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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。
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[ 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:5 @* S( a; a2 u
SUMMARY OF THE OFFERING
% |! P$ G/ ]5 U9 m" l. tThis 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 j% T" A& ?9 ?- k5 EIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.9 r' q! \2 ?: P; Y
Amount: $150,000,000 (6,000,000 shares).) K8 w3 W: x; a2 e
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
# b+ e  ?& E! B# V$ b! m8 H! dPrincipal Characteristics of the Preferred Shares Series 18  r& J. j7 P$ \1 ^6 t; g, {
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed/ w  G- x' b) u; H4 R
non-cumulative preferential cash dividends, as and when declared by the7 C! g% W0 x' H- ^: O, p  f
Board of Directors, subject to the provisions of the Bank Act, for the initial
$ Z/ u5 ^5 |% v7 }period commencing on the closing date and ending on and including
) Y$ E$ |' g* D2 h' T: zFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
: N/ i: I8 [% r/ O3 G25th day of February, May, August and November in each year, at a rate
4 z0 e# L! A' w5 }, a! _# e: requal to $0.40625 per share. The initial dividend, if declared, will be payable% |! q. ]; q+ e% B- Z7 e
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
' E7 K7 y* z- Fdate of December 11, 2008.
% B' `; |% f# N6 x# J* R: \For each five-year period after the Initial Fixed Rate Period (each, a/ M3 S& u9 Q# B  B5 ]- t
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
: x3 J- E' H( ?: J: o0 V  G8 pSeries 18 will be entitled to receive fixed non-cumulative preferential cash- J: U. r; Y* n) `: @5 u( A0 i
dividends, as and when declared by the Board of Directors, subject to the' W- l% Z2 b8 d5 Y: l8 E
provisions of the Bank Act, payable quarterly on the 25th day of February,# b5 D: M1 ~# U! d& g. }
May, August and November in each year, in the amount per share per annum8 {4 n, e- i8 t. F1 ]
determined by multiplying the Annual Fixed Dividend Rate applicable to3 A$ H9 i3 {8 G
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend# L4 }7 H% w% R7 x
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
0 \: h" b7 r' @8 _Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
- J; j0 e/ k( H# c6 Y! ]of such Subsequent Fixed Rate Period and will be equal to the sum of the" Y' v% {, V& {2 a7 t: G
Government of Canada Yield on the applicable Fixed Rate Calculation Date3 z& g2 n  X/ R4 g" ^
plus 3.83%.
, b& i( B0 I5 h2 ^  T- RIf the Board of Directors does not declare a dividend, or any part thereof, on' }: \8 h$ F/ z
the Preferred Shares Series 18 on or before the dividend payment date for a
/ s$ m& _1 s" \. `; @3 ^particular quarter, then the entitlement of the holders of the Preferred
3 t) T% _, @2 KShares Series 18 to receive such dividend, or to any part thereof, for such4 ^9 u9 r% W. _. V# k$ Q
quarter will be forever extinguished.: F1 e. X: L. [8 O1 I% j
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the4 L/ k! w  z6 [9 J3 F, ]
Superintendent and to the provisions described below under ‘‘Details of the# X2 k' a9 p: r& _0 o
Offering — Certain Provisions of the Preferred Shares Series 18 as a2 Q( D0 E- K! D; ~! u! D
Series — Restrictions on Dividends and Retirement of Shares’’, on
& p( u) L) Q6 o/ l! }  {! nFebruary 25, 2014 and on February 25 every five years thereafter, on not
" P) O/ {5 K1 V$ Zmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any0 D( {/ x. w* E$ j1 v, X' e/ q$ ]3 L
part of the then outstanding Preferred Shares Series 18, at the Bank’s option  \+ i$ H6 [2 Z4 I* ~" J
without the consent of the holder, by the payment of an amount in cash for
. W- ]! W$ o  Qeach such share so redeemed of $25.00 together with all declared and unpaid, p4 ^) V! [) N5 x+ W' _; }
dividends to the date fixed for redemption.
) P4 u; h# g( [# K2 u7 D+ lConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic! }5 h1 v( z: O& O5 t, |! K
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have& v, @; U$ [0 S3 o
the right, at their option, to convert, on February 25, 2014 and on
. V* F5 w8 u/ d# m3 wS-4
7 R1 T0 F9 `6 }  F; f5 mFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
  s: q0 A. |  cor all of their Preferred Shares Series 18 into an equal number of Preferred
: I# a: f9 A' r% P+ \4 K8 @Shares Series 19 upon giving to the Bank notice thereof not earlier than
; B) s  p: `+ i/ N30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day3 P: k  Z& a0 T+ A; C3 a+ p0 q
preceding, a Series 18 Conversion Date.7 h5 p/ R+ J; v
Automatic Conversion If the Bank determines, after having taken into account all shares tendered4 {; f% w' F0 I! g* n2 O
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares. N/ P" i7 u' F" I' }. e
Series 19, as the case may be, that there would be outstanding on such
- y0 Q5 @" y- P, \2 b+ \/ {) aSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
; I& t- H* U# Z5 ?: {8 _, Hsuch remaining number of Preferred Shares Series 18 will automatically be
. q/ @! z# Y& k0 ^9 f# V& gconverted on such Series 18 Conversion Date into an equal number of; O/ @$ s) \! H- A' d& \
Preferred Shares Series 19. Additionally, if the Bank determines that, after
) B( F" @- i0 w1 [' }' F, J7 iconversion, there would be outstanding on such Series 18 Conversion Date
9 ]. y8 `# e3 J- V( g3 R2 `less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
' G1 s0 s2 S! n6 I/ V/ SSeries 18 will be converted into Preferred Shares Series 19.
! j' }9 ]0 p! pVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares$ t; t/ f; p/ x! H6 w1 Y
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
, m3 V$ x* |6 O+ z/ Fany meeting of the shareholders of the Bank unless and until the first time at
+ V6 f. U7 U  I( ]! ~9 q0 ]  g8 H. @; Xwhich the Board of Directors has not declared the whole dividend on the5 B5 U5 v8 S4 u
Preferred Shares Series 18 in any quarter. In that event, subject as: m$ _& R; u7 }6 [0 A) F) P4 P
hereinafter provided, the holders of Preferred Shares Series 18 will be+ e: [& I3 b; r2 Z+ i+ S# A5 j
entitled to receive notice of, and to attend, meetings of shareholders at which
/ `5 G) |. q+ M: z6 ydirectors of the Bank are to be elected and will be entitled to one vote for; A6 M( B7 c% `: D( H( d
each Preferred Share Series 18 held. The voting rights of the holders of the2 X3 x$ p' k- S, ?5 _$ U; E% R
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of; M) F* A' x9 S2 V$ r
the first dividend on the Preferred Shares Series 18 to which the holders are
% d; I* n3 i/ H6 ^$ h/ qentitled thereunder subsequent to the time such voting rights first arose until" Z6 K7 k: b$ H0 X! P
such time as the Bank may again fail to declare the whole dividend on the: r0 O" o$ p! s' t- [+ U
Preferred Shares Series 18 in respect of any quarter, in which event such9 Y6 S5 o9 ?2 I+ z1 t: e$ K
voting rights will become effective again and so on from time to time." D4 {1 W7 M/ _4 t+ E( A2 i
Principal Characteristics of the Preferred Shares Series 19( W! {& @* ]2 l4 G  |2 v
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive4 M" `  E: N9 S) T3 j9 D9 o
floating rate non-cumulative preferential cash dividends, as and when: B8 a$ D) A) u% r) m" {
declared by the Board of Directors, subject to the provisions of the Bank Act,
' p( A/ [9 m  P7 o/ s! N; a& w9 H& |payable quarterly on the 25th day of February, May, August and November7 k" [/ B9 G7 b' R
in each year, in the amount per share determined by multiplying the% m  `; H5 a' R3 p  _- B0 d5 V
applicable Quarterly Floating Dividend Rate by $25.00.& t; l! T& R8 L, T
On the 30th day prior to the commencement of the initial quarterly dividend
3 H& y3 d, B" }3 B; F' fperiod beginning on February 25, 2014, and on the 30th day prior to the first; l9 o7 M: z; u! ~  x7 v; x
day of each subsequent quarterly dividend period (the initial quarterly
% G  e2 z' \* ^: m* Zdividend period and each subsequent quarterly dividend period is referred to  y5 Z5 m* h/ u* T0 C3 ?; p
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the/ @) d: }: j" a7 |
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
2 u# u" J; |3 \* E1 |5 ?: N0 ?9 x% B( j' YPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the- o8 m3 s- l  v# M0 e
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
) L+ S1 A1 ^' {elapsed in the applicable Quarterly Floating Rate Period divided by 365)+ }$ `8 Y& }3 L) H
determined on the 30th day prior to the first day of the applicable Quarterly
% K7 q$ a6 [" V( bFloating Rate Period.7 G+ S+ ?' S" b5 B3 E! ?! C
S-5: Z, @! T+ U' J/ {8 V
If the Board of Directors does not declare a dividend, or any part thereof, on: o9 E8 z* S  t& Z$ U
the Preferred Shares Series 19 on or before the dividend payment date for a
* A: b8 a. K0 z+ t$ N" V! mparticular quarter, then the entitlement of the holders of the Preferred2 m/ S5 t* O! ]$ T  ^, k
Shares Series 19 to receive such dividend, or to any part thereof, for such
: S% I, H. O0 Mquarter will be forever extinguished.
, S% a5 L4 n# q% Q  s/ fRedemption: Subject to the provisions of the Bank Act and to the prior consent of the" a* Z% U2 ]5 o5 V# K
Superintendent and to the provisions described below under the heading7 s9 v) O; E& K7 P! D0 v
‘‘Details of the Offering — Certain Provisions of the Preferred Shares5 N* u+ x% j) r5 X: K
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’," E1 p6 P( C0 L1 v3 J& t" u' P
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all& E$ |" s) E6 D3 K+ }1 x
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s: T; q2 `* q5 k" k" N9 ^  k
option without the consent of the holder, by the payment of an amount in
* E" Q1 x0 y4 K' @cash for each such share so redeemed of (i) $25.00 together with all declared$ d9 t5 m/ e# n4 E; l2 j
and unpaid dividends to the date fixed for redemption in the case of
( B6 O* j1 {7 ]8 Kredemptions on February 25, 2019 and on February 25 every five years" h, Q: r" T' H* Y
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
: U6 l2 t; ^9 F# i! W+ Cthe date fixed for redemption in the case of redemptions on any other date
' t4 m+ ?. r" Z" }) _. ]' ~on or after February 25, 2014.2 K, A! c/ S" W. V/ i5 O
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic7 V* K- _" v0 w" [6 t% v. Y* X) p
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
9 f* C9 [) s& _the right, at their option, to convert, on February 25, 2019 and on+ ^' e, G  |+ }4 q6 k. j
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
: ~2 U/ J6 z, n: D1 Q2 q2 Jor all of their Preferred Shares Series 19 into an equal number of Preferred2 k9 |% z0 g" B5 o0 u
Shares Series 18 upon giving to the Bank written notice thereof not earlier) Z4 l# G3 r( s5 I3 \+ Y3 K  [
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
# L' X: x' a/ j15th day preceding, a Series 19 Conversion Date.1 Y- C4 b0 w' G4 ^9 L3 \+ N1 i2 D( o7 p
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
' g* ^% E$ H1 l; V, dProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares4 D/ O4 ]( t& ^* p
Series 18, as the case may be, that there would be outstanding on such
$ }, G2 U3 V% N/ Q9 `2 DSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
- k" n6 c: c  jsuch remaining number of Preferred Shares Series 19 will automatically be% m. n8 P3 x: X1 i+ s
converted on such Series 19 Conversion Date into an equal number of; W! h* ^5 B: ]* L/ X. S
Preferred Shares Series 18. Additionally, if the Bank determines that, after  d1 v# u2 V9 M
conversion, there would be outstanding on such Series 19 Conversion Date
. ^( H! J; u) x; U# f- B' pless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares. q# g# i  w8 Z% B
Series 19 will be converted into Preferred Shares Series 18." N/ h) N) B( D2 s/ j1 o, z
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares, a; Y0 g, D2 R! J
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
" W9 N/ l! D  @7 F5 K* a) \1 {any meeting of the shareholders of the Bank unless and until the first time at7 _% Q$ |- R5 h4 D1 q
which the Board of Directors has not declared the whole dividend on the# s; Q3 m) T9 O6 V
Preferred Shares Series 19 in any quarter. In that event, subject as% b; u# x  C4 {  N+ v7 g
hereinafter provided, the holders of Preferred Shares Series 19 will be
  g# _% |: |1 W- xentitled to receive notice of, and to attend, meetings of shareholders at which
3 x7 _7 x# K  B% edirectors of the Bank are to be elected and will be entitled to one vote for  b5 X* G) K3 `4 H$ S- r
each Preferred Share Series 19 held. The voting rights of the holders of the
# z2 V! X( Q' H2 G8 TPreferred Shares Series 19 will forthwith cease upon payment by the Bank of4 D1 \: X$ y+ f, N2 \. E
the first dividend on the Preferred Shares Series 19 to which the holders are
3 n$ E- c7 o) D, b1 M/ v) D( Qentitled thereunder subsequent to the time such voting rights first arose until- F/ {) l& `; Y8 V
such time as the Bank may again fail to declare the whole dividend on the
/ I4 P, ?, F& VPreferred Shares Series 19 in respect of any quarter, in which event such9 y- U6 k, E; C$ I
voting rights will become effective again and so on from time to time.( I7 t$ Z& Y: d
S-6
6 }) |/ b" e- |: iPriority: The preferred shares of each series of the Bank will rank on a parity with/ ]  L  K2 ?  P: g2 d* S9 u' X
every other series and are entitled to preference over the common shares of0 y; Z4 j3 h7 T+ j. W# K2 [
the Bank and over any other shares of the Bank ranking junior to the2 C9 F9 f  y" U' x% c, k, L2 T
preferred shares with respect to the payment of dividends and upon any% S7 k  V5 N$ l0 z
distribution of assets in the event of the liquidation, dissolution or
7 Y& D  [, g8 P# h2 rwinding-up of the Bank.
( p$ l7 c; p5 e* h+ U# HTax on Preferred Share The Bank will elect, in the manner and within the time provided under4 w( r5 u, S* i/ C4 ?- ]+ N  k! R
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares2 P' o; X! J5 z" u3 E/ p
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
7 {0 h+ \8 n# {: Y! [9 Gdividends 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。
5 I) {+ I0 k/ Z3 r; 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。
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 18:26 | 显示全部楼层

, r2 k, Q3 s4 @6 o6 r  z! t% S! X1 t$ \. X6 Q/ {4 k
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
% z" f4 B+ t9 y5 W/ q; @7 W9 O9 o, y9 G. ~
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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