埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 2534|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。
& j  ~/ D6 N4 e% s
1 q, X+ }. h4 Y: O( G3 w2 }
$ k- \- Q, G6 S1 \" b
[ 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:
& D. w% u) d  eSUMMARY OF THE OFFERING
4 H; L8 Y: u- n- ^) `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’’.# L% H# O6 E, s  }
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
7 Z7 w3 b0 F& i0 F4 oAmount: $150,000,000 (6,000,000 shares).# Z% {6 E+ e0 F" I
Price and Yield: $25.00 per share to yield initially 6.50% per annum.3 u2 v- `9 y6 O" N& |3 }
Principal Characteristics of the Preferred Shares Series 18
/ x/ T( o) s7 P$ k+ xDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
/ [( H- `" ~1 S8 Fnon-cumulative preferential cash dividends, as and when declared by the
  j/ }9 R' {5 b3 bBoard of Directors, subject to the provisions of the Bank Act, for the initial
7 F# O/ c, _9 `1 h0 O, Kperiod commencing on the closing date and ending on and including
/ x2 k5 o1 S- Z, pFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the7 P) p1 P5 @# F; E4 G/ j1 C7 R
25th day of February, May, August and November in each year, at a rate# v* g7 t7 l. }& A
equal to $0.40625 per share. The initial dividend, if declared, will be payable$ T% ~- b( ?% R; H9 }3 H
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing# `4 Y- T5 c$ @) ~( G+ z8 ]
date of December 11, 2008.% h, ]/ Q" n6 S: D
For each five-year period after the Initial Fixed Rate Period (each, a' p4 O8 @5 v0 U9 G) r; W
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
& V% e- U% X, `, d1 ?6 `Series 18 will be entitled to receive fixed non-cumulative preferential cash
  N& k5 \% W. u* N2 B% T& V& mdividends, as and when declared by the Board of Directors, subject to the
; q% _( Z" P1 M9 m9 ^0 Fprovisions of the Bank Act, payable quarterly on the 25th day of February,& }9 S7 k# }: a5 b& n  k( P- B
May, August and November in each year, in the amount per share per annum2 ?# _5 _) O! k( S, M  j/ m9 [
determined by multiplying the Annual Fixed Dividend Rate applicable to" k+ L1 z4 ~% I8 A" q4 J- _
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend' v& S) t# M% n: |3 [
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
/ O" g& q: T3 ~/ C2 I3 dBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
0 @, @! G. n: ~+ D; Oof such Subsequent Fixed Rate Period and will be equal to the sum of the4 H2 N* K, e/ a6 s% P
Government of Canada Yield on the applicable Fixed Rate Calculation Date" [6 o7 D* @+ h" Y/ F$ L, h* w" E
plus 3.83%.9 J9 I4 R$ A" Y" C7 G+ ^1 m  N
If the Board of Directors does not declare a dividend, or any part thereof, on
7 Y# a2 M4 ^% @: m+ R' \: ithe Preferred Shares Series 18 on or before the dividend payment date for a) {1 g( u' Y: _
particular quarter, then the entitlement of the holders of the Preferred# B4 @1 j9 P$ |, S/ d) ^2 K& G
Shares Series 18 to receive such dividend, or to any part thereof, for such
* \. G+ w9 i4 ?# a+ Y1 q" C$ Cquarter will be forever extinguished.3 d( G6 x4 v# F4 E$ G( e8 t
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
5 L. ~) }* w, \6 gSuperintendent and to the provisions described below under ‘‘Details of the) z/ Y, D) o1 y
Offering — Certain Provisions of the Preferred Shares Series 18 as a
% |. `& T# ?( A7 T& VSeries — Restrictions on Dividends and Retirement of Shares’’, on
0 ^' Z7 R  Q0 R1 p3 GFebruary 25, 2014 and on February 25 every five years thereafter, on not
  B8 Q* m3 h' N6 n9 s; f6 Y! Xmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any. B* h# Z( |* V: t% ?0 ?
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
* }! j2 ]/ k- c. ?without the consent of the holder, by the payment of an amount in cash for
$ N: ]* _4 ]1 C4 x4 W3 `9 F6 z; neach such share so redeemed of $25.00 together with all declared and unpaid* U( l! ]" @$ H6 @7 e2 B, i
dividends to the date fixed for redemption.! L  g; L; K4 Q
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
8 E" O7 Q) K( ?5 z# d1 vShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
1 O% J1 q7 k9 M# o9 K: Cthe right, at their option, to convert, on February 25, 2014 and on
8 W7 G7 l6 c' F+ {S-45 |* Z# i( d2 \. E7 f
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
. u5 f  i' y6 @0 Z0 |8 jor all of their Preferred Shares Series 18 into an equal number of Preferred
$ [  W. P4 b( {- t# n1 pShares Series 19 upon giving to the Bank notice thereof not earlier than7 g$ l5 o" p  `. T8 _1 n& C+ {
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day7 X$ S7 H2 u. z9 j/ K- ?: S
preceding, a Series 18 Conversion Date.( c3 }. o# }% X( J0 y- T1 W
Automatic Conversion If the Bank determines, after having taken into account all shares tendered+ e; t4 x: b3 v9 G$ z" z
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
/ E- v( k. @5 B( ESeries 19, as the case may be, that there would be outstanding on such
6 h& o% N3 }# x/ u4 A! W, _Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
/ I) U. H% [9 e- S0 gsuch remaining number of Preferred Shares Series 18 will automatically be
% Q% Z; e: [* E8 tconverted on such Series 18 Conversion Date into an equal number of8 S3 k* W$ B4 }+ k' }0 N0 ^5 N
Preferred Shares Series 19. Additionally, if the Bank determines that, after. M6 e2 Y; S) K1 L6 x
conversion, there would be outstanding on such Series 18 Conversion Date
1 p- D, ?3 u3 aless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares  I: O6 ?: w" M" w) I
Series 18 will be converted into Preferred Shares Series 19.; q( f; S1 v7 p/ `! B" O5 d
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares5 G; p4 j( n( P$ q1 H9 h% Z
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
: |" b+ }* n2 R! Dany meeting of the shareholders of the Bank unless and until the first time at
" T0 W' e: _  K, k4 y3 _) Fwhich the Board of Directors has not declared the whole dividend on the
; e7 }* U9 z1 U9 |% r) `8 H# KPreferred Shares Series 18 in any quarter. In that event, subject as
$ y. R& y" I2 ^6 d  chereinafter provided, the holders of Preferred Shares Series 18 will be# _2 A3 P9 c/ z/ H
entitled to receive notice of, and to attend, meetings of shareholders at which; E5 P/ A/ s: E; i6 r8 v+ I2 w
directors of the Bank are to be elected and will be entitled to one vote for4 s- z) i$ d# b/ ~
each Preferred Share Series 18 held. The voting rights of the holders of the
3 x  L. n& W- Q! }$ h, ?( xPreferred Shares Series 18 will forthwith cease upon payment by the Bank of+ Z/ D# p4 X% u! [
the first dividend on the Preferred Shares Series 18 to which the holders are, w5 a+ C" ^) t( T  I* v
entitled thereunder subsequent to the time such voting rights first arose until9 `; {  h3 c5 Q' E% `1 x& ?
such time as the Bank may again fail to declare the whole dividend on the
5 l5 x. Z' ~  O# c+ nPreferred Shares Series 18 in respect of any quarter, in which event such4 _8 B1 J7 C9 g4 w  |, A
voting rights will become effective again and so on from time to time.
. y0 x1 c! K1 a! {Principal Characteristics of the Preferred Shares Series 19# }- R) p* i$ }  b( w3 f1 z7 o
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive$ I- e" p0 q+ G* L3 Q
floating rate non-cumulative preferential cash dividends, as and when
/ q% [3 O3 B" Z* N8 S$ ^7 d* [0 sdeclared by the Board of Directors, subject to the provisions of the Bank Act,) f9 T1 G) _, d1 v3 L# k
payable quarterly on the 25th day of February, May, August and November
8 U' ?) D4 W5 p1 @in each year, in the amount per share determined by multiplying the/ o! @; K: q6 H' y( C9 N: J
applicable Quarterly Floating Dividend Rate by $25.00.
6 `1 W  A% h: M7 ~& R1 ROn the 30th day prior to the commencement of the initial quarterly dividend
! h/ y0 j( t7 B- h! }: {( Y' bperiod beginning on February 25, 2014, and on the 30th day prior to the first4 w* m  e" r8 _& h/ M
day of each subsequent quarterly dividend period (the initial quarterly
8 b& e! _% t* N9 g# r, Rdividend period and each subsequent quarterly dividend period is referred to
, }; c! ]) R; v1 H: ^( Gas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the( a; o$ y9 ]& n# i# a& j9 O
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
7 L$ g3 R% f) x" r/ n9 x& C8 RPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the$ r8 }$ H  y* U3 j* I4 w5 w5 O2 ^
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days7 f# ]; U( p$ h1 L
elapsed in the applicable Quarterly Floating Rate Period divided by 365)7 }3 d. A% E. d2 h$ ]5 j
determined on the 30th day prior to the first day of the applicable Quarterly' N5 S9 p8 {8 i& i, m" G
Floating Rate Period.
4 h' P/ h: L7 g2 R: ^- q6 Q  NS-5- g' V& h  a2 R; v& n: W
If the Board of Directors does not declare a dividend, or any part thereof, on/ v' Q; N+ R4 C, |: z/ C& d  i
the Preferred Shares Series 19 on or before the dividend payment date for a  j/ h$ N0 n. ~, A  Y
particular quarter, then the entitlement of the holders of the Preferred- h$ _( M/ |2 w* g
Shares Series 19 to receive such dividend, or to any part thereof, for such
- Q. t9 C) {6 d+ {) e  G4 jquarter will be forever extinguished.& ?: F0 V3 c. ?3 U3 a+ d% Z
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
0 w/ }9 W$ f: _1 gSuperintendent and to the provisions described below under the heading
7 f* V' [5 E0 K) B‘‘Details of the Offering — Certain Provisions of the Preferred Shares
* ^0 m$ H% v  r/ v  fSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,) v7 r8 x9 O# h7 Q. z0 |$ a& P1 B) [- m
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
: L; t7 @2 Z. `or any part of the then outstanding Preferred Shares Series 19, at the Bank’s* c  V: [( a" ]; O+ s5 p" l+ W
option without the consent of the holder, by the payment of an amount in
/ t$ o' A* t* {7 G& m8 N3 Tcash for each such share so redeemed of (i) $25.00 together with all declared
  I, E- Q. N* I+ a* u& |and unpaid dividends to the date fixed for redemption in the case of( ^& y2 M0 P: J/ Y
redemptions on February 25, 2019 and on February 25 every five years+ Y. l8 D# X4 `( D" A
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
2 R4 r$ x1 I$ ~6 F; p# f% Nthe date fixed for redemption in the case of redemptions on any other date
; K5 N# \2 @: U& Eon or after February 25, 2014.' b+ Q# L) ~  L1 l
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
. ]" B( D" G, E5 P+ y1 vShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have) |  X, m4 Q, ^- A" e
the right, at their option, to convert, on February 25, 2019 and on
9 ]1 e4 N3 N1 ~6 _$ NFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
$ |- r. m& y0 j$ e0 i% e" jor all of their Preferred Shares Series 19 into an equal number of Preferred  Q0 C2 s3 f  j; |  M* ~
Shares Series 18 upon giving to the Bank written notice thereof not earlier
7 s5 ~0 b1 E6 X; U2 v! mthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the& J; X4 X% `; D) L- q) h
15th day preceding, a Series 19 Conversion Date.
; ~; A4 A- Q4 X: y& HAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
0 c: t6 f: h' gProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
1 ^+ q. p+ E3 gSeries 18, as the case may be, that there would be outstanding on such
& `4 I5 }+ U" ]  g- E7 W: n2 F5 xSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
( D* c7 `/ \3 Ksuch remaining number of Preferred Shares Series 19 will automatically be
+ i! C& ?8 l- xconverted on such Series 19 Conversion Date into an equal number of
7 J3 u& M1 ?% B. s# F6 i7 XPreferred Shares Series 18. Additionally, if the Bank determines that, after
8 N6 [# M" w; ^conversion, there would be outstanding on such Series 19 Conversion Date
( O, F, [6 f! X! R0 fless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
: H% p) G# T5 USeries 19 will be converted into Preferred Shares Series 18.3 D1 ?& K0 @- N0 H# a
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
9 d5 ^- b* h& \6 tSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
' L6 [, D3 S3 g( Vany meeting of the shareholders of the Bank unless and until the first time at
! y5 x( G4 k7 U5 h/ ?6 _. awhich the Board of Directors has not declared the whole dividend on the7 E  I- a- d4 t
Preferred Shares Series 19 in any quarter. In that event, subject as
* a, v/ A# h9 d  chereinafter provided, the holders of Preferred Shares Series 19 will be
" f$ D& v! s+ u% c3 W& uentitled to receive notice of, and to attend, meetings of shareholders at which
" N  d* D5 w! S- ]) l/ {directors of the Bank are to be elected and will be entitled to one vote for) L6 t5 |- ?  W) A
each Preferred Share Series 19 held. The voting rights of the holders of the
$ c; t2 S: H) p  UPreferred Shares Series 19 will forthwith cease upon payment by the Bank of+ U- X5 q( W+ n2 O$ a/ G
the first dividend on the Preferred Shares Series 19 to which the holders are
% G  R: H$ d+ v  M9 j6 A, bentitled thereunder subsequent to the time such voting rights first arose until: j1 ~6 V3 n- p+ @- Q6 T
such time as the Bank may again fail to declare the whole dividend on the
( `: F. Q9 f) }Preferred Shares Series 19 in respect of any quarter, in which event such
% Q" D) T. ?+ t+ ]% ^voting rights will become effective again and so on from time to time.( p$ U2 H# g0 O
S-6. I! h) k1 {9 R' J6 c/ q
Priority: The preferred shares of each series of the Bank will rank on a parity with) H3 f" ^7 L0 E, T* E+ B/ L  M( L
every other series and are entitled to preference over the common shares of
* H3 n% y& P7 @6 i; J/ Kthe Bank and over any other shares of the Bank ranking junior to the
1 w3 L: p; t9 O; n0 Bpreferred shares with respect to the payment of dividends and upon any5 _) q; b% q3 V' I9 T
distribution of assets in the event of the liquidation, dissolution or
! V/ K3 ~+ s) c( Bwinding-up of the Bank.
4 H- l: L1 v4 _& ^Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
7 j3 F- V( |* y5 [Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares  j; \5 k; v! L) `
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
- B4 S% O* W, t+ E7 |; d, F1 a* ?  gdividends 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。
8 s8 O- n/ U2 ^% X  i6 `4 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

; ?- h3 W  k! o, W$ G3 w0 A) y
* b9 k! X% `9 x, ^- m7 e8 W4 E7 v下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
. ?0 v& W: D' n4 W9 Q5 Q: [
' R2 p2 ^. Z+ U9 m' `5 lcall 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。
理袁律师事务所
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, 2025-12-24 07:07 , Processed in 0.137922 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