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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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- p! n  t' I2 d/ C[ 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:
: U  d+ x! v- V- y: n# QSUMMARY OF THE OFFERING# c7 [4 r8 G" U9 ^) i' q: l
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’’.  p* V- e  @- ~' I3 W; [+ L7 S
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.6 \( d0 ]+ D0 S: k; h
Amount: $150,000,000 (6,000,000 shares).
- G, o4 U" |" K/ G4 [' m" hPrice and Yield: $25.00 per share to yield initially 6.50% per annum.+ B" Y2 m* y6 D5 n
Principal Characteristics of the Preferred Shares Series 18
4 J7 A7 X% o) k3 h& C* jDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
4 j8 F# c  R  X2 _3 g( h) o$ snon-cumulative preferential cash dividends, as and when declared by the  G) e6 J. Y9 B) y
Board of Directors, subject to the provisions of the Bank Act, for the initial
: g% i* c1 U# I" h, eperiod commencing on the closing date and ending on and including" ]8 [- y" Z, P. B8 e' b
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the5 I3 S2 N8 V4 n; J) h0 F7 ~: |- {
25th day of February, May, August and November in each year, at a rate- k- j1 O4 U! K8 }" K/ I; d. Y
equal to $0.40625 per share. The initial dividend, if declared, will be payable
5 b) S4 b" Y% K) {  h3 p4 dMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
  o8 [" T: v& ], P5 ]+ [% x4 Sdate of December 11, 2008.: p+ l2 y0 @( d, a
For each five-year period after the Initial Fixed Rate Period (each, a
  d( X/ V) \, A2 e0 {‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
# r" ?9 s$ }. c) NSeries 18 will be entitled to receive fixed non-cumulative preferential cash1 U4 B6 o9 {* t# {8 D
dividends, as and when declared by the Board of Directors, subject to the# M0 m+ h2 H0 E
provisions of the Bank Act, payable quarterly on the 25th day of February," Z# j  D  v4 D
May, August and November in each year, in the amount per share per annum
; s! c/ j% O, G2 |: adetermined by multiplying the Annual Fixed Dividend Rate applicable to3 t9 w% c5 D4 M' s
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
$ @- m; C! D: D$ h" KRate for the ensuing Subsequent Fixed Rate Period will be determined by the% }2 s! S- u! A+ ]8 ?0 ?0 M
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
# C% l! b3 d9 x2 Aof such Subsequent Fixed Rate Period and will be equal to the sum of the# {9 Y- B7 {6 j8 q5 \2 t- W
Government of Canada Yield on the applicable Fixed Rate Calculation Date
) c$ _: t) t3 q# A7 Z; l$ O! a' c2 Dplus 3.83%.- W- z( [3 O! y+ X
If the Board of Directors does not declare a dividend, or any part thereof, on
& r' Q- {0 h5 _! ^/ Hthe Preferred Shares Series 18 on or before the dividend payment date for a
/ {' ~& g; z- c+ ^' V7 _, u3 Xparticular quarter, then the entitlement of the holders of the Preferred0 ~6 \, c6 ]1 g7 d3 j
Shares Series 18 to receive such dividend, or to any part thereof, for such
! e# [# @6 Y: F( T( y/ Equarter will be forever extinguished.
6 K% G" u% A$ H$ qRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
9 H( q  @; p# k1 tSuperintendent and to the provisions described below under ‘‘Details of the- K9 y; l7 D, i3 o+ d# u
Offering — Certain Provisions of the Preferred Shares Series 18 as a6 I: {7 G" V, s. E' \
Series — Restrictions on Dividends and Retirement of Shares’’, on- m3 ^- d% r% h1 ?9 t7 i8 w
February 25, 2014 and on February 25 every five years thereafter, on not6 B1 m) l' J: I
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any2 r7 x1 w( ~2 T7 v' g
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
: i. y  X, L, y5 V+ o2 gwithout the consent of the holder, by the payment of an amount in cash for
" l/ r' N$ j% J& g* qeach such share so redeemed of $25.00 together with all declared and unpaid5 l; Z* g5 ~2 [) p% G, D
dividends to the date fixed for redemption.
4 F7 C0 d  y- t% i2 V$ ?3 xConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic! X' {, s  x2 t1 \( C
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have# S, X% B/ _% t, Y
the right, at their option, to convert, on February 25, 2014 and on
9 n2 i: Z7 b% p9 a: i& dS-4
7 |1 R! r/ n+ ?# t+ nFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
! Q) R3 J& B' f& I3 kor all of their Preferred Shares Series 18 into an equal number of Preferred
! u" B, [' }/ k( {% M4 d% wShares Series 19 upon giving to the Bank notice thereof not earlier than) D$ E  W5 B7 l$ b
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day) B6 Y7 v" L2 L. d; A; F
preceding, a Series 18 Conversion Date.) c: E3 o4 B3 Y, x3 ^+ u
Automatic Conversion If the Bank determines, after having taken into account all shares tendered9 F+ J$ k  S3 d1 B3 [
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares$ X1 r" }5 S" W* Y$ p- }3 g
Series 19, as the case may be, that there would be outstanding on such
0 W: [) h7 _. ]1 k1 a" SSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,0 Z+ `6 U; I, N; }
such remaining number of Preferred Shares Series 18 will automatically be
$ c- X' f' V9 c2 t1 j- |converted on such Series 18 Conversion Date into an equal number of
* x* X+ K' n! E9 N' v9 \  lPreferred Shares Series 19. Additionally, if the Bank determines that, after8 w) x; t6 M$ @( q" ?; a
conversion, there would be outstanding on such Series 18 Conversion Date: Q8 T! G& j* T) c' q0 E% S0 F
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
1 f4 p/ e+ ]+ Y4 wSeries 18 will be converted into Preferred Shares Series 19.' |+ _- B/ {3 @! G1 x5 v
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares9 ^0 s: ^) P( |% d( v; m
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
! o% |; x. F/ x3 ~7 pany meeting of the shareholders of the Bank unless and until the first time at
. c4 ?7 w$ ~3 W% F7 Z$ S% C8 ]/ ~which the Board of Directors has not declared the whole dividend on the# D% g8 l% P1 s/ `) W$ t. W& ~% y
Preferred Shares Series 18 in any quarter. In that event, subject as$ O# W, M0 D6 {# u1 \8 j2 t+ {
hereinafter provided, the holders of Preferred Shares Series 18 will be
9 J- Q! s" `1 l( b6 N/ z% xentitled to receive notice of, and to attend, meetings of shareholders at which
: N( O$ ]. A7 g( l8 K  U! j; `! i5 A4 jdirectors of the Bank are to be elected and will be entitled to one vote for4 c, e1 a6 h8 i* a- ?% h# s8 o
each Preferred Share Series 18 held. The voting rights of the holders of the& @$ U) x" T) f5 G8 ^  _
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
% o7 r0 ]% w' C3 k1 F) vthe first dividend on the Preferred Shares Series 18 to which the holders are# c. L" I' R* v# a2 E* v7 T
entitled thereunder subsequent to the time such voting rights first arose until6 @9 G4 l5 M5 D* ^% F0 ]3 K! ^
such time as the Bank may again fail to declare the whole dividend on the* _3 v2 i9 Y0 [3 p( j
Preferred Shares Series 18 in respect of any quarter, in which event such3 `7 O5 G0 ~. g$ ^$ m' i. P
voting rights will become effective again and so on from time to time.
& b& H; {2 Q# F. \. L  FPrincipal Characteristics of the Preferred Shares Series 192 b3 e9 R: [8 y/ i+ Y; j
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
0 G, x' n, ]9 G5 Y( h; Ffloating rate non-cumulative preferential cash dividends, as and when$ Y' J! y, l& `8 h  Z) M) ^
declared by the Board of Directors, subject to the provisions of the Bank Act,
& o0 f: L* E- K9 `% F% `6 Epayable quarterly on the 25th day of February, May, August and November
8 {+ E& l' r8 uin each year, in the amount per share determined by multiplying the; ?1 e; H2 y6 W& G# `- V
applicable Quarterly Floating Dividend Rate by $25.00.' O' V- }- c! Y. C) {- C
On the 30th day prior to the commencement of the initial quarterly dividend
: p9 Q# g; f, M1 q) ]0 ~9 hperiod beginning on February 25, 2014, and on the 30th day prior to the first& V" A1 r9 H" L/ o; W
day of each subsequent quarterly dividend period (the initial quarterly2 v  s3 P. j5 n# R
dividend period and each subsequent quarterly dividend period is referred to
/ R/ N2 j5 S% b( d* `as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
6 D- W6 x$ I+ |$ kQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
' h2 N7 X. ]8 s% m2 ?7 jPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the$ w3 Y" A4 G' X# @; H. W
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
+ n; @4 s. r* B7 D- C4 kelapsed in the applicable Quarterly Floating Rate Period divided by 365)
2 c7 d1 r8 w4 j: e, e# idetermined on the 30th day prior to the first day of the applicable Quarterly
- ]  g* H+ @8 b! r" O# qFloating Rate Period.7 G0 [5 W1 p4 J( \2 h8 \3 |$ h
S-5
2 q2 h+ P8 k) [& ^If the Board of Directors does not declare a dividend, or any part thereof, on
1 e' H. p' H; G) @) gthe Preferred Shares Series 19 on or before the dividend payment date for a2 W! g+ K* N5 F& [
particular quarter, then the entitlement of the holders of the Preferred
" p# G8 a; ^! KShares Series 19 to receive such dividend, or to any part thereof, for such6 z6 g5 _6 X& ^; P
quarter will be forever extinguished.. s2 U( j7 D5 a, F* n" a' g$ J6 n; F
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the; F2 R" P% `4 u8 N+ t
Superintendent and to the provisions described below under the heading# W7 G$ z& ~7 L
‘‘Details of the Offering — Certain Provisions of the Preferred Shares- G& }  S. Q. l5 I5 T$ [7 S
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
. K( E$ S0 G* P; Non not more than 60 nor less than 30 days’ notice, the Bank may redeem all7 K9 k% b# k, V+ f8 j/ r; J
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
# s" I) D0 ^4 p2 h7 v8 o6 Uoption without the consent of the holder, by the payment of an amount in7 n9 V( t* @: t) E6 _+ l
cash for each such share so redeemed of (i) $25.00 together with all declared) J% N% c0 z) U7 ]
and unpaid dividends to the date fixed for redemption in the case of
+ }8 ?0 d' n8 `' ^redemptions on February 25, 2019 and on February 25 every five years
0 E+ ?# a& X2 u/ V! qthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
) @' w5 ?  P$ E$ Q# B2 f2 Othe date fixed for redemption in the case of redemptions on any other date# V  C& U8 A( k
on or after February 25, 2014.. E9 t/ V# K) b$ O" z; ~6 W  a
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic' m! ^4 ^0 V* ?& U0 R
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
3 @, z3 v4 I8 w8 _the right, at their option, to convert, on February 25, 2019 and on! U$ ^, G7 r$ w+ C% [% ^$ f
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any! B1 u! U/ S3 {  W) r  ]. H
or all of their Preferred Shares Series 19 into an equal number of Preferred0 M, f( k0 n6 D
Shares Series 18 upon giving to the Bank written notice thereof not earlier
& X/ f& c9 A5 ]1 U/ ?* P. f7 c2 y* s8 zthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the3 \* V' \8 `* H& [$ r8 e  \% v
15th day preceding, a Series 19 Conversion Date.
# z5 w% l, {/ V8 D% @' ^Automatic Conversion If the Bank determines, after having taken into account all shares tendered' I) V. p1 @+ g5 {/ J6 O% z
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
, ^3 R1 Q1 G' E9 h5 Z7 U4 ^+ ASeries 18, as the case may be, that there would be outstanding on such& X; [) C. h- t3 I2 D% C1 q
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
/ E3 k2 b9 F7 k7 P4 ^. X  v6 l4 \such remaining number of Preferred Shares Series 19 will automatically be5 T: g+ H2 W4 o( n& `- ~
converted on such Series 19 Conversion Date into an equal number of8 N  W3 E8 Z" d  D9 B! h
Preferred Shares Series 18. Additionally, if the Bank determines that, after
  Y( O2 r; t; s" F7 @) H; Aconversion, there would be outstanding on such Series 19 Conversion Date
- g$ s; N( U3 J7 ^6 Nless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
4 O+ s" j  z6 T6 @9 c* fSeries 19 will be converted into Preferred Shares Series 18.
+ A/ P! L& ^6 o5 @" e4 mVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares% Z# S1 S; t" ?! M1 ]9 M' y
Series 19 will not be entitled as such to receive notice of, attend, or vote at,1 q3 T# a8 V& q! \; N
any meeting of the shareholders of the Bank unless and until the first time at( k( u- l4 H6 ]; g* P  `' L1 L$ P
which the Board of Directors has not declared the whole dividend on the
* o. w$ L% E7 O# t6 S& IPreferred Shares Series 19 in any quarter. In that event, subject as$ N. ~& R* y# Q$ P/ ~
hereinafter provided, the holders of Preferred Shares Series 19 will be
/ p  `, z; M/ V4 lentitled to receive notice of, and to attend, meetings of shareholders at which/ d. a: q% h" E* Q: K6 e
directors of the Bank are to be elected and will be entitled to one vote for) T, r5 @8 k9 X2 n: b& f7 ], M
each Preferred Share Series 19 held. The voting rights of the holders of the
/ l5 u( y) t0 J, o4 f6 XPreferred Shares Series 19 will forthwith cease upon payment by the Bank of2 b) U. G- Q! I' ^
the first dividend on the Preferred Shares Series 19 to which the holders are
, ~; \' g& D" s0 Sentitled thereunder subsequent to the time such voting rights first arose until% _2 B  M0 i7 ]7 C- }
such time as the Bank may again fail to declare the whole dividend on the
) ]* D. ~/ ?6 M: ~Preferred Shares Series 19 in respect of any quarter, in which event such: Y1 ?+ b' `7 A2 y7 @  L
voting rights will become effective again and so on from time to time.! e+ ?& c! O/ S8 r
S-6/ d4 L; P7 B1 ]7 K2 I+ u% k5 m: C
Priority: The preferred shares of each series of the Bank will rank on a parity with
% R, T6 O1 F) nevery other series and are entitled to preference over the common shares of" J) J0 a8 B/ e3 E- j  N
the Bank and over any other shares of the Bank ranking junior to the6 L# I  i+ ?- z3 u* x% e  s1 s
preferred shares with respect to the payment of dividends and upon any
0 X& R; m6 R. g- H, _8 {distribution of assets in the event of the liquidation, dissolution or
! z4 T, |) V. e2 R7 Z, Bwinding-up of the Bank.+ Z. ?* g# A! M: E8 z/ ^
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
% t* v( D# L9 r0 Z7 ZDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
3 y1 B/ x1 }7 {8 X% @% R: N; N" vSeries 18 and Preferred Shares Series 19 will not be required to pay tax on( x( m* I7 S& [+ n8 ^
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。
4 O( v9 o3 \1 J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
4 p. `6 i) y* M: E* m

  S2 p& p) j; i: V下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
" d4 N1 A6 N6 N2 k& p( K& w
9 u" [- d  _! D6 g+ E# ]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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