埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 2701|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。# _0 {1 A  F1 C* r0 b1 `
0 X# o* d7 Z  ]2 @- `% Q/ T2 `) o# \4 h
; m  Y3 O# @  x0 c0 J9 p+ v
[ 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:
$ W  ]7 z) n" R  V9 u) c  O) sSUMMARY OF THE OFFERING  p$ M. o( J+ |' W
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’’.$ Q& a" \' t3 `0 t. u* O4 L
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.! @2 Y% w1 I8 I4 B6 y
Amount: $150,000,000 (6,000,000 shares).) R- m/ e5 ]6 U$ g6 b, @
Price and Yield: $25.00 per share to yield initially 6.50% per annum.2 V  O6 v* e7 q( [: W$ y
Principal Characteristics of the Preferred Shares Series 18+ m. u& J4 Q. `5 @: _) z4 u% L
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed0 t$ A- }4 @2 e& L
non-cumulative preferential cash dividends, as and when declared by the( f- w, M# x0 t2 D) _/ z0 U
Board of Directors, subject to the provisions of the Bank Act, for the initial% f5 z* o" R/ R' E* V0 l
period commencing on the closing date and ending on and including& j! w9 z$ Y% v7 i
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
9 j$ U8 l5 P/ ]" x) A) L25th day of February, May, August and November in each year, at a rate
* J& l! A( W0 F& A) ?equal to $0.40625 per share. The initial dividend, if declared, will be payable
# S1 L/ k( G3 C# DMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing; T, G6 e4 t- W, {$ [- m
date of December 11, 2008.5 o: d: J1 Z  X0 z. z
For each five-year period after the Initial Fixed Rate Period (each, a. M  b. _! C& u  W3 ^9 G
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
, M$ V3 l. J' f( |Series 18 will be entitled to receive fixed non-cumulative preferential cash
# {$ p% }, k2 J: N6 mdividends, as and when declared by the Board of Directors, subject to the
1 c; U4 D0 ?3 s: V2 }provisions of the Bank Act, payable quarterly on the 25th day of February,
) M8 O; O# B0 {. C3 mMay, August and November in each year, in the amount per share per annum
6 C1 J1 o  O& c$ U' O; Idetermined by multiplying the Annual Fixed Dividend Rate applicable to
: S- L+ g* ]6 v) Z0 b) u: q% Rsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
7 h% `- p1 @9 J# jRate for the ensuing Subsequent Fixed Rate Period will be determined by the, }! t$ b1 [8 k& [
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
2 ^% Z3 P' w! f  V9 @1 d$ Bof such Subsequent Fixed Rate Period and will be equal to the sum of the
6 k1 m1 d; i3 d' f  g: xGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
! ?! d  ^/ D5 I7 hplus 3.83%.2 w. K8 a( O% e
If the Board of Directors does not declare a dividend, or any part thereof, on
% O$ }$ a) T4 \+ c' T4 W1 Ethe Preferred Shares Series 18 on or before the dividend payment date for a
( b" O( r: z6 `  A( ^% ]9 gparticular quarter, then the entitlement of the holders of the Preferred
9 T: \0 o) c- m. Y, M/ pShares Series 18 to receive such dividend, or to any part thereof, for such  w& [: g: v5 G; p
quarter will be forever extinguished.* [8 I* @1 f7 a) v  S8 t$ x
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
" r- r, b. ?1 n4 {4 S# {# D3 ^* wSuperintendent and to the provisions described below under ‘‘Details of the/ e% ?: P( y" X- ]. R
Offering — Certain Provisions of the Preferred Shares Series 18 as a
& P. s, p+ N0 m! a+ mSeries — Restrictions on Dividends and Retirement of Shares’’, on
8 t0 U1 M' s) b( \0 @8 @6 MFebruary 25, 2014 and on February 25 every five years thereafter, on not' X4 S: k: s* X4 R* V# B
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
0 T  Y9 z. J2 w0 {9 gpart of the then outstanding Preferred Shares Series 18, at the Bank’s option  l* x! E) \7 S' C3 ~
without the consent of the holder, by the payment of an amount in cash for7 n( ^: j( I8 X* i- \
each such share so redeemed of $25.00 together with all declared and unpaid' b4 ~3 I) ]: Q
dividends to the date fixed for redemption.1 M$ ?; G1 q+ N' v8 s( u
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
: }3 ?- v, B6 s2 \$ {, eShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
1 Y; g$ B- V4 ~! @  I7 jthe right, at their option, to convert, on February 25, 2014 and on, G/ Z$ E7 ]  _  P
S-4
) l; N& I1 J* G+ F6 {February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any+ a/ i$ f% _& Z( T8 E' C
or all of their Preferred Shares Series 18 into an equal number of Preferred
' v. q$ o; A" }4 d8 T2 i7 DShares Series 19 upon giving to the Bank notice thereof not earlier than2 E0 |  ]2 s3 n% H% Q
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day# d1 c4 Z0 P6 b8 w, C7 z1 o
preceding, a Series 18 Conversion Date.0 k2 N2 ?# ?' r* ]( j6 ?
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
# A, H9 x" @& [8 h- A  v' L- YProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares& R* H& w2 k$ g, z* w( ?! f$ x
Series 19, as the case may be, that there would be outstanding on such, d( }& Y0 e3 e. y
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,( ]8 [( R. f, L& S9 L* ]$ T# a
such remaining number of Preferred Shares Series 18 will automatically be7 R" Y; E. f& h9 ~8 Y
converted on such Series 18 Conversion Date into an equal number of
4 D7 B7 R( t( G3 ]0 `2 r% D3 UPreferred Shares Series 19. Additionally, if the Bank determines that, after  H+ l& H# j# Y! X- B# L
conversion, there would be outstanding on such Series 18 Conversion Date" `6 L% ]7 [0 @. C; t
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares3 D2 s! L0 v2 w+ @0 {$ k+ y4 s  O
Series 18 will be converted into Preferred Shares Series 19.
3 c4 n3 P" h$ T% X9 f3 w$ vVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
4 C' |8 y: X% B) j, ]6 dSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
9 L9 T4 m; [. a3 Lany meeting of the shareholders of the Bank unless and until the first time at) j0 X' v7 H& X( P4 i1 z
which the Board of Directors has not declared the whole dividend on the+ V5 X- @' W8 o; |6 C! k* Z
Preferred Shares Series 18 in any quarter. In that event, subject as
( T5 M9 f0 _; V5 w1 Thereinafter provided, the holders of Preferred Shares Series 18 will be
5 I  a$ ^! t6 }: c! Ventitled to receive notice of, and to attend, meetings of shareholders at which
! w8 t& J) N- ?7 d0 X) Ndirectors of the Bank are to be elected and will be entitled to one vote for
$ r  n& B: X, i5 v0 O* g  Leach Preferred Share Series 18 held. The voting rights of the holders of the
9 J/ j1 u3 h1 |5 C- x$ jPreferred Shares Series 18 will forthwith cease upon payment by the Bank of& g' a% V' R( U+ s
the first dividend on the Preferred Shares Series 18 to which the holders are
9 M9 H* ?, Z# e& A" c2 m: eentitled thereunder subsequent to the time such voting rights first arose until
: x. j5 n# _1 @' B- msuch time as the Bank may again fail to declare the whole dividend on the3 M5 b/ R! s- j) V; q' B
Preferred Shares Series 18 in respect of any quarter, in which event such  D: L  n. Q  }. q: J
voting rights will become effective again and so on from time to time.7 V! m. ]+ c* h$ s+ S
Principal Characteristics of the Preferred Shares Series 191 w  p/ S0 {. d6 `. s3 d
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
2 `1 S# |% K, Z, D8 _floating rate non-cumulative preferential cash dividends, as and when. X2 p: l6 x- G6 g- ?
declared by the Board of Directors, subject to the provisions of the Bank Act,
- d7 \# E2 v# T& H( Y3 Mpayable quarterly on the 25th day of February, May, August and November( J" Y2 x, i2 Z! u# G
in each year, in the amount per share determined by multiplying the
& U/ J1 Z3 ~; m& v$ Sapplicable Quarterly Floating Dividend Rate by $25.00., z6 W. Q! J0 Y* R) G
On the 30th day prior to the commencement of the initial quarterly dividend
. v- Q- g3 T( fperiod beginning on February 25, 2014, and on the 30th day prior to the first
* m% J' b/ r9 nday of each subsequent quarterly dividend period (the initial quarterly
$ r8 T& g# ?7 Xdividend period and each subsequent quarterly dividend period is referred to, x5 Z# U# r1 h$ A: M! I1 J) ~
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
+ o3 ^2 l6 W5 e& e5 {* K) ?9 GQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
  u( b1 w0 M7 E* H4 i# o7 {3 _9 L! ~Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
/ U' |5 F: B+ H5 l" _% AT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
0 f$ H, Q& M+ O4 E% ~" g2 _7 Gelapsed in the applicable Quarterly Floating Rate Period divided by 365)
/ a; A: E$ d$ o7 o! M$ ldetermined on the 30th day prior to the first day of the applicable Quarterly5 Y  _, x1 U7 u+ a- B# u. O
Floating Rate Period.
3 A% Z* \" d1 _: OS-5
+ Q) d9 ]8 Q8 a/ Z! n' w; c4 ~If the Board of Directors does not declare a dividend, or any part thereof, on" U/ g/ o0 M+ ]) A0 e  f
the Preferred Shares Series 19 on or before the dividend payment date for a+ f8 \8 b7 [* w
particular quarter, then the entitlement of the holders of the Preferred& o) @6 j1 v* v  n! j( Q( z
Shares Series 19 to receive such dividend, or to any part thereof, for such; T5 i) p  Y/ z4 Q* V& U
quarter will be forever extinguished.+ L( p, j  w. i8 |6 i! ?# d
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
# @. @; q  Q5 d. {* zSuperintendent and to the provisions described below under the heading
9 q  i2 |1 I6 J. ?% {$ l. O- c; `‘‘Details of the Offering — Certain Provisions of the Preferred Shares
, I/ b' n6 P4 Y  F9 MSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,: e6 h( _0 D* F3 o8 x3 p$ c" x! P
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all' C3 A8 N& ]- b* n
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s0 f7 Y" I6 S# q' S5 N0 [2 G
option without the consent of the holder, by the payment of an amount in
. _9 O$ F) Y/ X7 R$ E% Q+ S& zcash for each such share so redeemed of (i) $25.00 together with all declared3 v5 s7 {1 J, }  s
and unpaid dividends to the date fixed for redemption in the case of
' Q. s  k3 B. x/ b. i7 Credemptions on February 25, 2019 and on February 25 every five years- `# a  @$ u4 B
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
" i1 b$ Y) z: V, J0 hthe date fixed for redemption in the case of redemptions on any other date+ i: O8 k$ `' K9 _
on or after February 25, 2014.
, I1 h& L2 ^: I) U- h8 ?Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
* q. A/ P* U. _9 C4 ?4 s6 }8 CShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have2 d9 G2 a8 C/ x/ P- R# a" B4 g0 b
the right, at their option, to convert, on February 25, 2019 and on7 D$ A: ]* V0 {" ~
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
7 h+ d& P2 @# d. v) W( Mor all of their Preferred Shares Series 19 into an equal number of Preferred3 b) `5 R2 K8 g! j/ \3 G
Shares Series 18 upon giving to the Bank written notice thereof not earlier% r# a: b. A' }+ r0 Q
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
% L( _6 E; v2 l2 e: o4 M15th day preceding, a Series 19 Conversion Date.
7 o( c* U4 h% f$ @4 GAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
; z7 f8 ~1 l6 O' X. JProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares! R5 @: K+ ^$ v4 x
Series 18, as the case may be, that there would be outstanding on such$ M% \" s4 ~' `( f: T6 n3 E% P
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
" K5 x8 j' @9 X4 Q  `6 ksuch remaining number of Preferred Shares Series 19 will automatically be
& k: X5 \" r( P9 q" y1 Fconverted on such Series 19 Conversion Date into an equal number of
2 k2 t4 b0 p+ I0 ~2 G+ OPreferred Shares Series 18. Additionally, if the Bank determines that, after
$ @( x) c; T) e& m' jconversion, there would be outstanding on such Series 19 Conversion Date
2 I7 L$ f( X. }less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares7 L1 P+ d4 k; m1 l. z% t( L& f
Series 19 will be converted into Preferred Shares Series 18./ K- F& Z& x$ B$ w& v8 t0 z
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares" c8 E, E9 e* S" V0 |' B- g
Series 19 will not be entitled as such to receive notice of, attend, or vote at,+ n- L' i: h8 J% y
any meeting of the shareholders of the Bank unless and until the first time at
0 Q; j, q7 J/ w0 d  [5 fwhich the Board of Directors has not declared the whole dividend on the( y2 @" l( B" A
Preferred Shares Series 19 in any quarter. In that event, subject as7 `, ~+ W, t! J0 V
hereinafter provided, the holders of Preferred Shares Series 19 will be
4 V4 F: X, j8 {  g4 E' s" L7 b$ fentitled to receive notice of, and to attend, meetings of shareholders at which. X' P- O. ~) _
directors of the Bank are to be elected and will be entitled to one vote for
. p2 o: M3 M" A, P' x/ Xeach Preferred Share Series 19 held. The voting rights of the holders of the
' N* a4 W2 w) a* ], j! Z4 zPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
5 l. s0 T3 C3 X: ^; Athe first dividend on the Preferred Shares Series 19 to which the holders are2 ^# P9 U. Q( }7 G4 l9 D
entitled thereunder subsequent to the time such voting rights first arose until
+ D6 v. M* @% }( G% ?0 q0 k6 usuch time as the Bank may again fail to declare the whole dividend on the
/ B! C& o* `$ _. RPreferred Shares Series 19 in respect of any quarter, in which event such3 G+ k$ Y/ I+ M4 l! `
voting rights will become effective again and so on from time to time.
* l1 M5 j% G2 XS-6
9 v/ @, e( I' c/ Z! A& P% E( @Priority: The preferred shares of each series of the Bank will rank on a parity with
6 E& y. U: `. w3 ?+ C6 ?: u. f! x7 W- D3 Kevery other series and are entitled to preference over the common shares of
! E2 r) T1 Q9 F2 ^( Hthe Bank and over any other shares of the Bank ranking junior to the' j! r! E) }. y4 @) O7 P
preferred shares with respect to the payment of dividends and upon any! O9 H  A/ a5 X
distribution of assets in the event of the liquidation, dissolution or
8 f8 k) s! f. A/ }3 Qwinding-up of the Bank.
# \. G: g* c  o, qTax on Preferred Share The Bank will elect, in the manner and within the time provided under
  a, _) Z# ^2 s, jDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
( U* d; {- @- @. N' y: v, F# cSeries 18 and Preferred Shares Series 19 will not be required to pay tax on! N; _! i% a8 P: q1 x
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。7 N2 ?; g5 y/ R8 l/ n5 r
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

: E5 A+ E" k+ d4 _
0 X2 P  L2 V; B下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。+ y- q. M: D0 g
$ o( G4 X4 g" y
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, 2026-2-14 13:51 , Processed in 0.151613 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