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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。
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[ 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 t5 \1 K$ h& j  g2 S" H3 B
SUMMARY OF THE OFFERING4 Q9 ?% c! m2 b% T3 J/ C
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’’.
, U9 W9 K; x) t+ R. ~Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
  r- u; }# G* Y9 \) M. ?: G2 yAmount: $150,000,000 (6,000,000 shares).
. k3 }+ l5 E+ R1 D4 D8 bPrice and Yield: $25.00 per share to yield initially 6.50% per annum.0 }; a: ]1 \* d. s: E6 h
Principal Characteristics of the Preferred Shares Series 18% r8 x' m1 e. Y+ o- o5 ]  H
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
4 N, p9 g$ Y  i! p6 Y8 x/ @non-cumulative preferential cash dividends, as and when declared by the1 m. p1 r" f" J4 q
Board of Directors, subject to the provisions of the Bank Act, for the initial
: o# s& a/ _; G; e9 ~: j7 zperiod commencing on the closing date and ending on and including
: f6 b+ K8 t' M6 n1 DFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
# @/ \$ f, ^+ |% ]& ]25th day of February, May, August and November in each year, at a rate
" d/ \& K3 i& r, J: b/ m0 j2 a2 b; wequal to $0.40625 per share. The initial dividend, if declared, will be payable
% T! a3 J* C& F- gMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
! z* L& J, x+ o- s) Xdate of December 11, 2008.
' G) D/ z. w! B# t5 O2 bFor each five-year period after the Initial Fixed Rate Period (each, a0 C/ _2 C" b& Z& m9 L
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares" S% r' F6 w8 w) o
Series 18 will be entitled to receive fixed non-cumulative preferential cash
2 L+ h1 \9 E* a: x! w9 {dividends, as and when declared by the Board of Directors, subject to the1 L6 Z+ q7 c' {5 L& w# J( P
provisions of the Bank Act, payable quarterly on the 25th day of February,* |. u% O; A  w! p/ j+ s7 O
May, August and November in each year, in the amount per share per annum0 ^5 n' V! L# x2 {
determined by multiplying the Annual Fixed Dividend Rate applicable to! b3 Y5 e* E9 W: Q
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
# j6 R! y4 \9 `Rate for the ensuing Subsequent Fixed Rate Period will be determined by the: v3 h' g! x1 L0 `8 W/ O+ a2 o% U9 E
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
7 `$ ~2 c: z2 h2 l/ J) nof such Subsequent Fixed Rate Period and will be equal to the sum of the' A) d7 t$ \" g7 H" o7 ~
Government of Canada Yield on the applicable Fixed Rate Calculation Date
; w6 U' s7 c; o0 Iplus 3.83%.
8 F3 h% @7 H  d2 @+ ?; {9 uIf the Board of Directors does not declare a dividend, or any part thereof, on6 Z+ N1 o# V& ^% j2 q) n/ ?! `
the Preferred Shares Series 18 on or before the dividend payment date for a
4 g% F& i" ^- u) hparticular quarter, then the entitlement of the holders of the Preferred
- Y+ g' X' B& a7 ?* n. xShares Series 18 to receive such dividend, or to any part thereof, for such" Y2 |/ m6 U, ]
quarter will be forever extinguished.% g! v4 ^) \$ @9 J5 |9 K$ d
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the3 E1 ?" R* F& W8 y
Superintendent and to the provisions described below under ‘‘Details of the
" q, {* R1 _7 {+ q, ]2 yOffering — Certain Provisions of the Preferred Shares Series 18 as a* B7 J) [5 ^1 ~+ a% Q3 C" _8 q
Series — Restrictions on Dividends and Retirement of Shares’’, on
2 C2 Y/ t) }/ ~- ]6 PFebruary 25, 2014 and on February 25 every five years thereafter, on not
- C0 A$ n4 K# |/ f* cmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any- a8 d2 L$ g0 V
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
7 J2 A% d+ s& R: Y! mwithout the consent of the holder, by the payment of an amount in cash for5 S- P( y0 O$ i2 F- @% o* C+ W3 k
each such share so redeemed of $25.00 together with all declared and unpaid* |* s& L, \+ K  a% l" }" W# u: [1 p
dividends to the date fixed for redemption.
" t9 Q& p" E# I' c5 E2 nConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic- s) f$ Q( m) N0 ?8 {6 G
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
3 G8 f- o, r' ?6 _; c5 m. ^4 b& ethe right, at their option, to convert, on February 25, 2014 and on
8 X3 G, w! E4 G* E) uS-46 J2 s, K* D' T$ A
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any& G1 a9 H. ^6 s0 O
or all of their Preferred Shares Series 18 into an equal number of Preferred
! n/ A  }" F, i% y  cShares Series 19 upon giving to the Bank notice thereof not earlier than/ o+ I% {2 r1 |7 o
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
: a% f7 B! d* L/ q2 u5 G3 s' Apreceding, a Series 18 Conversion Date.. v$ _+ G# S4 z) r
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
' c: K' Q6 o# b6 @/ A, A1 i* FProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
6 m- u: x0 _8 ]* }4 D' TSeries 19, as the case may be, that there would be outstanding on such
  D# {( N: f6 `3 d! ESeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,, r% o9 F7 G8 [. b
such remaining number of Preferred Shares Series 18 will automatically be& o# K1 y) G8 E9 ]6 r- G
converted on such Series 18 Conversion Date into an equal number of
+ X/ \- g# @9 D) \$ cPreferred Shares Series 19. Additionally, if the Bank determines that, after
: H3 \% T/ K! t1 z  N( yconversion, there would be outstanding on such Series 18 Conversion Date
  m) q2 u$ C7 O0 X: i# pless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares( n9 S+ b3 g1 g/ p$ k- q
Series 18 will be converted into Preferred Shares Series 19." i2 Y4 d; H* `, C9 e( g3 D
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
+ ^/ B  M/ c, \: TSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
$ J' q& }& P" @$ @any meeting of the shareholders of the Bank unless and until the first time at
  a$ H. t# Q/ N. k  [0 `2 J2 ^4 Iwhich the Board of Directors has not declared the whole dividend on the! `4 `3 ]5 f5 Z1 H. \, V% |% ?
Preferred Shares Series 18 in any quarter. In that event, subject as
2 L- C! @' [" thereinafter provided, the holders of Preferred Shares Series 18 will be" m8 D- }3 ^+ p/ u; t; H
entitled to receive notice of, and to attend, meetings of shareholders at which
  V4 `( m( Y$ w& e0 tdirectors of the Bank are to be elected and will be entitled to one vote for6 c% w9 Q* G' L) \/ {) d
each Preferred Share Series 18 held. The voting rights of the holders of the" h7 b8 k- |: W. [7 o3 B. }
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
5 @' r9 I0 K* c6 y3 ithe first dividend on the Preferred Shares Series 18 to which the holders are6 Z; y7 ?, j1 S. v/ N# k4 B$ w
entitled thereunder subsequent to the time such voting rights first arose until  r7 o  s% L# E% E- [9 G2 z
such time as the Bank may again fail to declare the whole dividend on the% `" K% Z" e) z1 l) i9 q
Preferred Shares Series 18 in respect of any quarter, in which event such
6 b2 x" V$ e& u! u/ [' Z. Pvoting rights will become effective again and so on from time to time.
4 f$ L4 e' @& {0 ]Principal Characteristics of the Preferred Shares Series 19
3 V/ @. e) \* ?4 c+ q/ M$ pDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
  Z4 ^  _% V$ |1 i1 S" l- tfloating rate non-cumulative preferential cash dividends, as and when* ]. i, t1 r9 M# m6 _
declared by the Board of Directors, subject to the provisions of the Bank Act,
- U/ t% u: J; e  t4 @payable quarterly on the 25th day of February, May, August and November
8 `) _# b% Z  N  ~in each year, in the amount per share determined by multiplying the* V- v# E* q2 ]/ |5 u
applicable Quarterly Floating Dividend Rate by $25.00.. g7 c7 S  D5 Y- t, a7 u3 {
On the 30th day prior to the commencement of the initial quarterly dividend- r4 W1 m$ [! g
period beginning on February 25, 2014, and on the 30th day prior to the first
) a* _, m0 Y8 eday of each subsequent quarterly dividend period (the initial quarterly! z/ D( Z5 R/ z, H8 y
dividend period and each subsequent quarterly dividend period is referred to
9 Z/ K4 d- K! p6 f# zas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the- l. F5 H: {  z( d- C
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate% b4 ?% \$ c1 w/ s2 n$ F
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the4 S/ F" v# C* t1 y7 [5 i
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days) G" ^' T7 s' n! @( Z& z
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
. p! W4 |7 t; i; }determined on the 30th day prior to the first day of the applicable Quarterly
3 d/ G) ]" |% ^0 iFloating Rate Period.* U& s$ W- ?+ I1 w
S-5) _3 q& }' k# U4 v& B
If the Board of Directors does not declare a dividend, or any part thereof, on
& Z+ O9 L; X* z: Z; Athe Preferred Shares Series 19 on or before the dividend payment date for a
, y" w' J+ p0 |! bparticular quarter, then the entitlement of the holders of the Preferred6 C+ a6 a3 s8 S
Shares Series 19 to receive such dividend, or to any part thereof, for such
+ D2 B3 L% E, U# d2 C$ O5 A' U/ Vquarter will be forever extinguished.4 ~+ X  z4 B+ l6 t, ?
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
% C$ D* {( p1 W9 @Superintendent and to the provisions described below under the heading
, w- ?& r9 u" _/ d‘‘Details of the Offering — Certain Provisions of the Preferred Shares6 f( ^* A5 G6 R9 p/ p. s' }
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
" s- U% a# x9 q0 f' S6 _: `on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
$ z# b6 A3 S% t1 R1 P& dor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
, t& n4 q$ z% v6 \- ioption without the consent of the holder, by the payment of an amount in
4 w7 n* h* Q  T' B/ R" jcash for each such share so redeemed of (i) $25.00 together with all declared
3 n; c; s& u, }- C' U" eand unpaid dividends to the date fixed for redemption in the case of: C7 [- D% ]* u/ }& u7 z+ q
redemptions on February 25, 2019 and on February 25 every five years
. O. V- J! S" N% a) R) gthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
% D) Q9 n) v! Rthe date fixed for redemption in the case of redemptions on any other date) b3 a. ~- v0 D% r( q) s  [
on or after February 25, 2014.
+ t7 j) J9 `+ ]0 F8 MConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic6 s: H# o/ ]/ ^, L( Q
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
; W& O* R9 ~# _! O" E/ O+ f- x+ Dthe right, at their option, to convert, on February 25, 2019 and on1 }. t: g7 a5 F" v; U" ^  ^2 h
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
7 o1 V% P: B* Yor all of their Preferred Shares Series 19 into an equal number of Preferred4 d  z0 H4 g" h0 f
Shares Series 18 upon giving to the Bank written notice thereof not earlier
! R' ~" P' U% |( j0 `! Fthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the( @) Z9 X- {8 f. _( s% i" {
15th day preceding, a Series 19 Conversion Date.
( B, y% _. ~2 k. Y9 m% TAutomatic Conversion If the Bank determines, after having taken into account all shares tendered5 V  A' F+ ~* n% s  }) {5 ]
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares4 B0 J6 L: I/ v+ g4 K- h) ]
Series 18, as the case may be, that there would be outstanding on such+ R+ e) M- \% W
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
: ?3 ?" d: v2 p' r& E. q* vsuch remaining number of Preferred Shares Series 19 will automatically be" D1 r2 z, S/ F8 O& Y+ d* I
converted on such Series 19 Conversion Date into an equal number of/ ^+ g/ n! Q3 }9 j0 V
Preferred Shares Series 18. Additionally, if the Bank determines that, after
/ M9 J  B& B8 @9 bconversion, there would be outstanding on such Series 19 Conversion Date/ x1 k) v+ o) Q1 x" C
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares9 Y4 w/ R) K( A! Y3 H5 [) n+ c+ ^
Series 19 will be converted into Preferred Shares Series 18.
1 U  c$ W" Y8 B3 C2 ]8 l" VVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares8 I6 Y6 N1 d, c' D  j& a
Series 19 will not be entitled as such to receive notice of, attend, or vote at,. e7 v  w2 M, {# m
any meeting of the shareholders of the Bank unless and until the first time at/ n) m/ R' q3 y; H& ?
which the Board of Directors has not declared the whole dividend on the* Q8 T/ n1 y$ z- i( c, f0 S0 S
Preferred Shares Series 19 in any quarter. In that event, subject as1 I# I- \7 a2 J# H. L& S9 \
hereinafter provided, the holders of Preferred Shares Series 19 will be
) M* I* S3 ^: h) @' [( g# centitled to receive notice of, and to attend, meetings of shareholders at which8 k' X! p2 N* F' h0 \
directors of the Bank are to be elected and will be entitled to one vote for. D& C" b" q( W* o( R# q0 x: Z
each Preferred Share Series 19 held. The voting rights of the holders of the
9 r: {8 T" T6 B. C+ P1 _( E/ I& OPreferred Shares Series 19 will forthwith cease upon payment by the Bank of1 h! k4 L! a: G3 J2 p) ^$ V
the first dividend on the Preferred Shares Series 19 to which the holders are! t  R* X' e5 s7 H3 y3 W! g
entitled thereunder subsequent to the time such voting rights first arose until: k) P: B- @. [" S
such time as the Bank may again fail to declare the whole dividend on the
$ }' b, z" C) o' z1 o5 fPreferred Shares Series 19 in respect of any quarter, in which event such
" u5 n* {4 F) n  v/ o9 C0 h, m( I% yvoting rights will become effective again and so on from time to time.
" o; @' J9 X. ?% U. v" G5 n. hS-65 ~! W, K) p7 |) O" Q; v+ q
Priority: The preferred shares of each series of the Bank will rank on a parity with
/ Y! `( b! G# K, k. gevery other series and are entitled to preference over the common shares of
+ t2 v1 u- }8 Q1 r4 Dthe Bank and over any other shares of the Bank ranking junior to the, o2 p) T1 }6 [4 c, [  v8 t# J
preferred shares with respect to the payment of dividends and upon any! C1 @/ v( E1 G3 V9 p$ L) j
distribution of assets in the event of the liquidation, dissolution or
9 v5 X2 V( ]- |1 Q  e! N/ p$ kwinding-up of the Bank.
( m3 u$ Q; D- ]8 h& aTax on Preferred Share The Bank will elect, in the manner and within the time provided under3 b1 f1 v2 [9 ]; J! O. t
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
9 H4 f: X7 a% t) a: l. v* sSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
+ x/ t2 I5 W* l  J+ Y6 Zdividends 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。# I$ ~0 d4 J$ P0 F! @7 E% j0 E
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

* D* R& K7 g5 S+ ?1 o$ Y$ [( f  @  ]$ p' e6 F
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。4 o* I5 F6 v; ]0 {  p* |5 Y
+ p1 J; C8 j* `& c+ s
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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