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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。# ]- U3 n. b7 `* T" z3 E; O
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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:( X$ K, J" P% K' R0 U6 ^5 E
SUMMARY OF THE OFFERING
: D3 G9 i" y' a( RThis 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’’./ T  N) @) J9 a( K1 x7 |) f2 J2 X; E  k
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.* S) D' y" n* O' f5 m& E2 p
Amount: $150,000,000 (6,000,000 shares).2 F7 c/ L' T4 p
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
" S4 L- j0 k3 lPrincipal Characteristics of the Preferred Shares Series 18
8 n- L3 T# Q7 Q! ^& l& z6 T" F+ HDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
" ~; Q8 Z/ p' T' O; X9 vnon-cumulative preferential cash dividends, as and when declared by the
2 T6 {; q0 S" [3 a3 OBoard of Directors, subject to the provisions of the Bank Act, for the initial2 k  z9 g: V4 [( @7 c$ C
period commencing on the closing date and ending on and including
, O( c( i$ D  \; O' EFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
2 P& V  _: u; O' [  Z# T3 E25th day of February, May, August and November in each year, at a rate
% X+ t$ F! X: Nequal to $0.40625 per share. The initial dividend, if declared, will be payable8 e3 m' d* t6 ^, V1 F5 D/ U, }2 l
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
' r# K( F8 F5 `$ A2 mdate of December 11, 2008.1 a) Y' m7 S0 X1 _( W
For each five-year period after the Initial Fixed Rate Period (each, a% O; e' \* Z7 S7 e' O4 J+ c6 A, P
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
& Z8 c+ Z7 @- A- {8 v# J  nSeries 18 will be entitled to receive fixed non-cumulative preferential cash
! f, x8 G# [: U" h: [dividends, as and when declared by the Board of Directors, subject to the+ V. p/ k) @: w$ g
provisions of the Bank Act, payable quarterly on the 25th day of February,
: ~$ i2 A7 R2 v% _* E/ E: GMay, August and November in each year, in the amount per share per annum6 ^8 q0 V0 h. k! S& m7 Q3 [5 v( s
determined by multiplying the Annual Fixed Dividend Rate applicable to7 I- B6 U" K9 e8 j( S: S
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend! V8 p7 z' |% e: j' ~$ O, J4 }1 t
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
/ [4 n# `  a& D: VBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day- G% W9 ]' x5 H, m: o$ F* @
of such Subsequent Fixed Rate Period and will be equal to the sum of the3 x- J- ~5 _# i6 `% {3 K( s
Government of Canada Yield on the applicable Fixed Rate Calculation Date* e+ E* r  h5 t+ K5 K
plus 3.83%.
6 R1 [. c1 x+ Y! Z5 l, PIf the Board of Directors does not declare a dividend, or any part thereof, on! \4 [7 R0 S5 `' z- s  N
the Preferred Shares Series 18 on or before the dividend payment date for a! O* H$ w: J' `9 e) J
particular quarter, then the entitlement of the holders of the Preferred: b# u2 _# ]! `+ B( U
Shares Series 18 to receive such dividend, or to any part thereof, for such
) o) J7 d1 P) Q8 F+ K5 g. v5 [quarter will be forever extinguished.
! B) V" L6 U' S/ k0 K: O# VRedemption: Subject to the provisions of the Bank Act and to the prior consent of the6 z# i5 Q" C! d
Superintendent and to the provisions described below under ‘‘Details of the3 d7 U  j! A' K: p5 |
Offering — Certain Provisions of the Preferred Shares Series 18 as a
; B* b- o/ S" T* C+ B% t. `, \- hSeries — Restrictions on Dividends and Retirement of Shares’’, on
; Z0 o' K$ n6 l& U1 I" fFebruary 25, 2014 and on February 25 every five years thereafter, on not" _: m6 |8 i+ X$ V. ]7 h6 t
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
) {  k, F1 p. B" ]8 M: i4 x) D% b# ppart of the then outstanding Preferred Shares Series 18, at the Bank’s option6 k$ q6 U' d- J  n. k
without the consent of the holder, by the payment of an amount in cash for
8 e6 L' o& F+ @/ Q. D, Geach such share so redeemed of $25.00 together with all declared and unpaid
( J# W* k3 B5 i0 P9 J( A# Z5 Fdividends to the date fixed for redemption.
4 z& S$ j& _+ Y- ~" ^. yConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
$ ]$ I2 t/ c$ S/ e- T  {* B+ KShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have* R  W. y0 ^+ Y( ?: U
the right, at their option, to convert, on February 25, 2014 and on( @* m/ v1 T3 k
S-4; z8 n1 F3 l5 W( `
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
" f6 t. |% O  j: t* M1 Yor all of their Preferred Shares Series 18 into an equal number of Preferred  L1 u$ L+ z% ^& ^8 ~( H7 m$ o1 p9 Z
Shares Series 19 upon giving to the Bank notice thereof not earlier than# R% G  p( N% S& x
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day+ u* Y8 V3 k; M1 W3 j
preceding, a Series 18 Conversion Date.4 i& h$ M5 f; |
Automatic Conversion If the Bank determines, after having taken into account all shares tendered8 _- m% n0 d! g7 R9 e0 S
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
! N) }8 h2 H5 L' DSeries 19, as the case may be, that there would be outstanding on such
/ N, P9 C0 M6 c3 JSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
# y) _2 N! ^# E( X$ H7 y6 Q) o0 psuch remaining number of Preferred Shares Series 18 will automatically be
0 P2 E! |1 @7 K( n, e3 \% dconverted on such Series 18 Conversion Date into an equal number of
8 t4 M+ u3 @. dPreferred Shares Series 19. Additionally, if the Bank determines that, after
8 a* h# L7 V0 e* ^1 G% T2 Y9 tconversion, there would be outstanding on such Series 18 Conversion Date
5 b% g8 E4 F. xless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
2 k3 {4 L8 h( @! QSeries 18 will be converted into Preferred Shares Series 19.9 x# y. _( I5 u/ P7 ^. R
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
: U; s. s6 ~& ?4 _$ wSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
8 \2 n* f+ W- q( q2 R3 a+ Iany meeting of the shareholders of the Bank unless and until the first time at5 J: u; I: w% f0 @# K! ]
which the Board of Directors has not declared the whole dividend on the
6 K1 B6 f; l. NPreferred Shares Series 18 in any quarter. In that event, subject as
8 y1 Z8 u5 J5 h: g" k. D9 \2 Uhereinafter provided, the holders of Preferred Shares Series 18 will be. m8 {4 I( _9 h, b
entitled to receive notice of, and to attend, meetings of shareholders at which; H1 o: {$ J  a  A* K
directors of the Bank are to be elected and will be entitled to one vote for- M+ k" p  ~# O( O; z' I
each Preferred Share Series 18 held. The voting rights of the holders of the
8 {1 n- ~. o$ F" ]) sPreferred Shares Series 18 will forthwith cease upon payment by the Bank of- ^5 W% `! n9 e% V
the first dividend on the Preferred Shares Series 18 to which the holders are
* ]- l  p; X: `7 rentitled thereunder subsequent to the time such voting rights first arose until
' w& K9 Y% W" ]4 p3 p- L* fsuch time as the Bank may again fail to declare the whole dividend on the, S# v7 D  ?+ p" g' J* q% X+ r
Preferred Shares Series 18 in respect of any quarter, in which event such: b. a; I9 h& ]7 @( k& x8 v! a
voting rights will become effective again and so on from time to time.) P. x2 S7 x4 s
Principal Characteristics of the Preferred Shares Series 19
0 O6 @+ r; A& E% m. S" Q) VDividends: The holders of the Preferred Shares Series 19 will be entitled to receive' e: d4 K  z/ ^4 x* G% w7 C
floating rate non-cumulative preferential cash dividends, as and when
  B( n* j9 P4 n% S- D! W) Q( Mdeclared by the Board of Directors, subject to the provisions of the Bank Act,
- s1 Q1 P# j5 J$ H: Mpayable quarterly on the 25th day of February, May, August and November
$ O7 @' h3 v4 e( s& S8 z/ }1 lin each year, in the amount per share determined by multiplying the
( {2 c/ b# q9 u1 japplicable Quarterly Floating Dividend Rate by $25.00.
5 @) A& c* n2 C5 @- w$ w7 i, Q& ]On the 30th day prior to the commencement of the initial quarterly dividend4 r* A/ u$ o, R! H
period beginning on February 25, 2014, and on the 30th day prior to the first
2 X, P* A* u8 F, V) O' g2 z$ ^day of each subsequent quarterly dividend period (the initial quarterly
! R2 ]  u( {/ \0 |3 \# U" H* {dividend period and each subsequent quarterly dividend period is referred to
6 J2 n" O. ?( f, Y2 W9 Eas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the9 \, v* c7 x$ C4 b% [
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
6 Y2 c' l) D1 j0 C- WPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
8 A  ~3 H* ~7 b& [T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days2 @) @+ S, `$ x
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
; }% D/ @) f# S& ~4 n8 j5 zdetermined on the 30th day prior to the first day of the applicable Quarterly
2 [+ t: _; s# R8 Q! lFloating Rate Period.. l5 k5 b  W) A+ A$ v- [
S-5
" \1 ~4 `6 a% T7 Y" t& N" ZIf the Board of Directors does not declare a dividend, or any part thereof, on
- o" H% \/ U* f' bthe Preferred Shares Series 19 on or before the dividend payment date for a
4 p& w4 T, V" T5 m" K1 }. k5 l1 O7 n$ C& Oparticular quarter, then the entitlement of the holders of the Preferred6 k  Z& A# V) D
Shares Series 19 to receive such dividend, or to any part thereof, for such
& t) ]; L3 z' W! W* p9 L" c0 Zquarter will be forever extinguished.3 S( J) [4 _+ e  o; D: Z: T
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
; c) G* M6 I3 I/ M/ D) t+ GSuperintendent and to the provisions described below under the heading
$ N+ M  M& {% ?‘‘Details of the Offering — Certain Provisions of the Preferred Shares" C, Y7 G3 E2 h5 Y  O/ T- b" c; h
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,3 f0 a+ \7 F8 }! E
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
7 h  ^6 G5 |" Q$ h5 Ior any part of the then outstanding Preferred Shares Series 19, at the Bank’s
" K2 U" I; I& W* s* S$ P( S  Ioption without the consent of the holder, by the payment of an amount in, D% V- m3 Z. z% F
cash for each such share so redeemed of (i) $25.00 together with all declared
9 d' \; R1 e: B. @! `% y7 Eand unpaid dividends to the date fixed for redemption in the case of+ r! g- w) b) N) j' h6 C0 V$ _
redemptions on February 25, 2019 and on February 25 every five years
- Y/ i  s( C1 t, p' t/ Z. ~thereafter, or (ii) $25.50 together with all declared and unpaid dividends to! M4 \2 O. H. M# {9 }
the date fixed for redemption in the case of redemptions on any other date: C! s3 k0 q- T  U" ^
on or after February 25, 2014.
9 a; ]5 p! V0 w# J4 @Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic4 F* \! z5 c9 \# o$ l
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
! p* D5 D; z( W  ]2 \$ P# W, |the right, at their option, to convert, on February 25, 2019 and on
' z, o+ d/ l3 W' E2 TFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
+ _' @7 B: T. H9 ]* Kor all of their Preferred Shares Series 19 into an equal number of Preferred, m: X& ?+ t6 h0 n: r
Shares Series 18 upon giving to the Bank written notice thereof not earlier
# h& h  Q- X9 w- Athan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
4 u: q7 A8 w3 X( w. [- ?15th day preceding, a Series 19 Conversion Date.( @" d' B3 c) q$ y4 S, H
Automatic Conversion If the Bank determines, after having taken into account all shares tendered2 V+ b3 W* e& J6 W
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
; M& w' Q4 o& K( J6 NSeries 18, as the case may be, that there would be outstanding on such
: [9 d& ?1 e; rSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,3 I, ^* c2 \' [# Q/ |. b
such remaining number of Preferred Shares Series 19 will automatically be, |8 U! ?: k# B" m  j5 k& l
converted on such Series 19 Conversion Date into an equal number of
7 j* N( D: y6 F1 pPreferred Shares Series 18. Additionally, if the Bank determines that, after
) U- `6 S: s  Y+ Sconversion, there would be outstanding on such Series 19 Conversion Date) f1 e) x# X( R5 N* G- F  ^
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
8 ]% A' k4 b: w! c& F/ P5 ESeries 19 will be converted into Preferred Shares Series 18.% c) E6 [: y2 a1 M
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares% m' l* L1 R+ {
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
6 Y5 z; h& a% m2 g* Hany meeting of the shareholders of the Bank unless and until the first time at. Q# i2 t& S( l9 j
which the Board of Directors has not declared the whole dividend on the
0 P" R) O& V4 p# `3 U3 WPreferred Shares Series 19 in any quarter. In that event, subject as
4 [/ @5 S1 ?% g# Shereinafter provided, the holders of Preferred Shares Series 19 will be6 G+ Z/ u( ], b% P4 k
entitled to receive notice of, and to attend, meetings of shareholders at which3 E/ Y/ P" d% E
directors of the Bank are to be elected and will be entitled to one vote for
: _, X* r% B: T) u9 C4 \each Preferred Share Series 19 held. The voting rights of the holders of the
3 @' o; @* |4 O% tPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
8 j& b/ ?$ l! bthe first dividend on the Preferred Shares Series 19 to which the holders are
# b& Q4 q& N- |entitled thereunder subsequent to the time such voting rights first arose until" H# W/ V9 o; m) u
such time as the Bank may again fail to declare the whole dividend on the- y6 ]: h" X# E
Preferred Shares Series 19 in respect of any quarter, in which event such3 B* }! c7 M7 S, v8 A8 e
voting rights will become effective again and so on from time to time.
; G; M" A- ?) k) T; [S-6) I4 m" O) [4 J) O% m9 ?7 f! P" d  a
Priority: The preferred shares of each series of the Bank will rank on a parity with2 ^- Z% s' g" Z
every other series and are entitled to preference over the common shares of
) `- T8 M" T4 Q3 T8 hthe Bank and over any other shares of the Bank ranking junior to the! K4 C) U# |3 o1 g
preferred shares with respect to the payment of dividends and upon any* ~4 F8 \* X# [( R! H
distribution of assets in the event of the liquidation, dissolution or1 f0 _  T+ y$ ^" t' C* ]
winding-up of the Bank.) q0 J' ~0 X- J9 K% g% @$ {& T
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
2 ~  u  F4 ~3 cDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
6 C- f. P6 r$ ^Series 18 and Preferred Shares Series 19 will not be required to pay tax on. k0 c) D0 U" R# S# ]
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。' l) [* d4 _+ v5 v9 G( ~
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
, M  V5 x$ \7 {( M
5 ?5 [5 V( d# B6 `- b' Z1 t4 X
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。( d0 T5 d+ z2 m/ L1 I5 r6 x) I
/ O0 R5 Z0 S8 C
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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