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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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[ 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:
  u3 |* R+ q1 l# O. h+ s' GSUMMARY OF THE OFFERING: f9 i9 m. ^* s, t
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’’.# O5 H8 I; X4 M" j$ A
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
! }: @+ v& k7 G1 v9 `7 J) LAmount: $150,000,000 (6,000,000 shares).
+ O. b1 `2 c) JPrice and Yield: $25.00 per share to yield initially 6.50% per annum.! P$ @7 k5 z; G
Principal Characteristics of the Preferred Shares Series 18; x- w% y! ]7 Z
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed' i1 O; X6 {$ Y. Z
non-cumulative preferential cash dividends, as and when declared by the+ a6 `& s. b$ a/ B) u+ |
Board of Directors, subject to the provisions of the Bank Act, for the initial% B: y) Z9 O; m) P
period commencing on the closing date and ending on and including& ?% e  j. I6 y0 Y
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
% n" F+ V( ~3 U4 m1 q) Q1 Z25th day of February, May, August and November in each year, at a rate0 @, ~8 w+ s& @0 e" R
equal to $0.40625 per share. The initial dividend, if declared, will be payable9 E6 ]* I7 Z& @5 y$ N+ T2 ?( y
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
2 ?* ]# V8 j# o0 kdate of December 11, 2008.
' [: Q. B( I: A* v0 p2 {9 GFor each five-year period after the Initial Fixed Rate Period (each, a
6 ^) `# d, a2 ]+ U‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
" l6 ]5 m% O+ M+ |# x9 USeries 18 will be entitled to receive fixed non-cumulative preferential cash
  w$ [2 X3 b" k# J% F6 X5 cdividends, as and when declared by the Board of Directors, subject to the
1 @+ w6 u2 U4 D6 Dprovisions of the Bank Act, payable quarterly on the 25th day of February,
) }3 m  \# H- i4 n/ RMay, August and November in each year, in the amount per share per annum- V6 f9 @: b  F. |9 C1 }
determined by multiplying the Annual Fixed Dividend Rate applicable to$ ?0 G4 [. B( d) W5 _
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend2 k, m' N, D- Z0 u5 V* r+ Z
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
0 i6 }5 o. \3 K  k- [9 F8 iBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day7 v/ v- s8 V4 F. j# J; H
of such Subsequent Fixed Rate Period and will be equal to the sum of the/ E" R# L$ F) b8 i+ P1 V
Government of Canada Yield on the applicable Fixed Rate Calculation Date
1 M6 u/ n& A  V" a! Dplus 3.83%.% Y6 r5 @7 P5 y4 j5 w4 V7 G# ~% h# K
If the Board of Directors does not declare a dividend, or any part thereof, on
. s; V1 h' W6 L& c( gthe Preferred Shares Series 18 on or before the dividend payment date for a7 r7 I' \! y" U2 c% {, d
particular quarter, then the entitlement of the holders of the Preferred9 v- M  [; y4 V3 H) ?
Shares Series 18 to receive such dividend, or to any part thereof, for such
/ h' i- m; O7 p* V* mquarter will be forever extinguished.; u1 i! l! a& f& q
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
1 U* \( H  ^& t! B0 \& T7 ^Superintendent and to the provisions described below under ‘‘Details of the6 l$ O. o( h" C( Y; K# ^
Offering — Certain Provisions of the Preferred Shares Series 18 as a
3 }! i- K; y5 Y5 x$ U; K1 vSeries — Restrictions on Dividends and Retirement of Shares’’, on3 @4 D8 n; u8 B* x# O0 O# ^
February 25, 2014 and on February 25 every five years thereafter, on not& {, C" L5 x2 B4 q7 O, e8 u' D& ?
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
( U/ N* |/ y) Wpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
8 U9 H! N! G4 f' Lwithout the consent of the holder, by the payment of an amount in cash for
: C% _3 N$ }6 V: Q: S* oeach such share so redeemed of $25.00 together with all declared and unpaid) l: T% D  p+ K+ S; X5 ^. s# N- _
dividends to the date fixed for redemption.5 ?  Z; x3 Q4 @* w
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic- m) c' }( A% a4 ~( r
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
" R+ L0 D# F7 Q5 Athe right, at their option, to convert, on February 25, 2014 and on  f8 H: F- a$ o9 q) J# T2 c8 s6 Q" R( P
S-45 E/ S1 `8 f0 U& k: G
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any# g; E! M' R2 [; F0 o
or all of their Preferred Shares Series 18 into an equal number of Preferred
* W, Y1 j' @- J1 C* JShares Series 19 upon giving to the Bank notice thereof not earlier than6 s  ?: c9 ^3 S
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day  D) K6 U1 I( g5 C4 r
preceding, a Series 18 Conversion Date., |& J( Y- ^& o* Y
Automatic Conversion If the Bank determines, after having taken into account all shares tendered( N: ~1 C( t( p9 q9 b7 }
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares+ Q) x" O+ }* W1 f( C+ r
Series 19, as the case may be, that there would be outstanding on such  M2 L, w6 k) z8 p, z) b) k" P
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,. ^7 ~. |/ e; u9 H6 j, T. Y
such remaining number of Preferred Shares Series 18 will automatically be
' b. l) Y" U2 b  U; b3 u) Lconverted on such Series 18 Conversion Date into an equal number of/ K, r4 A* R+ I( Y  L
Preferred Shares Series 19. Additionally, if the Bank determines that, after
/ G  ~% Y6 w, W4 M5 aconversion, there would be outstanding on such Series 18 Conversion Date
. \! ?" t/ S8 lless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
: |' ?. N' x3 F+ J6 Y* DSeries 18 will be converted into Preferred Shares Series 19.! e, H' A. i5 v0 E# M  ^, k5 H/ ~
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares1 C4 }; P; r! W- Y0 t8 g
Series 18 will not be entitled as such to receive notice of, attend, or vote at," _/ Q! a' e  _
any meeting of the shareholders of the Bank unless and until the first time at
/ F# \7 D$ a) L/ t  b9 Dwhich the Board of Directors has not declared the whole dividend on the# }( u! n3 h' A( ^
Preferred Shares Series 18 in any quarter. In that event, subject as
, Z: b1 D2 A: a1 t& M0 fhereinafter provided, the holders of Preferred Shares Series 18 will be
4 F. x5 I" R: B/ B4 d' U& Dentitled to receive notice of, and to attend, meetings of shareholders at which
( L0 e6 f" d* d/ hdirectors of the Bank are to be elected and will be entitled to one vote for
) r& V  `1 Q0 U2 jeach Preferred Share Series 18 held. The voting rights of the holders of the
) }* I4 \, a$ [+ q$ R. e4 {' ~Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
( H; @5 k; z: C  othe first dividend on the Preferred Shares Series 18 to which the holders are: z# d& W0 Q3 A
entitled thereunder subsequent to the time such voting rights first arose until
, e+ r$ ?1 m" O! F, c- y/ lsuch time as the Bank may again fail to declare the whole dividend on the
, t/ k/ R  L" O4 sPreferred Shares Series 18 in respect of any quarter, in which event such+ |" j/ q% M! i+ N
voting rights will become effective again and so on from time to time.; v# H/ B7 v  o: V+ ?
Principal Characteristics of the Preferred Shares Series 19) K, N1 J) @' H& O1 r
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive! t& i+ ~4 r2 N, c
floating rate non-cumulative preferential cash dividends, as and when% K( }- h3 |6 I" o6 y) q
declared by the Board of Directors, subject to the provisions of the Bank Act,! c+ M# x" f9 g7 l( r( [
payable quarterly on the 25th day of February, May, August and November. q5 y8 g+ |" T9 [" v; ^' a. X6 [
in each year, in the amount per share determined by multiplying the; d. V# k! t6 C5 I2 o/ I" Q
applicable Quarterly Floating Dividend Rate by $25.00.
& `. c3 e. A$ p" }) J: X1 SOn the 30th day prior to the commencement of the initial quarterly dividend4 r, `# y  k2 @) A2 [9 t
period beginning on February 25, 2014, and on the 30th day prior to the first: \/ I$ `( v' G* W# A" O* q- C1 y" t
day of each subsequent quarterly dividend period (the initial quarterly
+ \; b* [" f2 C. u4 cdividend period and each subsequent quarterly dividend period is referred to
5 N5 U5 [1 l- x7 Xas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the, Y1 F$ K& n+ h8 M; n' c( y" P
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate- u& E2 P2 _( l: w) X
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
! S  _( D0 s  ?8 N. H: LT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days6 x% x5 }( n. f) C
elapsed in the applicable Quarterly Floating Rate Period divided by 365)/ W- T) ]4 K1 w) q9 u
determined on the 30th day prior to the first day of the applicable Quarterly# B9 n: L' m, K$ x5 D1 H( O
Floating Rate Period." J+ p9 y: s2 I4 o0 G1 u
S-50 v" B0 L7 p  @9 N7 Q
If the Board of Directors does not declare a dividend, or any part thereof, on
6 S8 O2 O8 t  H$ S& g" vthe Preferred Shares Series 19 on or before the dividend payment date for a
2 |9 G6 }8 d. k: K9 |0 C, Wparticular quarter, then the entitlement of the holders of the Preferred% f+ \) h7 K' ?  o
Shares Series 19 to receive such dividend, or to any part thereof, for such' d  {. J0 C1 Y" o% L4 @) P) z
quarter will be forever extinguished.
+ j8 u) M- }2 m5 K: }% b6 \6 iRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
- g% E4 S! I% D) T+ gSuperintendent and to the provisions described below under the heading
2 o; j3 U. t4 I4 D! @‘‘Details of the Offering — Certain Provisions of the Preferred Shares4 {" e* i3 B+ q0 k1 _; p8 s5 m
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
' Y; p' @2 E& k/ G2 con not more than 60 nor less than 30 days’ notice, the Bank may redeem all% U) j0 _5 W* N/ }$ S% B! C
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s2 p7 o8 a! Y7 D
option without the consent of the holder, by the payment of an amount in8 n5 K7 X# {' b8 o( e
cash for each such share so redeemed of (i) $25.00 together with all declared3 p$ g1 M. G/ m7 J: K# |7 m' Z! Q% x
and unpaid dividends to the date fixed for redemption in the case of( F) O8 e7 ?& q0 u5 U
redemptions on February 25, 2019 and on February 25 every five years
) P* `, M- j% V1 w/ hthereafter, or (ii) $25.50 together with all declared and unpaid dividends to0 v8 a5 J4 l0 T$ v
the date fixed for redemption in the case of redemptions on any other date
$ A9 F  f2 w% a2 son or after February 25, 2014.
" h6 \6 s. m& o4 ^% }; A& V8 vConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic+ h3 [" i5 G/ S2 s6 D
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
* u, ]9 p7 p# P  b/ Lthe right, at their option, to convert, on February 25, 2019 and on5 R* r  v6 c- C3 b2 T
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any, k# `. b0 i: R+ f% p
or all of their Preferred Shares Series 19 into an equal number of Preferred
& Q' X8 `& w3 e8 L. jShares Series 18 upon giving to the Bank written notice thereof not earlier
7 ^8 j- c* k8 kthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
# q$ ^7 a$ ?" a; h6 P- ~! m& u15th day preceding, a Series 19 Conversion Date.
$ |. Y: L/ `; D8 XAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
9 g8 f, A7 ]$ e- l; V  R& L' }Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
5 B+ s+ Y0 E. H# v6 kSeries 18, as the case may be, that there would be outstanding on such9 l: X9 R2 Y) ~$ u1 i
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
9 a3 ^0 f4 [( X: u. }. v3 F/ ssuch remaining number of Preferred Shares Series 19 will automatically be+ R/ M( Q( _8 i/ n( J
converted on such Series 19 Conversion Date into an equal number of
) Z' [3 T, J: ~Preferred Shares Series 18. Additionally, if the Bank determines that, after
: q' K8 g6 G0 g+ |% |0 J7 |4 Zconversion, there would be outstanding on such Series 19 Conversion Date
! D; K' e& c# y- l% {+ u: n: v4 Vless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
8 e5 W. T! s4 SSeries 19 will be converted into Preferred Shares Series 18.
# s4 m1 t9 A/ v4 ^9 j$ r% w. V5 NVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares, a2 y' m) r" Q, ]
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
* N+ @+ |  W7 ^$ m! Aany meeting of the shareholders of the Bank unless and until the first time at
% x2 B- i0 {& v0 e' S0 x8 H9 wwhich the Board of Directors has not declared the whole dividend on the
1 L: K& _$ n% x9 DPreferred Shares Series 19 in any quarter. In that event, subject as3 y3 _$ R! ]% \, h6 B' F
hereinafter provided, the holders of Preferred Shares Series 19 will be8 _; H* t9 r) M" P& k( k& D- G  l
entitled to receive notice of, and to attend, meetings of shareholders at which
' A, C# T$ I: ]5 D  W4 R( |directors of the Bank are to be elected and will be entitled to one vote for9 e9 ?% e$ v3 f0 S! @7 U
each Preferred Share Series 19 held. The voting rights of the holders of the+ U" J4 i, y- s+ m
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
3 e' d/ c6 H0 b, \$ @$ l* Kthe first dividend on the Preferred Shares Series 19 to which the holders are/ ~5 J9 }7 [; g2 t  O
entitled thereunder subsequent to the time such voting rights first arose until" K# w! V3 Q& w4 U' H" o  r* K
such time as the Bank may again fail to declare the whole dividend on the0 B7 }& A; c7 [: v
Preferred Shares Series 19 in respect of any quarter, in which event such
% y+ x2 l7 C2 V: o6 Kvoting rights will become effective again and so on from time to time.
" V$ y+ [4 q& p& @7 |( c; ZS-6
* R. \  ]9 T6 \0 P6 `4 R: A0 {Priority: The preferred shares of each series of the Bank will rank on a parity with3 ]7 X! P8 j5 u& f! ^0 n
every other series and are entitled to preference over the common shares of$ Y, n, O" S8 J& n! W) O
the Bank and over any other shares of the Bank ranking junior to the
- }7 @5 ^5 b8 u, rpreferred shares with respect to the payment of dividends and upon any
1 L' W/ Q. D+ P& {" W3 Ydistribution of assets in the event of the liquidation, dissolution or: w; n* S( e8 t0 M2 x; |7 G% v
winding-up of the Bank.
" J* A( W3 t: {9 h/ MTax on Preferred Share The Bank will elect, in the manner and within the time provided under
+ T2 r, c% k; R. YDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares  T% d8 G8 E( m- O$ `
Series 18 and Preferred Shares Series 19 will not be required to pay tax on7 V$ i3 {  G4 R2 b3 A$ L. q" \! |
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。8 |  L( R7 e' |- l( V
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
2 v0 L$ J. }4 j* S. ^

! ~' k: h5 L; \: r下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。7 B) _' X. j1 F

) {. X) b9 z; 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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