埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 3106|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。0 s1 r% n6 _1 @- _& k0 C( D6 M
0 {2 K- [7 F2 B2 Y, C; F
5 M* S& V8 I5 Z& [. o$ Q) o3 R/ K
[ 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:  P$ X2 R. G, Z+ _
SUMMARY OF THE OFFERING1 I' f5 w3 u% S7 [# P
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’’.
9 J1 ]8 e3 J9 C: M" V1 ]Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.6 I9 E! J6 C# p# O# w, ^8 W3 H6 ]
Amount: $150,000,000 (6,000,000 shares)., P8 N. H8 N  f- C" p
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
& P9 L& W9 m. `3 J% Q5 r, fPrincipal Characteristics of the Preferred Shares Series 18
* `: l' A1 W/ F; \5 w7 EDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed* N6 X- c8 X& @& u
non-cumulative preferential cash dividends, as and when declared by the
" }: k0 c8 e4 p4 b% dBoard of Directors, subject to the provisions of the Bank Act, for the initial
; I5 Y5 M9 ?9 F6 pperiod commencing on the closing date and ending on and including
$ a- O, ]6 C* |" c; k* E. dFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the4 j- [8 C3 \7 N. t$ K$ R
25th day of February, May, August and November in each year, at a rate
7 q. N/ K2 a% V- b- Nequal to $0.40625 per share. The initial dividend, if declared, will be payable
4 _+ }0 ^+ t4 @" _) j2 o* ]May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
% g. b& y3 L) I0 n7 `) Sdate of December 11, 2008.1 f; @- q7 C% c/ n5 }
For each five-year period after the Initial Fixed Rate Period (each, a
. G. a' F" ^: }" v‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares0 [8 z. @1 U7 p% ^
Series 18 will be entitled to receive fixed non-cumulative preferential cash
( T" }3 [/ e; K4 w0 G  M) R. Ndividends, as and when declared by the Board of Directors, subject to the7 Q+ X* Z' Z7 O/ k+ K$ C- V: R
provisions of the Bank Act, payable quarterly on the 25th day of February,
! x1 ^" o* U7 J3 K! CMay, August and November in each year, in the amount per share per annum8 U! D% l4 p- D+ X; u3 W! n5 C
determined by multiplying the Annual Fixed Dividend Rate applicable to
: Y* j4 A- z$ z5 _such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
7 k: I- t  \. {9 iRate for the ensuing Subsequent Fixed Rate Period will be determined by the
  x$ |, t9 {! z/ A: m1 |# ~Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day/ a/ B, V( v: x% p
of such Subsequent Fixed Rate Period and will be equal to the sum of the
9 G6 ]" @& p' BGovernment of Canada Yield on the applicable Fixed Rate Calculation Date+ @1 e" Z. n) q+ H! {" z+ v
plus 3.83%.! i/ R+ X3 u9 b$ }1 o+ [5 i% {
If the Board of Directors does not declare a dividend, or any part thereof, on& _9 n& y8 F3 Q* {5 M
the Preferred Shares Series 18 on or before the dividend payment date for a+ V- f9 O  }% ]" m
particular quarter, then the entitlement of the holders of the Preferred
) f7 X% c& W6 V4 g, ]0 w0 u8 A8 ~: {Shares Series 18 to receive such dividend, or to any part thereof, for such
# Q  c- |. z7 [: Squarter will be forever extinguished.- B# B& Q& t6 y& q+ h. T; ^9 `7 G
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the5 Q/ d# c' x/ \; ^
Superintendent and to the provisions described below under ‘‘Details of the
  F( }- K/ [" g: \. l  z1 r1 iOffering — Certain Provisions of the Preferred Shares Series 18 as a
% }% g* P4 b: b8 r4 {Series — Restrictions on Dividends and Retirement of Shares’’, on) s8 [3 `% a$ [# p
February 25, 2014 and on February 25 every five years thereafter, on not9 ?& q1 x4 o" r, E
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any, D/ {' W* f. Z( J
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
) v6 ?0 Q( c- b; t5 g" bwithout the consent of the holder, by the payment of an amount in cash for! m% s  X/ S/ ?- P) ^
each such share so redeemed of $25.00 together with all declared and unpaid6 D; v( r0 G+ s6 q
dividends to the date fixed for redemption.* i4 z" o8 q" t1 l
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
, T, B  @7 }; R# ^" L9 Q' }9 RShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
+ I) p1 V( }/ [$ R, G6 r$ V8 M6 tthe right, at their option, to convert, on February 25, 2014 and on
* Q# I$ V. C" }3 Z; ?1 s" mS-49 C3 d/ L7 W8 u, R' y
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
$ u4 U/ p' s' O# ?  P) M- @0 w0 ]or all of their Preferred Shares Series 18 into an equal number of Preferred
$ R# Q, L  u/ L! A  x0 {Shares Series 19 upon giving to the Bank notice thereof not earlier than
- J, j- {+ [# O& H- f" S& D- i30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
( V7 D5 P& d8 `preceding, a Series 18 Conversion Date.
& I& F$ y3 {  g1 `; N: H% LAutomatic Conversion If the Bank determines, after having taken into account all shares tendered! E6 n* j& v. H- M2 x, x: _5 i. c( a
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
8 _7 u' w9 E8 k5 h2 Z7 O6 ?Series 19, as the case may be, that there would be outstanding on such' g* D8 Z% V7 f% S
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
' d4 \9 U+ i: C/ I, C: D+ Q+ fsuch remaining number of Preferred Shares Series 18 will automatically be8 a0 G- |$ _' Q* ~9 g
converted on such Series 18 Conversion Date into an equal number of
# V& y4 ^9 s% H# q8 q+ ^% uPreferred Shares Series 19. Additionally, if the Bank determines that, after, U% B" k+ {( e
conversion, there would be outstanding on such Series 18 Conversion Date* Q/ S9 c: m8 M3 C, A, [
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares4 K0 W1 b9 `# \! {. J( T6 r5 S% u
Series 18 will be converted into Preferred Shares Series 19.+ J+ y; D; b3 c1 W7 p8 `
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
- o3 k7 r: h! N. Z; CSeries 18 will not be entitled as such to receive notice of, attend, or vote at,- g' u6 c2 [( S0 V5 g
any meeting of the shareholders of the Bank unless and until the first time at& ^$ @. x: q3 Y- j& O8 ~
which the Board of Directors has not declared the whole dividend on the
  ^. {/ \& H* S9 z/ {: h% CPreferred Shares Series 18 in any quarter. In that event, subject as: b, G# c  S9 z1 C0 O2 u
hereinafter provided, the holders of Preferred Shares Series 18 will be
9 q: I$ W0 x8 p  x7 nentitled to receive notice of, and to attend, meetings of shareholders at which; X9 |" s: Z3 k8 x
directors of the Bank are to be elected and will be entitled to one vote for/ Z" [# A2 R/ H. x  j! a5 }
each Preferred Share Series 18 held. The voting rights of the holders of the" A6 D+ J. v- [
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
6 ^: v& [) m, Q6 V/ M8 P6 M7 m: nthe first dividend on the Preferred Shares Series 18 to which the holders are
, x/ }# X; w0 `5 aentitled thereunder subsequent to the time such voting rights first arose until2 {4 b9 S+ ^9 W1 o0 b% i
such time as the Bank may again fail to declare the whole dividend on the! ~* A" x  O3 M2 x' E% r2 B
Preferred Shares Series 18 in respect of any quarter, in which event such9 F3 a. u& S3 `8 {! ?, E' d- Y  q* O
voting rights will become effective again and so on from time to time.+ K0 M, ~' J# g4 k4 d( U
Principal Characteristics of the Preferred Shares Series 191 O' ?* f  r" K# E( s
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive4 M6 b7 a3 {/ T
floating rate non-cumulative preferential cash dividends, as and when
7 \. v9 c# c: U+ Y  ]declared by the Board of Directors, subject to the provisions of the Bank Act,
% O' }/ H$ y  zpayable quarterly on the 25th day of February, May, August and November4 T: [, d: X1 W0 v* E! n
in each year, in the amount per share determined by multiplying the
6 t7 T; @4 G" j) u1 Uapplicable Quarterly Floating Dividend Rate by $25.00." {0 i/ [2 g5 h2 V. \
On the 30th day prior to the commencement of the initial quarterly dividend
( U, ]( ]% x7 T; b' qperiod beginning on February 25, 2014, and on the 30th day prior to the first- [- s2 O6 p) Q4 n! E
day of each subsequent quarterly dividend period (the initial quarterly
' G. `/ {: X, y/ s% w8 }4 l3 r! Jdividend period and each subsequent quarterly dividend period is referred to5 P' q" ?; F. G* F4 J" k6 z
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the! r) v$ X# ^( ^
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate' z  ^; A, d: h6 T% D
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
; {3 k" P$ p3 v9 \) {# N6 wT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
0 g* e7 O# l- Q9 Celapsed in the applicable Quarterly Floating Rate Period divided by 365)
6 Q3 M4 g# H. [7 V$ |+ Jdetermined on the 30th day prior to the first day of the applicable Quarterly) Q; A: y" d2 Z+ l1 d
Floating Rate Period.5 C3 N& j0 n; }, Q
S-5% t1 x3 C' o9 L% p, E0 \
If the Board of Directors does not declare a dividend, or any part thereof, on
# X% r& e# l- Z* N7 k, y  othe Preferred Shares Series 19 on or before the dividend payment date for a
. H7 r4 B' ?+ I5 q- c6 D* ?particular quarter, then the entitlement of the holders of the Preferred
0 Z& F) F  h; U- {8 M% CShares Series 19 to receive such dividend, or to any part thereof, for such
! j$ L) |( v1 Pquarter will be forever extinguished.
+ n  s5 u6 N" C: qRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
1 n: V: x% v& bSuperintendent and to the provisions described below under the heading
* _: N1 X3 ?: j, ]" T$ b; N‘‘Details of the Offering — Certain Provisions of the Preferred Shares/ M, ]( e3 e: g9 ?
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
) X, E$ I5 ~- @- L3 xon not more than 60 nor less than 30 days’ notice, the Bank may redeem all/ W/ z0 D9 A, G# J6 y; {. O
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
1 \* e/ d  G  b& n$ loption without the consent of the holder, by the payment of an amount in
9 |& \- [" J4 z7 c% Ocash for each such share so redeemed of (i) $25.00 together with all declared. [2 D" _' P( t# p0 ~
and unpaid dividends to the date fixed for redemption in the case of
3 M8 [9 T& m& w  Fredemptions on February 25, 2019 and on February 25 every five years0 a9 K: ]& z0 u% t9 w6 ^% S% C
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
. a: W) L0 ]1 s* h$ U* Rthe date fixed for redemption in the case of redemptions on any other date  J" V" ~1 L5 s0 t
on or after February 25, 2014., E  v, g) N- U( d& r. A$ y
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
( g, e8 ]2 ~4 e$ s( ]Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have7 H! y! ^; H. e
the right, at their option, to convert, on February 25, 2019 and on
& f; C/ [! d- M* Z% nFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
3 v3 U& Q. e; p, f5 t: N) U( Cor all of their Preferred Shares Series 19 into an equal number of Preferred4 u+ O7 D2 H4 O4 k4 H% P
Shares Series 18 upon giving to the Bank written notice thereof not earlier
, p/ c6 `1 V4 o- j4 @than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
) E+ e9 L1 O6 ]1 @" M( W7 h15th day preceding, a Series 19 Conversion Date.
) Z/ X7 A. ~6 }2 uAutomatic Conversion If the Bank determines, after having taken into account all shares tendered/ ?7 ]( n) u1 N) ^: _
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares7 o; G- p! ^3 X  X4 i+ I
Series 18, as the case may be, that there would be outstanding on such
8 u# d, \5 l7 A/ D2 gSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,) t( ^/ j' l! u  R3 a( E4 z% G
such remaining number of Preferred Shares Series 19 will automatically be
  E( I  x- G4 X6 o4 Oconverted on such Series 19 Conversion Date into an equal number of2 {' e; L; B$ _$ c
Preferred Shares Series 18. Additionally, if the Bank determines that, after4 P" ^9 y8 Y0 }9 _: _  c- {
conversion, there would be outstanding on such Series 19 Conversion Date
7 v1 F+ [6 J. ~' j* g) \$ |less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
' J, H$ X3 j, v& e$ XSeries 19 will be converted into Preferred Shares Series 18.5 P8 \; l/ ^1 w) b
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
8 f2 D, A+ H  o9 u6 kSeries 19 will not be entitled as such to receive notice of, attend, or vote at,, E# q8 Z6 h/ S! b! v( t
any meeting of the shareholders of the Bank unless and until the first time at
  p% _1 D- ?$ M  Hwhich the Board of Directors has not declared the whole dividend on the/ e# p( r" U) s2 T
Preferred Shares Series 19 in any quarter. In that event, subject as0 i6 l$ c8 X% a, g! Z: \) `% ]) d
hereinafter provided, the holders of Preferred Shares Series 19 will be
/ M$ K3 H; L3 D4 x, [; I2 b. _entitled to receive notice of, and to attend, meetings of shareholders at which: K8 c: d; |$ z$ x$ u
directors of the Bank are to be elected and will be entitled to one vote for
; Z' H+ f' g) `) }  r2 T+ neach Preferred Share Series 19 held. The voting rights of the holders of the
3 k: [+ n' p% V- I# ^9 ]" U1 I% wPreferred Shares Series 19 will forthwith cease upon payment by the Bank of7 A$ P% n1 ?4 O( ?5 `% _0 m. {
the first dividend on the Preferred Shares Series 19 to which the holders are3 K# K) D+ O0 r( {( e' H; y; Q& `5 ?) [
entitled thereunder subsequent to the time such voting rights first arose until
- D5 W7 P% n* @such time as the Bank may again fail to declare the whole dividend on the5 b( d& V# u! ^' J4 {5 @" t
Preferred Shares Series 19 in respect of any quarter, in which event such
1 ]6 S# p3 N3 G3 e0 [/ G/ jvoting rights will become effective again and so on from time to time.) ]3 |: y& T- d4 U6 Y! I8 n* G
S-6
+ z# k& u" t  ZPriority: The preferred shares of each series of the Bank will rank on a parity with% w. ^& @, y* q; n) A& y# x
every other series and are entitled to preference over the common shares of
  h$ E* q+ w' l0 t: _8 I5 V" Othe Bank and over any other shares of the Bank ranking junior to the0 ?5 `; }+ M2 G: w
preferred shares with respect to the payment of dividends and upon any
; x9 ^+ m. I! V- F# odistribution of assets in the event of the liquidation, dissolution or
8 H+ B- v5 E( w# Zwinding-up of the Bank.
2 D7 U* N5 @6 j$ A, S2 U' pTax on Preferred Share The Bank will elect, in the manner and within the time provided under: b2 @8 k5 p, `' g  a4 w
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
8 X! ?3 }+ X" L, w; ^' fSeries 18 and Preferred Shares Series 19 will not be required to pay tax on7 J3 a. f0 U& b# Y
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& K% w1 S7 F% j/ s- ^8 t) ~. N! U今天讲座如何?
大型搬家
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
) u" Z! [& M! h& }1 J1 e8 d. Z* D3 D
! F+ N4 F+ Y' B
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。' R* R3 x. G7 @: y& {
3 C" Q+ X7 P' b& W
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, 2026-6-10 22:06 , Processed in 0.115061 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