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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。' n/ g0 m9 U& w$ F. O5 z; n# w, @( p$ d

7 a9 `0 }* b/ ?& ~. F$ o, z: `2 ~" U; [1 g3 U0 @
[ 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:0 L3 Q$ D, p  c
SUMMARY OF THE OFFERING
: m7 b# N* l  O; AThis 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’’.
2 p2 |! i' l  P: o+ z) Q: OIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
/ W& }- Q" Y& }0 RAmount: $150,000,000 (6,000,000 shares).( c% |4 O0 C% L; K% t
Price and Yield: $25.00 per share to yield initially 6.50% per annum.8 c: P7 b% R- w1 ^4 h9 o# J% C
Principal Characteristics of the Preferred Shares Series 18
1 |& [- N. w6 tDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
% h* o" q& c% r9 D8 I% j6 T# qnon-cumulative preferential cash dividends, as and when declared by the
7 Z% Q5 H3 P6 `; m- LBoard of Directors, subject to the provisions of the Bank Act, for the initial) u0 X9 w; B& a: l7 X) ^! B
period commencing on the closing date and ending on and including) x/ n+ [$ G6 l' I2 I
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the3 o7 K- f9 \8 N( m3 k; F
25th day of February, May, August and November in each year, at a rate7 [& y) d2 f: q9 k& S% g6 [
equal to $0.40625 per share. The initial dividend, if declared, will be payable
5 s+ ?. |7 T  OMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing9 ^" }9 Z9 K) ^$ [/ S/ t# V
date of December 11, 2008.5 H; w/ _5 L3 }" z9 V$ ]2 r
For each five-year period after the Initial Fixed Rate Period (each, a& K; J5 Z1 t$ W
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
' B( ~3 ?# P6 r; {9 M& T* M1 y. \Series 18 will be entitled to receive fixed non-cumulative preferential cash$ ~, L* o7 y2 G# m# l
dividends, as and when declared by the Board of Directors, subject to the, X+ {; B; j$ j2 i
provisions of the Bank Act, payable quarterly on the 25th day of February,4 H# ~0 k; T7 [# c
May, August and November in each year, in the amount per share per annum; F* `. O/ o1 U/ b* u  h
determined by multiplying the Annual Fixed Dividend Rate applicable to
  u% G5 n! S) E( b3 i( m5 C4 rsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
: ~8 L4 y) h, m! LRate for the ensuing Subsequent Fixed Rate Period will be determined by the
2 _1 B0 K6 c3 _! X0 w/ b6 n; l( EBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
: N) u3 M( x% a$ }* l  w3 {2 Nof such Subsequent Fixed Rate Period and will be equal to the sum of the& C9 T) p. b. S$ m1 K0 q& z
Government of Canada Yield on the applicable Fixed Rate Calculation Date& D; |0 _0 \/ c1 o' `& g
plus 3.83%.
9 m3 z/ Z# T0 q9 R1 w" FIf the Board of Directors does not declare a dividend, or any part thereof, on) }: e$ B& K7 M: v
the Preferred Shares Series 18 on or before the dividend payment date for a8 ^# W% P+ O5 C% }- v) D
particular quarter, then the entitlement of the holders of the Preferred! ?2 p6 {  S, z
Shares Series 18 to receive such dividend, or to any part thereof, for such* E2 C, |/ {4 S2 o
quarter will be forever extinguished.
# a. e6 M9 ?% \# N/ p' z4 X1 rRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
- {7 @  H6 c5 F+ F7 q' V1 aSuperintendent and to the provisions described below under ‘‘Details of the: L; h! c( A# Z0 |& w' I" h4 h
Offering — Certain Provisions of the Preferred Shares Series 18 as a
3 ~9 b& ?# T0 I7 |1 I- DSeries — Restrictions on Dividends and Retirement of Shares’’, on
0 f$ k& C( T6 r3 O0 h7 C7 f* fFebruary 25, 2014 and on February 25 every five years thereafter, on not
" @+ H. R" ~( v- I5 t: ]0 |more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
& F" r% s3 b$ q/ \0 A: L% |part of the then outstanding Preferred Shares Series 18, at the Bank’s option) _, S3 [& E, E; P3 l+ B
without the consent of the holder, by the payment of an amount in cash for
' D" F9 |$ l$ c5 leach such share so redeemed of $25.00 together with all declared and unpaid
& Y6 C) b% X& p. W2 e; ^dividends to the date fixed for redemption.$ ^, r* w1 V  }" ]0 C' e# H
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
! h; d' n. f, `0 a- c. L  b1 [Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have% f; {- P1 ]$ m. @7 w# K
the right, at their option, to convert, on February 25, 2014 and on
4 E" f) b( x. xS-4: L6 a7 s0 r( I% L$ Z0 \2 [  `+ Y. P
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
' m  f, t, z+ J6 z/ Z8 ~or all of their Preferred Shares Series 18 into an equal number of Preferred
' Y6 x* B7 M. m; @( bShares Series 19 upon giving to the Bank notice thereof not earlier than: [& E+ n1 |* d+ A$ D" {/ \
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day0 Y. J: R$ q, |& g' A/ ~, }! R
preceding, a Series 18 Conversion Date./ P) G: A+ G: J+ [
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
7 ~0 p, Z8 r) {" y1 Y3 bProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares% g; S. \. g# `
Series 19, as the case may be, that there would be outstanding on such* X, W) I% b, ?9 I8 `: ?" [; a
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
, T) n6 T# S) l* _: e$ v/ f5 F8 Psuch remaining number of Preferred Shares Series 18 will automatically be
! n, y5 l$ c, e! Wconverted on such Series 18 Conversion Date into an equal number of: T& Q3 F' o, f4 h$ ~; H  B
Preferred Shares Series 19. Additionally, if the Bank determines that, after; Y: X5 _+ P9 P. [! S# t
conversion, there would be outstanding on such Series 18 Conversion Date6 d5 ?0 t9 f2 C# a
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares" P- ]7 G! D7 L
Series 18 will be converted into Preferred Shares Series 19.$ @. p# W$ Q/ s) W- N
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
% W$ K7 g$ ~3 _$ P0 V. C3 [/ DSeries 18 will not be entitled as such to receive notice of, attend, or vote at,1 x% {7 p% K2 D4 t
any meeting of the shareholders of the Bank unless and until the first time at) k: J! ]1 a. m# u; k9 z+ {4 e
which the Board of Directors has not declared the whole dividend on the8 Z2 b1 H# D( V) B
Preferred Shares Series 18 in any quarter. In that event, subject as
% z6 q$ s% Z. U9 M4 m) g! o6 U+ Phereinafter provided, the holders of Preferred Shares Series 18 will be
( G" ?& Z8 P# `! d* @8 U- Ientitled to receive notice of, and to attend, meetings of shareholders at which: ^) a" R' ?% w
directors of the Bank are to be elected and will be entitled to one vote for
5 R( }8 t7 G% w/ q) eeach Preferred Share Series 18 held. The voting rights of the holders of the
/ ^, e8 [% U7 o4 WPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
' V: n) C# P) Y# l5 K1 Nthe first dividend on the Preferred Shares Series 18 to which the holders are
. ?/ ]7 K8 T( g2 G4 Gentitled thereunder subsequent to the time such voting rights first arose until
# ^$ o7 \. W, i9 _7 Z1 |' C! Qsuch time as the Bank may again fail to declare the whole dividend on the+ Q6 z. t# L/ t% N
Preferred Shares Series 18 in respect of any quarter, in which event such
& N) h- i8 W6 U9 V2 V5 mvoting rights will become effective again and so on from time to time.+ \: P+ y( j) f
Principal Characteristics of the Preferred Shares Series 19
; N4 O, |* l! D1 {$ h! ZDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
: b/ _. f  G9 |6 ]4 D4 E4 Nfloating rate non-cumulative preferential cash dividends, as and when1 V/ r3 a0 ?0 }: f
declared by the Board of Directors, subject to the provisions of the Bank Act,$ d  n' s+ Y5 z$ W* B
payable quarterly on the 25th day of February, May, August and November3 n( `5 \9 f3 c7 p
in each year, in the amount per share determined by multiplying the/ n3 O& }7 U' D- `2 |# H
applicable Quarterly Floating Dividend Rate by $25.00.1 e2 E" }% v# a4 O+ K6 q, e8 w1 X- W
On the 30th day prior to the commencement of the initial quarterly dividend3 M' `  T- e- R
period beginning on February 25, 2014, and on the 30th day prior to the first$ {- W- G  e$ V# f" k
day of each subsequent quarterly dividend period (the initial quarterly; {( ~% z) ~( k- F2 _8 d$ Q4 S: S1 X
dividend period and each subsequent quarterly dividend period is referred to
1 p( ?$ ?9 k/ {/ p/ y$ Fas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the% C/ _( u! t. Z1 e2 e
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
2 v. x6 p; r5 P& Y9 Z8 ?1 NPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
4 j: i$ U( Q( S' ~T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
' f$ ]2 _. D: g# L( lelapsed in the applicable Quarterly Floating Rate Period divided by 365)
& K, V. Q& q- Xdetermined on the 30th day prior to the first day of the applicable Quarterly; Z" Q0 U0 V, r# g
Floating Rate Period.* o7 I/ f1 S3 e' Y2 [: i6 ?. \
S-5
' e+ f# l0 l/ s9 r. x& YIf the Board of Directors does not declare a dividend, or any part thereof, on0 j2 v" Q9 Q7 t0 U4 o7 g; _
the Preferred Shares Series 19 on or before the dividend payment date for a: g+ _+ c4 Q# v8 w" V
particular quarter, then the entitlement of the holders of the Preferred
! t7 P: l7 ]' r9 WShares Series 19 to receive such dividend, or to any part thereof, for such% I& D, r0 I3 \) g, j9 Z
quarter will be forever extinguished.
$ ?. ?, t8 l  ERedemption: Subject to the provisions of the Bank Act and to the prior consent of the
4 l: B) Y! j' {6 K- T- s3 Y( eSuperintendent and to the provisions described below under the heading
3 T) a% m) c7 E2 `2 _" e1 L‘‘Details of the Offering — Certain Provisions of the Preferred Shares
) }! ^8 j" V! z' f  c& uSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
. H+ z* y& g* xon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
* e  |3 [. i! Z7 {" O2 V  E& }or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
1 I' y- g5 ]3 E- W' u6 qoption without the consent of the holder, by the payment of an amount in
' t; n% t8 f$ Wcash for each such share so redeemed of (i) $25.00 together with all declared7 _/ ?9 N: L) G7 h) u9 B7 c
and unpaid dividends to the date fixed for redemption in the case of
, X9 n. V$ `* P" [) D- V  y" iredemptions on February 25, 2019 and on February 25 every five years
8 M* F" h) A* l, ithereafter, or (ii) $25.50 together with all declared and unpaid dividends to3 K7 g/ i9 f" j, N6 ]/ ?
the date fixed for redemption in the case of redemptions on any other date
, H  M2 b2 Z8 M) ?on or after February 25, 2014.
+ |) B% V# @% \3 V* @Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic7 p  X8 _. @( J" w
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have3 t( R% @8 O- |. Q) w2 R
the right, at their option, to convert, on February 25, 2019 and on; K) e6 A3 n7 P+ e; c
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any' W  ~* W( d( m
or all of their Preferred Shares Series 19 into an equal number of Preferred
% ?! a# _7 J$ V" B5 S+ Q, k0 |: WShares Series 18 upon giving to the Bank written notice thereof not earlier
) G4 F' I7 g$ K; \* rthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the! z, w7 H4 W( ?9 G
15th day preceding, a Series 19 Conversion Date.' L: Q% ]( t1 L  B. d3 s
Automatic Conversion If the Bank determines, after having taken into account all shares tendered" ~) q- y4 t) V+ N2 Y( t) w$ V# Z7 B
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares+ g* f; a: g- _# ?* I
Series 18, as the case may be, that there would be outstanding on such
, r: I# D8 n) J; i# PSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
' e! ^8 h) x* q% F# Zsuch remaining number of Preferred Shares Series 19 will automatically be3 G0 x$ `: {. }1 T
converted on such Series 19 Conversion Date into an equal number of" g+ Q2 T  ]' `3 d1 l& p* S7 k
Preferred Shares Series 18. Additionally, if the Bank determines that, after6 T1 ?. N. K' a) L
conversion, there would be outstanding on such Series 19 Conversion Date+ C0 `# R' }3 Z# {  ^, ~# R
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares  E' T& b, H8 }: q( {* G( {; t
Series 19 will be converted into Preferred Shares Series 18.
. S1 w& X* A& K2 Q2 QVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
3 `: D, j( b0 o$ m  a) fSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
, F. {* @( G- ~6 v( E# i5 }5 L* Wany meeting of the shareholders of the Bank unless and until the first time at
" O  t" |, g& N9 ^  d( dwhich the Board of Directors has not declared the whole dividend on the
% ?* J# ]# o$ W$ c& UPreferred Shares Series 19 in any quarter. In that event, subject as/ b1 @6 [7 e* d+ Y& n( l! G
hereinafter provided, the holders of Preferred Shares Series 19 will be" O& Q' e; b" H1 }2 e
entitled to receive notice of, and to attend, meetings of shareholders at which
* ]8 ^& w: p8 L6 d+ z; ^directors of the Bank are to be elected and will be entitled to one vote for8 K( [) n5 O; @8 @9 a
each Preferred Share Series 19 held. The voting rights of the holders of the
' |* x( ~5 p1 n0 _# F; J8 A' c! s( ^Preferred Shares Series 19 will forthwith cease upon payment by the Bank of' C! N' S# X8 U& m  @1 D
the first dividend on the Preferred Shares Series 19 to which the holders are
. e7 z8 f9 K. L$ ientitled thereunder subsequent to the time such voting rights first arose until' R7 e* T" F) _
such time as the Bank may again fail to declare the whole dividend on the
. o" Z  @2 O. D2 IPreferred Shares Series 19 in respect of any quarter, in which event such
- [& D; a/ ]5 dvoting rights will become effective again and so on from time to time.6 ^' v. c* s5 K' E- }4 }
S-6
: \$ O! U5 O* `3 ?6 T$ O  w6 @Priority: The preferred shares of each series of the Bank will rank on a parity with
$ r) f1 v* b6 C: pevery other series and are entitled to preference over the common shares of
: G4 U$ {  e* l  E7 Dthe Bank and over any other shares of the Bank ranking junior to the
; j2 f6 P3 |( Y! K  }preferred shares with respect to the payment of dividends and upon any+ {. M3 v7 O7 v5 D* T- w% f
distribution of assets in the event of the liquidation, dissolution or
, w4 i/ K9 `6 w' k, X  i4 m# wwinding-up of the Bank.5 e& S+ ~9 Y1 E, ?, g
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
2 P5 O9 ]  R( u4 Q1 K. cDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
7 Q- V  T) }( i- K# ]) J1 qSeries 18 and Preferred Shares Series 19 will not be required to pay tax on- g0 E& j+ i# ~! p/ U+ y  D3 _& U- U1 Q
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。
. }4 N  [7 l7 E  M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 p) T/ t/ r$ I+ E
( L. y3 L' T' Q* E/ u7 u下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。# a1 m4 H7 A  H3 J7 W0 s9 Z
5 e- ]! L8 p, \1 O
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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