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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。
, Z% i+ W$ I8 x" l! a$ b

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( m. q% K6 M, B' Q[ 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:
$ q) r+ M; O: c4 u  JSUMMARY OF THE OFFERING  a3 o5 `* s/ ^6 C' R
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’’.$ J  x8 I. r1 G8 a
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.( {5 T2 \0 m9 y. z9 p$ t) d
Amount: $150,000,000 (6,000,000 shares).! w$ K6 V- t. m% v
Price and Yield: $25.00 per share to yield initially 6.50% per annum.% j0 q( u0 F6 _" s) j( X
Principal Characteristics of the Preferred Shares Series 18: T8 d5 Q0 `4 {5 I# Z/ v; Q3 d
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed: b# c0 y' L) D6 E( {- X- g: Y' z
non-cumulative preferential cash dividends, as and when declared by the6 d" j4 E; O  U
Board of Directors, subject to the provisions of the Bank Act, for the initial
0 O& ]+ C5 |" H1 X* |. u( Speriod commencing on the closing date and ending on and including1 M  [7 }  e! X
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the- G/ i4 ]! u2 Z. c, Z6 ~9 S
25th day of February, May, August and November in each year, at a rate
; }6 Q: l! e  L- W; Requal to $0.40625 per share. The initial dividend, if declared, will be payable
! l" g! H. [) N7 R6 Z" ~May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
- ]2 Y6 l8 w& v( l% Ldate of December 11, 2008.$ v) M6 |! B: L0 E9 \3 W
For each five-year period after the Initial Fixed Rate Period (each, a) p6 K8 E' G9 H3 a4 I/ p$ \$ \8 N
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares2 p8 N4 @7 b9 j5 Z/ {! [
Series 18 will be entitled to receive fixed non-cumulative preferential cash
# J: \% G9 P% Y( ^dividends, as and when declared by the Board of Directors, subject to the7 j1 p8 Q0 v1 Z$ `; A3 g
provisions of the Bank Act, payable quarterly on the 25th day of February,. }" a6 A# R# h7 o: R4 U
May, August and November in each year, in the amount per share per annum4 y/ E  {" M( t4 X
determined by multiplying the Annual Fixed Dividend Rate applicable to
' W) P: A) k% n3 y- E" }# f6 asuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend  F6 Z' R7 F, V1 G6 w2 g
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the( {+ n& `+ @2 D' Q
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
* d) D, Z# M. B- g8 _of such Subsequent Fixed Rate Period and will be equal to the sum of the  m3 w$ y! ]- q$ m+ O: K1 {4 j
Government of Canada Yield on the applicable Fixed Rate Calculation Date% h9 A& i* i( t4 O" x* O
plus 3.83%.
7 Q0 j5 H: B4 t1 S4 f/ u; dIf the Board of Directors does not declare a dividend, or any part thereof, on
0 w7 x/ ^' A! U2 R2 lthe Preferred Shares Series 18 on or before the dividend payment date for a
* ~4 r0 X! M$ k2 i6 |+ \0 _( {particular quarter, then the entitlement of the holders of the Preferred
# D3 z6 I5 u: z! [0 \/ iShares Series 18 to receive such dividend, or to any part thereof, for such9 X7 V9 T5 v4 @* \; U
quarter will be forever extinguished.
1 ]# ~' I3 f+ z' {Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
7 v+ `( f$ b, \6 C& |Superintendent and to the provisions described below under ‘‘Details of the
7 I( Y) k# o9 W" i! e+ K; FOffering — Certain Provisions of the Preferred Shares Series 18 as a
  x! f( t/ ]; O& [Series — Restrictions on Dividends and Retirement of Shares’’, on
* d7 l  P4 d5 V* q4 E& j, lFebruary 25, 2014 and on February 25 every five years thereafter, on not
& k# L* ^0 c6 {& p' nmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any1 _4 b3 l4 `& W# s
part of the then outstanding Preferred Shares Series 18, at the Bank’s option' W& P  a4 A, v) D2 H' \
without the consent of the holder, by the payment of an amount in cash for% j5 f2 g: M0 D; [) C
each such share so redeemed of $25.00 together with all declared and unpaid# l$ y& t# w' |+ K7 w  ?* ]
dividends to the date fixed for redemption.' t$ {: |: M8 [9 P6 @: V- J$ X. i
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic/ b1 ?% T2 x9 _2 Q/ z  V  d8 c, e
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
2 {4 [4 }- Y+ ]the right, at their option, to convert, on February 25, 2014 and on7 f8 K/ ?) w0 g2 i7 [7 Q- G
S-4+ [) _- e6 H1 y2 O5 M1 j
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
$ E) a* ^- z1 S$ U" t6 for all of their Preferred Shares Series 18 into an equal number of Preferred) a0 v' r. ~. [; `8 x, a, P
Shares Series 19 upon giving to the Bank notice thereof not earlier than$ F# S! g/ s& j' o2 l: H
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day( A" }  Q* i4 b
preceding, a Series 18 Conversion Date.
  Z; T8 A" q# s! k" R; N6 yAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
1 i5 @3 ]6 F% v8 vProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
* A1 q" Y/ p* tSeries 19, as the case may be, that there would be outstanding on such% ^- H( U( L. p; ?: \. K
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,$ D* e7 I1 Q! H3 C+ h0 p6 g
such remaining number of Preferred Shares Series 18 will automatically be
# b( E1 |3 c& i. t* z" `+ r6 D  mconverted on such Series 18 Conversion Date into an equal number of
" w/ I1 [) T0 Q- O; B% U% zPreferred Shares Series 19. Additionally, if the Bank determines that, after
: a6 i$ B' @. b& q# l. K' r- f- gconversion, there would be outstanding on such Series 18 Conversion Date
/ z% e. F& f. m! q2 H8 wless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
2 O2 ?$ H& j+ ^- C4 Q/ [Series 18 will be converted into Preferred Shares Series 19.
9 H  D: d2 f9 j" c/ Y" EVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares; v4 y6 t1 ~3 s& Q
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
) F' c! g5 I# h% L" R! b8 h+ F+ Wany meeting of the shareholders of the Bank unless and until the first time at
4 {2 m( _7 r: g+ D- e3 _which the Board of Directors has not declared the whole dividend on the2 H7 J; ?7 l. Y* E1 W% x: V
Preferred Shares Series 18 in any quarter. In that event, subject as. M5 ?7 G  g1 N) B
hereinafter provided, the holders of Preferred Shares Series 18 will be! @/ H8 V( s0 X& ~* Z
entitled to receive notice of, and to attend, meetings of shareholders at which
' q- B9 i. v$ p9 U$ Mdirectors of the Bank are to be elected and will be entitled to one vote for: j# d9 v7 k$ ]4 {
each Preferred Share Series 18 held. The voting rights of the holders of the  V$ O; E. V* L$ w! Q. N
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
2 }+ a3 h# d2 N/ xthe first dividend on the Preferred Shares Series 18 to which the holders are
8 @0 s# v' @% K2 b2 o& zentitled thereunder subsequent to the time such voting rights first arose until3 T( q6 W" L' z* _. X" w
such time as the Bank may again fail to declare the whole dividend on the- g. c& J6 {9 P+ e8 E) A" u7 z
Preferred Shares Series 18 in respect of any quarter, in which event such
7 E5 P, Z0 g! o; X1 p' K1 Jvoting rights will become effective again and so on from time to time.
, W( `2 O, n$ }* q; k4 NPrincipal Characteristics of the Preferred Shares Series 199 Z6 h# @2 T5 Q) u/ ^9 u
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
5 |5 w) V; L8 q% f8 Wfloating rate non-cumulative preferential cash dividends, as and when
5 T; V. W0 j* F2 v* k' Ideclared by the Board of Directors, subject to the provisions of the Bank Act,6 z  O( N3 q& e0 e
payable quarterly on the 25th day of February, May, August and November
. a: K- S) n3 A6 |  X8 W1 Nin each year, in the amount per share determined by multiplying the
7 b( z$ y; Z# iapplicable Quarterly Floating Dividend Rate by $25.00.
" {5 g6 z3 y* {# _/ NOn the 30th day prior to the commencement of the initial quarterly dividend
* m* m+ i/ ^9 eperiod beginning on February 25, 2014, and on the 30th day prior to the first, D! \' y- B2 v; q, R
day of each subsequent quarterly dividend period (the initial quarterly
9 t9 Q$ d4 N! y8 Jdividend period and each subsequent quarterly dividend period is referred to
5 H7 i: t" i9 Q' z" ?9 j. k0 {as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
0 f, B  l1 `( {2 c6 {" b/ zQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
- p' d+ Q9 E% n; v+ c2 s( I6 @  fPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the1 h% ^- f1 E3 ?/ f% P0 U( V0 Q
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days3 y' O/ {7 V( `( B) H
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
6 o0 k8 N) B1 p% ^' [: j! S8 Y! Ydetermined on the 30th day prior to the first day of the applicable Quarterly) x) T& {0 V& g: _* K
Floating Rate Period.
/ t  c3 v% q% w. [S-5
- P$ ^; P" b4 L. ]If the Board of Directors does not declare a dividend, or any part thereof, on
2 R/ L! N) K! s, K& @$ tthe Preferred Shares Series 19 on or before the dividend payment date for a* x" C. I# J, x) j( e& L. a
particular quarter, then the entitlement of the holders of the Preferred
" s+ g( Q4 f6 Q* R7 k8 ~+ }, D; EShares Series 19 to receive such dividend, or to any part thereof, for such
9 G) z3 I6 ~: Z* S+ \quarter will be forever extinguished.
( T# n$ j3 A+ Y; V+ D) D  k4 v* fRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
, W5 @/ J5 d: M9 I* x3 USuperintendent and to the provisions described below under the heading
0 s& U. C0 V3 I8 K7 G& h  z‘‘Details of the Offering — Certain Provisions of the Preferred Shares
- W1 B+ L1 I% uSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
' d* H' F& f: K  G9 S. |on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
; ~! t- F  K% @5 X, d/ X- Bor any part of the then outstanding Preferred Shares Series 19, at the Bank’s/ C% [* c' u0 ~, m2 |' R% K
option without the consent of the holder, by the payment of an amount in  g, m% G' c$ j) ?# X- y0 ~* E4 @! }$ x
cash for each such share so redeemed of (i) $25.00 together with all declared/ g2 f$ T: F5 {3 O9 _
and unpaid dividends to the date fixed for redemption in the case of
1 G2 y1 M9 @4 `, d9 sredemptions on February 25, 2019 and on February 25 every five years- @0 t1 }9 D/ N( I
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
7 j0 F* C# J# }/ _) {8 y9 [the date fixed for redemption in the case of redemptions on any other date
, \  q' m# z" u3 x9 ~/ S) non or after February 25, 2014.. x7 G2 ?! T$ D% W& d3 t) F
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
) w9 N( Y- L2 S5 vShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have) O- A2 C8 B) L# ~0 I2 G- Q" F& L- m
the right, at their option, to convert, on February 25, 2019 and on
: [$ o$ E4 B' m. i1 d  iFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any4 J# u, k$ y2 s( |
or all of their Preferred Shares Series 19 into an equal number of Preferred$ W) t7 G, e) R3 E, m
Shares Series 18 upon giving to the Bank written notice thereof not earlier  f4 E" _6 ?2 V
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the5 v0 y0 `" ~1 r/ Y! w
15th day preceding, a Series 19 Conversion Date.
. I# E! h5 P3 o: K; yAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
( }# v5 l2 Z  R) l! OProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares( l( D0 [. m3 g- T" H7 n: ^* e
Series 18, as the case may be, that there would be outstanding on such
+ v) |3 k; B5 {Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,+ p0 ~- u& y& J, m
such remaining number of Preferred Shares Series 19 will automatically be
' }; D# n7 d. E* Sconverted on such Series 19 Conversion Date into an equal number of' ^$ b% ?( N2 a+ `5 P/ E/ s1 U! }
Preferred Shares Series 18. Additionally, if the Bank determines that, after
3 ]5 f' @; `. I4 q. t( o  Aconversion, there would be outstanding on such Series 19 Conversion Date! r: j3 T9 {& k7 ]" D
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
1 V$ z+ W# V( `  Q  g4 gSeries 19 will be converted into Preferred Shares Series 18.
8 |% W9 ^, S% @6 y* x# F- A* }Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
2 b4 w5 ?* W6 [+ Y' f9 ?Series 19 will not be entitled as such to receive notice of, attend, or vote at,0 d7 w# r+ L5 ?0 t; P
any meeting of the shareholders of the Bank unless and until the first time at
! C8 \5 ?; o( ^which the Board of Directors has not declared the whole dividend on the
5 `2 G8 D/ ~, T8 rPreferred Shares Series 19 in any quarter. In that event, subject as* h' w3 c4 X# D) y0 J& N
hereinafter provided, the holders of Preferred Shares Series 19 will be
* r; H$ e; `: J2 E* |5 k+ N. Dentitled to receive notice of, and to attend, meetings of shareholders at which
$ g  t% B8 ~! F$ E# l! `3 x4 @* Tdirectors of the Bank are to be elected and will be entitled to one vote for9 |8 ^2 c5 N& l$ C
each Preferred Share Series 19 held. The voting rights of the holders of the
1 R. M$ E( z. S$ a8 E: J1 KPreferred Shares Series 19 will forthwith cease upon payment by the Bank of# a' Q6 M$ e. N# j
the first dividend on the Preferred Shares Series 19 to which the holders are% N* W9 W6 g( b% `0 z! p7 s8 |( O
entitled thereunder subsequent to the time such voting rights first arose until+ R$ p) m" ^7 g8 b
such time as the Bank may again fail to declare the whole dividend on the
# L+ s2 `  P3 ]5 Y; {' XPreferred Shares Series 19 in respect of any quarter, in which event such
  C3 t" I& @$ J+ ~7 c- g9 z$ V, \voting rights will become effective again and so on from time to time.
4 z; j# W# }) i6 l7 d# M/ I. K) \S-6
0 \: [; ~6 |" @7 J7 ~6 V  ~Priority: The preferred shares of each series of the Bank will rank on a parity with" i5 z4 E0 \: c  r# Z! P
every other series and are entitled to preference over the common shares of
1 {, S: E% Y1 n. p# U2 `the Bank and over any other shares of the Bank ranking junior to the
% u2 u7 k  ~9 R4 ~4 _& Gpreferred shares with respect to the payment of dividends and upon any2 C6 n5 Z% b$ `4 E; J
distribution of assets in the event of the liquidation, dissolution or
& H. H: t: X3 G/ Q& v. i1 T( Y; _winding-up of the Bank.. ?& T* q9 e0 T& U# K
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under9 ~7 E; i! `' `# W4 o, }9 E/ I& x
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares3 Q5 r# q6 o1 B! J1 a
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
/ Y  M( f% x* o7 a/ J% @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。& x- W9 s8 j: V2 u2 f+ c3 {
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

5 a% ]9 c# K, c2 E+ d/ D2 T$ \) t
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。) C1 W. J( G" K% j- C& I6 q# t$ K

! |! ?6 S& ?. ]# Ccall 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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