埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 3225|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。- V; ~% J, r+ E0 P' d" h7 w

5 c+ e; ~$ c6 @  ~' Q, J, j- W: T  y& N$ C
[ 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:* T# S  v! C: G+ a- r- z; w' L
SUMMARY OF THE OFFERING( _( M: c7 M) ^7 \
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’’.
% ~* g9 `) r( f+ gIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.$ N# U$ x% c. [; x: X
Amount: $150,000,000 (6,000,000 shares).
- j% Z2 m8 y3 ?; E3 i) lPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
: Z' K" F3 Z9 X; x  \4 S# B$ QPrincipal Characteristics of the Preferred Shares Series 18
! P% f& \1 N4 p: @Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
: g- v, t, o1 {/ `0 T) h; ]& ]non-cumulative preferential cash dividends, as and when declared by the; `/ n# g  j' [1 ]( G/ z
Board of Directors, subject to the provisions of the Bank Act, for the initial
3 p% J. G- q3 V0 o& i4 Qperiod commencing on the closing date and ending on and including
4 v& a: X& V% f9 j2 p2 eFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
) f- J/ G2 c" P: L' S25th day of February, May, August and November in each year, at a rate
! e4 l  L& W+ E2 {equal to $0.40625 per share. The initial dividend, if declared, will be payable* \- |0 {0 E" x5 W: p
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing( p1 Y  C, P- a. {* Y' @$ L3 G3 ^
date of December 11, 2008.
- ?6 v9 \' q* ?- hFor each five-year period after the Initial Fixed Rate Period (each, a
6 {2 J- B0 y- w& D* Y. J- E‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
7 |2 t( L( U+ B% S! g' tSeries 18 will be entitled to receive fixed non-cumulative preferential cash
; L* Q7 Y7 X# a/ G7 _0 o( Pdividends, as and when declared by the Board of Directors, subject to the* f1 @0 V' ~' o6 F$ b+ h
provisions of the Bank Act, payable quarterly on the 25th day of February,
( _: L1 m. g5 x( KMay, August and November in each year, in the amount per share per annum
! p2 ~2 f( A& v" R, n: d( b6 ndetermined by multiplying the Annual Fixed Dividend Rate applicable to
$ O0 U$ f5 e8 ^3 p( b  Isuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
/ e5 Z% E! l! q8 R' p$ R# U& k, tRate for the ensuing Subsequent Fixed Rate Period will be determined by the
+ ?9 @) h8 ]7 `4 HBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day5 [9 o  [! r: ]7 Y9 Z7 S
of such Subsequent Fixed Rate Period and will be equal to the sum of the- P4 J4 i% U" u/ @1 o# ?$ r
Government of Canada Yield on the applicable Fixed Rate Calculation Date
% O; b4 T3 g2 ?8 `plus 3.83%.5 k8 y! N: `8 Q( L; k3 c- W% [# W
If the Board of Directors does not declare a dividend, or any part thereof, on
3 ?' r8 `" n% [: M7 Z4 V1 gthe Preferred Shares Series 18 on or before the dividend payment date for a3 f- ~4 x$ e0 Y4 i8 M  ^: p) y; b
particular quarter, then the entitlement of the holders of the Preferred1 t3 Z1 H7 \% W' e5 F" I. ~. q
Shares Series 18 to receive such dividend, or to any part thereof, for such
: i- o8 y8 b" }- f7 C; C- tquarter will be forever extinguished.
% b% B, M# F/ {) X/ N+ ^+ X) F! wRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
0 X+ B- e6 f8 f. Q* {Superintendent and to the provisions described below under ‘‘Details of the
$ ~( y2 ?# p% @8 I; BOffering — Certain Provisions of the Preferred Shares Series 18 as a: I/ J7 [4 c( j5 A  `1 x
Series — Restrictions on Dividends and Retirement of Shares’’, on
4 D/ w, M$ o& u' Q* }* F8 oFebruary 25, 2014 and on February 25 every five years thereafter, on not
9 g- N2 m) F8 j$ b; Imore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
, m$ c1 P; K6 `: Q6 T6 w: Z* Upart of the then outstanding Preferred Shares Series 18, at the Bank’s option
8 E9 B& C8 p' c9 s9 zwithout the consent of the holder, by the payment of an amount in cash for" Q# j) Y* V2 Q0 `# I& u" x# p4 J& Q
each such share so redeemed of $25.00 together with all declared and unpaid
; c+ W# F# X3 t3 Ndividends to the date fixed for redemption.
$ A8 A, v5 v" j6 {  A' D4 F$ OConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic( e4 z% y0 C2 d' v" m, G6 j" k
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
  [3 T" T, l: Y5 _' Othe right, at their option, to convert, on February 25, 2014 and on- O- `6 v# m) h5 X( m2 `
S-47 A2 o% z: V* B' {3 R3 R: J, W# i* f
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
1 \. I9 B1 f  Vor all of their Preferred Shares Series 18 into an equal number of Preferred
4 L5 b/ ]8 \: J* G$ W. hShares Series 19 upon giving to the Bank notice thereof not earlier than( b% W% B0 e7 _/ O7 u
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day' I4 U5 \# q" f, F& J8 B
preceding, a Series 18 Conversion Date.+ c! F0 A* Q1 U" G/ j* U9 ~/ M- H
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
+ w" x. P& J1 c* h( E6 d; zProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
$ p; M; k/ C- I5 B7 {4 [$ K* |Series 19, as the case may be, that there would be outstanding on such" G* X; K7 t  l* d% n
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,& _+ @+ ]; ^; y/ n2 m
such remaining number of Preferred Shares Series 18 will automatically be/ U3 y. M) S2 y% Q( U! `4 o6 D* i
converted on such Series 18 Conversion Date into an equal number of
- X' z; u, M% ]1 H. w2 q; aPreferred Shares Series 19. Additionally, if the Bank determines that, after
; q: g2 L: m- J4 q3 N: uconversion, there would be outstanding on such Series 18 Conversion Date
8 Z/ R, k$ e* x7 G4 Sless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
8 O# ^5 F0 M5 ^' M, ]Series 18 will be converted into Preferred Shares Series 19.
: ~0 l5 |/ y* @& o& DVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares/ R: _* o1 {8 I0 [- W
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
3 O2 f. F/ {5 @# E# }/ {any meeting of the shareholders of the Bank unless and until the first time at
- q5 b+ k& }2 H5 e+ E( l: }+ y/ Pwhich the Board of Directors has not declared the whole dividend on the5 ?3 c5 t' X+ [1 v" b6 Z
Preferred Shares Series 18 in any quarter. In that event, subject as. n  b, q" _9 a0 W& R4 S# p
hereinafter provided, the holders of Preferred Shares Series 18 will be
( v' J- f: S$ y3 i8 Fentitled to receive notice of, and to attend, meetings of shareholders at which& s% C8 O9 P: N7 k2 f3 `/ x
directors of the Bank are to be elected and will be entitled to one vote for
" h+ W; n3 y; P- o7 [8 S* w  V; ?& meach Preferred Share Series 18 held. The voting rights of the holders of the
  X; }5 j6 L6 h2 h$ r& W) W; C8 BPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
2 e0 h" }3 ^) B- Z: [the first dividend on the Preferred Shares Series 18 to which the holders are
; r8 m9 \& C& Z9 mentitled thereunder subsequent to the time such voting rights first arose until
) H) o0 Q! `7 @1 i# i4 ]such time as the Bank may again fail to declare the whole dividend on the) p1 e' y2 z: Q1 l% k
Preferred Shares Series 18 in respect of any quarter, in which event such" t0 G! F7 c& O9 D
voting rights will become effective again and so on from time to time.9 C! P+ h7 f3 f
Principal Characteristics of the Preferred Shares Series 19
$ U- r  E+ a6 CDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
! [* {( M( u! \) N" Rfloating rate non-cumulative preferential cash dividends, as and when9 d2 A5 W$ W4 j7 R
declared by the Board of Directors, subject to the provisions of the Bank Act,
/ A" j7 b  f+ v5 h- T! Bpayable quarterly on the 25th day of February, May, August and November# p5 D5 d! q0 g. D$ X% U6 Z* y4 G
in each year, in the amount per share determined by multiplying the
3 ~, _8 E- C, D& oapplicable Quarterly Floating Dividend Rate by $25.00.! W* s! Q% e/ z: M3 N2 Z- {
On the 30th day prior to the commencement of the initial quarterly dividend
, a: a# X; J8 ]* m$ h% d; \period beginning on February 25, 2014, and on the 30th day prior to the first
5 X9 X3 z+ e1 Q- ^( r' Mday of each subsequent quarterly dividend period (the initial quarterly# V* D, T  E+ d5 [
dividend period and each subsequent quarterly dividend period is referred to
9 o0 b: A% ]3 R; Y1 \as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the- v6 [1 H9 L- v6 [4 b
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
* A* y" Y. ?$ a5 iPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the4 Y* |4 K9 H0 N3 H' s" j7 b
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
! k  j" F, N! ^3 @: K9 jelapsed in the applicable Quarterly Floating Rate Period divided by 365)" S; V' H+ C8 e- Z4 W5 H
determined on the 30th day prior to the first day of the applicable Quarterly
  [# \& `* T* J6 s% ^Floating Rate Period./ V/ [7 I7 ~6 D: b0 N# D* a8 P
S-57 O: }, z, Z$ k; w  f
If the Board of Directors does not declare a dividend, or any part thereof, on
2 D) s/ }5 O) M$ b4 p1 D$ [the Preferred Shares Series 19 on or before the dividend payment date for a( [7 F( C/ s; W9 ?* i
particular quarter, then the entitlement of the holders of the Preferred
1 V* N  e/ \, K" D8 h) XShares Series 19 to receive such dividend, or to any part thereof, for such
# k! L' ^5 |5 m* kquarter will be forever extinguished.
) A2 ^) E" M2 e, DRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
- Z6 A/ o8 d, g  I( WSuperintendent and to the provisions described below under the heading/ L# s$ A2 R* e( i( G0 w0 [% n
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
$ c1 |6 j  l3 f- e' P) c7 x! U0 lSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,; a4 X# J$ Y' f0 Y/ d
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all& B. r/ r. K* D) o5 y
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s# P+ O7 T+ D* K2 p. e; ]0 T9 n
option without the consent of the holder, by the payment of an amount in
& p; W+ e& G3 L- A. ~# Lcash for each such share so redeemed of (i) $25.00 together with all declared0 E4 M: ?: K. d! f4 H5 Q& P9 Z
and unpaid dividends to the date fixed for redemption in the case of
9 e+ b3 e) a( k- Vredemptions on February 25, 2019 and on February 25 every five years
6 [. U0 ?; {) O( P5 Vthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
% }5 |' ^! i$ D# H0 E2 {  hthe date fixed for redemption in the case of redemptions on any other date# F* B' |; _9 B. c
on or after February 25, 2014.
# U( f  w& G4 h2 B% zConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic% E; M0 ^/ I) ~( Z1 u
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
" ?5 I  J9 }- n; G6 y) ?the right, at their option, to convert, on February 25, 2019 and on
; o  U$ X) E% K7 hFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
: [2 C9 P0 X5 r/ Q- o* w; N, sor all of their Preferred Shares Series 19 into an equal number of Preferred
( j. a3 \$ Y$ G5 Y- C, q9 Q" g' g7 fShares Series 18 upon giving to the Bank written notice thereof not earlier
% v/ [5 c% H9 N2 hthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the1 ?( m/ c- k: ^1 j& i$ U
15th day preceding, a Series 19 Conversion Date.+ @, g# L) @  ^4 `, K
Automatic Conversion If the Bank determines, after having taken into account all shares tendered. `) @" Z4 ^4 B4 i0 }. h
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
5 B; e) k4 x7 O: [; ^- N9 @9 QSeries 18, as the case may be, that there would be outstanding on such( d% O& u0 G2 L( R+ f; |; c' S4 A
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
% ~8 Y, V) v) u) x1 z1 L" usuch remaining number of Preferred Shares Series 19 will automatically be
3 ~0 r4 o) c5 hconverted on such Series 19 Conversion Date into an equal number of
0 t3 v" R# Q- b) K- dPreferred Shares Series 18. Additionally, if the Bank determines that, after
# x5 K& A9 @. A/ d  a! G; b7 rconversion, there would be outstanding on such Series 19 Conversion Date
& Z' @: ]" W. J6 u2 Iless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
) Z* Z. N$ T# }Series 19 will be converted into Preferred Shares Series 18.8 Q5 S  B# [& X
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
+ ~) {5 ^5 ]* p9 t# P& g! F' i/ \! z! mSeries 19 will not be entitled as such to receive notice of, attend, or vote at,6 V7 U. `9 s) V% P! V. j5 b# I
any meeting of the shareholders of the Bank unless and until the first time at& O% y( o) {3 ], d+ g7 [
which the Board of Directors has not declared the whole dividend on the- H% Y5 l# f0 i( \
Preferred Shares Series 19 in any quarter. In that event, subject as# u# M) y3 Q- O
hereinafter provided, the holders of Preferred Shares Series 19 will be+ [; J  A! p* X: c
entitled to receive notice of, and to attend, meetings of shareholders at which
2 C$ h. G8 v3 B/ }% K1 u' _( ?directors of the Bank are to be elected and will be entitled to one vote for5 \0 a( _" B5 z
each Preferred Share Series 19 held. The voting rights of the holders of the
, z+ Q2 l7 r4 R6 }, V$ U! UPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
9 V2 c2 ~0 S* o0 e" a% z9 U0 Rthe first dividend on the Preferred Shares Series 19 to which the holders are7 F, W; y+ _5 T# q8 |0 x# @+ h3 z
entitled thereunder subsequent to the time such voting rights first arose until/ Q: |4 i: Z) F! j9 k: H* j
such time as the Bank may again fail to declare the whole dividend on the
9 v6 ^# e4 T. {( s6 D6 tPreferred Shares Series 19 in respect of any quarter, in which event such* G* W- a9 f. X" C; |+ E6 {
voting rights will become effective again and so on from time to time.
" n/ Q0 [9 K1 i, q/ pS-6- |! w/ g/ A# a8 C2 ~; H) X9 P/ m
Priority: The preferred shares of each series of the Bank will rank on a parity with& `: F3 v. h/ C- p/ I" R
every other series and are entitled to preference over the common shares of8 |* n$ C  @7 @0 k; s6 u
the Bank and over any other shares of the Bank ranking junior to the
* c+ L" F- g3 G' _2 o9 n2 cpreferred shares with respect to the payment of dividends and upon any
0 _0 f' r+ q' q% tdistribution of assets in the event of the liquidation, dissolution or" C( I9 e$ W2 e# m* r. u+ t5 {) J
winding-up of the Bank.! T) n& L2 S& ^0 C; j
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
8 J1 o8 s2 D. L4 e3 B( wDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
- ~% \$ ~( e6 Y% G8 v2 J- w/ DSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
- j, g( x. T9 E4 q) V' u' wdividends 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。
: g- I( I- D3 X) 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。
大型搬家
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 18:26 | 显示全部楼层

0 Q8 q3 m+ B1 x2 ]2 ~8 V& c- q+ `
- W9 B9 {1 F. D/ Q5 ]下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。9 y7 G3 g, c+ g
8 H5 E  O% ?) A5 p1 H/ U' W' L; F
call me.. 780 6699880 转101
理袁律师事务所
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, 2026-7-10 16:52 , Processed in 0.074389 second(s), 12 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