埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 3342|回复: 5

请问精打细算:银行6.50% 5-Year Rate Reset Preferred Share投资的利弊?

[复制链接]
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。  d2 z! h( q7 o) @5 z1 s
; W" }* P7 z( k6 p/ c
$ [+ y6 Z& M+ x  O
[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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:- K& V2 f* M2 d0 L
SUMMARY OF THE OFFERING+ i' m; _/ x3 m. J
This 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’’.
5 a1 X8 p* Z$ y8 J, j3 l3 a1 |! D0 F& UIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
4 ]/ h, ^. g# x2 _# O- `Amount: $150,000,000 (6,000,000 shares).: O: T2 L) |% o5 x& w
Price and Yield: $25.00 per share to yield initially 6.50% per annum.5 v3 b* j2 y* v# Y' F% Z
Principal Characteristics of the Preferred Shares Series 184 I% }8 G/ E; L1 J5 \8 H$ }5 F5 Z
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed, U$ R# P  d+ v1 k
non-cumulative preferential cash dividends, as and when declared by the8 P% `: B+ i6 g. @0 u$ y
Board of Directors, subject to the provisions of the Bank Act, for the initial
0 p8 l3 {. v! n5 k' iperiod commencing on the closing date and ending on and including2 Y" o5 [* m& F2 q
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the; K9 |5 e- a9 ^, ~, Z7 H
25th day of February, May, August and November in each year, at a rate) R3 {. q! `! p- F
equal to $0.40625 per share. The initial dividend, if declared, will be payable
  s( N7 J! C; x  dMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
! r( k" {& I5 A) O4 `* s$ }date of December 11, 2008.
; M4 n$ u7 a5 D# JFor each five-year period after the Initial Fixed Rate Period (each, a
$ H0 _0 X- O. _% {# p, S5 L* h( o‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares! U6 P! J9 c  r% y+ V
Series 18 will be entitled to receive fixed non-cumulative preferential cash
  b4 `+ L' ^- E5 p- ]- Ldividends, as and when declared by the Board of Directors, subject to the: [. z) V& I. W0 s: s" F
provisions of the Bank Act, payable quarterly on the 25th day of February,* w7 }0 X# s. z
May, August and November in each year, in the amount per share per annum
% |1 U8 G( a4 g! [6 R  T$ B' Kdetermined by multiplying the Annual Fixed Dividend Rate applicable to$ F- ]  m( P" C1 n
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
) J6 g2 P( V! i- n2 \3 nRate for the ensuing Subsequent Fixed Rate Period will be determined by the5 ?7 f( J1 m' R- U+ _; x1 }7 A
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
4 t: i7 X/ y( @! u0 vof such Subsequent Fixed Rate Period and will be equal to the sum of the
- s) S. _2 G* q' D0 x) m- q8 jGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
" D$ p& k4 M% U* A' |6 {9 m* \plus 3.83%.
2 N( x% S- O* ?+ w) y9 HIf the Board of Directors does not declare a dividend, or any part thereof, on
/ n" b2 d4 Y! B4 b$ G3 x& S+ Nthe Preferred Shares Series 18 on or before the dividend payment date for a  f2 r3 F. }* Z8 Y5 h8 [& q
particular quarter, then the entitlement of the holders of the Preferred
% ]3 a5 _* W8 Y8 @# V" @Shares Series 18 to receive such dividend, or to any part thereof, for such
, g( P& [' D0 O) G9 Q9 Y7 \5 E' V( d$ |quarter will be forever extinguished.
, }2 p0 ^* P1 |0 I0 [Redemption: Subject to the provisions of the Bank Act and to the prior consent of the) e( O9 W+ y6 J( r( Y6 h  e) d
Superintendent and to the provisions described below under ‘‘Details of the
6 Y9 x- k5 F% NOffering — Certain Provisions of the Preferred Shares Series 18 as a, @; ~3 \1 Q* h/ l
Series — Restrictions on Dividends and Retirement of Shares’’, on2 E+ P& [2 \6 Z) n# T
February 25, 2014 and on February 25 every five years thereafter, on not
! C  L) V/ M# d4 s0 Dmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
( P6 k8 m1 s4 f* d2 \part of the then outstanding Preferred Shares Series 18, at the Bank’s option* U( h; [* h9 H3 w7 \) b1 A. ?
without the consent of the holder, by the payment of an amount in cash for
9 d; ]/ ]3 o) t0 L1 d2 |7 Heach such share so redeemed of $25.00 together with all declared and unpaid5 S9 k& U# S: H+ f. \3 H: W
dividends to the date fixed for redemption.3 Q% y+ t$ a; _; g2 I1 f! N
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
0 |  Y6 N6 B& V9 l# IShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
) U$ C6 c, \# r% z  [+ B0 rthe right, at their option, to convert, on February 25, 2014 and on
/ [! {0 e5 C7 k0 ]4 p' t/ fS-41 ]# f# y9 b6 `+ Y
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
" m' G0 Q! c. ]: a2 H$ por all of their Preferred Shares Series 18 into an equal number of Preferred! I$ I. v& y4 q, M- s
Shares Series 19 upon giving to the Bank notice thereof not earlier than/ v' Q8 O" l2 b( b2 {6 C
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
, g- y: c, V- spreceding, a Series 18 Conversion Date.
, T: d. c8 i5 J( ]Automatic Conversion If the Bank determines, after having taken into account all shares tendered- F: ?2 t- _' v& Q6 f$ h
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares+ p; r  M- w+ k0 z3 s
Series 19, as the case may be, that there would be outstanding on such
, f, }8 E, H% E0 Z$ QSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,2 V0 d! `% T5 X5 k8 R
such remaining number of Preferred Shares Series 18 will automatically be: f* ~2 z8 P; }6 k# T$ F4 S( g, M
converted on such Series 18 Conversion Date into an equal number of# j0 C5 w+ g! c
Preferred Shares Series 19. Additionally, if the Bank determines that, after
, {3 [+ |& I+ o) Q$ l! n# qconversion, there would be outstanding on such Series 18 Conversion Date
: D1 _6 I0 q2 {* t- e7 Kless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares6 _. }2 S) v! m- T" U+ C9 o
Series 18 will be converted into Preferred Shares Series 19.2 B" h  p, O$ I4 w
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares6 E4 ?7 H$ N0 a# B8 \5 S  K
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
- U5 c2 F1 ~8 n, W! J- R$ a' bany meeting of the shareholders of the Bank unless and until the first time at. N4 c6 u3 I, w/ Q% K
which the Board of Directors has not declared the whole dividend on the$ B% P2 F7 b# O
Preferred Shares Series 18 in any quarter. In that event, subject as! C" X0 y* i% ]- ]% d  _+ U
hereinafter provided, the holders of Preferred Shares Series 18 will be
4 @8 J! d, J7 D8 N) rentitled to receive notice of, and to attend, meetings of shareholders at which
5 V) N/ J8 t# E$ Adirectors of the Bank are to be elected and will be entitled to one vote for
* z2 X! M6 X2 K% c! h! Q* H" X& u/ xeach Preferred Share Series 18 held. The voting rights of the holders of the# Z( [2 n2 M& T* o
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
9 z5 g7 B% T! K5 z/ P( j/ Q. y/ g9 athe first dividend on the Preferred Shares Series 18 to which the holders are
3 q0 P. h8 w/ Ventitled thereunder subsequent to the time such voting rights first arose until  f0 w) i! p# b
such time as the Bank may again fail to declare the whole dividend on the' h0 c1 i. Z: b
Preferred Shares Series 18 in respect of any quarter, in which event such
! `: B+ I8 n+ Q  c4 [! nvoting rights will become effective again and so on from time to time.
# [7 H4 E, s6 t- APrincipal Characteristics of the Preferred Shares Series 19) ?+ \! b& W) M9 O7 }/ G1 m5 ~
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive8 x( b9 |0 w& ]) T0 U# }! ]7 x
floating rate non-cumulative preferential cash dividends, as and when
7 u+ l# ~6 Y! c5 D$ M7 B' Pdeclared by the Board of Directors, subject to the provisions of the Bank Act,
3 Z$ |0 q/ X; x" r$ `payable quarterly on the 25th day of February, May, August and November
1 P' y- i2 W5 oin each year, in the amount per share determined by multiplying the
. ?* u6 @' ?1 W  f( }. Dapplicable Quarterly Floating Dividend Rate by $25.00.* b# d+ Q+ k+ `
On the 30th day prior to the commencement of the initial quarterly dividend
9 {; I* p& h/ [$ I+ uperiod beginning on February 25, 2014, and on the 30th day prior to the first. ~/ _- q% _* j4 a) W
day of each subsequent quarterly dividend period (the initial quarterly
; @0 D7 Y! t% Q% j2 f0 Fdividend period and each subsequent quarterly dividend period is referred to: d4 y  ]  }3 V8 y0 v3 O: p0 Y
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the( g$ y; Z( i& \  Q6 L9 U% h. ~
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate5 Y) [( v3 k2 H+ `
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the7 ~9 D5 K3 `: }% s( a
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days' _8 ^. h& S2 H7 Z/ w
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
4 H. v- y" Z; A5 Udetermined on the 30th day prior to the first day of the applicable Quarterly
0 l: v' C: M* r8 d# N) t, X" G, ?Floating Rate Period.
5 A. i- q' g4 d, dS-5
" s; ]9 `$ z5 D8 oIf the Board of Directors does not declare a dividend, or any part thereof, on5 p, c; a3 R' x3 M; F
the Preferred Shares Series 19 on or before the dividend payment date for a4 q( g, p7 g; t. n; }, u
particular quarter, then the entitlement of the holders of the Preferred
' ~1 C0 {6 E: M2 vShares Series 19 to receive such dividend, or to any part thereof, for such0 z! s" D" N: J. z7 G
quarter will be forever extinguished.  K5 s8 v, N' G. R
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the$ S3 n  h8 `6 w" f5 R
Superintendent and to the provisions described below under the heading8 K1 e8 {0 `. i2 r" d. T* s4 e
‘‘Details of the Offering — Certain Provisions of the Preferred Shares0 z) l% [/ N+ B( w) O9 `
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
. S% F- [4 @7 |! v8 con not more than 60 nor less than 30 days’ notice, the Bank may redeem all+ I% \4 Q  G* N# Y- ~
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s+ X5 f& m. p. N+ w
option without the consent of the holder, by the payment of an amount in
$ J, K" J0 U' }# Kcash for each such share so redeemed of (i) $25.00 together with all declared' t, p' i* S- Z
and unpaid dividends to the date fixed for redemption in the case of8 {. y* J# |% @! r- m2 b; `
redemptions on February 25, 2019 and on February 25 every five years
# r8 r& s' A+ k% \: Gthereafter, or (ii) $25.50 together with all declared and unpaid dividends to' J* ?/ J$ q; }, Q9 ]
the date fixed for redemption in the case of redemptions on any other date& e5 }% e6 f1 N: q+ ?. p- m
on or after February 25, 2014.
4 g* ~2 I" K  G% KConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic% a9 A2 B  O: k9 b. O
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
) D, l4 `9 n8 h. ?the right, at their option, to convert, on February 25, 2019 and on6 J- \: j8 l2 y( B' l1 U
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any& ~9 ~* H  Y: Q- n* y8 |- a
or all of their Preferred Shares Series 19 into an equal number of Preferred
' t9 M- Z$ e" u9 bShares Series 18 upon giving to the Bank written notice thereof not earlier
$ u9 c0 }, y% N: s0 v3 M# athan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
3 Q* G7 x; r% O' f  L5 x+ N15th day preceding, a Series 19 Conversion Date.# h" G9 R" x  D+ z3 U
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
5 t9 D5 |( [6 R+ Z* nProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares7 h6 F8 y0 T4 z$ O7 f6 q8 D
Series 18, as the case may be, that there would be outstanding on such
- X- C+ D" `0 D. N7 k7 WSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
/ |( k+ N3 c" v7 ^8 A* g* Bsuch remaining number of Preferred Shares Series 19 will automatically be
1 u3 J5 T0 E9 l" O6 Y. @. Cconverted on such Series 19 Conversion Date into an equal number of0 k' T. q2 k, E% H. C- b$ U5 G4 a
Preferred Shares Series 18. Additionally, if the Bank determines that, after) F6 l7 R8 `3 M& S' u) |
conversion, there would be outstanding on such Series 19 Conversion Date
- g7 L: K/ L8 pless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
* {/ B6 |  g" [! V& H+ BSeries 19 will be converted into Preferred Shares Series 18.8 O( M8 e/ {* j
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
8 L% [. K/ b# {; I9 t: g/ ZSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
5 A" s& a5 h+ q% h# A7 Iany meeting of the shareholders of the Bank unless and until the first time at
( y1 A8 c4 {8 `; t" t& w' Fwhich the Board of Directors has not declared the whole dividend on the
8 ^& _3 R/ i+ ]1 IPreferred Shares Series 19 in any quarter. In that event, subject as
7 Q+ K0 _0 K% F& M0 A2 P, zhereinafter provided, the holders of Preferred Shares Series 19 will be
  d; Y( T7 f* u4 ?* Q# m3 Qentitled to receive notice of, and to attend, meetings of shareholders at which
' h, m1 V; h3 c& z( A' R" ]directors of the Bank are to be elected and will be entitled to one vote for
4 J3 u! q. {+ E: a* k" @/ \. D8 Ueach Preferred Share Series 19 held. The voting rights of the holders of the1 F% V( \4 }# q
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
+ H" a' N5 k' ~% W2 r. h# Lthe first dividend on the Preferred Shares Series 19 to which the holders are
0 U& f* M" _/ X4 g& fentitled thereunder subsequent to the time such voting rights first arose until
3 J% t5 M' [3 z( I) Nsuch time as the Bank may again fail to declare the whole dividend on the
: {" {* N$ h5 DPreferred Shares Series 19 in respect of any quarter, in which event such! H1 @* S. u# i) R, H: Y/ j. B1 R7 s
voting rights will become effective again and so on from time to time.
. @! i5 {0 m" m+ jS-6
3 b& X( |1 }: d6 f. W9 Y: n) xPriority: The preferred shares of each series of the Bank will rank on a parity with
) S, W0 B+ K. d1 U4 j( P) w8 @' vevery other series and are entitled to preference over the common shares of
7 ?' T/ @: d- K% C9 @the Bank and over any other shares of the Bank ranking junior to the
8 U) A+ F6 b0 [9 D0 o) fpreferred shares with respect to the payment of dividends and upon any5 Q" n, j! |9 L- ~7 @7 |, @
distribution of assets in the event of the liquidation, dissolution or
* W2 a! `3 b" {) E& F- k5 s3 Gwinding-up of the Bank.0 e* Z% Q2 W$ {6 e6 k: F+ w+ F; B/ o
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under, ]% e, `9 R- l1 p  Z
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares8 _( E7 X% M7 S( K0 y8 i9 p( W
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
$ D. s% s  G) d2 |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。# C3 o( u( O$ k& j  f
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

/ V% G+ S0 C: @6 M6 ]* H- [3 [6 e# G/ K& O3 z1 Z* W4 X) V- A/ Z
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
: l% G, s% E$ `0 V" X5 Q1 N
; ]- o% B1 h5 j* }$ q* l8 acall 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。
您需要登录后才可以回帖 登录 | 注册

本版积分规则

联系我们|小黑屋|手机版|Archiver|埃德蒙顿中文网

GMT-7, 2026-8-11 18:16 , Processed in 0.097001 second(s), 13 queries , Gzip On, APC On.

Powered by Discuz! X3.4

Copyright © 2001-2021, Tencent Cloud.

快速回复 返回顶部 返回列表