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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 ]
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:
: h0 u3 b% P$ }6 U. NSUMMARY OF THE OFFERING
0 @% w. X2 x4 `. [8 J" bThis 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’’.: V/ s+ i% x' u( ]: \& ~
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.* Y$ f# z% _/ W% s: v
Amount: $150,000,000 (6,000,000 shares)., ^, N: _8 m  o1 d6 M' }1 b: Q
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
  M/ Y5 Y" h. w& I: uPrincipal Characteristics of the Preferred Shares Series 18: r" L& w, w2 ]& S" h6 Y
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed! C% x. f' Y0 G/ [, k
non-cumulative preferential cash dividends, as and when declared by the, v7 j2 b  P2 k
Board of Directors, subject to the provisions of the Bank Act, for the initial8 ?7 I7 w! a7 Y4 O- H, x# p1 v
period commencing on the closing date and ending on and including9 |. Y& r; k' a- T2 y9 {" G2 D( H
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the2 [& K7 Z' M, F+ X5 ?
25th day of February, May, August and November in each year, at a rate$ h  W0 P7 T% l; n
equal to $0.40625 per share. The initial dividend, if declared, will be payable
7 b! m# p7 X7 b+ j+ N: M2 EMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
" O8 E- Z, L; t. Qdate of December 11, 2008.; N2 Q4 i7 d6 E* ~$ s) k6 P. o
For each five-year period after the Initial Fixed Rate Period (each, a
5 t; W1 r+ g) S& D# R‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares3 ~8 w. N1 Z& x# ]6 _
Series 18 will be entitled to receive fixed non-cumulative preferential cash  W: a" ?+ X/ K0 M9 V8 s8 V3 Z
dividends, as and when declared by the Board of Directors, subject to the1 w% P; v9 @5 p; m: E' g8 b% F
provisions of the Bank Act, payable quarterly on the 25th day of February,
" T8 l. p4 {* G' n  c; S: c% fMay, August and November in each year, in the amount per share per annum- C! O1 H8 z6 |; b0 y
determined by multiplying the Annual Fixed Dividend Rate applicable to/ F' }6 D. n+ x, j! o/ K& e/ }! ^
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend3 u8 n: a; g- a2 s. F
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the# ~/ {# R% @2 K/ x
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
% b) n8 N+ [. T3 P3 w9 a4 }of such Subsequent Fixed Rate Period and will be equal to the sum of the4 P# e* j: N6 O
Government of Canada Yield on the applicable Fixed Rate Calculation Date" r" o  W, ?" H
plus 3.83%.# l! h" v+ w/ X. n% w/ C. h
If the Board of Directors does not declare a dividend, or any part thereof, on- M% J; d* Q2 ^* e! C2 P- G* e
the Preferred Shares Series 18 on or before the dividend payment date for a
% n/ s, \& \$ i3 ~particular quarter, then the entitlement of the holders of the Preferred* g! I; ?' J5 f: {% j8 z
Shares Series 18 to receive such dividend, or to any part thereof, for such$ [# B5 W9 h; J
quarter will be forever extinguished.- Q$ i- d: L; O7 u
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the: S. I. g% X& j7 ~! S& `4 T7 P
Superintendent and to the provisions described below under ‘‘Details of the( m9 v" i( p7 w2 }4 ]
Offering — Certain Provisions of the Preferred Shares Series 18 as a- a; b0 X2 Q5 U: e: x3 ^' \
Series — Restrictions on Dividends and Retirement of Shares’’, on0 h3 k; \9 P6 p
February 25, 2014 and on February 25 every five years thereafter, on not  T$ j+ U% v, H( E$ K0 V
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
; E/ t" I" u6 `+ ypart of the then outstanding Preferred Shares Series 18, at the Bank’s option* b7 S9 ?7 e! `* }
without the consent of the holder, by the payment of an amount in cash for
5 c/ w5 z- ]4 ?- p4 w8 n1 Jeach such share so redeemed of $25.00 together with all declared and unpaid
7 z( X/ X# c- c& i' Z5 x( }dividends to the date fixed for redemption.; f* K. z2 C+ D
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
4 y8 \7 u1 S$ B( l& \* oShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
0 Z( g0 J3 Y7 {7 D; ]  ethe right, at their option, to convert, on February 25, 2014 and on
+ H4 V6 b$ t  ~4 g: S% l* hS-4
( Z7 v' A9 c; d( J! `February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
: Z5 X; O+ u# R; n  J' Zor all of their Preferred Shares Series 18 into an equal number of Preferred
8 w- b3 \' V8 n" b: p" j" uShares Series 19 upon giving to the Bank notice thereof not earlier than
( P" H* p( m2 V30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
4 p& ^! \' b, B6 k: N$ Rpreceding, a Series 18 Conversion Date.
% S, S7 Y9 m  L5 {Automatic Conversion If the Bank determines, after having taken into account all shares tendered
* C: x- V4 K# EProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares) Z' W# d& Z1 h% Q5 z
Series 19, as the case may be, that there would be outstanding on such
6 s$ m; T! t+ `Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
+ z# @0 ^6 b1 Nsuch remaining number of Preferred Shares Series 18 will automatically be4 h) j# \3 }- n" L, r
converted on such Series 18 Conversion Date into an equal number of( L7 Q' r! h9 Z5 g
Preferred Shares Series 19. Additionally, if the Bank determines that, after7 G- i0 S5 r, N* p
conversion, there would be outstanding on such Series 18 Conversion Date# g8 Q3 ~  E$ }
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
' ]7 N4 g; P. N' X) k# i8 KSeries 18 will be converted into Preferred Shares Series 19., M% S, F, j  q' s# M
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares7 H8 N4 f% x6 J/ W( `5 v# Y
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
1 k4 E  _+ G1 R8 Pany meeting of the shareholders of the Bank unless and until the first time at% s- {9 f- N, B. G9 t5 ^5 \: e2 q9 n
which the Board of Directors has not declared the whole dividend on the
5 b" S* z: w# Q+ Y) R; {Preferred Shares Series 18 in any quarter. In that event, subject as: }( z7 l& j/ }1 c% x
hereinafter provided, the holders of Preferred Shares Series 18 will be
0 ]5 x5 y+ s0 l" P8 D6 Qentitled to receive notice of, and to attend, meetings of shareholders at which# \1 M) K6 ^: |! k3 `& K( g2 {
directors of the Bank are to be elected and will be entitled to one vote for) ^) t" {' `7 Y5 F# C6 j* X" i
each Preferred Share Series 18 held. The voting rights of the holders of the* P8 L4 C3 B+ [$ J7 ]( a' z* V- @
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
7 p+ _" E$ y3 Z. B( z  e& |" dthe first dividend on the Preferred Shares Series 18 to which the holders are: _2 K: j& V) V0 u4 G* q9 _' S! K
entitled thereunder subsequent to the time such voting rights first arose until- }( [1 B) X  l* F( R7 n
such time as the Bank may again fail to declare the whole dividend on the6 k6 w4 A% j- Y2 I* A. b; |
Preferred Shares Series 18 in respect of any quarter, in which event such+ W! S9 N9 w7 D8 |7 a
voting rights will become effective again and so on from time to time.
: @! z3 K: u* ]( u* GPrincipal Characteristics of the Preferred Shares Series 19! `2 F% O6 l) h  T) h$ Y) K
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive# u& ?. w1 z  u5 U
floating rate non-cumulative preferential cash dividends, as and when1 M7 ?6 x* X3 |6 T) Y
declared by the Board of Directors, subject to the provisions of the Bank Act,7 V2 W$ Y3 N; W: S: t! k
payable quarterly on the 25th day of February, May, August and November
+ M% V0 O& W2 Min each year, in the amount per share determined by multiplying the+ b. h: U4 j+ L8 e* e3 H9 V( n4 D- \
applicable Quarterly Floating Dividend Rate by $25.00.7 n. P; `5 ~( ?& f7 q
On the 30th day prior to the commencement of the initial quarterly dividend
2 k7 s/ f$ Y) d, Q7 T+ E! Eperiod beginning on February 25, 2014, and on the 30th day prior to the first
, K% [3 _) z! xday of each subsequent quarterly dividend period (the initial quarterly" e8 n, |  Y1 y1 B! N, l
dividend period and each subsequent quarterly dividend period is referred to
* y5 j- E) U. q/ t: Nas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the; K: f* {% d" j. S
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate- i' i  I% }8 K6 L, V' o% R8 N
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
7 F) @! v; d/ r7 VT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days6 q" W( w# [5 J- q# _* q, V1 c2 l
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
  h8 c, A3 a- s: X. X7 Odetermined on the 30th day prior to the first day of the applicable Quarterly+ ]8 t* r9 U! e' x4 ^! E
Floating Rate Period.
% `9 r& a: f+ n. U8 @' }' m4 f! XS-5
: ~+ p- [. k6 Z. nIf the Board of Directors does not declare a dividend, or any part thereof, on3 {' _5 H3 ^7 }$ H3 ?2 v: ~0 r
the Preferred Shares Series 19 on or before the dividend payment date for a
2 [) w, y: L6 Y' t" @: K$ w, qparticular quarter, then the entitlement of the holders of the Preferred
$ P; D7 o* p- c% O$ n2 |2 CShares Series 19 to receive such dividend, or to any part thereof, for such
' E# R% p/ f- O  Y1 f7 X& v- K5 wquarter will be forever extinguished.; h1 X5 V2 u, ?, x. _
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
7 L8 l8 n0 H: F# c1 y- n, QSuperintendent and to the provisions described below under the heading! d8 u3 y3 h; G/ Y
‘‘Details of the Offering — Certain Provisions of the Preferred Shares( ]% d! r' z/ _# x
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
- `' E: E8 j6 {7 u' kon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
  e0 ^; \8 g0 }& [: wor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
: L% G: T; |6 X' hoption without the consent of the holder, by the payment of an amount in
9 x  ~" s+ `& Acash for each such share so redeemed of (i) $25.00 together with all declared1 }! K: E3 O9 @
and unpaid dividends to the date fixed for redemption in the case of/ o& [  `% G$ T: H
redemptions on February 25, 2019 and on February 25 every five years
6 E% P- [1 m' _/ M3 e! C. \thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
  I" N, T1 n# h, ?% N- b8 K: qthe date fixed for redemption in the case of redemptions on any other date
5 ]/ @& h) B# [4 hon or after February 25, 2014.
- T4 J% _) u  _. U2 z2 i8 L) PConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic7 K& D% l, v8 J- s1 G5 U8 P3 _/ J! @
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
: ]1 t9 e2 }0 d- v8 i9 Athe right, at their option, to convert, on February 25, 2019 and on
# N  n* g" _! X1 l$ [( {February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any3 v/ _3 p7 E: M8 c& _8 y
or all of their Preferred Shares Series 19 into an equal number of Preferred. b/ I9 T7 B3 J& G1 `( C7 x7 `
Shares Series 18 upon giving to the Bank written notice thereof not earlier! Y9 _" r4 L# x2 y- u
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
1 x( b; p$ _8 E" e3 L, @15th day preceding, a Series 19 Conversion Date.
; J# B* N- _) z  GAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
- g# P6 ?# i; m/ r. TProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares) _2 W- Y# P' |2 [/ @
Series 18, as the case may be, that there would be outstanding on such
+ l5 c. Q! K- p4 O, l% d. [, oSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
6 f+ H% _* u! I" N. x0 N& [such remaining number of Preferred Shares Series 19 will automatically be' ~0 M4 V8 ^5 T% v/ f
converted on such Series 19 Conversion Date into an equal number of
* Z1 f$ G' T  b: S4 ]5 U' LPreferred Shares Series 18. Additionally, if the Bank determines that, after) v! r0 {6 P- m3 w6 S$ Z+ p
conversion, there would be outstanding on such Series 19 Conversion Date3 Z. I: @5 w6 ~
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares  p: m; k8 R  a0 s1 D, T
Series 19 will be converted into Preferred Shares Series 18.
6 ^8 t$ G! @; h0 n+ q8 H3 y2 S* D% FVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares  q7 ?* i+ c" |" _8 A
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
2 a" C8 r! w1 C) S2 E9 N5 z6 l- S, eany meeting of the shareholders of the Bank unless and until the first time at
& h1 {' z5 n4 u3 w. u6 _  Bwhich the Board of Directors has not declared the whole dividend on the9 v7 Y( X- Y' Y6 I
Preferred Shares Series 19 in any quarter. In that event, subject as
7 W7 C8 H& \6 @+ x4 bhereinafter provided, the holders of Preferred Shares Series 19 will be* }1 H: z* y! w* a! P! ^& {
entitled to receive notice of, and to attend, meetings of shareholders at which' Q" B6 S! i& g% ~" u
directors of the Bank are to be elected and will be entitled to one vote for
  z; Y( d: M0 l5 Ieach Preferred Share Series 19 held. The voting rights of the holders of the9 a$ t  e( Z6 y
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of  [, ~7 q7 H; ]
the first dividend on the Preferred Shares Series 19 to which the holders are
3 Y$ i' T$ y( A/ t  o$ v0 bentitled thereunder subsequent to the time such voting rights first arose until# v! [3 a, D/ c* a" M
such time as the Bank may again fail to declare the whole dividend on the- h# k+ C# g2 H+ ?
Preferred Shares Series 19 in respect of any quarter, in which event such
9 ~- @/ T3 P' A: f1 Q4 svoting rights will become effective again and so on from time to time.: h& M( e6 V& L) g  X
S-6
, p/ ?  B& f& F! qPriority: The preferred shares of each series of the Bank will rank on a parity with
3 V0 E0 {  z  t% X* q- B: [$ Xevery other series and are entitled to preference over the common shares of
  A$ r9 u3 c' B) L# [3 Uthe Bank and over any other shares of the Bank ranking junior to the
( m: y% G* S- p  E9 ?, d& Vpreferred shares with respect to the payment of dividends and upon any
. ^6 L! j1 z: ?4 Q+ V5 ydistribution of assets in the event of the liquidation, dissolution or( v8 Q( t- ]$ s' C3 A" V6 k
winding-up of the Bank.- X4 q, T/ i! ?+ }* y0 [# k5 Q0 v2 N
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under2 l% D8 V. {$ I! V
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares0 [$ n( V0 j4 Q8 T
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
1 C2 `! \! N8 z5 z7 \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。
- Z+ q, F9 t  q$ Z' t3 F* Q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
& z/ L' s* J" Y& i. g

9 M* V3 c, n0 M6 e0 q下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。0 j8 D3 x5 w# _/ Q( K, G, r! ]. i
$ H1 Z5 V7 I; M: x$ X' F
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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