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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。0 i2 Z5 ?- [7 v1 q1 r# Y

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0 H4 s6 ]1 r( c% b[ 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:6 H/ B  M0 J7 G' E5 k
SUMMARY OF THE OFFERING
* G- G2 J  M+ f  p& x$ |3 u' aThis 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’’.- |; ^" G7 J! K( L# e3 a
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.4 L2 Q; Z& c$ k1 c9 Y' R: t
Amount: $150,000,000 (6,000,000 shares).+ S, b& a# P+ S' X
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
' U% ~( W. y" z9 R0 b. V8 iPrincipal Characteristics of the Preferred Shares Series 18
+ e) X; s5 ^  W) x  F/ D* HDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed* G9 K# ?) H# _
non-cumulative preferential cash dividends, as and when declared by the( O" j% N4 c1 Y% g" e7 C
Board of Directors, subject to the provisions of the Bank Act, for the initial5 X' X9 H/ c- T1 W- _
period commencing on the closing date and ending on and including
. I% D0 T$ U- p5 NFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
: J4 ^% e2 s# y25th day of February, May, August and November in each year, at a rate
6 E) V$ a/ f" G) @9 a% Xequal to $0.40625 per share. The initial dividend, if declared, will be payable) h$ `" \1 T. |" l" H# U% @$ t
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
! s& j! d! N' L1 X! mdate of December 11, 2008.
! I. T. [* _0 v: s6 O* b' C0 U: NFor each five-year period after the Initial Fixed Rate Period (each, a+ y7 i% R1 o8 K3 J+ v" p3 l
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
. o4 b4 C! y) D4 }Series 18 will be entitled to receive fixed non-cumulative preferential cash/ [4 E3 ?+ v( E" Y' c) y. E, C( ?
dividends, as and when declared by the Board of Directors, subject to the
, S$ H$ l, f& r2 c' ^; f9 Sprovisions of the Bank Act, payable quarterly on the 25th day of February,
! {# W# L5 ^8 w, ]May, August and November in each year, in the amount per share per annum
' d) l. B1 W4 J) {9 j$ e3 sdetermined by multiplying the Annual Fixed Dividend Rate applicable to
! a$ {7 F; l# w  B# D- O' k$ R2 M; Nsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
: `4 ^8 L# _( K! `1 bRate for the ensuing Subsequent Fixed Rate Period will be determined by the
0 s9 `# ~3 i) F$ c9 m$ j' H+ lBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
& X+ s3 q* H; Q. fof such Subsequent Fixed Rate Period and will be equal to the sum of the
5 {' Q6 B% C& U& sGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
! v" }, P/ V6 b6 G! E  D6 O$ Z) R5 ]plus 3.83%.! e7 B* N8 _( d1 ]1 ]
If the Board of Directors does not declare a dividend, or any part thereof, on
3 v' n: \2 T, y( g0 b! athe Preferred Shares Series 18 on or before the dividend payment date for a8 z8 V3 l: E( m& u1 S% O
particular quarter, then the entitlement of the holders of the Preferred! m& r" {! c! T2 c5 i: G
Shares Series 18 to receive such dividend, or to any part thereof, for such
" r! a3 \4 T" Z) w. ?quarter will be forever extinguished.
$ z( g- C6 E8 H" eRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
) e5 s1 w# V$ [# I& [- _Superintendent and to the provisions described below under ‘‘Details of the
8 i. T& T1 F8 P3 y' M( {Offering — Certain Provisions of the Preferred Shares Series 18 as a
! c2 o; W6 A8 L1 S2 eSeries — Restrictions on Dividends and Retirement of Shares’’, on
. g7 A& k( H4 t2 mFebruary 25, 2014 and on February 25 every five years thereafter, on not
1 U6 x% G; ~- y! Q  U- B- u' [more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
9 G% K+ ]" v7 K, ypart of the then outstanding Preferred Shares Series 18, at the Bank’s option
" b  p+ i, f1 S" q/ M4 \; Jwithout the consent of the holder, by the payment of an amount in cash for7 f/ R$ m  f9 r* t
each such share so redeemed of $25.00 together with all declared and unpaid0 Y% V, X4 K; k! L+ w* e
dividends to the date fixed for redemption.
' o# N) Z8 x8 C/ K3 WConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
+ W+ _5 |, \5 D/ P9 E5 rShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
& C) ^5 d, w! U7 T0 Z0 R; R5 S" C  `the right, at their option, to convert, on February 25, 2014 and on/ \% z; w9 k* f8 [2 B& i
S-46 V+ |7 m5 j) o
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any! H8 t- c& ]% j# m6 |8 L
or all of their Preferred Shares Series 18 into an equal number of Preferred6 f. D6 x8 k/ u4 c* ^
Shares Series 19 upon giving to the Bank notice thereof not earlier than
2 {8 `  m( h' Q) r) ]9 o& {30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day9 Q; `" x8 W3 D. @0 H& {3 c
preceding, a Series 18 Conversion Date.
9 [: U0 L% l) |) `Automatic Conversion If the Bank determines, after having taken into account all shares tendered
3 ?8 x0 _! m8 [$ e3 N) OProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares& P& A+ D3 `  y5 S. Y8 I1 A! r
Series 19, as the case may be, that there would be outstanding on such
/ ], K5 E6 u& v8 dSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
" o& D) D# @$ n5 k" E9 Fsuch remaining number of Preferred Shares Series 18 will automatically be
- t' I( o; F$ `6 N) I3 W( U) nconverted on such Series 18 Conversion Date into an equal number of0 m# t. ^5 W3 d& h: p5 Z% `0 _
Preferred Shares Series 19. Additionally, if the Bank determines that, after
9 q- u) R; Z$ r% {conversion, there would be outstanding on such Series 18 Conversion Date  U7 `3 Q, A- s! e) B
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares4 f" ^' }6 M8 i8 v' Y! a2 j
Series 18 will be converted into Preferred Shares Series 19.2 v" H: ^4 X0 _# F
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
& Y, ~. U( Q; fSeries 18 will not be entitled as such to receive notice of, attend, or vote at,  ?) j9 T/ S1 B% S
any meeting of the shareholders of the Bank unless and until the first time at$ a4 |" q: |6 R
which the Board of Directors has not declared the whole dividend on the' @7 G+ _* X$ P' S: n
Preferred Shares Series 18 in any quarter. In that event, subject as
9 }4 A5 q  Q$ m6 S7 Qhereinafter provided, the holders of Preferred Shares Series 18 will be- ^* _/ \( ?3 B$ r7 R& `
entitled to receive notice of, and to attend, meetings of shareholders at which2 w/ u$ m! Z# O# }" |
directors of the Bank are to be elected and will be entitled to one vote for" i; s6 ~! K0 F- n' R0 u% Y
each Preferred Share Series 18 held. The voting rights of the holders of the
& k) F' ^* P& J; y. ^2 hPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
* S% }  e% B- Y- t  d0 Rthe first dividend on the Preferred Shares Series 18 to which the holders are. o  T) u8 d" \7 @
entitled thereunder subsequent to the time such voting rights first arose until& J  l) b1 a1 g  r* c% U! L& j
such time as the Bank may again fail to declare the whole dividend on the! C% P7 }" c  r9 i7 \, V2 Q
Preferred Shares Series 18 in respect of any quarter, in which event such; Q, |! H8 S0 @) J5 `8 M* ~
voting rights will become effective again and so on from time to time.
" p) Z: S7 G# D! aPrincipal Characteristics of the Preferred Shares Series 199 `1 }' ^- t; h: W
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
( R3 n( B" f0 T: C: dfloating rate non-cumulative preferential cash dividends, as and when  I' U* u1 Z* b# E
declared by the Board of Directors, subject to the provisions of the Bank Act,, I7 N9 n( s: a) ]" Y' w/ N
payable quarterly on the 25th day of February, May, August and November- ~; m# T2 d, ?) A' t/ l" [( }
in each year, in the amount per share determined by multiplying the
4 P& C1 z: V! Aapplicable Quarterly Floating Dividend Rate by $25.00.( N7 @* m3 m5 W" y$ [8 M
On the 30th day prior to the commencement of the initial quarterly dividend
: l$ c3 ~& v( r$ t6 w5 nperiod beginning on February 25, 2014, and on the 30th day prior to the first
2 @9 o* A5 T9 Q* ^) {day of each subsequent quarterly dividend period (the initial quarterly
# R2 t" @+ f. j- Fdividend period and each subsequent quarterly dividend period is referred to
$ D  {- d8 B8 \& R3 @( e4 D. Aas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
0 `( k8 K4 L1 x- P9 l$ P! {# F/ hQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
+ U2 r1 g2 C2 ^' t+ s/ a+ n( SPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the+ M( F  S, ]7 f. p, u
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days: K& @. V" i8 h( A0 }2 U$ c
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
6 {6 ^: }8 x( Q5 sdetermined on the 30th day prior to the first day of the applicable Quarterly
# D; M/ a$ e7 L) R1 CFloating Rate Period.  I5 P& U: P* B8 K0 Y0 V
S-5
! S( K5 M6 x- R9 Q8 Q  rIf the Board of Directors does not declare a dividend, or any part thereof, on- t% h/ S" r% C4 Q8 ~0 e* U
the Preferred Shares Series 19 on or before the dividend payment date for a
. w) K, [; l% G+ d3 F# I' nparticular quarter, then the entitlement of the holders of the Preferred8 L$ y3 |3 n( s7 g
Shares Series 19 to receive such dividend, or to any part thereof, for such* g' i  Q6 u1 r% E
quarter will be forever extinguished.
) ]. \$ f  R0 Y1 t1 d0 y8 I8 F  VRedemption: Subject to the provisions of the Bank Act and to the prior consent of the+ V/ V9 w2 ~: ^8 c9 j
Superintendent and to the provisions described below under the heading% ]' R0 R4 z- ?: @
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
2 l+ V9 p, t1 R6 g' Z5 r; a1 }Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,; E1 ?+ r. ]4 J  Q
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all1 B- f$ ~, d/ }- B
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s. E8 c; [: S) q+ m& ?9 k4 i
option without the consent of the holder, by the payment of an amount in
' X2 n' @6 o: V/ h! c# Ucash for each such share so redeemed of (i) $25.00 together with all declared
7 o; E" t0 f! [, W* G8 U( y3 U/ S. U) \and unpaid dividends to the date fixed for redemption in the case of5 M' Z/ D8 @+ `/ \0 b3 ]
redemptions on February 25, 2019 and on February 25 every five years
5 m" i9 p3 Z5 Q! q8 l  B2 V$ ithereafter, or (ii) $25.50 together with all declared and unpaid dividends to; G1 S. _# E2 [) r/ o; I: u7 _
the date fixed for redemption in the case of redemptions on any other date
* q# k1 T( b, s* Lon or after February 25, 2014.
$ a, H: W' ?7 |! OConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic# _& {# ]3 T7 ^- A) E
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have1 C) K4 r) \! N7 j4 H9 D
the right, at their option, to convert, on February 25, 2019 and on
- @+ G$ P* A, n, e6 e' zFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
2 r2 d2 [6 [( y/ w3 W$ D: g* Ror all of their Preferred Shares Series 19 into an equal number of Preferred7 B/ o  [1 f1 U' O, o' N
Shares Series 18 upon giving to the Bank written notice thereof not earlier8 |% O7 b* `& o/ _& I7 x/ F
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the! `1 @2 g; v+ i0 O
15th day preceding, a Series 19 Conversion Date.* A# \# H& G) Q( G! v) o
Automatic Conversion If the Bank determines, after having taken into account all shares tendered: b6 b: J9 d6 f6 z8 D
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares! n8 B- |* w' n- h1 i
Series 18, as the case may be, that there would be outstanding on such& u3 U9 }6 Q& ~; E* S- M
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,* H7 I/ N" i) {$ O; [
such remaining number of Preferred Shares Series 19 will automatically be
! ~3 p+ l* M9 W2 D" ^converted on such Series 19 Conversion Date into an equal number of
# s. K9 U* S% O0 T, tPreferred Shares Series 18. Additionally, if the Bank determines that, after. w* b& K1 H3 d3 T7 X9 f
conversion, there would be outstanding on such Series 19 Conversion Date6 |( p  }$ `7 H& ^6 m
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
0 V4 r( m( b6 RSeries 19 will be converted into Preferred Shares Series 18.
6 W9 [7 [9 A, Q  fVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
$ h9 `) f; x- o; e/ I" D4 XSeries 19 will not be entitled as such to receive notice of, attend, or vote at,4 {' ~" `) G+ I8 B) P: [7 I. k5 e
any meeting of the shareholders of the Bank unless and until the first time at* Z3 g. o) r4 C! {  Q
which the Board of Directors has not declared the whole dividend on the
: ~$ D- ~. H3 @, T* f5 s2 e2 Y+ TPreferred Shares Series 19 in any quarter. In that event, subject as
% u+ j1 f6 Z& I/ Z5 zhereinafter provided, the holders of Preferred Shares Series 19 will be! y! ]& S+ @7 j  h
entitled to receive notice of, and to attend, meetings of shareholders at which+ {: ]9 C) O' O% `
directors of the Bank are to be elected and will be entitled to one vote for: B& {" e+ M4 R& s0 y0 ?4 K
each Preferred Share Series 19 held. The voting rights of the holders of the
" w% [4 h0 k8 v+ u; [; z" X* X8 ^Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
* Y' C% f. j! A. X+ s' j) nthe first dividend on the Preferred Shares Series 19 to which the holders are
" r4 W; ~! z$ ^2 k' l. `. s/ ]entitled thereunder subsequent to the time such voting rights first arose until# P# a4 x/ p# B& \6 X2 c+ T
such time as the Bank may again fail to declare the whole dividend on the
* y# i; b6 A9 {' NPreferred Shares Series 19 in respect of any quarter, in which event such3 u. v1 ~$ n, t
voting rights will become effective again and so on from time to time.
/ G2 ~  y  |6 A& r6 L1 A, H" I  }S-6
/ F) Y0 U1 o3 w6 }Priority: The preferred shares of each series of the Bank will rank on a parity with
0 z6 X9 `) k8 ~7 l4 Kevery other series and are entitled to preference over the common shares of- k( W2 N: f' c
the Bank and over any other shares of the Bank ranking junior to the
) _: d' G. f: I, fpreferred shares with respect to the payment of dividends and upon any  `& [$ o" |7 C$ ]
distribution of assets in the event of the liquidation, dissolution or3 G+ e/ {/ t+ {* ^
winding-up of the Bank.
, n" C* O6 Q% g& O. |Tax on Preferred Share The Bank will elect, in the manner and within the time provided under( Z  B" g  {4 Q5 l, P' h
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares: c: H8 c# e9 ~6 I# m5 d- ]
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
0 |$ |3 O! J2 k' b5 v4 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。! @0 M: o6 Q' G7 @
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
. P* ?- s  C( t. V  `& D, Y+ [
' q8 c2 n# C$ N- B# u# \; p
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
7 _+ m5 D4 u; ~: U& `' M' j
1 d- D# N6 e4 J+ U9 Q$ d( V& o. {  Ocall 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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