埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 2956|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。" P: W- ?3 X3 r: S* r
( o# J1 G0 I5 L& B0 u
7 c' Z$ {7 G& ~. ?
[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
理袁律师事务所
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:9 w( R; l( M) v& @! S* }
SUMMARY OF THE OFFERING
, z0 J" E9 `+ z1 s" z8 sThis 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’’.$ ~$ W& d& q  m/ ?
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
! X) M/ ]3 ]- ~/ J% g" r$ R* O5 RAmount: $150,000,000 (6,000,000 shares).5 J+ Z& U$ m6 N' w: n
Price and Yield: $25.00 per share to yield initially 6.50% per annum.8 ]0 M0 I7 S  q0 D; Q$ X. d2 L
Principal Characteristics of the Preferred Shares Series 188 w; L! f0 P: s+ I9 G
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
3 d/ J; D& N6 R2 vnon-cumulative preferential cash dividends, as and when declared by the+ v9 t2 w: x7 U! e9 p1 c0 {
Board of Directors, subject to the provisions of the Bank Act, for the initial9 G& [. I* U9 X/ @) @$ u0 d
period commencing on the closing date and ending on and including$ [# I) A) ~1 Q, b" m
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
1 h  M7 D3 T' R25th day of February, May, August and November in each year, at a rate6 k9 Y6 `5 g( e1 O9 [9 m
equal to $0.40625 per share. The initial dividend, if declared, will be payable4 G+ n+ e: c; D/ R
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
7 }& Q% W% R/ V% r  P: tdate of December 11, 2008.& d! H) e# O/ t& h' z
For each five-year period after the Initial Fixed Rate Period (each, a
% O# k. w* {1 _% ]$ k" N, Y9 p2 `‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares0 a1 E8 {' p" y* ^. z6 |
Series 18 will be entitled to receive fixed non-cumulative preferential cash2 v6 N- R- W( O! j0 I
dividends, as and when declared by the Board of Directors, subject to the
1 Q7 Z: m7 Y  ?  i% iprovisions of the Bank Act, payable quarterly on the 25th day of February,
. w7 x0 S& }0 S  I" W) MMay, August and November in each year, in the amount per share per annum
: O2 ~. s5 t* b. R) Tdetermined by multiplying the Annual Fixed Dividend Rate applicable to
4 k5 P& Y  v# fsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
' j+ W; I4 b  |2 T6 q( l9 @Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
. w1 z' V1 b  |9 w" Z) BBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day" R! U) m9 s: e7 w  @% Y5 `
of such Subsequent Fixed Rate Period and will be equal to the sum of the
2 X: j$ i% l- K5 o9 ]5 D% bGovernment of Canada Yield on the applicable Fixed Rate Calculation Date# F7 t% R: d" Z7 ?7 T
plus 3.83%.
" e) F4 g/ [- r: u' rIf the Board of Directors does not declare a dividend, or any part thereof, on& f! i9 P5 l8 Y3 G
the Preferred Shares Series 18 on or before the dividend payment date for a
, e% S! Y( u5 a3 z, e5 gparticular quarter, then the entitlement of the holders of the Preferred
2 ^1 t& a8 f5 R! D! l9 f5 ?Shares Series 18 to receive such dividend, or to any part thereof, for such
/ |" I) l" L: C" B. \quarter will be forever extinguished.
; X* q1 k6 `1 Y0 b2 \Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
# t: h7 g. V/ v( t: e& k' ^1 rSuperintendent and to the provisions described below under ‘‘Details of the
: _( }: g% E' w& }3 F% J2 fOffering — Certain Provisions of the Preferred Shares Series 18 as a/ ?4 N: Q2 [7 `, ^4 _
Series — Restrictions on Dividends and Retirement of Shares’’, on+ j( @' T* ], P, h2 W% y' S9 G
February 25, 2014 and on February 25 every five years thereafter, on not8 w# ^5 @6 ^7 l6 K
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
/ Z& m  G2 q8 [part of the then outstanding Preferred Shares Series 18, at the Bank’s option
) Q1 J* ~2 y, E5 }, cwithout the consent of the holder, by the payment of an amount in cash for" X2 T. i5 ^- i! H9 B
each such share so redeemed of $25.00 together with all declared and unpaid
' x1 @: j  [1 ^( A* Q5 R1 ^& L# {dividends to the date fixed for redemption.
/ u8 X* j3 V2 x1 d/ Y" u# p% pConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
( t; Y  I9 O8 O& g2 ?Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have6 I! k! F6 f/ V# H) z
the right, at their option, to convert, on February 25, 2014 and on
+ D0 I7 n. }. d) Q' L- c) ~  DS-4
1 J2 `7 @/ r8 tFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
& U% R' K8 a2 ^* C' F) `or all of their Preferred Shares Series 18 into an equal number of Preferred. O4 N) h& K2 k; H
Shares Series 19 upon giving to the Bank notice thereof not earlier than
5 _/ o( C: K5 m+ Y& R, V30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
- V: {  l0 A& r1 g" mpreceding, a Series 18 Conversion Date.8 @' X  h1 D/ K! M) W- I: E
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
5 t( @7 r/ ^/ j) @, NProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares4 @7 K" H, Z- l; ~( R  O' `* T; w
Series 19, as the case may be, that there would be outstanding on such: O: j: }; F$ v* N
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
( d, \) c1 C2 u. n# G4 Isuch remaining number of Preferred Shares Series 18 will automatically be
2 Q3 H# M6 t; Y7 _converted on such Series 18 Conversion Date into an equal number of/ b7 }! s$ S  b. L6 f% ?1 g
Preferred Shares Series 19. Additionally, if the Bank determines that, after: t' r  @6 z/ g- y0 o
conversion, there would be outstanding on such Series 18 Conversion Date
1 \5 m, |# L2 P* ~1 |* b2 t, f' D# Eless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
& c7 E0 u/ `8 aSeries 18 will be converted into Preferred Shares Series 19.
( T) _9 k  X& B0 o4 RVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares: h& V8 m4 `! v% F- p# `' s6 z" j0 G
Series 18 will not be entitled as such to receive notice of, attend, or vote at,3 s4 \' ?9 E6 `6 U+ |$ c0 Z
any meeting of the shareholders of the Bank unless and until the first time at5 p' ^, j) a4 \; L
which the Board of Directors has not declared the whole dividend on the
9 f/ S3 Q) X  W; l1 E+ JPreferred Shares Series 18 in any quarter. In that event, subject as
7 l& ]2 X! A& y* L) M) _hereinafter provided, the holders of Preferred Shares Series 18 will be
* U# u' N3 [; u( X% G* ?entitled to receive notice of, and to attend, meetings of shareholders at which
7 r; [9 @2 [4 h9 G( |) ]directors of the Bank are to be elected and will be entitled to one vote for# H/ C4 s5 O  e$ b+ ~. s8 @; t
each Preferred Share Series 18 held. The voting rights of the holders of the0 ^) x! u, P- d5 P9 C
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
9 b+ _- u$ v( I8 N1 d7 k8 c) Zthe first dividend on the Preferred Shares Series 18 to which the holders are. I# v* r5 G. i) F7 B- ?5 A+ M
entitled thereunder subsequent to the time such voting rights first arose until
( e; D4 C: g+ x1 ~9 y' psuch time as the Bank may again fail to declare the whole dividend on the' J0 H, D2 h3 T' Y
Preferred Shares Series 18 in respect of any quarter, in which event such
; b, x0 J. o7 q# ?" ~9 [# yvoting rights will become effective again and so on from time to time.1 e6 [& C* D4 U2 h/ [+ \2 f
Principal Characteristics of the Preferred Shares Series 19# w4 {9 k" U  _* w
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
0 O# j6 u/ z3 Ufloating rate non-cumulative preferential cash dividends, as and when) {: M' e0 y- w8 ~4 z8 o" f# _' W
declared by the Board of Directors, subject to the provisions of the Bank Act,
: r- Z" y: g; c* e9 Upayable quarterly on the 25th day of February, May, August and November2 g/ a1 p5 m- K: L( @3 T
in each year, in the amount per share determined by multiplying the
: W4 |5 s0 n% L4 P4 _$ V% _) Oapplicable Quarterly Floating Dividend Rate by $25.00.5 F1 `2 ^8 p: x3 j# X) d4 r* c
On the 30th day prior to the commencement of the initial quarterly dividend
" J2 d" v- w+ u  q3 Lperiod beginning on February 25, 2014, and on the 30th day prior to the first* I' V6 I8 H7 n, J  f( t5 i
day of each subsequent quarterly dividend period (the initial quarterly( d- V- [5 f1 O3 F$ }0 y
dividend period and each subsequent quarterly dividend period is referred to& a& u, t' g( t& X4 N% a1 v8 k
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
6 ^, @2 |) K4 P! i1 ]Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
# i1 e/ Q* d: N% x+ jPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the7 L  Y7 S, }# p
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
5 L5 h3 A' n  ielapsed in the applicable Quarterly Floating Rate Period divided by 365)
; ?# s# M& M  }% ~" ?( S2 P; Rdetermined on the 30th day prior to the first day of the applicable Quarterly
1 v; K8 M: c9 Q0 S& R# }* Y7 IFloating Rate Period.
# W6 a- d' v" n% ]S-5
1 k2 G% n, x$ f( \+ x. x6 FIf the Board of Directors does not declare a dividend, or any part thereof, on; R- V" l0 U% }  R8 c4 W
the Preferred Shares Series 19 on or before the dividend payment date for a- k6 V% R( v6 O+ h
particular quarter, then the entitlement of the holders of the Preferred
7 ?7 g( u! }: \7 PShares Series 19 to receive such dividend, or to any part thereof, for such
' G; |- ~0 A! t; equarter will be forever extinguished.' \7 t3 T( ?( ]8 g, \
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the. T/ \: N" r) P3 Y( ^
Superintendent and to the provisions described below under the heading
0 a# H7 Q7 o1 E' r‘‘Details of the Offering — Certain Provisions of the Preferred Shares
+ Q8 {; E+ u0 @Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
( {0 a! q6 P1 C( Z% Fon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
% @, d0 \( Z7 O2 n( e7 g' Eor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
9 X+ j! x$ h1 R5 |1 M: B  b" O5 \option without the consent of the holder, by the payment of an amount in. P( X) ~$ U2 g$ b) u- T3 T5 T
cash for each such share so redeemed of (i) $25.00 together with all declared! o  I1 V  g/ L" C
and unpaid dividends to the date fixed for redemption in the case of& q8 y. M4 X5 S
redemptions on February 25, 2019 and on February 25 every five years$ O* v6 m3 o. `+ i! i
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to6 N8 E, F& L, k8 D: c4 Q
the date fixed for redemption in the case of redemptions on any other date" ?. _% `( y$ x/ Q6 }
on or after February 25, 2014.& x- S  T9 @! ^6 T. E9 q0 ~
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
! }" Z% a) u" m: N5 v- @/ u% S4 gShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
* @* W5 Q0 t" T: q4 Kthe right, at their option, to convert, on February 25, 2019 and on
3 W' X8 w9 R/ i3 V. ~# mFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
) b5 d/ [$ O  ]or all of their Preferred Shares Series 19 into an equal number of Preferred
* q+ E- l8 x  E& G8 fShares Series 18 upon giving to the Bank written notice thereof not earlier
! J$ F. {% a% N  ~# }2 B: Q" Lthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
) w, E8 G, f9 b( e3 p15th day preceding, a Series 19 Conversion Date.
% Q( z0 ?* [6 i3 j. V9 y: n. MAutomatic Conversion If the Bank determines, after having taken into account all shares tendered' L1 \( x* n6 G$ [  g. ^/ I* ]
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
! [& B2 H. D* N; A: e9 TSeries 18, as the case may be, that there would be outstanding on such6 _; ~, Z, e+ F- t3 C: m# U
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,( f( {+ P- q/ F; [' U+ H& P% G
such remaining number of Preferred Shares Series 19 will automatically be' i3 X- a6 q$ ]6 r/ v" t1 @
converted on such Series 19 Conversion Date into an equal number of
  g+ Y$ M, Z2 F+ W' ZPreferred Shares Series 18. Additionally, if the Bank determines that, after
. ]. V! U0 t0 E; ]/ s3 Hconversion, there would be outstanding on such Series 19 Conversion Date
  {% d3 T: o3 p3 b4 \* uless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
+ `% L$ A+ S$ }Series 19 will be converted into Preferred Shares Series 18.
2 ^# s6 R" L" M: KVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares4 h' ~) |/ K: a% {) w# ?
Series 19 will not be entitled as such to receive notice of, attend, or vote at," B8 d  k# {5 X7 [
any meeting of the shareholders of the Bank unless and until the first time at6 Z9 x$ N6 k+ i, Q# z) B$ D
which the Board of Directors has not declared the whole dividend on the
9 _8 {+ S7 V4 `! V! j, k- kPreferred Shares Series 19 in any quarter. In that event, subject as6 b4 i: l$ q) h5 s7 Q* e
hereinafter provided, the holders of Preferred Shares Series 19 will be  L# V. E6 s% D, |
entitled to receive notice of, and to attend, meetings of shareholders at which9 r7 M2 t9 j4 u! ]- [
directors of the Bank are to be elected and will be entitled to one vote for
$ T* T' S7 T+ q6 reach Preferred Share Series 19 held. The voting rights of the holders of the
9 ]) x! `  d# MPreferred Shares Series 19 will forthwith cease upon payment by the Bank of1 i; c. ~6 e6 M; O1 [% X4 u; q
the first dividend on the Preferred Shares Series 19 to which the holders are
  }& J  H+ c& F8 M) X6 qentitled thereunder subsequent to the time such voting rights first arose until
+ R. u+ d' n7 J: p" Zsuch time as the Bank may again fail to declare the whole dividend on the
1 K0 M! @/ G6 \, o" v" J3 PPreferred Shares Series 19 in respect of any quarter, in which event such
% k9 ?% w9 w# \2 ]$ w; Y6 l4 zvoting rights will become effective again and so on from time to time.
0 C" K/ }+ c4 {; O4 ES-6* u) Q0 R, s- P4 Z. _+ D7 w
Priority: The preferred shares of each series of the Bank will rank on a parity with3 e3 ~. @; q& L/ o
every other series and are entitled to preference over the common shares of+ N; [2 K1 h) ?- C1 D, v
the Bank and over any other shares of the Bank ranking junior to the
" K5 S$ P. q7 k  j( O' n3 ?6 Q  fpreferred shares with respect to the payment of dividends and upon any( \5 i) @5 u2 @& p' h$ b) y
distribution of assets in the event of the liquidation, dissolution or
  ?' l$ r1 B/ c6 Uwinding-up of the Bank.) R; u3 i# y1 ^% z/ w* x6 y1 C4 b! |( m
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
+ h' k8 U! Z) z) n2 L  T" tDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares! h% g# P) D% W1 P  A
Series 18 and Preferred Shares Series 19 will not be required to pay tax on4 Z& M. n  o8 V2 J, R: Q
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。
$ p  p' n  L8 u) d) v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
% a/ V! t" X3 X0 g$ `: D1 B% s3 a5 O

8 M' U, W/ b) E8 a3 m; k) Y下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。$ \$ O% i& s: X- s, r2 o& J3 S
( @% \2 R% \) j7 K* w; p
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, 2026-5-11 05:36 , Processed in 0.083786 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