埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 2794|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。; O, H1 [( K! u; `+ h# ?
% g5 x7 w! n: o5 R/ p- l. \! k
% y7 }0 `$ J5 v, x- r
[ 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:
+ t7 c! p" ~2 @6 CSUMMARY OF THE OFFERING9 F  Z% X( I7 K( }. x
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’’.
4 z' s- b1 g! n' RIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
" C3 H7 \% M- x& Z7 \7 K% ZAmount: $150,000,000 (6,000,000 shares).
* Z$ q7 u* F, {% a# g" DPrice and Yield: $25.00 per share to yield initially 6.50% per annum.; K6 k& h( ^6 |0 e. |7 k( u2 N
Principal Characteristics of the Preferred Shares Series 184 G, @' E8 G% @: F) J% w
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
# ]! M* ^, A& _; N. J: v) Lnon-cumulative preferential cash dividends, as and when declared by the
* ^3 e! q7 A/ QBoard of Directors, subject to the provisions of the Bank Act, for the initial( x' ?2 v. S9 f
period commencing on the closing date and ending on and including! a; J4 a: q* j4 v' @  \/ }
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the- I# u  K' j& |' D# `. \+ Q
25th day of February, May, August and November in each year, at a rate& F. }+ d7 K0 S$ A, \8 ]" a
equal to $0.40625 per share. The initial dividend, if declared, will be payable
' u/ @9 T" d- ^" ]" ]: e6 L; v" rMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
- q4 `2 ^  u# {, K3 ndate of December 11, 2008.
4 v" K* D+ C) K3 n+ n; |* uFor each five-year period after the Initial Fixed Rate Period (each, a
' j3 |' y5 t- W‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares1 B" t% r' P2 I& p% h9 G  }
Series 18 will be entitled to receive fixed non-cumulative preferential cash7 Z4 _' R2 H& d  H
dividends, as and when declared by the Board of Directors, subject to the
. ^* J5 H5 M: v8 p- `, Z9 _provisions of the Bank Act, payable quarterly on the 25th day of February,
$ y5 V% Q3 Q0 ~) }2 w7 FMay, August and November in each year, in the amount per share per annum
$ o0 _/ Q5 o2 x: P8 idetermined by multiplying the Annual Fixed Dividend Rate applicable to. s* q$ Y" H5 N1 e* B
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
. i8 U+ H' K# _8 n8 c* @Rate for the ensuing Subsequent Fixed Rate Period will be determined by the2 k0 Q7 V6 l3 X
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day7 z9 f2 N/ q7 Y6 U! d
of such Subsequent Fixed Rate Period and will be equal to the sum of the6 a# i2 K( O6 ~; g% y
Government of Canada Yield on the applicable Fixed Rate Calculation Date6 l# }9 U, V. _2 }6 O9 q7 _5 F
plus 3.83%.
$ l; N; O5 J% HIf the Board of Directors does not declare a dividend, or any part thereof, on
2 _7 ~$ ]" z4 C: j$ ]9 Sthe Preferred Shares Series 18 on or before the dividend payment date for a
. {; l, L8 x6 M) M1 W: f2 Uparticular quarter, then the entitlement of the holders of the Preferred. n4 Y( _  Q* q9 ~) b
Shares Series 18 to receive such dividend, or to any part thereof, for such
! L+ b& c# W& N% b+ E5 rquarter will be forever extinguished.- T8 h# K3 Z( ?# c5 \
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
' R$ v  A$ Q0 k( jSuperintendent and to the provisions described below under ‘‘Details of the
6 d: f, g8 Q' p; s% lOffering — Certain Provisions of the Preferred Shares Series 18 as a
; A2 F2 j6 u5 ^2 }0 E) LSeries — Restrictions on Dividends and Retirement of Shares’’, on
$ b5 k7 E( q# dFebruary 25, 2014 and on February 25 every five years thereafter, on not! r$ [8 w% T  h" C7 `
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any& B7 W: A) a8 g' {
part of the then outstanding Preferred Shares Series 18, at the Bank’s option9 X; L) |) b% V. [6 Z3 S
without the consent of the holder, by the payment of an amount in cash for" A( t" _6 F( y. g0 _4 R* y
each such share so redeemed of $25.00 together with all declared and unpaid' j, H% v- w* x6 v+ t
dividends to the date fixed for redemption.  p8 V9 a( b4 j6 p! W
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic" v6 m0 a, {* c1 {" L' s# M; G
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
- o1 z3 z# M* o* \, s* t4 vthe right, at their option, to convert, on February 25, 2014 and on4 j3 t. z8 c5 M) u* ~
S-4
- [$ L: R3 \! a3 x+ }7 |8 ~6 qFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any- G0 D8 a4 s! |. Z/ _0 x
or all of their Preferred Shares Series 18 into an equal number of Preferred
; m: C8 z; }# y$ fShares Series 19 upon giving to the Bank notice thereof not earlier than# N! R8 P0 A" b2 j1 n; O& A
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day7 a( n( l' D1 u0 O  R9 r( @
preceding, a Series 18 Conversion Date.
1 Q6 P, f4 \3 p8 V' F8 JAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
" q! d! q1 i( t; b0 @Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
8 {$ x* ~6 p5 k( FSeries 19, as the case may be, that there would be outstanding on such
, b' v. q, ], ]2 k7 j! WSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
5 P% f9 v+ o9 S2 Z- s) Ssuch remaining number of Preferred Shares Series 18 will automatically be
- }% t8 M/ I& m- B, v7 M" @converted on such Series 18 Conversion Date into an equal number of* W! v" h) T6 p6 f
Preferred Shares Series 19. Additionally, if the Bank determines that, after. W/ [' e) u) j" Y6 r! ^! N, [5 z: L& F
conversion, there would be outstanding on such Series 18 Conversion Date7 ^8 i% ]# D4 |- o7 {6 L
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
9 ]3 {. ]! T, X+ d9 QSeries 18 will be converted into Preferred Shares Series 19.- B/ A! t+ J/ K" P% D
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares8 r; k: f3 ]4 }" W% u
Series 18 will not be entitled as such to receive notice of, attend, or vote at,$ O3 |/ g/ |# C% B9 t( ?# z
any meeting of the shareholders of the Bank unless and until the first time at: \% Q) R0 F, `. x1 T
which the Board of Directors has not declared the whole dividend on the3 y4 t5 \8 D. M
Preferred Shares Series 18 in any quarter. In that event, subject as- i* Q$ I; Z8 v! _  [
hereinafter provided, the holders of Preferred Shares Series 18 will be
6 o5 `, `3 s. H$ f  Nentitled to receive notice of, and to attend, meetings of shareholders at which
! O- C8 i% j7 B  V( N$ R) cdirectors of the Bank are to be elected and will be entitled to one vote for
' @4 R3 R- t/ u& v1 I" H! keach Preferred Share Series 18 held. The voting rights of the holders of the
8 G) @. l- Q8 x3 ZPreferred Shares Series 18 will forthwith cease upon payment by the Bank of) v" Q( e* L1 K
the first dividend on the Preferred Shares Series 18 to which the holders are0 E+ Z" B: H% B
entitled thereunder subsequent to the time such voting rights first arose until
1 r1 u) y( o2 g. q! Zsuch time as the Bank may again fail to declare the whole dividend on the
) D2 @; U4 i( O; i- m0 v0 EPreferred Shares Series 18 in respect of any quarter, in which event such8 W7 S8 g* o8 \" k8 X/ o& A) @
voting rights will become effective again and so on from time to time.+ a7 ~4 w' Y% ?$ \' S* O
Principal Characteristics of the Preferred Shares Series 199 \& H  e3 d7 h6 \5 M) X; B# F
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive% z: Z; D% L. R+ F7 N' Y" }0 l$ n- U& M
floating rate non-cumulative preferential cash dividends, as and when
( D$ `& `; W6 s' Q  D8 @declared by the Board of Directors, subject to the provisions of the Bank Act,
9 u  P7 E% i, D8 N* ^/ |payable quarterly on the 25th day of February, May, August and November  |; M2 R. i. w, o. X& G4 O* `3 ?" D
in each year, in the amount per share determined by multiplying the
* {5 r$ c: U! M, ?+ W. @8 |applicable Quarterly Floating Dividend Rate by $25.00.
; @( N4 R) F8 Y+ LOn the 30th day prior to the commencement of the initial quarterly dividend
7 b0 O9 A# `  Aperiod beginning on February 25, 2014, and on the 30th day prior to the first0 c, }" h3 a2 R& Y  _$ q
day of each subsequent quarterly dividend period (the initial quarterly( p* ]% i& l5 Q+ J! ^5 n
dividend period and each subsequent quarterly dividend period is referred to2 T  X: L" _' ^. R. q
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the! _7 l& I/ F1 ~; w* q: K5 R
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate) c1 G9 [7 ]- n, w  a9 ]
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
2 l/ K) s' v" I8 R1 pT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
( U0 p5 q. i* r; W7 }elapsed in the applicable Quarterly Floating Rate Period divided by 365)% b' @( A* ]( }6 L& a
determined on the 30th day prior to the first day of the applicable Quarterly/ }! p0 R) A% W
Floating Rate Period.4 g, K# y$ t: w# @$ P% S3 f
S-50 [( R$ |) d: G3 _
If the Board of Directors does not declare a dividend, or any part thereof, on/ q$ f% j- {' I+ y4 i! |
the Preferred Shares Series 19 on or before the dividend payment date for a
. J0 B  w2 |& d! Z8 O: k7 y( aparticular quarter, then the entitlement of the holders of the Preferred
: d0 @  n. M+ z# Q& XShares Series 19 to receive such dividend, or to any part thereof, for such8 z! O8 k- L$ J+ v; _
quarter will be forever extinguished.
0 a) a& F% |: d% J- cRedemption: Subject to the provisions of the Bank Act and to the prior consent of the0 y3 A  S& [; N" w" x" B, |# ]/ y
Superintendent and to the provisions described below under the heading& K8 R. v- d0 }4 x
‘‘Details of the Offering — Certain Provisions of the Preferred Shares) B; {- B% ~" z
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
8 w' ]) S$ T7 J4 p9 S9 t4 pon not more than 60 nor less than 30 days’ notice, the Bank may redeem all: O( ~% L/ W/ J. s# h
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s9 f1 I5 t7 B  U5 Z7 {
option without the consent of the holder, by the payment of an amount in0 L1 T- M6 a' y$ [3 r8 M5 p9 ?
cash for each such share so redeemed of (i) $25.00 together with all declared
& k* h% y" k( U& nand unpaid dividends to the date fixed for redemption in the case of
, C0 h9 h: M3 T& M2 {$ Y" Q4 fredemptions on February 25, 2019 and on February 25 every five years; a5 S( z* b/ ?* o) @
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
5 M$ c$ n* U9 S1 ]# v/ Hthe date fixed for redemption in the case of redemptions on any other date5 W: s. @5 z% o8 V) m0 f3 Z
on or after February 25, 2014.& d; \) G4 a! B; }
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic3 R( J' W! W! `0 n  E3 \$ a$ X
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have5 p9 r& z9 w$ m6 g
the right, at their option, to convert, on February 25, 2019 and on
* L6 p1 K2 X: ]% t) v9 fFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
  H/ U. v9 X+ lor all of their Preferred Shares Series 19 into an equal number of Preferred
" R1 A0 G% H( A9 u" IShares Series 18 upon giving to the Bank written notice thereof not earlier
) L1 I: c( O2 cthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the  W4 I6 O' t  T: B5 k5 \) e& Z3 K0 D' \
15th day preceding, a Series 19 Conversion Date.% x$ n) a& _% `% B' A- T
Automatic Conversion If the Bank determines, after having taken into account all shares tendered3 n2 c* M; v! ^7 f" \& T* x
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
; c6 ?1 K' U+ E6 F; p$ DSeries 18, as the case may be, that there would be outstanding on such$ G0 F3 w1 B( v8 E9 l
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,# d! }) S( Y/ C
such remaining number of Preferred Shares Series 19 will automatically be' H$ ^: W2 M" t
converted on such Series 19 Conversion Date into an equal number of: N7 `7 _9 I0 I6 r* f- [' v8 u
Preferred Shares Series 18. Additionally, if the Bank determines that, after
4 L6 ^4 k0 X' N# j2 X2 C; jconversion, there would be outstanding on such Series 19 Conversion Date% t5 Y# ?  H7 N
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares! {/ o: j7 G" q3 M* Z: o% \
Series 19 will be converted into Preferred Shares Series 18.) j# t& h. C- x  t) n
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares: ]: ^' Z) v  u* E: q5 m2 {8 e$ _
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
& j9 K# |' {% z3 R, dany meeting of the shareholders of the Bank unless and until the first time at% e9 I2 I3 P( b7 R) M  M! f0 h
which the Board of Directors has not declared the whole dividend on the
% y( P, G" p: M- n2 aPreferred Shares Series 19 in any quarter. In that event, subject as
1 {& `$ t5 X5 whereinafter provided, the holders of Preferred Shares Series 19 will be, c, y- i4 }. ~
entitled to receive notice of, and to attend, meetings of shareholders at which
6 J# D/ `0 E6 i- ?$ K, mdirectors of the Bank are to be elected and will be entitled to one vote for- [8 W& f6 Q2 m
each Preferred Share Series 19 held. The voting rights of the holders of the
& m0 n" ?4 i$ \, tPreferred Shares Series 19 will forthwith cease upon payment by the Bank of5 s1 C. J4 u5 c- Y1 F0 ~* X: P
the first dividend on the Preferred Shares Series 19 to which the holders are
  w# S0 P6 {5 X6 `' kentitled thereunder subsequent to the time such voting rights first arose until2 |& a6 y0 \* ~; Y9 Q$ p$ k
such time as the Bank may again fail to declare the whole dividend on the
1 v/ b7 ^! W1 qPreferred Shares Series 19 in respect of any quarter, in which event such
8 R. \6 F/ l0 Mvoting rights will become effective again and so on from time to time.
  L0 I4 _& U, Z* @% dS-62 f/ M$ |8 P" o/ F$ |5 w2 ?& J
Priority: The preferred shares of each series of the Bank will rank on a parity with
9 m, L3 T. r1 zevery other series and are entitled to preference over the common shares of) G( M- f& H2 D% a
the Bank and over any other shares of the Bank ranking junior to the8 s. ^; r) Q: D
preferred shares with respect to the payment of dividends and upon any2 p0 R. \% C+ s0 s5 v0 {7 X- k! t( ]
distribution of assets in the event of the liquidation, dissolution or
/ y2 W9 q+ |$ E; R9 ?, e/ wwinding-up of the Bank.
! W) z/ |1 k; a- J! x. Y( O/ x3 UTax on Preferred Share The Bank will elect, in the manner and within the time provided under
0 [; _- D( x$ K1 M& V; E6 |Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares/ y* l5 O% Q/ D- h
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
6 L# G4 B, ~( Gdividends 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。# j$ _5 s* Q7 T& R7 A5 ^8 A
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

- l2 r) o2 I4 @5 q- L0 h4 Y8 K; q% c
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。$ C  E/ m+ v0 D& C: n- ]( j7 R7 _
/ z' S* u$ [4 C& Q0 J; q+ v
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。
大型搬家
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, 2026-3-14 15:47 , Processed in 0.127290 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