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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。4 I+ r3 [: S5 z* v# y5 Z0 ?

# ]! G, E  a1 m0 ], b4 U8 s. @/ O  u( n3 z+ g& s8 A% t, {" k
[ 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:
. e; o' c, l3 d4 m3 @7 |1 g: BSUMMARY OF THE OFFERING
$ {2 @2 [. k3 i' W) X4 XThis 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’’./ E% c1 d) Y) @* f9 f  B
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
/ T1 x8 N" {7 E# M) N& l$ gAmount: $150,000,000 (6,000,000 shares).
" p, w. g% ~, }Price and Yield: $25.00 per share to yield initially 6.50% per annum.9 K2 G1 _2 V6 T: J) l; m6 E7 O& ?
Principal Characteristics of the Preferred Shares Series 18
4 M* d  j! U3 nDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed% J4 ~% L! d+ r  I' Y. n
non-cumulative preferential cash dividends, as and when declared by the  T7 n$ ]0 o; ~" e8 I/ G- H* x( }5 g9 m
Board of Directors, subject to the provisions of the Bank Act, for the initial- f+ O. {  L; R7 J
period commencing on the closing date and ending on and including/ N; B* J) ~3 p8 K7 v& _; i: O( A
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the4 C. G1 Q6 D8 ?; s% F3 Y
25th day of February, May, August and November in each year, at a rate
* a4 w/ u4 N7 K( q" Aequal to $0.40625 per share. The initial dividend, if declared, will be payable1 [( r1 N! ~: N
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
# N* j5 N8 M& k' w2 N  idate of December 11, 2008.
+ Z5 x6 B; h. A9 r4 i( _For each five-year period after the Initial Fixed Rate Period (each, a
2 J6 R# N' ^% T$ W" C‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
; l+ u, h8 c0 l, b  QSeries 18 will be entitled to receive fixed non-cumulative preferential cash
% y1 F, h* ?7 I6 V, E0 ~5 kdividends, as and when declared by the Board of Directors, subject to the/ \" F7 h" k7 M3 u5 a; l2 ]$ |
provisions of the Bank Act, payable quarterly on the 25th day of February,% P: d* [1 w  ^4 {
May, August and November in each year, in the amount per share per annum& h: G8 B# O9 |+ ~0 v. b5 p
determined by multiplying the Annual Fixed Dividend Rate applicable to2 L8 d/ ]4 H+ C$ Y0 q
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
% A9 d; R. [2 _. vRate for the ensuing Subsequent Fixed Rate Period will be determined by the/ |& E4 f$ z9 |6 k; F$ j1 x
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day1 Q, e0 @5 N" E( B8 ?( V' v
of such Subsequent Fixed Rate Period and will be equal to the sum of the0 a& E9 T6 p5 {& `
Government of Canada Yield on the applicable Fixed Rate Calculation Date' ]" I$ n& o  L: l$ a; ~- P" K* P( G% Y
plus 3.83%.
$ f. k2 v# V; @" d0 D) Z! ^If the Board of Directors does not declare a dividend, or any part thereof, on  {0 m! i. X0 `
the Preferred Shares Series 18 on or before the dividend payment date for a
- E! F+ b, P$ ^8 ~: `particular quarter, then the entitlement of the holders of the Preferred
6 _( m5 H; |; I3 N; v# n7 AShares Series 18 to receive such dividend, or to any part thereof, for such% d  z6 [# F; a- n7 ^
quarter will be forever extinguished.2 s1 t5 v* r) R  w
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the8 Z% K' l& ]" J8 k# \5 W
Superintendent and to the provisions described below under ‘‘Details of the
* y7 W: o3 O# s' AOffering — Certain Provisions of the Preferred Shares Series 18 as a
4 Z9 ?: L" Q0 [' j, [% k& WSeries — Restrictions on Dividends and Retirement of Shares’’, on
" Q/ p/ R' o+ ?( a+ U& \, AFebruary 25, 2014 and on February 25 every five years thereafter, on not
& x# z/ h! E% }) L, jmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any0 G; F$ P  U8 r2 I4 P) u
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
1 F' i* a) _4 E$ N9 V. Zwithout the consent of the holder, by the payment of an amount in cash for
+ t0 W) T& ~* y+ o; t- t4 s8 meach such share so redeemed of $25.00 together with all declared and unpaid
( ^* }6 ~/ `- L5 Rdividends to the date fixed for redemption.
  Q! z& P3 `; [, R  _. z, fConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
* C% \* {' R% A: z) uShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have, t7 C2 [7 I; g9 d8 r0 l: x
the right, at their option, to convert, on February 25, 2014 and on
  I4 m9 R5 p6 |* `; uS-49 |, T6 y& k" J( L# }
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any' J# O$ O3 c2 e9 L+ G. ]
or all of their Preferred Shares Series 18 into an equal number of Preferred
& m  u: U+ B& e. i* k5 _6 l+ ZShares Series 19 upon giving to the Bank notice thereof not earlier than
% M& h6 V) T3 c1 k( b. R30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
5 K: J  v2 D' Ypreceding, a Series 18 Conversion Date.
' w! |8 @5 A% X) o- ^; Y( uAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
0 b! `1 Y1 o$ J: @5 ]4 _% _Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares4 v* U2 G3 C) c" h
Series 19, as the case may be, that there would be outstanding on such
& g. K2 Q+ Q  s. DSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
! u1 R4 U! I# ?- l, i/ U4 isuch remaining number of Preferred Shares Series 18 will automatically be
0 `7 B: R: n5 z- C& B- jconverted on such Series 18 Conversion Date into an equal number of
& d. G2 H* {8 @( SPreferred Shares Series 19. Additionally, if the Bank determines that, after
% K" |: V/ Y5 {. V2 U5 Y, M1 s8 Econversion, there would be outstanding on such Series 18 Conversion Date
1 }; i9 M) k! h3 nless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares. z! P) }* J2 w  O8 s" n$ i% ~) i
Series 18 will be converted into Preferred Shares Series 19.3 i5 \: Q' j; X( ]* q, b
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares& m0 W* S! a; f* v
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
* X2 m6 D% v8 ]5 [( a- ^any meeting of the shareholders of the Bank unless and until the first time at
( a  D5 E/ @6 A- X/ xwhich the Board of Directors has not declared the whole dividend on the
7 o# X7 c% L# hPreferred Shares Series 18 in any quarter. In that event, subject as" ^9 W3 ]+ C  C/ _# @3 S" D
hereinafter provided, the holders of Preferred Shares Series 18 will be3 [4 x' ^5 o& U# d1 @; Y9 `
entitled to receive notice of, and to attend, meetings of shareholders at which2 s! m  Q+ ?  ]5 ?( T& s
directors of the Bank are to be elected and will be entitled to one vote for3 p* y+ t9 V' m
each Preferred Share Series 18 held. The voting rights of the holders of the
$ |, s6 O1 k5 \6 _4 [) [Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
  T7 K8 U9 A7 E* d' V! o% pthe first dividend on the Preferred Shares Series 18 to which the holders are
3 p+ x. I! o" `# w! k! y1 J! tentitled thereunder subsequent to the time such voting rights first arose until* `6 `# I% g0 F& u# Q
such time as the Bank may again fail to declare the whole dividend on the3 J) r: L$ r2 i3 ~( ?/ F. w
Preferred Shares Series 18 in respect of any quarter, in which event such
0 D% \9 f1 l5 Q/ O# x" i" k3 dvoting rights will become effective again and so on from time to time.! R2 `! W7 z- f4 o  v+ m) ~
Principal Characteristics of the Preferred Shares Series 192 ]- o( I9 ^0 x: Z+ Q: d( {; S
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
* T! l- V$ O: t7 afloating rate non-cumulative preferential cash dividends, as and when8 m* _1 C0 g1 g% A
declared by the Board of Directors, subject to the provisions of the Bank Act,$ [8 c+ X; s% G7 S, X* S9 s5 Q; M( e
payable quarterly on the 25th day of February, May, August and November( |* Z2 f$ ?) r5 H" o* D
in each year, in the amount per share determined by multiplying the% f) ~/ b- a1 a- {* W
applicable Quarterly Floating Dividend Rate by $25.00.  U9 K( b6 M8 C
On the 30th day prior to the commencement of the initial quarterly dividend
4 O& A, x) P$ H4 w8 q. u3 K5 Rperiod beginning on February 25, 2014, and on the 30th day prior to the first
9 Y" @' F0 M2 S/ Mday of each subsequent quarterly dividend period (the initial quarterly, W" N* d; g- S
dividend period and each subsequent quarterly dividend period is referred to
& Q8 [: o0 n5 @! J. Kas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
% Y( F: z! l( n0 B# XQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
4 l% H5 [8 X; R, t8 `( DPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the+ b4 }% L( @  D& `5 m2 ~! U) C- E8 Z! D5 H
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days4 \/ z2 e9 e% g; f8 m0 s. O
elapsed in the applicable Quarterly Floating Rate Period divided by 365)4 d; b( b0 S2 Y! M* b# o$ }6 i& @
determined on the 30th day prior to the first day of the applicable Quarterly
. k& w+ i5 `0 {5 a% s! VFloating Rate Period.
4 N! [9 K; ~; L+ X' i: E% @, WS-5
( ]% ]0 v5 p. i- {+ mIf the Board of Directors does not declare a dividend, or any part thereof, on
! \7 @% Q) P( E5 Zthe Preferred Shares Series 19 on or before the dividend payment date for a( U- ~( \- |. r- M. m, ?+ E
particular quarter, then the entitlement of the holders of the Preferred
; i  s: H% z" A( g" \8 g1 OShares Series 19 to receive such dividend, or to any part thereof, for such. ~& c4 p7 X( r* @/ a& E1 ]
quarter will be forever extinguished.( w( a! T# O$ l
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the# m9 N% ]1 [6 K* V/ ^
Superintendent and to the provisions described below under the heading
  P2 l  b1 l7 q  T5 z9 y‘‘Details of the Offering — Certain Provisions of the Preferred Shares8 R+ [, a- s9 t+ c" N1 Z/ w
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,# p: o+ a2 Z6 [2 n9 Z
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all3 R6 U$ I- g  t, b* I
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s1 s# x: e* c2 N- E* r$ \0 b
option without the consent of the holder, by the payment of an amount in6 {4 v# j: x% L! B
cash for each such share so redeemed of (i) $25.00 together with all declared
3 u" x) N  x# N( ^+ Tand unpaid dividends to the date fixed for redemption in the case of
7 ?9 w5 I& f) {+ e  Xredemptions on February 25, 2019 and on February 25 every five years
/ e$ c; i+ S0 |thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
% ?9 C- n6 e) k$ H% o/ b& Athe date fixed for redemption in the case of redemptions on any other date
( c3 P' ?# \1 {: L0 G  i0 Ron or after February 25, 2014.' b8 P3 f5 E( q
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
9 g/ Y/ \8 \+ l3 }Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
+ L! r' k6 L0 @7 `0 g& E" Gthe right, at their option, to convert, on February 25, 2019 and on
* i4 }6 T2 K4 n1 A' _5 @February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
* |' u9 i2 E9 N6 Z( M! Ror all of their Preferred Shares Series 19 into an equal number of Preferred+ h4 f, h# @+ p1 B5 h6 X
Shares Series 18 upon giving to the Bank written notice thereof not earlier
+ w& }% L2 F7 m0 [! i8 R" Athan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
  x8 m3 D7 w- R& b15th day preceding, a Series 19 Conversion Date.! Q, |4 Y, C1 A/ h5 Q: s4 F
Automatic Conversion If the Bank determines, after having taken into account all shares tendered& b* Y  [8 O3 j3 z
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
% W1 b* w1 P1 |Series 18, as the case may be, that there would be outstanding on such" U+ {. c6 D& A$ p" [
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,+ |; T7 I; c9 H
such remaining number of Preferred Shares Series 19 will automatically be
: _) {+ b% J5 h4 y6 y) Qconverted on such Series 19 Conversion Date into an equal number of& d: q1 Q, ^3 f1 |1 F9 t  h# G
Preferred Shares Series 18. Additionally, if the Bank determines that, after: m: M( K5 Y! r) m* c
conversion, there would be outstanding on such Series 19 Conversion Date7 k( D9 J" U$ a/ E( _
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
: F. e5 t$ b/ FSeries 19 will be converted into Preferred Shares Series 18.
( P8 J2 W4 j) n1 ]8 k. t9 YVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares3 ^( n- r3 o8 m$ L
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
$ [; k' a! ~% S' b, {' iany meeting of the shareholders of the Bank unless and until the first time at9 v5 @. R( z; Y. i4 a7 R
which the Board of Directors has not declared the whole dividend on the) `7 s* H, [; Q
Preferred Shares Series 19 in any quarter. In that event, subject as
6 ]6 @  ^: P- k% ?hereinafter provided, the holders of Preferred Shares Series 19 will be
, m# j7 B2 ^* A! g: b8 y$ hentitled to receive notice of, and to attend, meetings of shareholders at which
* l: N) @- L' L* T3 E0 k! ~/ cdirectors of the Bank are to be elected and will be entitled to one vote for7 M! d* b4 `2 H& b
each Preferred Share Series 19 held. The voting rights of the holders of the
% d& w! g- }! F, ?0 B7 h, b! d5 ?Preferred Shares Series 19 will forthwith cease upon payment by the Bank of: {3 e  y! p6 T" G
the first dividend on the Preferred Shares Series 19 to which the holders are
' v! J! e6 Y, M8 l4 c9 U7 `entitled thereunder subsequent to the time such voting rights first arose until' o5 j1 Y& o0 u
such time as the Bank may again fail to declare the whole dividend on the
" |! L7 e! P# I/ gPreferred Shares Series 19 in respect of any quarter, in which event such# P  ]5 f+ N+ A: J
voting rights will become effective again and so on from time to time.7 l: |& }! W& p' b7 i5 U5 e
S-6+ X( i2 B$ ~% s4 W0 ^6 s7 [4 j4 q
Priority: The preferred shares of each series of the Bank will rank on a parity with
4 P1 x* Z% R4 q& s% l7 x' ]every other series and are entitled to preference over the common shares of
; a$ f# v( _. s) Xthe Bank and over any other shares of the Bank ranking junior to the& S& _5 q+ l8 b, x3 u) [
preferred shares with respect to the payment of dividends and upon any
2 O1 U! X0 I' Cdistribution of assets in the event of the liquidation, dissolution or
( e" `9 E( `* v  ?winding-up of the Bank.* z1 q1 X, |: _5 K6 P/ d/ i& d
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
) `/ N- Q: o1 D8 j6 Y6 c1 I0 h  ZDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares6 \- z$ P4 S; U7 r
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
0 S1 S1 U5 N( C6 v: Adividends 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。
* t& W' I: Z; v  D  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
# s; u) x+ Q, P* R
5 R- Q. S+ b. a' `* V* L/ Q
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。% u2 l0 t) r$ K9 _% U7 J, E
" N! e; D' r- o6 M$ j
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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