ u9 r6 Q  t2 q4 a3 Wwinding-up of the Bank.
2 A  N4 c% \* T6 J8 NTax on Preferred Share The Bank will elect, in the manner and within the time provided under
1 m/ V, O: |; c/ bDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares( A$ D$ [' l/ g# {
Series 18 and Preferred Shares Series 19 will not be required to pay tax on6 z6 @' f" \( y# m' _7 q' z( J
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。
6 h' A# D$ ?9 p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
* |) O; I, ^* a! y4 J) }  T, m7 w

7 _- M) _# S, I  M% m! v下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。/ \- k; l7 E5 L. [

; I- j$ [! T+ ~% [$ S8 S0 s% Scall 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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