埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 3340|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。
5 l& u( r1 P. Q
, B6 w9 j4 X8 Y6 j% i0 f9 V0 F* o

( v4 F) |1 O7 o  l[ 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:
- {  G  N5 f, I$ {SUMMARY OF THE OFFERING( M. ]( ~8 Y6 W' v
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’’., n$ T. S9 |  A) a' r7 m
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
0 d- v0 k' [/ ]8 Z+ a* {+ XAmount: $150,000,000 (6,000,000 shares).. [8 f  t# \/ V+ }- Y
Price and Yield: $25.00 per share to yield initially 6.50% per annum.( A* t* A0 t5 l3 q& a# T7 J
Principal Characteristics of the Preferred Shares Series 18
/ p+ O2 q/ B0 f& }' b  wDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
5 Y, a1 I6 Y/ {* T* W3 y- J0 znon-cumulative preferential cash dividends, as and when declared by the( ]/ r) l; }* B
Board of Directors, subject to the provisions of the Bank Act, for the initial7 R0 `5 M1 }8 `& G$ u2 X
period commencing on the closing date and ending on and including
1 a9 X" x6 z/ h' zFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the) C7 [/ @. J9 ^$ z8 i- P
25th day of February, May, August and November in each year, at a rate. v9 Y& f0 B# D) v$ v# I! T1 O# B- C
equal to $0.40625 per share. The initial dividend, if declared, will be payable
9 z" ~% y; r, p1 e2 j, ~) h- @May 25, 2009 and will be $0.73459 per share, based on the anticipated closing+ m  v+ t* ~& \- a4 A. p
date of December 11, 2008.
/ s9 G0 J& G' j0 WFor each five-year period after the Initial Fixed Rate Period (each, a$ L* w' r4 l" y6 T  q
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares' |/ a3 O1 H/ W6 k5 B
Series 18 will be entitled to receive fixed non-cumulative preferential cash; E  W; o9 L+ D$ g
dividends, as and when declared by the Board of Directors, subject to the  }7 ~. N9 F: A1 n' m" ~  n9 Q; K
provisions of the Bank Act, payable quarterly on the 25th day of February,- `. q3 G4 q6 [$ _4 ]) C: g
May, August and November in each year, in the amount per share per annum
; T4 b7 X7 W, D. pdetermined by multiplying the Annual Fixed Dividend Rate applicable to
! c- p+ D% ^* i' psuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
& r. J6 }) X1 P  T6 K' nRate for the ensuing Subsequent Fixed Rate Period will be determined by the
! A, ~8 c  D4 W! l& DBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day- L- h5 ~: R5 l, O% a1 y7 {2 m
of such Subsequent Fixed Rate Period and will be equal to the sum of the
# l7 J: Y; H: A. X1 v- LGovernment of Canada Yield on the applicable Fixed Rate Calculation Date. s( K1 y$ D/ M3 z
plus 3.83%.
  ^: P' F* E4 i8 Y+ ]5 n2 B/ uIf the Board of Directors does not declare a dividend, or any part thereof, on9 p7 i% k  u3 r# B6 T  M0 M8 ^
the Preferred Shares Series 18 on or before the dividend payment date for a
' F0 ]6 o0 Q" K% ~' `+ Bparticular quarter, then the entitlement of the holders of the Preferred
7 y" d! a6 d) E! [Shares Series 18 to receive such dividend, or to any part thereof, for such( `% ^+ Q2 N. K# E2 n
quarter will be forever extinguished.' P: J9 n, T& C6 w4 \) F) I5 w! P
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the0 d) I, ]/ M1 G$ E) w+ z. M; I
Superintendent and to the provisions described below under ‘‘Details of the
0 H4 l+ Q% n9 J+ dOffering — Certain Provisions of the Preferred Shares Series 18 as a/ M. e2 l; |# l
Series — Restrictions on Dividends and Retirement of Shares’’, on& b5 q3 |0 f& t) }
February 25, 2014 and on February 25 every five years thereafter, on not, C+ V( d/ e0 y6 c
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
8 ?  }7 h. Z/ U9 c$ a& V  Jpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
: n2 D6 j: ~  s0 p8 V6 Fwithout the consent of the holder, by the payment of an amount in cash for- q) \% B" {0 e8 a" y
each such share so redeemed of $25.00 together with all declared and unpaid7 n/ X& f- B' v' a& H: I
dividends to the date fixed for redemption.8 o; {6 L! d0 s; T6 l$ s' @6 ]
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
% a, l% u; k4 [1 A) [; M; eShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
4 r# M6 s$ {  m" ]! ?the right, at their option, to convert, on February 25, 2014 and on
" D$ s4 Y* _/ Y, q; YS-41 J% h) k. }3 Z+ v
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
( k! R  o: l. }or all of their Preferred Shares Series 18 into an equal number of Preferred+ s! j2 b, ~  E# `5 @1 A
Shares Series 19 upon giving to the Bank notice thereof not earlier than
9 E& H( B2 g2 ]' L% o; h$ `30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
3 ^  n$ U  ~# B9 x" r% N4 gpreceding, a Series 18 Conversion Date.# H2 F& \+ T& k7 C2 Q$ ^
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
7 q& O2 o( f. O) T4 yProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
5 ~; n! q, `# ~3 L8 `2 cSeries 19, as the case may be, that there would be outstanding on such
& q6 L& k# f) p2 F+ V* q. a; f7 WSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,* d2 E: m& U( q. @' R
such remaining number of Preferred Shares Series 18 will automatically be  E9 E6 {1 f8 d5 h( C$ S% W
converted on such Series 18 Conversion Date into an equal number of. I9 g- w. h2 g4 O7 u/ y7 i
Preferred Shares Series 19. Additionally, if the Bank determines that, after$ l* h2 B. V# o- y& m& e
conversion, there would be outstanding on such Series 18 Conversion Date4 U3 b* Q5 Q7 i  M
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares, U- d7 {4 a/ p# z, ~
Series 18 will be converted into Preferred Shares Series 19., ^, F. T# [3 [! G6 `9 i: i3 n
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
9 _2 O4 h$ {6 y* L' }Series 18 will not be entitled as such to receive notice of, attend, or vote at,
9 [& K/ L. X$ i2 y3 ]any meeting of the shareholders of the Bank unless and until the first time at
3 I' F2 |- A0 r& ^) Z; R# {which the Board of Directors has not declared the whole dividend on the
! H2 m7 ?2 ^" T+ FPreferred Shares Series 18 in any quarter. In that event, subject as
# @2 b; @1 ?: }3 R9 ~. o+ @hereinafter provided, the holders of Preferred Shares Series 18 will be
) I9 L; f1 h. G7 v9 c: `) S* @entitled to receive notice of, and to attend, meetings of shareholders at which
/ a2 w# ?; I' W/ G; Fdirectors of the Bank are to be elected and will be entitled to one vote for/ H  Y, b; ]' B9 E" U; ^
each Preferred Share Series 18 held. The voting rights of the holders of the; D; a, Y9 |+ u, @* Q; W$ g9 K$ m0 X
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
* ]6 p' I! U$ j7 R& A! `+ i9 ?the first dividend on the Preferred Shares Series 18 to which the holders are. |2 h1 ^& Z" i( g% I
entitled thereunder subsequent to the time such voting rights first arose until$ }, Y% ]2 B. p: ]
such time as the Bank may again fail to declare the whole dividend on the- ]2 M0 J% M3 t0 ~' ]- G7 L( r
Preferred Shares Series 18 in respect of any quarter, in which event such: M8 ?+ P" @& S; s' _) F
voting rights will become effective again and so on from time to time.
  O4 K7 v6 {- k& T' C* n0 [Principal Characteristics of the Preferred Shares Series 19% X# L+ c& v/ P1 m9 \
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
2 _" a; {& P: W$ E9 t& nfloating rate non-cumulative preferential cash dividends, as and when1 M0 i- q) Y7 g9 A
declared by the Board of Directors, subject to the provisions of the Bank Act,7 n( Q" P8 ]1 N( e
payable quarterly on the 25th day of February, May, August and November4 B9 C' E1 i5 _5 {" S
in each year, in the amount per share determined by multiplying the
0 [5 p# @' U# R: [! Eapplicable Quarterly Floating Dividend Rate by $25.00.
6 ?3 @+ q0 t$ G, U0 @+ N+ pOn the 30th day prior to the commencement of the initial quarterly dividend5 l1 i0 w5 U* O
period beginning on February 25, 2014, and on the 30th day prior to the first- s' e: S- I, E( P4 p
day of each subsequent quarterly dividend period (the initial quarterly
2 S1 J/ X3 w9 ]* j% D9 Mdividend period and each subsequent quarterly dividend period is referred to
, X/ m5 K0 q4 m7 tas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the3 g/ g9 D( W$ K6 ]- v. C
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
% Q& @6 \: b- e1 v7 X: XPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the4 r8 H: \# ?# E0 Z5 B* R
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days, }) Q) Z8 g, Y3 E. \5 _* N2 Z; {
elapsed in the applicable Quarterly Floating Rate Period divided by 365): G8 M' h# G; d% t
determined on the 30th day prior to the first day of the applicable Quarterly' C5 E9 S0 V4 x0 [
Floating Rate Period.
$ |+ ?% m# |# gS-5+ H# y) a8 W  I' g7 I2 }4 j
If the Board of Directors does not declare a dividend, or any part thereof, on6 G$ A0 \& }1 |$ H
the Preferred Shares Series 19 on or before the dividend payment date for a
( p  n; h2 m; W3 b2 ]particular quarter, then the entitlement of the holders of the Preferred) C# Q( x% r% m+ o" z) V
Shares Series 19 to receive such dividend, or to any part thereof, for such
* R2 i, w  J# o4 M& w6 u" yquarter will be forever extinguished.
, l6 R, L8 @9 K- QRedemption: Subject to the provisions of the Bank Act and to the prior consent of the$ o& f- C8 i" {5 Q+ n, ?* L* `/ d
Superintendent and to the provisions described below under the heading
9 ^5 }( U% _3 {, [) @‘‘Details of the Offering — Certain Provisions of the Preferred Shares( c# \$ S  x, X% a
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
5 r. M) j: ~4 k4 ?: \! Y3 F7 x. m, g8 ~on not more than 60 nor less than 30 days’ notice, the Bank may redeem all; g! v0 m, ~) w- x/ W) z; B! ~9 C
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
& o5 ?; [5 g( W2 C4 [& N6 ]option without the consent of the holder, by the payment of an amount in" x. `  z# e! P: g8 u; {" p  r
cash for each such share so redeemed of (i) $25.00 together with all declared0 I3 m( w9 i8 o6 b( ^: g9 k
and unpaid dividends to the date fixed for redemption in the case of
) X4 u/ W7 m7 ]; Y. [) `redemptions on February 25, 2019 and on February 25 every five years
& l$ S1 F; C6 Y/ J  z4 Athereafter, or (ii) $25.50 together with all declared and unpaid dividends to
7 u' N: X' a5 d$ i2 ^" C3 \3 e$ Mthe date fixed for redemption in the case of redemptions on any other date
# |. ~' N: E! u0 Qon or after February 25, 2014.
. |0 g# {3 o9 r; H* B  f! ~Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
! e7 M" r  ]  _Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have7 m) u' e" [3 t$ T- ?
the right, at their option, to convert, on February 25, 2019 and on
8 y9 j0 V+ B9 e, x) ~February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
: c, v9 k6 K3 f5 }# s& Ror all of their Preferred Shares Series 19 into an equal number of Preferred* ]9 u8 |  L9 {8 l
Shares Series 18 upon giving to the Bank written notice thereof not earlier
: o, F$ P" z! V5 q/ @# \/ u1 i5 {than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the* U  L1 W8 Q0 g+ i; I5 W, P) {' Z
15th day preceding, a Series 19 Conversion Date.: t& y/ m& @5 N, }: T" ]. H
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
2 \1 u& `$ p* B, {* C: e/ K1 PProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
$ T$ W8 o% j& @* W2 JSeries 18, as the case may be, that there would be outstanding on such4 ^! _& z" W9 N' h7 k% ~
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,$ ^% w( C) [, l/ {4 [
such remaining number of Preferred Shares Series 19 will automatically be
  b7 ]5 Y5 c$ cconverted on such Series 19 Conversion Date into an equal number of
3 O$ s3 i  `* N- h$ I3 [6 P. bPreferred Shares Series 18. Additionally, if the Bank determines that, after
8 c0 x$ M; V5 P0 s' T6 |conversion, there would be outstanding on such Series 19 Conversion Date
- o! f( [8 v" |% rless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares" d/ m" G/ P$ c. \" q* O5 V
Series 19 will be converted into Preferred Shares Series 18.
  N' T1 F' n7 r% s' x3 n" }Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares$ \! B$ ~) l# a+ G
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
! L, H! y  v. A3 xany meeting of the shareholders of the Bank unless and until the first time at8 L- T- {+ k1 z+ R7 e
which the Board of Directors has not declared the whole dividend on the# c; K" t7 ?/ K4 z2 E$ x4 \" G
Preferred Shares Series 19 in any quarter. In that event, subject as
9 A& Q5 E; m/ ~7 B, n: Xhereinafter provided, the holders of Preferred Shares Series 19 will be1 \% D) M1 b! j' R
entitled to receive notice of, and to attend, meetings of shareholders at which
( b/ E1 }1 i2 C  D. c- Wdirectors of the Bank are to be elected and will be entitled to one vote for
4 ?: w+ }. _2 O6 b, eeach Preferred Share Series 19 held. The voting rights of the holders of the
" U2 g- t0 W; |- \* B/ [' V, J  ?Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
, @# j) S5 X$ d" N0 b! z4 M0 `the first dividend on the Preferred Shares Series 19 to which the holders are
) `/ n, o  ~( u7 |. I/ Y3 Qentitled thereunder subsequent to the time such voting rights first arose until7 b8 X' Y. m/ @8 t9 G, g
such time as the Bank may again fail to declare the whole dividend on the
1 B) q& p3 i7 m8 o3 x. q0 zPreferred Shares Series 19 in respect of any quarter, in which event such% l' R; N) h( m" O% ?9 x9 |
voting rights will become effective again and so on from time to time., q3 A7 {- v0 a5 B9 o. a8 R
S-66 o- n9 n! }7 c0 L9 e3 e2 w
Priority: The preferred shares of each series of the Bank will rank on a parity with0 m' d5 X/ [# S5 d
every other series and are entitled to preference over the common shares of% p/ e' r" P9 N( s( r
the Bank and over any other shares of the Bank ranking junior to the9 L! \! o, [5 q  Q, P
preferred shares with respect to the payment of dividends and upon any/ ^9 O8 i' p4 V- T
distribution of assets in the event of the liquidation, dissolution or
# c, [% a4 f# G$ m- t2 d4 [4 {. Iwinding-up of the Bank.- W1 R# a4 D: |4 q6 x& t
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
9 a1 v. @; ?$ }8 O+ iDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
& d6 Y3 K1 Q$ l, ?& ?8 JSeries 18 and Preferred Shares Series 19 will not be required to pay tax on! _4 G$ Z* v. c2 F
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。: }3 \3 q5 u6 w- C% k; \
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

$ O& G/ ^- q2 A% U/ b) {. d. u/ Y1 w8 e
2 q% u- w6 y  d; N/ y8 W# H下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
: h3 e6 O4 H8 u: t6 h7 [2 M
: E' J8 @4 M, W' }9 |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。
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, 2026-8-10 21:53 , Processed in 0.178327 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