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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。
! x) c% K2 A1 F  X1 V; e5 }

! Q! ~" \0 u6 J4 F' f( r" P& w! z6 Q2 ^
) N; y, ^: h7 [* o! u: ?& A% }0 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:9 P6 p" A; O  L
SUMMARY OF THE OFFERING
& N( C! z5 F6 S# H6 ?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’’.
" ^/ `8 x1 t3 V  g1 a. i  LIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.' X  W' Q1 X/ K% a% c9 y( J
Amount: $150,000,000 (6,000,000 shares).: r" u$ s0 S' t, ^
Price and Yield: $25.00 per share to yield initially 6.50% per annum.8 a2 v. b- i- D. U" I3 y
Principal Characteristics of the Preferred Shares Series 18
, e+ L4 H! z$ C6 x8 K; bDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
& G# K. Z( b1 E( j. v5 P' `non-cumulative preferential cash dividends, as and when declared by the% k2 W# {: F/ I2 v
Board of Directors, subject to the provisions of the Bank Act, for the initial
$ a: K( G, `. h: iperiod commencing on the closing date and ending on and including
3 T0 q3 `! Q( s) B7 P! }, e7 P/ aFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the& K+ `3 j7 H/ G' k8 ?
25th day of February, May, August and November in each year, at a rate
9 j  O7 T. U7 C* b- Lequal to $0.40625 per share. The initial dividend, if declared, will be payable' ~# \# P; t% X* ]' g
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
4 c+ b% e, ]) ~4 i; pdate of December 11, 2008.
' ^( z0 m- {2 h$ n6 ZFor each five-year period after the Initial Fixed Rate Period (each, a8 x& @  ]  }/ C3 K( _& m% E
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares! ?' h. S& R# M! d
Series 18 will be entitled to receive fixed non-cumulative preferential cash% G7 O1 c+ `0 x. Q! e, o
dividends, as and when declared by the Board of Directors, subject to the
8 J1 g; d; S- J" I* s: I( O+ Fprovisions of the Bank Act, payable quarterly on the 25th day of February,* {4 G0 V  j' e3 M- u4 Q2 G5 X
May, August and November in each year, in the amount per share per annum
2 h7 u: h: e0 P) W+ `0 l$ jdetermined by multiplying the Annual Fixed Dividend Rate applicable to
% Y2 I( j8 ~8 |- |: Lsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
8 y* \1 c9 A/ z2 H/ H, IRate for the ensuing Subsequent Fixed Rate Period will be determined by the9 M, v$ B! \/ G# x/ {3 ?& u
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
1 v. Z; n, j" s/ vof such Subsequent Fixed Rate Period and will be equal to the sum of the
% |8 G/ G& z* p, w. T4 [Government of Canada Yield on the applicable Fixed Rate Calculation Date1 @) V# Q' v8 G) `6 ^
plus 3.83%.
: r% E  h3 u2 k+ E' t. S- V; PIf the Board of Directors does not declare a dividend, or any part thereof, on4 A: T1 X' e& N' h
the Preferred Shares Series 18 on or before the dividend payment date for a8 f" \+ R6 i3 G4 C) c1 k
particular quarter, then the entitlement of the holders of the Preferred7 [% t( c3 O2 R# p2 P* o1 X
Shares Series 18 to receive such dividend, or to any part thereof, for such
+ L+ y+ O' W* e# h* D1 t& Xquarter will be forever extinguished.
* S# ?5 p/ Z8 x" H7 F5 A& oRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
; A  Z) \) ]& T2 i1 Q4 n( m0 @Superintendent and to the provisions described below under ‘‘Details of the
2 z' |- }6 R' Y+ L$ w& c0 d. H6 h- {* IOffering — Certain Provisions of the Preferred Shares Series 18 as a# \! Q7 K! q0 }; d6 |0 X
Series — Restrictions on Dividends and Retirement of Shares’’, on# f5 J0 P, u/ @& |- A% i
February 25, 2014 and on February 25 every five years thereafter, on not& V: k5 I3 |- `- T' e
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
: V. t3 l. C/ z' x" i' c- wpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
( @+ O- q2 D2 B+ N0 f( T) {+ Qwithout the consent of the holder, by the payment of an amount in cash for+ W8 g; W& I; e# R
each such share so redeemed of $25.00 together with all declared and unpaid+ u) M) I  Q+ k% L" E3 O9 _4 L+ \* z
dividends to the date fixed for redemption.
& `3 F: @* x! C/ oConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic' j6 G! B7 t. b. O6 V4 S, c! F6 Z" F8 q
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
- ^" [& \  e2 B: x: v0 Ithe right, at their option, to convert, on February 25, 2014 and on& r# J* j; M6 m7 x5 N
S-4
# S- E9 o5 J3 _February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any3 y  f4 ~" L, q5 C# K
or all of their Preferred Shares Series 18 into an equal number of Preferred
- C7 C& S5 g0 J3 TShares Series 19 upon giving to the Bank notice thereof not earlier than
$ D/ V  |# Y: @5 H( D* D. r30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
$ n; c) i6 E1 u& i7 G5 @preceding, a Series 18 Conversion Date.
9 G7 W  r4 C) d; E. VAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
3 H. F9 G& p. b; a- }  YProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares* U+ u# d/ A5 E1 B8 n
Series 19, as the case may be, that there would be outstanding on such
! h) p) b/ N1 ?% Y9 k* NSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,/ y  Q! P/ y7 x+ Z: N, S6 |1 ~% |* v
such remaining number of Preferred Shares Series 18 will automatically be
/ G- c8 L  \1 W/ m  pconverted on such Series 18 Conversion Date into an equal number of
6 r0 S" o5 A/ W5 oPreferred Shares Series 19. Additionally, if the Bank determines that, after6 n. S8 y* z8 y+ W' E7 ~5 c
conversion, there would be outstanding on such Series 18 Conversion Date# D2 @. e$ Y9 I( k
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares2 U. z* k/ S4 y9 G* ~
Series 18 will be converted into Preferred Shares Series 19.7 Z$ x+ U! o4 s1 n9 s
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
/ d* S9 w/ v7 A, v5 H4 MSeries 18 will not be entitled as such to receive notice of, attend, or vote at,# ]) t5 E/ h$ t7 c2 a/ W% u
any meeting of the shareholders of the Bank unless and until the first time at/ u0 |) }2 A9 q/ t; U
which the Board of Directors has not declared the whole dividend on the/ H3 V% q; M" b+ F
Preferred Shares Series 18 in any quarter. In that event, subject as
' p! E- a( y1 M" u6 h* lhereinafter provided, the holders of Preferred Shares Series 18 will be
* D8 O3 }- N$ ]: m9 a$ o! Dentitled to receive notice of, and to attend, meetings of shareholders at which
! h1 J: M% z7 l% X" ~3 D2 i8 Idirectors of the Bank are to be elected and will be entitled to one vote for8 X& i8 ]  E9 F
each Preferred Share Series 18 held. The voting rights of the holders of the
6 K. {, }6 f( [* z& O/ DPreferred Shares Series 18 will forthwith cease upon payment by the Bank of8 [) S( Z9 _* {
the first dividend on the Preferred Shares Series 18 to which the holders are8 [+ u5 R. y) r# g4 U0 P0 D. n7 A
entitled thereunder subsequent to the time such voting rights first arose until' A; ?* y" Z5 {0 o0 a$ S
such time as the Bank may again fail to declare the whole dividend on the2 g) r% L8 {. p' d
Preferred Shares Series 18 in respect of any quarter, in which event such
/ F  V4 P2 r2 h( p& h- xvoting rights will become effective again and so on from time to time.
( o7 t  L$ E) K( ~4 O/ e; a# W+ DPrincipal Characteristics of the Preferred Shares Series 19+ ]5 d. b+ o; f) e
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
) p" {  }9 x* F! I( S: C2 W- ^floating rate non-cumulative preferential cash dividends, as and when+ N- a# @' N" a' k! z2 y2 Y/ I% H
declared by the Board of Directors, subject to the provisions of the Bank Act,8 m* b' ]( y2 e+ S3 N& U
payable quarterly on the 25th day of February, May, August and November7 h' f0 v, s8 ^" |: M' K! f2 y
in each year, in the amount per share determined by multiplying the
+ ~' r. i' v5 N: @9 T6 lapplicable Quarterly Floating Dividend Rate by $25.00.1 |5 R7 [; k6 ]8 S5 p* |
On the 30th day prior to the commencement of the initial quarterly dividend
% n" V! I0 o* y2 Eperiod beginning on February 25, 2014, and on the 30th day prior to the first
2 F" ~; {  g& I* Zday of each subsequent quarterly dividend period (the initial quarterly
' A) p7 s9 p/ x* zdividend period and each subsequent quarterly dividend period is referred to& D0 L8 B( G' f- V, u, O$ ?
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the$ s2 ~7 K6 g9 K
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate6 s- b6 E. v2 |4 i/ y7 C6 ?
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
% A2 u" u2 a9 `- ~T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
% T4 {, z' e1 n& ?  D; ?2 w0 x  |elapsed in the applicable Quarterly Floating Rate Period divided by 365)- Y& [4 G' c0 U. ~
determined on the 30th day prior to the first day of the applicable Quarterly
5 V! B& U# T) [5 uFloating Rate Period.
% |$ J. S. T( W4 Q8 gS-5
/ |. o1 O: I0 B! o3 R, sIf the Board of Directors does not declare a dividend, or any part thereof, on
5 t+ R5 g5 Q# }0 S, B) L1 X6 Ythe Preferred Shares Series 19 on or before the dividend payment date for a5 K! C) t; Q; c
particular quarter, then the entitlement of the holders of the Preferred
. _  ]- D6 b5 \4 VShares Series 19 to receive such dividend, or to any part thereof, for such
- n% ~# i" b5 B: w( D( x2 xquarter will be forever extinguished.
! f" p1 \8 O+ X& PRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
5 j0 B5 C" \- I4 Y( XSuperintendent and to the provisions described below under the heading- d6 {4 `  F( ~% b  z
‘‘Details of the Offering — Certain Provisions of the Preferred Shares5 }) J' b1 n+ ~* B. a8 O; E' v
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
5 o: O$ n8 f8 J  son not more than 60 nor less than 30 days’ notice, the Bank may redeem all/ `0 a# J+ x+ X9 v4 H
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s* T! ^) J" Z  b" c# T3 K
option without the consent of the holder, by the payment of an amount in
  j, i5 q# C4 |: vcash for each such share so redeemed of (i) $25.00 together with all declared! V2 Z( g+ q$ I
and unpaid dividends to the date fixed for redemption in the case of+ t4 _. T  O9 b9 k# U* j
redemptions on February 25, 2019 and on February 25 every five years% ^8 e: d! L  T' v5 t) z
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to7 c; U) h5 s1 o/ p6 L, M
the date fixed for redemption in the case of redemptions on any other date2 V2 M7 i4 ]+ G. C. V1 X" Y9 x4 _
on or after February 25, 2014.4 b4 p0 e( o% \% @
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
9 p  @4 o8 a9 o' c! qShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
: I0 a' T* k$ j: Pthe right, at their option, to convert, on February 25, 2019 and on6 A' P8 T7 x) ?% M  e# x6 v- w) r0 u" o7 _. z
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any, v3 w) f6 H/ ?  S0 V
or all of their Preferred Shares Series 19 into an equal number of Preferred
6 P) d9 _( W: E" S4 UShares Series 18 upon giving to the Bank written notice thereof not earlier
: p, ^6 V. u$ _9 s" I" nthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
3 e/ T8 s% J( q& g" _' p0 T# b15th day preceding, a Series 19 Conversion Date.
* C' P0 D, [5 L1 Z# [Automatic Conversion If the Bank determines, after having taken into account all shares tendered8 G3 t- g8 y9 K# _2 y! d) E: _
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares0 z; W( p1 Z/ n. H! d$ Q5 h
Series 18, as the case may be, that there would be outstanding on such
! B+ [( {  b$ l" e- {Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
# u& W& L3 R: H' L. \5 [/ V2 psuch remaining number of Preferred Shares Series 19 will automatically be
% ?" ^/ |' _# Y( R/ Hconverted on such Series 19 Conversion Date into an equal number of
; L( L. R7 [# L2 Z9 u  J$ sPreferred Shares Series 18. Additionally, if the Bank determines that, after# n5 q3 _- ?7 J6 C1 e5 p
conversion, there would be outstanding on such Series 19 Conversion Date
: y& L# U& F8 }- _- Yless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
! U: K. T. e7 z' p4 K( o% J5 I! oSeries 19 will be converted into Preferred Shares Series 18.: d$ Y8 G4 M( W
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares2 o4 s( n% _0 a% M7 e1 [
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
* F) b2 |( q* K& ~any meeting of the shareholders of the Bank unless and until the first time at$ f( R9 L* E3 }4 j, c* h
which the Board of Directors has not declared the whole dividend on the( J" X+ T0 u& ?8 X) |, m" H- m. }/ K9 o
Preferred Shares Series 19 in any quarter. In that event, subject as
7 L' \- d, I$ A# ihereinafter provided, the holders of Preferred Shares Series 19 will be
& p4 ]# z4 I* Ientitled to receive notice of, and to attend, meetings of shareholders at which2 ^/ N- P. S* r" v$ z4 I3 V4 e7 ~
directors of the Bank are to be elected and will be entitled to one vote for( `- L9 Z$ C6 Y
each Preferred Share Series 19 held. The voting rights of the holders of the) D4 W% b3 j, J5 i; d; q
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
! V" A" H" \: U! sthe first dividend on the Preferred Shares Series 19 to which the holders are: q) v. Y! U6 ~, O8 T" `
entitled thereunder subsequent to the time such voting rights first arose until
- W+ [. p# a6 K/ x9 psuch time as the Bank may again fail to declare the whole dividend on the4 @; @5 `2 p3 _' a$ }" _
Preferred Shares Series 19 in respect of any quarter, in which event such
  i* C& E* W& G$ C3 @/ R# |voting rights will become effective again and so on from time to time.
- g3 [/ N2 y1 TS-6( Y) K" W$ I" v' L3 Z# r7 M* x- ?
Priority: The preferred shares of each series of the Bank will rank on a parity with; Y4 H" U8 k  G  x* ^) H5 t* n
every other series and are entitled to preference over the common shares of
1 r+ C+ `8 M( P2 a: @- M! n- T/ l9 Kthe Bank and over any other shares of the Bank ranking junior to the
1 @; o( q0 N1 C$ q! f' Npreferred shares with respect to the payment of dividends and upon any2 F' D" e( u) `2 H& j
distribution of assets in the event of the liquidation, dissolution or, T0 N0 B: V1 v- v
winding-up of the Bank.9 t, L9 S- ^$ V- I
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
6 F3 \; {. ^! g/ U5 V; PDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares1 I$ X- y2 i$ x" J# x2 X! A' d
Series 18 and Preferred Shares Series 19 will not be required to pay tax on% i  n' ?- y  y4 \
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。
( R! d$ Q9 P/ V* c+ v7 P8 U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。
理袁律师事务所
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 18:26 | 显示全部楼层

$ I$ D7 b6 p6 v: L6 B8 C) T8 ?  T8 q, U( W$ D& I& a4 ^
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
0 j, N/ G8 |: z& b7 G1 Y! O  h; _+ p! n! {5 _
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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