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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。
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, A, b% X! e8 @3 |9 e6 y# `+ V& N[ 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 }7 n5 P0 K! c$ _+ Y
SUMMARY OF THE OFFERING
+ t; t4 ^: f# D6 U$ CThis 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 A, u- Q3 l; @Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
; s+ Z% C0 G4 f5 L6 G) R& G2 D, SAmount: $150,000,000 (6,000,000 shares).
8 w3 \$ a# Q8 E* ~' Y9 c6 NPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
+ W4 G( j: v! ^# }  Q+ ?Principal Characteristics of the Preferred Shares Series 18# a0 |7 X5 z. ^5 [
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
& q, t3 t3 I9 o/ _+ N. rnon-cumulative preferential cash dividends, as and when declared by the  L1 M. t4 u$ B* Q* u* C" x! T% h
Board of Directors, subject to the provisions of the Bank Act, for the initial% h# g4 Q% u1 o& l$ J* G
period commencing on the closing date and ending on and including2 r! _: a- [! u' [8 ?$ [
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
  ]0 z) G7 l% f& A25th day of February, May, August and November in each year, at a rate
/ |. y! @2 n: Iequal to $0.40625 per share. The initial dividend, if declared, will be payable
+ O, U. }% {+ P: P- qMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
( K% O/ B/ A0 P$ }date of December 11, 2008.
: s/ P  }6 x- v$ n; oFor each five-year period after the Initial Fixed Rate Period (each, a
6 b7 Y- R: s! O- T‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
8 d! h, O# g" I! P3 ISeries 18 will be entitled to receive fixed non-cumulative preferential cash. F3 w: S# |, w* S; x3 k
dividends, as and when declared by the Board of Directors, subject to the, b6 b, t# l$ @' A
provisions of the Bank Act, payable quarterly on the 25th day of February,
* L8 h5 A3 D2 f  FMay, August and November in each year, in the amount per share per annum
9 Y# p1 Q% Q" m5 cdetermined by multiplying the Annual Fixed Dividend Rate applicable to
' J( _& ]# O' k, _! V! l& msuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
/ y2 q, w& z% [Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
; [5 r2 a7 D5 D  c" r! F/ ?Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day: [$ R- h) B# F  f1 P1 v5 N
of such Subsequent Fixed Rate Period and will be equal to the sum of the
/ ]8 P# I3 F. x/ qGovernment of Canada Yield on the applicable Fixed Rate Calculation Date2 Z/ B. Q/ `0 L4 o! f3 ]
plus 3.83%.' y) r, D" N! u/ ~1 _6 L: L
If the Board of Directors does not declare a dividend, or any part thereof, on+ o, R: ^' m- |0 Y: H
the Preferred Shares Series 18 on or before the dividend payment date for a- V, h$ j# f; b1 j7 [$ b2 C
particular quarter, then the entitlement of the holders of the Preferred
  ~' U7 S; i" OShares Series 18 to receive such dividend, or to any part thereof, for such
4 e4 [# ]; _5 F; V: R: {4 }4 ?quarter will be forever extinguished.$ A! |! t: u* I: G& @5 B
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
& ^) ~- [% D* cSuperintendent and to the provisions described below under ‘‘Details of the
6 [0 y' k0 Q3 h) V# q( A+ p& N' \Offering — Certain Provisions of the Preferred Shares Series 18 as a
8 A% W8 n. O4 ~* @7 dSeries — Restrictions on Dividends and Retirement of Shares’’, on& \* E# M+ e1 p
February 25, 2014 and on February 25 every five years thereafter, on not
: d. a8 p) Q6 a: Q$ d9 bmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
/ j, v  i+ Z$ A5 P, Bpart of the then outstanding Preferred Shares Series 18, at the Bank’s option7 R3 g! f. Y  `" D9 k5 K
without the consent of the holder, by the payment of an amount in cash for  n0 ?5 F2 {8 K
each such share so redeemed of $25.00 together with all declared and unpaid
- {$ E% W5 }& W' R* [, C, u6 N8 odividends to the date fixed for redemption.
, p% y& G1 s$ l8 H( ]0 T  I' r6 ]Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
5 \6 T8 j7 U7 k' Z% x0 xShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have! @' o  y" c3 o' j
the right, at their option, to convert, on February 25, 2014 and on
+ A5 _9 v, K' ]  N9 |' p9 gS-4
9 q: _% D! n% ^4 k: r6 t6 k2 JFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
. c, Q- I* [& z# k+ v" ?or all of their Preferred Shares Series 18 into an equal number of Preferred2 y8 R8 N, N+ T+ I* m
Shares Series 19 upon giving to the Bank notice thereof not earlier than& a6 P- G. s: L
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day; o5 O8 v6 m% O# x- t& r/ H
preceding, a Series 18 Conversion Date.
' |' s" h. S6 ~0 r+ Y9 v4 K' NAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
7 S. h( w0 m# t6 b7 [( _6 A: m4 jProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
/ B5 y. h- R8 ?Series 19, as the case may be, that there would be outstanding on such
/ @( I& A! ^9 M( GSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
' L1 Z8 |: M: U4 Osuch remaining number of Preferred Shares Series 18 will automatically be
* m3 r  O6 U! N; kconverted on such Series 18 Conversion Date into an equal number of+ Z: w. B8 T0 s- W# q' }
Preferred Shares Series 19. Additionally, if the Bank determines that, after
9 P* e) X) h. H2 y/ f  v4 n  rconversion, there would be outstanding on such Series 18 Conversion Date/ H5 k. R" _. V0 h/ |, r( X+ E5 V
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares* `! n) `1 Y% r/ @1 w
Series 18 will be converted into Preferred Shares Series 19.  U- b. `, c% B7 W- }/ e0 Y7 L6 O
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares$ _3 {* u9 x4 h7 K* f
Series 18 will not be entitled as such to receive notice of, attend, or vote at,2 K& Z% f9 X8 R3 P5 s9 m1 W! i4 o
any meeting of the shareholders of the Bank unless and until the first time at
& C- }; g5 L* Gwhich the Board of Directors has not declared the whole dividend on the
" K! r5 C" W* C. b) b  i' W# |8 F8 ]Preferred Shares Series 18 in any quarter. In that event, subject as# M  m0 F: {; Y
hereinafter provided, the holders of Preferred Shares Series 18 will be
; M  X7 n7 h1 a# g- c( }% @4 Centitled to receive notice of, and to attend, meetings of shareholders at which/ Z8 Y5 I5 g" X. p- S
directors of the Bank are to be elected and will be entitled to one vote for2 [, D  i3 x+ B- ]3 }
each Preferred Share Series 18 held. The voting rights of the holders of the( F" Z; J; H- F( d* y0 W- E# W; V, P
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of$ z5 @3 s7 t1 f) m- J' g" h% {0 ?
the first dividend on the Preferred Shares Series 18 to which the holders are9 C: L2 }, y5 R$ P2 I8 g
entitled thereunder subsequent to the time such voting rights first arose until& j  z* h. ]: B+ H0 M" o, r
such time as the Bank may again fail to declare the whole dividend on the
! f6 a4 c7 B1 _$ C7 c( k8 ZPreferred Shares Series 18 in respect of any quarter, in which event such8 ?: c. ?! C( K/ S% J
voting rights will become effective again and so on from time to time.
5 d$ {( c0 P, ^7 t5 H. }5 YPrincipal Characteristics of the Preferred Shares Series 19, e3 p/ B7 j6 p) ~- ?  t
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive3 g& U- ~) J, @0 ]7 F( s2 E
floating rate non-cumulative preferential cash dividends, as and when
0 y, D4 a7 \, D; x2 }; `* h& Hdeclared by the Board of Directors, subject to the provisions of the Bank Act,
% n+ D" O* L- Q+ S9 bpayable quarterly on the 25th day of February, May, August and November, p0 l. P8 \$ y6 B/ h: ?9 G
in each year, in the amount per share determined by multiplying the! h# |- o6 x8 p7 |9 D
applicable Quarterly Floating Dividend Rate by $25.00.
7 I/ O4 x7 o$ w3 l$ s8 ~On the 30th day prior to the commencement of the initial quarterly dividend5 N$ {2 S$ I2 A
period beginning on February 25, 2014, and on the 30th day prior to the first4 Z0 n) o8 L0 B- \1 |
day of each subsequent quarterly dividend period (the initial quarterly
! u  Q+ e. ~8 W4 V0 Pdividend period and each subsequent quarterly dividend period is referred to
  [2 j0 l; L4 Z; `6 {/ Y( Nas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the! N; ], n0 L& F, K' C  J/ o+ \  V
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
# E+ w7 L  I1 [: KPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
- `6 {5 P7 p. J' F$ [- ZT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
# Q7 [7 O8 t- jelapsed in the applicable Quarterly Floating Rate Period divided by 365)
4 p4 Y. u1 d; m, xdetermined on the 30th day prior to the first day of the applicable Quarterly, P" R; d8 e6 f, z: e
Floating Rate Period.
2 v0 c: i" R2 VS-5( K4 }$ T; |0 H# B9 j! f$ L: i
If the Board of Directors does not declare a dividend, or any part thereof, on
6 G& F; Z0 `" M, ^the Preferred Shares Series 19 on or before the dividend payment date for a2 S- Z5 x7 T, U1 }8 l. a+ F
particular quarter, then the entitlement of the holders of the Preferred6 M/ ^& J: y' b- c
Shares Series 19 to receive such dividend, or to any part thereof, for such
6 M! H4 b& g% F# Equarter will be forever extinguished.
' v9 A% k$ D# FRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
+ G. ~% o" t  a9 S6 g+ ASuperintendent and to the provisions described below under the heading
; `& [8 Q# |1 I& x‘‘Details of the Offering — Certain Provisions of the Preferred Shares5 Q9 J( L' t* Q6 n) K, K" e
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
+ p: Q5 @, Q6 M* _8 [. O2 Ion not more than 60 nor less than 30 days’ notice, the Bank may redeem all7 P# Z$ }# @2 j1 v
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s# z4 K; G7 d* H' Q: g: v
option without the consent of the holder, by the payment of an amount in
! {+ t& C6 O* icash for each such share so redeemed of (i) $25.00 together with all declared1 z% g3 z( O! [7 j
and unpaid dividends to the date fixed for redemption in the case of& q! m4 e% o0 `
redemptions on February 25, 2019 and on February 25 every five years7 `- O3 }0 z" l" n7 h
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
* M/ K; _+ H& y5 v9 H: y0 Rthe date fixed for redemption in the case of redemptions on any other date
7 \: J5 w/ v# Q6 o8 Qon or after February 25, 2014.! V! r* g$ ]- |5 B8 d, w
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic$ Y/ v' d1 s; t% T( ]) Q' q9 ]
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
0 l/ @( w  W) Q3 _' ethe right, at their option, to convert, on February 25, 2019 and on
) I" Q0 U% ~0 v* G& y3 Z; PFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any* [6 F" j/ x6 D1 y! f
or all of their Preferred Shares Series 19 into an equal number of Preferred( n* \1 l4 u4 d% F& _+ x
Shares Series 18 upon giving to the Bank written notice thereof not earlier, h+ y& A0 b1 O: J: L
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the' i; B$ d& R8 |7 `# [. X# J
15th day preceding, a Series 19 Conversion Date.# F6 A$ g6 Q- Y8 s; p! d6 x
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
2 ~9 B( U% f9 ?, J& J6 _Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
) u, S. N- ~4 w, P% n9 P% OSeries 18, as the case may be, that there would be outstanding on such* u, I4 U5 X* a# T9 j. v0 y% A& |
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,9 f9 ]/ a2 v  D; Q* g- _9 m
such remaining number of Preferred Shares Series 19 will automatically be# |8 d3 v/ _3 C7 h0 F
converted on such Series 19 Conversion Date into an equal number of7 j1 f: {: v8 `5 q  _$ {  e" n2 f
Preferred Shares Series 18. Additionally, if the Bank determines that, after- O- y" ^. E3 ~
conversion, there would be outstanding on such Series 19 Conversion Date
# z* V# N* f$ D- P: a! v  y! S% Eless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
/ H9 F2 k/ Y3 b$ HSeries 19 will be converted into Preferred Shares Series 18.
% k0 y( D/ }$ \/ X2 H4 s% P/ Z* oVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
+ Q9 O* t  }6 @% u& zSeries 19 will not be entitled as such to receive notice of, attend, or vote at,6 z" o1 G' c9 U( @/ l1 R
any meeting of the shareholders of the Bank unless and until the first time at; X, S+ n) \9 Z; H
which the Board of Directors has not declared the whole dividend on the
+ H/ c8 }4 G! [& `. wPreferred Shares Series 19 in any quarter. In that event, subject as
9 [' I5 t- v, b5 n5 V& x3 n5 r) thereinafter provided, the holders of Preferred Shares Series 19 will be
  X  X  M' u3 @; N& ~entitled to receive notice of, and to attend, meetings of shareholders at which! Y1 ]# W/ x, h% p9 s9 p' Z
directors of the Bank are to be elected and will be entitled to one vote for, w( s" ~. O- ?$ l
each Preferred Share Series 19 held. The voting rights of the holders of the
+ B) `) z+ c, @8 IPreferred Shares Series 19 will forthwith cease upon payment by the Bank of! E1 b# S# e* p3 a* |2 d
the first dividend on the Preferred Shares Series 19 to which the holders are
* |" f3 y1 R% j2 |$ Oentitled thereunder subsequent to the time such voting rights first arose until/ g2 q: H- ?4 t& k- F2 s
such time as the Bank may again fail to declare the whole dividend on the* p: \  N+ {: ?- `9 `
Preferred Shares Series 19 in respect of any quarter, in which event such5 g! `& \- W7 Q4 E5 v* i
voting rights will become effective again and so on from time to time.) F& Q* o, R- j4 u( g0 P8 [
S-6) U5 {+ I7 j/ {/ U* Z
Priority: The preferred shares of each series of the Bank will rank on a parity with) K8 N# Q' s+ r) w& J
every other series and are entitled to preference over the common shares of
# J& Y' b# V6 I( i  J  M3 y; {the Bank and over any other shares of the Bank ranking junior to the
- H4 C" N: {3 I* O0 Epreferred shares with respect to the payment of dividends and upon any3 Q) c- q, j( U3 z6 b7 J
distribution of assets in the event of the liquidation, dissolution or
  o$ y4 W: i/ s0 G$ w+ {0 lwinding-up of the Bank.
1 k8 Q2 Q0 T3 gTax on Preferred Share The Bank will elect, in the manner and within the time provided under
6 Z4 E% N$ D' i, F# HDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
; K/ `7 Y( U' x* |) o$ @Series 18 and Preferred Shares Series 19 will not be required to pay tax on
) E  t  ?% x# v+ Tdividends 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。9 Y  D5 F" {9 }4 ]3 ^
今天讲座如何?
理袁律师事务所
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
/ b4 d+ y+ G) i

- s$ T8 s" i' j! ^, J! T下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。4 J2 H6 ~# G) B
+ N) @# A: D, U0 {7 D
call me.. 780 6699880 转101
大型搬家
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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