埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 2926|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。( x2 @1 s& h! f6 s: `
+ e  J$ g% ]: r% r4 v

1 k0 [, B: s$ A/ d5 I[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
大型搬家
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:
- v! I- ~/ ]3 j! |0 I+ P: _SUMMARY OF THE OFFERING
- }" [0 K* r1 O7 O  m: TThis 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’’.
! H2 C4 N7 h% e- H9 \: f! B# V) Y+ ]Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
! d' r; S+ J! Y$ R4 K  LAmount: $150,000,000 (6,000,000 shares).0 S) D0 @9 p& P
Price and Yield: $25.00 per share to yield initially 6.50% per annum.  J0 ?2 H# R2 G" y  V* j' |
Principal Characteristics of the Preferred Shares Series 18
0 k4 m  B+ P9 z  DDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed1 Y# q4 ~$ y/ h) \  v
non-cumulative preferential cash dividends, as and when declared by the
2 Z5 O' j- k, wBoard of Directors, subject to the provisions of the Bank Act, for the initial
% @( l# V; {3 [! r+ kperiod commencing on the closing date and ending on and including1 V/ C% n1 b9 M: T8 W
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
2 Y7 z1 |; z0 O1 x25th day of February, May, August and November in each year, at a rate
6 f4 S: t! {, W- b% u0 lequal to $0.40625 per share. The initial dividend, if declared, will be payable/ @9 K& s" Q4 V& ]
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
7 {! G- P' ~: |9 ^- j2 I4 |date of December 11, 2008.
/ j/ k% Z* c4 _7 @For each five-year period after the Initial Fixed Rate Period (each, a
" L, T' ^( x  w& I# o& W‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
- ~# |3 ~& [' h0 nSeries 18 will be entitled to receive fixed non-cumulative preferential cash/ l& j$ T' s7 r0 P# ~: m; D
dividends, as and when declared by the Board of Directors, subject to the
0 n8 j( `: x) hprovisions of the Bank Act, payable quarterly on the 25th day of February,5 X9 O3 `, V/ {
May, August and November in each year, in the amount per share per annum
0 |; I( T4 i5 l* q# Pdetermined by multiplying the Annual Fixed Dividend Rate applicable to0 K9 l+ p9 z1 B/ @2 P' P
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
! W, B7 o* h. i  ORate for the ensuing Subsequent Fixed Rate Period will be determined by the
2 P" z" S7 P7 r8 i; a! [% ^7 Y6 @Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day1 ~3 S6 H  C) ~2 k: l/ o
of such Subsequent Fixed Rate Period and will be equal to the sum of the
; r: v5 {) ~3 ?; E, _Government of Canada Yield on the applicable Fixed Rate Calculation Date
; Y, Y9 ]: D( T$ X2 d$ ]& Q3 kplus 3.83%.; a2 E& \6 r; _0 ^# `, ~* `
If the Board of Directors does not declare a dividend, or any part thereof, on2 X3 ~$ N9 |( g! Q6 _. P2 F; j
the Preferred Shares Series 18 on or before the dividend payment date for a
2 K2 U3 I% h( w( Kparticular quarter, then the entitlement of the holders of the Preferred. z8 }+ M, d4 h5 J* i
Shares Series 18 to receive such dividend, or to any part thereof, for such
: E6 v/ q8 V2 C: n  S( x$ H' Aquarter will be forever extinguished.
$ k) o( P8 S# O) q6 P8 |: f4 QRedemption: Subject to the provisions of the Bank Act and to the prior consent of the. F2 S9 |  y4 k  y$ H
Superintendent and to the provisions described below under ‘‘Details of the
  H8 D. u- U7 y/ r0 X3 r* V3 IOffering — Certain Provisions of the Preferred Shares Series 18 as a
* P) Q& [9 j+ s% X& m- I4 R' i0 eSeries — Restrictions on Dividends and Retirement of Shares’’, on
( u2 Z' W! U4 {February 25, 2014 and on February 25 every five years thereafter, on not. X/ G1 b* d% \' i: k# G: V8 M
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
$ V- \5 {" z% \) R7 z& ipart of the then outstanding Preferred Shares Series 18, at the Bank’s option
7 h3 ~2 y+ O" }' ?, F! \& s0 \without the consent of the holder, by the payment of an amount in cash for
5 n1 x4 G. O1 n$ {$ q* Ieach such share so redeemed of $25.00 together with all declared and unpaid
% y0 W$ D% f' hdividends to the date fixed for redemption.
4 u+ s7 R! }  lConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
# H% Z" B1 K3 d/ v6 EShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have  D1 f  p, u1 l5 w  Y
the right, at their option, to convert, on February 25, 2014 and on
& F# P1 u8 V0 n7 H( r2 OS-4" m+ X) {" P* ~& {( P
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any; C$ j3 ?" g* n) \8 h" a( b! z6 E4 X
or all of their Preferred Shares Series 18 into an equal number of Preferred& k5 A% R# S# P) F" u6 g- {3 j( \
Shares Series 19 upon giving to the Bank notice thereof not earlier than5 H9 |7 L7 H4 O! s9 j' m
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
4 i9 y: t" ^' c/ r* q' kpreceding, a Series 18 Conversion Date.* _* v! p3 Z) w7 f4 ?
Automatic Conversion If the Bank determines, after having taken into account all shares tendered# E9 |) F& i8 d: g# b
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares' ^) [/ J; U- k3 {9 s) G- f
Series 19, as the case may be, that there would be outstanding on such3 ?. s* H/ C- X# ], u
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,( o( ^) ~& E; G0 Q; k
such remaining number of Preferred Shares Series 18 will automatically be; E- @8 ^  E* ^3 J6 S/ A
converted on such Series 18 Conversion Date into an equal number of2 I4 m- }7 J% C
Preferred Shares Series 19. Additionally, if the Bank determines that, after  H8 ^% z( W; M6 h% H, z$ |7 R7 ?' r
conversion, there would be outstanding on such Series 18 Conversion Date. p# k3 e( L5 B! G  F
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares" M' A8 L2 w0 G' J- n1 e- U
Series 18 will be converted into Preferred Shares Series 19.
- L2 d7 R$ F8 J4 T& gVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
: @+ t$ B0 C2 u, b# PSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
/ |' H, s# U9 ~/ hany meeting of the shareholders of the Bank unless and until the first time at8 h, B6 \2 ?! C7 |# @" q8 e
which the Board of Directors has not declared the whole dividend on the; p3 P% U8 f/ e& a
Preferred Shares Series 18 in any quarter. In that event, subject as& q8 G, q- b" _+ V9 f& d% |
hereinafter provided, the holders of Preferred Shares Series 18 will be9 f+ r( ^& r/ N+ W' ]) A4 o
entitled to receive notice of, and to attend, meetings of shareholders at which( f1 Z+ s$ f5 p6 H/ c
directors of the Bank are to be elected and will be entitled to one vote for' n# L4 R3 r4 p* k' L6 j( D
each Preferred Share Series 18 held. The voting rights of the holders of the
/ c! l* S/ L6 h, C( PPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
2 J  H# M# N6 B2 Dthe first dividend on the Preferred Shares Series 18 to which the holders are" |2 r. A0 F8 X$ ^6 e3 |
entitled thereunder subsequent to the time such voting rights first arose until) l; c: N) P: H! ?
such time as the Bank may again fail to declare the whole dividend on the5 u' g9 y2 R* D( m( F7 `
Preferred Shares Series 18 in respect of any quarter, in which event such! u4 G% I4 b  V* u
voting rights will become effective again and so on from time to time.. r8 t" g* L; f% f4 H5 g
Principal Characteristics of the Preferred Shares Series 19  [5 k8 C# ?) r
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive1 \! x: J: E6 H' c  y1 v% Z
floating rate non-cumulative preferential cash dividends, as and when
1 d/ k3 r3 b+ _( W4 C8 |6 C- wdeclared by the Board of Directors, subject to the provisions of the Bank Act,8 g: L* |/ ?9 z0 y. X& I
payable quarterly on the 25th day of February, May, August and November
- F. P; J  M- y: c! }1 J0 E8 Zin each year, in the amount per share determined by multiplying the! G4 `' l4 x8 k! i2 D( p
applicable Quarterly Floating Dividend Rate by $25.00.
2 G8 A4 G, ~3 d, \2 c0 J  d/ C7 r- SOn the 30th day prior to the commencement of the initial quarterly dividend
% j* J7 H2 G( J" I- w. j: jperiod beginning on February 25, 2014, and on the 30th day prior to the first
; |# V+ p( }! ?+ U# Q$ u; Dday of each subsequent quarterly dividend period (the initial quarterly. W4 n% ^$ `- i3 @" I
dividend period and each subsequent quarterly dividend period is referred to
: A( p2 H! F1 ^1 z8 ras a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the* t5 O4 w+ V1 p7 O
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
  Q0 `4 ^# M* XPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
9 ]' n$ p0 z4 @5 U; gT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
. J0 ]/ S8 A+ D) w' e" u. g2 }elapsed in the applicable Quarterly Floating Rate Period divided by 365)* @5 Q0 I( k5 P6 K$ |
determined on the 30th day prior to the first day of the applicable Quarterly
% c. B7 B0 R* A  |) A) SFloating Rate Period.$ q0 C+ [2 S, G) [" d
S-5
/ U: x$ N" _' q# d  q) jIf the Board of Directors does not declare a dividend, or any part thereof, on! P9 H( m  b3 c% Z. O9 @+ D) c
the Preferred Shares Series 19 on or before the dividend payment date for a  d7 P( R  G0 V- B2 t( q& W/ [/ |$ X
particular quarter, then the entitlement of the holders of the Preferred4 K% X. A- b9 {! Q: M
Shares Series 19 to receive such dividend, or to any part thereof, for such/ z# V; C, `/ g, ^
quarter will be forever extinguished.% @8 U- [- l) E) R! G( I, x
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the# n" |8 Y; |2 |% U
Superintendent and to the provisions described below under the heading3 V9 K0 [  l0 g, p
‘‘Details of the Offering — Certain Provisions of the Preferred Shares/ ]3 i) y/ G3 c6 O9 e: H  @
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,, e( _- b$ D0 ~  M
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
0 f" G* u5 ]; Y8 }, jor any part of the then outstanding Preferred Shares Series 19, at the Bank’s( H) ]8 s1 ~. w0 Z8 [
option without the consent of the holder, by the payment of an amount in6 L0 R9 v7 U8 B
cash for each such share so redeemed of (i) $25.00 together with all declared
4 b( x( l; P' ?/ x* {) B1 Sand unpaid dividends to the date fixed for redemption in the case of
0 c% u" X3 |# c6 E, _redemptions on February 25, 2019 and on February 25 every five years7 o8 g& C4 V& @5 B! B8 o
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to) z' ?" w. Q2 L; z7 D5 A, j  @7 n
the date fixed for redemption in the case of redemptions on any other date
/ {8 n8 m# ~$ xon or after February 25, 2014./ ]5 v4 m* i0 \  t! g* i+ c
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic6 l9 G- o# I0 O- V
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have2 E  \% {  v- }
the right, at their option, to convert, on February 25, 2019 and on% I+ A+ C4 L6 Q+ w5 h: J" P( V: _( c
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
* M1 ~& E3 h/ K2 P7 `or all of their Preferred Shares Series 19 into an equal number of Preferred3 F- h  O. u4 `) c2 \4 |
Shares Series 18 upon giving to the Bank written notice thereof not earlier
: i+ f. E7 v8 A6 H1 R7 ?/ Z4 kthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
; i) p" S' z) j1 v1 v8 j+ m15th day preceding, a Series 19 Conversion Date.. L( ?) e- `' Q1 \$ V4 r# w& n) ?
Automatic Conversion If the Bank determines, after having taken into account all shares tendered8 @& |4 t  m& I3 M5 F- H
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
: a0 v, I2 ?1 o2 u4 tSeries 18, as the case may be, that there would be outstanding on such
+ |" C+ L( M% c: @Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
8 L1 `$ _# O3 I, i- }. Wsuch remaining number of Preferred Shares Series 19 will automatically be' l  E) r  H& _& C4 u2 X
converted on such Series 19 Conversion Date into an equal number of% l4 A8 d. ?+ E. k" d3 j
Preferred Shares Series 18. Additionally, if the Bank determines that, after/ O& ~" `* k  S/ ?% l
conversion, there would be outstanding on such Series 19 Conversion Date4 ^- P$ b4 ~! ]8 u! i
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares+ e' D- ?. }# u- p) o/ _
Series 19 will be converted into Preferred Shares Series 18.& L, v/ y9 b& f& K" ?; y2 T' b
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
) e' G) h7 B+ z! r7 CSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
# C2 I. X1 c5 H0 F0 Z; }) V* Eany meeting of the shareholders of the Bank unless and until the first time at
4 ]* z" B# x: Awhich the Board of Directors has not declared the whole dividend on the% x4 `( ^9 p& M0 P$ i5 \7 e
Preferred Shares Series 19 in any quarter. In that event, subject as
: e& X/ d" l8 }* s* ]( ^: F! shereinafter provided, the holders of Preferred Shares Series 19 will be
& T- j+ W  q/ D. }3 Dentitled to receive notice of, and to attend, meetings of shareholders at which( G9 ]1 k5 s, O( L. d
directors of the Bank are to be elected and will be entitled to one vote for9 R; q/ w- E" P" E
each Preferred Share Series 19 held. The voting rights of the holders of the
- Z) _$ P+ _, y2 J$ h' g% yPreferred Shares Series 19 will forthwith cease upon payment by the Bank of1 ]( I0 k$ ?: i* _  @
the first dividend on the Preferred Shares Series 19 to which the holders are- Q4 w2 N3 L6 `
entitled thereunder subsequent to the time such voting rights first arose until
5 b: b4 ^1 G, j; p+ l6 o1 Lsuch time as the Bank may again fail to declare the whole dividend on the
9 Q- T2 L0 P  _3 F$ {/ u$ S; {7 s( ZPreferred Shares Series 19 in respect of any quarter, in which event such- q/ d$ m0 L/ j! F6 G
voting rights will become effective again and so on from time to time., C& Q8 @: B) A& D, R
S-6% c1 Z: L4 y# b3 g
Priority: The preferred shares of each series of the Bank will rank on a parity with$ q" V7 t; D7 ^: a. _. J' w; O
every other series and are entitled to preference over the common shares of! B$ o) ?1 `% h; |3 m* m& l
the Bank and over any other shares of the Bank ranking junior to the
" s' `; a$ |# c# T0 Ipreferred shares with respect to the payment of dividends and upon any" Y- c; A: p' l5 d
distribution of assets in the event of the liquidation, dissolution or0 F( ^" `7 I8 g1 p: `% G
winding-up of the Bank.1 T- K7 f+ S6 ]. j
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under; L3 u$ O+ `4 M+ A$ T
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
/ Y! `2 g" a; ASeries 18 and Preferred Shares Series 19 will not be required to pay tax on( Z; w  V% f0 Q' ~+ t# g5 Z) Y
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。6 u2 {- j! b: U  D
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

) z: d8 p+ F2 |
, R% r! }. B. y2 ^3 [% B) z: N5 F下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
2 o5 t9 J3 T, \5 L/ z
2 H2 v, W0 t5 _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。
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, 2026-5-5 00:41 , Processed in 0.121362 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