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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。( W9 b" k$ M6 q+ q
  V9 G1 T! r: D5 Y& b

5 \, h0 H! ^1 U0 G. E$ h[ 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:
$ j  m" J+ a- P. n2 u7 z/ m2 HSUMMARY OF THE OFFERING; V- n4 R3 z' @
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’’.
8 ]: F. u4 J! i+ j2 D5 D# d2 rIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.0 I" O, {. j) G) t( W5 [- l
Amount: $150,000,000 (6,000,000 shares).
$ Y3 ^. O; h9 @" E* f# V* n9 [! mPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
, R9 d$ J4 S6 xPrincipal Characteristics of the Preferred Shares Series 18
/ H' J" C2 ]8 X$ J+ BDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
" p6 Q/ y% ]6 Y5 W* j8 Znon-cumulative preferential cash dividends, as and when declared by the
8 K! u: Y0 A" I( o  oBoard of Directors, subject to the provisions of the Bank Act, for the initial
8 `; f/ x5 U( a% ]period commencing on the closing date and ending on and including
6 t  h+ ~6 g+ M6 K8 K( D# PFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the& z9 Z% m- _+ ^& d
25th day of February, May, August and November in each year, at a rate4 o, L( G: c/ I$ w0 `
equal to $0.40625 per share. The initial dividend, if declared, will be payable
' E' Q4 n1 K% P# J5 u: XMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
. F+ |% h; @7 qdate of December 11, 2008.
7 C( C) i* k( OFor each five-year period after the Initial Fixed Rate Period (each, a+ v3 Q3 i5 V% Z/ t
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares! [3 P, v7 z6 r: I3 d: n- q
Series 18 will be entitled to receive fixed non-cumulative preferential cash9 E( s2 v/ g: x
dividends, as and when declared by the Board of Directors, subject to the
4 y' E; D. }0 V! X5 r( hprovisions of the Bank Act, payable quarterly on the 25th day of February,
4 _. h1 |4 u, [* D! Y. jMay, August and November in each year, in the amount per share per annum$ N& A2 T3 u7 J- d3 Q5 v# \: w1 k
determined by multiplying the Annual Fixed Dividend Rate applicable to
# \0 }! U% c  D- asuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend8 D% P9 Z+ ?( K0 c$ L
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the0 D# c, B" M& G) L+ Q
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day+ _8 r9 h6 X$ R  _/ B
of such Subsequent Fixed Rate Period and will be equal to the sum of the( O  F) W, d4 c# [' _
Government of Canada Yield on the applicable Fixed Rate Calculation Date2 R4 P. }* d5 @5 I, Z
plus 3.83%.
4 K# M6 o, c, u" b* d9 }+ I6 JIf the Board of Directors does not declare a dividend, or any part thereof, on
6 A+ n/ }& f9 V1 fthe Preferred Shares Series 18 on or before the dividend payment date for a
0 x8 z5 j( S- r. Z" R0 f4 K1 g& f  d4 aparticular quarter, then the entitlement of the holders of the Preferred
$ r2 ?6 L; F, B; k/ AShares Series 18 to receive such dividend, or to any part thereof, for such
4 D  b# O0 ]& Z1 H+ H! ~% r/ ]1 mquarter will be forever extinguished.- E- ^4 A+ ]% u8 X! r! k' v
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the1 r3 O6 _+ P3 J8 d5 T# L: h0 ^
Superintendent and to the provisions described below under ‘‘Details of the- m1 w& B3 ?! b: C" W; _# ^+ T
Offering — Certain Provisions of the Preferred Shares Series 18 as a
/ R- e  g/ r% L( V# RSeries — Restrictions on Dividends and Retirement of Shares’’, on2 ~0 ]: x2 z3 ^4 j
February 25, 2014 and on February 25 every five years thereafter, on not! S: i( |7 [8 Q
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
# \0 {+ Q* x! [" o3 @part of the then outstanding Preferred Shares Series 18, at the Bank’s option% E" P# k5 ?" y
without the consent of the holder, by the payment of an amount in cash for
. O+ V# t0 X9 U' u/ _8 H, oeach such share so redeemed of $25.00 together with all declared and unpaid3 ~% z# q8 V! [2 F1 X; U1 w
dividends to the date fixed for redemption.$ w8 Z: `9 J5 c; q: B$ H5 ^- D  v
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
' i7 b* y7 Q8 W7 E, f9 L$ PShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
) V6 G' N* A7 W" `/ M6 d. u8 Ethe right, at their option, to convert, on February 25, 2014 and on
9 k1 ~; U( }) B* H$ oS-42 h! `# ]5 D! U# d  S  p( q
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any1 F+ @% ]7 T( C$ J! a$ L, G
or all of their Preferred Shares Series 18 into an equal number of Preferred
; w3 \. C! Z9 v7 i, hShares Series 19 upon giving to the Bank notice thereof not earlier than4 T6 }! s) [$ d' p5 j" P6 S
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day: H' {. z7 z4 C# r( O6 E- W
preceding, a Series 18 Conversion Date.3 {  C2 t7 H2 k& }  `' j
Automatic Conversion If the Bank determines, after having taken into account all shares tendered& f* v2 U) t% B8 o$ q1 C) b
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares9 O) i4 X( Y" Z" x$ f3 l# X
Series 19, as the case may be, that there would be outstanding on such
, o4 n. u, q3 N# ]Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
. i( s' j3 C8 Q& N* e8 {5 r+ hsuch remaining number of Preferred Shares Series 18 will automatically be( R$ e$ [' \% [6 ^7 |2 W, x
converted on such Series 18 Conversion Date into an equal number of
. ~' V. L6 C* r3 M; y9 nPreferred Shares Series 19. Additionally, if the Bank determines that, after
/ Y5 R% p% t! b3 ], D' B+ @( Rconversion, there would be outstanding on such Series 18 Conversion Date
+ t# U2 B2 k9 N% R, l/ e% eless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
# V% Z3 z. ^' c- L& E* o; pSeries 18 will be converted into Preferred Shares Series 19./ x$ [# ~9 o6 ?& O0 c9 D+ B
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
: g& K) h* R" S! k: kSeries 18 will not be entitled as such to receive notice of, attend, or vote at,! v, B. `# \3 E4 p; _
any meeting of the shareholders of the Bank unless and until the first time at
& r" S/ T- ?8 L) z2 L) P/ \which the Board of Directors has not declared the whole dividend on the% Y7 c8 g; p+ K5 _  @/ n0 C
Preferred Shares Series 18 in any quarter. In that event, subject as8 ]% v6 T: O0 b
hereinafter provided, the holders of Preferred Shares Series 18 will be
8 Y8 d2 _- Y' I5 Dentitled to receive notice of, and to attend, meetings of shareholders at which* p( s2 l0 t. e/ p! }
directors of the Bank are to be elected and will be entitled to one vote for
2 H0 ?' O. {: Veach Preferred Share Series 18 held. The voting rights of the holders of the
* @) L5 X8 y0 dPreferred Shares Series 18 will forthwith cease upon payment by the Bank of- Z: x) a1 t7 B
the first dividend on the Preferred Shares Series 18 to which the holders are* `0 h. y! ?/ t! R
entitled thereunder subsequent to the time such voting rights first arose until1 J- E5 u7 }! O9 v2 y9 R
such time as the Bank may again fail to declare the whole dividend on the8 s- x  F3 d0 i$ ^" D1 F' e
Preferred Shares Series 18 in respect of any quarter, in which event such4 I. G& W% w8 N; n" K( Y% s
voting rights will become effective again and so on from time to time.
+ K; \3 X2 U$ o6 O6 @0 s  J% APrincipal Characteristics of the Preferred Shares Series 19
7 d% B4 F% n- E+ w5 @; XDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
% x. j- W6 m9 w4 Q8 q' n1 ~floating rate non-cumulative preferential cash dividends, as and when
" O+ W/ I  r5 ~# |9 B* {declared by the Board of Directors, subject to the provisions of the Bank Act,
; |% P0 S0 A2 p! K* |5 _+ \0 w. ppayable quarterly on the 25th day of February, May, August and November" e* E( i; R* A  V
in each year, in the amount per share determined by multiplying the$ L  D  P( B" `2 p. m- u( u
applicable Quarterly Floating Dividend Rate by $25.00.1 }' A. ?1 _+ k0 p# @" P. t. W
On the 30th day prior to the commencement of the initial quarterly dividend$ X( z7 @* G" [$ i5 S  J
period beginning on February 25, 2014, and on the 30th day prior to the first4 t2 K' G1 e% b9 O$ F+ ~, s
day of each subsequent quarterly dividend period (the initial quarterly2 ^+ I* X5 p0 j% O2 O
dividend period and each subsequent quarterly dividend period is referred to7 w0 M8 V- p: Q, Y& [6 X
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
2 I% T, N# }* @# XQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
5 E/ g5 p3 Q  i' v& u# wPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
6 A9 Z) C7 _7 I# ^8 P8 xT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days, `3 N. c: W  V2 J6 Z) v
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
- i  E: x! j/ Q: r9 Q! wdetermined on the 30th day prior to the first day of the applicable Quarterly6 k! L; L& `+ {9 r
Floating Rate Period.# K/ i5 I0 P3 M! U! t& L
S-5
* a# i; B' h" \5 |0 BIf the Board of Directors does not declare a dividend, or any part thereof, on
3 m7 P  J9 A- w" m; {the Preferred Shares Series 19 on or before the dividend payment date for a
8 U1 F- f) q" g. F- ]3 y' h' Y$ pparticular quarter, then the entitlement of the holders of the Preferred- I! ?0 c7 v' ^" d% F( l6 X, w
Shares Series 19 to receive such dividend, or to any part thereof, for such) O, _; M/ c! y' y) l3 Z( W8 h
quarter will be forever extinguished.4 e* a# B" c) l. Z: S( A  P6 K
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
9 O& B3 U4 c$ @5 O( `3 [9 JSuperintendent and to the provisions described below under the heading
0 s' E) p; x$ I& j# p. u' e8 L! _‘‘Details of the Offering — Certain Provisions of the Preferred Shares
3 j4 s7 U& H5 u0 oSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
5 F: Y# @$ ^$ b6 u% u% v/ M2 ~% Kon not more than 60 nor less than 30 days’ notice, the Bank may redeem all1 i9 t, V, m3 H1 J* `, A& Q
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
% r, u5 G3 ?" n* woption without the consent of the holder, by the payment of an amount in
0 H* r, r3 k8 ycash for each such share so redeemed of (i) $25.00 together with all declared; D+ V; O$ d( k) b
and unpaid dividends to the date fixed for redemption in the case of
0 M0 B  w7 e2 z2 u6 o. Bredemptions on February 25, 2019 and on February 25 every five years
1 g4 S' t, j1 P' {thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
$ l# u- d2 s9 P$ }& y; y+ D+ o/ K; ^- Ythe date fixed for redemption in the case of redemptions on any other date; c. H' P& Y; o, C1 o3 G
on or after February 25, 2014.+ {, J, X# M8 u& M* _$ L
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
) p+ f; L% L2 c1 fShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have! }, G, w% \: M, F) K
the right, at their option, to convert, on February 25, 2019 and on
5 W3 b4 M4 V- K& ~February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
7 c7 z- I9 S& u: ^* x2 s7 S5 {or all of their Preferred Shares Series 19 into an equal number of Preferred
  H& }, b7 ?* w: Q; x* LShares Series 18 upon giving to the Bank written notice thereof not earlier5 k/ y% }* ?0 _7 z) p: j
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the4 ?0 `& A; y+ ~2 N
15th day preceding, a Series 19 Conversion Date.
$ d: g" d( x+ u7 ~1 dAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
, d; v3 G! v) J* ]' NProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
# L" K$ m3 G  Q2 i/ n: Z( O: t# ]7 uSeries 18, as the case may be, that there would be outstanding on such
0 E& L% A" y6 z7 g! D( ]3 R6 m+ zSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,9 o! @# r* k0 J/ d1 v
such remaining number of Preferred Shares Series 19 will automatically be
- }6 m0 `7 w+ p, [. m4 {7 N' S2 bconverted on such Series 19 Conversion Date into an equal number of+ c, D8 k5 f9 e. t
Preferred Shares Series 18. Additionally, if the Bank determines that, after
) F3 v. f! r3 |/ T& Q2 t+ hconversion, there would be outstanding on such Series 19 Conversion Date
9 a' U9 e' r# x# E- Iless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares2 h% b' }, s" g
Series 19 will be converted into Preferred Shares Series 18.
) ?  n9 p) {+ l: P, I9 O4 fVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares; G/ }% v2 ]! e+ g
Series 19 will not be entitled as such to receive notice of, attend, or vote at,+ @+ [+ k7 ]( ?1 S0 C% l! B
any meeting of the shareholders of the Bank unless and until the first time at* K. D5 t9 k* d7 z
which the Board of Directors has not declared the whole dividend on the
* H3 `& f5 ^, L7 ^, TPreferred Shares Series 19 in any quarter. In that event, subject as
3 @8 r0 W# I' N" U5 whereinafter provided, the holders of Preferred Shares Series 19 will be
* U# ]: _; [! E# m' |" _entitled to receive notice of, and to attend, meetings of shareholders at which* C# P$ {% j5 `! w
directors of the Bank are to be elected and will be entitled to one vote for" J- x3 d+ P8 v6 I
each Preferred Share Series 19 held. The voting rights of the holders of the" s! V* t7 ], ]% g7 R/ a
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of' d. _5 u* N7 K( I4 w' K
the first dividend on the Preferred Shares Series 19 to which the holders are
- O( ]& t( Z2 a! i' r' rentitled thereunder subsequent to the time such voting rights first arose until$ l" M4 g' i; v/ g% [2 H
such time as the Bank may again fail to declare the whole dividend on the; a- x) k! |" Y$ A: K3 i- m
Preferred Shares Series 19 in respect of any quarter, in which event such- v5 f: O1 }$ X1 M, S
voting rights will become effective again and so on from time to time.0 k5 B7 i! U1 H# P$ c
S-6
7 {) p: V1 Q: X. {- \; |Priority: The preferred shares of each series of the Bank will rank on a parity with$ o0 G$ ?6 n( X2 V! Q
every other series and are entitled to preference over the common shares of
3 l9 y, c6 F/ d, nthe Bank and over any other shares of the Bank ranking junior to the4 G' S' l' s: ]5 V+ C0 i
preferred shares with respect to the payment of dividends and upon any
0 J' ^7 X+ I( Z4 I8 R  c7 I! ydistribution of assets in the event of the liquidation, dissolution or
0 P1 |; \7 F  C2 ^% c) R0 r2 Swinding-up of the Bank.' x% W" T  ?! ]- R8 [
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under2 V& O) l2 a  F5 {
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
, U  a* Z2 @( R1 t. ?Series 18 and Preferred Shares Series 19 will not be required to pay tax on: L+ @: L2 Y/ p. F* }
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。# n3 ]3 v7 u' s5 Z% j4 O
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

8 U2 Q) F5 m1 b1 e  i
. R' d8 @' i( x& g, _下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。! Q9 A# F- _6 z+ J& J3 S
( I- v' d* o8 ?4 T
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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