埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 3005|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。% A  c% e- o8 z( g

0 j2 X6 R# l! V+ h, b5 c- R0 \
; z- Z! f4 {3 B6 x6 u[ 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:, c& N5 I) ]% W9 m8 s7 {
SUMMARY OF THE OFFERING
3 \5 ^5 P' W$ R$ x; E$ JThis 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’’.
5 Z: v5 w+ x  F; {0 g% i) g9 ZIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18., R4 d" J; m- m6 M' ]1 h2 T
Amount: $150,000,000 (6,000,000 shares).% J$ t7 o: V$ Z, C
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
- ~# g- c. J& j/ }- \! Z4 d& w- h+ h( QPrincipal Characteristics of the Preferred Shares Series 18
0 [" v  a& y7 u8 a: N# x  {9 r2 VDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
  b' J& w) L- S9 S5 ^non-cumulative preferential cash dividends, as and when declared by the; l3 [$ c* U- g0 N5 f
Board of Directors, subject to the provisions of the Bank Act, for the initial
$ P# r- Q5 e( E% gperiod commencing on the closing date and ending on and including
1 W$ T# Y* G& X2 S4 }) {: }9 F; ~February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
8 e; M& P6 T% r) l) }! U4 y1 m25th day of February, May, August and November in each year, at a rate
7 B% o# I6 i# a! Yequal to $0.40625 per share. The initial dividend, if declared, will be payable$ ?- t$ g. u7 i) t% U0 w" L$ A
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
4 O$ J, z! V! V& k$ Edate of December 11, 2008.$ U2 J+ L+ i+ \* L5 w
For each five-year period after the Initial Fixed Rate Period (each, a( U9 E0 p; }% H9 a8 H
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
0 ?; W1 R  _( m( t1 T. O. A! ~Series 18 will be entitled to receive fixed non-cumulative preferential cash' }! F  v/ y& |8 ~; y3 [
dividends, as and when declared by the Board of Directors, subject to the" m* x0 t# F  l; r
provisions of the Bank Act, payable quarterly on the 25th day of February,
; X3 R+ m- M7 s) |+ a! Y; KMay, August and November in each year, in the amount per share per annum- G7 `& m6 Q& Y0 l/ Z; L# {
determined by multiplying the Annual Fixed Dividend Rate applicable to) ~8 b( y* {2 y" G
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend4 ?) g: H* I% L3 F
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the; M2 [* j4 p0 Y% `  g# r
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day; }5 B  @' i8 w# x2 z% d
of such Subsequent Fixed Rate Period and will be equal to the sum of the
; z, f2 O) ?8 vGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
0 l! ~4 n/ t9 ?! Mplus 3.83%.
! |  h3 w% q; X$ }  q4 A9 G. v( H+ dIf the Board of Directors does not declare a dividend, or any part thereof, on
. b! {: h' V. H, q5 @& ^! s/ Ithe Preferred Shares Series 18 on or before the dividend payment date for a8 |' M8 I) f2 f1 `
particular quarter, then the entitlement of the holders of the Preferred8 V& L% K/ P2 I- y% b+ I
Shares Series 18 to receive such dividend, or to any part thereof, for such$ r& I: D( s6 x0 E* M( h: l. t
quarter will be forever extinguished.
1 h/ i6 M8 L3 f4 V7 ~" iRedemption: Subject to the provisions of the Bank Act and to the prior consent of the) T9 m! V2 S. Y; B, H, J$ n% u
Superintendent and to the provisions described below under ‘‘Details of the
% H( W4 u4 D6 YOffering — Certain Provisions of the Preferred Shares Series 18 as a8 q; I( e8 W& T" Q
Series — Restrictions on Dividends and Retirement of Shares’’, on
% p! J& X8 K  m; T+ c- h. N' tFebruary 25, 2014 and on February 25 every five years thereafter, on not+ ]2 V& Q, Q8 |/ A) f+ ~; f
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
2 n0 x! O* J+ S( m- l5 y. Xpart of the then outstanding Preferred Shares Series 18, at the Bank’s option6 M% J4 S7 Q6 g
without the consent of the holder, by the payment of an amount in cash for3 i) ~  J8 g! h& @/ u* }: P, Z
each such share so redeemed of $25.00 together with all declared and unpaid3 P- {6 e& _9 Z$ W
dividends to the date fixed for redemption./ Z6 ^) _7 p: G! X
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic& b8 x# `  i; `- U
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have* N+ h1 u) B  a- V' e
the right, at their option, to convert, on February 25, 2014 and on
4 I# M# {7 A2 c# R0 p: JS-45 p" E# M  M7 R* h/ I( M% `6 Y
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
# y, t3 p& l0 Aor all of their Preferred Shares Series 18 into an equal number of Preferred1 g9 P3 M8 {! @/ y
Shares Series 19 upon giving to the Bank notice thereof not earlier than& J' ?1 V/ V4 m; Z  l, p
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
4 ^  J9 K9 l7 Y* V0 a. npreceding, a Series 18 Conversion Date.
# H7 q+ x' u; @  B3 @' P4 EAutomatic Conversion If the Bank determines, after having taken into account all shares tendered0 N! y8 ]$ D8 K! n3 K# P/ |: b2 B
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares6 S" T7 o5 e0 d8 H  S% F( j$ p
Series 19, as the case may be, that there would be outstanding on such; v, f7 W6 ^0 ^8 \. R7 l
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
% a/ \+ l9 s/ F6 @1 `4 P& r& }such remaining number of Preferred Shares Series 18 will automatically be: _' ?3 ?% E$ T2 ^3 V
converted on such Series 18 Conversion Date into an equal number of
2 w' ]2 V" V. T, v, C$ D4 k  XPreferred Shares Series 19. Additionally, if the Bank determines that, after
; K& P4 J; n$ s$ P. d3 g, w' _9 jconversion, there would be outstanding on such Series 18 Conversion Date
  g6 p9 H/ C2 l5 E+ o3 O1 iless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares4 R6 e/ |/ q* S5 I, A# A
Series 18 will be converted into Preferred Shares Series 19.& ]! o9 b/ ^! ]
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
* K' I. M5 \* K4 tSeries 18 will not be entitled as such to receive notice of, attend, or vote at,7 A( h6 t2 g, }3 ?, v
any meeting of the shareholders of the Bank unless and until the first time at3 u1 z: q. K: o6 n# m3 F( j
which the Board of Directors has not declared the whole dividend on the
. t7 s7 f8 d' t4 @Preferred Shares Series 18 in any quarter. In that event, subject as
+ W* y+ a2 b1 S7 q' B& B+ W" R0 nhereinafter provided, the holders of Preferred Shares Series 18 will be$ ~; m8 P4 d1 z
entitled to receive notice of, and to attend, meetings of shareholders at which
. x, }* T8 u5 s( }, h- @# p$ Tdirectors of the Bank are to be elected and will be entitled to one vote for3 q7 R* P7 c# A% X+ A8 H4 B
each Preferred Share Series 18 held. The voting rights of the holders of the$ @% o% L& x& w0 `$ E" _
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
3 Q; G+ A$ P8 o/ ithe first dividend on the Preferred Shares Series 18 to which the holders are
4 W. f; d  u! ?% E0 j# @entitled thereunder subsequent to the time such voting rights first arose until
# l2 Z& h1 {4 N4 S, Ysuch time as the Bank may again fail to declare the whole dividend on the3 V: {% x# [1 Y3 q/ D0 r
Preferred Shares Series 18 in respect of any quarter, in which event such* ^& N. {  g9 U6 t4 w' ^
voting rights will become effective again and so on from time to time.
' [9 N1 C" `6 \5 W  z5 ^Principal Characteristics of the Preferred Shares Series 19
1 a4 P$ |' A" i0 R4 v- I- m: kDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
: U1 x5 \2 G5 v. B% tfloating rate non-cumulative preferential cash dividends, as and when6 p5 _) z8 J/ v8 @. G) x
declared by the Board of Directors, subject to the provisions of the Bank Act,# s# S% J  `  ^& n3 |+ h; A2 ]
payable quarterly on the 25th day of February, May, August and November- ^8 o! ?& l2 N7 [3 s( @
in each year, in the amount per share determined by multiplying the' z  c* o& t1 v$ h  t
applicable Quarterly Floating Dividend Rate by $25.00.
* M( Z2 ]6 j5 t4 s' sOn the 30th day prior to the commencement of the initial quarterly dividend: x% Z* C& F" j+ E! }0 K
period beginning on February 25, 2014, and on the 30th day prior to the first9 D4 y6 O+ `) _
day of each subsequent quarterly dividend period (the initial quarterly
* q" P; Z  r& ^dividend period and each subsequent quarterly dividend period is referred to
! W; s5 R' x6 r+ P% L& _as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
, O' D2 C8 i# t# U- F0 N- |Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
% o- I# B6 q; A0 d" @Period. The Quarterly Floating Dividend Rate will be equal to the sum of the6 R; B$ U- Z  M/ a
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days3 ~$ _. G7 r6 Q4 \
elapsed in the applicable Quarterly Floating Rate Period divided by 365). m5 z1 {5 m) I: k* _  `5 b# B: w# e
determined on the 30th day prior to the first day of the applicable Quarterly* v- q: K. U9 I0 f1 f
Floating Rate Period.! @; ]# s3 c  n( c- f8 r3 Z7 C& E
S-52 x9 `! P) {% V. e+ K
If the Board of Directors does not declare a dividend, or any part thereof, on
5 b: p7 I. |, D; W$ N$ kthe Preferred Shares Series 19 on or before the dividend payment date for a
1 d: r7 {: w' F  Z" hparticular quarter, then the entitlement of the holders of the Preferred
3 b2 v5 E: q% F" I. H" sShares Series 19 to receive such dividend, or to any part thereof, for such
) y. x6 X: a0 s7 l  T6 z) |quarter will be forever extinguished.4 s4 k0 x% `# T7 J3 d* E, {
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
/ \8 C, [+ \3 S! Q: d( c+ sSuperintendent and to the provisions described below under the heading1 `# O8 K6 u  w3 p* p0 U3 r# j
‘‘Details of the Offering — Certain Provisions of the Preferred Shares4 m, n  R5 @/ _$ k2 N: [
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
, p$ q% ?, J9 C% V7 l" won not more than 60 nor less than 30 days’ notice, the Bank may redeem all. q# N% g% \+ G4 D. M
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
/ ^* i) _4 {4 y9 ~' roption without the consent of the holder, by the payment of an amount in
$ {& |" h" H5 E8 u: z! _cash for each such share so redeemed of (i) $25.00 together with all declared
+ }3 J: @- n( k. tand unpaid dividends to the date fixed for redemption in the case of' _/ [) T* y, ^
redemptions on February 25, 2019 and on February 25 every five years
8 B3 O1 o9 _5 `) Nthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
1 s+ V2 J% f+ Nthe date fixed for redemption in the case of redemptions on any other date* q: T+ D- [( `
on or after February 25, 2014.3 Y+ h. h, L: @% I, u: J
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
! [' W0 y% C! C# I* _1 ]Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have' B- r2 w7 D, v0 o6 H
the right, at their option, to convert, on February 25, 2019 and on; q- O) h2 r; H+ H, T
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any1 a% i: q, l  ^0 c- o4 }% _- p
or all of their Preferred Shares Series 19 into an equal number of Preferred
. |) t% K/ S9 ^0 R. A4 F4 ^# lShares Series 18 upon giving to the Bank written notice thereof not earlier
, P4 L( Z0 q# Wthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
# W& f* [4 w  \15th day preceding, a Series 19 Conversion Date.! I: \9 t1 \/ @! I) `
Automatic Conversion If the Bank determines, after having taken into account all shares tendered9 _; h! T$ u! X" \# U
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares, ^1 v6 R1 [+ Q. y" x
Series 18, as the case may be, that there would be outstanding on such. X& E6 L) ^; W) @, d
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,) o* }. g  c9 j3 m! r  N! L
such remaining number of Preferred Shares Series 19 will automatically be
1 t/ n$ ]. T. q5 s0 Zconverted on such Series 19 Conversion Date into an equal number of
; s* O0 T+ ?2 v! g/ ^$ a4 y* FPreferred Shares Series 18. Additionally, if the Bank determines that, after9 |. z8 i* X! C7 X' J/ M6 n( q/ |+ P
conversion, there would be outstanding on such Series 19 Conversion Date7 _/ x- X. V/ i* e
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
$ a/ u# D4 ?9 M- }' {Series 19 will be converted into Preferred Shares Series 18.% o) T+ G+ Z- j* {6 i3 r: o4 [
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
" m1 ^# s3 O1 q. d. HSeries 19 will not be entitled as such to receive notice of, attend, or vote at,* C3 F# r, _3 L5 X: F
any meeting of the shareholders of the Bank unless and until the first time at0 s, @6 c4 m2 n  Z; {8 Y; Z
which the Board of Directors has not declared the whole dividend on the: q7 |; ~% U( _2 H9 a' g
Preferred Shares Series 19 in any quarter. In that event, subject as( G% p5 ~# A3 b, i# T' u% C4 b
hereinafter provided, the holders of Preferred Shares Series 19 will be8 x0 a! R% n& F3 R/ A1 U" S. |
entitled to receive notice of, and to attend, meetings of shareholders at which
- e' T/ ?3 |: s$ P$ V* j- idirectors of the Bank are to be elected and will be entitled to one vote for
* T, E2 o* C& V: B5 Zeach Preferred Share Series 19 held. The voting rights of the holders of the9 B* q1 R1 b- G( M7 @. A- R
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of/ S+ q! o$ u* D! @
the first dividend on the Preferred Shares Series 19 to which the holders are6 l3 n: e. ], W4 g5 k+ f
entitled thereunder subsequent to the time such voting rights first arose until
* c! p2 `1 ~3 g( R- J) nsuch time as the Bank may again fail to declare the whole dividend on the4 y9 t6 E3 [# D, O3 n
Preferred Shares Series 19 in respect of any quarter, in which event such
$ W/ T. h- q( ivoting rights will become effective again and so on from time to time.0 y8 |+ U$ x+ F4 l
S-6. M% R- n% N, y0 c# O1 Q+ J
Priority: The preferred shares of each series of the Bank will rank on a parity with
+ s0 q, b& F6 e4 v8 gevery other series and are entitled to preference over the common shares of; ^3 S) J8 B# j  V" A1 _( a
the Bank and over any other shares of the Bank ranking junior to the1 Z+ R& `& F: }  O6 y
preferred shares with respect to the payment of dividends and upon any' h! e' l  r9 n/ m; ~9 w
distribution of assets in the event of the liquidation, dissolution or- L% ?$ {6 |8 S2 P" _/ A
winding-up of the Bank.
3 L  e: A) f5 f7 F+ s- V2 [Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
$ @1 H( ?; j; W6 b/ _1 IDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares  T0 k9 V7 c6 s
Series 18 and Preferred Shares Series 19 will not be required to pay tax on1 K1 g  S, b0 n: v4 E: T5 G; B
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。
: L* d: w( K& O; T# @4 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

+ ^0 {7 y  B: D6 I3 F4 k; j
0 s6 D( k! @0 M/ I3 \+ Y/ X下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。+ \4 t; t# R- P
: J* |+ l; b" f2 I4 f4 D
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, 2026-5-22 01:19 , Processed in 0.114928 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