埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 2630|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。
9 k) {) M8 O" [8 h9 G- c

! b, c8 g3 L0 ~( X  `2 q( C- }" x) D5 f5 i4 s# X3 H
[ 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:
4 ]  `; x5 P! _, H. f7 f( gSUMMARY OF THE OFFERING- b% n# W7 l0 q& z
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’’.
* k3 X2 U: R% f# h) P: W' \Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.# ]7 k6 ~+ _3 D% |4 G* X
Amount: $150,000,000 (6,000,000 shares).
- l9 }0 R) J3 b2 z  O  a/ RPrice and Yield: $25.00 per share to yield initially 6.50% per annum.6 Q* T( ^7 k& u0 B1 m
Principal Characteristics of the Preferred Shares Series 186 n8 I7 E' T! }, p/ G$ v; Y8 K2 F
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed, k1 y' y: P* O1 L. D6 h2 x8 Y- R
non-cumulative preferential cash dividends, as and when declared by the$ C2 J+ D( R* h, d1 h& W% w
Board of Directors, subject to the provisions of the Bank Act, for the initial/ n- V" I# k1 g, [$ j4 U' i
period commencing on the closing date and ending on and including
( G3 V6 L5 o$ s* q$ }) G  gFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the% X% K: a8 k& u: e( f
25th day of February, May, August and November in each year, at a rate) Q! g; K- L' O/ B3 k' Q/ F3 g5 p
equal to $0.40625 per share. The initial dividend, if declared, will be payable
" o5 V6 C2 A! i8 ~2 F" e  H0 P6 N2 PMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
! @" f3 |* u- Q  C7 ddate of December 11, 2008.
: B' _3 W2 }9 I" t. D% H% c, SFor each five-year period after the Initial Fixed Rate Period (each, a
9 W8 f0 y, d5 J: _# F8 V‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
4 r& J5 A  |1 I- z% E! BSeries 18 will be entitled to receive fixed non-cumulative preferential cash4 C; H: O" I# Y4 B% J, b
dividends, as and when declared by the Board of Directors, subject to the9 }  V! \0 _5 f8 p8 U5 U
provisions of the Bank Act, payable quarterly on the 25th day of February,
/ K" F8 _" b6 UMay, August and November in each year, in the amount per share per annum
% I  ?- ~$ I0 h) j0 hdetermined by multiplying the Annual Fixed Dividend Rate applicable to. U. V$ u/ V5 O* K1 F" n! F
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
2 e/ k! T8 R3 E# URate for the ensuing Subsequent Fixed Rate Period will be determined by the- Y7 U. |) ^5 c* I8 D  r
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day0 d6 F9 T. E" R6 I. b  U/ n
of such Subsequent Fixed Rate Period and will be equal to the sum of the
  s) J+ `8 }8 u1 WGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
; @/ e; h, N3 Wplus 3.83%.
: F' W7 |& g8 E! I  PIf the Board of Directors does not declare a dividend, or any part thereof, on
3 p( S! D7 P: e; L$ Vthe Preferred Shares Series 18 on or before the dividend payment date for a. ~) }  ~5 y) R1 i
particular quarter, then the entitlement of the holders of the Preferred
9 w6 J9 b# x0 f. ^( s; CShares Series 18 to receive such dividend, or to any part thereof, for such
/ b8 V' J7 U& k+ fquarter will be forever extinguished.
& N2 T! t/ s9 y) }6 ~Redemption: Subject to the provisions of the Bank Act and to the prior consent of the# v& g3 e1 K) P1 p
Superintendent and to the provisions described below under ‘‘Details of the2 k, z) s( B: |" l( A3 A0 L
Offering — Certain Provisions of the Preferred Shares Series 18 as a  K* r' |" W/ b0 e# V
Series — Restrictions on Dividends and Retirement of Shares’’, on
; Z" V, H: {+ b$ P! e% B, X# ~, r& NFebruary 25, 2014 and on February 25 every five years thereafter, on not5 J' D( E, l$ b. D1 \! t4 J/ b
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any" i) J. ^/ r5 X8 g! S
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
: o& Z1 u5 u! X1 B6 C7 xwithout the consent of the holder, by the payment of an amount in cash for
" C, m! t9 c# Q8 f4 neach such share so redeemed of $25.00 together with all declared and unpaid+ f$ V& O. V2 s8 J9 j
dividends to the date fixed for redemption.7 X  }4 w9 _8 x  v, i2 q
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic5 i1 [% C) j" F0 L' a
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have2 }- t% Y- d6 r5 o1 q2 v
the right, at their option, to convert, on February 25, 2014 and on$ M  E. q( l; ?; A3 |+ E0 S2 L0 V+ m
S-48 _- l/ E& N7 a) y" H1 D# M
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any5 K% x' e! J% ]
or all of their Preferred Shares Series 18 into an equal number of Preferred
2 F7 c4 `6 W/ s3 X8 cShares Series 19 upon giving to the Bank notice thereof not earlier than" |. W8 H( b# v
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
, P8 h0 V# j5 `# k+ Npreceding, a Series 18 Conversion Date." G* S! ?; ~1 K0 O7 R4 K, E# _' B
Automatic Conversion If the Bank determines, after having taken into account all shares tendered8 Y* i/ I6 j4 b2 v' T" t: f, p! c
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares, F4 a6 H/ L' j* `! \7 c
Series 19, as the case may be, that there would be outstanding on such
  L" u2 }) E7 GSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
' |1 y9 L4 J' {$ i  A( Hsuch remaining number of Preferred Shares Series 18 will automatically be) |' k) g3 ]% F9 z2 C. d
converted on such Series 18 Conversion Date into an equal number of( R/ l0 q6 N# t
Preferred Shares Series 19. Additionally, if the Bank determines that, after6 v' g) E# S4 B( ~3 O# {: S: Y' J
conversion, there would be outstanding on such Series 18 Conversion Date
5 t6 s0 f4 ]) E1 q7 m4 L7 cless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
7 ^% l7 V7 f5 m7 d6 J# [% TSeries 18 will be converted into Preferred Shares Series 19.5 ?1 g: i" u" ]& x( Q
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares! w& }2 U$ H; T! H7 [
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
0 V; ]$ v% c: A1 F$ ?8 zany meeting of the shareholders of the Bank unless and until the first time at
' R: K; X9 M/ U6 o( rwhich the Board of Directors has not declared the whole dividend on the$ \5 C- ~% F( @( R' t* ?- s7 r
Preferred Shares Series 18 in any quarter. In that event, subject as- B3 i4 o1 {5 J2 M" ?  N
hereinafter provided, the holders of Preferred Shares Series 18 will be
6 O/ J4 v6 U% ]entitled to receive notice of, and to attend, meetings of shareholders at which  M% M2 a" _; S* T' g
directors of the Bank are to be elected and will be entitled to one vote for+ A% ^  ]" _0 t+ R" n
each Preferred Share Series 18 held. The voting rights of the holders of the
5 _( _' F) \7 S/ DPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
; r9 Z* b, o/ U$ H- ]the first dividend on the Preferred Shares Series 18 to which the holders are  n2 F) L( i9 H% o4 U0 |; S* p9 t
entitled thereunder subsequent to the time such voting rights first arose until* F4 ~$ }* c8 L# ^8 R* u; N4 I) U
such time as the Bank may again fail to declare the whole dividend on the
6 m9 g. h2 W4 cPreferred Shares Series 18 in respect of any quarter, in which event such
4 B) v2 k* ^1 Svoting rights will become effective again and so on from time to time.% J9 G* V4 g# y8 t3 c% w
Principal Characteristics of the Preferred Shares Series 19
6 i8 R8 ]9 x- y4 i2 mDividends: The holders of the Preferred Shares Series 19 will be entitled to receive! J( t- O9 Q" i4 Q( y% k. {( l
floating rate non-cumulative preferential cash dividends, as and when" G( B/ \3 M6 ?- {+ W5 j0 U: D
declared by the Board of Directors, subject to the provisions of the Bank Act,8 Y6 G0 i2 Q) s7 C, T- @. [
payable quarterly on the 25th day of February, May, August and November' T. Q4 I0 K( L) o  B
in each year, in the amount per share determined by multiplying the
4 }  B" O0 c+ I) @. ^8 e, uapplicable Quarterly Floating Dividend Rate by $25.00.
2 e! N; j$ O6 Y+ E' C) M8 l! j+ C* pOn the 30th day prior to the commencement of the initial quarterly dividend
" F, Y" `# P: V- H2 P: {9 ~& vperiod beginning on February 25, 2014, and on the 30th day prior to the first) T7 V$ l; o+ J1 E+ X
day of each subsequent quarterly dividend period (the initial quarterly
+ p9 R. V' C5 S, a5 L4 _dividend period and each subsequent quarterly dividend period is referred to) G4 p7 ]  n; v& Z5 u3 \! G8 F/ E
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the, d: O# E1 A6 p9 F5 p- J* Y  Z2 i3 ?
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate: Q1 S4 y  K( z$ {: `: w/ ~
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
" a  V9 [8 T) V7 R, nT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
: |/ P5 b. k- ], q1 ~elapsed in the applicable Quarterly Floating Rate Period divided by 365)
* d  B$ g+ E( B* R/ W' Hdetermined on the 30th day prior to the first day of the applicable Quarterly! p6 ?2 V+ h* \
Floating Rate Period.
4 Z: t" _9 i) u# e: d% VS-5, d( D1 ^6 b1 ^* ~7 a* T
If the Board of Directors does not declare a dividend, or any part thereof, on
6 k: K* u7 S' _the Preferred Shares Series 19 on or before the dividend payment date for a. m' a" c( ?0 w5 |  @3 {
particular quarter, then the entitlement of the holders of the Preferred5 t! y8 K7 A. x2 T/ v! [
Shares Series 19 to receive such dividend, or to any part thereof, for such
+ J* ?- P* g& J: z- t  tquarter will be forever extinguished.
( `% ~; ]; e8 F- T& d) hRedemption: Subject to the provisions of the Bank Act and to the prior consent of the2 r: b, T  x% O  h
Superintendent and to the provisions described below under the heading
' P" ]* f# W) _1 I‘‘Details of the Offering — Certain Provisions of the Preferred Shares3 v, S/ l5 m+ E1 C# g0 M
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,- ]3 R7 w, O, n- S
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all, }: P8 q0 k! L4 _9 @; a
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
! g3 M9 n% e( r& ^( {+ g- k! j- aoption without the consent of the holder, by the payment of an amount in' }. t% n" X5 u! U. M% r- w
cash for each such share so redeemed of (i) $25.00 together with all declared& k& }; `7 Y+ f1 U* O( l4 B1 c) K
and unpaid dividends to the date fixed for redemption in the case of* ?1 r9 _1 W6 l3 p" F! Y
redemptions on February 25, 2019 and on February 25 every five years8 l- S4 T6 Z8 p( z1 h
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
* ]5 h: V& y0 m% ^7 nthe date fixed for redemption in the case of redemptions on any other date( V& x0 [) w6 k: f3 q
on or after February 25, 2014.
# A) u0 z' w3 n& bConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic$ i! |- P; @6 a! X( A
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have$ a) Q# y* t8 ~2 J1 a( O
the right, at their option, to convert, on February 25, 2019 and on, C  I" B* C; G* A
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
9 T& T6 E1 `2 ^' Y5 A; r7 k6 sor all of their Preferred Shares Series 19 into an equal number of Preferred; ^7 f2 U7 y) u% p6 ?! ^' D0 B, K
Shares Series 18 upon giving to the Bank written notice thereof not earlier
& B& J5 D- R4 ^5 gthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
8 D9 H0 M8 c7 _. b15th day preceding, a Series 19 Conversion Date.
3 ~8 t2 V/ v) ?Automatic Conversion If the Bank determines, after having taken into account all shares tendered6 ?2 r% y, C# T: }3 f, H6 U
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares! F6 u0 }5 N, g) J7 O; D3 ~/ g9 ~
Series 18, as the case may be, that there would be outstanding on such3 ]0 |) K: p6 W1 I& e) D
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
$ Y! Y1 z- J( Y6 Ksuch remaining number of Preferred Shares Series 19 will automatically be
5 `) i) N5 C5 J4 t4 Wconverted on such Series 19 Conversion Date into an equal number of
6 r' Z4 r3 i" {* lPreferred Shares Series 18. Additionally, if the Bank determines that, after
, H- h9 Q8 o2 b0 f( Dconversion, there would be outstanding on such Series 19 Conversion Date5 r9 m% r% l( |; y& c! L  S; v
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
4 c- {% ^! A( O. x7 ?3 M* @# |2 ~0 w% dSeries 19 will be converted into Preferred Shares Series 18./ }5 a; n0 E$ P( @0 K$ Z
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
. A: c% F% r5 u# N- @, TSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
3 I3 r. t) |6 H/ X1 rany meeting of the shareholders of the Bank unless and until the first time at/ g; A# `9 v% r! k$ @( d
which the Board of Directors has not declared the whole dividend on the( A, p% L9 q, }( Y; Q' U; R
Preferred Shares Series 19 in any quarter. In that event, subject as. D) F' K/ T  c  S; p5 W( d
hereinafter provided, the holders of Preferred Shares Series 19 will be/ }) L* S$ r7 I: b/ u
entitled to receive notice of, and to attend, meetings of shareholders at which% e2 }7 [0 N/ f% s. ?: J
directors of the Bank are to be elected and will be entitled to one vote for
  B2 w: ^( ^% `* H! ~+ A/ q& Ueach Preferred Share Series 19 held. The voting rights of the holders of the, ~* M3 d; W/ s
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of8 E, w2 y0 V0 n3 [% Z2 A" z  L
the first dividend on the Preferred Shares Series 19 to which the holders are
/ A# R/ Z4 ]4 Y; W) W' nentitled thereunder subsequent to the time such voting rights first arose until
- D1 `. J. K9 e' B$ Csuch time as the Bank may again fail to declare the whole dividend on the- x4 h' L* w5 e
Preferred Shares Series 19 in respect of any quarter, in which event such8 ]" F/ W0 u( [  [! t" |
voting rights will become effective again and so on from time to time.( Y2 \! C4 G' S- H" i) P6 A
S-6- P# u% S9 U! V2 K$ E4 Q8 ?
Priority: The preferred shares of each series of the Bank will rank on a parity with
. H8 f+ X# G7 `# F" p* h, [9 H4 aevery other series and are entitled to preference over the common shares of, _4 z! p( k  g
the Bank and over any other shares of the Bank ranking junior to the- S9 E9 A, [7 q- o: u6 v6 u6 h/ r: X
preferred shares with respect to the payment of dividends and upon any; v9 k' k2 m4 T  U5 x: N3 T/ o
distribution of assets in the event of the liquidation, dissolution or
" `" {1 B5 b" C  nwinding-up of the Bank.
$ u' s$ u: X5 f1 QTax on Preferred Share The Bank will elect, in the manner and within the time provided under
/ ?% ^% k- ~% aDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
& j) E  X+ \+ c2 H  K6 JSeries 18 and Preferred Shares Series 19 will not be required to pay tax on9 Y9 k3 o4 w0 A- y6 B8 J; B
dividends received on such shares under Part IV.1 of such Act.
理袁律师事务所
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。
% o) c/ v# B' ^1 F) p4 w  Y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
% \% H7 O' a0 O, o
- ?( ]6 M! C3 p4 W6 ^
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
" A  G& R( U. j" M7 w7 L- [
1 G: j; V' T: y7 D# v' hcall 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。
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, 2026-1-26 21:39 , Processed in 0.106354 second(s), 11 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