埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 2845|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。
( U% Y: F+ v( f5 o' M

6 T- D8 v, \$ }5 c5 G. l6 A8 ^- F- W/ h) U; i9 b, o5 t5 Q7 c8 _( _
[ 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 C8 s- j1 ]: m5 t) pSUMMARY OF THE OFFERING7 o% h2 C; D8 ]0 J( [
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’’.
+ S  w+ F, y1 b# ~( zIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.1 f! e2 g6 Z8 p' b/ {. W/ T
Amount: $150,000,000 (6,000,000 shares).
$ ^1 c1 t+ z/ ?7 UPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
! J0 `0 G* I. ?8 K7 W: APrincipal Characteristics of the Preferred Shares Series 18* n  d/ Y; S+ ^! b  }4 G- x3 M" i, A
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
& }$ ^: |% D# s- H0 f& V2 knon-cumulative preferential cash dividends, as and when declared by the
+ J5 E/ f, k9 Z* \) k6 ZBoard of Directors, subject to the provisions of the Bank Act, for the initial: G/ D/ H: h" i$ G
period commencing on the closing date and ending on and including
! z' {% B3 n8 k  R3 OFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
$ U" K8 l- t4 \% }! M25th day of February, May, August and November in each year, at a rate8 \/ c: M9 b7 e! T4 I8 X, D: Y
equal to $0.40625 per share. The initial dividend, if declared, will be payable; n. u1 x2 j, l3 f$ M5 O
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
5 d6 S- i/ x$ M3 I' ~  P; B) L% Hdate of December 11, 2008.
8 V! w5 T; Q! ]3 F/ U+ pFor each five-year period after the Initial Fixed Rate Period (each, a1 l# [* J& b( A3 ~9 Z% h9 F$ b
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
3 W! J; a# ?! i8 }9 P' j1 tSeries 18 will be entitled to receive fixed non-cumulative preferential cash  `. B- \1 f1 |' S
dividends, as and when declared by the Board of Directors, subject to the, J. s, N! {+ s
provisions of the Bank Act, payable quarterly on the 25th day of February,
+ o, ~. y2 M, E4 M/ ^May, August and November in each year, in the amount per share per annum- @0 Y8 M' H4 c7 ]4 Z, l
determined by multiplying the Annual Fixed Dividend Rate applicable to
8 [) e# s4 t3 p3 Ysuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
5 E$ S. ?8 D8 T+ U9 ^Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
2 l3 f$ H8 S( {6 m: z1 Y7 zBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day& F3 G* r7 M/ Z/ u
of such Subsequent Fixed Rate Period and will be equal to the sum of the
# l7 |8 w3 v& Y3 V; R, l5 e6 J4 kGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
2 `; i) ?* J, Fplus 3.83%.& E6 q1 k2 [; ^7 c4 ^! P
If the Board of Directors does not declare a dividend, or any part thereof, on( t% g" @+ C$ e: Q0 M2 g" m! `% w
the Preferred Shares Series 18 on or before the dividend payment date for a
1 E- v& O' c9 Y7 Dparticular quarter, then the entitlement of the holders of the Preferred9 |  m9 M/ B7 B9 e
Shares Series 18 to receive such dividend, or to any part thereof, for such
. ?- X# A7 x5 C3 p& Z7 [6 qquarter will be forever extinguished.$ j8 n% c6 f' s7 S' U3 M
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
) G3 ^* u2 x1 _Superintendent and to the provisions described below under ‘‘Details of the7 K$ R! _' p5 p( n, W$ o; J7 D
Offering — Certain Provisions of the Preferred Shares Series 18 as a
! R) I5 l! q) L: X6 Z4 L) H' JSeries — Restrictions on Dividends and Retirement of Shares’’, on- d9 x, y' L7 X/ y  v: x
February 25, 2014 and on February 25 every five years thereafter, on not" ~+ e" x' L: c, H" n/ p
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
; a/ i/ b- V5 B5 F) R# b' Rpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
. E3 m% |/ H+ J0 Y0 t* |without the consent of the holder, by the payment of an amount in cash for
" `" g7 q5 [0 ceach such share so redeemed of $25.00 together with all declared and unpaid7 ]1 ]2 T( R$ B. ?5 A! y
dividends to the date fixed for redemption.5 W4 W4 W+ k! `& N( Z
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
0 Z0 G$ W  k0 F0 ~Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
/ T7 I' K/ R( M* Cthe right, at their option, to convert, on February 25, 2014 and on
+ O: r; d# F0 n) _S-4; S) w2 d( l5 ]& V+ E& U- J
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any9 f" C. t# H6 c0 Q" f8 q, V! u
or all of their Preferred Shares Series 18 into an equal number of Preferred% z' _: y5 o8 ?4 @+ Z- P" x# K
Shares Series 19 upon giving to the Bank notice thereof not earlier than
1 W# x% Q+ Y0 i30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day. u5 R( C; ~" N; `2 c8 |
preceding, a Series 18 Conversion Date.9 ^( ^# o4 m. L6 E
Automatic Conversion If the Bank determines, after having taken into account all shares tendered2 [- J4 x) D! p' M7 V: V4 m
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares# i- `; W5 ^* v
Series 19, as the case may be, that there would be outstanding on such/ {3 U! [  ~' b  e& a+ R* x
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,% K! H& q/ F2 x+ m
such remaining number of Preferred Shares Series 18 will automatically be0 }1 X* J* v  _  Q( N/ x! w% J
converted on such Series 18 Conversion Date into an equal number of
8 g" G: Y# l' ?; SPreferred Shares Series 19. Additionally, if the Bank determines that, after
4 e2 ^1 q" D& ~8 p$ g" U( ^" \  `conversion, there would be outstanding on such Series 18 Conversion Date
' a1 {) H! T& x/ pless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares" Q. v3 ?0 T% u6 z9 V
Series 18 will be converted into Preferred Shares Series 19.7 u9 r1 O4 f, p' c
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares1 r) ^! A% p4 [; i. u
Series 18 will not be entitled as such to receive notice of, attend, or vote at,* ^* [2 P1 P/ B
any meeting of the shareholders of the Bank unless and until the first time at6 v* L7 Y" o3 R8 l4 \5 }3 p3 x& f( i
which the Board of Directors has not declared the whole dividend on the
6 `1 |& ]! Y: @# kPreferred Shares Series 18 in any quarter. In that event, subject as4 K" Z, g& [6 ~/ @7 @/ i$ a
hereinafter provided, the holders of Preferred Shares Series 18 will be
) W) ~% R* E' P$ Q- n. b* O' u  D5 hentitled to receive notice of, and to attend, meetings of shareholders at which% _) S, g& r) B( d* d, W6 j  h
directors of the Bank are to be elected and will be entitled to one vote for  C+ D0 x- h1 K8 T: H, `, O/ G
each Preferred Share Series 18 held. The voting rights of the holders of the6 G- F  s& J0 c
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of, z  O0 v6 H( [/ G, Z% D8 _
the first dividend on the Preferred Shares Series 18 to which the holders are
% d5 k4 D- u. q0 U1 @; L6 ientitled thereunder subsequent to the time such voting rights first arose until8 }" K. h0 ?, Z6 i
such time as the Bank may again fail to declare the whole dividend on the
( Y6 }' M+ g2 @, {5 w' H9 ePreferred Shares Series 18 in respect of any quarter, in which event such" y. k( l. ^/ Z" ]1 l
voting rights will become effective again and so on from time to time.7 u/ S1 P  B/ i/ p% G7 U% \0 ~
Principal Characteristics of the Preferred Shares Series 19; E2 x& d  c# X
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive& \/ _. {; ]5 @
floating rate non-cumulative preferential cash dividends, as and when& w. @3 n6 ~1 [' D5 _
declared by the Board of Directors, subject to the provisions of the Bank Act,
4 D5 F% j4 Q4 d- @, y+ n) B9 F% Upayable quarterly on the 25th day of February, May, August and November3 u2 I0 C! X& |8 b
in each year, in the amount per share determined by multiplying the
9 x" Y: F  ~8 f2 W3 f/ Z6 R+ c- i6 U3 Japplicable Quarterly Floating Dividend Rate by $25.00.5 R/ s5 r2 O- l$ c8 T, v$ u. [
On the 30th day prior to the commencement of the initial quarterly dividend6 S; Z0 e3 k& F* S$ [- r6 B; k
period beginning on February 25, 2014, and on the 30th day prior to the first
( j6 T! W4 e1 c9 B" Z7 \day of each subsequent quarterly dividend period (the initial quarterly  r7 x  U& v& X! X
dividend period and each subsequent quarterly dividend period is referred to
# f8 _0 s# x3 w; ^8 @- Q( Yas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
" Z- T$ F$ C0 T1 UQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
9 A1 q# F0 h! T* B; O" x) Y; N  WPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the- j2 T* [" e7 e0 K
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
' H; `: S+ m. Z3 g& Delapsed in the applicable Quarterly Floating Rate Period divided by 365)3 a4 p% h- r1 {, R
determined on the 30th day prior to the first day of the applicable Quarterly- q2 }( {0 O1 J4 F
Floating Rate Period.3 v( K+ E5 Z$ r/ J
S-5
5 K# {0 }3 V; p; iIf the Board of Directors does not declare a dividend, or any part thereof, on
* ?, h) ^( |+ s' {% fthe Preferred Shares Series 19 on or before the dividend payment date for a
; w3 F" S! D( M' D) P$ o$ C) dparticular quarter, then the entitlement of the holders of the Preferred
$ C7 ]4 h: Q7 Q6 W( AShares Series 19 to receive such dividend, or to any part thereof, for such9 x7 d% ]7 m5 X
quarter will be forever extinguished., c0 q+ A( j* t8 e9 [+ b
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the+ k6 g: M0 K$ ]3 j
Superintendent and to the provisions described below under the heading2 |; F' A% a2 f9 X+ u; ~% Y+ _
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
) w  k6 g$ n( G1 d& gSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,8 |+ g1 H$ n) p" W
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
; ~- \1 b, ]; b1 n; Sor any part of the then outstanding Preferred Shares Series 19, at the Bank’s" `8 v: l8 i4 u& q! j
option without the consent of the holder, by the payment of an amount in' Q, o+ I7 T) a
cash for each such share so redeemed of (i) $25.00 together with all declared4 x: \  M: N0 S5 j( Q# ]/ @
and unpaid dividends to the date fixed for redemption in the case of
# N/ s8 q$ ?$ _' W& c0 @redemptions on February 25, 2019 and on February 25 every five years, ~/ O0 l0 ?1 ]1 P6 p6 `8 J
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
( @6 ]' {0 X, c* F! U! }5 ~the date fixed for redemption in the case of redemptions on any other date/ x9 b: W4 g6 T! Y1 b$ M+ v2 ~
on or after February 25, 2014.; N, R3 P* t' F( F8 q
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
& W6 w: x1 r3 Q7 X# m& T) J, XShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
7 Z' V: ?. p& U+ c' E5 e  \3 _the right, at their option, to convert, on February 25, 2019 and on
, P" f% ~; _: n3 l0 T6 O8 i0 z: jFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
. X2 X, {& l3 @! k# cor all of their Preferred Shares Series 19 into an equal number of Preferred
/ K6 K! B* }1 {/ T9 }; y3 QShares Series 18 upon giving to the Bank written notice thereof not earlier
) l/ v* x8 |9 c/ n. Ethan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
! Q3 s: K7 G# ?15th day preceding, a Series 19 Conversion Date.( Z& k* F8 \  V7 E
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
% @4 J, q; c7 {8 g% w8 E* F2 NProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
: |0 Q9 Z$ S/ k4 _; M" ~Series 18, as the case may be, that there would be outstanding on such
0 w, k6 z1 k: _! C/ f& YSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
/ v1 J7 R" l1 E" N, Vsuch remaining number of Preferred Shares Series 19 will automatically be# T: J& a2 o6 t
converted on such Series 19 Conversion Date into an equal number of
1 `7 m' G1 \# r: R& h' v( \Preferred Shares Series 18. Additionally, if the Bank determines that, after( f+ z6 z7 ?. `6 N% M8 ~  w. Q+ R" \
conversion, there would be outstanding on such Series 19 Conversion Date! v7 o3 ?( l! t% Z% m
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
' g) D9 h# f, d6 J% v$ jSeries 19 will be converted into Preferred Shares Series 18.
" v, U& s1 _! G( `, v/ zVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
$ ]& L4 L4 V2 y' W, JSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
7 x, a9 c# z6 Y0 @. G1 S1 z# |9 m# @any meeting of the shareholders of the Bank unless and until the first time at* j  ^! J6 w$ Z
which the Board of Directors has not declared the whole dividend on the
% ?  w& Z9 T' P3 EPreferred Shares Series 19 in any quarter. In that event, subject as
) C- ]! M# \3 v4 khereinafter provided, the holders of Preferred Shares Series 19 will be% z( {, C0 g: [' q) [5 W! a: |5 y/ q
entitled to receive notice of, and to attend, meetings of shareholders at which
& v! F! e( P0 i7 ~! |directors of the Bank are to be elected and will be entitled to one vote for+ l+ H0 V% ?; a) r! i% Y# a. i
each Preferred Share Series 19 held. The voting rights of the holders of the( V2 H4 |4 ?/ L( M6 `1 H! t5 v
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of" o. C  J! k) ]# n* f/ M
the first dividend on the Preferred Shares Series 19 to which the holders are
4 V1 \+ |$ ^4 L' _entitled thereunder subsequent to the time such voting rights first arose until8 V7 C# D; o5 d& q& |+ d
such time as the Bank may again fail to declare the whole dividend on the
; }8 s- h6 `) i- v; h4 {Preferred Shares Series 19 in respect of any quarter, in which event such
, d6 O9 b0 t& j- K9 r& S: ?, @voting rights will become effective again and so on from time to time.# x& u  _8 c& X
S-6
2 N$ J# l4 V! S1 w0 gPriority: The preferred shares of each series of the Bank will rank on a parity with. B& o% `0 T8 T8 y  O' p" f" z
every other series and are entitled to preference over the common shares of
& V/ G; ]  h7 r, k" ]) d3 Ithe Bank and over any other shares of the Bank ranking junior to the2 u2 ^. V2 }: {
preferred shares with respect to the payment of dividends and upon any
6 _% P& f& _: r8 N# cdistribution of assets in the event of the liquidation, dissolution or
' r" C9 I& D9 n3 X( m+ Hwinding-up of the Bank.& h2 r* J$ I/ [: f' x& T
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
# Z9 z" X. W0 l4 T: K8 A& i  H6 A4 IDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
" X- T+ i& a" S' A/ a( m( w2 KSeries 18 and Preferred Shares Series 19 will not be required to pay tax on2 k3 S2 x; K, O- k8 ?
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。+ H3 E& K% o+ Q4 K( h
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

5 {9 D* |' W! \2 c& L' E# O3 ?
: G. s; `7 L) y5 C/ n& N下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
& V7 C. y* D9 o" m5 S5 c
; C/ t$ B  \: r$ \- J/ `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, 2026-3-31 05:56 , Processed in 0.170144 second(s), 12 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