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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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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。) \2 ^0 ~, }# Y% w  `' i) _+ s
) O* D5 ~' V0 }4 ]# V
! K" _/ ~: p  B  j/ }! y
[ 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:6 I+ I9 |5 P8 u) W& [. Q% @
SUMMARY OF THE OFFERING& k. N* F% y/ @
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’’.
* E9 P9 L/ f, D" h( dIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
- o2 X6 B% S" v  IAmount: $150,000,000 (6,000,000 shares).6 w, e) {( \! D$ C$ O3 h  M' U
Price and Yield: $25.00 per share to yield initially 6.50% per annum., a: L, |! y8 V, c
Principal Characteristics of the Preferred Shares Series 18
* |$ r9 X8 f$ s3 P( X4 `Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
; L1 a+ g: Z0 r6 P& _& Y, S; Z- anon-cumulative preferential cash dividends, as and when declared by the! T$ \+ |! B3 t" a% G: O
Board of Directors, subject to the provisions of the Bank Act, for the initial; g4 j3 n# ^. ~/ v
period commencing on the closing date and ending on and including
  h/ ~+ N4 o9 E/ b5 J/ Y: B: uFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
: L5 d# x0 m5 U, O5 C8 w25th day of February, May, August and November in each year, at a rate
$ q& |+ M* l* L2 ]equal to $0.40625 per share. The initial dividend, if declared, will be payable
* [( \, F" E' c. b+ O8 d0 {0 Y1 GMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing# l# R  O. n4 J% z+ V/ ], T6 N
date of December 11, 2008.
, {0 z# a& y. r! jFor each five-year period after the Initial Fixed Rate Period (each, a
/ @/ M8 ~( Q* t: \' }3 f/ G; o( b‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
: v3 t2 j& z3 T" pSeries 18 will be entitled to receive fixed non-cumulative preferential cash
. C/ p6 g# q" p+ udividends, as and when declared by the Board of Directors, subject to the
; S+ m: ]& N' t/ C$ Gprovisions of the Bank Act, payable quarterly on the 25th day of February,/ z. ^& I. h- `! k, T7 _
May, August and November in each year, in the amount per share per annum% ]+ N+ y' q9 T
determined by multiplying the Annual Fixed Dividend Rate applicable to
6 G/ g! C, A4 d/ d' tsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend7 X3 t# o  L1 ?  B/ C' E' \! z
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the( Z: p: C8 N8 e# t6 H0 h
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
7 f: b( [1 R/ ^9 E: Y1 ]( Wof such Subsequent Fixed Rate Period and will be equal to the sum of the0 j  Q' i2 y- W# x/ ^
Government of Canada Yield on the applicable Fixed Rate Calculation Date/ U/ f: H9 p1 i# G8 _
plus 3.83%.
2 Y" `7 N/ `) V; d2 SIf the Board of Directors does not declare a dividend, or any part thereof, on
! q3 S$ D. S7 u7 sthe Preferred Shares Series 18 on or before the dividend payment date for a2 d7 q* g2 v' S" m) S9 O2 B2 i
particular quarter, then the entitlement of the holders of the Preferred
- [& A, y0 N* p) @9 hShares Series 18 to receive such dividend, or to any part thereof, for such
* v8 F5 Q# s( W6 M* G* Aquarter will be forever extinguished.
% p. m: R# \6 v& M4 }6 s, o' j6 _Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
* o2 x  T. j/ ~+ w& F2 nSuperintendent and to the provisions described below under ‘‘Details of the: H5 ]- M; |  _1 w6 p
Offering — Certain Provisions of the Preferred Shares Series 18 as a/ q+ K' O0 t& T  K9 F: J1 Y& @
Series — Restrictions on Dividends and Retirement of Shares’’, on
7 }' W; Z4 h# _February 25, 2014 and on February 25 every five years thereafter, on not4 m1 \& u4 i7 @! r
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
5 b( N1 y$ g0 f* qpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
& W% X# s- h5 l: H5 D0 L; ewithout the consent of the holder, by the payment of an amount in cash for
2 R3 x# l4 B; F# K. Zeach such share so redeemed of $25.00 together with all declared and unpaid$ u& Q  v8 F" h' ?7 d7 @
dividends to the date fixed for redemption.
1 F- G$ I: \, Q1 |$ y3 gConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
- _! k, Q, \7 \' J! V+ nShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
1 ~/ }/ e6 a) O, }9 j% Lthe right, at their option, to convert, on February 25, 2014 and on
) k* v7 P- D+ j" t, B) U* w2 US-46 ^4 C! r7 X' S6 U  {! N
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
+ t4 b) i0 i4 r/ b7 j# m8 ]or all of their Preferred Shares Series 18 into an equal number of Preferred
+ l! _1 s0 z4 m$ xShares Series 19 upon giving to the Bank notice thereof not earlier than
9 x( n& t, ^' K7 k" z1 ]2 ^+ S* O30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day$ ?( S  a5 f$ M% H
preceding, a Series 18 Conversion Date.# ?3 O% l( N4 f  c; N4 f. |
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
0 f/ _9 p  Z4 Q0 q7 |* [' |# Q: B- aProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares& k( y# W/ ~, }6 K& U5 i
Series 19, as the case may be, that there would be outstanding on such
3 @1 H0 f6 Q0 C5 @% ISeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
! U0 T- s0 V$ W  W2 \" Dsuch remaining number of Preferred Shares Series 18 will automatically be/ L4 v/ B- ~! {2 ~$ }. B
converted on such Series 18 Conversion Date into an equal number of
8 Z8 ^! W4 x* p* WPreferred Shares Series 19. Additionally, if the Bank determines that, after' l/ t* ]( Z2 j1 w* p6 H
conversion, there would be outstanding on such Series 18 Conversion Date
. Y5 Y% T) T# F; A+ nless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares; }6 v- x7 y1 P$ Z- m% l
Series 18 will be converted into Preferred Shares Series 19.* S$ n0 `/ a6 }6 n, n- }2 {& w4 I9 z& d
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares# R: j' y: s* A" g
Series 18 will not be entitled as such to receive notice of, attend, or vote at,$ D# ^% f/ U1 x! [, F- Q5 s
any meeting of the shareholders of the Bank unless and until the first time at% C& R& _' r, u0 C+ i& C7 {
which the Board of Directors has not declared the whole dividend on the: w$ e3 i+ T# |# E2 z
Preferred Shares Series 18 in any quarter. In that event, subject as7 _4 S. v' l' i; W' B& V
hereinafter provided, the holders of Preferred Shares Series 18 will be
* b( ?2 J9 z# p, d  R( Pentitled to receive notice of, and to attend, meetings of shareholders at which
; g7 m2 A* P, ~' h  U+ C) jdirectors of the Bank are to be elected and will be entitled to one vote for
% ?( B3 i; ~3 _each Preferred Share Series 18 held. The voting rights of the holders of the
" M2 [$ S# I. O6 rPreferred Shares Series 18 will forthwith cease upon payment by the Bank of' Y3 N: F- G9 m6 k% Z
the first dividend on the Preferred Shares Series 18 to which the holders are4 p, |: ?5 h. c+ @- l5 ?
entitled thereunder subsequent to the time such voting rights first arose until3 W3 Z* v" I# A: {( y4 b
such time as the Bank may again fail to declare the whole dividend on the; i8 K3 a( H, Z% h8 n+ P) a" h
Preferred Shares Series 18 in respect of any quarter, in which event such) Q! m4 B0 {+ ~1 T: o( b. G
voting rights will become effective again and so on from time to time.
' }' h' H$ e- D: O* k) }+ r# ZPrincipal Characteristics of the Preferred Shares Series 192 N; [3 s1 f: u- {4 ?
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive; f& ]8 {0 I$ j, S
floating rate non-cumulative preferential cash dividends, as and when1 f' J: h! m3 e/ }+ j
declared by the Board of Directors, subject to the provisions of the Bank Act,! t0 j0 ?+ m" u% s
payable quarterly on the 25th day of February, May, August and November
4 @! T) [9 e& j# u8 q/ din each year, in the amount per share determined by multiplying the3 Q- e7 r# F) I2 m0 m
applicable Quarterly Floating Dividend Rate by $25.00.
& ]( r2 s# q8 y* _7 @. u7 w7 ^On the 30th day prior to the commencement of the initial quarterly dividend
1 t" {) h8 }1 r- Q3 f2 Tperiod beginning on February 25, 2014, and on the 30th day prior to the first
! k) K% S( e: n- Sday of each subsequent quarterly dividend period (the initial quarterly
& F- Z" w7 f7 P  Z5 m1 odividend period and each subsequent quarterly dividend period is referred to% m6 ]6 ?3 b7 _* j7 G8 W+ x3 u
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
* L' e0 E4 J) L8 j, FQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
. ^7 D2 Q. r! r! Z# l/ RPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the* ^! j& C2 j( }0 ^; G
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days8 ~9 V* `, A) C* l  w' H  S; B# }
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
% s/ Q$ E$ l6 Y3 z) ]( P6 }determined on the 30th day prior to the first day of the applicable Quarterly) N+ @* O- `% B" G; s7 h% Q
Floating Rate Period.3 z5 g: k5 U' w( l) O
S-5
( s' H0 a) l( W' j% J8 XIf the Board of Directors does not declare a dividend, or any part thereof, on, B  H/ v7 K1 G2 l
the Preferred Shares Series 19 on or before the dividend payment date for a0 ~/ F! V9 P4 s5 k
particular quarter, then the entitlement of the holders of the Preferred! k8 R+ g+ P! W0 \
Shares Series 19 to receive such dividend, or to any part thereof, for such3 W) n7 S9 F3 X, x7 `
quarter will be forever extinguished.
2 y7 X& C! d2 K! W1 W% H- b# A8 }0 ARedemption: Subject to the provisions of the Bank Act and to the prior consent of the
' ]% c7 t# y- {* u2 K4 E# P) TSuperintendent and to the provisions described below under the heading
0 b) T4 j+ s8 f: U4 T$ ^2 u‘‘Details of the Offering — Certain Provisions of the Preferred Shares# n# n+ q& k2 x; P! _( g+ A. J# K
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,$ D; d1 j5 t% C- l
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all  ]5 `* l/ H% j* A
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s8 N3 r3 f% h, u8 C1 d: }: P( c
option without the consent of the holder, by the payment of an amount in
8 S; H8 e0 c" c8 S! [cash for each such share so redeemed of (i) $25.00 together with all declared
% R) N8 ~" Z* ]( Z: p  @( eand unpaid dividends to the date fixed for redemption in the case of  W+ W; L( U/ R7 S$ S
redemptions on February 25, 2019 and on February 25 every five years& e1 c- m+ E' _3 M$ _
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to- k. E( N) ]% I$ X% z
the date fixed for redemption in the case of redemptions on any other date
9 b' ?' g9 ^, w0 a$ uon or after February 25, 2014.
+ H5 @) X# U' N- g& X# \Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic% A( r) P& w0 u, {6 [$ k
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have8 M/ ?- k' c' J
the right, at their option, to convert, on February 25, 2019 and on' ~* i8 O- `+ V+ N- y
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any* a. F9 k. H# c& T
or all of their Preferred Shares Series 19 into an equal number of Preferred
0 B# W5 e" {' D( A! {+ `/ G% w1 A( T  mShares Series 18 upon giving to the Bank written notice thereof not earlier+ S$ W: Y  `* K2 h
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
+ c( b0 l! Y9 O$ j- h& v- A15th day preceding, a Series 19 Conversion Date.) z. L8 F; }% c" i; v
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
" e; t5 l9 V4 ^5 v; ^# d* xProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
9 c& g& J* d" w1 TSeries 18, as the case may be, that there would be outstanding on such8 Y* x! J# ~- y# s% O7 o* Y. f
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
9 @) e( o, u) n* g" ~4 S$ H9 osuch remaining number of Preferred Shares Series 19 will automatically be
9 P: u( L7 ?( u/ f! v0 I3 m- _; [converted on such Series 19 Conversion Date into an equal number of
( v/ g4 ?4 {! m  S6 ^- v3 A/ _Preferred Shares Series 18. Additionally, if the Bank determines that, after2 `" j/ ]# E, ~$ g. _: Y
conversion, there would be outstanding on such Series 19 Conversion Date
  l# Y5 w' S- ~" V) {+ ~1 O3 Mless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
5 i( W7 d! \% O3 }Series 19 will be converted into Preferred Shares Series 18.# m3 u& |. E; |9 B+ M- Z
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares! b& h& Q6 K+ i' @# W. q
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
9 {# k+ k! S$ K7 U8 R4 P, Z6 |any meeting of the shareholders of the Bank unless and until the first time at0 o4 P, M1 r& g" k/ G
which the Board of Directors has not declared the whole dividend on the
9 O, c' b% L2 C! L$ v" cPreferred Shares Series 19 in any quarter. In that event, subject as
2 h+ B' Q% t, j/ _) e9 Mhereinafter provided, the holders of Preferred Shares Series 19 will be
& p% d& S3 b0 z! `$ \3 q/ x- }7 e% xentitled to receive notice of, and to attend, meetings of shareholders at which8 ^8 }% q% \6 k1 H; C
directors of the Bank are to be elected and will be entitled to one vote for
1 v; M. q$ b# L4 P) M4 p4 keach Preferred Share Series 19 held. The voting rights of the holders of the
+ }. x0 a7 L7 [; dPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
- ]4 G5 V4 |' r* K9 k2 Othe first dividend on the Preferred Shares Series 19 to which the holders are- Q9 M* a1 p' F! r
entitled thereunder subsequent to the time such voting rights first arose until
; u3 C( ^2 Q4 s& isuch time as the Bank may again fail to declare the whole dividend on the
& H% X) H& G" K+ K: XPreferred Shares Series 19 in respect of any quarter, in which event such1 U6 w$ x% H3 l( Q
voting rights will become effective again and so on from time to time.1 c- a  j+ Q1 r* R+ s
S-6
' O: ]- T. m1 F% k& O# aPriority: The preferred shares of each series of the Bank will rank on a parity with4 N" [( G, B2 C. T9 N
every other series and are entitled to preference over the common shares of% x3 F+ C; u- {- w+ l
the Bank and over any other shares of the Bank ranking junior to the
# |, ]  Q% Y. S* t# y; Cpreferred shares with respect to the payment of dividends and upon any
% {' m& v  l/ L" n" O, @distribution of assets in the event of the liquidation, dissolution or
  [! |7 q$ `/ w7 [" P. t4 jwinding-up of the Bank.# |; O: t( O/ f3 t9 T; |
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
, v6 i% h4 j; C. }4 Z( KDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares$ B2 o4 \1 [$ E- j& ?" {" b, f
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
2 d1 I4 {9 Y3 R) v0 I. p% @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。
) V- l, p/ n1 {8 c3 v( v( y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
2 _2 i* H( y5 {# ]% j  D
* U9 m* L8 l7 I" L* c, B! t- C" p
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。. ^* z2 ]/ y7 ~" y9 p4 E) W

9 h' `" u/ a! rcall 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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