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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。! |# u, `7 F' x' ~$ Y; t3 ^( O
) U/ {, r$ k! t

, q; D5 ?1 u6 K3 \0 U- L1 f[ 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:+ t1 _2 D  N2 ^, q8 l* W$ V* ?. @
SUMMARY OF THE OFFERING
  A6 v/ O8 z; I  |8 ~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’’.* g3 ?1 e- n+ J2 U
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.$ d- ]) Z( B. u6 I. T. J
Amount: $150,000,000 (6,000,000 shares).7 p! M* F3 J/ \; @" {( j
Price and Yield: $25.00 per share to yield initially 6.50% per annum.5 g: C8 v5 U6 D% E  Q& B& b( O2 t
Principal Characteristics of the Preferred Shares Series 18
2 V, a8 _" I  Q1 C" t1 ^6 r+ BDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
  o/ I& v# s& j8 t" J& C- V2 I; W: enon-cumulative preferential cash dividends, as and when declared by the2 r% \& U) C+ U1 y
Board of Directors, subject to the provisions of the Bank Act, for the initial! X# W. A) V: h5 Z# K$ m1 `. A
period commencing on the closing date and ending on and including
4 W) O" M/ i0 i  EFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
+ \' B+ k/ t& ^3 f25th day of February, May, August and November in each year, at a rate
( P3 ^3 g; _- n* ]6 Q% vequal to $0.40625 per share. The initial dividend, if declared, will be payable
, r# n6 h: i2 q* c% @5 E* B7 FMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
0 d% d  ?; A% sdate of December 11, 2008.# S* V$ ?2 y# h. R5 C; c
For each five-year period after the Initial Fixed Rate Period (each, a/ q, K1 j! i) m, p7 q9 J3 O
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares% a9 Y, {  x( l5 h3 `, g: ]% I
Series 18 will be entitled to receive fixed non-cumulative preferential cash
5 v% v5 E$ x8 r  fdividends, as and when declared by the Board of Directors, subject to the- e; s% U2 r, R: }$ K! i( y
provisions of the Bank Act, payable quarterly on the 25th day of February,
! P! C" u3 r" q7 O; g5 g$ R* oMay, August and November in each year, in the amount per share per annum! E' y+ c: ~9 w, h
determined by multiplying the Annual Fixed Dividend Rate applicable to, h" F8 V% `/ H! e. z. s" h
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend% W2 h+ x5 S! v( A, ^" l
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the: p7 Z( L/ ?4 Z, }; V/ z9 {( u* p
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day& q3 [+ |1 e6 C1 w7 Y/ ?
of such Subsequent Fixed Rate Period and will be equal to the sum of the+ t. S& e+ t6 U9 n; u& d
Government of Canada Yield on the applicable Fixed Rate Calculation Date2 `$ Y8 c+ x/ `. F
plus 3.83%.
, ~/ ~: c* B4 L6 TIf the Board of Directors does not declare a dividend, or any part thereof, on8 j8 E$ T& L9 A
the Preferred Shares Series 18 on or before the dividend payment date for a  y5 ~$ }; T# h5 `3 r
particular quarter, then the entitlement of the holders of the Preferred
2 V6 p) y3 b& \Shares Series 18 to receive such dividend, or to any part thereof, for such. ~" ?5 \! w9 n5 O8 L. O
quarter will be forever extinguished.
3 I8 p/ ]" I, q7 }( p' }Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
* U4 Y% ^! _0 g1 e' R8 l; aSuperintendent and to the provisions described below under ‘‘Details of the' X; a! j' z: G9 j* o3 V
Offering — Certain Provisions of the Preferred Shares Series 18 as a
5 O3 u- X( j1 JSeries — Restrictions on Dividends and Retirement of Shares’’, on) Q: \% U4 I& a* _( p& n
February 25, 2014 and on February 25 every five years thereafter, on not  i+ f" z# w# j  ?
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
/ x( c7 _% a% z2 }7 ^. ppart of the then outstanding Preferred Shares Series 18, at the Bank’s option
9 F% g7 @1 r" Q( cwithout the consent of the holder, by the payment of an amount in cash for! P4 Y" ]) A2 R+ k$ Q9 o6 Z
each such share so redeemed of $25.00 together with all declared and unpaid6 t8 o. z2 C  I$ u  s
dividends to the date fixed for redemption.% N6 [9 Q7 U/ u) A2 o! e
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic9 X/ V, l2 l9 F( m
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have" R1 N  i$ [) s2 E  t' ?
the right, at their option, to convert, on February 25, 2014 and on
/ G% C* h4 V+ \- }* f4 J/ \+ ZS-4
$ V* }, g; Q* E. ?: H  FFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any% Z! i1 n/ r4 J/ d
or all of their Preferred Shares Series 18 into an equal number of Preferred7 J4 Z  C$ e" C5 c0 A
Shares Series 19 upon giving to the Bank notice thereof not earlier than7 h9 ?7 e; C$ B0 |2 b9 c
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
! l" T9 @6 u# N- r5 A. ?preceding, a Series 18 Conversion Date.; k( C8 p6 b; C: e
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
) e7 h$ `3 s( m  X0 _Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares, Z0 v2 _" {5 S: N2 ]
Series 19, as the case may be, that there would be outstanding on such9 h; V* o, p* p! ^% c) s( C9 ?
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,2 [; E2 k5 t: q  g2 s- n
such remaining number of Preferred Shares Series 18 will automatically be6 `# I1 g* j8 O  W6 b6 V% Y7 B
converted on such Series 18 Conversion Date into an equal number of
3 e$ ?7 J: j1 {. \' w) fPreferred Shares Series 19. Additionally, if the Bank determines that, after4 }% d  w4 `5 s9 i3 P
conversion, there would be outstanding on such Series 18 Conversion Date
; i6 X' j9 b/ E, Rless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
& b1 V, X3 t# I, r" G+ K+ y/ s( HSeries 18 will be converted into Preferred Shares Series 19.
! C* d$ a  S1 T: fVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares1 w3 \& b8 H6 e5 A/ U" f" G
Series 18 will not be entitled as such to receive notice of, attend, or vote at,' R8 y( Y; l& i" D
any meeting of the shareholders of the Bank unless and until the first time at
  {7 O& B$ o+ {which the Board of Directors has not declared the whole dividend on the
( B2 _1 Z' r' c' LPreferred Shares Series 18 in any quarter. In that event, subject as
& |5 ^5 U% Q+ A9 M, lhereinafter provided, the holders of Preferred Shares Series 18 will be2 f" ?2 X. X* b) k9 r! M) U% b+ P
entitled to receive notice of, and to attend, meetings of shareholders at which
3 b1 Z, R9 e7 k% I7 X% pdirectors of the Bank are to be elected and will be entitled to one vote for: c8 [4 w0 y  k! v2 \1 ^" m
each Preferred Share Series 18 held. The voting rights of the holders of the* ^! x3 \/ q$ r" q
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of* J2 {( g: m" x0 Q% a/ i% v
the first dividend on the Preferred Shares Series 18 to which the holders are
/ Y7 ^' J9 h6 Z  m! W: Zentitled thereunder subsequent to the time such voting rights first arose until
* h# Z$ Q& q, ssuch time as the Bank may again fail to declare the whole dividend on the
+ M) p" M; W" ~" F" EPreferred Shares Series 18 in respect of any quarter, in which event such
, z  p6 U7 n# y1 q6 Z9 uvoting rights will become effective again and so on from time to time., q9 y; U( z# h& [- x5 \4 `1 F
Principal Characteristics of the Preferred Shares Series 19
1 [4 U( N$ j0 _" |1 z6 b3 sDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
! H% E* t& m& S% o9 D3 Ufloating rate non-cumulative preferential cash dividends, as and when
6 \% _6 H9 j; ?0 R  hdeclared by the Board of Directors, subject to the provisions of the Bank Act,; b8 ?  k3 g. A6 Q& `, N" H. a
payable quarterly on the 25th day of February, May, August and November
3 D! p/ G1 @) g. R% E. Vin each year, in the amount per share determined by multiplying the
, n  J5 G$ I# H  y4 bapplicable Quarterly Floating Dividend Rate by $25.00.' D1 U0 V( Z5 ^+ t3 a
On the 30th day prior to the commencement of the initial quarterly dividend
, y. P4 K1 J  f0 h/ B' k1 X5 w3 ~period beginning on February 25, 2014, and on the 30th day prior to the first
4 b+ h3 _) k- o5 D* H5 Mday of each subsequent quarterly dividend period (the initial quarterly
& _- U( i' J1 |6 Edividend period and each subsequent quarterly dividend period is referred to
  d- s  S4 k; X8 V" Aas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
9 ~8 c1 g- t: YQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
+ J0 w! p* ^% k+ f9 f* z, m0 E' `Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
$ r& x' Q) D; K, vT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
0 H& b: h. |( _; ^" @+ Welapsed in the applicable Quarterly Floating Rate Period divided by 365)$ Y1 O( x% J' @" w. p# x0 R1 _
determined on the 30th day prior to the first day of the applicable Quarterly( S1 W* w8 h4 t( y) z9 ?
Floating Rate Period.
9 a8 d/ D0 N# p4 z6 v8 s( zS-5' c6 @- r1 T: X, }" a* T
If the Board of Directors does not declare a dividend, or any part thereof, on
! w  }# i" G* F: E$ z! l! r& Nthe Preferred Shares Series 19 on or before the dividend payment date for a
! n0 M- z) ?; z- L$ B& Q6 Uparticular quarter, then the entitlement of the holders of the Preferred
4 Y. ~+ i2 e1 C- @- j1 S' e" e5 oShares Series 19 to receive such dividend, or to any part thereof, for such7 S1 x9 X5 o" ~, f4 p
quarter will be forever extinguished.0 _9 X- O- ~( X: g8 ]
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the; E/ p; Y4 {4 g; _
Superintendent and to the provisions described below under the heading# s$ ?2 J& \2 l* u  V
‘‘Details of the Offering — Certain Provisions of the Preferred Shares. z1 j- ^1 H. N( [2 u
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
9 H* i8 N; T# b' W) H- y7 U+ jon not more than 60 nor less than 30 days’ notice, the Bank may redeem all) u( M% H: C& q) c2 S
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
0 n$ K3 \+ e2 J( L* Woption without the consent of the holder, by the payment of an amount in
3 j+ A  s/ e5 h$ W: \# {cash for each such share so redeemed of (i) $25.00 together with all declared
" B# l" x+ ^8 v8 Z8 S, @0 @and unpaid dividends to the date fixed for redemption in the case of
# w' ]1 Y8 c1 V& V& L8 yredemptions on February 25, 2019 and on February 25 every five years: ^; W/ ]7 V# v. x" z+ l
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
$ A, S( j4 n6 l' L# i1 w: `the date fixed for redemption in the case of redemptions on any other date+ k- J( h- s6 D# C9 ?& O
on or after February 25, 2014.
% \6 S" ^% v0 N2 bConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
+ l2 P" G1 V9 eShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
* [# r! `: e" @7 j; Dthe right, at their option, to convert, on February 25, 2019 and on. |) S- B$ \0 b$ s5 V$ d' O# ~, X
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any6 H+ s& {6 S6 h1 s- R$ I* T
or all of their Preferred Shares Series 19 into an equal number of Preferred/ t1 H1 V$ N2 Y7 L: n% A0 {" \, Z; @
Shares Series 18 upon giving to the Bank written notice thereof not earlier
" k1 `& c5 n5 e0 ]- ?* Sthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the, \* \- V' ]7 o5 P2 _
15th day preceding, a Series 19 Conversion Date., ^9 N8 P( ~6 f9 ^# l, w4 z
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
, x6 ~, g, |/ t, lProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares' R1 q! L. n: y
Series 18, as the case may be, that there would be outstanding on such1 [, D( A# q( h$ I0 w, Y# Y/ M
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,4 l0 R3 q1 m2 B# E
such remaining number of Preferred Shares Series 19 will automatically be
. T0 f+ M2 R* p0 c# H, L# v* Vconverted on such Series 19 Conversion Date into an equal number of2 _2 d4 x$ r$ E- Y
Preferred Shares Series 18. Additionally, if the Bank determines that, after
8 F  V+ p1 z) Yconversion, there would be outstanding on such Series 19 Conversion Date
8 n% f% _2 N8 d' Y* w: Sless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares# Q: S8 A7 a1 f4 h  V
Series 19 will be converted into Preferred Shares Series 18.6 T; Q" m# o6 i% h0 l+ `/ j% h) x
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
+ x$ M  B& I# r% g6 u% xSeries 19 will not be entitled as such to receive notice of, attend, or vote at," N+ z  e! h- B
any meeting of the shareholders of the Bank unless and until the first time at
% f  c1 y2 K: M: I: x& n9 o: `0 }/ Qwhich the Board of Directors has not declared the whole dividend on the
$ \1 y% A& C6 v3 w7 |Preferred Shares Series 19 in any quarter. In that event, subject as$ K6 v" \7 o. _7 ]! Q1 B+ Q
hereinafter provided, the holders of Preferred Shares Series 19 will be
! p1 P" E7 f. {  z  centitled to receive notice of, and to attend, meetings of shareholders at which4 s7 C3 V) B3 y+ e0 W/ ^
directors of the Bank are to be elected and will be entitled to one vote for+ w% f; Q3 @+ a0 A
each Preferred Share Series 19 held. The voting rights of the holders of the) Y+ }# c: v3 a. T+ M
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
. ~6 \8 }/ d- x! g$ [the first dividend on the Preferred Shares Series 19 to which the holders are( F  @) L3 N# \
entitled thereunder subsequent to the time such voting rights first arose until
2 p, e0 W+ X/ y' Osuch time as the Bank may again fail to declare the whole dividend on the
9 F- {/ n6 d6 q# m, Y9 `Preferred Shares Series 19 in respect of any quarter, in which event such
, a4 S/ t. E9 I0 l& S, k( D" fvoting rights will become effective again and so on from time to time.
; D8 n* O/ s6 tS-6
: \0 M+ r) C: x8 n: OPriority: The preferred shares of each series of the Bank will rank on a parity with
' ^) c- i: ~. N) f! G! E8 q& b, zevery other series and are entitled to preference over the common shares of
: p3 `$ i6 |5 g7 ]  r: H( T! T8 Rthe Bank and over any other shares of the Bank ranking junior to the' v+ k1 [" L0 I( v8 W
preferred shares with respect to the payment of dividends and upon any
# o" e3 ~# `" P6 E, fdistribution of assets in the event of the liquidation, dissolution or* o: ^8 R" p: b9 l
winding-up of the Bank.* Z1 k5 Y6 T# u7 j8 F1 r
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under! A! D) l* I6 ?7 O$ u- T
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares2 ]9 \( z+ B. Y" ]
Series 18 and Preferred Shares Series 19 will not be required to pay tax on% |# ~! z% G) G6 ^
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。! \' Y5 F2 q8 z  {% }$ }4 t
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
4 p* F! G$ l3 I2 k4 `9 q

4 n( r' F; H! V0 e下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
; B$ j8 a  r* W
) W3 F1 @# Y- b. d# M) b+ Z* G2 ^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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