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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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0 k: R$ D; p2 s3 f! }+ {/ V7 n( u

# S; h3 l- t7 Q: E; J5 P" M, @[ 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:7 ~3 k4 |3 ^) G. X$ C. f1 h
SUMMARY OF THE OFFERING( b# j5 |' I" W  ]
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 D; `6 q0 J1 C$ y: {2 gIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.5 R6 B4 m5 o- O# Y7 Q
Amount: $150,000,000 (6,000,000 shares).  r2 C) ]; a; O4 x4 ^
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
5 i) [0 v* H1 lPrincipal Characteristics of the Preferred Shares Series 18
2 ]. \) n9 x. jDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
0 x: G& |* z+ |9 hnon-cumulative preferential cash dividends, as and when declared by the1 T- ?8 Y5 c5 t  W  p
Board of Directors, subject to the provisions of the Bank Act, for the initial! G3 p/ ^7 H& l! g
period commencing on the closing date and ending on and including
( u* ^; @! `/ P2 f# x9 T8 oFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
1 I3 y7 K" [* ?25th day of February, May, August and November in each year, at a rate
9 h/ ~" I3 c4 a1 T/ x% w1 bequal to $0.40625 per share. The initial dividend, if declared, will be payable$ C9 p6 L6 D& b' g3 r
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
: V1 O0 N7 o: \7 wdate of December 11, 2008.: S/ _% C3 h% [+ Z0 o
For each five-year period after the Initial Fixed Rate Period (each, a2 L1 B  ]: B2 X2 ?5 j
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares, d0 g! U7 T: Y7 D$ z9 W# ^( R
Series 18 will be entitled to receive fixed non-cumulative preferential cash3 W3 P0 R* o( R2 i" t
dividends, as and when declared by the Board of Directors, subject to the
0 r$ h# u1 _+ u: G3 ~$ N, sprovisions of the Bank Act, payable quarterly on the 25th day of February,
' [. J2 J+ g* J0 A# lMay, August and November in each year, in the amount per share per annum  ?/ x  O, Z$ m/ V! k) M
determined by multiplying the Annual Fixed Dividend Rate applicable to$ F' Y" l5 Y' ~6 a( f
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend% A2 Q6 M# @3 p. @, u4 _
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the, n# O: T: S5 p4 a. q
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
2 |) Q" Q5 G# \8 J2 Z' Oof such Subsequent Fixed Rate Period and will be equal to the sum of the1 P4 n! J3 I, Q- I6 z2 Z$ g$ B
Government of Canada Yield on the applicable Fixed Rate Calculation Date7 ~0 T! i9 t0 ~; c! J$ G
plus 3.83%.
8 ]" }  m, ?! {% k* w$ tIf the Board of Directors does not declare a dividend, or any part thereof, on
, y4 {+ `( ^- V. I: M$ qthe Preferred Shares Series 18 on or before the dividend payment date for a; \5 s* q# I9 w# Z
particular quarter, then the entitlement of the holders of the Preferred* g# M* k% _! b, P
Shares Series 18 to receive such dividend, or to any part thereof, for such, c! u. Q* h2 ?% N! b0 C
quarter will be forever extinguished.
# ?; ~! C3 f! K4 YRedemption: Subject to the provisions of the Bank Act and to the prior consent of the/ r& D, s  g; m% Z
Superintendent and to the provisions described below under ‘‘Details of the
+ @' q- y9 @2 e1 @6 }) V; g. O+ BOffering — Certain Provisions of the Preferred Shares Series 18 as a. B0 n" c" @; m" @5 }; v& G4 L
Series — Restrictions on Dividends and Retirement of Shares’’, on
+ D! Y/ m: z* Z9 a$ iFebruary 25, 2014 and on February 25 every five years thereafter, on not; c$ z) w3 |+ m0 _7 W0 n
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any2 Q  y7 l# Z" @
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
$ I% g( p/ j& ~- O* S7 Vwithout the consent of the holder, by the payment of an amount in cash for
5 d# i4 t4 D' i/ @7 f5 Jeach such share so redeemed of $25.00 together with all declared and unpaid! i+ K* t* f4 ]$ m& @& s! s' s5 f2 G
dividends to the date fixed for redemption.
$ W! r1 {9 A- G& ^* \; DConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic& t2 t  x  O6 y
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have/ d+ C, C& Q6 I+ J
the right, at their option, to convert, on February 25, 2014 and on7 `9 x4 ~  J, g( J0 _4 B9 [) I" n
S-4+ Z1 O! E- r2 E7 H3 ^' ]. T( _
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any# _' [9 ~/ B$ |" c2 G4 ?$ h- U
or all of their Preferred Shares Series 18 into an equal number of Preferred
6 F. q$ q# \' t9 zShares Series 19 upon giving to the Bank notice thereof not earlier than
$ f" H% t  R! \  B/ h# w30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day/ z$ m0 k: g, T- P
preceding, a Series 18 Conversion Date.9 \, d5 I2 u( y4 e; h8 }# H1 X
Automatic Conversion If the Bank determines, after having taken into account all shares tendered4 r* g2 T! e6 B7 f% L, n8 E# H
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
% B" R2 a+ m) `1 M8 C: O& h: _5 u* ySeries 19, as the case may be, that there would be outstanding on such
  ]8 c, ?, s9 E& `Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,6 x+ ~4 w5 K3 t" E
such remaining number of Preferred Shares Series 18 will automatically be+ |% o: C* N. d4 V# M
converted on such Series 18 Conversion Date into an equal number of
2 H. s( L6 P5 SPreferred Shares Series 19. Additionally, if the Bank determines that, after' o- m% N* D( ~; a" j
conversion, there would be outstanding on such Series 18 Conversion Date. G. n, J2 W* R+ l% W
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares8 \1 ]/ A. Z7 s5 w7 J
Series 18 will be converted into Preferred Shares Series 19.
5 I6 d' h6 B6 L& n3 T. tVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
- F/ b9 B; j, s# ySeries 18 will not be entitled as such to receive notice of, attend, or vote at," O9 R! ~. I2 y! t2 P. A; H2 w
any meeting of the shareholders of the Bank unless and until the first time at7 |9 E% j, f% {/ r+ p4 I% D
which the Board of Directors has not declared the whole dividend on the9 _" p6 N: {( l3 Y) z  D) d0 N- t$ E
Preferred Shares Series 18 in any quarter. In that event, subject as
+ w" K, n4 P) E. z% U/ B+ Jhereinafter provided, the holders of Preferred Shares Series 18 will be
7 U: q+ z1 a. f( Wentitled to receive notice of, and to attend, meetings of shareholders at which0 V: }9 M4 i  P  m$ ]! ^* d
directors of the Bank are to be elected and will be entitled to one vote for: y. y! c+ o$ x, C7 z0 G, R! d
each Preferred Share Series 18 held. The voting rights of the holders of the
/ f8 h' x1 d6 ^  yPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
3 g0 q& `% q1 c* xthe first dividend on the Preferred Shares Series 18 to which the holders are
3 _9 t3 c( l6 D8 ~+ d1 k2 uentitled thereunder subsequent to the time such voting rights first arose until  Y7 \/ P% |' t2 q  \
such time as the Bank may again fail to declare the whole dividend on the- g+ f( e5 d; l, q  k
Preferred Shares Series 18 in respect of any quarter, in which event such8 ?" e& T. u; u7 ]
voting rights will become effective again and so on from time to time.
8 ?1 {. u3 B" J8 x7 K3 J/ MPrincipal Characteristics of the Preferred Shares Series 19+ P7 I: O* I1 N: A9 r6 ?! W* I
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive/ V9 [$ C( q% `+ d0 A1 R  }6 N+ x
floating rate non-cumulative preferential cash dividends, as and when
) D. [+ d2 T6 L: U  J' l8 `declared by the Board of Directors, subject to the provisions of the Bank Act,2 W4 Q' F5 c( ^; Q- }2 b3 H/ q/ j6 \
payable quarterly on the 25th day of February, May, August and November3 P6 e9 r+ R6 S$ u3 |4 J
in each year, in the amount per share determined by multiplying the2 g' A  {: j+ P7 ~1 X5 j3 ?# q
applicable Quarterly Floating Dividend Rate by $25.00." |3 x3 x+ f! B  f# R& {
On the 30th day prior to the commencement of the initial quarterly dividend
/ V, W; S2 @# d) X; Eperiod beginning on February 25, 2014, and on the 30th day prior to the first
" r5 s# E3 ~% Lday of each subsequent quarterly dividend period (the initial quarterly
4 z3 }9 Z- ]% L8 X3 odividend period and each subsequent quarterly dividend period is referred to& P5 Q, Z8 a0 R" x! B7 N. _* |
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the! A) V3 P5 t8 t* m$ t- `. R& t
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate, t; ^3 n% l" d6 I2 I; i0 T
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the# p- A: O6 T, ~2 l
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
' t' w4 ?2 [' Y/ c3 ?7 ?elapsed in the applicable Quarterly Floating Rate Period divided by 365)
0 {! h+ ]% w- |5 d# S8 {4 K1 sdetermined on the 30th day prior to the first day of the applicable Quarterly
! d( x/ G6 r/ O4 y( ?3 aFloating Rate Period." V! c! }9 d9 R
S-5) ]4 U- B! [, \
If the Board of Directors does not declare a dividend, or any part thereof, on4 u2 P5 r9 I4 R& Y
the Preferred Shares Series 19 on or before the dividend payment date for a
7 Y" Z; \2 D9 n3 Uparticular quarter, then the entitlement of the holders of the Preferred5 I/ F4 h  r! H8 ^2 K+ C. R
Shares Series 19 to receive such dividend, or to any part thereof, for such+ t% u& }$ O/ P, a# V
quarter will be forever extinguished.
" f% N1 @0 }! K3 TRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
( R% I* Q( B# V  d5 O8 {Superintendent and to the provisions described below under the heading( }7 t( }; t6 B5 T; ~  G6 m
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
! q& P; i6 F, u0 F. dSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
3 T$ g8 p  ~0 {# m, `on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
! L: o. o2 {- U4 t2 Uor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
, z; t, n3 W1 @* ~: V( roption without the consent of the holder, by the payment of an amount in) y3 w8 g* n- t$ O& }( p
cash for each such share so redeemed of (i) $25.00 together with all declared
6 R+ S0 {& e6 Y, T$ |* aand unpaid dividends to the date fixed for redemption in the case of
4 l7 W; O2 @' g( {2 O, y& vredemptions on February 25, 2019 and on February 25 every five years; ^) V7 K- `  y$ j6 P$ P5 ~) @
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to6 z  Z. j* S# r3 k
the date fixed for redemption in the case of redemptions on any other date* ^! w( m% }/ B' r. F2 k/ }
on or after February 25, 2014.* p& I& Q! J( r9 D0 |0 A
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
9 w7 }% Y) V3 KShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
* P) e5 A3 g# Ythe right, at their option, to convert, on February 25, 2019 and on
! r; R/ N; |. q* H' @& h% lFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
9 p& J1 z- F" j7 A, }or all of their Preferred Shares Series 19 into an equal number of Preferred
' e2 m  [1 Y* `3 c' PShares Series 18 upon giving to the Bank written notice thereof not earlier
; G5 R5 P* c3 r: }8 Vthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the8 W( m, z6 o, s# n9 f7 M: ^6 o
15th day preceding, a Series 19 Conversion Date.
5 l. l  F' W) CAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
" }. g8 {. I8 M+ @$ lProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
7 }, n5 t0 ?& k1 ]2 `. ]  Z1 {7 H; jSeries 18, as the case may be, that there would be outstanding on such
- I0 L- A3 A5 ]; z" y/ LSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
! C* ]9 j8 p/ y. Psuch remaining number of Preferred Shares Series 19 will automatically be; C4 z! f0 i+ d7 K; T; b: M
converted on such Series 19 Conversion Date into an equal number of4 ~+ {/ e! `/ Q  V
Preferred Shares Series 18. Additionally, if the Bank determines that, after' N" ]& Z3 d4 B4 P8 N
conversion, there would be outstanding on such Series 19 Conversion Date1 C9 a  X4 a3 n+ i2 \8 M
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares# V3 g5 m, ~0 _' H, L( P
Series 19 will be converted into Preferred Shares Series 18.
& ~- w( ]; w' uVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares/ G5 J: Y: x* ^% k' F( b. V
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
) D) F5 I9 _* V6 H4 r  many meeting of the shareholders of the Bank unless and until the first time at: T+ P) N2 R8 u- K. @
which the Board of Directors has not declared the whole dividend on the: u3 K5 b$ ?/ T7 ^6 ~" _8 n- H- y
Preferred Shares Series 19 in any quarter. In that event, subject as5 w; m" y* J% n5 a8 G6 k
hereinafter provided, the holders of Preferred Shares Series 19 will be2 g# }9 X4 i- P, R# V8 t
entitled to receive notice of, and to attend, meetings of shareholders at which* e6 s9 I# p5 C. Q
directors of the Bank are to be elected and will be entitled to one vote for
& ?9 @  \% Q' ]. B& seach Preferred Share Series 19 held. The voting rights of the holders of the. O4 q0 B: T: \' b1 J: ^- W
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of: v2 Z4 I- e' G. h% S
the first dividend on the Preferred Shares Series 19 to which the holders are
* Y4 k% b' E  ~entitled thereunder subsequent to the time such voting rights first arose until0 h" c7 |9 C' `
such time as the Bank may again fail to declare the whole dividend on the' S7 p1 J/ o3 K( T1 j
Preferred Shares Series 19 in respect of any quarter, in which event such
+ G% d; C. a/ }$ \* W7 T, V6 Bvoting rights will become effective again and so on from time to time.  S0 _3 h* @( j+ \
S-6
8 {& J; N( Q0 H$ X* i" v4 d/ R+ qPriority: The preferred shares of each series of the Bank will rank on a parity with- a  L) R" ~$ c) |' r
every other series and are entitled to preference over the common shares of
* v) [% M$ M8 |  Q$ I1 Pthe Bank and over any other shares of the Bank ranking junior to the1 ^% J1 [: ^: q1 q
preferred shares with respect to the payment of dividends and upon any7 p: u6 Y5 S( n+ }- c0 P+ P1 v
distribution of assets in the event of the liquidation, dissolution or
" _5 C! D' x) \% R  _/ {winding-up of the Bank.
+ R' }' k1 u$ x5 r2 \5 ]Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
# m0 Y+ [$ M- i: O; d  EDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
5 v& M) M" ^& u" ISeries 18 and Preferred Shares Series 19 will not be required to pay tax on) |1 v$ P; F" K
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。
" _( s( t1 u7 W  e  `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

3 g$ S8 z, L( L& L3 {4 {1 s7 Y8 \- `5 \: D
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。& {7 @( Z* P+ U+ C" N
1 w2 d  s2 D$ k: X6 ~
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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