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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。8 V! x% c( F& j  j. a
. x' y/ ]# V% E  C

. s7 C& l7 k' K# F  \- R( |2 ?( |[ 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:$ n$ x* ^0 d- _; D
SUMMARY OF THE OFFERING
. D, W7 ^9 [! j" E" h! BThis 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’’.
; I4 P: C/ N9 Z. \& V7 G& }Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
) o! T' f0 V% AAmount: $150,000,000 (6,000,000 shares).  W3 U; `' a( X* U2 y  B- B
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
2 N6 n( W: O8 t! C8 d  zPrincipal Characteristics of the Preferred Shares Series 18
0 i6 o$ R9 o  G+ Y/ LDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
7 u( F6 q" k* r3 J" h7 Wnon-cumulative preferential cash dividends, as and when declared by the) C4 S/ l! H& e: C- u
Board of Directors, subject to the provisions of the Bank Act, for the initial3 O' h: S0 Q# o" S) z
period commencing on the closing date and ending on and including
1 v. i% G1 b" ?5 n1 ^* TFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the. w! O0 a5 H. o7 b( w
25th day of February, May, August and November in each year, at a rate( R& j/ s+ h. _% l* ~% g$ B
equal to $0.40625 per share. The initial dividend, if declared, will be payable% w9 g- ?' ]8 S5 e
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing4 T+ j! v  J4 C$ H
date of December 11, 2008.
3 p% j( z; I  u" r$ t. E4 `! y1 ]For each five-year period after the Initial Fixed Rate Period (each, a
2 T+ x  M8 M) |+ V0 t, O‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares& S5 ^/ d9 w2 p4 e: ]
Series 18 will be entitled to receive fixed non-cumulative preferential cash5 }  L8 H8 a5 m) K# K: d! n
dividends, as and when declared by the Board of Directors, subject to the
9 Y- M( D7 K0 A& M- Eprovisions of the Bank Act, payable quarterly on the 25th day of February,
. ]7 |, D% m6 {3 t- m) _3 RMay, August and November in each year, in the amount per share per annum! a% |0 I4 E# r5 l
determined by multiplying the Annual Fixed Dividend Rate applicable to
) h& {/ ^% Z: \" k) wsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
4 K% y3 X4 G2 Z0 t% G; URate for the ensuing Subsequent Fixed Rate Period will be determined by the
8 v8 o9 U* j" I1 F% OBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
8 U- b! V# k' ~: ~3 R  e) U4 vof such Subsequent Fixed Rate Period and will be equal to the sum of the
3 E5 j, n+ e6 u" P/ j2 ?Government of Canada Yield on the applicable Fixed Rate Calculation Date* z% w- w( ~2 B; {- o5 u; d
plus 3.83%.
; R2 j/ J# q2 w8 o0 pIf the Board of Directors does not declare a dividend, or any part thereof, on
$ B0 u7 l; [4 q: X: c. o! Q+ wthe Preferred Shares Series 18 on or before the dividend payment date for a
: w7 r, y, z7 ^  F+ r1 Iparticular quarter, then the entitlement of the holders of the Preferred
4 ^& u; t( w. U+ W/ iShares Series 18 to receive such dividend, or to any part thereof, for such
( `. H% Z1 N% e3 Q; A" ~quarter will be forever extinguished.8 p4 V- A% w2 a7 E" i# M9 \2 C
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
0 `/ B5 i0 U# u& i& k: `Superintendent and to the provisions described below under ‘‘Details of the
  Q! C7 m0 ]& a4 a: xOffering — Certain Provisions of the Preferred Shares Series 18 as a- ^( d7 p$ G' K) Y# G
Series — Restrictions on Dividends and Retirement of Shares’’, on# d& z. |' K# D' A* }/ e8 {
February 25, 2014 and on February 25 every five years thereafter, on not
; S$ K* @3 T4 U5 p+ v9 Lmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
; `. I8 ]; i7 t$ wpart of the then outstanding Preferred Shares Series 18, at the Bank’s option8 }9 Q4 {0 q/ O( C
without the consent of the holder, by the payment of an amount in cash for6 M, d$ z* |/ H7 d
each such share so redeemed of $25.00 together with all declared and unpaid2 [! D0 N7 y, J5 o
dividends to the date fixed for redemption.4 T; V7 @# y. q8 @1 ?
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic& U4 V* n+ C* ^& L4 t) n- W9 w7 y
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
1 y4 |, A& ]& D2 O9 a" }the right, at their option, to convert, on February 25, 2014 and on
, S; e, Z" C. d! j$ HS-4% G7 t3 B; c% R1 k4 @
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
$ R4 K1 E: S- w, w; s# L; por all of their Preferred Shares Series 18 into an equal number of Preferred
/ W0 q! j; O% w7 ]9 bShares Series 19 upon giving to the Bank notice thereof not earlier than
2 j! ]! e: Y, d% q30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day" R4 [4 E9 A9 `
preceding, a Series 18 Conversion Date.
6 x/ V+ C: e; o0 r* F" _& x( ZAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
* y, K  W3 E$ P! K$ T: SProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares' T+ H+ k% F5 F. T' I$ S/ m
Series 19, as the case may be, that there would be outstanding on such  F6 n  K& l$ d, s
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,3 y0 E9 ^7 y9 Q, C
such remaining number of Preferred Shares Series 18 will automatically be% ]/ y5 V0 z. K- \6 c
converted on such Series 18 Conversion Date into an equal number of1 ]& M' k0 W  a7 \' T. B+ \9 g0 e
Preferred Shares Series 19. Additionally, if the Bank determines that, after
# F7 U6 e% H: m- dconversion, there would be outstanding on such Series 18 Conversion Date
& ~% X4 K( k: fless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares, J# Q7 d; Y* s# P- Q$ R- n3 T, ~4 i
Series 18 will be converted into Preferred Shares Series 19.3 Z' f/ V/ x9 z/ m2 x; [: ]
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares4 y  s4 f; G+ X) u/ Y6 E! e6 O
Series 18 will not be entitled as such to receive notice of, attend, or vote at,, b5 H# H, K" y' J- v, C% _- w; S+ ?5 @5 i
any meeting of the shareholders of the Bank unless and until the first time at
8 c; L, F' P% R" }  V3 kwhich the Board of Directors has not declared the whole dividend on the
9 ~! T  A, G1 w" ~& l; o  gPreferred Shares Series 18 in any quarter. In that event, subject as
) K7 D/ D4 w' L4 R2 F8 }$ zhereinafter provided, the holders of Preferred Shares Series 18 will be
7 }+ @! O! L8 m( X: D, ^# c  u2 E2 Nentitled to receive notice of, and to attend, meetings of shareholders at which
8 p+ J/ Y! d! f1 Q- Ldirectors of the Bank are to be elected and will be entitled to one vote for
) r' @( R* Z! U% X2 neach Preferred Share Series 18 held. The voting rights of the holders of the
; l. b5 x; Z9 J/ U; Z; q. \% `! QPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
! r% o5 c3 M. t0 L$ X/ ^8 Ythe first dividend on the Preferred Shares Series 18 to which the holders are
- b8 X' v1 V, s' T0 Z& z* Sentitled thereunder subsequent to the time such voting rights first arose until' U! v7 b' @2 h9 b% B9 i
such time as the Bank may again fail to declare the whole dividend on the
& C: Y* ^7 b' [6 V- [1 fPreferred Shares Series 18 in respect of any quarter, in which event such
  ?  N  P! {$ `( i' W0 h. d, Nvoting rights will become effective again and so on from time to time.
, R8 p# l: G% u$ V. t3 _Principal Characteristics of the Preferred Shares Series 19
. c/ }5 g' S  v3 v; h5 n5 [4 @Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
9 H! r; p0 G; R1 g) S+ @floating rate non-cumulative preferential cash dividends, as and when; \' N( B: w6 {
declared by the Board of Directors, subject to the provisions of the Bank Act,/ f5 }1 n* K4 l9 Y6 B7 y' e5 z
payable quarterly on the 25th day of February, May, August and November2 L* E: E* t6 F% D# F! y# i# G* O
in each year, in the amount per share determined by multiplying the5 _* ^4 y% w, U. a# Q( o
applicable Quarterly Floating Dividend Rate by $25.00.
, p4 J& ?; H! f! h; L/ XOn the 30th day prior to the commencement of the initial quarterly dividend6 S) j/ @8 e1 E1 y/ j8 L$ f
period beginning on February 25, 2014, and on the 30th day prior to the first& q# B* \4 }+ t0 D
day of each subsequent quarterly dividend period (the initial quarterly) \5 @6 c& L) t/ ~  M  V- `
dividend period and each subsequent quarterly dividend period is referred to7 F5 w; p: y( c  |" A
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the( b. O4 o+ j3 s9 f0 l2 j8 g
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate# H  h8 v: \  t5 K0 A& @! n
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the8 n+ V, y9 e- O" ?1 ^6 Z6 f
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days+ ^  b7 L; x8 S8 c0 r* p3 H. T2 H
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
( u" z( f2 w% c' _( Q  Vdetermined on the 30th day prior to the first day of the applicable Quarterly
) Y  w" B  [; Z1 A/ t* g/ U, dFloating Rate Period.
% s/ a5 i5 p  VS-5( k+ n% `1 m; n) ^0 l
If the Board of Directors does not declare a dividend, or any part thereof, on- ]# b! J: S$ O1 [5 w! u
the Preferred Shares Series 19 on or before the dividend payment date for a2 g9 G- G4 {$ p! o: n8 i
particular quarter, then the entitlement of the holders of the Preferred1 f& l8 k9 x$ A6 `# E( e
Shares Series 19 to receive such dividend, or to any part thereof, for such
; r: P$ O' ?! b& S% ?% M2 k, i+ Equarter will be forever extinguished.6 v( o! P( }% i, ]' l5 P
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
4 r4 c5 w% W1 E3 n5 ASuperintendent and to the provisions described below under the heading1 z, D$ d% {, G0 X! ~
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
$ a8 V! t$ i5 k1 x; a4 X, YSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
* r* X; P/ ?# W" n- `3 Q" ron not more than 60 nor less than 30 days’ notice, the Bank may redeem all% C" T$ N/ M& a* O
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
( x0 y4 l$ Z* ]option without the consent of the holder, by the payment of an amount in
# @+ {" Y# e( U9 lcash for each such share so redeemed of (i) $25.00 together with all declared/ w8 W, S1 O# J; R1 I( }
and unpaid dividends to the date fixed for redemption in the case of
7 ?! |7 W( b8 o+ b. L. _redemptions on February 25, 2019 and on February 25 every five years
( f# c* `* _+ Z% {thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
+ w, p2 ]: q# z+ G. [% qthe date fixed for redemption in the case of redemptions on any other date7 K. ]0 \! N! V* H
on or after February 25, 2014.
4 y5 W: g" S6 PConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic, A; p8 T; h& c  `) q
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have2 Q: B4 q: M7 ^# X' L
the right, at their option, to convert, on February 25, 2019 and on& S& H' n5 p/ k# v: y# c
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
. F$ I% N( _8 Yor all of their Preferred Shares Series 19 into an equal number of Preferred2 q" d' A+ {7 l
Shares Series 18 upon giving to the Bank written notice thereof not earlier
* n+ t3 P5 l+ X& |. {than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the5 l6 y1 S6 T" m4 k' S% J  W
15th day preceding, a Series 19 Conversion Date.. \5 K' O+ p. @  ^
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
+ P7 T1 ^2 i1 Z6 |3 E  s! uProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
6 O% R5 W* ^. o" t* I7 [' o( ZSeries 18, as the case may be, that there would be outstanding on such
/ K! y3 h3 f$ Z, l: S" `1 \Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,* u* n5 K# M; c) |' L6 o* K
such remaining number of Preferred Shares Series 19 will automatically be8 {6 }5 B5 O' a$ F* o. y( w
converted on such Series 19 Conversion Date into an equal number of
1 N" f5 F; d" w$ a" H2 t! P. WPreferred Shares Series 18. Additionally, if the Bank determines that, after  }; x! i' |0 s& n; N2 C3 I
conversion, there would be outstanding on such Series 19 Conversion Date
; e* n4 T# R3 E0 L# wless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares7 n* e1 \, B& A: |% g$ ~( _( _8 o
Series 19 will be converted into Preferred Shares Series 18.
4 v8 J; d# i, `5 m# EVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
% `3 A  D  z: ^8 P. ~Series 19 will not be entitled as such to receive notice of, attend, or vote at,# e% N, s5 _5 f  A/ d: x4 N
any meeting of the shareholders of the Bank unless and until the first time at# k5 R1 c" T# t+ [
which the Board of Directors has not declared the whole dividend on the
& Y6 S  b5 \7 q) H* |' cPreferred Shares Series 19 in any quarter. In that event, subject as- z  \0 s3 E/ Y
hereinafter provided, the holders of Preferred Shares Series 19 will be6 F) u2 P1 a) W1 i
entitled to receive notice of, and to attend, meetings of shareholders at which( d. C8 W0 M2 s
directors of the Bank are to be elected and will be entitled to one vote for
. H8 H% ^8 u1 v" @% O/ leach Preferred Share Series 19 held. The voting rights of the holders of the+ D; o" p5 K3 G
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
4 }" m) W6 J$ j7 Jthe first dividend on the Preferred Shares Series 19 to which the holders are
+ Q. p! M& Q' d  y, }3 `* Xentitled thereunder subsequent to the time such voting rights first arose until
( D4 A) ]4 g. h1 F, U! E7 ssuch time as the Bank may again fail to declare the whole dividend on the
' M; |" F/ j7 t) ~Preferred Shares Series 19 in respect of any quarter, in which event such1 H# ^  Q# M. m
voting rights will become effective again and so on from time to time.% [% ?9 q& [) d" Q9 i
S-6
& c! P- [0 p" O/ B7 y" y" W1 vPriority: The preferred shares of each series of the Bank will rank on a parity with
' Q. Z6 @' g0 ?) Z7 }4 kevery other series and are entitled to preference over the common shares of
0 K6 r& K4 f: k' H: y) N/ Vthe Bank and over any other shares of the Bank ranking junior to the# \0 N9 d( |3 \
preferred shares with respect to the payment of dividends and upon any" R/ H; \( E: `8 Z5 F! D: r
distribution of assets in the event of the liquidation, dissolution or
% i8 W7 K" \8 _! _winding-up of the Bank.0 a. _8 p6 W, `; N5 o& l
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under2 I! ]4 B! [+ n
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares; Z- B" e, @. j. L3 K- Z9 I
Series 18 and Preferred Shares Series 19 will not be required to pay tax on3 ^2 }' U3 y- K% s8 d" N4 i7 [# M
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。2 |) @  j( Z; V! y9 D9 H
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

$ O5 h0 i( m3 g3 ?* O1 b' \5 v
) }. E1 L" J; t$ T; p3 }下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。5 y) F& k2 R& o; H

/ [% M1 y$ G) P2 K* N$ E' E% Ycall 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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