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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。/ I2 C1 W3 H0 m* D5 `5 ]

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) T! P- d; R! _! w' }2 d, ?[ 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 R/ |) F# r! u. X( o$ n2 B
SUMMARY OF THE OFFERING% D& g. v0 ^, f$ i9 [
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’’.! U& }' Q: @( b( p. ^
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.  D. j8 p- i, v9 M% D0 S+ l# q
Amount: $150,000,000 (6,000,000 shares).
  F) B7 v- K  a2 d  n* v. H/ P0 d8 r+ lPrice and Yield: $25.00 per share to yield initially 6.50% per annum.* z9 m+ y% g+ u! m# w, c/ Q: f
Principal Characteristics of the Preferred Shares Series 18$ B( c& ^+ e9 N) b% d$ V- H' \
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
  k+ _4 y' H& j- R" vnon-cumulative preferential cash dividends, as and when declared by the
5 x$ D( \+ G' q4 Q$ BBoard of Directors, subject to the provisions of the Bank Act, for the initial. G& O& C; {! X5 U$ O; P$ V
period commencing on the closing date and ending on and including  Q7 B' B7 q) X+ }# p1 N1 r
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
# Z7 E) ^2 l) p- K) j& J; j25th day of February, May, August and November in each year, at a rate
2 P( V# |9 z$ a1 G6 Cequal to $0.40625 per share. The initial dividend, if declared, will be payable
6 ?2 `) Q7 J* e$ k% a8 Q8 KMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing+ X! _; v( G1 h! A5 K* q9 }7 J! N# Q
date of December 11, 2008.
- h/ Z: R8 O/ k- n8 ^6 MFor each five-year period after the Initial Fixed Rate Period (each, a
' ?& w0 N  L" U, @3 d  c7 `4 G‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
9 p) K9 N3 {1 X" F; J3 i- MSeries 18 will be entitled to receive fixed non-cumulative preferential cash
5 l/ C( u4 f  p3 p- @dividends, as and when declared by the Board of Directors, subject to the1 J6 g% v1 ?% q
provisions of the Bank Act, payable quarterly on the 25th day of February,
# I; {5 P( p4 Q+ U& y' s; `7 aMay, August and November in each year, in the amount per share per annum! J( G5 ^/ O$ W' O% m3 q0 o/ n
determined by multiplying the Annual Fixed Dividend Rate applicable to
, `7 K# |4 e& p4 E& c; D2 Asuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
# p0 U( Z5 @3 Y& B1 {( }9 _Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
; m3 {5 U4 u. w, l% WBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
9 j  U/ D% f$ E3 V6 jof such Subsequent Fixed Rate Period and will be equal to the sum of the
& U) k7 g* M' Q7 ?" O  p% G  [- r- ~Government of Canada Yield on the applicable Fixed Rate Calculation Date
! p  O7 l, y+ q% A+ B8 n  aplus 3.83%.6 F6 J; A0 Y8 t3 ]% l/ L
If the Board of Directors does not declare a dividend, or any part thereof, on
& V8 k3 G- Z) w. U2 [; e- R) x& rthe Preferred Shares Series 18 on or before the dividend payment date for a
/ j% P' e% \8 G( ~6 Xparticular quarter, then the entitlement of the holders of the Preferred
# b' i2 X6 P0 R4 |1 hShares Series 18 to receive such dividend, or to any part thereof, for such8 c! {9 `& H$ s! u  ~' p
quarter will be forever extinguished.
1 H) G* c+ M& @+ Q( w. e& B" \& b$ VRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
: C3 I" P8 e; `Superintendent and to the provisions described below under ‘‘Details of the
% a- d2 q1 c& f! v" v" @+ y5 LOffering — Certain Provisions of the Preferred Shares Series 18 as a9 P3 b/ _# l7 `: h, ^7 d
Series — Restrictions on Dividends and Retirement of Shares’’, on
5 `: Q' U; k6 |0 f4 K6 R- NFebruary 25, 2014 and on February 25 every five years thereafter, on not
4 K, V+ U6 x7 a. l  Tmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
' h" K5 G; v6 j; z* T. Y! u3 |, ~part of the then outstanding Preferred Shares Series 18, at the Bank’s option+ w6 S3 Y9 i' \
without the consent of the holder, by the payment of an amount in cash for9 ~! Z# H+ r" x  i; k) I
each such share so redeemed of $25.00 together with all declared and unpaid
1 B, ~/ O; S5 n" bdividends to the date fixed for redemption.
  D# S- G, {: z7 }Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
7 q" f( h, m" i1 f( F$ I2 yShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have9 d) }! K( r% N' m0 Q# j* Z# n
the right, at their option, to convert, on February 25, 2014 and on
/ z3 Z# P6 x0 W/ VS-40 I9 f* M& L$ T6 ^+ |
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any7 C: d. ~/ t6 ~7 V
or all of their Preferred Shares Series 18 into an equal number of Preferred
: V; y7 `" p) T+ XShares Series 19 upon giving to the Bank notice thereof not earlier than  ?4 R1 n0 M4 G+ H" N" D" O
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
$ K1 b# l6 m& _+ J, n. C& Apreceding, a Series 18 Conversion Date.7 H+ l6 [+ p% H: u8 v" U3 x2 T! O
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
4 J* V, _' O  `/ Q4 n% rProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares  Y3 l6 s7 C. j, l
Series 19, as the case may be, that there would be outstanding on such$ w1 y4 O0 ^* a3 u) T9 E  T
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,, z6 z2 Y" a' K+ m# V
such remaining number of Preferred Shares Series 18 will automatically be
( B. F$ `  j- }converted on such Series 18 Conversion Date into an equal number of, Z& l; ?- }/ \3 h3 ~6 ?  \& l& K
Preferred Shares Series 19. Additionally, if the Bank determines that, after
" v) b% ~6 j) U7 l1 Iconversion, there would be outstanding on such Series 18 Conversion Date
6 F  k6 T2 {) e  r% N, Qless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
; n$ q, x9 G4 [Series 18 will be converted into Preferred Shares Series 19.
. P2 _# C2 x; kVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
( Z6 E: D" R: K) qSeries 18 will not be entitled as such to receive notice of, attend, or vote at,# F/ `8 V  @4 U1 [: o
any meeting of the shareholders of the Bank unless and until the first time at, J( H2 v5 E) o
which the Board of Directors has not declared the whole dividend on the% ^6 z- f5 X3 z0 {  |
Preferred Shares Series 18 in any quarter. In that event, subject as- r" D% |, t) p! s: j8 @
hereinafter provided, the holders of Preferred Shares Series 18 will be/ C: ?6 p2 J+ P6 p
entitled to receive notice of, and to attend, meetings of shareholders at which7 J2 R: n$ B' b7 V% p
directors of the Bank are to be elected and will be entitled to one vote for7 t- s: s2 U% x& l2 ~7 o
each Preferred Share Series 18 held. The voting rights of the holders of the/ O2 Y  }& u1 S
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
+ x* G; W1 W0 Z8 m. Pthe first dividend on the Preferred Shares Series 18 to which the holders are+ y5 ~! J$ S. _" c
entitled thereunder subsequent to the time such voting rights first arose until& c4 ~- x9 [8 g( x* D
such time as the Bank may again fail to declare the whole dividend on the
4 V8 _# V+ q$ wPreferred Shares Series 18 in respect of any quarter, in which event such
6 ^. v7 k% Q$ cvoting rights will become effective again and so on from time to time.
+ h, l3 l7 [: o5 n/ APrincipal Characteristics of the Preferred Shares Series 19" V+ N7 I% E# e8 o4 H
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
' X& O/ J7 i" q: A) L8 [5 ]floating rate non-cumulative preferential cash dividends, as and when
- x& M9 y% e. F4 {7 z  Zdeclared by the Board of Directors, subject to the provisions of the Bank Act,5 P4 y) J- u5 }* l+ K$ O: O
payable quarterly on the 25th day of February, May, August and November
! t# s- Q3 D! V) |in each year, in the amount per share determined by multiplying the+ {) f6 t0 R  p
applicable Quarterly Floating Dividend Rate by $25.00.* X* _5 K  J+ U9 w* C/ B
On the 30th day prior to the commencement of the initial quarterly dividend! x0 f5 |3 Y0 x6 p3 {" H: j
period beginning on February 25, 2014, and on the 30th day prior to the first4 I' p6 X- u0 Q- s& v! _" r/ A
day of each subsequent quarterly dividend period (the initial quarterly" z" t* Y5 n: ?/ V  u( a* x0 V- K
dividend period and each subsequent quarterly dividend period is referred to# M1 Z7 }, A* g, ?" D; T# D
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the$ [. R  r% c! m! Q- J, m! D4 D# X9 X
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate6 j& ?) B8 I8 t, ^4 j
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the* D4 k6 _6 H( |. g. `- w' P6 b
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
. W/ K5 C$ H/ H3 n6 r4 V2 h; g4 Xelapsed in the applicable Quarterly Floating Rate Period divided by 365)6 [% R* p2 Z: J  F3 t  I
determined on the 30th day prior to the first day of the applicable Quarterly
& ^7 l& J) p6 n2 P7 DFloating Rate Period.& ]! _* I; q: N1 Q
S-56 _, C' M( X% ~# S! T$ }
If the Board of Directors does not declare a dividend, or any part thereof, on
" p. |' [  Y9 j, }5 Q# Y- ^the Preferred Shares Series 19 on or before the dividend payment date for a
$ G8 N$ H3 o! b- ~+ ?. g& k) h+ ?$ aparticular quarter, then the entitlement of the holders of the Preferred
: B" m# Z5 e2 y2 U3 ~# PShares Series 19 to receive such dividend, or to any part thereof, for such" n. b8 T7 Z6 W5 W; Y
quarter will be forever extinguished.) a  ?3 f4 N% F" V% u2 r
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the4 u6 _- Q( L* _; C' ?
Superintendent and to the provisions described below under the heading6 W' F: V5 g+ A0 s' X7 }; a1 K& ]
‘‘Details of the Offering — Certain Provisions of the Preferred Shares" S$ t* v( p# \) r0 D" d8 P  W" o) p
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
7 _  y& U/ v9 _/ _2 ^( Fon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
" u( _: r6 I% V5 w6 jor any part of the then outstanding Preferred Shares Series 19, at the Bank’s1 k# Q3 ]$ h0 W7 i
option without the consent of the holder, by the payment of an amount in2 y6 r2 t. y  T. z5 Q  G2 `, w/ H
cash for each such share so redeemed of (i) $25.00 together with all declared* b- h, m: j3 d3 ~  H4 p
and unpaid dividends to the date fixed for redemption in the case of
8 }6 c. P7 k4 K: Bredemptions on February 25, 2019 and on February 25 every five years. l6 [0 y8 v( W, S" f
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to: P* l) U8 f" J, u  ?2 V8 L
the date fixed for redemption in the case of redemptions on any other date5 T. R7 A5 Y( K7 ]
on or after February 25, 2014.! x7 `; L: p" m/ p' t/ U
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic& G; T1 V# W5 f# k! @: _
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
8 y" }& b; F0 W& \the right, at their option, to convert, on February 25, 2019 and on
/ F' s0 O0 z0 O7 q6 f" P6 w/ PFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
8 ^+ A& i( M0 t) @9 }or all of their Preferred Shares Series 19 into an equal number of Preferred, n5 O0 b  B, A/ \4 D
Shares Series 18 upon giving to the Bank written notice thereof not earlier
; ?& W2 e" ~: E# fthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the0 X: z  T8 w) E9 z5 v: d
15th day preceding, a Series 19 Conversion Date.4 y! @# ?- ^  a& i( B7 P
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
" Z2 S5 k: F' S5 I0 U3 F" gProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares3 ^7 f" i/ `+ N/ i" h
Series 18, as the case may be, that there would be outstanding on such
( x* K; P* L1 e% TSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,5 [2 n' V% r  o" U
such remaining number of Preferred Shares Series 19 will automatically be
9 t5 r3 l9 {3 u9 ^. D8 dconverted on such Series 19 Conversion Date into an equal number of4 }( r3 \+ i5 X
Preferred Shares Series 18. Additionally, if the Bank determines that, after
6 b& h& X9 P$ s, m6 l7 oconversion, there would be outstanding on such Series 19 Conversion Date* d7 z% {3 h; M1 i9 J
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
2 j' d; P: V: \& T! y2 _" @2 lSeries 19 will be converted into Preferred Shares Series 18.# y" @2 `/ {2 y
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
# I0 M( j0 R* Q: P( fSeries 19 will not be entitled as such to receive notice of, attend, or vote at,$ k3 K) }- X6 `9 e
any meeting of the shareholders of the Bank unless and until the first time at
0 a- s3 B4 t! T( N# k' Qwhich the Board of Directors has not declared the whole dividend on the2 ^) y: |' [) H4 m+ I# o7 f
Preferred Shares Series 19 in any quarter. In that event, subject as+ ~2 T7 U! m$ [. ^: U. U9 K  _
hereinafter provided, the holders of Preferred Shares Series 19 will be5 d. F+ C: E7 e$ A# N, _
entitled to receive notice of, and to attend, meetings of shareholders at which
& B6 m! _* ?; udirectors of the Bank are to be elected and will be entitled to one vote for4 Y4 e& q' a( `/ d
each Preferred Share Series 19 held. The voting rights of the holders of the
# j% E6 n: k4 i0 b. |' c7 yPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
9 R9 x' T  i1 h; Vthe first dividend on the Preferred Shares Series 19 to which the holders are
) z2 |& D- p9 J' z7 ^1 Hentitled thereunder subsequent to the time such voting rights first arose until" U; G5 I; x6 v& X
such time as the Bank may again fail to declare the whole dividend on the" E* q' w0 A, ?& Q' {9 m, U* ]3 Y
Preferred Shares Series 19 in respect of any quarter, in which event such
) D. `% e1 v. |7 J3 R. k3 @' Gvoting rights will become effective again and so on from time to time.8 \& q3 h0 w$ o: `
S-6; `, C$ E6 V7 _& }& G9 J( h
Priority: The preferred shares of each series of the Bank will rank on a parity with6 e$ P& q7 ]. h5 C) L' \
every other series and are entitled to preference over the common shares of
' s1 o, A/ X6 l4 Gthe Bank and over any other shares of the Bank ranking junior to the
5 H" h) ?: m( m: L/ S' jpreferred shares with respect to the payment of dividends and upon any
. W% V. k% X4 O# g! c- sdistribution of assets in the event of the liquidation, dissolution or
7 X5 u/ F6 v# C7 r4 ]0 X+ cwinding-up of the Bank.
6 g: [* _/ I1 \; z# A( VTax on Preferred Share The Bank will elect, in the manner and within the time provided under
' a5 b% I" X& k& tDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares3 k3 t/ N, k$ G  N/ k8 m) L
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
5 p, k3 c$ l" x! K) i' K" K" |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。7 Y; U0 V* f' K' 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
" m% n& G& R$ e6 L* g/ P& G5 t) a  E
) t+ ]* g- U) T  b7 R& W9 V
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
4 Q6 p  t" t/ A+ H! ~2 m, S2 }, A$ q' M
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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