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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。1 Y9 h/ Y5 X/ T3 f" K

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9 _# v" x; \" T* U4 e& f[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
理袁律师事务所
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:# `0 ~8 V  ]9 m" T5 Q
SUMMARY OF THE OFFERING
2 y3 j- L- m9 A( h0 n& JThis 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’’.
. |  @. P5 I8 |$ L/ C$ u0 MIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
, ?1 G8 }* B& i4 `Amount: $150,000,000 (6,000,000 shares).
& e6 r0 X" s3 `. M  A; oPrice and Yield: $25.00 per share to yield initially 6.50% per annum.: g. Z% c8 g9 F& Z3 Q6 G
Principal Characteristics of the Preferred Shares Series 183 \5 ]$ a! x. V& r* j( S6 @# }% X
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed; Y/ t4 |8 ]5 e8 `& l" a
non-cumulative preferential cash dividends, as and when declared by the. ?4 F( w/ M" \5 y
Board of Directors, subject to the provisions of the Bank Act, for the initial
" I0 M$ |; n3 ?4 C9 h* O9 U5 rperiod commencing on the closing date and ending on and including7 L6 n- F5 L$ [4 s3 g, w
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the% d( V0 A3 p7 J! Q- e
25th day of February, May, August and November in each year, at a rate
5 g+ T8 Y. q2 b' X7 v, }equal to $0.40625 per share. The initial dividend, if declared, will be payable8 ]& P8 V! H9 I. n$ P
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
* F$ d( e6 Z/ vdate of December 11, 2008.# c! X7 e) d) ^9 z  z
For each five-year period after the Initial Fixed Rate Period (each, a# y/ T  W9 L) v  A
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares: T1 `* c, E& w- i- e
Series 18 will be entitled to receive fixed non-cumulative preferential cash
% L# D2 Y; @- \6 M' kdividends, as and when declared by the Board of Directors, subject to the
, n, |/ {$ L" z7 p; M4 s: Kprovisions of the Bank Act, payable quarterly on the 25th day of February,
' I1 e. w% w1 z- y: r1 A7 f6 |May, August and November in each year, in the amount per share per annum  U) X2 |9 Z& x
determined by multiplying the Annual Fixed Dividend Rate applicable to
* D# X% W- x. S& z  T9 x% _( L) C; usuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend: H, b# J  t# q: Q1 v5 G+ d; u' L
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the! o) @* ?# S1 y, m" S0 g$ f6 M
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day$ s) d8 h& f" S9 S4 J# S; n: c
of such Subsequent Fixed Rate Period and will be equal to the sum of the
0 H: {% Q7 Q( W; VGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
" G" ]; U0 x8 D; \0 ?5 j3 Vplus 3.83%.* I# C! O; a# I3 `4 j/ k; `
If the Board of Directors does not declare a dividend, or any part thereof, on
/ S7 A9 @" d' `2 j) g# Kthe Preferred Shares Series 18 on or before the dividend payment date for a
. P9 j4 m' m+ @' {particular quarter, then the entitlement of the holders of the Preferred
8 l. L  [5 h* _6 I) M8 V% M% S4 pShares Series 18 to receive such dividend, or to any part thereof, for such
- Z  y! S! ~& L! _4 [, x9 Equarter will be forever extinguished.+ w: p0 ^" B- L
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the2 x3 i. p5 @5 b3 U
Superintendent and to the provisions described below under ‘‘Details of the, l# |  m7 d2 r6 D8 h4 M
Offering — Certain Provisions of the Preferred Shares Series 18 as a" q: d% |8 Q$ \$ v  v
Series — Restrictions on Dividends and Retirement of Shares’’, on
! `/ B; k  t7 w# k& K: vFebruary 25, 2014 and on February 25 every five years thereafter, on not/ E/ G" M1 k, C+ J6 ^) v0 i- H
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any" A8 {, \7 D( N4 o
part of the then outstanding Preferred Shares Series 18, at the Bank’s option1 [! m, B% f6 U5 q4 X" w( }
without the consent of the holder, by the payment of an amount in cash for) c- [- P( f4 g+ w2 R% I
each such share so redeemed of $25.00 together with all declared and unpaid
* i/ D% Y7 V% e* F; D, ndividends to the date fixed for redemption., N; J, Y6 N$ M0 q0 r
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
% S& C2 O: B( b! J) I  F. `0 {Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
! v. G1 c* W( l; g9 K' lthe right, at their option, to convert, on February 25, 2014 and on
& C* o& }8 }" BS-49 Y+ }  @4 J" j6 |" T
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any' e" d( u9 _# M9 P0 c- O
or all of their Preferred Shares Series 18 into an equal number of Preferred  R! U( G! u/ ^- `3 e8 B8 B/ S' D$ B
Shares Series 19 upon giving to the Bank notice thereof not earlier than
0 K& H0 ?4 E6 N; E5 z3 D30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day, s" u/ L; A8 j
preceding, a Series 18 Conversion Date.* [2 |3 @7 ]2 k! b/ N. h& A9 B
Automatic Conversion If the Bank determines, after having taken into account all shares tendered6 x$ l" T9 o* l! c
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
1 z% n8 H. \0 A" A& }0 h% HSeries 19, as the case may be, that there would be outstanding on such+ F/ g8 H+ d/ I" z5 F+ `2 d
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
8 w$ N; n; |% g" C) ssuch remaining number of Preferred Shares Series 18 will automatically be# Y/ |* y/ b2 i9 W
converted on such Series 18 Conversion Date into an equal number of, n6 d. ]  I/ v8 u
Preferred Shares Series 19. Additionally, if the Bank determines that, after
6 P% Y& l0 H& ~) O4 cconversion, there would be outstanding on such Series 18 Conversion Date
: o8 E9 M" X2 Z+ u6 C4 Z7 D% r$ Vless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
2 z# l2 ~  i8 G9 j5 m7 NSeries 18 will be converted into Preferred Shares Series 19.1 b6 E. ]' i2 c" f
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares6 Z! c  n2 P1 n% p
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
3 q8 }9 {; o9 L) X0 _any meeting of the shareholders of the Bank unless and until the first time at0 S8 K; U7 ~/ z! q! x, w
which the Board of Directors has not declared the whole dividend on the
% n* H! z. a  p# E' N0 l9 \0 X  IPreferred Shares Series 18 in any quarter. In that event, subject as8 N/ D/ d. D; Y2 z% U
hereinafter provided, the holders of Preferred Shares Series 18 will be
/ {' W* C% t8 c8 centitled to receive notice of, and to attend, meetings of shareholders at which
4 C# K/ w' ]: P% x; d/ xdirectors of the Bank are to be elected and will be entitled to one vote for
4 ]- e4 b0 {% w3 i# Heach Preferred Share Series 18 held. The voting rights of the holders of the
6 r2 o  t! a8 A9 f; j# ^7 iPreferred Shares Series 18 will forthwith cease upon payment by the Bank of$ I" U, ^! R7 y9 J2 [1 N9 w- @9 x
the first dividend on the Preferred Shares Series 18 to which the holders are  b9 x# \/ C$ l2 v; f. S
entitled thereunder subsequent to the time such voting rights first arose until
# \7 F! C/ q( m: p  y8 J3 Z( f7 G- vsuch time as the Bank may again fail to declare the whole dividend on the
  e: Z9 `/ ]- ]) [7 ?+ y4 ~2 ]Preferred Shares Series 18 in respect of any quarter, in which event such
5 r7 o1 W$ r# v9 `! _- Mvoting rights will become effective again and so on from time to time.. q5 ^  V7 I7 V3 o/ M, a" q. J3 F7 z' \# h
Principal Characteristics of the Preferred Shares Series 19
( E5 \- l$ X$ C. T- |Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive& A' H& U4 o8 K4 C9 h' B# D
floating rate non-cumulative preferential cash dividends, as and when
! B+ {! |% J" S, @, qdeclared by the Board of Directors, subject to the provisions of the Bank Act,
, X" f: f! P# Gpayable quarterly on the 25th day of February, May, August and November
/ ?# s& f$ y, C- J4 Yin each year, in the amount per share determined by multiplying the
* h; O5 w# H0 {applicable Quarterly Floating Dividend Rate by $25.00.
- d2 _# E( w  T& COn the 30th day prior to the commencement of the initial quarterly dividend' g: L; K! F. U1 ~
period beginning on February 25, 2014, and on the 30th day prior to the first
' M: S" g: N0 oday of each subsequent quarterly dividend period (the initial quarterly
. u( S2 f' \- b' Q' z, i9 a- `dividend period and each subsequent quarterly dividend period is referred to
3 c' X  U3 S, Q7 K5 `* c1 yas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the9 t# W5 A$ [; g& ?% d- [+ w6 t
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate& B' ^( B) ~/ o( p  O" C
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
+ q  k. w) r0 [0 A9 E! i. ?T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days! z" C, |3 r0 Q: s0 n% Q1 K0 J
elapsed in the applicable Quarterly Floating Rate Period divided by 365)5 X7 y8 ]* D) d  S* X
determined on the 30th day prior to the first day of the applicable Quarterly8 i  P  @  i# y, {; X6 T
Floating Rate Period.
3 C# M; _8 W) V7 A9 RS-5
; Z8 L) E; O* H, @) N8 t2 `If the Board of Directors does not declare a dividend, or any part thereof, on, }/ p9 O* X, J
the Preferred Shares Series 19 on or before the dividend payment date for a
1 g0 c* o; s* Q8 A' g$ qparticular quarter, then the entitlement of the holders of the Preferred, W8 H3 ~4 N6 g# z  v
Shares Series 19 to receive such dividend, or to any part thereof, for such
' U% Y+ ?$ d; v4 b0 F2 d. V  equarter will be forever extinguished.
% L" i1 @6 Q# [. h5 k' [9 TRedemption: Subject to the provisions of the Bank Act and to the prior consent of the, J5 T+ d$ `( d5 m6 e; R
Superintendent and to the provisions described below under the heading$ b# k- L' \' s( r* f8 n
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
# O# t/ V/ K3 A& z0 a0 _0 CSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,  R; `( q  ^* C! E: D2 X" M
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
/ J$ p% E2 |! T/ f& W; nor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
5 {8 n6 t( o& W0 l" ^! ~option without the consent of the holder, by the payment of an amount in: u7 |5 ?8 M* l
cash for each such share so redeemed of (i) $25.00 together with all declared8 @8 q. f( `$ P2 \. J
and unpaid dividends to the date fixed for redemption in the case of
+ {9 N" }; ~& `3 J, Vredemptions on February 25, 2019 and on February 25 every five years
( y! G4 J# C3 E7 \4 \* \thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
# S/ E& F1 ~; H- ^the date fixed for redemption in the case of redemptions on any other date5 p1 g* o/ i# e' F2 y
on or after February 25, 2014.
) Z. ~. E! j0 Z( G' e" p9 T8 T- CConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
& t' y$ r: I+ r5 K  k% K+ O' a) gShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have% d1 M% {" d" T( K
the right, at their option, to convert, on February 25, 2019 and on
) q" F' u; R2 d0 y! f5 z/ D' VFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any, b: Y! h7 n4 O5 _9 V) y0 ^
or all of their Preferred Shares Series 19 into an equal number of Preferred
9 p, \; O3 U; k( ]: [2 vShares Series 18 upon giving to the Bank written notice thereof not earlier( [) o2 W) X7 B# s
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the' R" ^9 N5 ^- R+ @& }
15th day preceding, a Series 19 Conversion Date.
( w3 w. [) W% [0 y. v# p- \5 m- }Automatic Conversion If the Bank determines, after having taken into account all shares tendered
  V) o4 b& f" K2 d  P* `% n4 f% gProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
" b% O9 k" h. l2 [, A- j1 V- dSeries 18, as the case may be, that there would be outstanding on such
" B! W& N( \8 a: d' w# {( F" R5 uSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,5 u) G& G: a8 i$ Y( g; B. ~. X" q7 P0 t
such remaining number of Preferred Shares Series 19 will automatically be
" ?1 e. a) u1 U1 Xconverted on such Series 19 Conversion Date into an equal number of6 y5 L5 T8 _. g, N
Preferred Shares Series 18. Additionally, if the Bank determines that, after
' t" u7 O' _5 j0 K( A3 y- |conversion, there would be outstanding on such Series 19 Conversion Date
4 f8 b+ [; ]5 a. x0 y6 Hless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
" J5 c( N1 M3 JSeries 19 will be converted into Preferred Shares Series 18.1 F& ?( y1 M9 G  {$ {9 L) b
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
" u: M4 I- B8 I9 [0 MSeries 19 will not be entitled as such to receive notice of, attend, or vote at," G, F: f/ \5 Y  \
any meeting of the shareholders of the Bank unless and until the first time at
6 R+ F" {) O* _, e& X6 Jwhich the Board of Directors has not declared the whole dividend on the
, F- A: X! }7 l2 P& L# TPreferred Shares Series 19 in any quarter. In that event, subject as  N! z$ y' }) v4 T: o, b0 H
hereinafter provided, the holders of Preferred Shares Series 19 will be7 s+ K! @2 X2 R
entitled to receive notice of, and to attend, meetings of shareholders at which
8 v# ^2 n4 H  I/ _, z0 x# ]directors of the Bank are to be elected and will be entitled to one vote for) T' D7 q2 c+ s- A% D: b4 C
each Preferred Share Series 19 held. The voting rights of the holders of the
/ V% {0 y8 o& ~9 xPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
$ ?" Z/ X) y4 othe first dividend on the Preferred Shares Series 19 to which the holders are
) @- y6 W7 f3 k. q# f2 xentitled thereunder subsequent to the time such voting rights first arose until
* n  Y$ l! P2 e. p) d) S3 s! `4 Isuch time as the Bank may again fail to declare the whole dividend on the; N2 J* I2 E; q1 ^+ m# d
Preferred Shares Series 19 in respect of any quarter, in which event such9 X  Q7 {  n. e% F
voting rights will become effective again and so on from time to time.' ?1 ^$ D( Q/ t) c# ]' L
S-68 v3 h. O$ V- @4 C
Priority: The preferred shares of each series of the Bank will rank on a parity with  A/ O3 M0 e/ \' L* O* _
every other series and are entitled to preference over the common shares of! C9 l% y6 l4 V2 Z( j
the Bank and over any other shares of the Bank ranking junior to the
9 K! y# v' c- F' W& _2 a# bpreferred shares with respect to the payment of dividends and upon any
& O) A4 A% |% W+ \distribution of assets in the event of the liquidation, dissolution or2 m" o( P- c7 j( p- v$ b: n1 {
winding-up of the Bank.
, U* \$ y0 w" N% `Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
; A" {; H  j/ }: ?# m4 g4 b8 A. ADividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares+ k) M7 p/ J/ u$ }; h$ ~/ ]: m! _
Series 18 and Preferred Shares Series 19 will not be required to pay tax on' g) P# M: c* L* N8 h
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。
  h: x3 ~& q4 Z4 b4 e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

- m+ \0 C: X* Y- s, ~2 |, n6 _2 g9 [0 m  N) v# k, ~
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
1 Q, i* z; g. ]
- v- y/ U1 U' q5 ucall 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。
理袁律师事务所
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