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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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* I* B; L0 r: ]7 a# q3 c[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
理袁律师事务所
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:5 Q  J( ?5 A6 C$ d, x5 y
SUMMARY OF THE OFFERING
' b) u) ?5 C7 |( Q* j( wThis 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’’.
% u( [( T1 z' h) A$ N) zIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.4 l- }- Y3 \  G9 v1 Z
Amount: $150,000,000 (6,000,000 shares).: v' x7 }6 C2 D+ l
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
! i" r8 E7 K  n4 u5 VPrincipal Characteristics of the Preferred Shares Series 185 H. w% c' s+ B; c$ l
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
. ~0 D- p; q$ |6 ?4 O3 unon-cumulative preferential cash dividends, as and when declared by the
7 g8 w& r6 {9 F% i( I5 TBoard of Directors, subject to the provisions of the Bank Act, for the initial
' ^! ^5 H/ m9 ?" J; F, k* fperiod commencing on the closing date and ending on and including
% j1 t6 ]; p9 B) ?February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
9 y' l1 v7 U$ Q* C6 `, N, G8 z25th day of February, May, August and November in each year, at a rate
/ U8 w* y- C' y3 z1 V+ K$ B/ Sequal to $0.40625 per share. The initial dividend, if declared, will be payable
2 k! v) S* r6 H4 D) [. e5 [May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
& n0 E' R9 K+ y9 e- [) J% ~0 @date of December 11, 2008.6 f7 Y9 u5 b* ~6 [  K
For each five-year period after the Initial Fixed Rate Period (each, a
4 k+ ^. o7 q; E" R‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
  x6 l. I0 L/ C9 |Series 18 will be entitled to receive fixed non-cumulative preferential cash
& K7 T9 S! B) Sdividends, as and when declared by the Board of Directors, subject to the1 n8 \/ g4 C: f" J! S
provisions of the Bank Act, payable quarterly on the 25th day of February,. v& h/ F& L. A. O1 c- [. Y
May, August and November in each year, in the amount per share per annum3 j- P# {( j: s
determined by multiplying the Annual Fixed Dividend Rate applicable to1 K7 Y" y% b* E
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
* H2 R! y3 _$ s4 m. |+ eRate for the ensuing Subsequent Fixed Rate Period will be determined by the) S) D! j1 B9 V- _2 e
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
9 Y6 a" }) L/ }3 w2 f& U/ q0 o7 v; Cof such Subsequent Fixed Rate Period and will be equal to the sum of the
2 o0 Z. A) E' I; |/ h, W) z! wGovernment of Canada Yield on the applicable Fixed Rate Calculation Date0 I# r* s% C3 R' K: q+ S
plus 3.83%.
; Q+ P$ ?2 ]2 K& d" nIf the Board of Directors does not declare a dividend, or any part thereof, on
3 w# [; ]0 r' ^# C$ dthe Preferred Shares Series 18 on or before the dividend payment date for a7 d3 h' j! G3 L/ g9 B
particular quarter, then the entitlement of the holders of the Preferred
8 R" @' l2 \# b! iShares Series 18 to receive such dividend, or to any part thereof, for such
+ |# v& C8 ^! uquarter will be forever extinguished.2 `0 M, J. [5 x; a5 \
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the* M1 y5 O. e% C! C
Superintendent and to the provisions described below under ‘‘Details of the* J" Q+ J9 B. h6 B# c9 H
Offering — Certain Provisions of the Preferred Shares Series 18 as a
4 ^# U2 q+ a& m' x# y( ~8 _Series — Restrictions on Dividends and Retirement of Shares’’, on3 e6 X* F; Z: D* w  H5 B# L
February 25, 2014 and on February 25 every five years thereafter, on not
5 n0 M8 J# p+ u, K7 c  Omore than 60 nor less than 30 days’ notice, the Bank may redeem all or any9 U/ p8 _, ^# w+ c$ `. S1 Q
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
; \( I5 N5 y  U4 c" _3 r+ dwithout the consent of the holder, by the payment of an amount in cash for4 V1 H5 o7 L# w$ a* ^' U' M
each such share so redeemed of $25.00 together with all declared and unpaid% ~: y6 D# G+ N
dividends to the date fixed for redemption.* w/ K4 F3 E0 V! R: C( f; {
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
3 w, M. J, g6 a% A( k4 @: r) XShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have( x3 W) R' u4 F3 e  O7 r5 S* t
the right, at their option, to convert, on February 25, 2014 and on
$ O  ^% A2 f  a# L: A+ h9 JS-4
( b  b3 a$ Q1 o; c: Z1 L4 S8 sFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
2 m$ h' @: ^) z5 O5 {' Aor all of their Preferred Shares Series 18 into an equal number of Preferred
4 j0 ?% N0 D) f- I7 r) z4 |+ {Shares Series 19 upon giving to the Bank notice thereof not earlier than! k( K% N7 R  Z. B8 V6 K
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day4 m1 G# D8 F, U
preceding, a Series 18 Conversion Date.2 m$ T: S9 H! T
Automatic Conversion If the Bank determines, after having taken into account all shares tendered0 q3 E/ Q: [5 z( g" }( `  Y
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares/ k# {' O& `; n/ A* W' U/ o  l
Series 19, as the case may be, that there would be outstanding on such
8 Z7 N) O! S/ }2 C! ]! Q2 U2 [8 ESeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,1 n, U9 b3 C+ G5 D0 c
such remaining number of Preferred Shares Series 18 will automatically be2 r! P( p0 q5 W; w: `' F( C1 q
converted on such Series 18 Conversion Date into an equal number of
' e0 S3 h7 H) v5 a" G0 S. b7 DPreferred Shares Series 19. Additionally, if the Bank determines that, after" Q/ o9 y: W6 ~' m1 T2 P( P( w
conversion, there would be outstanding on such Series 18 Conversion Date
4 P, W! y6 v- V1 rless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares' Y& n) l! Q1 L2 z
Series 18 will be converted into Preferred Shares Series 19.
  [' P/ \3 _9 w9 w9 D( S/ @0 \. mVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares2 n0 ?  p! v  ~
Series 18 will not be entitled as such to receive notice of, attend, or vote at,5 O) r; v/ b9 c7 S% [5 \  J9 S
any meeting of the shareholders of the Bank unless and until the first time at
% j; t% L, K; Y2 k$ y! Mwhich the Board of Directors has not declared the whole dividend on the
" a( N9 C0 g  r& o5 dPreferred Shares Series 18 in any quarter. In that event, subject as
' M8 @, p4 e/ N0 r. |- y2 d! R6 C' Lhereinafter provided, the holders of Preferred Shares Series 18 will be9 T' v, {5 g" a* f1 u! ?
entitled to receive notice of, and to attend, meetings of shareholders at which
, V3 {$ n5 }7 z$ pdirectors of the Bank are to be elected and will be entitled to one vote for2 d+ {" n8 ]: e
each Preferred Share Series 18 held. The voting rights of the holders of the) L/ ^' N2 Q7 e- k) i# }0 T4 ?. m7 m
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of3 u  F, j0 J1 R" Q) w
the first dividend on the Preferred Shares Series 18 to which the holders are
% [* T1 J! U9 K1 l8 n& ?7 t" Zentitled thereunder subsequent to the time such voting rights first arose until4 _0 l3 A! _. ]' X5 d6 f  Z$ @
such time as the Bank may again fail to declare the whole dividend on the( E& k* g5 \% E& f
Preferred Shares Series 18 in respect of any quarter, in which event such
$ Q. G% h. P; H5 R6 ?6 W: I, K( B9 J! Qvoting rights will become effective again and so on from time to time.
+ P; N  }+ y6 U4 ]1 xPrincipal Characteristics of the Preferred Shares Series 19
4 E2 d% S9 p, G% e% }, Y- MDividends: The holders of the Preferred Shares Series 19 will be entitled to receive8 ]; `2 I' Y# w2 r- _! H
floating rate non-cumulative preferential cash dividends, as and when6 d) |3 S) P1 @# }9 P+ [
declared by the Board of Directors, subject to the provisions of the Bank Act,
* A: N1 |$ r" ?, M+ M; S/ R" b) |1 ]* |payable quarterly on the 25th day of February, May, August and November. P, J9 `$ {6 e; T1 `
in each year, in the amount per share determined by multiplying the
4 k7 P! N3 |8 R, _/ T% `applicable Quarterly Floating Dividend Rate by $25.00.
" H% l# O- Q2 HOn the 30th day prior to the commencement of the initial quarterly dividend
, D+ @+ `6 x+ F8 ^4 V$ Aperiod beginning on February 25, 2014, and on the 30th day prior to the first
' |3 @" L" f' x) x2 Sday of each subsequent quarterly dividend period (the initial quarterly: r* f5 c9 I% f  m2 n7 r4 I/ ?7 k
dividend period and each subsequent quarterly dividend period is referred to
$ ?# M  C4 |" t+ y5 H: was a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the2 [. p; I/ D5 Z$ G, }
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
4 Z) t$ M% C, A+ T+ v+ iPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
% f- a# x6 K% L+ \T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
- Y" n8 i, L8 Velapsed in the applicable Quarterly Floating Rate Period divided by 365)
7 h2 \+ S- K' ^: n! e: `determined on the 30th day prior to the first day of the applicable Quarterly
/ F* [5 S- s0 r, PFloating Rate Period.
9 b3 J6 g7 x. w# J* j7 RS-5
# L5 A( c! x3 @. {/ E3 h8 vIf the Board of Directors does not declare a dividend, or any part thereof, on
) O# r, P8 o: d7 {the Preferred Shares Series 19 on or before the dividend payment date for a& ]& A6 i& A2 J' }: O; d
particular quarter, then the entitlement of the holders of the Preferred5 ?+ w( j& m  j
Shares Series 19 to receive such dividend, or to any part thereof, for such* k( \6 \4 o9 \; P
quarter will be forever extinguished.: h/ ]0 S1 N- E8 v+ ^# \7 g# R
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
/ C1 r* U& x* p! a# k" {Superintendent and to the provisions described below under the heading
* I/ [8 a9 y& N& e! ~+ m* [: g) v‘‘Details of the Offering — Certain Provisions of the Preferred Shares
% N8 O9 l9 @& E( k4 _5 ISeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,0 ], b; P- Q* m( O/ S8 P
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all1 o+ `/ E: j$ O1 K+ Q' T! V
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
3 I; w/ c; F1 Noption without the consent of the holder, by the payment of an amount in4 J' ~9 l8 ^! c/ l1 ^
cash for each such share so redeemed of (i) $25.00 together with all declared0 @/ l2 w" V  o6 L5 A/ Z8 r: \
and unpaid dividends to the date fixed for redemption in the case of4 x$ P; D' ?$ b6 d' O
redemptions on February 25, 2019 and on February 25 every five years8 ]) w) _6 r6 b# S( t- K! ^( B
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
' n; S2 g9 [& R0 wthe date fixed for redemption in the case of redemptions on any other date
$ e) Q0 i, e2 Q  _) ]1 q: fon or after February 25, 2014.' a( @9 e1 s7 m: {) v7 M
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
- t7 w) U4 e$ IShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have& v, q2 j* c6 Z$ T( H5 H
the right, at their option, to convert, on February 25, 2019 and on  I: x& Q- n3 o& Z# _
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
& H7 Y- A$ j; s+ `% C! }0 z. eor all of their Preferred Shares Series 19 into an equal number of Preferred
" i+ a# C/ y4 q- r2 B3 BShares Series 18 upon giving to the Bank written notice thereof not earlier
1 S  a* q9 v/ u$ ?+ H, q* W# V7 nthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the% R9 \! b0 B8 M# z- Y
15th day preceding, a Series 19 Conversion Date.' _1 Z% [2 m* B
Automatic Conversion If the Bank determines, after having taken into account all shares tendered; ~. D& {* _2 I4 }" {% d# Y. f
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares4 [. v; W( e* e6 X& o
Series 18, as the case may be, that there would be outstanding on such
7 T3 |$ N, I1 A, w4 d- I: pSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,3 P! L% g9 d/ m$ D+ r
such remaining number of Preferred Shares Series 19 will automatically be
! i- z( [1 O4 p; t9 t4 V5 d3 u9 Oconverted on such Series 19 Conversion Date into an equal number of
3 P# L  @* R6 g/ h3 h7 LPreferred Shares Series 18. Additionally, if the Bank determines that, after+ c8 w8 H! u7 P' U3 r; n
conversion, there would be outstanding on such Series 19 Conversion Date
( ^1 S5 M0 o5 mless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares2 r+ G: N) V" C
Series 19 will be converted into Preferred Shares Series 18.
4 |" n# ~7 \% Y5 G. [) B2 ]7 zVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
. L2 V& k' I- @( OSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
0 ~, h- b# Z5 fany meeting of the shareholders of the Bank unless and until the first time at' L- z1 A. U2 h- J6 y( }# S
which the Board of Directors has not declared the whole dividend on the5 z8 \+ \5 M& m$ k( B4 ^
Preferred Shares Series 19 in any quarter. In that event, subject as3 F5 d& f" Z1 w6 L9 X; }
hereinafter provided, the holders of Preferred Shares Series 19 will be- W7 ~$ P$ f1 M; e( j9 U
entitled to receive notice of, and to attend, meetings of shareholders at which: p( z! ^' z7 m; Z; w0 ]  D" @
directors of the Bank are to be elected and will be entitled to one vote for
* U) \, n4 v( v7 @each Preferred Share Series 19 held. The voting rights of the holders of the5 U, \/ I3 z' z1 e/ X9 j- B
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of. W1 v3 J6 J! f: a  U% ?" n
the first dividend on the Preferred Shares Series 19 to which the holders are
  R) P+ N' r9 W$ ^2 }entitled thereunder subsequent to the time such voting rights first arose until0 H! N9 E8 y. D* X0 s* ^+ m
such time as the Bank may again fail to declare the whole dividend on the
: X  G: V2 A# D4 z! jPreferred Shares Series 19 in respect of any quarter, in which event such% j  Y* m" s7 P
voting rights will become effective again and so on from time to time.
$ f  h  |9 i. KS-6) |" H- z3 u, K: P( r
Priority: The preferred shares of each series of the Bank will rank on a parity with
9 ^. U. O! C" |; i; M% Ievery other series and are entitled to preference over the common shares of
6 `: f# C6 ^" e1 H6 b9 n  A! p5 Qthe Bank and over any other shares of the Bank ranking junior to the  u8 L. L8 A0 X; K" t0 U
preferred shares with respect to the payment of dividends and upon any* Y& V+ W/ l) P- j8 i  l
distribution of assets in the event of the liquidation, dissolution or$ P4 a  z/ ~: t+ i
winding-up of the Bank.% P* _6 p. R* h4 u6 N0 ^
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under! M0 Q. |2 @- j; `: b! H
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares$ n' @7 r, ]/ R7 j
Series 18 and Preferred Shares Series 19 will not be required to pay tax on& |: M2 L% }. ~% B" N& B3 S4 k
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。
$ T  Y& `+ H/ O& f. z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

& y$ v! E; c: w* |( B0 m
5 p5 o5 h, J* r! P1 G下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。1 H/ ?* E3 y. H* a
) i7 C4 B) ?) H
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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