埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 2655|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。7 m! ]* n  ~+ X% ^! j

1 T5 m2 n7 n7 i8 g% n7 `
" J) d- y$ b; I1 A/ L7 }0 |[ 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:% o8 `7 ?7 t8 E) t0 c
SUMMARY OF THE OFFERING( r8 x  F0 h) t- H, F
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’’.* c/ C; l) e# i3 Y0 Y/ @* t
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.* B  }7 Q; p2 w$ r
Amount: $150,000,000 (6,000,000 shares).
0 y1 h2 Y8 {4 wPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
& O, q9 Q1 _* Q  t9 O. @Principal Characteristics of the Preferred Shares Series 181 B. G% y$ v' {/ G2 _
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
: h# p, X, d& V# f, U$ ]2 Snon-cumulative preferential cash dividends, as and when declared by the
" V' N* q) G+ o$ R" `Board of Directors, subject to the provisions of the Bank Act, for the initial
, U. g) T% f+ d8 t+ mperiod commencing on the closing date and ending on and including! i) \2 f. O! O* M- I9 z. F( T# n
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the3 z6 X* ~6 T4 T. _8 e) q' W; a
25th day of February, May, August and November in each year, at a rate
& f/ ?' y9 i2 g; x0 n! t. N$ jequal to $0.40625 per share. The initial dividend, if declared, will be payable7 E' U" N" D( f* b- `( E
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing) a  T! E6 W% V3 n
date of December 11, 2008.9 L- F( Y9 V+ v, f# k) N
For each five-year period after the Initial Fixed Rate Period (each, a
1 ?7 x: \0 R* [‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares: k/ K6 i3 [" p/ ?
Series 18 will be entitled to receive fixed non-cumulative preferential cash
& S6 I* |  X4 ?$ |' \. r; x% Ndividends, as and when declared by the Board of Directors, subject to the# K+ ?6 E$ f% e
provisions of the Bank Act, payable quarterly on the 25th day of February,* L+ C6 l/ |% m. K
May, August and November in each year, in the amount per share per annum; D4 m& {7 E/ a0 y7 V8 \; }
determined by multiplying the Annual Fixed Dividend Rate applicable to# }  s2 Q6 Z" R
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend0 O0 u" {5 r0 S; n  Q% E6 W: ^
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the+ t$ n9 W( [* s# h% V7 h& I
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day+ k4 f3 c* M/ ^4 E8 J
of such Subsequent Fixed Rate Period and will be equal to the sum of the) j7 U4 m& P, }$ A5 u
Government of Canada Yield on the applicable Fixed Rate Calculation Date, j: r, B* s7 Y& D3 n0 S1 {
plus 3.83%.
; Q' V% R# C- p9 ^6 Y+ q' ^If the Board of Directors does not declare a dividend, or any part thereof, on" P+ G3 l6 i+ B4 V3 F1 B9 }
the Preferred Shares Series 18 on or before the dividend payment date for a
8 E- }! u2 g2 h) D* e' w/ P9 [7 s( Oparticular quarter, then the entitlement of the holders of the Preferred( p. g* Y  N  |& Z1 S" f
Shares Series 18 to receive such dividend, or to any part thereof, for such
& C; U- D  \# f2 O5 q- B+ c( t) iquarter will be forever extinguished.
* h+ ?& Q( K* `7 ?Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
: D; a  G. ]' H& @+ j' K, u! K+ KSuperintendent and to the provisions described below under ‘‘Details of the
7 i1 \3 H0 P/ j. Z5 eOffering — Certain Provisions of the Preferred Shares Series 18 as a! m; H8 \( m; N/ I" W0 c+ @8 d
Series — Restrictions on Dividends and Retirement of Shares’’, on9 L( u: m2 J7 {' Z5 A# j
February 25, 2014 and on February 25 every five years thereafter, on not
( h$ w3 g/ r9 u" j2 [more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
1 w4 b6 H, n9 \; U/ |& Z0 D% D2 J, Rpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
4 `$ P( F1 X0 ^8 G5 cwithout the consent of the holder, by the payment of an amount in cash for
5 ], w6 X5 k$ neach such share so redeemed of $25.00 together with all declared and unpaid
3 H! _8 Y( U  bdividends to the date fixed for redemption.
5 I% g& g5 }1 W4 ^& w) ]Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
, O, w' Q: Z8 I2 G& Z' f$ Y" RShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have: G4 m! Q# A0 e0 {
the right, at their option, to convert, on February 25, 2014 and on# d% r/ ]- Z( v8 U4 \1 G
S-4; u0 R4 I- ^, d& h' {9 k8 j
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
) W- E! I4 H! {2 G$ Jor all of their Preferred Shares Series 18 into an equal number of Preferred1 i* d' L7 m7 S( ]( @& V) {
Shares Series 19 upon giving to the Bank notice thereof not earlier than, L" H8 K0 `+ v+ v$ E1 o& ?2 }' U9 p
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
1 R# u% u' ]$ b6 Z0 M  ~0 {- B4 h0 w  Zpreceding, a Series 18 Conversion Date.. _5 Z* l: \: f- B& K# a
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
: ?' _6 V# d) ~8 l$ A0 T9 u7 fProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares* T) J+ G0 d. m4 t3 J) f
Series 19, as the case may be, that there would be outstanding on such' U1 T# [$ H) N# _. w
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,- B" ]+ h. N! j6 D+ q( u8 V/ r  \) m
such remaining number of Preferred Shares Series 18 will automatically be
2 _* Z& s! @7 p& [1 Nconverted on such Series 18 Conversion Date into an equal number of
0 j3 ^  S( J" {- s& O/ kPreferred Shares Series 19. Additionally, if the Bank determines that, after& b2 k7 S7 y  Z9 r/ L6 U0 J
conversion, there would be outstanding on such Series 18 Conversion Date: ^! z' D- {9 ^$ F% ?& r
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares7 x3 ]7 N) T5 j0 L# z
Series 18 will be converted into Preferred Shares Series 19.
& A: u- e6 S: r/ Z3 [Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
' `+ B2 P7 k, U  m4 P6 fSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
5 M, p0 L: }$ B" vany meeting of the shareholders of the Bank unless and until the first time at
; ^- w0 H( p- dwhich the Board of Directors has not declared the whole dividend on the
8 L- s/ m' C& ]4 L. Q7 e( q# w. Y0 H/ s4 EPreferred Shares Series 18 in any quarter. In that event, subject as
4 Q: j# D1 k7 X; ^6 `hereinafter provided, the holders of Preferred Shares Series 18 will be5 d, K7 I# J& H+ M3 h
entitled to receive notice of, and to attend, meetings of shareholders at which3 T, B1 z, t2 h0 |! Q
directors of the Bank are to be elected and will be entitled to one vote for, Y3 }5 |8 {+ J
each Preferred Share Series 18 held. The voting rights of the holders of the
. T) ?6 }  n, P0 a5 N" ~Preferred Shares Series 18 will forthwith cease upon payment by the Bank of1 r6 u$ |7 S% P% c/ T
the first dividend on the Preferred Shares Series 18 to which the holders are, S* f: _, ^2 }: P* J( N6 d) N
entitled thereunder subsequent to the time such voting rights first arose until
# I2 W+ F, g% y6 x# psuch time as the Bank may again fail to declare the whole dividend on the
# c- t. ^" c- g7 V7 j: ePreferred Shares Series 18 in respect of any quarter, in which event such2 b+ X% d. I' j5 B6 D* V3 K" c
voting rights will become effective again and so on from time to time.
0 c' v9 a$ Q9 r. w6 k! X$ H. oPrincipal Characteristics of the Preferred Shares Series 195 l  v8 D( U' f
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
) }' d8 ]/ M; k0 |& S7 q  zfloating rate non-cumulative preferential cash dividends, as and when: C/ b9 |9 a  f, Y; w& y
declared by the Board of Directors, subject to the provisions of the Bank Act,
( p. Y- M$ F# B! y6 @# @! E9 m. Mpayable quarterly on the 25th day of February, May, August and November
0 ]1 {: T7 w7 u3 u7 }9 V6 I( Bin each year, in the amount per share determined by multiplying the6 I0 s& j9 a- {) K2 G  g, U
applicable Quarterly Floating Dividend Rate by $25.00.
6 ~  d, |& S7 `/ u$ K6 N% d& YOn the 30th day prior to the commencement of the initial quarterly dividend
4 e/ J1 q6 ?5 F& B: ]& jperiod beginning on February 25, 2014, and on the 30th day prior to the first0 R- {% R8 q2 S1 C1 H. h" m
day of each subsequent quarterly dividend period (the initial quarterly1 V8 x1 S8 G+ k5 h( _+ I- T
dividend period and each subsequent quarterly dividend period is referred to
) {+ ]5 `8 M& q7 kas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the% X0 J- c$ A- N; T
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate' U' s: p% g# E& [
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
7 u0 V0 ^5 M' R' F! {T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
' U- }; x% W. @/ H: I+ Xelapsed in the applicable Quarterly Floating Rate Period divided by 365)  ?& J: v# k7 r: }  D* _
determined on the 30th day prior to the first day of the applicable Quarterly) Z# i) z4 S3 R  K- b
Floating Rate Period.6 i; v$ g& w5 C, G6 d: C' x& w
S-5
+ R% n, ?7 b; L* UIf the Board of Directors does not declare a dividend, or any part thereof, on. U" Q) l+ k+ C5 C, M
the Preferred Shares Series 19 on or before the dividend payment date for a
7 j, d) l% e4 Kparticular quarter, then the entitlement of the holders of the Preferred6 o, i" c0 n+ i3 c9 |
Shares Series 19 to receive such dividend, or to any part thereof, for such2 D+ v, O% s% b6 I  a, K
quarter will be forever extinguished.5 C7 n' L. o+ G
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the; u4 n  D0 Y4 k3 D( w
Superintendent and to the provisions described below under the heading5 {# i7 d- G' b4 G- i
‘‘Details of the Offering — Certain Provisions of the Preferred Shares: x" x  R( f; r
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,( V2 M' q% |2 Q. p* Z$ }& T: ^
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
- D# G) {4 D1 t* nor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
& _9 ]4 F, s/ O9 u- Coption without the consent of the holder, by the payment of an amount in! P3 L; K7 C. N" J7 R$ D
cash for each such share so redeemed of (i) $25.00 together with all declared
: ^" f3 I4 O3 o1 e. yand unpaid dividends to the date fixed for redemption in the case of7 ]) X$ ~3 ]0 V5 c3 d
redemptions on February 25, 2019 and on February 25 every five years
. k* s' _( g2 z( `& b: hthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
+ _* c$ c+ \; _3 Qthe date fixed for redemption in the case of redemptions on any other date
8 N( k* v0 D+ Y% v! H2 ^on or after February 25, 2014.
- z' g4 j) @; a; m# ~Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
/ w; n9 o, q- x  d7 v0 b: _Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
) r! {3 Q* r4 Y& \3 A, z+ G8 @  W) zthe right, at their option, to convert, on February 25, 2019 and on- h3 y: l3 v. a3 z- \
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
" m# B% P/ ]$ }& {6 u/ T7 nor all of their Preferred Shares Series 19 into an equal number of Preferred) o- A- p+ N0 `* p, K% s! [$ a
Shares Series 18 upon giving to the Bank written notice thereof not earlier3 G1 L* a3 c' b4 Z: F
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the# b8 ?) d9 U" J5 z; J/ l+ O# d
15th day preceding, a Series 19 Conversion Date.
$ L" k" n  f; g) BAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
- z( r: s8 A3 g; S! E: M0 C- uProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares  Y1 y3 V/ N6 W3 G+ i) g9 ^
Series 18, as the case may be, that there would be outstanding on such. c. i  g+ Y0 Z* e% A3 n* k! R* c
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
  l+ ^, q8 i, Y  z, dsuch remaining number of Preferred Shares Series 19 will automatically be
  x3 C6 X' M  R2 S- {9 `& Z9 H: I; Nconverted on such Series 19 Conversion Date into an equal number of2 `9 m% L% A5 o7 ~0 p) U0 ?5 `- B( I/ ?
Preferred Shares Series 18. Additionally, if the Bank determines that, after
4 Y1 Z# }' a5 c7 R  q# l, Q0 Qconversion, there would be outstanding on such Series 19 Conversion Date
1 a3 }2 O) n$ G; `less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
1 G- b3 V1 `& v- S& D! XSeries 19 will be converted into Preferred Shares Series 18.
7 b# Q7 L! X' Y9 ^" t/ W9 HVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares9 I" e1 E5 `! h* e
Series 19 will not be entitled as such to receive notice of, attend, or vote at,) i* [% i) U8 i1 Q# s  k$ Z* B0 a
any meeting of the shareholders of the Bank unless and until the first time at
% Y$ K/ P9 @) Owhich the Board of Directors has not declared the whole dividend on the4 d1 O' h3 O: ^% P
Preferred Shares Series 19 in any quarter. In that event, subject as! V' a$ I8 j  s7 K$ j
hereinafter provided, the holders of Preferred Shares Series 19 will be
) a8 y7 P: c0 |2 dentitled to receive notice of, and to attend, meetings of shareholders at which4 ~" a) k1 h) {! u
directors of the Bank are to be elected and will be entitled to one vote for
3 `/ T9 ]# n/ K; U  `each Preferred Share Series 19 held. The voting rights of the holders of the4 y# f3 F4 U7 y, k+ W" J4 p5 I2 ?
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
- w, H# H" r, P' ]9 d/ Q6 y7 Zthe first dividend on the Preferred Shares Series 19 to which the holders are
6 m% U: Y2 n6 aentitled thereunder subsequent to the time such voting rights first arose until( a% T7 Y# }& D2 K/ e9 @
such time as the Bank may again fail to declare the whole dividend on the8 D: G; K& j* M, s
Preferred Shares Series 19 in respect of any quarter, in which event such
  \: O" G7 s  h' ]( hvoting rights will become effective again and so on from time to time.3 P6 E  Y) R# R, G# E" f5 D
S-6% t2 o" `  s0 x! ~
Priority: The preferred shares of each series of the Bank will rank on a parity with
2 O4 o0 u2 ^$ m7 x* devery other series and are entitled to preference over the common shares of
$ \' p9 Y$ W) n$ O: sthe Bank and over any other shares of the Bank ranking junior to the, _# h) ]: [- W: M' n% J
preferred shares with respect to the payment of dividends and upon any
5 N5 y# V' W" V6 S1 D' W" \8 |4 Jdistribution of assets in the event of the liquidation, dissolution or
* i1 b# c8 Z- `8 @. cwinding-up of the Bank.
) i5 t8 F& E2 t2 k" h3 Q! P' M# KTax on Preferred Share The Bank will elect, in the manner and within the time provided under( R7 J9 c1 F( V5 L4 w4 u7 K
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
: B- g" w" q# D9 n3 z# aSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
: P( h( }. L. ~1 s+ M" [1 T: Z$ Jdividends 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。
5 z+ j& O7 X! y* s! K3 S, K( `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

/ x7 z7 P  o' @% s+ g' B; y( |! s- j# a1 d3 D
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
0 P- M. x  _* i5 E, J+ P& e3 I2 f  I  T4 N0 U$ i' D* \* [
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。
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, 2026-2-2 15:47 , Processed in 0.143610 second(s), 11 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