埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 2840|回复: 5

请问精打细算:银行6.50% 5-Year Rate Reset Preferred Share投资的利弊?

[复制链接]
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。
' D1 H  t: S6 @, `7 x2 }0 {! ]

* i0 l6 T" S  S2 ]' g- L7 u
- c  g0 }5 r" k. a* E5 ?% t[ 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:* U8 |. R/ E  t
SUMMARY OF THE OFFERING
: J* \5 J* M9 ~; P. t5 rThis 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’’.
. D/ K( A& O; I' ?Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.! W8 e- a# R! F7 [, ~8 P
Amount: $150,000,000 (6,000,000 shares).
" \; m% f7 V/ W0 ?Price and Yield: $25.00 per share to yield initially 6.50% per annum.% @. B! V  i/ V- i3 Q- W2 A
Principal Characteristics of the Preferred Shares Series 18& P, w# P% l& `1 l1 h
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed7 ]( T4 ~6 a9 J! N7 v. l2 u( c" v
non-cumulative preferential cash dividends, as and when declared by the
- u& m$ s) B$ c8 ABoard of Directors, subject to the provisions of the Bank Act, for the initial
$ j. a( [, L, o+ D6 H% [period commencing on the closing date and ending on and including* d6 W: t$ u$ e9 N4 `2 g5 R
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the  S1 F  D1 [5 D! t
25th day of February, May, August and November in each year, at a rate
1 O# k* Z: c$ ]" }# Nequal to $0.40625 per share. The initial dividend, if declared, will be payable9 O% _6 J4 ]1 D" p
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
2 F8 C+ N% d9 _( wdate of December 11, 2008.. w1 h3 w2 ?$ U% P, Y7 X
For each five-year period after the Initial Fixed Rate Period (each, a
9 @8 V: m% p) B; y: g& S2 J‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
; ]. D* p% q4 G2 G# OSeries 18 will be entitled to receive fixed non-cumulative preferential cash5 H+ Y0 t* b6 x0 a5 M1 ^' P9 C
dividends, as and when declared by the Board of Directors, subject to the8 v! n' q3 j: I7 z7 q
provisions of the Bank Act, payable quarterly on the 25th day of February,
6 ?1 u3 P$ z( sMay, August and November in each year, in the amount per share per annum* P2 U* [+ z8 W5 {( G
determined by multiplying the Annual Fixed Dividend Rate applicable to8 B7 M) U8 B* A1 u
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend1 h' x" l2 H; H( J
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the6 J# ]* Y6 N% J" W# o! ]) _: R
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
$ L5 Z& R, w4 L2 y7 Q+ z& bof such Subsequent Fixed Rate Period and will be equal to the sum of the, Z8 n4 t1 o. e
Government of Canada Yield on the applicable Fixed Rate Calculation Date7 O6 k+ Q- ^( z$ _1 j' I* K
plus 3.83%.+ M0 a! f' ?- e1 {8 l9 N
If the Board of Directors does not declare a dividend, or any part thereof, on
, a& [# p/ ~% R- m5 ~- ithe Preferred Shares Series 18 on or before the dividend payment date for a- \) A; m1 G; }3 F- i) w
particular quarter, then the entitlement of the holders of the Preferred( H! |  M) w" k) {3 N7 Q
Shares Series 18 to receive such dividend, or to any part thereof, for such
7 ^0 g  A) P1 A, k: Lquarter will be forever extinguished.
$ M3 Q5 w9 @  {9 pRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
' d' S& v$ i; p) LSuperintendent and to the provisions described below under ‘‘Details of the* V2 I0 u% z7 t% I
Offering — Certain Provisions of the Preferred Shares Series 18 as a
% V' D# O$ Q) R* NSeries — Restrictions on Dividends and Retirement of Shares’’, on: X( I0 [: e9 M6 N
February 25, 2014 and on February 25 every five years thereafter, on not
1 Y' g: j0 k. N. M+ F3 K  k# Pmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
, K8 O7 @, q& v: ]part of the then outstanding Preferred Shares Series 18, at the Bank’s option
8 e, {8 h4 |; Q) R) \without the consent of the holder, by the payment of an amount in cash for0 N9 m8 D  g3 G6 Z2 I; G$ ]9 S
each such share so redeemed of $25.00 together with all declared and unpaid8 P& E/ y( O7 R' _
dividends to the date fixed for redemption.
3 B- T- F/ u/ f) a( P: kConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic+ y6 H- S/ T$ }( U
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
0 |& Q1 q& ]& Cthe right, at their option, to convert, on February 25, 2014 and on
: P3 E  @+ h* {6 P/ P3 I0 tS-4+ b* J, l8 W% R% ?* x
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
' S5 A7 A" \- por all of their Preferred Shares Series 18 into an equal number of Preferred) b# Y' c* j* Z) Y6 b3 n  L
Shares Series 19 upon giving to the Bank notice thereof not earlier than/ ^) Y5 P. q% g+ I1 k
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day' @7 b/ C! E( v4 I
preceding, a Series 18 Conversion Date.
) f; f! S/ _. i/ y( }9 H. T/ TAutomatic Conversion If the Bank determines, after having taken into account all shares tendered: N1 @7 _1 r. }% ^
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares3 |1 R! J( o5 _& G2 u; e
Series 19, as the case may be, that there would be outstanding on such
* [7 b# X/ y* r! x) E( Z# y6 wSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
) T1 Y( O, Y) C1 j& V+ z7 }. P  Zsuch remaining number of Preferred Shares Series 18 will automatically be
5 m, @+ S9 z, `7 \! hconverted on such Series 18 Conversion Date into an equal number of
! }! d  h- p5 x' IPreferred Shares Series 19. Additionally, if the Bank determines that, after4 y9 _8 B1 z+ a: ~& r
conversion, there would be outstanding on such Series 18 Conversion Date
+ M% `* d" O; T( B; Q9 ~less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
2 s- `$ M! I" C/ e1 @5 V) V4 wSeries 18 will be converted into Preferred Shares Series 19.; q/ H: H' j. Z9 s% {6 t" F# s# G' u
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
( ^+ m6 G9 w6 g) S( }  M( ~$ tSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
+ |1 F- ~) f" z2 D0 _1 d* E; jany meeting of the shareholders of the Bank unless and until the first time at
0 a" v, g5 @. D: [! c! zwhich the Board of Directors has not declared the whole dividend on the& G' S0 @; C1 B# L7 ~
Preferred Shares Series 18 in any quarter. In that event, subject as5 y( u5 o8 y$ C  j5 q0 F+ Y
hereinafter provided, the holders of Preferred Shares Series 18 will be
* s( [- B) d7 q- Centitled to receive notice of, and to attend, meetings of shareholders at which7 \) D% w, y+ Z; U. F$ S
directors of the Bank are to be elected and will be entitled to one vote for8 u9 `& b1 c# L3 M$ }6 }
each Preferred Share Series 18 held. The voting rights of the holders of the
' H4 ], u, F( c7 u2 gPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
" S6 B" A% ~6 T2 _5 J5 \the first dividend on the Preferred Shares Series 18 to which the holders are
7 R% v8 f2 ]: s  A" Mentitled thereunder subsequent to the time such voting rights first arose until
- X* F- w9 d& t8 I8 _$ csuch time as the Bank may again fail to declare the whole dividend on the% o* m, S$ F! P8 p0 j$ H: G7 Y
Preferred Shares Series 18 in respect of any quarter, in which event such4 J" s; F% `8 Q* @
voting rights will become effective again and so on from time to time.
; o; v8 s! I/ U+ ?Principal Characteristics of the Preferred Shares Series 19+ P- p) G8 q4 j' ~7 u) M6 Q0 E' v( X/ P
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive. ~8 e' A7 z/ F
floating rate non-cumulative preferential cash dividends, as and when1 r1 u% v0 |$ ?9 x! S
declared by the Board of Directors, subject to the provisions of the Bank Act,
1 f( J8 O! [& K& `4 W3 Y9 rpayable quarterly on the 25th day of February, May, August and November
/ K1 Y) W% M" {+ r& Y5 @- C* \in each year, in the amount per share determined by multiplying the
/ Y) I# t8 f  F: G8 Y. F8 ]% Q3 {applicable Quarterly Floating Dividend Rate by $25.00.
! x  y: Y& {; M) t+ POn the 30th day prior to the commencement of the initial quarterly dividend/ M; }6 `$ ^* Q6 h
period beginning on February 25, 2014, and on the 30th day prior to the first
6 d3 I2 `8 L/ a( t8 ^day of each subsequent quarterly dividend period (the initial quarterly
+ h4 f! G, M7 }' f9 A+ l+ qdividend period and each subsequent quarterly dividend period is referred to) S& S9 m$ K! }7 k7 h- ^5 p
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the0 l7 l( I9 n* E
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate6 v( u* `# C0 Q: K0 r
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the9 W9 P2 L8 w0 x/ x6 b/ Q
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
9 C# c! M# [- W/ f  N3 Jelapsed in the applicable Quarterly Floating Rate Period divided by 365)
5 l5 N2 L" R- h. F' Cdetermined on the 30th day prior to the first day of the applicable Quarterly: A* {9 C8 |+ E; Y, I
Floating Rate Period.
1 j2 p, I1 z# z: PS-5* U& q! m* R: s/ @
If the Board of Directors does not declare a dividend, or any part thereof, on
; W" y' B) h/ G) S+ f$ athe Preferred Shares Series 19 on or before the dividend payment date for a
9 r. w' D4 D5 C$ Eparticular quarter, then the entitlement of the holders of the Preferred
1 o! C' h8 U6 r" AShares Series 19 to receive such dividend, or to any part thereof, for such$ T) @+ I- f4 L" K% B
quarter will be forever extinguished.
7 P5 h6 J5 i1 U! ?; T1 g1 X9 CRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
. X  K6 K" U. b& l5 Y9 h! WSuperintendent and to the provisions described below under the heading+ T" h3 w) M: \, n$ q8 M
‘‘Details of the Offering — Certain Provisions of the Preferred Shares/ }: |4 b- m% ~: x, Y! K3 N
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,. a2 W1 f3 a  e2 D% T: b4 `/ z* G* Z+ W4 f
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all$ T; p% t2 N3 V! h7 L' B) u  |) J3 X
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
' E' M- H  f& {) }$ v1 J% Toption without the consent of the holder, by the payment of an amount in4 _" F$ I5 v  d% |6 `* K3 }
cash for each such share so redeemed of (i) $25.00 together with all declared% p; d( x" H: M& ^
and unpaid dividends to the date fixed for redemption in the case of% I: |- j; g' ^
redemptions on February 25, 2019 and on February 25 every five years- g! @1 s8 J% C
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to8 C, t( t2 z" l, B: R; F
the date fixed for redemption in the case of redemptions on any other date0 H( I- m$ h- t( p7 ]
on or after February 25, 2014.9 ?4 |  k- @1 V1 I
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
, L: e2 F+ T/ p; R8 y9 LShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have7 Y2 ]" g( G# p2 m) `
the right, at their option, to convert, on February 25, 2019 and on
' m- N& S& L3 R9 b' eFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any% n  N( M- C- m' ~
or all of their Preferred Shares Series 19 into an equal number of Preferred
/ i$ Q8 v  a6 H4 Z, J; G$ VShares Series 18 upon giving to the Bank written notice thereof not earlier6 u, w! [6 j+ S1 e
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
0 ~3 P1 L; R) `7 Y" b; n9 G8 r15th day preceding, a Series 19 Conversion Date.
& W7 j6 ]. E: _& y+ ~' S4 e/ }Automatic Conversion If the Bank determines, after having taken into account all shares tendered. ^6 r% W5 o, R# e; ?; D
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares# ]5 T9 k5 w8 {$ ]
Series 18, as the case may be, that there would be outstanding on such
7 J4 x. x) n% L- m! q2 Z1 A5 Y4 \Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
* `. v  O  s0 D& h) v  I+ Ssuch remaining number of Preferred Shares Series 19 will automatically be5 q) X; C$ H4 ^% r! h' T8 l- b
converted on such Series 19 Conversion Date into an equal number of
9 E, V+ x  P4 H) @Preferred Shares Series 18. Additionally, if the Bank determines that, after: o2 v$ K% B# Q+ G& J) ^0 B9 a
conversion, there would be outstanding on such Series 19 Conversion Date
4 @1 }* b  w- b: fless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
+ O- C; G/ a- w& x9 NSeries 19 will be converted into Preferred Shares Series 18.( ^, U! d' g) E" n! i& U5 D0 w
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
+ N7 V/ @: ?2 sSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
' L( N. T/ q. W! v* V! r9 sany meeting of the shareholders of the Bank unless and until the first time at5 r  ~( U% i4 B) `
which the Board of Directors has not declared the whole dividend on the
0 z" P2 Q0 P1 i9 _Preferred Shares Series 19 in any quarter. In that event, subject as7 A8 M' p* F3 J1 `
hereinafter provided, the holders of Preferred Shares Series 19 will be
+ I0 K; {8 X4 z4 T( R; tentitled to receive notice of, and to attend, meetings of shareholders at which
, ]8 y% x3 d- h4 E+ Hdirectors of the Bank are to be elected and will be entitled to one vote for6 k$ @; b: G# X  g; _4 A
each Preferred Share Series 19 held. The voting rights of the holders of the# \) ~$ n9 p: a$ B5 c7 n! ^: r
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of; g' h) w1 j& M5 w) ]6 g7 N
the first dividend on the Preferred Shares Series 19 to which the holders are6 m4 t! Z. ^2 a  W. V2 q9 U0 R6 k
entitled thereunder subsequent to the time such voting rights first arose until1 }: ^1 J8 [/ }9 _" I1 a5 j, H, J
such time as the Bank may again fail to declare the whole dividend on the
0 x( @) e) _5 F: w8 x* O2 w4 dPreferred Shares Series 19 in respect of any quarter, in which event such
9 i1 n; _- f6 ^voting rights will become effective again and so on from time to time.( n9 Z2 L3 r$ R! S1 q; m+ h3 P
S-6
/ ]" ?; p0 U4 ^Priority: The preferred shares of each series of the Bank will rank on a parity with
' `. P- L7 d# w7 B5 Bevery other series and are entitled to preference over the common shares of/ ]0 _' ]9 n6 k" R% A
the Bank and over any other shares of the Bank ranking junior to the
' o7 r7 m" S  R+ M( M2 _$ N3 Lpreferred shares with respect to the payment of dividends and upon any( L1 d, O# r) r4 ^! @& S
distribution of assets in the event of the liquidation, dissolution or) r5 a, V8 ?. I& ]
winding-up of the Bank.: X5 D! Y9 g8 @' Z) M
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
  F$ O: ?8 J) _1 u% VDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
9 s  W  \" s- g7 u1 fSeries 18 and Preferred Shares Series 19 will not be required to pay tax on. z( I' `$ m- 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。
' E* i& q+ @+ A, k0 E" K4 k" Q* X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
  t5 V9 k0 ]; v' H+ H: `
# i; |5 s' r% L0 v5 A6 b1 H
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。9 v# I# W9 |" L/ [8 c/ `

/ I% \! z! F) z# c. e! C6 }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。
您需要登录后才可以回帖 登录 | 注册

本版积分规则

联系我们|小黑屋|手机版|Archiver|埃德蒙顿中文网

GMT-7, 2026-3-29 14:41 , Processed in 0.124707 second(s), 12 queries , Gzip On, APC On.

Powered by Discuz! X3.4

Copyright © 2001-2021, Tencent Cloud.

快速回复 返回顶部 返回列表