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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。. S" `4 i4 \% Z& f2 ~1 ?1 _# }
( J$ B" |9 @0 _  r, l

# Q$ y8 Y: B# ]6 U0 C  U$ J[ 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:
/ H5 h$ N7 w6 e) e* Q; o) OSUMMARY OF THE OFFERING( `& {# Y3 B. c$ x3 O
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’’.
6 P* u* i' z# n  j  n: L3 [* RIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
$ S. g2 j% h; q! y& RAmount: $150,000,000 (6,000,000 shares).
3 p- S# O+ U' {8 OPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
& I, I9 P  H! j" e  j. p4 _Principal Characteristics of the Preferred Shares Series 18  s0 r. ?% J7 {$ H
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
: H+ r* {4 _$ s" {' snon-cumulative preferential cash dividends, as and when declared by the2 {6 G. w/ w9 F0 ?$ U7 [8 y
Board of Directors, subject to the provisions of the Bank Act, for the initial
7 w9 Q" g3 `) \7 S2 `period commencing on the closing date and ending on and including0 f+ ?" ^3 L1 x+ g" {3 F
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the- z0 a% e8 W9 n  ^0 t7 N5 b
25th day of February, May, August and November in each year, at a rate, T* ]9 d- U& Z: c* P
equal to $0.40625 per share. The initial dividend, if declared, will be payable
7 j. e% i8 B& N# U. l3 @May 25, 2009 and will be $0.73459 per share, based on the anticipated closing9 h! F; [1 r1 _' M- u
date of December 11, 2008., p7 x7 w9 F- E& w" i" L
For each five-year period after the Initial Fixed Rate Period (each, a
! l. E% h# d- u- Q5 f‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares: l8 D" @! I- T$ G7 ~& r7 }' p
Series 18 will be entitled to receive fixed non-cumulative preferential cash4 @* `. x+ P! ], R) X; Z5 j. h0 P
dividends, as and when declared by the Board of Directors, subject to the
. k& D0 N' [( s% Eprovisions of the Bank Act, payable quarterly on the 25th day of February,1 d1 V( L* ~4 Y7 X
May, August and November in each year, in the amount per share per annum
' n$ ?% t. V, }" ?' ddetermined by multiplying the Annual Fixed Dividend Rate applicable to6 N4 G7 `+ _7 \& J4 }$ V
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend9 M) K0 T$ I4 k
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
: i% s: u! h3 i/ _+ {( NBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day& {5 z. t4 \. G: @7 h8 \8 @
of such Subsequent Fixed Rate Period and will be equal to the sum of the3 {& P1 }* F; q8 V, b
Government of Canada Yield on the applicable Fixed Rate Calculation Date
4 E* v/ a  b" x! ~plus 3.83%.
, Q: y. k+ w; D7 aIf the Board of Directors does not declare a dividend, or any part thereof, on
4 a- O- Z* `  ^) a# c: Rthe Preferred Shares Series 18 on or before the dividend payment date for a
% L4 E( S) B  q# F0 cparticular quarter, then the entitlement of the holders of the Preferred: ]* M! \1 H7 I2 q2 P7 H# |
Shares Series 18 to receive such dividend, or to any part thereof, for such
/ D0 H$ W2 j# o+ Z" P) Nquarter will be forever extinguished.5 Y1 b3 d# S) R/ v
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the# w& e- s# N1 n: j3 k( G+ O* ^" o
Superintendent and to the provisions described below under ‘‘Details of the0 B* [0 y/ B+ s2 m
Offering — Certain Provisions of the Preferred Shares Series 18 as a3 }5 c" R6 T& `8 D2 g
Series — Restrictions on Dividends and Retirement of Shares’’, on
+ }- ^; W6 N1 T4 G% Q3 f7 I/ l5 p) YFebruary 25, 2014 and on February 25 every five years thereafter, on not
. c3 ~5 R2 D6 ~8 x8 X9 {2 z6 N+ Cmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any  R+ i6 P+ Q& M
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
1 [! N+ S+ o) R! [3 Q3 p6 s- Mwithout the consent of the holder, by the payment of an amount in cash for
0 p2 k0 ^3 L' k. v( D1 yeach such share so redeemed of $25.00 together with all declared and unpaid
' A7 @4 u* N1 R9 n1 T2 y$ X% ]. v% pdividends to the date fixed for redemption.: c5 w0 h  I& n- Z$ r8 j
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
6 x4 _+ r) X) G+ p9 rShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have+ Y( P+ {/ k# V) V
the right, at their option, to convert, on February 25, 2014 and on2 Y. q4 B: f, s; R
S-4
6 e0 r6 k' V# S  NFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any* ~7 D6 q3 F/ V. Y9 g9 N( H0 W0 g
or all of their Preferred Shares Series 18 into an equal number of Preferred1 Q+ I7 I& N  L: k  t7 T) r/ M
Shares Series 19 upon giving to the Bank notice thereof not earlier than# p$ g0 p4 X3 `& M
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
) o8 T' Z, t) P9 s' |2 G* {; y2 R, jpreceding, a Series 18 Conversion Date.
7 k4 K: u, y! ^. c  SAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
! r+ q& ^. E+ f; B/ a0 OProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
; v7 k" x+ z. u( }9 LSeries 19, as the case may be, that there would be outstanding on such
1 m# P1 _9 ~2 e3 k* b. rSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,( ?) P5 m7 g% p* j
such remaining number of Preferred Shares Series 18 will automatically be
, m- U3 W/ E" s4 E% i8 M2 o5 R) T$ Mconverted on such Series 18 Conversion Date into an equal number of" r" R- t3 F* A, n) E
Preferred Shares Series 19. Additionally, if the Bank determines that, after; k! Z' \4 m7 T, M
conversion, there would be outstanding on such Series 18 Conversion Date
! b2 e9 Y/ E- k# Sless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares5 |& e2 ~: c# y& _
Series 18 will be converted into Preferred Shares Series 19.* k* Q4 s/ ?! Z0 ~, y
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares9 }9 g- \% B! J6 M
Series 18 will not be entitled as such to receive notice of, attend, or vote at," _- Y4 Z0 r1 U4 e3 U0 ~; ]2 }
any meeting of the shareholders of the Bank unless and until the first time at; B' |: v0 X) s$ B( o$ e( K
which the Board of Directors has not declared the whole dividend on the9 p  l5 f" K  q, [4 o
Preferred Shares Series 18 in any quarter. In that event, subject as4 ?6 ]/ Q/ ^+ w- P
hereinafter provided, the holders of Preferred Shares Series 18 will be. f1 c* P( M- r" N8 s& y- r
entitled to receive notice of, and to attend, meetings of shareholders at which
2 p* m: z1 j8 D0 W2 U; pdirectors of the Bank are to be elected and will be entitled to one vote for
( l% m, }5 m9 l7 neach Preferred Share Series 18 held. The voting rights of the holders of the
' V; \( W- H$ x$ G( p. M! ?Preferred Shares Series 18 will forthwith cease upon payment by the Bank of% s2 u* x) @0 w$ @+ B
the first dividend on the Preferred Shares Series 18 to which the holders are# s1 }4 k7 |. y. z& ?& M$ \
entitled thereunder subsequent to the time such voting rights first arose until
8 N! \$ ^. A! R, ?0 ^6 {3 Z  Tsuch time as the Bank may again fail to declare the whole dividend on the
) T) b1 X7 _3 f1 NPreferred Shares Series 18 in respect of any quarter, in which event such
$ i) @6 w  w/ W( l$ Jvoting rights will become effective again and so on from time to time.
2 I% @) `  ]8 k( Z! j& _3 KPrincipal Characteristics of the Preferred Shares Series 19
0 N# P( t# b# r9 F* yDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
7 |$ b9 ?8 J. D4 z7 d0 m$ bfloating rate non-cumulative preferential cash dividends, as and when" d1 ], k' t" u/ G* J8 J! ^
declared by the Board of Directors, subject to the provisions of the Bank Act,
6 a8 |' _( G+ _% g$ Tpayable quarterly on the 25th day of February, May, August and November" b9 m( C; U$ w( @; O, y
in each year, in the amount per share determined by multiplying the
* X+ Y1 W  e9 O' l7 A" zapplicable Quarterly Floating Dividend Rate by $25.00./ P4 Q2 @- Q  Y# l. B
On the 30th day prior to the commencement of the initial quarterly dividend/ C! L; n  c; D
period beginning on February 25, 2014, and on the 30th day prior to the first
1 a. J) w( x& _3 n. P$ ^day of each subsequent quarterly dividend period (the initial quarterly
+ n3 B& d' @2 P7 G: G- ^* pdividend period and each subsequent quarterly dividend period is referred to
$ b0 ^% ~6 o  b, V* x- `! k$ Xas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
' \/ R, K" O' u* V1 O4 RQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate# B) W3 t" c( F. N1 G9 Y  k
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
+ V9 a+ p0 @6 [5 ?! K; \T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
0 U2 c3 g9 `) x9 n5 qelapsed in the applicable Quarterly Floating Rate Period divided by 365)
$ p8 u# O1 B* K. fdetermined on the 30th day prior to the first day of the applicable Quarterly
$ A+ K; Y4 f! d$ p6 }! }Floating Rate Period.& Y; p. [- j: {8 V1 R& ^
S-52 N' j7 a' q; M9 Y" _$ K* Q" E
If the Board of Directors does not declare a dividend, or any part thereof, on5 n$ E0 s+ l  {2 b8 ^6 p. k! s  P
the Preferred Shares Series 19 on or before the dividend payment date for a- i3 C; Z3 W$ V+ C. G" L/ k
particular quarter, then the entitlement of the holders of the Preferred, j4 u# _/ f, N3 |2 j# U( U) j1 l
Shares Series 19 to receive such dividend, or to any part thereof, for such' t  n3 {; l( g6 m3 B9 A0 m( V
quarter will be forever extinguished.
5 J- C  N) e8 z  G: ]1 X0 M9 dRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
$ A1 K1 W  o' [+ M+ P8 }: `$ r5 WSuperintendent and to the provisions described below under the heading
* x7 X, O2 f! q2 {; z‘‘Details of the Offering — Certain Provisions of the Preferred Shares' M! ?* f& U; T/ v5 f# g/ ]
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
' e# R/ k4 }8 A; q- R7 Jon not more than 60 nor less than 30 days’ notice, the Bank may redeem all5 t- w" k4 S4 C
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s8 o, r* m5 L/ H$ Y+ Q6 S3 J+ ?2 d
option without the consent of the holder, by the payment of an amount in- B0 j7 p0 S" R$ n$ T" T
cash for each such share so redeemed of (i) $25.00 together with all declared# m* n  @- S) i
and unpaid dividends to the date fixed for redemption in the case of5 P& o: K  ~2 r  O2 k
redemptions on February 25, 2019 and on February 25 every five years2 H: N! @) [: b6 U0 \$ x
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to8 u- G' K% M6 }
the date fixed for redemption in the case of redemptions on any other date
: ^: b% Z; l' c& K7 xon or after February 25, 2014.) O& d3 u7 d- J3 Q. H
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
0 Q0 |. D% R0 O6 VShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have! w) W; G  h1 ~$ C/ u
the right, at their option, to convert, on February 25, 2019 and on
; v" h+ M( g! ^February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any& z4 j4 k7 ~+ R! e+ v/ V
or all of their Preferred Shares Series 19 into an equal number of Preferred
- f- d4 {0 i3 ?6 X/ `Shares Series 18 upon giving to the Bank written notice thereof not earlier$ N+ A8 a1 S. x; `0 k" l4 ^
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
" N& s  ?" ~1 c8 m& s( X15th day preceding, a Series 19 Conversion Date.
; d3 D! L. w8 t/ P0 kAutomatic Conversion If the Bank determines, after having taken into account all shares tendered5 w" k9 Z& M/ k# r
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
% C) w  G& ]$ X- LSeries 18, as the case may be, that there would be outstanding on such
: M" `, j; m6 J0 T1 A* v9 nSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,. _, U/ S: ~  n+ X9 G
such remaining number of Preferred Shares Series 19 will automatically be/ i/ S# I1 k% q2 N1 d
converted on such Series 19 Conversion Date into an equal number of3 B, |4 V1 Y8 d3 m" z2 ?
Preferred Shares Series 18. Additionally, if the Bank determines that, after
. e: z( l0 \! `& c8 G* W. cconversion, there would be outstanding on such Series 19 Conversion Date3 E: r; S7 Z9 T' ]! F6 o& ]+ [
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
- B2 C& u6 ]& B# y$ B4 m9 f; NSeries 19 will be converted into Preferred Shares Series 18./ S5 G) R. |# o4 x9 e/ B
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares  {8 }3 P+ P. V/ H' [5 n
Series 19 will not be entitled as such to receive notice of, attend, or vote at,2 {. o/ ]) H8 I9 V; x2 A; [- g
any meeting of the shareholders of the Bank unless and until the first time at
% b- I% l- @5 v$ n+ wwhich the Board of Directors has not declared the whole dividend on the' M- D9 F3 I1 a/ w/ }+ E
Preferred Shares Series 19 in any quarter. In that event, subject as  w& S. k9 p9 f3 l
hereinafter provided, the holders of Preferred Shares Series 19 will be
6 U/ b* S! p) ?) B5 y& V* L, U) u1 Yentitled to receive notice of, and to attend, meetings of shareholders at which
( g( V# ^. b) z2 `directors of the Bank are to be elected and will be entitled to one vote for) `/ l3 a% H" ~5 @5 w$ W' i0 c" R' W
each Preferred Share Series 19 held. The voting rights of the holders of the% v: ~9 ?& J: g, R
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
0 ~/ D+ p0 o8 o8 T3 y5 u3 G2 i0 ithe first dividend on the Preferred Shares Series 19 to which the holders are% w. {0 H" ]  w, {  N% s! I
entitled thereunder subsequent to the time such voting rights first arose until3 t1 J1 ?4 u) H/ v2 _
such time as the Bank may again fail to declare the whole dividend on the
4 H9 G8 {( Y, ?# GPreferred Shares Series 19 in respect of any quarter, in which event such; e: _5 N9 K+ P6 ^+ A
voting rights will become effective again and so on from time to time.
/ V9 B4 S/ i9 T4 ]7 Z5 f8 l& d* ES-6  c0 B+ C3 Q1 p% W1 Y
Priority: The preferred shares of each series of the Bank will rank on a parity with
+ ^: `9 v8 E) y/ G3 v9 P. x! qevery other series and are entitled to preference over the common shares of
6 k& w6 Q( G4 H1 C8 Y1 l7 F" m0 Vthe Bank and over any other shares of the Bank ranking junior to the
. F7 V. z) L: ^0 ?preferred shares with respect to the payment of dividends and upon any
, I: {# X1 Z# T2 R' ^distribution of assets in the event of the liquidation, dissolution or
' k, B' H% Q5 {3 A0 s1 d3 nwinding-up of the Bank.
7 `% n( c, i) T# k; _2 L7 xTax on Preferred Share The Bank will elect, in the manner and within the time provided under3 y. U$ o- j0 e+ Y" G
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
4 {! V9 C: Y$ OSeries 18 and Preferred Shares Series 19 will not be required to pay tax on! z* e4 x1 J3 b7 j9 Q$ i
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。
$ x# q3 ~& S- C9 T/ c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

  b, d7 a8 d* H; r9 _$ g* _
7 Z2 S: }* @. C6 T7 E1 I! _% z  [9 x下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。- s4 Q( {3 t) W  O- t) Q1 U9 s

0 I) X  y1 y8 ]2 O2 w& jcall 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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