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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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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。
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6 B0 x8 ^% B& N' S
7 {& K# C. P, _[ 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:
+ w' ]) E6 Y: i9 LSUMMARY OF THE OFFERING
- s- O9 B8 {6 ]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’’.
- l  {4 K3 Y4 x; X' LIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
! o' m' {0 B7 K/ f8 S9 s3 cAmount: $150,000,000 (6,000,000 shares).
5 F/ n: L& q* F! Y# x  a( ZPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
# |% Z* E, `0 X0 q1 JPrincipal Characteristics of the Preferred Shares Series 18
8 F* V. V; d( B. e5 |' h/ q5 ]/ _+ E: e% t& wDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed: B: ]" b+ i2 y5 v. n0 E
non-cumulative preferential cash dividends, as and when declared by the
6 P+ R& L& c# g$ @* }) u9 ?; e: NBoard of Directors, subject to the provisions of the Bank Act, for the initial
4 U9 [5 [' {$ c4 Hperiod commencing on the closing date and ending on and including4 {3 }+ C6 h. V# A
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
) V) x2 D2 D* K3 \0 u25th day of February, May, August and November in each year, at a rate
- Z9 a* w/ Q8 A$ U5 ?, C! }equal to $0.40625 per share. The initial dividend, if declared, will be payable
; Z7 R, j" }# C/ ~6 V: `; `May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
; N7 w6 J8 x/ ?' fdate of December 11, 2008.
( G4 S: Q( a9 }% BFor each five-year period after the Initial Fixed Rate Period (each, a0 E+ Q& j8 Y, h2 R
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
  g) p! _' V9 K" p: aSeries 18 will be entitled to receive fixed non-cumulative preferential cash6 Y& N5 O" k/ G
dividends, as and when declared by the Board of Directors, subject to the
  J& D1 `$ P$ O) ^- _7 Vprovisions of the Bank Act, payable quarterly on the 25th day of February,
, `$ E- e) S6 u/ HMay, August and November in each year, in the amount per share per annum3 N% v  W9 l+ T% p& G4 W9 t# r% k
determined by multiplying the Annual Fixed Dividend Rate applicable to+ b4 r" f7 W1 j9 X. W6 f
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
: l  S) T( b# f1 h, u3 }; x& ?Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
! A, o! q0 C% B# k& \; QBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
! J* A& R, u5 Y; _; U; p9 u1 hof such Subsequent Fixed Rate Period and will be equal to the sum of the7 K+ a3 X( ~3 g2 U& e3 [
Government of Canada Yield on the applicable Fixed Rate Calculation Date
+ T8 d6 F& [; f$ Dplus 3.83%.4 V3 u  A, l" k: [, t* H" j
If the Board of Directors does not declare a dividend, or any part thereof, on
0 L( H; K' R5 N5 t( J+ pthe Preferred Shares Series 18 on or before the dividend payment date for a
6 D% E+ t, z" t2 ]" bparticular quarter, then the entitlement of the holders of the Preferred/ @% s! U2 W) c- {  n: M7 C5 D3 \
Shares Series 18 to receive such dividend, or to any part thereof, for such/ K/ z( ^7 p, L& c+ G. |6 R7 w
quarter will be forever extinguished.
$ s) y7 v) m( G4 b2 L+ {2 ~Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
: `1 O# \6 v+ ^4 x: p- L4 j" hSuperintendent and to the provisions described below under ‘‘Details of the
: t/ e) O1 W& c. DOffering — Certain Provisions of the Preferred Shares Series 18 as a
* O5 k% l! E6 dSeries — Restrictions on Dividends and Retirement of Shares’’, on) f5 r2 Y" o7 o) v
February 25, 2014 and on February 25 every five years thereafter, on not/ B  q% O2 x) ^8 `4 T8 y, H3 w, n, R7 n
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
0 `9 l' g- A$ `& wpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
- n" \, }  L+ h7 A& Swithout the consent of the holder, by the payment of an amount in cash for! U0 C7 J, E8 ?3 S0 N5 M
each such share so redeemed of $25.00 together with all declared and unpaid
; {! G6 e  q: ]9 k( d& t& v( |. Idividends to the date fixed for redemption.+ x" i$ O+ [0 R* k+ G  W
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
6 ~, \/ C- J: c% nShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have6 q7 T& P7 |+ G: M& T% I- v0 Y; w
the right, at their option, to convert, on February 25, 2014 and on
5 e& H$ o9 o! Y1 fS-4& ~1 T, q) ^" u: A# p( H
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any* g# u  w9 [/ U
or all of their Preferred Shares Series 18 into an equal number of Preferred
8 k1 C6 M. K" XShares Series 19 upon giving to the Bank notice thereof not earlier than
; E- E' j7 W* d* r30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
* u% ?6 Z5 U+ y6 d9 A4 Npreceding, a Series 18 Conversion Date.2 u) }5 m' v1 D( i! ^$ c
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
4 p  x- ~! h' d4 x& F8 F0 ~0 cProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares, ?3 ~, q# Q: e% ]
Series 19, as the case may be, that there would be outstanding on such
# X' U" N* h9 W( i' \9 E$ w6 `Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
6 E, Y* X4 C6 o& _such remaining number of Preferred Shares Series 18 will automatically be2 `/ w+ e  e; s' v3 Q
converted on such Series 18 Conversion Date into an equal number of
- `/ \, `1 x& H, r, t) W/ k! LPreferred Shares Series 19. Additionally, if the Bank determines that, after
/ `4 |; m* v+ c- @0 B( p% c# Oconversion, there would be outstanding on such Series 18 Conversion Date" B7 m, }- q* A; P% Z
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares1 A$ ~/ y+ J" X  [9 `$ j' U
Series 18 will be converted into Preferred Shares Series 19./ O2 F8 z+ S" d# E' W
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
7 t, \( s# f# ~8 |1 kSeries 18 will not be entitled as such to receive notice of, attend, or vote at,* Y  O% N; M+ I
any meeting of the shareholders of the Bank unless and until the first time at
( A: K0 E' s$ a* Q( s4 |which the Board of Directors has not declared the whole dividend on the
" A0 m" s# _- {Preferred Shares Series 18 in any quarter. In that event, subject as% I5 f& |' o# h; Z! o# k* L  }& A5 o
hereinafter provided, the holders of Preferred Shares Series 18 will be' Y% I' ], _+ n1 x3 x9 X
entitled to receive notice of, and to attend, meetings of shareholders at which. W; m+ {# o$ B9 V, p
directors of the Bank are to be elected and will be entitled to one vote for6 e4 z! Q! U2 X$ e- y% q
each Preferred Share Series 18 held. The voting rights of the holders of the' {$ B8 L1 ], d
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of% f3 Z: M8 v: E5 `7 h
the first dividend on the Preferred Shares Series 18 to which the holders are2 W" }& B4 p, n' H) a1 _9 G2 Y. a
entitled thereunder subsequent to the time such voting rights first arose until  r5 p/ M; u7 h: X) T3 f
such time as the Bank may again fail to declare the whole dividend on the
+ ?: w# l( h/ y1 jPreferred Shares Series 18 in respect of any quarter, in which event such$ Y( I7 |" g- S  q
voting rights will become effective again and so on from time to time.
  z6 P3 y' C9 L8 J2 E  L" CPrincipal Characteristics of the Preferred Shares Series 19# j1 [- D- g& }; I- K
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
5 t5 z. R1 y2 I3 O$ Y/ [4 o. hfloating rate non-cumulative preferential cash dividends, as and when
0 n0 A/ K, F9 c3 S" G+ u1 {. ?declared by the Board of Directors, subject to the provisions of the Bank Act,* j4 f+ ~8 j/ t0 G* i' X
payable quarterly on the 25th day of February, May, August and November
2 ~2 w, n+ S' X* r( Y5 Uin each year, in the amount per share determined by multiplying the! G, P6 z6 b+ p! p  r# b2 f! W$ ?6 F
applicable Quarterly Floating Dividend Rate by $25.00.
4 E0 \% s+ z, B) cOn the 30th day prior to the commencement of the initial quarterly dividend% M. g) T! X0 U& ~
period beginning on February 25, 2014, and on the 30th day prior to the first% C% @* M) y4 |$ m2 D$ n" f
day of each subsequent quarterly dividend period (the initial quarterly: w6 X9 E& a" J4 [! N
dividend period and each subsequent quarterly dividend period is referred to7 Z. k% J  g( ^; f' I
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
/ _5 E0 |! G0 y) B; ZQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate6 ]3 p4 a% j9 B  t1 e9 D& X2 K
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the. g+ W( I1 X3 b
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days2 F, y1 E5 U% [% F' H6 Y0 q5 b
elapsed in the applicable Quarterly Floating Rate Period divided by 365)- S+ \9 k7 p0 M5 f
determined on the 30th day prior to the first day of the applicable Quarterly9 W- c7 n; i# C& c! H
Floating Rate Period.0 E. X) k/ T! t( v
S-5
+ T3 R1 d* C! M6 EIf the Board of Directors does not declare a dividend, or any part thereof, on
  n9 a: ?% s) N8 U' V6 ^+ Uthe Preferred Shares Series 19 on or before the dividend payment date for a: i& h( B; }( s: U5 P# v
particular quarter, then the entitlement of the holders of the Preferred
7 E6 F3 J9 \0 V, jShares Series 19 to receive such dividend, or to any part thereof, for such# v/ J# h% L' S
quarter will be forever extinguished.
9 K1 C, F3 N7 D  e2 W4 t6 u/ a; ]Redemption: Subject to the provisions of the Bank Act and to the prior consent of the5 k$ C4 H+ n: W* E' `( E- A6 u
Superintendent and to the provisions described below under the heading9 ^- L# ?0 n. m
‘‘Details of the Offering — Certain Provisions of the Preferred Shares6 e- l3 q9 B- P4 S, Y; a4 `
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,% j3 X% P  \* t% D- X
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
% s9 a) p  |# v8 Lor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
* R& ~! C; k+ o/ X, n+ E/ Qoption without the consent of the holder, by the payment of an amount in
: \6 q  z1 Q4 J/ V! ]0 {# a! ^) icash for each such share so redeemed of (i) $25.00 together with all declared( S- q# j( e$ l" {5 ^
and unpaid dividends to the date fixed for redemption in the case of+ r4 L/ o& R2 m0 D
redemptions on February 25, 2019 and on February 25 every five years
4 k3 N$ D( s5 r2 u1 ?/ h& tthereafter, or (ii) $25.50 together with all declared and unpaid dividends to4 |; N1 g; l7 X
the date fixed for redemption in the case of redemptions on any other date/ S% l2 K' Y5 W4 L  D) I3 Y
on or after February 25, 2014.4 Q' I3 D' h* R$ M
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic& {5 e( Q( F2 h/ o5 ^
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have! v4 u- ~3 ]9 a3 S
the right, at their option, to convert, on February 25, 2019 and on2 G% h, n/ [6 o1 W$ g
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any! f% H6 l  m( s5 {
or all of their Preferred Shares Series 19 into an equal number of Preferred+ J/ M/ b4 J  i
Shares Series 18 upon giving to the Bank written notice thereof not earlier
9 l- n. P+ |3 y2 ^9 y$ A* lthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the. V# ]; e! P, [( `: o8 w
15th day preceding, a Series 19 Conversion Date.
* Q% X% F' P# I- i, W! c; nAutomatic Conversion If the Bank determines, after having taken into account all shares tendered7 }! D& X( \2 Y6 o# S
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares! ^) j, J3 `3 h! H
Series 18, as the case may be, that there would be outstanding on such
; u5 s8 J- w0 C! h5 w8 \; T) hSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,. Y" j7 P4 [! M6 J( [
such remaining number of Preferred Shares Series 19 will automatically be' w4 O& e/ l# {' o
converted on such Series 19 Conversion Date into an equal number of
# o: }2 F( k$ l( ^; b: z0 xPreferred Shares Series 18. Additionally, if the Bank determines that, after
& E: Q: f3 [0 w6 N8 L# xconversion, there would be outstanding on such Series 19 Conversion Date" R& h" t; i8 F1 x% R% ~
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares2 ^* Q5 B: h& P1 f: r, B
Series 19 will be converted into Preferred Shares Series 18.
1 C/ w5 _! ^: N, q# y8 A% D; rVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares# K% d; O5 b  |# n; k) G* |/ r
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
2 c  x; [; ]# V' i2 nany meeting of the shareholders of the Bank unless and until the first time at
. Q. C7 H1 U) u' R' `which the Board of Directors has not declared the whole dividend on the
4 u( j; u+ ^+ u; vPreferred Shares Series 19 in any quarter. In that event, subject as
  n% P  v9 R0 l' p% V; W/ shereinafter provided, the holders of Preferred Shares Series 19 will be
2 v, U- C0 f& m2 D5 B8 [6 _5 @entitled to receive notice of, and to attend, meetings of shareholders at which
5 B7 }: r) J4 K, U, B; Xdirectors of the Bank are to be elected and will be entitled to one vote for) e: q4 ?4 K4 ^$ J8 j
each Preferred Share Series 19 held. The voting rights of the holders of the
0 O; R5 m  B7 u( z6 F. Q) y* sPreferred Shares Series 19 will forthwith cease upon payment by the Bank of: P. g) D7 _" n6 L4 S" ~4 v" D
the first dividend on the Preferred Shares Series 19 to which the holders are3 J9 k7 |# v: M4 m! o3 n$ q
entitled thereunder subsequent to the time such voting rights first arose until
& r0 O# }* V" S; v* Vsuch time as the Bank may again fail to declare the whole dividend on the9 p3 n" }  }6 _: x1 Y9 N7 E
Preferred Shares Series 19 in respect of any quarter, in which event such
5 }# p/ l. @4 H) M4 x8 Avoting rights will become effective again and so on from time to time./ y6 {& R* M3 v! v5 C; H
S-6
, o  ~7 z1 O3 N$ [4 |Priority: The preferred shares of each series of the Bank will rank on a parity with
. l* e: [" L& h" @$ Jevery other series and are entitled to preference over the common shares of! e( u5 C/ T% v9 I4 q3 j# l" }5 B" y3 c
the Bank and over any other shares of the Bank ranking junior to the
, v" _4 y9 n- K2 Q! N3 ?" b7 Tpreferred shares with respect to the payment of dividends and upon any
9 P* i# q' |' T1 l3 [distribution of assets in the event of the liquidation, dissolution or; i6 \9 @8 r; d, e" k: h2 h
winding-up of the Bank." `6 Z. G( m, _0 G+ w( l
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
# i+ U- C/ T+ o+ @4 K6 NDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares# v7 k7 t& v  \! ?4 `1 C/ @
Series 18 and Preferred Shares Series 19 will not be required to pay tax on4 f  }' _; j: z9 T, Z
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。
% ?( R, J, ?0 D) y; }8 y! V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
2 K. _0 H: e1 ~8 T! d. n5 P

  z. b- V# K3 p3 T$ S  L下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。5 E) u$ l1 X+ m8 m4 ^$ {+ w% G
7 c; s2 @5 Y/ j: a+ x1 ~, e
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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