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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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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。8 Y% f/ \( u' C, m  ?4 D

& W9 D4 M3 G9 `* {5 N0 R
- K+ Q2 {& p/ o9 u- I4 k: M+ @[ 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:
4 m+ K& h. m& W# x$ \5 g8 d" `SUMMARY OF THE OFFERING
0 t1 e5 Q; S' |4 bThis 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- \- A8 z7 h* s' ~" W
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.: r. j9 `4 z* w* V& I- u
Amount: $150,000,000 (6,000,000 shares).
) G7 |1 o0 M9 m0 O: SPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
- Z. T+ @- }6 P  d- H0 g4 _Principal Characteristics of the Preferred Shares Series 186 O0 ?( v+ }' ^1 g5 t9 w3 A
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
$ U5 C7 u4 s3 s& unon-cumulative preferential cash dividends, as and when declared by the
  J0 b; W' C, ?! O* K- X. H* H7 YBoard of Directors, subject to the provisions of the Bank Act, for the initial3 s0 R, L- U) s$ W* ?
period commencing on the closing date and ending on and including% g( ~2 I- P' p5 d' n( J
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
/ c9 j5 m' P/ O+ J3 H2 F# l: S25th day of February, May, August and November in each year, at a rate2 }' y4 t: w: g7 @# ~' L
equal to $0.40625 per share. The initial dividend, if declared, will be payable! Q1 o8 M4 e9 s% V# f
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
7 k& Z( w/ h" h. ^date of December 11, 2008., Y* U. q$ n: S& K5 L& ?
For each five-year period after the Initial Fixed Rate Period (each, a" J5 c- e+ d0 L( t4 q3 _" t1 A
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
% g5 C7 B  x: E0 ISeries 18 will be entitled to receive fixed non-cumulative preferential cash6 ?4 C# L0 E; w- F
dividends, as and when declared by the Board of Directors, subject to the+ V2 d( C, Q# I8 S- Y
provisions of the Bank Act, payable quarterly on the 25th day of February,# E, P4 t; V1 d
May, August and November in each year, in the amount per share per annum! w1 j: ?  `! s2 h  E; Z
determined by multiplying the Annual Fixed Dividend Rate applicable to0 J4 q7 b) O/ a5 _# `' n
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
0 C# F  G! T0 R/ u1 `: jRate for the ensuing Subsequent Fixed Rate Period will be determined by the& i, ^  ]& I8 ]  x+ `+ f; |
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
! q* ]/ }7 V# c* Lof such Subsequent Fixed Rate Period and will be equal to the sum of the
) _$ E7 Z+ |) G$ [8 E6 zGovernment of Canada Yield on the applicable Fixed Rate Calculation Date- L: B, v  o  J( B* m
plus 3.83%.! a) f: B5 W8 t" G6 h3 M) N
If the Board of Directors does not declare a dividend, or any part thereof, on  D: h( L5 Z  o6 H) R
the Preferred Shares Series 18 on or before the dividend payment date for a3 }( n& B0 X- C- M; D
particular quarter, then the entitlement of the holders of the Preferred
4 E5 B" `* n% L' [1 \. W0 B. \Shares Series 18 to receive such dividend, or to any part thereof, for such/ ~- D3 g  b% ]. ]+ ~
quarter will be forever extinguished.( j6 c9 [  W, q% W
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the( g3 l' K* \, M  w& w, Y& ]
Superintendent and to the provisions described below under ‘‘Details of the
/ Y, ?5 ~3 j+ I: HOffering — Certain Provisions of the Preferred Shares Series 18 as a1 V' k; u* ]# [# {
Series — Restrictions on Dividends and Retirement of Shares’’, on
$ e4 v! f, @9 U+ M: \February 25, 2014 and on February 25 every five years thereafter, on not
/ m4 `$ [( T; H" gmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any$ b. p: q& A8 n8 L9 b" N, B
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
8 U0 R5 T# z' e2 u) wwithout the consent of the holder, by the payment of an amount in cash for
! h* O- s  t: Teach such share so redeemed of $25.00 together with all declared and unpaid' t7 p" c  m+ ]
dividends to the date fixed for redemption.
, h- k: z2 i9 A8 z4 n7 Q% dConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic" a- s8 U' X5 [$ q
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have% x+ ^0 T+ E; _; u9 O, E& K
the right, at their option, to convert, on February 25, 2014 and on. ?' N! S9 L6 k! Z6 \5 X' R
S-4
- Q) F% a& |" e8 `* AFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
" w7 B! [, j1 M# Vor all of their Preferred Shares Series 18 into an equal number of Preferred4 t& ]4 m& X" J5 d# [+ a
Shares Series 19 upon giving to the Bank notice thereof not earlier than
' }, l8 @% M& A  C; y- E30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day$ J" e" s" v0 [9 N/ e# M( g
preceding, a Series 18 Conversion Date.8 c3 j) R1 R; v/ v5 [3 y
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
: j- l; V3 I0 {' r3 tProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
7 j+ u" M1 M/ b/ `Series 19, as the case may be, that there would be outstanding on such
; r( D6 _( [5 l$ o( h" _" ZSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
- o. i# g1 f( @$ s5 isuch remaining number of Preferred Shares Series 18 will automatically be
! D% u. y1 \% [4 t- C+ f# lconverted on such Series 18 Conversion Date into an equal number of3 z: M% x, g1 @) ~5 r; N
Preferred Shares Series 19. Additionally, if the Bank determines that, after8 _! a* ^' Q& g+ Z2 Y
conversion, there would be outstanding on such Series 18 Conversion Date
; ]- e. q4 K# B- c8 Fless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
0 B8 K& E3 M' O' W* |3 VSeries 18 will be converted into Preferred Shares Series 19.5 `2 M* s: E/ V; s' X. N7 Q+ q# a
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
+ |0 X3 F" N, S- BSeries 18 will not be entitled as such to receive notice of, attend, or vote at,& V1 _! i% i! p2 _; H
any meeting of the shareholders of the Bank unless and until the first time at5 ]. U( t0 g1 e2 M. C* n
which the Board of Directors has not declared the whole dividend on the
3 K5 P5 @% V' `: W, ^Preferred Shares Series 18 in any quarter. In that event, subject as
4 Q; @' p5 x. Q. D6 ~- ?hereinafter provided, the holders of Preferred Shares Series 18 will be* Q/ ?4 _8 p" _. b
entitled to receive notice of, and to attend, meetings of shareholders at which& x- s% U$ K8 `: G: J
directors of the Bank are to be elected and will be entitled to one vote for& s2 {; t% h' P  e
each Preferred Share Series 18 held. The voting rights of the holders of the2 Y: q9 Y: G$ l' z7 ?
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of0 w0 \  e1 E( p
the first dividend on the Preferred Shares Series 18 to which the holders are
$ T$ [; T5 O- N! M  X! u3 |entitled thereunder subsequent to the time such voting rights first arose until
5 k, P4 s: W4 _9 d5 }, Isuch time as the Bank may again fail to declare the whole dividend on the
) S8 c# g) H! ~- I( N$ O9 qPreferred Shares Series 18 in respect of any quarter, in which event such
3 u; t* ~: r$ Z# W: V$ ovoting rights will become effective again and so on from time to time.+ d. ?! |1 Q. E2 f
Principal Characteristics of the Preferred Shares Series 198 b  I6 P4 @& v1 M5 c' [% @! J
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive. g1 @; K- V/ c% L: d7 A
floating rate non-cumulative preferential cash dividends, as and when/ A, k3 _% V& Q/ }& S: o! ~6 N
declared by the Board of Directors, subject to the provisions of the Bank Act,# U+ F6 Y8 e8 M* a# u
payable quarterly on the 25th day of February, May, August and November
7 H* s, q' t% f! gin each year, in the amount per share determined by multiplying the9 Z5 L, F% Z8 M9 C7 j! K0 y
applicable Quarterly Floating Dividend Rate by $25.00.8 \: F* J8 f4 c2 @
On the 30th day prior to the commencement of the initial quarterly dividend: A8 z2 b9 D6 U$ L+ w$ M
period beginning on February 25, 2014, and on the 30th day prior to the first
( ~' T) m5 Z" l8 eday of each subsequent quarterly dividend period (the initial quarterly- V* j: _. s+ ]. @
dividend period and each subsequent quarterly dividend period is referred to
% V4 X$ n5 y, Bas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
, m  _- J1 S# p! E7 V* eQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
3 M5 ]) i6 i) i- }9 XPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
3 I' ?+ r3 [1 Y0 K9 qT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days3 j% L2 ~3 @8 L: T# V- T
elapsed in the applicable Quarterly Floating Rate Period divided by 365)* z/ D% l% S2 G. [( P" A) a4 }# ?
determined on the 30th day prior to the first day of the applicable Quarterly& \( k9 Y: A! X; j1 r. C
Floating Rate Period.  \5 X3 E( U4 p2 C. c
S-5
! V* V# Q) U6 Y' ]If the Board of Directors does not declare a dividend, or any part thereof, on
' s: f6 N& j; ythe Preferred Shares Series 19 on or before the dividend payment date for a
, k( u  g) R  l8 jparticular quarter, then the entitlement of the holders of the Preferred& i  u5 g  q  ~5 f4 m
Shares Series 19 to receive such dividend, or to any part thereof, for such
. d# p) c* u7 a* bquarter will be forever extinguished.- q. E) G7 Y( i# j* h8 P0 H- i) N  @
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
1 O( D( D+ e7 kSuperintendent and to the provisions described below under the heading1 u5 E3 z, P8 V% V" U$ E
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
! O/ v/ L1 \4 a9 q; kSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
! X% \2 m- v6 W) ^% n; K7 Z0 O( @on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
1 T2 C" L, X% [# _or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
& ?3 Z) [! n* F0 Woption without the consent of the holder, by the payment of an amount in; O" ^2 L' @5 J5 s0 O
cash for each such share so redeemed of (i) $25.00 together with all declared
. B3 m5 s# e6 l3 n# H* @and unpaid dividends to the date fixed for redemption in the case of
$ ~/ C  Y8 ^- Tredemptions on February 25, 2019 and on February 25 every five years" s) m) B% V$ p$ A' r1 W
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to+ H/ ?! y3 v* C& A- ^: w
the date fixed for redemption in the case of redemptions on any other date$ M: L) a% R# J1 C( G% U% S
on or after February 25, 2014.
7 H+ ?4 t/ h0 `% m4 R# j1 dConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic9 P( w7 t" B+ v: ^! h
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have# \/ c0 y1 ^4 C; u
the right, at their option, to convert, on February 25, 2019 and on0 w/ w4 I1 V8 q% E; r% f5 V
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any& o* s0 Q/ y) w1 m1 `' P; q+ X
or all of their Preferred Shares Series 19 into an equal number of Preferred
- P: x) P3 K* R, A; L# QShares Series 18 upon giving to the Bank written notice thereof not earlier9 M- o1 y6 q! ?3 ?' C
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the# `( U9 E3 n8 Z( a* T* J' Y+ }
15th day preceding, a Series 19 Conversion Date.
" L8 D! @& v: K7 O, ~Automatic Conversion If the Bank determines, after having taken into account all shares tendered  T3 J. [3 L4 E, d/ H
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares& Q4 ]! g; k- R9 C# g
Series 18, as the case may be, that there would be outstanding on such0 ?1 S9 P# }  |* T; Y8 `
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
6 T/ O6 h0 l. \0 ?# g6 m1 Q3 bsuch remaining number of Preferred Shares Series 19 will automatically be
% P7 T2 `! s) v9 D3 H9 J, R5 p" Mconverted on such Series 19 Conversion Date into an equal number of) q0 C/ `, J1 K! g
Preferred Shares Series 18. Additionally, if the Bank determines that, after" _" d& B7 q( U/ q# M6 V# E
conversion, there would be outstanding on such Series 19 Conversion Date
( G0 r, c* L! m' J7 ~/ rless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
( Y5 k% j0 D6 ~" oSeries 19 will be converted into Preferred Shares Series 18.1 j2 T, H+ q: D( t4 X# G$ T+ Q5 \
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
' }7 K% z) O' @+ d3 N  n3 u4 uSeries 19 will not be entitled as such to receive notice of, attend, or vote at,5 K0 t, |4 T( k! R( A$ d
any meeting of the shareholders of the Bank unless and until the first time at
: _' K5 K# Q+ \& _which the Board of Directors has not declared the whole dividend on the6 N& r2 ^. ^$ u- u# u0 k
Preferred Shares Series 19 in any quarter. In that event, subject as
$ s1 z/ a: a% Y7 phereinafter provided, the holders of Preferred Shares Series 19 will be
1 @8 M) u, D, d% m0 yentitled to receive notice of, and to attend, meetings of shareholders at which4 q$ V1 v; c* L, W+ a& b" G
directors of the Bank are to be elected and will be entitled to one vote for
# y2 S. q' N  N; f, Y  v7 ^! M5 Yeach Preferred Share Series 19 held. The voting rights of the holders of the
- t4 x; c7 L7 s; h) w- |Preferred Shares Series 19 will forthwith cease upon payment by the Bank of( e9 A, c9 e# y+ H# u* B
the first dividend on the Preferred Shares Series 19 to which the holders are( n+ _+ E$ t# i9 t9 l, K
entitled thereunder subsequent to the time such voting rights first arose until
' v) G4 H( n' Dsuch time as the Bank may again fail to declare the whole dividend on the  A- g  i1 E' D
Preferred Shares Series 19 in respect of any quarter, in which event such& R% Z. P, g2 U/ e+ h
voting rights will become effective again and so on from time to time.
9 j# ?4 X) ]0 k& ^# _) k$ DS-65 L# q. j2 R2 i) }: g# T
Priority: The preferred shares of each series of the Bank will rank on a parity with0 o/ d# J: Z- [5 y+ E- \
every other series and are entitled to preference over the common shares of
) o+ }% f! s! Ithe Bank and over any other shares of the Bank ranking junior to the
: Y! |2 M5 A% W& |. opreferred shares with respect to the payment of dividends and upon any
( s& [- T/ c6 H+ r4 X! ]5 kdistribution of assets in the event of the liquidation, dissolution or% r( q" ]. s1 B. ^
winding-up of the Bank.: i& w- ?0 v% S9 v
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
% H' U" B$ V4 ]1 o0 R) `# u4 C" ADividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares+ }) B! l8 Y4 c2 l  k
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
; \+ V' s+ t) i3 ], o6 J% bdividends 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。1 o" h- [; N6 {9 r- f: \' i1 T
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

0 b7 d# c" x" {5 P' C9 r
) l- |' c; q  l& I( l: ]- f下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。) N7 n" t( ]1 B+ P' y6 @( D
  m6 m( f: @. |4 U/ a
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。
理袁律师事务所
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