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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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( I# q( h0 S( X* J[ 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:) N3 V# C. }" P! e' v+ N) Q! E6 ^
SUMMARY OF THE OFFERING$ H& T. q5 \, ^1 @- z& O
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’’.: J' h" T5 x7 k7 x3 R  |. M
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.+ f& N( e3 C1 h6 Q! c9 f- h
Amount: $150,000,000 (6,000,000 shares).  h) y( p$ h$ A" a0 M! J5 ^7 z1 B' S
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
* q; Q7 T7 R, D, f  _3 v5 \Principal Characteristics of the Preferred Shares Series 18
$ ~! M4 ^4 L/ q: NDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed- i! @) j" {% Z' b8 q7 P  b
non-cumulative preferential cash dividends, as and when declared by the
* D* {7 C  M! SBoard of Directors, subject to the provisions of the Bank Act, for the initial
+ y- m  L# Z  W2 [9 qperiod commencing on the closing date and ending on and including
0 K+ R3 v, T: {" CFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the0 @+ p1 r( {% H  O3 u4 J
25th day of February, May, August and November in each year, at a rate; a) |3 Z! K  Y7 \6 }
equal to $0.40625 per share. The initial dividend, if declared, will be payable
% s' {; H+ s& c1 p' V0 hMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
8 s2 q* d1 ?% P  F1 ^0 Mdate of December 11, 2008.! ]' E8 ?  A, k% j& j+ G6 h
For each five-year period after the Initial Fixed Rate Period (each, a& X# b3 W3 A  y9 n1 K. p
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares  B/ q" @% w& }% U( m
Series 18 will be entitled to receive fixed non-cumulative preferential cash& [/ ]7 S$ D2 @3 j$ z
dividends, as and when declared by the Board of Directors, subject to the
4 O2 Y& f9 p3 D7 q6 b! ?provisions of the Bank Act, payable quarterly on the 25th day of February,) _8 W. S" ?1 Z  @4 m1 ^7 u
May, August and November in each year, in the amount per share per annum' q1 v; @% q& R/ D" X
determined by multiplying the Annual Fixed Dividend Rate applicable to
+ L. N. o( K  d* ]such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend' n& |( J1 k6 \/ Y3 Z; E
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
7 O# y7 u( E2 O9 q2 k9 F5 {Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day( B! b: ~4 H! i$ {$ O9 P5 U
of such Subsequent Fixed Rate Period and will be equal to the sum of the6 ^; H3 g9 u4 r, T
Government of Canada Yield on the applicable Fixed Rate Calculation Date
6 I' \5 g! ]0 K& i. K0 z8 Zplus 3.83%.
! M4 a( Q% c) O3 [7 @. JIf the Board of Directors does not declare a dividend, or any part thereof, on
5 Z1 h1 a2 L5 r- uthe Preferred Shares Series 18 on or before the dividend payment date for a3 _: x$ W2 H* {: l: O+ H, w! n' f
particular quarter, then the entitlement of the holders of the Preferred: f7 X0 ]! M9 m' s6 y7 |
Shares Series 18 to receive such dividend, or to any part thereof, for such
. j' ?. y3 M& {- tquarter will be forever extinguished.1 |" [( w6 s: W7 x0 W: j; [
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the2 M6 g! ?$ p$ S
Superintendent and to the provisions described below under ‘‘Details of the
9 i) l  ^( U. F' P9 s! `Offering — Certain Provisions of the Preferred Shares Series 18 as a' ]% s( n0 f" o2 A* K& s& r% ?
Series — Restrictions on Dividends and Retirement of Shares’’, on
* i& x/ d9 m6 |6 EFebruary 25, 2014 and on February 25 every five years thereafter, on not  b, y2 I) h/ I7 l! N' R2 q. R
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
. l! q1 X3 T9 \part of the then outstanding Preferred Shares Series 18, at the Bank’s option
5 p) J% n9 `5 R4 l2 @7 f& e8 Owithout the consent of the holder, by the payment of an amount in cash for
% u1 w  z9 q- C) \; s0 I8 Peach such share so redeemed of $25.00 together with all declared and unpaid3 S1 N: e- V* z; q: x! H4 i) ]
dividends to the date fixed for redemption.0 q+ r( u: v) P0 j7 ?& ~0 f7 J
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
" I1 M7 y; `6 u2 s! e0 jShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have9 j% W: p) `' a7 u
the right, at their option, to convert, on February 25, 2014 and on1 P! ?5 y; h% b
S-46 M6 C( e4 J. t7 R0 K; D) B
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any/ ^. H; }# W7 K/ `" ~5 C, W7 P* S
or all of their Preferred Shares Series 18 into an equal number of Preferred* t! ?4 f: I% ]3 F+ \: N" C: u
Shares Series 19 upon giving to the Bank notice thereof not earlier than
( S1 y( _% M: m9 }* L; b30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
- m! ]3 V% E, `, u4 upreceding, a Series 18 Conversion Date.8 S8 h8 o% c& g. W" x
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
3 z% X9 z4 D: `) j: J( J- LProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares0 y0 S1 ^6 B0 @% {: R# `8 ]- Q7 ]
Series 19, as the case may be, that there would be outstanding on such2 d- T" h7 O& b+ |" G% G- o2 }3 n" o
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,4 R) J! N5 k( T) t+ Q! s
such remaining number of Preferred Shares Series 18 will automatically be* j# o5 K' V, I; [2 I- M3 r+ _$ [2 o0 e
converted on such Series 18 Conversion Date into an equal number of2 ?% W4 P* Y/ g6 G& ]
Preferred Shares Series 19. Additionally, if the Bank determines that, after
3 c2 Y" r/ Q" Q% o& {. i6 Mconversion, there would be outstanding on such Series 18 Conversion Date; `% k7 t$ g8 E: L; A7 u4 [" r( D
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares2 Z* |$ Y, b+ a6 C
Series 18 will be converted into Preferred Shares Series 19.( @2 ?7 o) a& X9 n7 d& h* D& G& o
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
7 ~+ e; z3 |2 y* N; nSeries 18 will not be entitled as such to receive notice of, attend, or vote at,% r9 j- T6 v' P% t% h& |' q" i) q7 p7 ?# s
any meeting of the shareholders of the Bank unless and until the first time at
! \* A: ~4 L8 cwhich the Board of Directors has not declared the whole dividend on the4 i, s; L9 u0 z
Preferred Shares Series 18 in any quarter. In that event, subject as- T* k# h5 t4 r) [  M  p
hereinafter provided, the holders of Preferred Shares Series 18 will be
2 J4 Z" \* j3 L( O+ Mentitled to receive notice of, and to attend, meetings of shareholders at which
0 r6 W" J$ E* r% o' M2 @8 Rdirectors of the Bank are to be elected and will be entitled to one vote for2 U6 z% E  l) e1 v: G- G
each Preferred Share Series 18 held. The voting rights of the holders of the+ G. _% s: {( P
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
* A. T! q! f% g( e% S7 ythe first dividend on the Preferred Shares Series 18 to which the holders are
7 U& D# P6 u, e# ^7 s$ l( Wentitled thereunder subsequent to the time such voting rights first arose until* v8 b, \0 N6 y  F; B5 K' u
such time as the Bank may again fail to declare the whole dividend on the
8 x, {3 ?4 U" ]" D3 T( mPreferred Shares Series 18 in respect of any quarter, in which event such; T: c# P3 C, }
voting rights will become effective again and so on from time to time.
$ w) @5 D7 ~& k& W" z4 P8 tPrincipal Characteristics of the Preferred Shares Series 19
+ z0 u7 _( \& D1 }Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
3 U" a9 B: y/ Ofloating rate non-cumulative preferential cash dividends, as and when; B8 l0 J. B* m7 X
declared by the Board of Directors, subject to the provisions of the Bank Act,
2 J* J$ d- d6 G% g9 ?# ~payable quarterly on the 25th day of February, May, August and November
# Z; C0 ~/ S8 k) X2 K: fin each year, in the amount per share determined by multiplying the
( {1 h4 V: A5 f2 [# Capplicable Quarterly Floating Dividend Rate by $25.00." k4 J) j' [, ?5 K9 E$ \/ l5 n
On the 30th day prior to the commencement of the initial quarterly dividend
3 k( e+ ]; k, V% O' k0 operiod beginning on February 25, 2014, and on the 30th day prior to the first
8 F2 y9 t! W) nday of each subsequent quarterly dividend period (the initial quarterly
( n1 `4 \1 O- G( d4 T5 sdividend period and each subsequent quarterly dividend period is referred to( Q' e: h! v; e' D3 |- r$ x- a
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the+ h1 k3 a+ Z) f8 [( O4 t7 n# ^
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate$ ?+ ^$ t6 @& m4 D" q; B1 x7 T1 G
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the! B; ~4 C% ?! ?1 u) H5 N8 q( b$ y
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
! }+ T# t9 Z/ L1 Selapsed in the applicable Quarterly Floating Rate Period divided by 365)3 G; c* [5 A/ Y
determined on the 30th day prior to the first day of the applicable Quarterly9 A, o5 Y: [4 Y- d( _
Floating Rate Period.- ]* z2 G: r# o  B7 S9 K
S-5
" J2 M; B- W& e/ s: q  s% CIf the Board of Directors does not declare a dividend, or any part thereof, on5 X$ |" \$ m  A7 O) _" {; Y* }+ Q/ Q
the Preferred Shares Series 19 on or before the dividend payment date for a
$ ^- ^7 B( l. Vparticular quarter, then the entitlement of the holders of the Preferred& c# H, U1 x, Q6 b. g* o: x
Shares Series 19 to receive such dividend, or to any part thereof, for such, P: r( w, I2 _! M
quarter will be forever extinguished.# x- Q" t- f$ U. b9 m3 h
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
, l5 _+ a, w* A  J2 S: v  Q" qSuperintendent and to the provisions described below under the heading
5 [2 P. f$ i6 T‘‘Details of the Offering — Certain Provisions of the Preferred Shares
+ y0 U2 E3 r2 tSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,8 f. y) d+ G! k! r
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all, }/ T/ W/ w: e- {6 k7 d/ o
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s$ j, t+ g$ z# t0 Y3 v' t
option without the consent of the holder, by the payment of an amount in
9 P; Z8 @. `- [6 ~$ U/ R" n$ m2 @cash for each such share so redeemed of (i) $25.00 together with all declared" R" e: E3 J$ G) }8 O
and unpaid dividends to the date fixed for redemption in the case of
  u- g8 G% R% F; |# m1 b+ {, vredemptions on February 25, 2019 and on February 25 every five years7 V, U/ H+ T$ o
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to9 k: r: ~& p' u. ]6 H
the date fixed for redemption in the case of redemptions on any other date
  U! D! H9 Y5 _# n; G# von or after February 25, 2014.
3 F- }' \( s  o$ c3 |0 i7 E$ FConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic/ K+ H/ x7 Y2 c4 h
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
* v. h) f7 x5 g$ Y4 s8 Ythe right, at their option, to convert, on February 25, 2019 and on+ X) v0 M  l! b1 E& e
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
  i* R6 I1 v- Y( z5 Zor all of their Preferred Shares Series 19 into an equal number of Preferred
& Q( D; s( r  o& a& L& eShares Series 18 upon giving to the Bank written notice thereof not earlier1 _$ A0 c9 z% P
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the$ E* d7 w# r0 f8 M! x) z+ U
15th day preceding, a Series 19 Conversion Date.
  Q# d3 m0 L0 Z. H# }3 K" ]Automatic Conversion If the Bank determines, after having taken into account all shares tendered1 y. m/ t9 ]1 U9 q) J  F4 B0 z$ W
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
' s  N$ Q. _2 s: z) z* L3 C) lSeries 18, as the case may be, that there would be outstanding on such
/ O6 f' \3 G" f9 dSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
$ l" A4 f4 c# w: t. @4 E# osuch remaining number of Preferred Shares Series 19 will automatically be
4 r. l& H. B  @: ?: wconverted on such Series 19 Conversion Date into an equal number of+ C5 F* p' S5 m# }1 k% e
Preferred Shares Series 18. Additionally, if the Bank determines that, after
' J; a; x4 y" wconversion, there would be outstanding on such Series 19 Conversion Date) h# n+ ?! e# B/ M$ H. _+ H4 p
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
: D# P( l$ b0 ]# \6 MSeries 19 will be converted into Preferred Shares Series 18.
2 W& k& T! x3 N% lVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
% V/ q9 s( `! E+ P1 H8 QSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
3 r% W4 B" z8 [6 _- z$ O1 }4 Jany meeting of the shareholders of the Bank unless and until the first time at
8 q6 o) ^. b5 E; L" G& K$ s2 vwhich the Board of Directors has not declared the whole dividend on the" y7 Z7 [/ l6 E
Preferred Shares Series 19 in any quarter. In that event, subject as' o2 d" E- w% F5 S0 [8 }: }
hereinafter provided, the holders of Preferred Shares Series 19 will be
$ e# s" M( V* o2 Zentitled to receive notice of, and to attend, meetings of shareholders at which' R4 V6 f) U" h- [
directors of the Bank are to be elected and will be entitled to one vote for6 K$ t+ M; y: z) s
each Preferred Share Series 19 held. The voting rights of the holders of the
' H; s5 y# [; \3 u7 u9 ZPreferred Shares Series 19 will forthwith cease upon payment by the Bank of' Q6 k' q9 K4 B3 W& @7 G+ ?4 ?3 D
the first dividend on the Preferred Shares Series 19 to which the holders are) e& f. C! G7 J! Q  [7 ?+ o% C5 g
entitled thereunder subsequent to the time such voting rights first arose until3 B6 e% H& {. _4 x
such time as the Bank may again fail to declare the whole dividend on the
: q; w8 \1 k( `$ i. K, K) vPreferred Shares Series 19 in respect of any quarter, in which event such# [. _. L8 O& l. M
voting rights will become effective again and so on from time to time.
7 Q! j2 Y9 v  {% J; A& U+ A  ?5 Z- u' eS-6
  ]6 r1 Q5 D: V" q( V5 G) wPriority: The preferred shares of each series of the Bank will rank on a parity with
% d* m3 h$ x8 v& a3 \every other series and are entitled to preference over the common shares of
9 Z1 N9 \: |( }$ a: T0 ]& dthe Bank and over any other shares of the Bank ranking junior to the% c; t$ g. x; b/ n6 J
preferred shares with respect to the payment of dividends and upon any
. \- w" a% o4 ddistribution of assets in the event of the liquidation, dissolution or& c- z7 a3 z/ m4 e6 ^+ y4 C
winding-up of the Bank.
# k7 O  I, A2 m2 ?) o6 TTax on Preferred Share The Bank will elect, in the manner and within the time provided under
; U* c5 u- J% ^; Y% K. v0 n$ oDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
8 C; A! C% k. l8 n/ r$ v4 @Series 18 and Preferred Shares Series 19 will not be required to pay tax on
5 v. k2 R- F0 |0 E. w$ n; V# q" e" tdividends 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。% Q8 p5 {% i0 f; _/ i$ t. {
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

- a3 @- c. X' G3 O. g) O, C2 y0 K5 I8 O; S) i* W  L
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。! `/ M9 }4 V; |# \8 l' R

( G0 W. r8 s* v" K1 Mcall 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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