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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。% ~* @# e8 m0 I0 s3 u

8 L  p* n/ r; E) o6 S. L9 T( X
8 G) n% `  D0 j& u2 G[ 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:
' w* H4 t0 T1 r; ^$ oSUMMARY OF THE OFFERING# U1 S( R3 m6 d  A# \( J
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’’.% |3 C. H  S# B0 n& G# S, R
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
1 ?: q- k0 p& R; J) W6 zAmount: $150,000,000 (6,000,000 shares).
/ w3 k& _7 n* g( B0 {: ~7 I, IPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
1 x* H- s8 y1 x- @, M9 rPrincipal Characteristics of the Preferred Shares Series 18
7 k$ W" `1 A2 v! PDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed/ x* I4 h9 \1 K6 \6 S. M
non-cumulative preferential cash dividends, as and when declared by the
2 ]: K/ X5 Y/ V$ tBoard of Directors, subject to the provisions of the Bank Act, for the initial
6 o  M( Z$ C* @% w" Hperiod commencing on the closing date and ending on and including
, q) w5 u' x& O7 x6 D' ~February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
8 [! `% `0 D* j0 K4 T# X5 C25th day of February, May, August and November in each year, at a rate
3 [0 d; C* A: D# dequal to $0.40625 per share. The initial dividend, if declared, will be payable
3 n$ l5 Z+ u8 ^) p& z& p2 RMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing6 K' b3 v6 F+ ?4 h, L8 c, x& H: {8 F
date of December 11, 2008.
& s% w; T5 _$ N* f. V& a3 l# _" @, B' kFor each five-year period after the Initial Fixed Rate Period (each, a
; j) c1 s7 E  h5 O4 r‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
1 q$ k$ X. q' e% K$ HSeries 18 will be entitled to receive fixed non-cumulative preferential cash
) ?/ _, i4 V$ }& a9 _" |dividends, as and when declared by the Board of Directors, subject to the6 s, U/ o7 H4 @2 t- C) |  v
provisions of the Bank Act, payable quarterly on the 25th day of February,/ i5 m5 L, ?. y2 u
May, August and November in each year, in the amount per share per annum
; V; d0 P9 r6 X  H6 cdetermined by multiplying the Annual Fixed Dividend Rate applicable to6 x0 D+ z4 V- \; T2 c# w
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend6 K8 G/ i/ d, B, j, E0 P
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
6 K  a. k" l! w: `3 u3 FBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day4 O/ t" C% E/ W% n6 [
of such Subsequent Fixed Rate Period and will be equal to the sum of the* t( R7 Q2 Q- I6 r( Z2 ~" t* Y
Government of Canada Yield on the applicable Fixed Rate Calculation Date* ~7 P6 s/ H( z! `$ q, l- _8 m3 N
plus 3.83%.
( f& i$ _; b+ H" i/ @' e4 {! UIf the Board of Directors does not declare a dividend, or any part thereof, on. ^0 j- w1 O6 W7 L3 n
the Preferred Shares Series 18 on or before the dividend payment date for a
) H. |; D% t. L3 R1 vparticular quarter, then the entitlement of the holders of the Preferred$ O* Q8 P. s$ N7 }$ G, @
Shares Series 18 to receive such dividend, or to any part thereof, for such# A' j) n6 Q# u
quarter will be forever extinguished.
# G% v2 y6 a' D" H6 lRedemption: Subject to the provisions of the Bank Act and to the prior consent of the4 n3 i2 f8 p& n% O" y2 I
Superintendent and to the provisions described below under ‘‘Details of the
8 `* N& B1 a5 _8 r2 BOffering — Certain Provisions of the Preferred Shares Series 18 as a
' O0 _; \3 c# j( N2 r* XSeries — Restrictions on Dividends and Retirement of Shares’’, on
0 h$ V; I8 B3 Z; W. Q/ cFebruary 25, 2014 and on February 25 every five years thereafter, on not7 [/ l6 r3 H* F, n. {: b" l0 w
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any5 ]# ~" t5 g# l: s, l
part of the then outstanding Preferred Shares Series 18, at the Bank’s option( M& n$ ^& N4 O- e
without the consent of the holder, by the payment of an amount in cash for  U. g& k- p7 B$ |  C* N% p
each such share so redeemed of $25.00 together with all declared and unpaid
! x2 }& x& H- D( G' H& adividends to the date fixed for redemption.# P4 E0 O% T" K. y
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
; ^8 m1 Y/ ~6 T1 \Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
- w: ?! k, n3 ?4 B, t, \the right, at their option, to convert, on February 25, 2014 and on
* |2 p; W. `4 {% v# s$ g& i6 AS-4& P- \' g9 R9 l9 N; y
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
! ]' D) T. R/ A9 w' f1 i) ]$ j6 d5 [1 H0 ?or all of their Preferred Shares Series 18 into an equal number of Preferred2 d% S9 K+ p% E/ i
Shares Series 19 upon giving to the Bank notice thereof not earlier than+ q+ q' \) G' ~# \% y& {
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
, D2 Q& m7 a  e3 t6 z: k' [  `preceding, a Series 18 Conversion Date.
7 R4 U/ K+ D+ X+ lAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
2 u/ c& y* ]5 w/ zProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares: w  l' B! ~2 ]  j# [: `2 q0 \
Series 19, as the case may be, that there would be outstanding on such- F1 m8 U. D0 u) m; s( P" W
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
( v) l  ?' ?% msuch remaining number of Preferred Shares Series 18 will automatically be
* l4 Q8 A  n: ], b2 C) yconverted on such Series 18 Conversion Date into an equal number of( R7 M( Z) [1 p& u, q
Preferred Shares Series 19. Additionally, if the Bank determines that, after
( s7 T7 T* [3 k- y8 ]0 Tconversion, there would be outstanding on such Series 18 Conversion Date, ]' O- o! d5 R4 }- v; ]7 d
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
' y2 D- ^/ Z* y) v, Z) @5 YSeries 18 will be converted into Preferred Shares Series 19.
( p7 r+ Y* P3 |2 ?( r' J; DVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
  `, r0 `. D' _Series 18 will not be entitled as such to receive notice of, attend, or vote at,
1 k$ g! u2 G8 x, T+ V: w* W) uany meeting of the shareholders of the Bank unless and until the first time at
0 u3 o4 [! S" Cwhich the Board of Directors has not declared the whole dividend on the
+ b: Y4 m- n$ xPreferred Shares Series 18 in any quarter. In that event, subject as( j! J7 x1 ~6 g
hereinafter provided, the holders of Preferred Shares Series 18 will be
) a4 ~: H6 f7 V. F3 ?6 ]entitled to receive notice of, and to attend, meetings of shareholders at which! m4 A8 ]9 Z) m6 N
directors of the Bank are to be elected and will be entitled to one vote for1 S0 R' c! X/ B+ S
each Preferred Share Series 18 held. The voting rights of the holders of the
( W! z( m3 `: E4 z: Y* z$ `" F" O! UPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
9 H  D2 j5 e7 O1 o% m- a( othe first dividend on the Preferred Shares Series 18 to which the holders are
; ?1 \7 I9 I& h2 q2 Jentitled thereunder subsequent to the time such voting rights first arose until
& ^$ M9 O# Y1 Q; Q  `3 u4 bsuch time as the Bank may again fail to declare the whole dividend on the) e8 b) H. a" u2 \* D5 Y; N
Preferred Shares Series 18 in respect of any quarter, in which event such
+ D: o7 }5 H. e( rvoting rights will become effective again and so on from time to time.; D- `$ g: e+ ?, L9 h. v& `
Principal Characteristics of the Preferred Shares Series 19: B. n. q2 Q5 Y( z9 w
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive8 i# l% k1 m2 d" L4 E# }  |
floating rate non-cumulative preferential cash dividends, as and when
5 R3 j' d) V/ b* S5 i$ qdeclared by the Board of Directors, subject to the provisions of the Bank Act,
* I( t& o( j" K+ a; l; c. q; Ppayable quarterly on the 25th day of February, May, August and November( R7 n( t' k/ j/ y  y
in each year, in the amount per share determined by multiplying the
3 Y5 {) V, x2 a3 m! l# z- Lapplicable Quarterly Floating Dividend Rate by $25.00.9 Y' @! i0 I) N0 V) N' E' h8 m
On the 30th day prior to the commencement of the initial quarterly dividend
: S( `  M# e2 F; o, Cperiod beginning on February 25, 2014, and on the 30th day prior to the first' H+ |2 E+ l0 \9 q1 }3 v& I* \" J5 E
day of each subsequent quarterly dividend period (the initial quarterly2 l5 y8 d8 |$ S$ E( _  F( r, a7 a
dividend period and each subsequent quarterly dividend period is referred to  p/ h% {: D0 U9 U; M2 ^
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the: ~7 |5 F. T8 g. ?3 s, {, a( d! I+ B
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
$ C% W/ A0 |8 J0 Y6 [. ?1 k& h. `Period. The Quarterly Floating Dividend Rate will be equal to the sum of the& o1 }7 V' E7 a, X
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
* L2 ~8 a; j% L- ]( j; l0 p9 [elapsed in the applicable Quarterly Floating Rate Period divided by 365). T7 r# W6 B' V) {
determined on the 30th day prior to the first day of the applicable Quarterly" e1 n+ l6 a& g# d% y& v
Floating Rate Period.
8 R; K, t$ L! C, ?! Y  QS-5
* H8 f- D) s% n7 oIf the Board of Directors does not declare a dividend, or any part thereof, on
4 D# N# z5 E7 f. o7 ?' E4 ?the Preferred Shares Series 19 on or before the dividend payment date for a9 E9 x$ u: C- Z% B  o0 ^* X" W  m
particular quarter, then the entitlement of the holders of the Preferred7 q# n7 S9 D8 W
Shares Series 19 to receive such dividend, or to any part thereof, for such
" L, R( b2 e8 u" H: t0 ~  ^quarter will be forever extinguished.
) l& W7 H2 x" f5 `. Z* \% wRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
, @2 F! g# \3 g: a- ]Superintendent and to the provisions described below under the heading
* w* {1 [8 P  d9 H/ a‘‘Details of the Offering — Certain Provisions of the Preferred Shares! X2 u) e2 w) l( d
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
* N0 {. v1 v% i6 N( K- Q5 R: u5 qon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
/ y5 x  C+ m- s; ?1 lor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
% ^  r9 i, M" g5 Moption without the consent of the holder, by the payment of an amount in
6 H3 g+ s  g/ t* W6 h% mcash for each such share so redeemed of (i) $25.00 together with all declared
* B$ f# [  k6 L# F/ dand unpaid dividends to the date fixed for redemption in the case of$ a$ G1 d9 {5 E) ~" r
redemptions on February 25, 2019 and on February 25 every five years3 E8 s" A+ ?1 D0 s( T: |* E
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
) O% F7 B9 j8 \- o" e0 f- Athe date fixed for redemption in the case of redemptions on any other date. F" [+ S, `+ l) v
on or after February 25, 2014.
' P/ O3 j2 n- c' ]$ V: kConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic7 }( ?: Q4 b3 A1 q
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
3 ^' J3 z. I8 d; xthe right, at their option, to convert, on February 25, 2019 and on& N& w+ z+ J- j1 L, W
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
6 Y* f$ m5 o4 v; W4 H: T" xor all of their Preferred Shares Series 19 into an equal number of Preferred
# \# K! t& U+ a0 E& A0 \Shares Series 18 upon giving to the Bank written notice thereof not earlier
0 d6 ]. m- X( S: n  Z8 m# S0 h3 D7 t2 Othan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
/ B3 J8 B' s  n- E" l7 `15th day preceding, a Series 19 Conversion Date.
1 |8 u8 r9 ^  t0 hAutomatic Conversion If the Bank determines, after having taken into account all shares tendered, E& ]0 _* I  ]
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares: J6 S8 d( F# P
Series 18, as the case may be, that there would be outstanding on such
; c. _+ {/ S% [: VSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,! Q$ v! D: c- x
such remaining number of Preferred Shares Series 19 will automatically be
5 ~# q. I2 M& E; ~' Yconverted on such Series 19 Conversion Date into an equal number of
4 `; c/ U/ `! g- w- u3 S- u* @Preferred Shares Series 18. Additionally, if the Bank determines that, after
5 P+ h# J! J- [5 @$ e- Sconversion, there would be outstanding on such Series 19 Conversion Date: U+ w, E9 f! ^8 p7 _' U) p8 i1 k
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares1 d' m+ U* u  T- z# g
Series 19 will be converted into Preferred Shares Series 18./ l& w  U: m, k% [! Y  z
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
. b2 Q4 L' o, W* l+ o* d' QSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
: y' n. \4 |% `) `9 @4 uany meeting of the shareholders of the Bank unless and until the first time at
2 y* g% p. i* ^which the Board of Directors has not declared the whole dividend on the
* ]: `) m2 x/ d, NPreferred Shares Series 19 in any quarter. In that event, subject as, ~: g7 H- K# `  v: p; S* e0 R
hereinafter provided, the holders of Preferred Shares Series 19 will be
( t; G) U! @5 W% Q8 D! Ientitled to receive notice of, and to attend, meetings of shareholders at which. k9 ?! x8 W- V) I" @; a& l
directors of the Bank are to be elected and will be entitled to one vote for+ x- ?6 W4 U9 B
each Preferred Share Series 19 held. The voting rights of the holders of the- M/ g7 ?: Z8 M# v
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
% u7 A1 ~. Y1 U9 \the first dividend on the Preferred Shares Series 19 to which the holders are
6 S0 H6 q7 E, |4 Nentitled thereunder subsequent to the time such voting rights first arose until
: a1 f: m3 M7 ]- A+ Dsuch time as the Bank may again fail to declare the whole dividend on the; m! x6 ]/ j( K  @( h
Preferred Shares Series 19 in respect of any quarter, in which event such
# N; ]" f* v# ^% G3 Fvoting rights will become effective again and so on from time to time.
; `4 ~8 p) d- v# ^S-6
$ M1 g3 A9 d* ]& \Priority: The preferred shares of each series of the Bank will rank on a parity with
( D+ {. O( n( g7 fevery other series and are entitled to preference over the common shares of1 U1 y# _; Y  h- u
the Bank and over any other shares of the Bank ranking junior to the% {+ Y- O; i6 s9 D4 Z
preferred shares with respect to the payment of dividends and upon any
, S  Q" g/ M' J6 w9 e& S' Tdistribution of assets in the event of the liquidation, dissolution or) ], y0 K/ Z% G; Q
winding-up of the Bank.
; Y: F$ s8 t. dTax on Preferred Share The Bank will elect, in the manner and within the time provided under! z) p: Z9 t2 r- ]6 v* Z
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares& ?& m; Y! U4 S
Series 18 and Preferred Shares Series 19 will not be required to pay tax on8 j/ v4 v4 g  o8 x  E1 G9 Z
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。; {3 r- E; k. U: ~0 V5 }. L( N
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

$ O+ g$ O  I2 Q
, m8 ]: \% P! g" c* P7 |+ C2 T下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
8 U2 O+ O% a* Z- U4 i. C2 o$ C8 j; |" D+ Y( m) K) t3 Z
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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