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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。2 p1 ]8 @8 P$ U8 l  ~- h1 K! G1 P

% L. g$ m& w+ @; q6 k; ?% l7 [0 O/ l) ~; }' _' K4 }/ B$ a; `$ f
[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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 楼主| 发表于 2008-11-29 16:58 | 显示全部楼层
下面是BMO的:
  }' s/ n4 c2 ?2 u$ V( cSUMMARY OF THE OFFERING# `& z8 Y2 @- W7 t! {# N
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’’.
/ }2 t/ Z+ U4 f$ {Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
  }9 @& C5 q: P% X" D; H0 qAmount: $150,000,000 (6,000,000 shares).
8 c- G, c' T9 ]# _Price and Yield: $25.00 per share to yield initially 6.50% per annum.  f( h' y  q, g* @( w
Principal Characteristics of the Preferred Shares Series 182 ?- o, t- p& d; W' {
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed) Z# E: R. V+ ]: z5 z& D# k
non-cumulative preferential cash dividends, as and when declared by the
+ r: q& j5 ~6 yBoard of Directors, subject to the provisions of the Bank Act, for the initial; d# U8 _1 F$ L% q/ c
period commencing on the closing date and ending on and including+ c) e4 F# @: S, d! {& C0 |: I
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the) k0 q: I1 W1 u# O- P( C" k( }
25th day of February, May, August and November in each year, at a rate$ {, k! ~+ h  e8 K5 q2 v
equal to $0.40625 per share. The initial dividend, if declared, will be payable# {7 S9 N  n/ R, ^" \9 W! q
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing; q1 c% N& [0 k$ q! }3 p' {8 e' Q
date of December 11, 2008.9 U1 v- \0 ^- e' ]
For each five-year period after the Initial Fixed Rate Period (each, a+ |5 n$ d% C0 ?4 ]
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
6 X6 r+ \( O/ y9 s4 j5 jSeries 18 will be entitled to receive fixed non-cumulative preferential cash* b# _) Z8 G+ M# @  b! [3 Q
dividends, as and when declared by the Board of Directors, subject to the# z, P' t7 K" G6 j1 \: P
provisions of the Bank Act, payable quarterly on the 25th day of February,; e" D4 ]7 J  X* W4 r
May, August and November in each year, in the amount per share per annum
2 S- `  V9 a; e% p/ @determined by multiplying the Annual Fixed Dividend Rate applicable to6 `- d8 F0 A9 Z. B, ^2 y
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend8 M$ Q1 |# ^' k/ p- k  r0 m
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the+ e4 P% ]) u$ d5 T* b
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
* {) G! L! Y1 l9 n# ]; {, k7 i3 aof such Subsequent Fixed Rate Period and will be equal to the sum of the) U0 F+ N# ~( u, X7 e" l2 q+ C, `6 ~
Government of Canada Yield on the applicable Fixed Rate Calculation Date
8 n/ K. X7 l2 A5 `/ bplus 3.83%.
* _# _/ e( R  XIf the Board of Directors does not declare a dividend, or any part thereof, on
4 X* W- f) j& Z  b% H# c3 Rthe Preferred Shares Series 18 on or before the dividend payment date for a- h: j' j& G& E- Y( j7 h# ?3 B; x# v  L$ P
particular quarter, then the entitlement of the holders of the Preferred/ W. O! r/ a0 {& s' w
Shares Series 18 to receive such dividend, or to any part thereof, for such
# ]8 m+ t9 x: Q8 _/ G; {  O% dquarter will be forever extinguished.
/ X# Y8 ?6 o& A* O% m- [* qRedemption: Subject to the provisions of the Bank Act and to the prior consent of the0 P" l* V# b) E) t# o- ^" }' n
Superintendent and to the provisions described below under ‘‘Details of the5 ~# d$ ?( o8 ?
Offering — Certain Provisions of the Preferred Shares Series 18 as a
& g4 n3 W  Q1 A! H6 |# H3 [Series — Restrictions on Dividends and Retirement of Shares’’, on
$ x: S* W) Y7 G$ ?. A0 @February 25, 2014 and on February 25 every five years thereafter, on not" K, d8 q( }* v6 ?
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any! f: J# B! o/ [# M) Q' r
part of the then outstanding Preferred Shares Series 18, at the Bank’s option) d1 S4 I) S. n, `- _( D1 K; w
without the consent of the holder, by the payment of an amount in cash for3 t* h5 x, l( W" y! ]
each such share so redeemed of $25.00 together with all declared and unpaid3 q1 ]' j4 O5 {8 M/ H1 C: w
dividends to the date fixed for redemption.
6 V0 g' }, Q/ A3 D3 v, iConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic( o" w  i2 D( c2 S9 h/ }' q
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
' I; Y5 {  a) z8 |5 ?the right, at their option, to convert, on February 25, 2014 and on  n/ V" z* }4 B* o; a
S-4* H$ M9 S, x: Q% D0 y
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any& ]  x5 Y8 v: y. y, @! ~; L
or all of their Preferred Shares Series 18 into an equal number of Preferred
3 h' g) Q9 Z8 d/ IShares Series 19 upon giving to the Bank notice thereof not earlier than  u5 l. X7 d2 I3 h1 C9 V+ t& @: k
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
2 Y' O9 x3 c8 D# m; ~preceding, a Series 18 Conversion Date.
4 c- |8 D# X7 @" zAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
1 I; Y5 b# x9 ~3 }2 p4 WProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
8 m4 {7 E& y# `' A* R: ^5 X. bSeries 19, as the case may be, that there would be outstanding on such7 {" f; p7 c) z2 j8 s4 q" U
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,+ \# y( T( o* \! L7 V! F
such remaining number of Preferred Shares Series 18 will automatically be
8 O5 _* b% k$ ^. }converted on such Series 18 Conversion Date into an equal number of
- N! C/ G) e8 `8 K! ^Preferred Shares Series 19. Additionally, if the Bank determines that, after
% @* ^/ S. N, e/ H- O3 S) M: Q( zconversion, there would be outstanding on such Series 18 Conversion Date
# Q+ ?) z: M. L  a9 r+ vless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares' c$ L: O% m* R: {9 y
Series 18 will be converted into Preferred Shares Series 19.9 W0 t0 v5 L" z1 r
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
: H$ W1 K7 {8 tSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
" @3 h  R8 k3 f+ U1 w# Eany meeting of the shareholders of the Bank unless and until the first time at
# e+ e( s1 t% G/ j  z6 cwhich the Board of Directors has not declared the whole dividend on the
* t( W1 i; x( ]$ @& g. C" a  D3 {Preferred Shares Series 18 in any quarter. In that event, subject as5 v1 W$ S0 x3 v# ?
hereinafter provided, the holders of Preferred Shares Series 18 will be5 C. p) Z5 n  X! \' i- ]3 d7 r
entitled to receive notice of, and to attend, meetings of shareholders at which: z; t' J  S3 {6 a" S$ d. F" |
directors of the Bank are to be elected and will be entitled to one vote for: J9 ?1 v  Y1 F5 r; T0 l
each Preferred Share Series 18 held. The voting rights of the holders of the
1 b6 C' T+ c. ?' u2 P7 y# d* k$ cPreferred Shares Series 18 will forthwith cease upon payment by the Bank of! j: Y! @& `* h
the first dividend on the Preferred Shares Series 18 to which the holders are
; R( h0 \! u8 E4 {+ Wentitled thereunder subsequent to the time such voting rights first arose until
( L$ o6 [' Q0 v1 m) x# i0 o5 qsuch time as the Bank may again fail to declare the whole dividend on the
, o7 H6 Q- M+ ~6 }+ b. [Preferred Shares Series 18 in respect of any quarter, in which event such
  g" {, I, x* `5 ^voting rights will become effective again and so on from time to time.
1 W( Z+ I4 _# d; ePrincipal Characteristics of the Preferred Shares Series 19
8 X4 n( N. b8 X0 Q3 `) }9 I/ _Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive4 Q5 B  V6 W3 y5 v
floating rate non-cumulative preferential cash dividends, as and when' X5 m- F8 [; m
declared by the Board of Directors, subject to the provisions of the Bank Act,, ~2 i  X* ]4 d* i& [: s( Y4 J
payable quarterly on the 25th day of February, May, August and November
  G6 R7 B. K3 ?- Z- T! }" k0 Q8 Nin each year, in the amount per share determined by multiplying the$ l% J% ^' Z! {- M0 F! F+ V
applicable Quarterly Floating Dividend Rate by $25.00.
3 |+ c8 v1 M4 B& h3 jOn the 30th day prior to the commencement of the initial quarterly dividend  \/ Q' ?. J& Y$ G4 d) @! K
period beginning on February 25, 2014, and on the 30th day prior to the first
1 V& Q# o/ V! V- t3 R0 s0 ?  zday of each subsequent quarterly dividend period (the initial quarterly
! h1 d: D* I: Tdividend period and each subsequent quarterly dividend period is referred to
9 K. O1 R( m/ I7 Z8 ?as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the. J! @: K# `4 y  c
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate1 ~' p% V: G; k. [6 n# N
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
6 G; \6 q2 L+ `1 u! @0 A% f" YT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days" ^7 q0 V5 o: O% ~9 Z7 O( J: }
elapsed in the applicable Quarterly Floating Rate Period divided by 365); v4 y7 y0 u  l
determined on the 30th day prior to the first day of the applicable Quarterly, i2 N8 s% M2 E1 W( t3 k. G
Floating Rate Period.: {# Y  m4 r# O0 B
S-5
" C/ A" p9 _0 j  O+ y; \- A; k. XIf the Board of Directors does not declare a dividend, or any part thereof, on% {# @( F# A8 V9 [
the Preferred Shares Series 19 on or before the dividend payment date for a
8 d$ V* z9 F& Mparticular quarter, then the entitlement of the holders of the Preferred
* m+ m9 v2 j* d; x$ C" hShares Series 19 to receive such dividend, or to any part thereof, for such6 R/ z% ?7 m( u0 p+ f3 ]4 f
quarter will be forever extinguished.& W, i' m; l8 m. s
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
+ f; t5 q- N9 ~* w& PSuperintendent and to the provisions described below under the heading
5 ?: f2 e* T; s5 Q* h2 s- O6 g‘‘Details of the Offering — Certain Provisions of the Preferred Shares& J, U# p; O" [+ l, J: E
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,; U5 X7 G0 @, P3 ~- i+ O
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all, V/ ?2 u) q' E3 y2 N
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s$ h5 s3 N6 K9 N& n$ [2 u8 e
option without the consent of the holder, by the payment of an amount in, a3 y. v/ I4 w$ E9 d
cash for each such share so redeemed of (i) $25.00 together with all declared
: Y# V( m$ }3 s$ B0 d( h! Nand unpaid dividends to the date fixed for redemption in the case of. V6 q  k5 q" L
redemptions on February 25, 2019 and on February 25 every five years
5 o9 F; ]* q, b0 K5 c/ W7 ithereafter, or (ii) $25.50 together with all declared and unpaid dividends to
! X" h( ]0 a" Bthe date fixed for redemption in the case of redemptions on any other date
" e# _+ p; j) Ion or after February 25, 2014.
* B" X7 X' z/ V* |% Q, jConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic0 L. M/ t( m0 P2 s2 z, ?+ ]
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have/ o/ M2 s% g# E  I
the right, at their option, to convert, on February 25, 2019 and on, ?2 U  q/ S% ]' c
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any) F1 V7 o! ?8 I
or all of their Preferred Shares Series 19 into an equal number of Preferred
1 O: s1 f, W" {. y; G5 N5 t7 [Shares Series 18 upon giving to the Bank written notice thereof not earlier8 T  T. C; n5 l9 G/ `2 f
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the  T3 B4 v! P, ?1 A
15th day preceding, a Series 19 Conversion Date." w8 g' d7 E" S: b9 b& \5 U! m
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
2 w0 k) ?0 E" U; Q  ^Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
7 }0 ]% `" Q4 RSeries 18, as the case may be, that there would be outstanding on such
; D  W7 C7 E8 q* g1 P$ xSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
% K- {/ C4 m8 Lsuch remaining number of Preferred Shares Series 19 will automatically be8 B- l8 f0 l0 ]5 i
converted on such Series 19 Conversion Date into an equal number of
/ T& |$ P1 B  ~6 H/ B5 c* s8 TPreferred Shares Series 18. Additionally, if the Bank determines that, after
7 A# Y& n7 {! j8 |conversion, there would be outstanding on such Series 19 Conversion Date, ^' Z& s  i4 @7 ]
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares( [8 N2 B3 J! L3 P0 E
Series 19 will be converted into Preferred Shares Series 18.
0 e0 v" V+ @# A9 [( H( A5 q+ aVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
, g! I: r4 M3 {Series 19 will not be entitled as such to receive notice of, attend, or vote at,' |0 O3 M/ F& ?3 b# S. f- M
any meeting of the shareholders of the Bank unless and until the first time at7 k$ c0 t8 E* w& M/ p
which the Board of Directors has not declared the whole dividend on the
7 n4 ~. Y# w- ~! N6 _Preferred Shares Series 19 in any quarter. In that event, subject as" N8 E: q: `! Y2 G
hereinafter provided, the holders of Preferred Shares Series 19 will be. h2 y3 F2 q) G  C
entitled to receive notice of, and to attend, meetings of shareholders at which
9 w, B: s! a, m/ h% J. B/ I5 Udirectors of the Bank are to be elected and will be entitled to one vote for
2 C% N2 r0 V$ J% {& Jeach Preferred Share Series 19 held. The voting rights of the holders of the
) x2 q5 ^5 s4 k* S6 |1 s6 MPreferred Shares Series 19 will forthwith cease upon payment by the Bank of1 y- q! }9 c$ r( K6 E
the first dividend on the Preferred Shares Series 19 to which the holders are
* g: B# m  |$ ]- nentitled thereunder subsequent to the time such voting rights first arose until- f! d! ?: C, d: {8 m9 v
such time as the Bank may again fail to declare the whole dividend on the9 b" W2 I! U+ R( g2 M  m! g
Preferred Shares Series 19 in respect of any quarter, in which event such& o& _) X  D  n
voting rights will become effective again and so on from time to time.2 m/ S4 e/ n7 B+ i; [
S-6
4 E9 |% q( l- T) ~1 `Priority: The preferred shares of each series of the Bank will rank on a parity with! ?" H+ n+ o8 {. G; |( s
every other series and are entitled to preference over the common shares of' j: L8 U" e1 z
the Bank and over any other shares of the Bank ranking junior to the
2 C3 v! X  Z0 l" U9 gpreferred shares with respect to the payment of dividends and upon any
2 b5 s; p7 y, g6 h! M2 W# Hdistribution of assets in the event of the liquidation, dissolution or' g) J. I5 ^9 W' T( N. z
winding-up of the Bank.
& C3 N/ q5 r' C0 JTax on Preferred Share The Bank will elect, in the manner and within the time provided under
4 p$ P- w' D2 Q+ p; A% @Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
9 b2 k% n- {4 g, |5 v2 I3 ZSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
" o4 t! ~) o; p* Y0 f' p, z& cdividends 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。; d3 J2 S0 u0 z* U1 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

: Y0 i( N! C& t
% _5 f0 Y1 |- U2 Z0 @5 N下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。" I, C( t! M0 `8 A4 n

) T3 V9 M7 Y0 f- g) ~; xcall 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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