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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。
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0 ~4 z2 E" I% k. z0 ~3 P) r[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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 楼主| 发表于 2008-11-29 16:58 | 显示全部楼层
下面是BMO的:
2 e% S3 X7 M) z( {SUMMARY OF THE OFFERING$ \" P" o/ U/ p+ K7 {; 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’’.
$ f/ s/ N! o1 LIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.8 q3 W- {- F( G; U0 ]% [1 d* Q
Amount: $150,000,000 (6,000,000 shares).
* n& B! o, {( r- I$ [+ }, PPrice and Yield: $25.00 per share to yield initially 6.50% per annum.4 g' _) v7 Y& \3 D: m, q
Principal Characteristics of the Preferred Shares Series 18
; m4 D) ^/ e4 v9 ~& IDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed4 D3 E5 G8 d( l! t
non-cumulative preferential cash dividends, as and when declared by the( P( [: r# T7 u& ]6 a# s! ]' _  k
Board of Directors, subject to the provisions of the Bank Act, for the initial  J+ a. d+ y- y* ^/ s/ [: {
period commencing on the closing date and ending on and including" K7 d6 p+ ^2 c0 N. ]
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
4 f9 @* `# O6 X25th day of February, May, August and November in each year, at a rate
8 m! l# a: i" ~) d6 Qequal to $0.40625 per share. The initial dividend, if declared, will be payable
$ E$ s% d6 v6 R% R! KMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
0 d' h0 L  S. L9 q% fdate of December 11, 2008.
  T7 f# X7 c& B( G7 B1 \For each five-year period after the Initial Fixed Rate Period (each, a
$ I- i0 I7 ?; g- J; w‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
# L# Y! E/ [7 c7 N9 w. W6 U! D7 TSeries 18 will be entitled to receive fixed non-cumulative preferential cash% M* X* \6 A( v4 c9 }! _6 G8 m
dividends, as and when declared by the Board of Directors, subject to the
1 y5 F8 Y, A1 j4 A& I% q- gprovisions of the Bank Act, payable quarterly on the 25th day of February,
( T+ ^+ j- Y2 U6 h# B# z8 ]May, August and November in each year, in the amount per share per annum
  P8 S4 s6 t6 J0 d$ f9 pdetermined by multiplying the Annual Fixed Dividend Rate applicable to$ B, n8 D  J1 s' E+ [/ R' _
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend7 K1 D  j  S$ R. O' P$ k/ D
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the% b& Q$ r/ H4 ~# B: y  ]
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
( [' h- u' R& }of such Subsequent Fixed Rate Period and will be equal to the sum of the
8 E& x' m8 y2 I1 @# DGovernment of Canada Yield on the applicable Fixed Rate Calculation Date' X" O( R8 E. j2 x! u  j
plus 3.83%.
. e( w0 w& C) y3 r2 J7 ~If the Board of Directors does not declare a dividend, or any part thereof, on
* O+ {: n3 b2 h1 h+ cthe Preferred Shares Series 18 on or before the dividend payment date for a. ]& ]& l0 k; x
particular quarter, then the entitlement of the holders of the Preferred
  V4 a" `) ~2 \) ~Shares Series 18 to receive such dividend, or to any part thereof, for such3 J, _5 W0 ]9 }- U" p
quarter will be forever extinguished.
- \% t4 B. [  I$ }9 ~Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
; ]9 a% j6 G! e! \0 ISuperintendent and to the provisions described below under ‘‘Details of the5 o% \- E0 I7 c/ }" i
Offering — Certain Provisions of the Preferred Shares Series 18 as a! {$ u+ M* a8 g- C- H4 m! q
Series — Restrictions on Dividends and Retirement of Shares’’, on
( X. C0 c* ^( }$ eFebruary 25, 2014 and on February 25 every five years thereafter, on not
' D9 w& A+ ?* L' M! [more than 60 nor less than 30 days’ notice, the Bank may redeem all or any5 d7 b1 ?6 E( Y  N1 ^
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
' t" {8 N" [% T. G& |1 V. W% Iwithout the consent of the holder, by the payment of an amount in cash for* t) G% B. P" K, c
each such share so redeemed of $25.00 together with all declared and unpaid
- S/ B% r7 y5 @; F+ R# u* u  ?6 P- P4 {dividends to the date fixed for redemption.
5 N+ ~. ~9 p8 qConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
" t- F1 x4 e' |4 _$ C: B  D- PShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have$ G3 q& _# f' m7 t9 L) b" m9 J
the right, at their option, to convert, on February 25, 2014 and on3 V5 s" Z1 x/ u4 h) h! `3 p" C' J
S-4# S% L( Z9 V  ^  W
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
3 g" @" p* `5 j0 d9 {3 e- g* h9 Qor all of their Preferred Shares Series 18 into an equal number of Preferred
0 d; G7 R9 I- ?' _Shares Series 19 upon giving to the Bank notice thereof not earlier than
- \. ~' L+ Q8 o: Z8 L# j1 e30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
1 @, f0 M/ e0 f0 bpreceding, a Series 18 Conversion Date.2 P: b9 {/ y* h1 H! c# f
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
9 j1 s4 {& _" d# l8 u* rProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
$ v# ~4 i; J* @% T; WSeries 19, as the case may be, that there would be outstanding on such
2 i  _8 j( a1 V# U+ J! _9 ESeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,) L. g- b; _* F+ A
such remaining number of Preferred Shares Series 18 will automatically be
) W6 F" B% T5 D5 m& c( ]converted on such Series 18 Conversion Date into an equal number of
9 ^9 ^/ M; Q1 v0 N! {- F$ O% APreferred Shares Series 19. Additionally, if the Bank determines that, after- b6 D7 W2 e0 t% _
conversion, there would be outstanding on such Series 18 Conversion Date& q. X8 z: {$ {3 C
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares( O9 l% \; Z9 {# ^
Series 18 will be converted into Preferred Shares Series 19.- R5 S8 H& X3 B! F7 h7 z
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
& K9 r* Y3 y' C$ |  f0 x' Q; BSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
8 ~. {  X0 X0 ^- [2 T, Q# many meeting of the shareholders of the Bank unless and until the first time at
* M4 l; M& T6 z0 q% Q/ j0 Gwhich the Board of Directors has not declared the whole dividend on the
1 ^# ^/ b; @- \+ vPreferred Shares Series 18 in any quarter. In that event, subject as9 E7 o4 X$ s# f0 E
hereinafter provided, the holders of Preferred Shares Series 18 will be+ g. m9 d& N) P4 n5 ]9 }) T! _$ ^: E7 F
entitled to receive notice of, and to attend, meetings of shareholders at which: z' B6 [0 r) Z
directors of the Bank are to be elected and will be entitled to one vote for
5 l" D* \7 M8 d, Weach Preferred Share Series 18 held. The voting rights of the holders of the
  s% N) w2 ?6 H* tPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
+ R3 w+ @7 p! S, \* qthe first dividend on the Preferred Shares Series 18 to which the holders are3 C8 x: N# `9 d+ b- U
entitled thereunder subsequent to the time such voting rights first arose until5 I. t7 t5 `8 Q: d' N
such time as the Bank may again fail to declare the whole dividend on the/ m, V+ ?  b1 w8 ]3 p
Preferred Shares Series 18 in respect of any quarter, in which event such
  b4 {+ j9 x0 Kvoting rights will become effective again and so on from time to time.
5 @$ q* k5 I9 LPrincipal Characteristics of the Preferred Shares Series 19
; e2 p' v9 ^7 L8 r  x* T7 HDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
; O$ e' E4 j) O. u! hfloating rate non-cumulative preferential cash dividends, as and when
1 `. ]4 w& F( E" d  Zdeclared by the Board of Directors, subject to the provisions of the Bank Act,  f* q; v4 Z; Y" ?, z
payable quarterly on the 25th day of February, May, August and November2 c1 U/ B8 F* x( R* Z7 O
in each year, in the amount per share determined by multiplying the
9 N9 ?4 V+ ?! d# e: ?applicable Quarterly Floating Dividend Rate by $25.00.
! w' V0 j3 U! q( {: DOn the 30th day prior to the commencement of the initial quarterly dividend
; [$ l5 N! v/ xperiod beginning on February 25, 2014, and on the 30th day prior to the first
! n1 M9 L% o! I0 gday of each subsequent quarterly dividend period (the initial quarterly6 W5 B3 ]3 V/ z' k
dividend period and each subsequent quarterly dividend period is referred to
5 C9 O  z( [; d5 j3 d5 U4 I4 H0 xas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the. ]) ]& d' ?; o, J  Z
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate2 Z, ]( x2 y. q3 p3 G, V# [
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the) U  a# w) |9 Z& t: H3 {3 |+ z" ^
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
" B8 j& W# ?* m/ P! g- B7 }elapsed in the applicable Quarterly Floating Rate Period divided by 365)# |: p9 e- _9 Q
determined on the 30th day prior to the first day of the applicable Quarterly
+ `7 w2 g/ f  u9 \2 U3 sFloating Rate Period.
( O$ Z& Z9 |% MS-58 N! c/ _: i8 q4 O& P5 U: h
If the Board of Directors does not declare a dividend, or any part thereof, on3 y" T9 i# X* S
the Preferred Shares Series 19 on or before the dividend payment date for a" h! @3 ~5 s8 E2 i9 N
particular quarter, then the entitlement of the holders of the Preferred; K* V! J( ~* t
Shares Series 19 to receive such dividend, or to any part thereof, for such
  ~. }6 |6 g. Qquarter will be forever extinguished.4 S" [; r) _4 J  E
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the4 D3 b& W5 Z; [  M: T- O* l/ X
Superintendent and to the provisions described below under the heading
% b6 j- J; t- j* B( r% d‘‘Details of the Offering — Certain Provisions of the Preferred Shares9 ~. c' v9 p% c2 q9 i( H% U
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,1 d! V0 }; T+ Z( Z: k  r' v5 q
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all0 x% g1 M4 s! |" s
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
+ \- d4 |4 @! I1 }  K1 goption without the consent of the holder, by the payment of an amount in
% k4 F9 q6 r( {3 G/ ecash for each such share so redeemed of (i) $25.00 together with all declared: h: o, a& _4 V1 K
and unpaid dividends to the date fixed for redemption in the case of
) x8 m- E! l0 k: V* oredemptions on February 25, 2019 and on February 25 every five years
" e6 U9 U) X  ]2 h" Vthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
$ a! |) M  N5 cthe date fixed for redemption in the case of redemptions on any other date0 Y% a: ^# A! ~3 H; t
on or after February 25, 2014.& c2 N0 Y2 d) j
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
9 t4 n1 {5 e/ h! I5 r! [Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
% V5 q6 U- L6 D7 z- Athe right, at their option, to convert, on February 25, 2019 and on/ S, y4 }/ A0 D* v) q
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
, _- V# q2 v- Jor all of their Preferred Shares Series 19 into an equal number of Preferred
1 z' A( }2 R3 K3 YShares Series 18 upon giving to the Bank written notice thereof not earlier* H% N4 m/ }! q" k
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
& G. n: ?" Y& i, C% {15th day preceding, a Series 19 Conversion Date.
3 S3 A  @3 A, ]3 @7 W6 OAutomatic Conversion If the Bank determines, after having taken into account all shares tendered- Q, ^3 t% A) y) N* R
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares; U0 L- X2 Q# c6 K
Series 18, as the case may be, that there would be outstanding on such& y0 T, q( {. Z# p$ a0 x" x
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,5 `& U' G* k2 s, E/ g
such remaining number of Preferred Shares Series 19 will automatically be- |2 G5 |5 `( j( l7 t, b" L
converted on such Series 19 Conversion Date into an equal number of
- i/ z5 ?; P& ]  ~: QPreferred Shares Series 18. Additionally, if the Bank determines that, after
2 y* `" U. s9 @1 ?7 i# Y3 Econversion, there would be outstanding on such Series 19 Conversion Date
, q7 q* t" F8 o7 [/ B- oless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares' L6 p, S8 u7 S8 G
Series 19 will be converted into Preferred Shares Series 18.5 c+ ?8 x. S( `& V0 m  @
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
4 @$ a, Q, W; L) ^" f! b$ }$ v4 r/ iSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
3 f8 ]. b0 `+ q( Q1 {any meeting of the shareholders of the Bank unless and until the first time at
0 z* b0 e9 B' `0 o& A9 Kwhich the Board of Directors has not declared the whole dividend on the  G( v. b5 Z: _! ^# `
Preferred Shares Series 19 in any quarter. In that event, subject as
6 ]7 `/ m5 b, M$ s; ]hereinafter provided, the holders of Preferred Shares Series 19 will be# M% w9 ?/ O0 e/ |, k4 Y/ o
entitled to receive notice of, and to attend, meetings of shareholders at which4 _* `& p7 S6 i9 _
directors of the Bank are to be elected and will be entitled to one vote for
) k  N; Y: A! h' Q1 F, `2 beach Preferred Share Series 19 held. The voting rights of the holders of the
, k$ n" ^$ u, K. sPreferred Shares Series 19 will forthwith cease upon payment by the Bank of0 r* E* a. w! h1 {8 \* n9 v
the first dividend on the Preferred Shares Series 19 to which the holders are
8 t( C, u% c% jentitled thereunder subsequent to the time such voting rights first arose until
9 Z3 q0 o/ C. K* c# }6 s5 L+ b: ~# f. }such time as the Bank may again fail to declare the whole dividend on the
+ `, R" T, s$ s+ }' A* i) aPreferred Shares Series 19 in respect of any quarter, in which event such) V* u- @% H" X$ I( m
voting rights will become effective again and so on from time to time.9 N' @$ U2 w+ l
S-6
6 v9 X+ @& l: gPriority: The preferred shares of each series of the Bank will rank on a parity with
7 D5 N: g# s8 N& d5 j' a$ Xevery other series and are entitled to preference over the common shares of' t  }, O% F, I9 y. B2 s
the Bank and over any other shares of the Bank ranking junior to the8 n9 q# E: }4 B" z5 ]" h. N
preferred shares with respect to the payment of dividends and upon any
) Y/ [1 }3 O3 E  J4 zdistribution of assets in the event of the liquidation, dissolution or
% i5 ~/ P4 L7 A7 q) t* Bwinding-up of the Bank.0 ?9 \4 Y7 f" O& K
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
5 J# g" x4 v  n$ v1 s  NDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares: K" P9 F& ^6 G
Series 18 and Preferred Shares Series 19 will not be required to pay tax on; l, A, w0 n; l9 F) O
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。1 u! r- n# H+ ?4 _5 y+ y! n( j
今天讲座如何?
理袁律师事务所
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
3 |. d! G) K6 P7 v2 T

3 u+ _5 V8 w+ p( N下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。; f& F7 L& x! O
! s8 }' A2 {: G- W7 g1 N( I- {
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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