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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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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。
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* n- z3 x: M; m8 h5 P[ 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:
9 D# w2 n3 l& ]. s& QSUMMARY OF THE OFFERING9 q# e+ E  ^4 e7 ]. g
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’’.: y; b, E) I+ h$ C
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
* C4 k; a& B( v6 m; b3 h5 NAmount: $150,000,000 (6,000,000 shares).: i& j6 U3 q- V. a" m) g
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
: a) n0 \5 {8 c0 V: b& xPrincipal Characteristics of the Preferred Shares Series 18
( Q$ d- C' U( ]) `Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed" Q# z8 t( u! ?* r" o) U8 ^4 l
non-cumulative preferential cash dividends, as and when declared by the! |) f, A/ u& z" h8 n
Board of Directors, subject to the provisions of the Bank Act, for the initial
8 \! T) N2 F% b4 Xperiod commencing on the closing date and ending on and including* U* N4 @% x% d% G7 H$ t2 M
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the( \( v. r3 `, z0 M1 K( s- k
25th day of February, May, August and November in each year, at a rate, x5 P# s4 |; ^0 S
equal to $0.40625 per share. The initial dividend, if declared, will be payable
1 [4 o$ V: q8 D; nMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
8 t6 O& x  x" Pdate of December 11, 2008.
7 u9 F1 N% s2 a0 ?For each five-year period after the Initial Fixed Rate Period (each, a
0 K% h' h* [* u& ~% p, p‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
5 J& S$ ~% D" `. BSeries 18 will be entitled to receive fixed non-cumulative preferential cash* g3 H' T5 F( H. ^7 ]$ F
dividends, as and when declared by the Board of Directors, subject to the
4 S% r% h+ y/ Bprovisions of the Bank Act, payable quarterly on the 25th day of February,
! K# R, d) S% A2 q7 u2 S% oMay, August and November in each year, in the amount per share per annum
: V) s) Q: U$ F% i2 J/ a$ \determined by multiplying the Annual Fixed Dividend Rate applicable to8 g/ ^; k+ F* |; @* V. X
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend9 j' W& F$ j) e
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the8 d/ r9 W8 `, H; S
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day) w/ q; d. _, h) I& K% {3 X/ T6 k
of such Subsequent Fixed Rate Period and will be equal to the sum of the, L  l2 d) V. o9 _
Government of Canada Yield on the applicable Fixed Rate Calculation Date8 y) q8 x' {# l: J4 M6 v
plus 3.83%.2 H+ @( {0 K# b/ |
If the Board of Directors does not declare a dividend, or any part thereof, on
+ k/ f4 j, |7 C$ J8 Hthe Preferred Shares Series 18 on or before the dividend payment date for a" v3 {6 J+ v. i" U8 W
particular quarter, then the entitlement of the holders of the Preferred
. X+ c% |! M+ d7 T6 FShares Series 18 to receive such dividend, or to any part thereof, for such& G& Y1 ^/ p+ q3 ]
quarter will be forever extinguished.7 S) t% m2 h4 y* E
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
8 }$ b( e' L! i, jSuperintendent and to the provisions described below under ‘‘Details of the
7 }  ?  M* n" _1 `" sOffering — Certain Provisions of the Preferred Shares Series 18 as a
  x% a- G, f0 Y- F8 hSeries — Restrictions on Dividends and Retirement of Shares’’, on
' Y0 H3 \: D  r& a- S& m: vFebruary 25, 2014 and on February 25 every five years thereafter, on not- Y' Q* K/ m) p. h
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any2 {& j$ D( w4 [( W( l( ~% g; r
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
; Q" c6 _2 J) T$ ]8 y# F  Owithout the consent of the holder, by the payment of an amount in cash for, d: @& e( M( O) Y3 O
each such share so redeemed of $25.00 together with all declared and unpaid! H8 F0 K5 o; c1 p/ N7 z
dividends to the date fixed for redemption.0 c( {* K4 ^$ B6 L2 e: z" \) L
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
' Z( k- t# w4 }# k5 N! ~" sShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
9 o) X0 J3 [3 g  s& W$ f" Dthe right, at their option, to convert, on February 25, 2014 and on% ^6 `( k9 D) ?0 y
S-4
4 _- E) Y) s- V" f3 q" LFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
' D) _: V: `) D1 j, f  zor all of their Preferred Shares Series 18 into an equal number of Preferred
8 a  q+ y3 }" G- l* e% uShares Series 19 upon giving to the Bank notice thereof not earlier than
( M( A: T1 b: C+ S30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
/ A. P9 w/ y' C/ @1 Cpreceding, a Series 18 Conversion Date.# x3 C5 k, }3 y9 N2 W
Automatic Conversion If the Bank determines, after having taken into account all shares tendered2 Z! w. Q/ ]: D' {0 [& I
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
! F" a3 e' u* I$ xSeries 19, as the case may be, that there would be outstanding on such
. v9 ~' l) J$ E8 y/ iSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,, E# @, q2 {, N9 L/ L# I( _/ D
such remaining number of Preferred Shares Series 18 will automatically be3 C- Y5 e2 E- j
converted on such Series 18 Conversion Date into an equal number of; C0 s  r3 y9 M5 t
Preferred Shares Series 19. Additionally, if the Bank determines that, after, h' B$ Q8 p7 ]$ Y0 X5 t& O; ~
conversion, there would be outstanding on such Series 18 Conversion Date
) t- x: B& ?+ Xless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
( e0 ^5 f/ c! L1 @6 LSeries 18 will be converted into Preferred Shares Series 19.* V% o9 g$ ~( c# ^/ T1 {* b
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares2 Q$ ?+ W+ [3 _* y- W, p
Series 18 will not be entitled as such to receive notice of, attend, or vote at,) n$ R6 K4 V. @* ^
any meeting of the shareholders of the Bank unless and until the first time at5 B" |. s# c7 F3 i! z
which the Board of Directors has not declared the whole dividend on the
* b7 c- U, F' CPreferred Shares Series 18 in any quarter. In that event, subject as) u" A( H0 j0 P. H( |5 [
hereinafter provided, the holders of Preferred Shares Series 18 will be& p/ k3 y& Y  |- s+ T
entitled to receive notice of, and to attend, meetings of shareholders at which" ~: f1 z& T$ D! |
directors of the Bank are to be elected and will be entitled to one vote for
6 L- y/ b# F6 w3 h+ Leach Preferred Share Series 18 held. The voting rights of the holders of the4 u# J7 i8 x' I" k
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of9 |2 v4 }; l& o; s7 @
the first dividend on the Preferred Shares Series 18 to which the holders are9 }9 T1 O8 J* n% ?* n
entitled thereunder subsequent to the time such voting rights first arose until
3 J6 e0 _4 `# `: v4 zsuch time as the Bank may again fail to declare the whole dividend on the
: w3 @5 Y9 A) c# [2 TPreferred Shares Series 18 in respect of any quarter, in which event such
! Y0 T4 }$ w; j. ivoting rights will become effective again and so on from time to time.
) y" p, H$ d5 _3 |% g# h0 Q& sPrincipal Characteristics of the Preferred Shares Series 19. J: O; `) D) @9 L" w9 A2 @
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive5 g% J0 y9 e' p3 v
floating rate non-cumulative preferential cash dividends, as and when" \6 K* m' I( O# F
declared by the Board of Directors, subject to the provisions of the Bank Act,
  ~# H+ v& ^/ `5 Ipayable quarterly on the 25th day of February, May, August and November9 c9 t( i% _# g% _
in each year, in the amount per share determined by multiplying the4 A2 S1 c: Z4 T+ g  K  W
applicable Quarterly Floating Dividend Rate by $25.00." N1 V; T0 |0 ^% ^" Q/ Q7 ?
On the 30th day prior to the commencement of the initial quarterly dividend; r( ~& h3 x. F3 Y/ \
period beginning on February 25, 2014, and on the 30th day prior to the first
. K/ R# k9 J, V, E2 J' b# `, d# v4 D7 @; {; xday of each subsequent quarterly dividend period (the initial quarterly1 K7 v$ q8 ~$ v: f5 {0 I
dividend period and each subsequent quarterly dividend period is referred to
* M/ B, ^: F. _9 j; Fas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the( L' c( g0 l* b
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate9 k+ W+ ?; r4 J) K, p/ o. L
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the2 b( ?6 \3 @$ b" }% I
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days; p, J! |0 F! x! s: Q3 \% B: S
elapsed in the applicable Quarterly Floating Rate Period divided by 365)' x2 C3 k* x5 |" i+ P* i
determined on the 30th day prior to the first day of the applicable Quarterly' p2 q3 M  L5 a. `- E1 ]
Floating Rate Period.
" }8 B! j. C) Q9 VS-5; J/ [! G& |5 R; x) i+ |
If the Board of Directors does not declare a dividend, or any part thereof, on
+ R2 [3 N5 K! {the Preferred Shares Series 19 on or before the dividend payment date for a5 l! P: [0 i0 ^2 b. V
particular quarter, then the entitlement of the holders of the Preferred+ t0 m# i5 L3 P
Shares Series 19 to receive such dividend, or to any part thereof, for such- H" Z! ]" E- Q8 m7 I' F
quarter will be forever extinguished.
8 u7 J; Q7 Y" Z2 P& n. ]Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
! c  `9 K* ?- U) ^2 VSuperintendent and to the provisions described below under the heading) R6 J3 ^! b. z- |
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
6 T  T! m2 @* k0 k# h$ SSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
# G+ D6 m% z, ~, y+ C# ~# f& F) Fon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
4 }# s5 p1 E7 P  Y% }9 dor any part of the then outstanding Preferred Shares Series 19, at the Bank’s7 A9 U0 ~8 y0 r$ M, P5 P
option without the consent of the holder, by the payment of an amount in' J% P3 ]4 }" j0 P4 ^
cash for each such share so redeemed of (i) $25.00 together with all declared  R' F, ?& p4 z7 z, V2 p, G
and unpaid dividends to the date fixed for redemption in the case of
& W6 l3 K3 k, C. B% h8 R! Vredemptions on February 25, 2019 and on February 25 every five years
7 W7 c1 V8 l% B: jthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
, ~5 J; ]1 S( t* k  n9 p9 \3 k4 Sthe date fixed for redemption in the case of redemptions on any other date- B1 j# B% n3 c
on or after February 25, 2014.
7 n0 n5 c" _4 e+ _* s: qConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic) ?  k8 T9 ~, x" X
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
- l  l6 _5 d* T( N3 o5 j$ W% Athe right, at their option, to convert, on February 25, 2019 and on; u! K% E$ [/ {" X0 ?
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
1 q+ n# X( P) j* X1 n) \, _or all of their Preferred Shares Series 19 into an equal number of Preferred8 @& d' j+ X( C& |
Shares Series 18 upon giving to the Bank written notice thereof not earlier8 B+ A5 V; _- _# d1 w" N
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
1 \1 k+ S. q2 W1 r& y$ c15th day preceding, a Series 19 Conversion Date.4 t9 {" b( S5 l3 c
Automatic Conversion If the Bank determines, after having taken into account all shares tendered. l8 e5 h$ l9 o' D
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
) |- S! t2 S( {5 r3 k4 MSeries 18, as the case may be, that there would be outstanding on such
+ ?- P% J, ]. \0 _3 s* fSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
" U3 z9 y. {( e" _& N) Ysuch remaining number of Preferred Shares Series 19 will automatically be+ s5 K8 B# v# H8 q" B* ^# E
converted on such Series 19 Conversion Date into an equal number of
+ P  u- ~* c7 S+ F- LPreferred Shares Series 18. Additionally, if the Bank determines that, after
8 [: m7 O- |- Yconversion, there would be outstanding on such Series 19 Conversion Date
2 A- D7 D9 _8 r6 ]less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares# `$ U8 x. B5 Q: v6 W
Series 19 will be converted into Preferred Shares Series 18.
; u: ?# p( v, o! u$ d; Y) X# lVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares* B, t' z9 ^9 `- X9 ?8 d
Series 19 will not be entitled as such to receive notice of, attend, or vote at," _5 V( N4 |4 x; a6 L+ \- N
any meeting of the shareholders of the Bank unless and until the first time at
& X% g2 Q/ f5 g; @which the Board of Directors has not declared the whole dividend on the
0 H+ O8 O5 Y, Y) X0 _7 d% _Preferred Shares Series 19 in any quarter. In that event, subject as& d$ O7 |5 D5 L
hereinafter provided, the holders of Preferred Shares Series 19 will be# _2 [0 E' [4 Y+ W5 L  T3 y. M
entitled to receive notice of, and to attend, meetings of shareholders at which- }1 [, ^7 y8 t* Q- x" h- e# y9 {9 }
directors of the Bank are to be elected and will be entitled to one vote for2 J3 l0 H3 j! d1 j; g, _; T
each Preferred Share Series 19 held. The voting rights of the holders of the
/ G$ v! O/ f  qPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
) G# `6 |4 l$ p: q2 w& q7 K4 d! W3 athe first dividend on the Preferred Shares Series 19 to which the holders are8 ]0 |; Z' x% \( w4 @- e
entitled thereunder subsequent to the time such voting rights first arose until: `* \$ p, f  C7 _
such time as the Bank may again fail to declare the whole dividend on the. O$ S0 H, W$ i- R- q' }
Preferred Shares Series 19 in respect of any quarter, in which event such
; [2 p% M* J* U/ q$ G- Pvoting rights will become effective again and so on from time to time.: `, K6 V1 a: s# W0 q' j
S-6
* f5 @: ?  i8 m) c9 g' K: _5 F. hPriority: The preferred shares of each series of the Bank will rank on a parity with
- n8 O7 A0 e) k- C9 E, I0 hevery other series and are entitled to preference over the common shares of
1 s1 B2 @+ z) K! k) V. J/ Wthe Bank and over any other shares of the Bank ranking junior to the
, t8 M" Z4 D' v% H! `" Z# `preferred shares with respect to the payment of dividends and upon any2 _8 A2 U# G/ E) A) Z2 a9 f. r
distribution of assets in the event of the liquidation, dissolution or  Q/ o/ L: Y6 y  C
winding-up of the Bank.1 g: E/ H4 m6 Q! E
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under2 ^3 {8 m4 ]3 Z, L3 e9 ?# ^
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
# \- k$ q( `6 F& B% B( m$ l* pSeries 18 and Preferred Shares Series 19 will not be required to pay tax on5 Y6 @+ p6 G8 g7 N/ p  [: k
dividends received on such shares under Part IV.1 of such Act.
理袁律师事务所
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。6 P2 G) L6 C9 }/ Q+ _' 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

2 q) L' V, K& j
) j: u: z4 g3 C* Q) l下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。# _: l) u( D" ~! I0 j- N
3 r0 Y( G  U0 p4 Q: M9 B
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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