埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 2811|回复: 5

请问精打细算:银行6.50% 5-Year Rate Reset Preferred Share投资的利弊?

[复制链接]
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。+ S5 J2 L+ T* a" k1 `- w

6 b. x3 ^! ?$ P8 y3 n5 B/ `
2 s7 K- I7 @, 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 t, }# ^: V# c+ n& N) e
SUMMARY OF THE OFFERING8 h1 {9 O. a$ G
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’’.1 N7 K, C5 W6 Q! Z9 t
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.; k+ G% n' D' H' F1 l1 O
Amount: $150,000,000 (6,000,000 shares).
/ o) B7 R: `8 F+ W) JPrice and Yield: $25.00 per share to yield initially 6.50% per annum.6 I4 D7 E& E# _. W
Principal Characteristics of the Preferred Shares Series 18/ g3 d, A1 [" ~6 C! Z
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
/ s0 U0 L2 u. G7 D& i  Unon-cumulative preferential cash dividends, as and when declared by the
1 u4 a7 S2 K5 N6 U/ F! SBoard of Directors, subject to the provisions of the Bank Act, for the initial$ j" X) y" v9 A  R3 s8 n
period commencing on the closing date and ending on and including
" T+ \9 q& }- ]% g- OFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the' I* ^" n0 _  ~, v/ ?. o% c
25th day of February, May, August and November in each year, at a rate
) M; M1 \9 f- y) U4 w0 kequal to $0.40625 per share. The initial dividend, if declared, will be payable' Y) Q* V' _. C/ i6 S; q+ b/ [9 n
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
( [7 u7 _2 B7 y8 Zdate of December 11, 2008.0 C' F  K2 q. q+ ~5 O& J5 F
For each five-year period after the Initial Fixed Rate Period (each, a
' y; U+ C8 Z4 H( e‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
# i  P! a7 w) ]+ A, d7 BSeries 18 will be entitled to receive fixed non-cumulative preferential cash
" p  A4 X/ f) J- K' y3 bdividends, as and when declared by the Board of Directors, subject to the' m: u7 n" e$ P7 C& }
provisions of the Bank Act, payable quarterly on the 25th day of February,! p* h0 h$ i- G6 @3 f5 D. r1 ^; E
May, August and November in each year, in the amount per share per annum
3 z# P3 u7 s0 Adetermined by multiplying the Annual Fixed Dividend Rate applicable to
  w) j7 T% T* O# z6 h5 L+ }such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend- _. h; C+ ?; p) l! I/ n! ?
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
- e6 ^, D4 s. E, k# b2 BBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day0 |. S  ?% P& Z
of such Subsequent Fixed Rate Period and will be equal to the sum of the
! Y0 [* n& n* @' f: b( BGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
( [* R& J$ Z" v6 J+ U0 S. Bplus 3.83%.
% x3 }7 E- H" bIf the Board of Directors does not declare a dividend, or any part thereof, on3 n: H; L4 P6 y( _* h
the Preferred Shares Series 18 on or before the dividend payment date for a
+ \) B( v- H* N3 C& m8 dparticular quarter, then the entitlement of the holders of the Preferred& q4 e5 ]. ]) Z2 [
Shares Series 18 to receive such dividend, or to any part thereof, for such
4 {# V+ a* N+ G# a! B' E% g( D4 V( r7 yquarter will be forever extinguished.2 m! P) f4 N5 }% v( U
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
. a  o! M. r7 e! |: rSuperintendent and to the provisions described below under ‘‘Details of the6 q. q& B: J( L7 n# m9 R+ I. r
Offering — Certain Provisions of the Preferred Shares Series 18 as a
# d( P5 [! p( x1 P9 TSeries — Restrictions on Dividends and Retirement of Shares’’, on. ~* Z+ t( ]! L4 q/ V5 z' S' Q
February 25, 2014 and on February 25 every five years thereafter, on not+ p% D# A' H& {& Z" o' F
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
' S- a& w4 A5 a, D- ]& B, A9 spart of the then outstanding Preferred Shares Series 18, at the Bank’s option
& r) ]4 Y1 u- w" C+ z* F% m# vwithout the consent of the holder, by the payment of an amount in cash for5 O% A" |9 Z0 A6 V& E- w  m3 l
each such share so redeemed of $25.00 together with all declared and unpaid" E0 k; U- l0 w
dividends to the date fixed for redemption.5 b0 v" p! [/ c
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic6 N# |" q3 R8 T6 s2 O
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have  e, S: W0 n( n, N4 v# _, j
the right, at their option, to convert, on February 25, 2014 and on2 D$ ~$ }' o0 v1 d
S-4' x' J7 l( x9 s
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
2 B' t. M8 B9 z; r1 g( W* Z# e  G* por all of their Preferred Shares Series 18 into an equal number of Preferred
% X3 r, c/ g+ e- B/ `/ V6 qShares Series 19 upon giving to the Bank notice thereof not earlier than2 R3 ^7 e/ J, U; h$ M( X, t8 w
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
# ~  Z, m& N  Kpreceding, a Series 18 Conversion Date.
# T( z* U$ |* u( f% e1 x7 k$ A5 Q. JAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
# v& k! m1 m! G; Y  t* @Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
, }- u9 ~( @3 ~& y& q2 N) gSeries 19, as the case may be, that there would be outstanding on such
: W  x- K6 U4 y& b# U) f, DSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
. s8 e! P0 h3 zsuch remaining number of Preferred Shares Series 18 will automatically be- X  q7 c- k4 M& u% o1 @; N
converted on such Series 18 Conversion Date into an equal number of- B% i% @4 q9 Q
Preferred Shares Series 19. Additionally, if the Bank determines that, after( {; C0 ]) o0 q7 Z
conversion, there would be outstanding on such Series 18 Conversion Date! h  g. F7 V4 f! t
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
# w  g# t; ~+ s& E- F" Q- cSeries 18 will be converted into Preferred Shares Series 19.& K/ Q- g7 q9 W% n& G* O0 u4 a1 D
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares9 o3 q$ ^, A' l& _4 [
Series 18 will not be entitled as such to receive notice of, attend, or vote at,  F9 E- Q. u/ H6 d+ R5 H( r; i, p
any meeting of the shareholders of the Bank unless and until the first time at! T/ S( E, i( b+ r7 t
which the Board of Directors has not declared the whole dividend on the
0 Z& s: n* t! ]- \: gPreferred Shares Series 18 in any quarter. In that event, subject as, i" i; t3 @- p0 }, e! p* ?
hereinafter provided, the holders of Preferred Shares Series 18 will be6 w& v& H: z4 U5 e* W2 c
entitled to receive notice of, and to attend, meetings of shareholders at which
: u% g& t2 q8 n8 Wdirectors of the Bank are to be elected and will be entitled to one vote for
4 v  E1 a; D7 N5 w0 neach Preferred Share Series 18 held. The voting rights of the holders of the; ]0 U  s  c8 q9 q5 N# J, e
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
. u# O+ U: F! E* c, ^4 @2 ythe first dividend on the Preferred Shares Series 18 to which the holders are3 I9 a7 i( J, x( a+ M
entitled thereunder subsequent to the time such voting rights first arose until2 d' d- _$ U" m* [$ [) B5 v* h$ F
such time as the Bank may again fail to declare the whole dividend on the
( Z* a' ?3 P6 t( LPreferred Shares Series 18 in respect of any quarter, in which event such' R/ R) @8 b2 V& p3 A, J' T
voting rights will become effective again and so on from time to time.
- T& K4 X4 ^6 p1 A+ \6 e' CPrincipal Characteristics of the Preferred Shares Series 19; M% e0 J* C9 J: o! C
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive; U" @* B9 r6 Z) R4 S; Y$ G% X, v
floating rate non-cumulative preferential cash dividends, as and when/ G, K% f/ I6 Z- a- [
declared by the Board of Directors, subject to the provisions of the Bank Act,  W+ D0 H7 e3 [4 b
payable quarterly on the 25th day of February, May, August and November
/ p& J, |4 r' T1 N. e9 _2 Zin each year, in the amount per share determined by multiplying the0 [" g6 |2 S- i1 B
applicable Quarterly Floating Dividend Rate by $25.00.& J$ y  y5 }  \  @
On the 30th day prior to the commencement of the initial quarterly dividend
* C: O0 o6 J" s& D+ V' Kperiod beginning on February 25, 2014, and on the 30th day prior to the first
5 _3 |; ~8 J8 y; y) O7 q# aday of each subsequent quarterly dividend period (the initial quarterly
& p! r( A7 {' L; B: d% S# Hdividend period and each subsequent quarterly dividend period is referred to/ r  x! k- c1 y6 b; M  _
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
9 Y% S4 a. |# X: D6 q$ u$ BQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
+ G& o  ?4 W2 NPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the5 h1 x1 r3 ?4 j# ^- V9 J& O3 z, W
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
8 p, J6 Y# L, ]9 e9 W' V5 celapsed in the applicable Quarterly Floating Rate Period divided by 365)- n4 O( l* @2 g
determined on the 30th day prior to the first day of the applicable Quarterly
% G2 P+ @$ r1 EFloating Rate Period.3 r0 s9 b) {' Q' n) Q
S-5) [; B& d. P+ L# S, z
If the Board of Directors does not declare a dividend, or any part thereof, on7 I: m" e9 |1 ?! k2 J6 e) c# ]# E
the Preferred Shares Series 19 on or before the dividend payment date for a3 h. e# ]$ E( d% g& ~
particular quarter, then the entitlement of the holders of the Preferred) x* J: _5 U& _: s6 ]1 o
Shares Series 19 to receive such dividend, or to any part thereof, for such
4 E, ]0 V; }) t: d5 X  xquarter will be forever extinguished.
2 O5 [- j2 ?( N% ORedemption: Subject to the provisions of the Bank Act and to the prior consent of the5 K3 H- b& ~) A* W
Superintendent and to the provisions described below under the heading7 r) I* C! I  ^1 G6 x6 Y# a
‘‘Details of the Offering — Certain Provisions of the Preferred Shares3 z7 \8 c. ^; _8 ~6 j
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
& V. `7 |) L8 B( A% G. s; ion not more than 60 nor less than 30 days’ notice, the Bank may redeem all
0 h7 l% q9 h% k6 C9 D. \3 q+ nor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
+ y; J; g3 l3 b7 E  Goption without the consent of the holder, by the payment of an amount in
. L+ v( O$ @$ O5 a4 U/ lcash for each such share so redeemed of (i) $25.00 together with all declared( h$ _5 o) K( q) h8 S
and unpaid dividends to the date fixed for redemption in the case of: H/ \$ r6 }3 o3 o# g
redemptions on February 25, 2019 and on February 25 every five years& _2 }( l6 O5 z" L, ~- k
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to" a4 r& G% P& \) B  T  B( E3 N
the date fixed for redemption in the case of redemptions on any other date
0 Y; w" g8 R+ v# i" a' F: R7 Xon or after February 25, 2014.
# a! a+ ^2 e9 V& TConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
" q/ E" ?( r" A: IShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have: R  S" M/ m+ j; f3 U& ?+ H
the right, at their option, to convert, on February 25, 2019 and on
" v8 ~4 U) ]( Z$ sFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any- E- [4 F! u# f. T
or all of their Preferred Shares Series 19 into an equal number of Preferred
; q$ Q( r9 P; c9 E! eShares Series 18 upon giving to the Bank written notice thereof not earlier
% e1 ]3 `/ ^& Kthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the2 R4 l: q6 j& V+ D+ N
15th day preceding, a Series 19 Conversion Date.
+ s7 d) [0 }4 z' _. E( m7 Q3 JAutomatic Conversion If the Bank determines, after having taken into account all shares tendered, [" @" @7 z$ l0 {2 e* u$ a4 J# t
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares) ?' C  o- m, ?! c1 W
Series 18, as the case may be, that there would be outstanding on such% C: }; \: _/ P" z/ ?
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
$ T: y9 m) t# zsuch remaining number of Preferred Shares Series 19 will automatically be
) J5 G4 z8 S0 r7 mconverted on such Series 19 Conversion Date into an equal number of
  ]+ `5 C' J# ~" v: B& DPreferred Shares Series 18. Additionally, if the Bank determines that, after# p/ {7 d6 s% l! n% k- y; Z/ \: x
conversion, there would be outstanding on such Series 19 Conversion Date
7 y# C- z, J; [  ?less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares; C* H( j- {9 B2 d4 Y9 s2 T) h
Series 19 will be converted into Preferred Shares Series 18.
: D) p9 F4 E' ^+ V& X* l' y" |) [Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
9 B5 I2 f  X) t; S( Q( lSeries 19 will not be entitled as such to receive notice of, attend, or vote at," ?. |" x2 A8 e2 Y
any meeting of the shareholders of the Bank unless and until the first time at
+ i& Y' Y+ f' @3 b* M) r9 ?4 z# v- pwhich the Board of Directors has not declared the whole dividend on the3 v: M# _+ x% Q0 N: R- s0 s
Preferred Shares Series 19 in any quarter. In that event, subject as
* K6 o+ F5 o6 q) o$ l0 ihereinafter provided, the holders of Preferred Shares Series 19 will be2 T( Y) _% b0 R
entitled to receive notice of, and to attend, meetings of shareholders at which
+ S  X, @! z) D4 `directors of the Bank are to be elected and will be entitled to one vote for
: C: M, g+ H" u4 Oeach Preferred Share Series 19 held. The voting rights of the holders of the
) {2 o$ _" o, M' `7 m- D$ JPreferred Shares Series 19 will forthwith cease upon payment by the Bank of+ X3 P$ Y' s8 r. o. r( X% Y
the first dividend on the Preferred Shares Series 19 to which the holders are
+ M( h- p* A  ?! N+ n. D8 nentitled thereunder subsequent to the time such voting rights first arose until
# p6 W# e) ]% r& K! f7 Isuch time as the Bank may again fail to declare the whole dividend on the9 I0 T# j: g" y. l- ^+ |
Preferred Shares Series 19 in respect of any quarter, in which event such
1 g3 e1 ^- R0 C, R$ f" c. ~voting rights will become effective again and so on from time to time.* l( ^2 U5 B' ?4 i+ u- D
S-6
4 M  L' d% Z# v  I& Z4 DPriority: The preferred shares of each series of the Bank will rank on a parity with) f# ~) i2 e4 P: K$ s1 w! h2 K& i
every other series and are entitled to preference over the common shares of
& J( u# `* K- t) Nthe Bank and over any other shares of the Bank ranking junior to the
- Q+ D  D# W( I( lpreferred shares with respect to the payment of dividends and upon any
/ F: V( ?- `2 E/ w3 |# x. Odistribution of assets in the event of the liquidation, dissolution or. q6 a1 I' A* X% P$ b. b
winding-up of the Bank.
5 T+ Q, o4 k0 a9 m. G7 gTax on Preferred Share The Bank will elect, in the manner and within the time provided under1 S3 O1 N6 p% r( H. n0 C! ~
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares/ F% f: ?; ]- b
Series 18 and Preferred Shares Series 19 will not be required to pay tax on1 K% |3 p/ A  ?* |
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。3 Z1 u: b( o, y! i
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

& {: f9 a/ Y* G( }1 j
# C' C  n" D. S4 D8 h+ q- m下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。' `' p4 o& x: T3 Q" N4 s& O! f
( M% u- `! t, n! G, @: `" 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。
您需要登录后才可以回帖 登录 | 注册

本版积分规则

联系我们|小黑屋|手机版|Archiver|埃德蒙顿中文网

GMT-7, 2026-3-21 01:16 , Processed in 0.137271 second(s), 11 queries , Gzip On, APC On.

Powered by Discuz! X3.4

Copyright © 2001-2021, Tencent Cloud.

快速回复 返回顶部 返回列表