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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。! Q5 l3 J8 E+ ~" P

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) r& h  z. [) U# |[ 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:* a& Q! S+ O8 s7 |
SUMMARY OF THE OFFERING
4 t4 _. P; B+ X' n; QThis 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’’.
1 u3 x9 w# l, U( }% s. Y$ aIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
' k) a* F9 ?" f" B& v* J; y$ RAmount: $150,000,000 (6,000,000 shares).
1 d; c4 Z+ }6 w( ~  {, rPrice and Yield: $25.00 per share to yield initially 6.50% per annum.; O. A% r4 u) n- P' I
Principal Characteristics of the Preferred Shares Series 18" s( u) v! r9 z
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed) g6 |+ {4 L; u' l3 ^$ D
non-cumulative preferential cash dividends, as and when declared by the
3 A0 ]; ^4 I) A& OBoard of Directors, subject to the provisions of the Bank Act, for the initial
1 a; i0 e! b+ X8 dperiod commencing on the closing date and ending on and including9 {* V& m2 c+ I& a/ R; X
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the' l6 B8 t: D( j. p0 _
25th day of February, May, August and November in each year, at a rate. u4 @6 R$ Z' W
equal to $0.40625 per share. The initial dividend, if declared, will be payable  v1 Y% N9 \/ }1 K" L3 I
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing' F' P3 _" b) q$ `
date of December 11, 2008.3 `) E; j9 B  {& E
For each five-year period after the Initial Fixed Rate Period (each, a. {1 t" x" q: D5 ], N3 X3 @
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares. O4 ?: W8 c, o3 Q6 F$ }
Series 18 will be entitled to receive fixed non-cumulative preferential cash8 n) F, V! n* \0 p! v) ]! R& e0 ?" V
dividends, as and when declared by the Board of Directors, subject to the
' v6 j% n! P$ ~2 t8 @! N5 }/ Iprovisions of the Bank Act, payable quarterly on the 25th day of February,; z: u5 g5 W. r$ c5 V  x
May, August and November in each year, in the amount per share per annum% x% G& ?: l4 U) I2 E
determined by multiplying the Annual Fixed Dividend Rate applicable to
( B) [9 `3 X, r. @such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
, i. |! [  X$ {Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
  {' m3 q3 B2 X8 Y# sBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
' S- d2 K+ X" I4 T+ mof such Subsequent Fixed Rate Period and will be equal to the sum of the
  I8 A2 f+ \- G) |, `8 c+ ?9 lGovernment of Canada Yield on the applicable Fixed Rate Calculation Date0 Q' w+ r, z/ @
plus 3.83%.0 e+ o2 i  y' n+ W1 m
If the Board of Directors does not declare a dividend, or any part thereof, on  l6 n- W9 h( w' `6 P
the Preferred Shares Series 18 on or before the dividend payment date for a
0 S6 |+ I) h7 e7 F, V6 Xparticular quarter, then the entitlement of the holders of the Preferred
8 X& r; E6 z6 L' nShares Series 18 to receive such dividend, or to any part thereof, for such
  u/ D" }' B: J# A, W3 D* C3 G: }quarter will be forever extinguished.# {# m9 G% Y: l, a! [1 `# u7 @
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
2 l( H/ M1 y8 ^. F7 [Superintendent and to the provisions described below under ‘‘Details of the
2 U8 `+ z. F; LOffering — Certain Provisions of the Preferred Shares Series 18 as a
* _2 J/ t7 n. J) y. oSeries — Restrictions on Dividends and Retirement of Shares’’, on
" j. \2 ]; S, M- D3 EFebruary 25, 2014 and on February 25 every five years thereafter, on not
$ ^& u7 q) T. k& M& h  umore than 60 nor less than 30 days’ notice, the Bank may redeem all or any6 u) m' f* ~6 H; c- j% E
part of the then outstanding Preferred Shares Series 18, at the Bank’s option" L' M9 N' c2 p& \
without the consent of the holder, by the payment of an amount in cash for4 o# O  z: O- k
each such share so redeemed of $25.00 together with all declared and unpaid
* ~+ Y/ m/ ^$ Tdividends to the date fixed for redemption.
- K; u; z* W  Q. i8 e& V* U3 N/ \. `Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic4 n3 ~3 [. W* d) A9 f
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
8 Z7 k' I; [: t9 w9 k) gthe right, at their option, to convert, on February 25, 2014 and on1 L$ w# q9 L: O- u+ W
S-4
8 C* n  q/ t, Q, ~* x$ I4 l& MFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any) ^2 k! z$ {, B/ A+ ?% ^, p# v7 s
or all of their Preferred Shares Series 18 into an equal number of Preferred
" a3 F, E  {  p# LShares Series 19 upon giving to the Bank notice thereof not earlier than
# {: C; H4 v/ \30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
2 L  V8 S5 n; ?% w, Fpreceding, a Series 18 Conversion Date.
5 ?2 q' k$ m3 X% R7 P6 C$ W. CAutomatic Conversion If the Bank determines, after having taken into account all shares tendered# a9 J3 B& y5 s6 I
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
0 w4 ~6 e8 |% I6 ~! S# q3 \Series 19, as the case may be, that there would be outstanding on such" R( y1 U* G2 b* X4 ?( v
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,$ |3 f% D, o9 c7 L% @% Z
such remaining number of Preferred Shares Series 18 will automatically be& k! S, P$ q1 y" u: o! g
converted on such Series 18 Conversion Date into an equal number of
  m) e/ s! a* }% I- {; M8 KPreferred Shares Series 19. Additionally, if the Bank determines that, after8 }9 w2 I1 ?$ I- h! n# Z: [4 Y
conversion, there would be outstanding on such Series 18 Conversion Date
* d6 v9 l. t+ C+ V, ]; P+ W0 Mless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
% V. Y5 o; [! O2 p, MSeries 18 will be converted into Preferred Shares Series 19.+ R' x6 R- q  \: }; O
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
7 R( \6 h* o& z9 E3 C7 BSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
; w! ]8 w) K4 Yany meeting of the shareholders of the Bank unless and until the first time at
$ B  D# m* z( d8 k5 {+ Vwhich the Board of Directors has not declared the whole dividend on the  J; r6 ^& U0 G
Preferred Shares Series 18 in any quarter. In that event, subject as, [$ |/ p8 Z$ W9 k- i
hereinafter provided, the holders of Preferred Shares Series 18 will be
& H( q5 v, ?  [; j  Rentitled to receive notice of, and to attend, meetings of shareholders at which
2 d# ]1 s9 a2 p- Y/ c  p' wdirectors of the Bank are to be elected and will be entitled to one vote for
7 D. [% @: X) k* Aeach Preferred Share Series 18 held. The voting rights of the holders of the, c1 u0 e0 c+ T; h" p
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
5 ^9 _6 L0 ]1 ^  T( Q" f, hthe first dividend on the Preferred Shares Series 18 to which the holders are$ |: \0 ?  W7 K% |" d4 t3 ?
entitled thereunder subsequent to the time such voting rights first arose until3 G+ n3 i# z, B( b( v+ E
such time as the Bank may again fail to declare the whole dividend on the. z, T2 a7 E+ ?, E& S4 L2 Q" W) |4 \
Preferred Shares Series 18 in respect of any quarter, in which event such
" \4 z0 D- Y. d; L9 b( @$ Q& r- Bvoting rights will become effective again and so on from time to time.
- `' D& S: N( `, q8 m. F9 H9 IPrincipal Characteristics of the Preferred Shares Series 19
' j5 ]& q0 U% k  a: T# @6 y. NDividends: The holders of the Preferred Shares Series 19 will be entitled to receive1 L  q) n& Z) Q4 U# T
floating rate non-cumulative preferential cash dividends, as and when- M5 i2 g; }8 u$ y- q! Z* P
declared by the Board of Directors, subject to the provisions of the Bank Act,
& q# B3 B( {# X2 M, f& Q+ xpayable quarterly on the 25th day of February, May, August and November2 D( R3 X# E3 ?2 i4 L- Q; k9 J
in each year, in the amount per share determined by multiplying the
  k1 g- [, G6 P! m5 g; w! fapplicable Quarterly Floating Dividend Rate by $25.00." E' Q2 d5 c% u" j5 K. k
On the 30th day prior to the commencement of the initial quarterly dividend
- O1 }0 \& Y) J0 x  E9 b6 d; Mperiod beginning on February 25, 2014, and on the 30th day prior to the first) N$ F$ S& ^8 F6 q7 I
day of each subsequent quarterly dividend period (the initial quarterly
9 T7 s6 N. ?7 {* U$ b( vdividend period and each subsequent quarterly dividend period is referred to9 a, J# U/ G4 l" g5 V
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the: b" j7 V5 \* L4 X( @) x& h
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate6 ^" U. j/ C* M3 K( b: ]
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
$ A9 V9 f/ a' L; Z. W  k4 |' CT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days2 J$ d$ V& F% ^+ H
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
% s6 K9 @% a, B0 W5 Y3 \% qdetermined on the 30th day prior to the first day of the applicable Quarterly
$ t" ?) C1 r6 vFloating Rate Period.
# [+ G8 g) Y4 B( b2 NS-5
$ j7 a$ ^6 k/ tIf the Board of Directors does not declare a dividend, or any part thereof, on" N7 s, N7 _% J" s
the Preferred Shares Series 19 on or before the dividend payment date for a
4 L2 p& G/ ~4 Z/ J" P* Mparticular quarter, then the entitlement of the holders of the Preferred9 s+ O# V9 S/ e% M, z' F- |, f
Shares Series 19 to receive such dividend, or to any part thereof, for such
  K+ ]4 W) _- z; p  I1 s- I+ c2 ?: Uquarter will be forever extinguished.4 H* E- \- ]/ w6 @4 b$ M( T
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the$ a$ g) W( l3 D0 C8 l% b
Superintendent and to the provisions described below under the heading8 {9 d" m( x% r. m6 J1 a5 X
‘‘Details of the Offering — Certain Provisions of the Preferred Shares% D. j8 L( f- w5 T* ?
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
) @& G" B' b1 r% D% \9 D2 lon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
+ a  j) G- f: `5 w$ _' H7 oor any part of the then outstanding Preferred Shares Series 19, at the Bank’s$ h: w. x  j, }
option without the consent of the holder, by the payment of an amount in# y; u2 A  J0 L( u
cash for each such share so redeemed of (i) $25.00 together with all declared
( b: }7 K' t$ F$ @! A9 t! land unpaid dividends to the date fixed for redemption in the case of
' R) o, V' n; |5 rredemptions on February 25, 2019 and on February 25 every five years! H5 |0 A; B  h. n) {2 E
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
: V2 a3 L. D( ~- R2 `4 ]the date fixed for redemption in the case of redemptions on any other date5 E$ C8 U  b/ C) A7 s% K! t
on or after February 25, 2014.$ @: @3 q+ ~1 S
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic: q; S3 q) V1 ]6 {, |: u
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
8 H& Q, B+ a* g/ N  P# Dthe right, at their option, to convert, on February 25, 2019 and on
7 X7 X* `( U( e! N9 JFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
" {; h* w1 p& }/ U' ]$ |# Sor all of their Preferred Shares Series 19 into an equal number of Preferred+ T% F# O* A1 }+ |9 ]# w; @7 {
Shares Series 18 upon giving to the Bank written notice thereof not earlier1 d9 C; i% ~1 e: t
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
' d" E8 c5 E9 k6 j15th day preceding, a Series 19 Conversion Date.
- t( h0 f4 X/ }* l* y$ IAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
+ E6 t# C7 \6 _9 VProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares0 I5 L" M% S: l# F* q, |; d+ y3 u
Series 18, as the case may be, that there would be outstanding on such' y- X4 [0 ]+ X, }" Y, B
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
6 J9 x4 ]8 t3 N  {4 J! ?1 u- Xsuch remaining number of Preferred Shares Series 19 will automatically be: H) L, }) R6 \# g. p% D' Q
converted on such Series 19 Conversion Date into an equal number of6 d- Q/ B2 n! s' r. V2 ]) x! l1 Z
Preferred Shares Series 18. Additionally, if the Bank determines that, after
2 N: Q* k0 v3 P" H4 {conversion, there would be outstanding on such Series 19 Conversion Date3 y: Y. K; O# n% W, U) o
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
+ N% F" K/ ]5 j+ m2 O( v9 h% jSeries 19 will be converted into Preferred Shares Series 18.
( @: C4 t1 w2 H+ r6 _, DVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
2 B7 z4 Z# q" w8 c# G: eSeries 19 will not be entitled as such to receive notice of, attend, or vote at,) C6 L8 N' x' z3 W. X; P
any meeting of the shareholders of the Bank unless and until the first time at; O! l/ o& O7 S( _/ C6 F& s5 C
which the Board of Directors has not declared the whole dividend on the6 `( B7 j5 W4 ~) X/ S
Preferred Shares Series 19 in any quarter. In that event, subject as
* S1 x. E0 e6 E. T% ]4 j2 uhereinafter provided, the holders of Preferred Shares Series 19 will be
' R6 Q# ~% B" ^6 D' N* w7 @entitled to receive notice of, and to attend, meetings of shareholders at which
$ f% S* `, i" _directors of the Bank are to be elected and will be entitled to one vote for8 ]) H: x4 b# N7 K7 c
each Preferred Share Series 19 held. The voting rights of the holders of the3 G2 |9 C3 [) s" D' H5 p0 V
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of3 _6 A1 H5 `6 X3 _. j+ C0 ?  h; ]
the first dividend on the Preferred Shares Series 19 to which the holders are5 C! \$ U) v. k& P* l- K6 z
entitled thereunder subsequent to the time such voting rights first arose until' d4 q9 d5 W4 O. `6 M$ r: V3 ?  k. s
such time as the Bank may again fail to declare the whole dividend on the
! r# I. K; V! [1 j, n+ OPreferred Shares Series 19 in respect of any quarter, in which event such
; ^" P9 f3 M" T8 `1 C5 @5 D4 Kvoting rights will become effective again and so on from time to time.
! j/ W# m3 H4 g+ GS-6) H6 G4 ?, h* E3 B, J6 R! e5 g
Priority: The preferred shares of each series of the Bank will rank on a parity with
4 H/ T" Y/ p9 h: Yevery other series and are entitled to preference over the common shares of8 a, W( n" b* J% E$ I/ j
the Bank and over any other shares of the Bank ranking junior to the1 Q& ~, t! H  g$ J$ Y  q
preferred shares with respect to the payment of dividends and upon any. j+ X  k/ y. b) h- {* x# O  u
distribution of assets in the event of the liquidation, dissolution or+ Y. u: `1 S+ ?: b- z+ I* ]
winding-up of the Bank.
' R2 M+ f, x% [Tax on Preferred Share The Bank will elect, in the manner and within the time provided under- Y% w, K) a2 R( P
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares7 x) B1 O1 M# I& Z' i8 d( t4 u
Series 18 and Preferred Shares Series 19 will not be required to pay tax on1 N' x. q% _  H; P, i) p1 L
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。- D5 d) W. M3 ~5 ]6 m
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

) S$ ]! Y9 k6 \* q9 Z
* W& Z# P0 B) y" E4 B下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
5 ]" t- `3 P1 f# i5 F% I7 [! U
+ B% V: Y2 O+ o0 m1 `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。
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