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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。  }4 I& S4 d* _; v7 X0 r8 U9 d
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% m$ y! f$ K8 N' E3 F' 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:$ }. J* m$ P# P3 A$ m
SUMMARY OF THE OFFERING( L, k" m$ i0 ^7 A0 f$ ]5 P' a
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’’.
7 B/ h+ ?& M1 U/ W+ j! }9 r4 X* gIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.4 j* C  x6 S5 w/ ]+ {# q$ D
Amount: $150,000,000 (6,000,000 shares).5 s3 F6 m" U& b6 c. H% ?$ B8 d
Price and Yield: $25.00 per share to yield initially 6.50% per annum.' c  G3 U8 A' i, i+ H4 B
Principal Characteristics of the Preferred Shares Series 18
; K% d8 p" W+ v/ o9 k8 ~1 V- D/ uDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed* C. N! i  C1 _; f
non-cumulative preferential cash dividends, as and when declared by the! q  L8 c% z7 \% p. k! A" b! X
Board of Directors, subject to the provisions of the Bank Act, for the initial. }7 c$ e7 A) ]6 F, v
period commencing on the closing date and ending on and including
  @; S; w7 u  P; R# M5 ~- O  Y2 HFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the) a: N' D8 D5 L* t6 D7 m& N0 `
25th day of February, May, August and November in each year, at a rate
; }& B4 s! x* b5 `. E$ r' X. Xequal to $0.40625 per share. The initial dividend, if declared, will be payable
6 y. A1 \4 A1 ~" jMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
# u3 V9 k% G0 g9 i* r$ jdate of December 11, 2008.
/ A: A+ K  S6 p) uFor each five-year period after the Initial Fixed Rate Period (each, a
& X0 q) h" Q/ c% M# A3 m% M‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares: D9 v+ R) d, I) d+ X* r. I
Series 18 will be entitled to receive fixed non-cumulative preferential cash
  E( Y+ L4 r' o' T# l0 z. Bdividends, as and when declared by the Board of Directors, subject to the
' Q$ z. s0 e" }2 m7 y8 z' Q  c, Oprovisions of the Bank Act, payable quarterly on the 25th day of February,. o1 t1 I) x3 Z* r& F: O+ V, _
May, August and November in each year, in the amount per share per annum2 A1 x" g8 X) ], J) Q- n  W
determined by multiplying the Annual Fixed Dividend Rate applicable to
5 k8 r  F1 v6 B6 v- ~! r9 ^7 Q0 {7 @such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
  C3 x0 u7 J% ?Rate for the ensuing Subsequent Fixed Rate Period will be determined by the1 ^7 r: \; O0 L" U/ ~
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day  `7 S$ g' p8 H3 J
of such Subsequent Fixed Rate Period and will be equal to the sum of the
" R0 J3 m$ b) s/ @( B2 hGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
# z8 C1 p2 e3 }9 jplus 3.83%.
0 U# [: \& B+ Z' U% mIf the Board of Directors does not declare a dividend, or any part thereof, on2 S/ n4 S* ?9 }) W2 n
the Preferred Shares Series 18 on or before the dividend payment date for a
- m; N" j0 L& zparticular quarter, then the entitlement of the holders of the Preferred: V4 Z9 t5 l$ y5 P0 ?4 z) j
Shares Series 18 to receive such dividend, or to any part thereof, for such, {1 p8 |6 x' ]( t$ ?
quarter will be forever extinguished.
* t7 k3 ~& V4 K6 O7 U8 IRedemption: Subject to the provisions of the Bank Act and to the prior consent of the6 k4 q4 H/ q3 R$ }' K: `* {+ ?& V
Superintendent and to the provisions described below under ‘‘Details of the
; f& V7 D0 ?9 j( X* {Offering — Certain Provisions of the Preferred Shares Series 18 as a1 W* R, A& F: c1 o
Series — Restrictions on Dividends and Retirement of Shares’’, on
+ M5 B: P) E8 dFebruary 25, 2014 and on February 25 every five years thereafter, on not9 D( ?  t4 }" d1 Z  Y, ?; {2 ?
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
! u5 \5 m! n3 R! spart of the then outstanding Preferred Shares Series 18, at the Bank’s option
' X+ Q- }* {1 z8 b9 Swithout the consent of the holder, by the payment of an amount in cash for
) Z1 I4 L+ P7 i$ xeach such share so redeemed of $25.00 together with all declared and unpaid
/ F0 t/ t  |- c$ F. udividends to the date fixed for redemption.- q  r9 F; @0 r8 W
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
  V* b  N* C! L2 M- g1 E, S8 dShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have0 C4 ^3 E$ w' b9 k- Y# H4 G
the right, at their option, to convert, on February 25, 2014 and on. J; u* D& H/ P4 s: V
S-46 T1 V9 d( _6 s
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any7 |8 d' t& t7 j
or all of their Preferred Shares Series 18 into an equal number of Preferred% u- X1 x2 W# S5 A% I) Q
Shares Series 19 upon giving to the Bank notice thereof not earlier than; c4 F$ @& W4 o  V0 Z1 r. }7 ^
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
( X6 t6 f2 K9 U4 spreceding, a Series 18 Conversion Date.
1 U$ \% F. q& s( N0 |Automatic Conversion If the Bank determines, after having taken into account all shares tendered
& V5 R4 G% l/ l' c6 lProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares- M; O# H; v! s/ M9 b  ?* [
Series 19, as the case may be, that there would be outstanding on such
$ r( I5 d7 ~- L+ R+ s4 GSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
9 R1 R5 o8 x8 q$ w5 m( fsuch remaining number of Preferred Shares Series 18 will automatically be
8 \: y  P  ]) Sconverted on such Series 18 Conversion Date into an equal number of& X3 o$ w$ I3 ^' R5 l) e, G8 \
Preferred Shares Series 19. Additionally, if the Bank determines that, after
' W. W- U$ _, \9 \conversion, there would be outstanding on such Series 18 Conversion Date
3 @: T* c' I8 z$ ?, a+ u3 @" mless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
4 q) h/ z) K; D( L% g! ESeries 18 will be converted into Preferred Shares Series 19.
; L# r4 ]/ J1 ?9 p% b, kVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares- L5 Y" P: Y& b" S% {% z8 z
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
3 L% a* R, P, l# _3 N* Qany meeting of the shareholders of the Bank unless and until the first time at+ k. @- @1 x" ?" y
which the Board of Directors has not declared the whole dividend on the
. M7 l9 Z" B6 h  L9 s, @Preferred Shares Series 18 in any quarter. In that event, subject as
: S2 a- u. C. I' s% |9 whereinafter provided, the holders of Preferred Shares Series 18 will be4 P9 N) p$ ]- |5 ^* \
entitled to receive notice of, and to attend, meetings of shareholders at which$ p& K. j- k2 D
directors of the Bank are to be elected and will be entitled to one vote for4 `' H/ s1 @3 |4 v, v3 N" y
each Preferred Share Series 18 held. The voting rights of the holders of the
8 g2 c( v' E' D3 l7 F, b4 T% YPreferred Shares Series 18 will forthwith cease upon payment by the Bank of3 `( l) H+ F. R0 ]. e5 \+ l1 B
the first dividend on the Preferred Shares Series 18 to which the holders are
" n, f1 Z- y8 i6 C5 c/ Aentitled thereunder subsequent to the time such voting rights first arose until
8 F% c. k: C: ], a% v0 w! V& Nsuch time as the Bank may again fail to declare the whole dividend on the
* G" Z* [! S" @! P, }Preferred Shares Series 18 in respect of any quarter, in which event such
9 m( p0 X+ A" |6 zvoting rights will become effective again and so on from time to time.# U  ]4 @9 n0 Q. `
Principal Characteristics of the Preferred Shares Series 19
% w  f; i# V3 Q& |8 h; HDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
* F1 D# ^: F- Y2 j9 {) Ffloating rate non-cumulative preferential cash dividends, as and when+ k# L* q! J% I
declared by the Board of Directors, subject to the provisions of the Bank Act,5 O/ H8 ~& L; f5 k* N/ r5 _( s) _
payable quarterly on the 25th day of February, May, August and November9 L' k0 S, D7 [* j
in each year, in the amount per share determined by multiplying the
+ \$ G) s! e5 [% N1 p. Eapplicable Quarterly Floating Dividend Rate by $25.00.
7 Q7 K8 E: g* c- W6 a/ E( r; _1 r8 F& \On the 30th day prior to the commencement of the initial quarterly dividend. c8 |* O( h9 j8 c  L- U$ ~
period beginning on February 25, 2014, and on the 30th day prior to the first1 F" N4 Q1 G. o) T6 b2 ?- P
day of each subsequent quarterly dividend period (the initial quarterly
& p# v! N' p, p6 n) J7 J4 E' gdividend period and each subsequent quarterly dividend period is referred to/ c9 W, |+ B% y& n
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the9 f, F) K; k1 c* U
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
, Q) t$ W# u7 g( Z" q3 dPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the2 ~5 P. @) Q* x& q( t
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
+ q3 b% S; W! _* Eelapsed in the applicable Quarterly Floating Rate Period divided by 365)7 n7 a# m2 I' K& o; \9 p1 O1 K; t3 r
determined on the 30th day prior to the first day of the applicable Quarterly5 P: t( K) Y2 P, \1 Q% g6 H$ F
Floating Rate Period.. v% C. I1 H7 |6 f
S-59 J  L5 t4 v  d( g
If the Board of Directors does not declare a dividend, or any part thereof, on
9 l7 q( v8 _* cthe Preferred Shares Series 19 on or before the dividend payment date for a! m7 J5 L. M6 y! Z
particular quarter, then the entitlement of the holders of the Preferred
. x# W* F0 j- }/ Y; G# ?- CShares Series 19 to receive such dividend, or to any part thereof, for such
' Q8 [- ?8 q. ?3 wquarter will be forever extinguished.7 L5 _: p, t& F6 O4 m' b
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the: L' A' N. y6 b( E
Superintendent and to the provisions described below under the heading# e3 v! }2 d$ l  z9 S* U
‘‘Details of the Offering — Certain Provisions of the Preferred Shares. t0 J+ r+ D+ _9 {0 O3 w
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
3 V& I  r5 T3 _5 t5 @on not more than 60 nor less than 30 days’ notice, the Bank may redeem all, i) `- W/ P- o( F0 N! S( y7 R3 q
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
6 [/ n! X' B6 \: `8 h" moption without the consent of the holder, by the payment of an amount in$ L5 y/ |) M8 i4 y* u2 N& e2 ?
cash for each such share so redeemed of (i) $25.00 together with all declared, E* s; h' e2 V" A4 T
and unpaid dividends to the date fixed for redemption in the case of
7 r0 r, n0 g7 |/ _redemptions on February 25, 2019 and on February 25 every five years; F- Y7 T, \/ `
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
1 z3 Y% `" k8 R: ]the date fixed for redemption in the case of redemptions on any other date
' _# ~% r6 P# Son or after February 25, 2014.
0 _8 m5 M. W# u# x# \+ c- h, BConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
# A" ]/ |. r5 ^2 r2 Y. g: M+ `Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have! N9 `* P9 |+ M
the right, at their option, to convert, on February 25, 2019 and on
. ~) [4 L- B0 g- yFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any+ @7 m5 Y$ w0 t* K; X
or all of their Preferred Shares Series 19 into an equal number of Preferred; b+ S. |! i! l5 w. D6 c* `# i
Shares Series 18 upon giving to the Bank written notice thereof not earlier4 u7 ~* L$ A4 H4 ?, ?
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
" B: c& D0 Z* G: k0 F15th day preceding, a Series 19 Conversion Date.8 n3 u; W: P/ }1 b  |  U7 _( f
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
7 T4 H$ c) L3 l. w7 Q; I  A' ~Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares3 T* R( p5 R; @8 h6 M
Series 18, as the case may be, that there would be outstanding on such
& }; V1 H# w, ^7 G2 R4 r( HSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,6 D, }$ Y" e; ~  G6 `
such remaining number of Preferred Shares Series 19 will automatically be
  j" j! j# _6 j! Fconverted on such Series 19 Conversion Date into an equal number of! A' C/ s# @' `7 V& W
Preferred Shares Series 18. Additionally, if the Bank determines that, after: @+ Q5 z* g+ @" K7 x# \
conversion, there would be outstanding on such Series 19 Conversion Date
, H* ]4 u( V! i2 Sless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares. k  C- c, h5 o1 w; S' o  R; J
Series 19 will be converted into Preferred Shares Series 18.) w9 x% Z2 D0 ]( o6 U
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
$ x! [8 y8 T6 |Series 19 will not be entitled as such to receive notice of, attend, or vote at,# f0 e9 X2 w; C6 k
any meeting of the shareholders of the Bank unless and until the first time at* q5 v$ `, Z4 l* o9 q7 H4 l
which the Board of Directors has not declared the whole dividend on the
, `' [8 }# _, f; v" R4 u, hPreferred Shares Series 19 in any quarter. In that event, subject as
2 j4 m5 Y" |" G& \$ P* j2 q, Qhereinafter provided, the holders of Preferred Shares Series 19 will be& b7 v, A. [1 j; V
entitled to receive notice of, and to attend, meetings of shareholders at which) P9 M6 `; Y8 ?0 O5 V- I* z$ P
directors of the Bank are to be elected and will be entitled to one vote for6 U. o! U  Z1 u, |
each Preferred Share Series 19 held. The voting rights of the holders of the5 b, l. m. F+ J- l- m* r- r
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of& ]$ t$ T% X. ^+ `9 m2 ]
the first dividend on the Preferred Shares Series 19 to which the holders are
7 W3 H  A$ N6 Fentitled thereunder subsequent to the time such voting rights first arose until3 {/ I5 j- R  Y: f3 E4 s
such time as the Bank may again fail to declare the whole dividend on the
+ Z% S4 V) @* KPreferred Shares Series 19 in respect of any quarter, in which event such9 S7 \9 j8 }9 S0 L# N, a; a$ ~
voting rights will become effective again and so on from time to time.
! i9 k0 S' h0 \$ u" R6 W0 r& ~S-63 z5 b) G; E0 N3 z  x! D
Priority: The preferred shares of each series of the Bank will rank on a parity with4 ?$ y! r: e2 o5 u- Y
every other series and are entitled to preference over the common shares of
  {" O6 f/ W" J" t/ }the Bank and over any other shares of the Bank ranking junior to the6 M. ~! m+ _  _7 n
preferred shares with respect to the payment of dividends and upon any
7 o& O9 M8 p7 I" b7 }) @; zdistribution of assets in the event of the liquidation, dissolution or
, H( _. |9 l# O  A" y! lwinding-up of the Bank.
! e5 M* V2 A3 LTax on Preferred Share The Bank will elect, in the manner and within the time provided under6 |7 ~' g$ l7 O) _2 }
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
  L  P1 A: |- G- ^# ]Series 18 and Preferred Shares Series 19 will not be required to pay tax on. }" a! v2 V0 s$ w8 Q# J" F- W# v. p: N
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。! ^  S+ Y& p4 c
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

. g1 v+ a& [7 b* F' `/ F& {5 H) f# i( H
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
2 E% }7 G+ _* m4 W9 N' L5 \- ^9 X7 y& L6 {
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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