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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。
& x% y7 p: r/ y  Z9 h

7 `' S+ W. O7 c. |' C9 [6 g; @. s& J3 @8 c" @
[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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 楼主| 发表于 2008-11-29 16:58 | 显示全部楼层
下面是BMO的:
4 E5 R# A4 a5 nSUMMARY OF THE OFFERING
! V0 J- y# I1 H  HThis 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’’." ~  M% E: P% ]) d; D( r
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.2 \' z; Q! w, E! Z/ L9 K! P- t
Amount: $150,000,000 (6,000,000 shares).$ K2 @( @& N5 v: P
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
% S& c  ?% F3 b, _- `; DPrincipal Characteristics of the Preferred Shares Series 18
% \/ J; r) y. C: P# E5 `$ J+ j  LDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed9 I9 E) f; Y: V- ?% ~: X1 k( E6 J
non-cumulative preferential cash dividends, as and when declared by the
- J, S+ y. e+ v$ _$ y; t# eBoard of Directors, subject to the provisions of the Bank Act, for the initial0 j- g5 g/ B: l2 U4 a4 V5 O2 J' C
period commencing on the closing date and ending on and including
- l0 r7 `2 Y: k. ?+ OFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the: i' g0 g- ?$ i) x7 ^3 T) o. V7 \
25th day of February, May, August and November in each year, at a rate9 v8 z8 i5 @" I6 x, F% b1 j% u( r
equal to $0.40625 per share. The initial dividend, if declared, will be payable
3 u0 b3 t4 A9 ^7 e( Z' g+ rMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
) r; ]/ j" z& l9 `7 d, o0 G; r7 Rdate of December 11, 2008.
$ w6 B) s2 @& m5 C0 e3 m$ Y# [For each five-year period after the Initial Fixed Rate Period (each, a
2 e" m, e# D0 |1 b‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares1 @7 L* L0 c0 f" b% N6 f
Series 18 will be entitled to receive fixed non-cumulative preferential cash, `7 N. z$ P# c7 d/ l
dividends, as and when declared by the Board of Directors, subject to the" M8 Z1 f9 _: J. m; F" n7 w# B
provisions of the Bank Act, payable quarterly on the 25th day of February,
  ?  t. a0 f" Y3 xMay, August and November in each year, in the amount per share per annum$ Z9 `  ]: Y$ Q, b! |
determined by multiplying the Annual Fixed Dividend Rate applicable to' P2 C) e( ~' f  _" C7 q; J
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend3 y$ R8 ~2 l; s4 x! t
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the/ I0 C$ d1 X" X" w5 C
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day6 J+ i8 B- H, E, l
of such Subsequent Fixed Rate Period and will be equal to the sum of the$ G8 Y4 t  T- v1 m
Government of Canada Yield on the applicable Fixed Rate Calculation Date
+ |+ Z7 y$ [' j, k+ \$ P: ?plus 3.83%.
& n& ^, U, L* D/ v/ tIf the Board of Directors does not declare a dividend, or any part thereof, on2 _7 n" E1 q5 H4 r/ V' N* M/ i  F
the Preferred Shares Series 18 on or before the dividend payment date for a  u7 D8 \; [: i0 F' O2 ^
particular quarter, then the entitlement of the holders of the Preferred
; ]- v! [9 F5 _& w+ jShares Series 18 to receive such dividend, or to any part thereof, for such9 q+ h3 q# U# j1 ]
quarter will be forever extinguished.
5 j# \- w3 @' dRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
2 Z+ k2 O* t/ W, a5 s2 lSuperintendent and to the provisions described below under ‘‘Details of the9 G" O' f5 z$ l( g" W
Offering — Certain Provisions of the Preferred Shares Series 18 as a
: j( U" M: J& c% Z! hSeries — Restrictions on Dividends and Retirement of Shares’’, on2 @9 X7 N. w: d
February 25, 2014 and on February 25 every five years thereafter, on not
/ w" a/ R* \7 S. \) v$ h4 v) Imore than 60 nor less than 30 days’ notice, the Bank may redeem all or any/ Z  C, G9 k3 g' V+ {3 Z- v; z, r, c( L
part of the then outstanding Preferred Shares Series 18, at the Bank’s option4 C2 T  Q! h5 g% A
without the consent of the holder, by the payment of an amount in cash for
' T& m1 @( ^$ {each such share so redeemed of $25.00 together with all declared and unpaid
& L2 e5 h3 _( {' y9 r4 j/ W# fdividends to the date fixed for redemption.
+ _& P- ]' E! H7 HConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic. L6 N- L+ E3 N
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
! I0 ^  I: A$ @$ q4 u# Dthe right, at their option, to convert, on February 25, 2014 and on
0 Q  F5 T, B* g5 F. K) _S-4- s+ C* T* _2 K) n4 Q1 T
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
  x: Y' w/ n' b+ G* Eor all of their Preferred Shares Series 18 into an equal number of Preferred
$ n0 p* X( p( DShares Series 19 upon giving to the Bank notice thereof not earlier than6 N! M: C3 i7 p
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
! E1 @0 k6 O. V1 Dpreceding, a Series 18 Conversion Date." b8 c8 x* A7 b) K, n3 h4 R. }/ s
Automatic Conversion If the Bank determines, after having taken into account all shares tendered7 H: S5 h. J+ I$ L4 h: T4 b
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares9 y" w, ]" G' C$ W5 i- t" W
Series 19, as the case may be, that there would be outstanding on such& d3 H+ r: X0 ~/ Q4 w! N
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,0 x" S7 y9 }0 e0 W4 [( t
such remaining number of Preferred Shares Series 18 will automatically be
) d5 l5 Q- a; ~- K/ w9 x! E% V1 Rconverted on such Series 18 Conversion Date into an equal number of9 Q( ~( u2 u3 y- l; h5 o
Preferred Shares Series 19. Additionally, if the Bank determines that, after+ T- c- M$ q  N2 N; F! s  P
conversion, there would be outstanding on such Series 18 Conversion Date
; C( X0 T: m7 Sless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares0 F' Y$ p( G; A7 U6 ]0 Z6 F0 d
Series 18 will be converted into Preferred Shares Series 19.
/ k! I' z+ W" B( R5 YVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
; A0 B0 D9 G% L! @3 i0 V9 A& MSeries 18 will not be entitled as such to receive notice of, attend, or vote at,- Q( R+ l( D5 i+ F
any meeting of the shareholders of the Bank unless and until the first time at
% K1 t- H1 p  T3 S5 E9 hwhich the Board of Directors has not declared the whole dividend on the
. r/ D" z; S4 e( j9 c# UPreferred Shares Series 18 in any quarter. In that event, subject as6 a. j' K: Y/ P2 Q" L/ g
hereinafter provided, the holders of Preferred Shares Series 18 will be
- ~# B/ e, O& b3 [' d7 h6 Aentitled to receive notice of, and to attend, meetings of shareholders at which
# {9 J# E  W3 X: Xdirectors of the Bank are to be elected and will be entitled to one vote for
) M% U% g  j5 o+ z9 |each Preferred Share Series 18 held. The voting rights of the holders of the
$ J+ L: O. `. U" ?) u& w& TPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
. L7 P' h% k, k* pthe first dividend on the Preferred Shares Series 18 to which the holders are
5 n# J7 s; x; E: K' w# v: dentitled thereunder subsequent to the time such voting rights first arose until8 C+ s7 Q/ Y8 S; G; x  R5 A0 x
such time as the Bank may again fail to declare the whole dividend on the% W" J3 b4 K* ?; Z% R: i4 b
Preferred Shares Series 18 in respect of any quarter, in which event such
- ~" Z! u5 C$ E1 Cvoting rights will become effective again and so on from time to time.+ m  d! [$ C1 Y! Y6 t
Principal Characteristics of the Preferred Shares Series 19, i/ }7 z( A. e
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive% w: F# P8 W  T" [; _
floating rate non-cumulative preferential cash dividends, as and when% K; y' W9 A8 O
declared by the Board of Directors, subject to the provisions of the Bank Act,
: w+ C: _, g8 U9 j* gpayable quarterly on the 25th day of February, May, August and November
9 y, d6 s' U2 m' Z* g" }# K: tin each year, in the amount per share determined by multiplying the
+ J# S% r! a- B  u+ Happlicable Quarterly Floating Dividend Rate by $25.00.6 q; Z$ e8 e7 p$ h
On the 30th day prior to the commencement of the initial quarterly dividend
: D9 |: d; F) J2 [1 mperiod beginning on February 25, 2014, and on the 30th day prior to the first
$ Y$ y% j2 v& w/ g, \( J2 M' bday of each subsequent quarterly dividend period (the initial quarterly* P9 i; k7 L1 w/ n
dividend period and each subsequent quarterly dividend period is referred to9 X- ]$ n3 A7 w/ n( j) C2 ]
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the& N2 W" G, k8 {! `# I/ C. v9 Z
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate* _6 t6 `, q3 M) q. t3 p
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
% c  @& }' N; y1 u5 E3 }+ I5 LT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days& ~+ _1 `5 _3 c. p* Q  Q
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
5 ?% P5 N( K3 `* }% ?# ~" Hdetermined on the 30th day prior to the first day of the applicable Quarterly
# {' _  v" E3 FFloating Rate Period.! v; `7 k' B# u
S-5
& N# {) Z: ?/ k/ _3 Y8 uIf the Board of Directors does not declare a dividend, or any part thereof, on
8 ]* K9 Y) v- ~% ythe Preferred Shares Series 19 on or before the dividend payment date for a  }& Z' _: e- w1 k) q$ k# a
particular quarter, then the entitlement of the holders of the Preferred
( R3 \; w# I( A) q. vShares Series 19 to receive such dividend, or to any part thereof, for such
8 ~& x$ x% [, bquarter will be forever extinguished.
: O2 J7 D5 e  F8 b/ nRedemption: Subject to the provisions of the Bank Act and to the prior consent of the8 S! i) @' ?" K# I* f3 B7 Q$ D
Superintendent and to the provisions described below under the heading; n  c1 w: R! ^8 L' k
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
- F' L( Y4 E1 ?- r7 vSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,' A  H6 G. ~! ]- S
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
" U2 [0 F$ t' ior any part of the then outstanding Preferred Shares Series 19, at the Bank’s
& y; v& n7 ^( Loption without the consent of the holder, by the payment of an amount in. b8 T+ s# N, Q2 |
cash for each such share so redeemed of (i) $25.00 together with all declared
$ ~! T4 V: v  F+ V- \$ Zand unpaid dividends to the date fixed for redemption in the case of0 Y* u; Q1 V5 j0 M
redemptions on February 25, 2019 and on February 25 every five years
4 H( [; F0 q( f, E+ d  {thereafter, or (ii) $25.50 together with all declared and unpaid dividends to$ D6 M) s  q( ^6 x
the date fixed for redemption in the case of redemptions on any other date
/ @: a$ G3 v  S" {( Fon or after February 25, 2014.
- I, j% [. z! W: d8 ~Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic- V% o: i: I2 S  \% Z9 T
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have# h3 s' |: d5 \- F% I+ W/ ?
the right, at their option, to convert, on February 25, 2019 and on1 ?. }! I- L6 l6 p0 i
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any) {% V, b* Y, q- I* o
or all of their Preferred Shares Series 19 into an equal number of Preferred( h( _5 x  d1 y
Shares Series 18 upon giving to the Bank written notice thereof not earlier
, a/ w8 i6 d' Q/ q  C  nthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
- D$ Q' H. Z9 [$ ^' G- G15th day preceding, a Series 19 Conversion Date.5 C; ^. q( @+ j- A: N- W0 \, k
Automatic Conversion If the Bank determines, after having taken into account all shares tendered5 h1 ~+ |9 c! \, F
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
% n/ {; `: w+ u" JSeries 18, as the case may be, that there would be outstanding on such* L6 T. S/ p# I* i( U
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,! l( e/ E! y% ~
such remaining number of Preferred Shares Series 19 will automatically be/ B  w* n2 ?% J7 c, H
converted on such Series 19 Conversion Date into an equal number of
# R# Y$ Z; r- I3 ^" E) RPreferred Shares Series 18. Additionally, if the Bank determines that, after6 c' h& Y+ o% G  ^
conversion, there would be outstanding on such Series 19 Conversion Date4 c  J" A/ D: J0 O! J+ e3 O* S
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
. N8 p$ U2 W" {0 ~. k" l  F; z0 E; \Series 19 will be converted into Preferred Shares Series 18.$ S* b# j% _/ [- y4 G4 G, W
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares- k( A5 k/ x3 ]
Series 19 will not be entitled as such to receive notice of, attend, or vote at,5 a/ ]% d4 f) C. Q
any meeting of the shareholders of the Bank unless and until the first time at
* }5 ?# n; u* J  z' mwhich the Board of Directors has not declared the whole dividend on the6 v% Q2 a: P+ n4 j  ]/ \+ X
Preferred Shares Series 19 in any quarter. In that event, subject as
7 l% Y5 e( H6 {7 R. ahereinafter provided, the holders of Preferred Shares Series 19 will be# @% x8 p& ^4 u" h+ O" g# {) N
entitled to receive notice of, and to attend, meetings of shareholders at which/ q# l( O- D0 x8 a) j
directors of the Bank are to be elected and will be entitled to one vote for
' t- ^3 k/ h$ Veach Preferred Share Series 19 held. The voting rights of the holders of the
3 y. j1 }2 S/ F2 n9 F, l0 cPreferred Shares Series 19 will forthwith cease upon payment by the Bank of# f- _$ O/ x. ~! j4 L& _
the first dividend on the Preferred Shares Series 19 to which the holders are
4 {: B8 `7 Y( u4 y/ ^! h  |entitled thereunder subsequent to the time such voting rights first arose until
! e" F$ I- E6 @4 ^: n& q% wsuch time as the Bank may again fail to declare the whole dividend on the
+ N! _* S  b% n& @- L) ?2 DPreferred Shares Series 19 in respect of any quarter, in which event such
, Y, ^) `( A% m3 \4 T$ ovoting rights will become effective again and so on from time to time.& d7 ~) w% O( e/ v, J+ }
S-63 r/ r7 v/ b. \+ U+ L$ F
Priority: The preferred shares of each series of the Bank will rank on a parity with
4 N7 i- S  g0 kevery other series and are entitled to preference over the common shares of
5 w7 _4 f4 y3 U5 L( c1 z% wthe Bank and over any other shares of the Bank ranking junior to the& c3 n) Q% K5 `, Q2 }7 C, X5 C4 k# H
preferred shares with respect to the payment of dividends and upon any
" s. g9 X9 k$ Y! kdistribution of assets in the event of the liquidation, dissolution or
% F* a. D! E6 q. h2 A+ ~winding-up of the Bank.
; S* y( S: G, T4 X- T# @4 tTax on Preferred Share The Bank will elect, in the manner and within the time provided under
( C% t+ y: L2 ^) C$ {9 z# GDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares; A) _( U( R4 }3 e8 r6 d
Series 18 and Preferred Shares Series 19 will not be required to pay tax on$ G. S, E; |( v7 X# C/ H
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。: z8 @" p) S% e: t+ 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
( q1 b+ H4 Y9 O. u1 n/ C* _. l

, w: b8 W- m8 J3 Z下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
/ G: ?1 K# ^" D% R+ d  o, e! }& Z6 |1 n( B1 ^
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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