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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。! c- G! t. }# `. ?

2 W4 s  u1 z/ K5 \+ d) B' `6 k' i/ G& k0 S& g" q
[ 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:
8 K+ ?" j. ~) V8 D. ySUMMARY OF THE OFFERING
2 d$ ?" l& C- |+ S2 E* pThis 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’’.+ k2 e; e6 U( C# I% l/ G( V: ?
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
8 m! `: b% q5 dAmount: $150,000,000 (6,000,000 shares).: E- l/ y$ M: W: _2 K% [
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
! Q$ ]8 |) D( j: u+ kPrincipal Characteristics of the Preferred Shares Series 18
* f6 i4 R7 Z0 d; L1 @Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed4 L* _5 b0 S0 m' `! h  F5 ~) J% |
non-cumulative preferential cash dividends, as and when declared by the
% w& q, g& E/ x' `Board of Directors, subject to the provisions of the Bank Act, for the initial
  u% x0 m4 g' u* h' G7 M9 Kperiod commencing on the closing date and ending on and including
9 V0 f* j- h  t. V: ?  a4 ?February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the! A; J% H1 E. \* @$ I6 h
25th day of February, May, August and November in each year, at a rate, ?7 f0 }4 n- i- y
equal to $0.40625 per share. The initial dividend, if declared, will be payable( g$ @- B, A) A" T
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
2 l5 J2 @( h8 c1 Q2 Xdate of December 11, 2008.4 ]4 y! |. f& ~6 D; ~9 D
For each five-year period after the Initial Fixed Rate Period (each, a
7 A7 @7 Y# X5 G( y& E‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares: K8 g- x5 N  w
Series 18 will be entitled to receive fixed non-cumulative preferential cash6 c6 V# N* u! O) m4 I9 J
dividends, as and when declared by the Board of Directors, subject to the
# a7 |0 J) o! {provisions of the Bank Act, payable quarterly on the 25th day of February,
9 K; d3 R2 J7 R* O& MMay, August and November in each year, in the amount per share per annum) }; t! h& a9 b/ ]' }( ^
determined by multiplying the Annual Fixed Dividend Rate applicable to
% d8 [- ?: Q2 z/ bsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend! @; }4 _- @$ b+ X+ q
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the& e# V7 o% _) p* ?+ p: [9 c2 N9 v+ v( R
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
: u( s. K7 G& `0 bof such Subsequent Fixed Rate Period and will be equal to the sum of the  r$ H7 M6 ~$ a: Z: ?
Government of Canada Yield on the applicable Fixed Rate Calculation Date
* p6 K) m  ~" j7 J7 _+ k4 E% M+ iplus 3.83%.
" J: a3 ?" p) n7 z, LIf the Board of Directors does not declare a dividend, or any part thereof, on
" Y7 i% K7 t8 k' Q) Tthe Preferred Shares Series 18 on or before the dividend payment date for a
2 [5 v# O5 u! ?3 r7 {# Y* c4 vparticular quarter, then the entitlement of the holders of the Preferred% {2 K8 r4 F+ r$ a
Shares Series 18 to receive such dividend, or to any part thereof, for such- l! ]# O! W' ?( F
quarter will be forever extinguished.3 G5 i2 o. r  |% M) ^0 f
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
) V6 j! [- y! k* S7 ?Superintendent and to the provisions described below under ‘‘Details of the, S0 a/ I# Y# e7 K' j* l' v3 a
Offering — Certain Provisions of the Preferred Shares Series 18 as a9 l# q+ @6 \" C( ?% n9 q1 e& f$ |1 D
Series — Restrictions on Dividends and Retirement of Shares’’, on
, t. d- U. z/ I% n- @February 25, 2014 and on February 25 every five years thereafter, on not
% @: C7 A- C1 Z+ J6 ~* imore than 60 nor less than 30 days’ notice, the Bank may redeem all or any+ k. k( K: h+ ~3 x4 h
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
- l) }  y. y' r  p9 G) Ewithout the consent of the holder, by the payment of an amount in cash for
  ?# _$ K' p9 o9 _' R" J  ~each such share so redeemed of $25.00 together with all declared and unpaid" Z1 l% y$ ~( c0 Q9 \' Z
dividends to the date fixed for redemption.
" [& i6 t7 J( j9 F+ DConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic$ N  V. w9 C' W5 M' X' b& l6 ?9 B( H
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have  {; y# N$ p9 T1 d1 }1 l5 }8 I  o5 |- `
the right, at their option, to convert, on February 25, 2014 and on1 G9 r& j/ Q; i! X7 i5 Y
S-4! B# g+ N2 F# T
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
& J3 x( ^3 T8 q+ I2 Tor all of their Preferred Shares Series 18 into an equal number of Preferred1 f4 k9 C* Q1 T9 D5 T. J; {8 H$ z
Shares Series 19 upon giving to the Bank notice thereof not earlier than
; V9 {8 R- P' {3 Y$ c30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
% l& y) _0 U7 t, Xpreceding, a Series 18 Conversion Date.
0 {4 U* l4 O2 k9 o& QAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
  G( y6 {" B4 X* a: yProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares" P* _5 @$ m3 j& `8 w% P# E( \! ~) R
Series 19, as the case may be, that there would be outstanding on such
( ~$ w0 H/ p: U: aSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,! d+ T( D3 Q4 a- }2 T
such remaining number of Preferred Shares Series 18 will automatically be
' Z$ J! ]) k& B+ nconverted on such Series 18 Conversion Date into an equal number of) u* W2 y% v* \  W( I  V/ ?: A
Preferred Shares Series 19. Additionally, if the Bank determines that, after
2 A- h7 Q& {6 ~* h+ x% iconversion, there would be outstanding on such Series 18 Conversion Date. b- s1 n+ _# d; N5 I8 L' f; ?
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
/ J8 |, G! w) p2 y5 t# o$ XSeries 18 will be converted into Preferred Shares Series 19.
3 r8 b" R3 p' T5 g& p" f1 X' rVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
& t5 O; e" M7 K5 N6 pSeries 18 will not be entitled as such to receive notice of, attend, or vote at,+ c  L3 w' ^) k* u0 t
any meeting of the shareholders of the Bank unless and until the first time at
. T* h+ C8 Q8 h$ Twhich the Board of Directors has not declared the whole dividend on the
' x! B; w$ e/ }! JPreferred Shares Series 18 in any quarter. In that event, subject as
& m9 e  y  e6 O0 I# U) R- v. T% o* V+ Yhereinafter provided, the holders of Preferred Shares Series 18 will be
' I% p( i) d' T6 v* r% i# xentitled to receive notice of, and to attend, meetings of shareholders at which
; M8 a% _1 t+ q1 n9 M! e3 @directors of the Bank are to be elected and will be entitled to one vote for
- J) d, n) J9 C9 `1 p% [each Preferred Share Series 18 held. The voting rights of the holders of the
! k) {4 `1 o2 {5 @1 K0 b' C* VPreferred Shares Series 18 will forthwith cease upon payment by the Bank of- u5 h; O. j3 {6 F- Q* I! ]9 S
the first dividend on the Preferred Shares Series 18 to which the holders are
5 y' B  X- g7 L% C+ x  ~entitled thereunder subsequent to the time such voting rights first arose until
2 Z, m; V/ y4 j8 X8 K& Z: esuch time as the Bank may again fail to declare the whole dividend on the
7 o" _( J& ^7 ]; o, A4 jPreferred Shares Series 18 in respect of any quarter, in which event such
1 x5 l. z# V6 c# |: E( d% W# R, Bvoting rights will become effective again and so on from time to time.# j' w5 }) P: P
Principal Characteristics of the Preferred Shares Series 19
2 x. V0 L6 M) bDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
) h8 w( g. z4 ~/ z8 n! Pfloating rate non-cumulative preferential cash dividends, as and when
/ K4 c" N. L5 r2 {- G( R# V! odeclared by the Board of Directors, subject to the provisions of the Bank Act,/ t% T; H! \& @* O- [
payable quarterly on the 25th day of February, May, August and November
1 t6 v' Z( ^% I6 U# ]2 r$ hin each year, in the amount per share determined by multiplying the
; j$ p8 U- X0 ~$ s4 j8 W) a( Dapplicable Quarterly Floating Dividend Rate by $25.00.
  V# F# }& f7 B& f% ^1 u0 BOn the 30th day prior to the commencement of the initial quarterly dividend  M6 a9 d4 A, E$ o3 m
period beginning on February 25, 2014, and on the 30th day prior to the first: q  \8 \! V. X" A: m: O* \. G
day of each subsequent quarterly dividend period (the initial quarterly
6 E: }6 U  f, udividend period and each subsequent quarterly dividend period is referred to
" E, `# F- h9 {% Q+ uas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
% p  @, H! @1 N8 |1 V6 P. ]# _Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate. N3 M0 b2 L! r, Y" L" D
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
& D. q8 F( z- [2 H" lT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days; A9 K+ {& j! f( q# j
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
8 P# N, `0 s- Q& V; `' fdetermined on the 30th day prior to the first day of the applicable Quarterly
# v. H$ `- N+ gFloating Rate Period.& _* ^4 T& D+ o/ _
S-5! A! T; B, \2 I0 c  j. D- A( F
If the Board of Directors does not declare a dividend, or any part thereof, on
# n; U1 R& d( \4 qthe Preferred Shares Series 19 on or before the dividend payment date for a
0 {( a& s7 R  y! x8 Oparticular quarter, then the entitlement of the holders of the Preferred  X9 k& x/ z6 @7 h# l* o# g
Shares Series 19 to receive such dividend, or to any part thereof, for such1 P3 l* U0 ]: Y# w0 |8 a" y
quarter will be forever extinguished.
* q& v3 y" [1 X4 L0 {8 nRedemption: Subject to the provisions of the Bank Act and to the prior consent of the- h1 V. I4 J# J( U& `3 i. r) G
Superintendent and to the provisions described below under the heading
' I1 b" B9 L( @' ~$ O( G‘‘Details of the Offering — Certain Provisions of the Preferred Shares: o: z  Y( @  Z+ X2 }4 d, E+ Z
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
5 x" [1 U8 S$ }& J3 Qon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
  y! d  g4 G, r6 T0 Z6 Q& wor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
6 y$ x, |0 m) Loption without the consent of the holder, by the payment of an amount in
6 w3 e+ S: n7 r! i: I6 O! bcash for each such share so redeemed of (i) $25.00 together with all declared: I. @6 f4 c- x3 W9 A: q9 h/ x
and unpaid dividends to the date fixed for redemption in the case of' k" k& V* G" t3 n& ~$ X5 C8 v
redemptions on February 25, 2019 and on February 25 every five years5 R) @) N& f9 o  S
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to: l+ \6 [' O9 z
the date fixed for redemption in the case of redemptions on any other date
/ |$ @5 v. \& h" _7 eon or after February 25, 2014.
- P- C5 f9 t' `Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic4 L! @2 L8 H# B) O. t: S
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
! N. Z5 o; }2 Zthe right, at their option, to convert, on February 25, 2019 and on8 t5 E( p$ l' K! |% f0 J1 p2 Y0 G
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
6 q2 C* T- W, C: |' Nor all of their Preferred Shares Series 19 into an equal number of Preferred  N0 a( c& E& }; d4 F# J" F! `
Shares Series 18 upon giving to the Bank written notice thereof not earlier# J+ A7 I7 I* q: ?9 `# _" O
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the: n: `: Z( t3 C2 d& ]" j' s  l
15th day preceding, a Series 19 Conversion Date.4 U7 L+ n/ L+ _8 u6 A* M1 o7 x
Automatic Conversion If the Bank determines, after having taken into account all shares tendered9 [. z/ `; H9 y( e2 j
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares' p. S7 q3 ^, H" _8 I" K) J1 ^
Series 18, as the case may be, that there would be outstanding on such5 G8 _+ ?4 c9 a* e/ D% z8 R) A
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,% Z! B% Z& ]+ E: u' {  F
such remaining number of Preferred Shares Series 19 will automatically be* u! I0 L2 ?7 L7 `
converted on such Series 19 Conversion Date into an equal number of
6 r: b( R) G. k# JPreferred Shares Series 18. Additionally, if the Bank determines that, after
4 |9 Q9 E2 v+ p% N. cconversion, there would be outstanding on such Series 19 Conversion Date
1 Q8 _2 r, W$ l5 M: r$ o2 E5 h+ ?9 ?less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
' E! v( R2 V! R# \5 a* U. rSeries 19 will be converted into Preferred Shares Series 18.5 B* j% m: b3 @5 E% w/ E9 o
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares; f2 k5 u) i9 f% k4 Z6 ^, C
Series 19 will not be entitled as such to receive notice of, attend, or vote at,$ e) d$ \% d- I4 E( e  ]; z% @! a+ ]
any meeting of the shareholders of the Bank unless and until the first time at
( l7 _0 O, C+ f  a2 b- ]which the Board of Directors has not declared the whole dividend on the6 W2 V: `/ e  G: }# L" P1 o
Preferred Shares Series 19 in any quarter. In that event, subject as
. f! z6 b! j$ b" k' j* dhereinafter provided, the holders of Preferred Shares Series 19 will be
  ~+ Z* y4 w2 U! d' Xentitled to receive notice of, and to attend, meetings of shareholders at which
8 Y2 f+ ?% q# `% f& xdirectors of the Bank are to be elected and will be entitled to one vote for
: d# V" B6 t# t  }! O& X% aeach Preferred Share Series 19 held. The voting rights of the holders of the5 O% ]" w; `# m4 K  o
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
% l" U: l2 R: [" o! U* u7 s2 f4 Qthe first dividend on the Preferred Shares Series 19 to which the holders are$ N/ T+ P8 Y6 r5 a/ V7 n
entitled thereunder subsequent to the time such voting rights first arose until
  b4 Y% ?6 W0 Osuch time as the Bank may again fail to declare the whole dividend on the
/ f; Y0 i8 c: k; rPreferred Shares Series 19 in respect of any quarter, in which event such' Z( Q! B5 M( d3 [- B  ?; x0 p
voting rights will become effective again and so on from time to time.
+ E6 j% ^1 x* R7 lS-6
; D5 [( ~4 I; @% a9 ^0 FPriority: The preferred shares of each series of the Bank will rank on a parity with
2 n4 r  F" \! P( U7 [every other series and are entitled to preference over the common shares of1 z+ g' z$ p* G; u
the Bank and over any other shares of the Bank ranking junior to the" u7 K2 E: B/ P! ?  p% |
preferred shares with respect to the payment of dividends and upon any
& X5 z) @0 c+ G/ d1 ndistribution of assets in the event of the liquidation, dissolution or6 b# p: n) _, D9 H; y+ E! M
winding-up of the Bank.: j3 M7 }* w& v& O
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
$ W# B! ^3 y8 C( G* l  |Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares  P) y& \& i/ n
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
5 N; E, Q* e0 V3 {0 ]0 ddividends 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 ^+ }0 V+ j- B
今天讲座如何?
理袁律师事务所
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
# ~& J! e* H# }6 ^' v& ^/ W& o

, d; M9 F* d. |  ]& ^8 }+ C1 U1 w下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
8 e% b& @4 M, ^
8 l4 b8 L' Y/ s' x. ]$ ^- u" @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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