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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。
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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:
" u) ^* ?$ n& @# pSUMMARY OF THE OFFERING/ a5 R, m+ {" u' p' U
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’’.
7 ?" @# P9 Z! b& C# b- aIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.: o5 l+ Y& @- T9 x+ F5 l8 ?, \9 e1 g" T
Amount: $150,000,000 (6,000,000 shares).. s9 D* [$ V$ Q: o3 Y3 G7 f
Price and Yield: $25.00 per share to yield initially 6.50% per annum." ~5 m' E3 i5 ]! A- ?- t
Principal Characteristics of the Preferred Shares Series 18% ]! C' C7 ?' v
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed/ D9 ]3 [+ q' q% n# G2 }) ^5 q" t
non-cumulative preferential cash dividends, as and when declared by the
, _" V1 B$ G' q3 F) V, rBoard of Directors, subject to the provisions of the Bank Act, for the initial
# I* i5 x: a# c& A2 gperiod commencing on the closing date and ending on and including- \+ j! S$ Z! Q2 C4 t3 `
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
4 P/ P/ e; L, z( w25th day of February, May, August and November in each year, at a rate
* Y  q9 F# R1 ], L. K  Eequal to $0.40625 per share. The initial dividend, if declared, will be payable8 L) r2 b. ], ^& ?
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
% Z+ U3 g1 p9 ?4 ^+ Y7 q# Bdate of December 11, 2008.& \3 s5 t+ C7 a( ~' R1 Y2 F
For each five-year period after the Initial Fixed Rate Period (each, a7 `3 P# R* z. l; @( @7 J) y4 [
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares  \3 u6 r2 s% n4 z, J: f7 I
Series 18 will be entitled to receive fixed non-cumulative preferential cash( }7 q3 e% [5 F: C: ^$ s
dividends, as and when declared by the Board of Directors, subject to the
) v1 R* I  S! V" |; A; Lprovisions of the Bank Act, payable quarterly on the 25th day of February,' V$ W% t' N4 Q* n. g! L
May, August and November in each year, in the amount per share per annum3 R$ s! A. B# R2 K
determined by multiplying the Annual Fixed Dividend Rate applicable to8 x% @! |9 K3 n2 M
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
5 t# L) r3 i$ pRate for the ensuing Subsequent Fixed Rate Period will be determined by the9 g6 s/ k4 _2 t
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day( S  U- G1 l6 |. Y* {* O
of such Subsequent Fixed Rate Period and will be equal to the sum of the) x9 w7 |4 f, `8 L0 V2 t2 H$ L
Government of Canada Yield on the applicable Fixed Rate Calculation Date
+ F* d/ P- y) x$ D' y, nplus 3.83%.) n# g" ], `/ w  h) j
If the Board of Directors does not declare a dividend, or any part thereof, on/ z: U& y! Y( k1 u  I
the Preferred Shares Series 18 on or before the dividend payment date for a
, D: }! Y( Z$ W3 nparticular quarter, then the entitlement of the holders of the Preferred6 l3 ~$ ^( N- n( ]
Shares Series 18 to receive such dividend, or to any part thereof, for such) a/ o9 d! I9 m  A- j
quarter will be forever extinguished.
' y, Y- j( k" k( W" E  P! ARedemption: Subject to the provisions of the Bank Act and to the prior consent of the
- F+ x' |4 V. |3 PSuperintendent and to the provisions described below under ‘‘Details of the$ S: ~" r  s! ^$ ]( Z6 e9 B0 G
Offering — Certain Provisions of the Preferred Shares Series 18 as a9 R; v4 J. I$ z5 c' [" g9 T
Series — Restrictions on Dividends and Retirement of Shares’’, on9 y# L0 U4 W0 q% d* Q
February 25, 2014 and on February 25 every five years thereafter, on not6 O2 G1 d: a5 i/ L. E
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
. F- d" \: y' e/ r) a" R% M; ^part of the then outstanding Preferred Shares Series 18, at the Bank’s option; d# p7 {& P+ h/ _( q  U: X9 t
without the consent of the holder, by the payment of an amount in cash for- p0 ~' E! r: F) h. H0 P) {
each such share so redeemed of $25.00 together with all declared and unpaid9 k4 A% ~, ?, m, k: N0 C
dividends to the date fixed for redemption.' H% y. \0 P1 n" C* `  u
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
& ]2 A+ _2 w! n5 }Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
" s/ t6 C  R5 l  ?5 Q; Fthe right, at their option, to convert, on February 25, 2014 and on) H7 F+ X. ?% S3 A* ^% A
S-4
$ l1 k& n, G" q' V$ e5 v6 ZFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
9 u, Z+ H6 H, L/ j9 lor all of their Preferred Shares Series 18 into an equal number of Preferred1 k. N$ J6 U  A% F1 @! F  e( i
Shares Series 19 upon giving to the Bank notice thereof not earlier than. N( K: o; E" H2 G5 u  d
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
6 `6 P# r  g; k) epreceding, a Series 18 Conversion Date.
: V6 F" g6 A( a+ Z) zAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
  O7 k: b8 K% N8 I  pProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares# p5 P7 C  e' {8 a' ^; j: F7 X2 o$ [1 _
Series 19, as the case may be, that there would be outstanding on such1 U$ Q9 \. Z7 F
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,# u0 q# h: y) o3 B, m
such remaining number of Preferred Shares Series 18 will automatically be
! S( `" ^. R( @" R: w8 {converted on such Series 18 Conversion Date into an equal number of2 A" i$ t2 \6 M5 T
Preferred Shares Series 19. Additionally, if the Bank determines that, after& y+ l2 `# f- X  I! m$ L
conversion, there would be outstanding on such Series 18 Conversion Date
7 t. a# m9 {# {! J" \# `less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares& K, o1 |# {  `8 x6 H( E: F, s
Series 18 will be converted into Preferred Shares Series 19.
& R5 G; P& O, i) T$ {3 ~/ CVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
6 N( U  d6 W  y4 R0 Y: T7 }Series 18 will not be entitled as such to receive notice of, attend, or vote at,
8 j) U. z8 L. N$ Dany meeting of the shareholders of the Bank unless and until the first time at
3 z- u5 @2 s3 [- s9 V% rwhich the Board of Directors has not declared the whole dividend on the
: H6 @4 o/ g/ [, }* Y$ _7 w6 XPreferred Shares Series 18 in any quarter. In that event, subject as/ {: [* Z) P3 W0 g3 B' x
hereinafter provided, the holders of Preferred Shares Series 18 will be
, a! B' J& v# Z$ m2 @' kentitled to receive notice of, and to attend, meetings of shareholders at which) W! o, h: e- K' i6 A
directors of the Bank are to be elected and will be entitled to one vote for: v* C5 r- _6 `$ C2 b$ c
each Preferred Share Series 18 held. The voting rights of the holders of the  p/ C' t- l  \( r
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
" A( J7 o  k9 Pthe first dividend on the Preferred Shares Series 18 to which the holders are
. p& [( H6 e# o8 P+ N2 \! N5 o- I( Centitled thereunder subsequent to the time such voting rights first arose until, J8 o5 w9 `$ L
such time as the Bank may again fail to declare the whole dividend on the
, x% M( j: ^5 n+ V# }Preferred Shares Series 18 in respect of any quarter, in which event such, d+ B# F; N; X4 h
voting rights will become effective again and so on from time to time.
, _+ r; h* h- p0 k/ mPrincipal Characteristics of the Preferred Shares Series 19' ^5 M: @, V4 Q6 c; j8 r" b  J, @
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
8 W! t9 o; j( v; \2 w  b3 g4 F  n) _floating rate non-cumulative preferential cash dividends, as and when1 D" w3 R+ x) c: _
declared by the Board of Directors, subject to the provisions of the Bank Act,
2 F# q- E* S  M- Z/ B0 |9 C2 npayable quarterly on the 25th day of February, May, August and November: i( o$ c! _( C! W+ e1 G; v; v
in each year, in the amount per share determined by multiplying the
% |, O% s( S# w5 Japplicable Quarterly Floating Dividend Rate by $25.00.
, w5 E2 t& n6 t& g0 k% ?On the 30th day prior to the commencement of the initial quarterly dividend
" w5 ~: P0 v9 W# F( w* Q* i0 L/ k! Bperiod beginning on February 25, 2014, and on the 30th day prior to the first3 ~: ^) ]" u2 Q- {9 L% d5 U
day of each subsequent quarterly dividend period (the initial quarterly
' _" C" v- V/ \- U8 Ldividend period and each subsequent quarterly dividend period is referred to
4 Z( w. ^1 s. S! f& \6 P; eas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
- d. e+ f. p; }. e8 TQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate/ X) g# g8 P, C1 O$ |7 w
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
9 F2 h5 s0 |2 U- P1 P0 h3 n4 r: q) \T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
% X$ H# g0 B  ~) E6 @' velapsed in the applicable Quarterly Floating Rate Period divided by 365)( Q( H2 v" v  A+ ?& q
determined on the 30th day prior to the first day of the applicable Quarterly
( `2 E% V: }  U5 l/ _/ {3 f4 \Floating Rate Period.
9 g$ x* i0 X( f& ^2 c; [S-5
* d" Y& H4 f2 N6 F" M8 i! J+ Y. @If the Board of Directors does not declare a dividend, or any part thereof, on6 W) e2 u# z' q) f! s
the Preferred Shares Series 19 on or before the dividend payment date for a- a8 N3 L5 D- s7 N+ Y& f; P
particular quarter, then the entitlement of the holders of the Preferred) @3 A% X- x- c) ^* i4 D
Shares Series 19 to receive such dividend, or to any part thereof, for such
& d% I) R6 u/ G' n: Dquarter will be forever extinguished.
& f8 z5 B* W4 q" F7 }: \( _Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
0 T% i5 y) Y8 h" d. TSuperintendent and to the provisions described below under the heading: ^) d5 p& _# N0 R' ]. L- d
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
9 E1 E; u' v% }& {" G3 R% pSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,6 Q$ F3 m1 W1 \0 z
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
! B3 l: a1 ^# w: r: @or any part of the then outstanding Preferred Shares Series 19, at the Bank’s3 \: U+ N  l- {
option without the consent of the holder, by the payment of an amount in
5 X) R2 p: Q' acash for each such share so redeemed of (i) $25.00 together with all declared+ f1 {9 D3 u  O
and unpaid dividends to the date fixed for redemption in the case of
# f7 \7 J% k* A6 Q, m+ Zredemptions on February 25, 2019 and on February 25 every five years
6 @! k: x+ a4 D! @% w6 o0 o4 Q2 Tthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
* J+ `& A1 a6 W* Y  Rthe date fixed for redemption in the case of redemptions on any other date% y* u+ L5 J" r
on or after February 25, 2014." p% N9 l/ s2 v- f$ H" L
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
3 ^( T! p7 B9 u* `6 Q4 ~6 K$ BShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
7 h8 H; d/ A6 G* ]" A& V0 Tthe right, at their option, to convert, on February 25, 2019 and on0 v" E8 m. Y! |7 Y
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any9 t8 t8 R6 ], N7 u% H
or all of their Preferred Shares Series 19 into an equal number of Preferred8 I2 v& S; z. p
Shares Series 18 upon giving to the Bank written notice thereof not earlier/ g/ f2 T* }; z
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
6 Q9 |! j. w5 |3 m: |, C3 D% C  [15th day preceding, a Series 19 Conversion Date.
3 E- s  _) H6 R& E4 o8 w0 t5 N& n4 y; O  _0 PAutomatic Conversion If the Bank determines, after having taken into account all shares tendered/ L* t% a7 h# y3 m' j
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
  V( g6 f" ~; O2 k& w% u: LSeries 18, as the case may be, that there would be outstanding on such
" I0 F: n3 g1 d- Y- ~% {8 s) dSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
; _- l0 b1 N: @. p; w! `such remaining number of Preferred Shares Series 19 will automatically be
* C2 V" ^0 I: ?( R% Iconverted on such Series 19 Conversion Date into an equal number of. X9 y( `) }) K' P' r
Preferred Shares Series 18. Additionally, if the Bank determines that, after" Z3 ~/ b4 I# t
conversion, there would be outstanding on such Series 19 Conversion Date
! j3 N( S/ \9 N# E) Gless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
* m- ^: W3 E0 ~/ l" J" ^Series 19 will be converted into Preferred Shares Series 18.) n  E+ t* g$ P2 ~9 J
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares+ o2 k+ f6 L8 H
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
# a: j, h2 R( O2 C/ ]any meeting of the shareholders of the Bank unless and until the first time at' e* k! t3 X. U) k/ e, x
which the Board of Directors has not declared the whole dividend on the
8 q# a- O2 n9 dPreferred Shares Series 19 in any quarter. In that event, subject as
- B, O4 c* R7 T1 I" zhereinafter provided, the holders of Preferred Shares Series 19 will be
3 Y' r* C0 J* V' [entitled to receive notice of, and to attend, meetings of shareholders at which$ t1 @( L% J( }0 i; a+ `
directors of the Bank are to be elected and will be entitled to one vote for
1 y6 d+ U/ U( n! Geach Preferred Share Series 19 held. The voting rights of the holders of the
, s, I/ O2 @; i6 e) t3 v8 a$ n2 YPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
) |' ]: R  Q( Z) F8 q$ \3 Fthe first dividend on the Preferred Shares Series 19 to which the holders are- }2 K  r$ e  T& l; I1 U
entitled thereunder subsequent to the time such voting rights first arose until
" C- K' K0 c8 \+ D9 B7 p! A9 vsuch time as the Bank may again fail to declare the whole dividend on the
$ n1 X( x" K: m, N# PPreferred Shares Series 19 in respect of any quarter, in which event such
- R& n) x' W9 M0 G1 W8 Xvoting rights will become effective again and so on from time to time., p! k" ~1 p3 T
S-6! S  v# |8 B* p0 d; u# W
Priority: The preferred shares of each series of the Bank will rank on a parity with
; n  L8 K, P0 D, b2 m& wevery other series and are entitled to preference over the common shares of" q; E0 N& q( e) [5 Y
the Bank and over any other shares of the Bank ranking junior to the9 _% u1 ~9 \5 e! k( m& N0 p
preferred shares with respect to the payment of dividends and upon any
  U; g; Q/ C0 \. Hdistribution of assets in the event of the liquidation, dissolution or
0 f$ r/ A' g" {/ B3 o" Mwinding-up of the Bank.
% b& m8 X  w! d4 R8 h6 t1 ?Tax on Preferred Share The Bank will elect, in the manner and within the time provided under+ R, `5 {, z4 U2 x% L9 Y
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
1 D1 e. Q( s2 \4 l+ \; P. H* fSeries 18 and Preferred Shares Series 19 will not be required to pay tax on" }' i( U' |* u. r/ s7 m
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。
% U% I& k9 i" y, e, w3 a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

, W& A3 o) V% ?" o( ^8 \
! s& J/ F7 C  X' C5 G; K# x0 x下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。7 w% K, o/ |! W7 H1 Q% _- R; f7 |; U

5 k6 Y' q1 u. W! {7 icall 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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