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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。2 P9 z6 [- F( |
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[ 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:1 @4 H% s2 \: g5 g8 X$ J# \
SUMMARY OF THE OFFERING
$ i: P  |: U) D" b' gThis 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’’.
& ]4 p4 Z7 a. T! M2 fIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
1 v  T8 T* g+ @: BAmount: $150,000,000 (6,000,000 shares).
. m) O* V3 f6 ^3 I) NPrice and Yield: $25.00 per share to yield initially 6.50% per annum.! Q$ {: i' \) k; w/ f' O- m
Principal Characteristics of the Preferred Shares Series 18
$ }( c, t5 a7 w8 ]Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed! m5 C% s  s, Z5 O; j& O
non-cumulative preferential cash dividends, as and when declared by the
2 ^& j! D: a5 A( [) p, ZBoard of Directors, subject to the provisions of the Bank Act, for the initial0 V) F  Z& I  D. B0 h& y
period commencing on the closing date and ending on and including
* C* d6 Q, v8 O) L* b# fFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the& t3 M; k7 t/ s' a) e. ]
25th day of February, May, August and November in each year, at a rate
6 h* I+ ]& N( ]" Qequal to $0.40625 per share. The initial dividend, if declared, will be payable
- W! P* b2 K( Q9 m/ ^$ WMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing8 u7 d9 g+ ^$ e! w- D* }
date of December 11, 2008.
1 e8 a( d. f0 HFor each five-year period after the Initial Fixed Rate Period (each, a6 `: D: D0 i4 G6 L& K5 i
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
' T7 c; \4 Z$ ?0 y( v$ M0 U, x: x/ mSeries 18 will be entitled to receive fixed non-cumulative preferential cash
6 t6 _- d- n- w. U+ rdividends, as and when declared by the Board of Directors, subject to the
3 m8 C3 N5 N% e( L! ]3 O3 h" Rprovisions of the Bank Act, payable quarterly on the 25th day of February,
# h( F- V1 t  x5 BMay, August and November in each year, in the amount per share per annum
0 ~; m" y7 s& v3 t( C& Wdetermined by multiplying the Annual Fixed Dividend Rate applicable to
4 ]' s# D- }; Z9 Q$ y+ Gsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend& S4 _3 L8 K: B0 {! X2 Y
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
0 C2 j) R" W1 ^Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day: ?( l' H' [7 {, l, Q* w5 O% t
of such Subsequent Fixed Rate Period and will be equal to the sum of the. Z  I2 [' C( E& {2 T& R2 _: O
Government of Canada Yield on the applicable Fixed Rate Calculation Date- }- Z$ p" i. J9 j
plus 3.83%.
2 q" x5 M+ `" v8 f2 PIf the Board of Directors does not declare a dividend, or any part thereof, on1 X9 D8 C2 b& _& G4 _9 u; M2 f* T
the Preferred Shares Series 18 on or before the dividend payment date for a6 O# i% h, }" Y8 u, [! ?
particular quarter, then the entitlement of the holders of the Preferred
$ {( w- S# I4 }# sShares Series 18 to receive such dividend, or to any part thereof, for such8 }' D/ E* I( ?7 `8 S, Z) @
quarter will be forever extinguished.6 Z" z; f7 O" _& _
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
$ m( V" i& S- |$ Z/ T* x1 m/ |Superintendent and to the provisions described below under ‘‘Details of the
; O! x' b' `* I9 A! V$ DOffering — Certain Provisions of the Preferred Shares Series 18 as a
" y$ Z( X. ^/ l6 MSeries — Restrictions on Dividends and Retirement of Shares’’, on
; W. t) G4 Z2 l) a" O2 g0 J& UFebruary 25, 2014 and on February 25 every five years thereafter, on not
* b) p5 N' H0 Y1 _3 Nmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
, @. h  I# b* o9 p5 npart of the then outstanding Preferred Shares Series 18, at the Bank’s option9 g" _  [5 E& p/ R
without the consent of the holder, by the payment of an amount in cash for
5 }$ T4 E: X& a/ {each such share so redeemed of $25.00 together with all declared and unpaid
+ Q7 T; t9 v, p6 B) X4 V; [dividends to the date fixed for redemption.7 B: a6 b! t0 d' G5 i( ]
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
3 B9 r" t; s5 P* E5 N. R, M4 ~% e) uShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have' O! R+ u+ o. a
the right, at their option, to convert, on February 25, 2014 and on1 d  k$ v3 F0 e
S-4
4 ^* |/ t5 `! M( c- TFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any4 S$ }* F* z0 v$ o+ e* T7 c
or all of their Preferred Shares Series 18 into an equal number of Preferred
3 q, G5 Q; p& Y1 v0 V+ }Shares Series 19 upon giving to the Bank notice thereof not earlier than2 F/ l  k1 @- N% e! B1 ~3 I
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
/ }4 ^! z: Q/ u+ ^0 ~, l' N$ qpreceding, a Series 18 Conversion Date.1 I  ], @  l' g- o  g+ {5 p
Automatic Conversion If the Bank determines, after having taken into account all shares tendered7 a. P) C$ I1 h  j
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares+ ]+ ^+ @5 r3 O- g
Series 19, as the case may be, that there would be outstanding on such
4 k+ M( y* A' h2 rSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
0 [1 p- P8 V+ t, B2 N$ B! S7 ]such remaining number of Preferred Shares Series 18 will automatically be
6 i. r9 o1 R* t* B$ z9 d. Lconverted on such Series 18 Conversion Date into an equal number of
" z6 n- h5 r/ l: NPreferred Shares Series 19. Additionally, if the Bank determines that, after- D; \  t/ l7 @3 b& O' \
conversion, there would be outstanding on such Series 18 Conversion Date
( S  y5 j' ?3 w+ K, M! O3 z$ xless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
+ i4 W0 Q- r' V! }$ ySeries 18 will be converted into Preferred Shares Series 19." q7 O- N  w6 S6 e' ~8 r: k
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares! T! p/ D* n0 J+ N8 f8 d. y
Series 18 will not be entitled as such to receive notice of, attend, or vote at,( R0 n9 b1 a: M2 `2 Q8 ^( p# p
any meeting of the shareholders of the Bank unless and until the first time at
  r5 y: m: ~; W5 Y' B& Iwhich the Board of Directors has not declared the whole dividend on the9 ~: X! C. M, @- q; d
Preferred Shares Series 18 in any quarter. In that event, subject as
! g# a5 J, q) W. T1 v! z. B: @3 qhereinafter provided, the holders of Preferred Shares Series 18 will be% y: z; h' L5 J; ^  A7 T
entitled to receive notice of, and to attend, meetings of shareholders at which5 I* U8 ^4 G& }6 h! A
directors of the Bank are to be elected and will be entitled to one vote for
2 }1 y% P0 R0 W$ ^each Preferred Share Series 18 held. The voting rights of the holders of the- P1 m0 B8 G1 l9 y) g( P: E
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of) m8 o* T7 l- y: d- p
the first dividend on the Preferred Shares Series 18 to which the holders are
# E: O" F1 ~; [" }; r  uentitled thereunder subsequent to the time such voting rights first arose until
, O2 T; J0 t. a( S2 B2 p( e$ ^such time as the Bank may again fail to declare the whole dividend on the
( q* |$ K* n" e4 EPreferred Shares Series 18 in respect of any quarter, in which event such
! D% ?7 ~" H# H; J9 avoting rights will become effective again and so on from time to time.
$ K! M* u. F: h/ `. m$ KPrincipal Characteristics of the Preferred Shares Series 19( }3 h/ X! l" I0 G; M1 {+ J
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive  j' h, y/ t0 O9 I8 `: |
floating rate non-cumulative preferential cash dividends, as and when
% c/ F5 m+ q5 E% v6 o/ Jdeclared by the Board of Directors, subject to the provisions of the Bank Act,, X, C$ ?* }* U8 J' x! g( P
payable quarterly on the 25th day of February, May, August and November
. s, G  U) ~: U" rin each year, in the amount per share determined by multiplying the
% \8 o# d. x: @- U! U) W% [/ ^& Japplicable Quarterly Floating Dividend Rate by $25.00.2 z- N. Q: ]+ D8 f
On the 30th day prior to the commencement of the initial quarterly dividend- _! f! J# t$ C. |% c& w; V
period beginning on February 25, 2014, and on the 30th day prior to the first' v% j/ N7 @, \4 n% C
day of each subsequent quarterly dividend period (the initial quarterly
" h2 O0 W9 x( m( x4 q" H) Bdividend period and each subsequent quarterly dividend period is referred to- Q, S: b) G2 Z* m# q7 N% J3 [' q7 L
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
; s- x0 ^3 z7 H) j8 g! KQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate. U# x: k0 ~" G1 R& J
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
9 [: o- \1 h5 FT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
. q4 s3 x- u+ t+ E7 e2 d/ _  belapsed in the applicable Quarterly Floating Rate Period divided by 365)& O) r4 {. B$ W, W
determined on the 30th day prior to the first day of the applicable Quarterly
, S  S+ b0 n& |( D" e( f2 vFloating Rate Period.9 ~5 ]; ^3 g. ?. V. C
S-55 G: E& ]* M* N, I9 d' a4 u
If the Board of Directors does not declare a dividend, or any part thereof, on9 @2 K+ F: L+ g- }5 ]4 B
the Preferred Shares Series 19 on or before the dividend payment date for a
5 c4 y7 O7 ]! j/ q( lparticular quarter, then the entitlement of the holders of the Preferred
& u9 Z- \: q- AShares Series 19 to receive such dividend, or to any part thereof, for such4 Z, q  d! \  u$ J' `( @5 b- N; k
quarter will be forever extinguished.
& ~; v% ~3 G" S2 E4 O* V7 w4 LRedemption: Subject to the provisions of the Bank Act and to the prior consent of the# z( X% S1 x: s+ i
Superintendent and to the provisions described below under the heading
) W) T( S' j9 R; S‘‘Details of the Offering — Certain Provisions of the Preferred Shares
% j! L9 d: t. _/ [2 qSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
- G# M0 f4 v* P5 p, B' w+ qon not more than 60 nor less than 30 days’ notice, the Bank may redeem all) w& _3 h# o8 ^& X6 S
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s. n4 d  c) `: ^; l9 S
option without the consent of the holder, by the payment of an amount in
! ~! m1 Y/ C9 K  }1 u; @9 G# o  tcash for each such share so redeemed of (i) $25.00 together with all declared
* L" c) z: p7 {, G  ^% [& }and unpaid dividends to the date fixed for redemption in the case of' }$ r4 `" `% V9 z3 `
redemptions on February 25, 2019 and on February 25 every five years
! }8 H0 T4 D  Wthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
% M* n' V/ b' }' Z" gthe date fixed for redemption in the case of redemptions on any other date2 ~+ j  @0 Q9 Q& I. g) k; l( W
on or after February 25, 2014.) S" ]7 j5 t% }: [" }
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic0 C; v. m9 T1 S( W7 ^
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have$ ^3 Z, A3 i0 Q/ Y$ I; m, A
the right, at their option, to convert, on February 25, 2019 and on. k$ v& ~( a7 j# q( `
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any+ x' X. C. U5 G/ ~' Q9 Q4 j
or all of their Preferred Shares Series 19 into an equal number of Preferred
6 Z4 N. Y# h) l7 F; K5 T* A0 [Shares Series 18 upon giving to the Bank written notice thereof not earlier
! w  p, o  D+ o: }# Zthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
- x( g, y0 k, S5 b1 j15th day preceding, a Series 19 Conversion Date.
. b. \% N# P/ p. Y& R: FAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
" I/ F) R$ w! R+ L2 T# |Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares& l2 t# Y1 e9 K" t
Series 18, as the case may be, that there would be outstanding on such2 y8 |( q0 E- ^
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,9 H& F: I1 \. O$ A' Z8 }7 g
such remaining number of Preferred Shares Series 19 will automatically be
9 a( K# t4 w( H  H7 V4 cconverted on such Series 19 Conversion Date into an equal number of
3 A# B, }( y& q6 F' a0 f. i# IPreferred Shares Series 18. Additionally, if the Bank determines that, after
8 H! _, i: D) n/ e0 i: f+ xconversion, there would be outstanding on such Series 19 Conversion Date; C7 x& m2 P, U8 Z! F4 v* D2 v
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
/ i# S; E1 P0 b) U- E6 `Series 19 will be converted into Preferred Shares Series 18.1 s' T. d6 j) s( V( g* ?$ p7 N
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares* x# c1 T* F6 g. f
Series 19 will not be entitled as such to receive notice of, attend, or vote at,) u, S0 L. ^) M; d& V5 D9 O" l
any meeting of the shareholders of the Bank unless and until the first time at( i% x& `9 L) i
which the Board of Directors has not declared the whole dividend on the
9 f* g2 f+ o6 r" JPreferred Shares Series 19 in any quarter. In that event, subject as
1 ?5 b' {8 X& k& U. U0 r  Q0 `2 h; ?7 W3 o( Ghereinafter provided, the holders of Preferred Shares Series 19 will be& B" ]$ Q$ V1 @6 _# W
entitled to receive notice of, and to attend, meetings of shareholders at which
2 D' E1 }( _% M6 l1 U$ q( Jdirectors of the Bank are to be elected and will be entitled to one vote for
* O3 c' I( [  |" k: teach Preferred Share Series 19 held. The voting rights of the holders of the
7 V* p+ o. n2 `$ X3 RPreferred Shares Series 19 will forthwith cease upon payment by the Bank of+ L8 V  s- a  `9 g: |5 \- m* i: F" d
the first dividend on the Preferred Shares Series 19 to which the holders are
/ e+ W" g7 V* i& eentitled thereunder subsequent to the time such voting rights first arose until
" ~# D3 M6 P+ a. h9 s3 p3 asuch time as the Bank may again fail to declare the whole dividend on the
' f4 O1 C0 y: D& y; j2 L) \Preferred Shares Series 19 in respect of any quarter, in which event such3 i/ ^, @- S% y/ |! w* t
voting rights will become effective again and so on from time to time.  x, Z  U6 |& W: A
S-6
& @5 D/ a' T( m7 b1 z& d( C5 xPriority: The preferred shares of each series of the Bank will rank on a parity with
9 H+ i" q: r. Z# O3 qevery other series and are entitled to preference over the common shares of
. ?/ p0 f8 I6 b' Qthe Bank and over any other shares of the Bank ranking junior to the- E& h' h. q, }+ _3 K8 }" ^' m
preferred shares with respect to the payment of dividends and upon any, p; N: b% ~2 F% z3 l" x
distribution of assets in the event of the liquidation, dissolution or
' [# g0 ]* I' P+ d0 R5 `winding-up of the Bank.1 n) W: n1 S& u6 m! ^
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under: S$ R0 S/ `, k& p
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares0 c6 W$ ?* ~" s0 g+ O$ I8 d" ]+ ~( w
Series 18 and Preferred Shares Series 19 will not be required to pay tax on; x* N( c: ^6 X& v! T$ m7 T
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。9 F" P$ H- R) E( }1 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
) A& b# ~  s* r7 y

3 H$ Z+ O, \# _1 ~7 a% L; D- U3 ?下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。+ Y' U! b+ n$ |* s1 l: m6 m

% T4 m! @; S, M3 J# Ucall 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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