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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。
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5 Y8 F! M" |4 u0 H# D7 K, v# `  ^% d3 M" O) d
[ 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 Y- B3 S5 I- uSUMMARY OF THE OFFERING- M+ a7 O4 J" g  U  {- f  ]
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’’.# k5 }. B9 D8 X( o+ d1 Y0 z
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
* `6 D. M8 g: _6 CAmount: $150,000,000 (6,000,000 shares).
5 y4 S% b  p5 P0 D! YPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
/ h" h7 `2 u) g& I( u+ o, mPrincipal Characteristics of the Preferred Shares Series 18( r7 o. w+ z* k+ B0 a8 |: A
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
: w. L2 k4 x& S; Unon-cumulative preferential cash dividends, as and when declared by the
  Z# i0 V7 j2 R) _Board of Directors, subject to the provisions of the Bank Act, for the initial
# x: G% I' N$ B% n. Y, U# speriod commencing on the closing date and ending on and including
" a$ U$ r" q6 g% F  {4 n- P" yFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the" v, K2 F; M- H- L
25th day of February, May, August and November in each year, at a rate
/ A0 W- w5 {7 U5 Tequal to $0.40625 per share. The initial dividend, if declared, will be payable
! v" [1 B. Y3 p7 F$ k* ZMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing$ t, ^$ c  \0 r
date of December 11, 2008.
' ?- ?8 S  e( p" _# I7 W" dFor each five-year period after the Initial Fixed Rate Period (each, a2 g4 c/ c  d! }/ O9 P' e& [9 f
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares" R' m( t; V+ ~" S
Series 18 will be entitled to receive fixed non-cumulative preferential cash1 u% L6 m7 s1 B' s- S" m1 I" H
dividends, as and when declared by the Board of Directors, subject to the. t' v* p1 U7 g! X; A* K
provisions of the Bank Act, payable quarterly on the 25th day of February,2 O3 A* i8 P" g$ q1 L( e5 W, t
May, August and November in each year, in the amount per share per annum
9 J5 \/ m% m2 G' \determined by multiplying the Annual Fixed Dividend Rate applicable to
3 ?. A5 O2 l2 [" m7 s3 C# Usuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend  J, `! l! D: z3 e) z: K
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the+ }8 M4 ^. I+ w# S
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
9 i3 _7 T- o3 q& k0 aof such Subsequent Fixed Rate Period and will be equal to the sum of the) l8 K  @# u0 q- E
Government of Canada Yield on the applicable Fixed Rate Calculation Date
. B3 R. K* }- a1 @& ?- j% Qplus 3.83%.
  r7 Y, U" o0 k  ^6 f1 l7 z. ZIf the Board of Directors does not declare a dividend, or any part thereof, on
' V* B3 G! t; ~/ O" wthe Preferred Shares Series 18 on or before the dividend payment date for a
! L' _3 p$ u. D9 N* ~# Y7 hparticular quarter, then the entitlement of the holders of the Preferred0 C* ]2 B& i; @; W
Shares Series 18 to receive such dividend, or to any part thereof, for such
6 Y4 v, M6 }0 kquarter will be forever extinguished.
/ _# O0 G# d, J' u' \Redemption: Subject to the provisions of the Bank Act and to the prior consent of the, ?3 [- j5 b; y( I
Superintendent and to the provisions described below under ‘‘Details of the
' {, |9 [9 M6 V4 xOffering — Certain Provisions of the Preferred Shares Series 18 as a
- n; u3 p* v* aSeries — Restrictions on Dividends and Retirement of Shares’’, on  S/ u* K  O! E1 H; R7 d" m
February 25, 2014 and on February 25 every five years thereafter, on not" K% n4 T+ Q& W7 e+ y
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any" ~& M5 ~  r; f, p+ o+ |
part of the then outstanding Preferred Shares Series 18, at the Bank’s option! h! m6 V: ~6 k4 _5 y. u8 ^8 i+ Y4 X
without the consent of the holder, by the payment of an amount in cash for( U3 i2 B0 s. h0 R/ j! F
each such share so redeemed of $25.00 together with all declared and unpaid
! _6 C  K/ j2 Y: tdividends to the date fixed for redemption.( ~; k9 f. k- E: f4 D
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
5 ]& E- }' o7 g% w% `/ yShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
$ y+ H6 o% i+ M, |the right, at their option, to convert, on February 25, 2014 and on' W/ j5 Y. y6 L2 r4 n
S-41 d0 F/ \3 c0 n4 _- }% u+ N) M) H
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any+ v% q1 R  c7 M  @. J' E; ^
or all of their Preferred Shares Series 18 into an equal number of Preferred
1 q; `, Z/ w1 ]3 iShares Series 19 upon giving to the Bank notice thereof not earlier than
- Q0 h0 G" {1 D+ _4 {( d  ^) m' }30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
7 k3 I$ d* a7 T+ P8 h9 \0 Spreceding, a Series 18 Conversion Date.( b# k2 N( `% w4 E
Automatic Conversion If the Bank determines, after having taken into account all shares tendered0 s5 }6 e; V% n- ^# p
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares% O8 a9 m" x) Z6 [0 \3 u2 q8 G
Series 19, as the case may be, that there would be outstanding on such
+ i: K7 `6 k# V! c& E; o' Z: \2 J, hSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,7 D) [0 x6 J$ C* U! p" v3 z
such remaining number of Preferred Shares Series 18 will automatically be
" Y' s$ G* H2 h* `1 ~2 f5 J0 \converted on such Series 18 Conversion Date into an equal number of
1 E% a" _. g3 J. y# a) KPreferred Shares Series 19. Additionally, if the Bank determines that, after7 G  K% @; M. ]4 T) ]
conversion, there would be outstanding on such Series 18 Conversion Date& r  c6 D- I, t) W+ ]; S& x7 G
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares+ x; ?' z" K4 I/ b' Q
Series 18 will be converted into Preferred Shares Series 19.
. X5 u2 m" Q( g5 CVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares; n8 Q1 K+ m; {" I; @9 x) E
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
$ z, z: W# {  u0 S" [& @5 Y7 cany meeting of the shareholders of the Bank unless and until the first time at
& X  H  g- z0 Q3 R+ Z% Mwhich the Board of Directors has not declared the whole dividend on the" ^: x8 I- H$ B- e
Preferred Shares Series 18 in any quarter. In that event, subject as
( x% y# c6 o) }, m9 i: G+ ahereinafter provided, the holders of Preferred Shares Series 18 will be
0 P+ [: a% L4 X5 Qentitled to receive notice of, and to attend, meetings of shareholders at which( q' B4 X7 `# D" j3 ^
directors of the Bank are to be elected and will be entitled to one vote for
3 |  C$ I( d$ X3 f7 f6 H3 Eeach Preferred Share Series 18 held. The voting rights of the holders of the& G* j% D; T, y; S! e' c* D* {) q
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
4 {  x% D& }. w/ n; |' Q" ~; Ithe first dividend on the Preferred Shares Series 18 to which the holders are
# W$ n9 R# s% ~entitled thereunder subsequent to the time such voting rights first arose until
$ {, J/ Q. y3 I3 `& d- G) V6 csuch time as the Bank may again fail to declare the whole dividend on the1 l8 b. G' [3 s& g3 T) P
Preferred Shares Series 18 in respect of any quarter, in which event such8 q+ ?5 g2 @, S, ~( z! G
voting rights will become effective again and so on from time to time.5 t* M4 a- s) w. s8 |5 S
Principal Characteristics of the Preferred Shares Series 19$ X+ h" G  b1 ^; `1 x9 {! k4 d
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive, ]! j# }( F* \4 i& e* H% Y0 }
floating rate non-cumulative preferential cash dividends, as and when
% F5 I& a' F. Y8 X3 R0 V9 xdeclared by the Board of Directors, subject to the provisions of the Bank Act,
$ j4 t" t! ~: ^" gpayable quarterly on the 25th day of February, May, August and November
7 u' k6 y( |0 R% p6 s9 f+ a& R) O8 Hin each year, in the amount per share determined by multiplying the8 `; m# b% I) L2 X5 K
applicable Quarterly Floating Dividend Rate by $25.00.4 l1 K7 w# }3 x" E" t
On the 30th day prior to the commencement of the initial quarterly dividend# D1 d9 o5 _: V# N! a% ?4 F
period beginning on February 25, 2014, and on the 30th day prior to the first
. y+ W5 D* t1 n+ M8 i" rday of each subsequent quarterly dividend period (the initial quarterly. I6 u! J9 ^# i/ U
dividend period and each subsequent quarterly dividend period is referred to* r; l% R9 M! }/ k
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the8 {- f( _* j) f( _) {0 C% l' c5 h
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate" E$ X- o8 l0 [
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the/ [" {9 s# g7 X  o
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days1 q4 {1 u' V  v; m5 A. h2 Z) f
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
9 s$ H6 b' o& P: edetermined on the 30th day prior to the first day of the applicable Quarterly( O# t5 k+ b7 ?- k" j) Q
Floating Rate Period.
, L: I1 h! i& v  j3 JS-5
! l) j- P6 w# KIf the Board of Directors does not declare a dividend, or any part thereof, on# D. t" v9 N+ ^  Z$ q. o
the Preferred Shares Series 19 on or before the dividend payment date for a
0 s) c- E6 n  h# B6 jparticular quarter, then the entitlement of the holders of the Preferred4 ?* z" M+ i2 q) _6 H  g9 j. w
Shares Series 19 to receive such dividend, or to any part thereof, for such) f8 d9 n7 m1 z2 l& v1 D
quarter will be forever extinguished.
1 Z' O% I' F( n3 M( c! z4 \4 ^Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
  O+ p) {8 g# N+ l6 h- n$ i  KSuperintendent and to the provisions described below under the heading
/ ?4 I  D* v- S4 R# R‘‘Details of the Offering — Certain Provisions of the Preferred Shares7 z, L7 Z1 i, o' q8 u8 t& H
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
: [/ [: F. n& \( n$ Q0 m0 Jon not more than 60 nor less than 30 days’ notice, the Bank may redeem all8 Q* @- e3 Z3 p3 j9 m
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
  ~, Z! M$ ]- Y+ yoption without the consent of the holder, by the payment of an amount in8 m/ G' z7 E5 O
cash for each such share so redeemed of (i) $25.00 together with all declared
' U! \; {- R) m! E( O3 v( Aand unpaid dividends to the date fixed for redemption in the case of! L, f4 t( |7 \/ Y3 B" E
redemptions on February 25, 2019 and on February 25 every five years
7 X; G8 w; r& J" e; l, V! }thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
! g, x5 g9 `7 t. W8 T, Lthe date fixed for redemption in the case of redemptions on any other date6 u( o. r1 G# y. e. u% a) @, F
on or after February 25, 2014.( N- `; i) i) ~
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
# C' s/ k7 x* ?Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
/ s; g0 V: r/ o+ kthe right, at their option, to convert, on February 25, 2019 and on( c9 v6 n% V% `, b3 X; F, u
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any5 C$ O3 d+ t- A1 b- b' s/ r
or all of their Preferred Shares Series 19 into an equal number of Preferred& n  S: g( r* W
Shares Series 18 upon giving to the Bank written notice thereof not earlier
+ I+ N& b8 Q4 X3 A8 ithan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the) B4 Y! i6 w3 e- b2 o* b
15th day preceding, a Series 19 Conversion Date.1 U! {, v, h2 x7 W7 t
Automatic Conversion If the Bank determines, after having taken into account all shares tendered8 ^& [- y' _9 H) `1 A; z, P. Y( f
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
5 W  L5 q% u7 z* w1 lSeries 18, as the case may be, that there would be outstanding on such& e0 Q! ^9 R- I. j8 c
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
7 O$ R) `$ }( m" ^! Z: N) T$ |$ psuch remaining number of Preferred Shares Series 19 will automatically be2 ]5 [$ F% z' n  [2 u* a; [9 T
converted on such Series 19 Conversion Date into an equal number of- ~3 h- Y5 K: Q) Z6 f" M
Preferred Shares Series 18. Additionally, if the Bank determines that, after
2 U% z2 M6 E- o6 e% l; {conversion, there would be outstanding on such Series 19 Conversion Date4 W3 J  I/ M3 v! O& J8 ~
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
* H; ?% R% P& QSeries 19 will be converted into Preferred Shares Series 18.
* E: q  R% O0 D; @4 X7 w$ rVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
  y, l  V9 x$ ?3 ?: t4 `1 v. h; J/ KSeries 19 will not be entitled as such to receive notice of, attend, or vote at,% c# X3 U7 ^* Z+ W* G
any meeting of the shareholders of the Bank unless and until the first time at
  q: G/ Q/ }4 I+ K- Rwhich the Board of Directors has not declared the whole dividend on the
* l% T; B) b/ Y% R8 }Preferred Shares Series 19 in any quarter. In that event, subject as$ ~# ^* z, Z: Y
hereinafter provided, the holders of Preferred Shares Series 19 will be
) E% N  I: L7 n6 G# `entitled to receive notice of, and to attend, meetings of shareholders at which
8 ~2 b0 s6 y' cdirectors of the Bank are to be elected and will be entitled to one vote for6 U2 [+ I# ?, a& s6 o; d
each Preferred Share Series 19 held. The voting rights of the holders of the  ^2 f. e3 L# K9 d, u) i
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
3 J3 h% M: [* i' z& Q  k4 I  athe first dividend on the Preferred Shares Series 19 to which the holders are' f: r( z8 e" V+ W1 o2 ]7 J
entitled thereunder subsequent to the time such voting rights first arose until
4 T. H  g$ l5 v: hsuch time as the Bank may again fail to declare the whole dividend on the
8 [- h( C+ Y1 s4 p* A1 x7 WPreferred Shares Series 19 in respect of any quarter, in which event such
3 X- n4 U' J; Zvoting rights will become effective again and so on from time to time.
! ^" V- o! x: B4 {% d( {& uS-6( V+ Y0 h/ d7 g% F
Priority: The preferred shares of each series of the Bank will rank on a parity with
' C( _+ L1 m' D. c( bevery other series and are entitled to preference over the common shares of" s% @2 s; P* f* }  ~& x" C! ?
the Bank and over any other shares of the Bank ranking junior to the/ f- j4 {/ E# S  b+ V8 Y. m* E: g
preferred shares with respect to the payment of dividends and upon any5 }" ^6 R: z6 m5 H! A* [4 @
distribution of assets in the event of the liquidation, dissolution or
$ A+ o% B; G; ~" Zwinding-up of the Bank.
0 L- I) R  W2 R: L9 l! M7 r$ VTax on Preferred Share The Bank will elect, in the manner and within the time provided under5 x; l" [) c$ }
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares* k4 B% N# v4 y* A- O  g0 U; U
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
* n2 l  |0 z" b$ j" [+ F" {; Ddividends 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。) M' M8 r( c7 X: b& l
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

+ W  a1 z, r+ K) u! P+ K; E3 J
. c8 \; G0 N, X% j下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
! F* o/ e; \5 M9 W$ Y# s4 S
& v  u' o: [* D8 j, Ocall 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。
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