埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 2483|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。5 B# [+ W( c2 j

3 x/ l1 C6 L- V9 g0 r
4 w. E; a7 ~' @3 ^[ 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:
2 [$ W/ }1 ?, m: OSUMMARY OF THE OFFERING
7 ?1 _, ]6 ^$ O$ j7 E1 J* ~0 S. B/ [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’’.
. Z7 f* }' I) M1 M8 Q/ NIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
9 D# o4 R& {7 T( _0 A  o8 lAmount: $150,000,000 (6,000,000 shares)., q8 c8 \) c. R& J' p1 Q6 B% D& U
Price and Yield: $25.00 per share to yield initially 6.50% per annum.9 W  \  h8 V& w/ u% G% p
Principal Characteristics of the Preferred Shares Series 18
  _! `* z% f  B0 Q- }7 aDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
6 j6 e4 W7 N6 G  ~non-cumulative preferential cash dividends, as and when declared by the
+ u  \$ T3 Q6 m0 K# }9 s/ zBoard of Directors, subject to the provisions of the Bank Act, for the initial0 }9 ~2 A) Z8 W$ |  w4 z! |
period commencing on the closing date and ending on and including7 y* p8 o  d' @. c* I
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
8 ?; j+ b" E8 v7 N, N4 x  ^25th day of February, May, August and November in each year, at a rate
/ k4 }2 q$ ^4 W7 I  n( yequal to $0.40625 per share. The initial dividend, if declared, will be payable
5 m, l2 H  P( g( P9 pMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing. p; H* [& I  r* r
date of December 11, 2008.
" ~  u5 A  }5 [( x$ O, M0 OFor each five-year period after the Initial Fixed Rate Period (each, a3 m7 ]* _1 v( T, S9 Q
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares% _+ z! [- d( c, o7 P6 g5 M
Series 18 will be entitled to receive fixed non-cumulative preferential cash
% m% [5 f4 x- W6 `) Cdividends, as and when declared by the Board of Directors, subject to the  X5 d7 o3 a1 C; _3 M9 E
provisions of the Bank Act, payable quarterly on the 25th day of February,
" j" x- q0 o- ?7 kMay, August and November in each year, in the amount per share per annum
( O* H" C, ]4 J$ E6 a0 j0 G5 y7 Sdetermined by multiplying the Annual Fixed Dividend Rate applicable to
2 C6 D* X& p0 {" _) N$ _) Dsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
/ t) C' y" L/ |' t  z) q; tRate for the ensuing Subsequent Fixed Rate Period will be determined by the
5 y: J# a1 s9 ?$ {Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
0 W% F: r& c( G4 S1 b# x: Y* Zof such Subsequent Fixed Rate Period and will be equal to the sum of the
7 `9 ~9 w# C: g" d  n5 ]Government of Canada Yield on the applicable Fixed Rate Calculation Date8 t3 L) H9 ^' Z/ V$ w% e
plus 3.83%.' W3 m8 B; I9 @
If the Board of Directors does not declare a dividend, or any part thereof, on" E# a# l+ S  U" [/ s: w' `7 y
the Preferred Shares Series 18 on or before the dividend payment date for a: j) y) Q# Y! T1 }
particular quarter, then the entitlement of the holders of the Preferred& v- W& _! Y0 E) L( f
Shares Series 18 to receive such dividend, or to any part thereof, for such
/ W# E# C# {7 w+ Z. kquarter will be forever extinguished.
) I) |4 s- E' \; d: f. p1 @Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
/ a8 \6 t0 l+ q3 LSuperintendent and to the provisions described below under ‘‘Details of the
: o& n5 b8 E, C$ z# h1 aOffering — Certain Provisions of the Preferred Shares Series 18 as a
5 H) j! v  l8 \# rSeries — Restrictions on Dividends and Retirement of Shares’’, on
4 Q. T, T4 Z4 o9 `7 C" PFebruary 25, 2014 and on February 25 every five years thereafter, on not
8 H; ^* ^& M2 v4 |4 V0 fmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any  p& n0 ^- v. T! L) t3 g" n/ h: P- e
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
) {0 e& l4 H8 A. A" Dwithout the consent of the holder, by the payment of an amount in cash for( [" A' w, [- h' E
each such share so redeemed of $25.00 together with all declared and unpaid
+ ^! d0 Q# Z( q( i7 x$ F: rdividends to the date fixed for redemption.
/ s. q4 X4 j1 u  l7 |Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
  Y0 ~+ K4 ~' s, U/ S- m$ R3 o* jShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have# Q' B, e: y, `. X# T% f+ ]
the right, at their option, to convert, on February 25, 2014 and on1 [0 F& ]/ C. [; ]4 P( p. Q2 G
S-4
% M9 j. n. K2 J) s2 aFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any9 L- l! T/ D5 u$ [+ @: i7 M& a
or all of their Preferred Shares Series 18 into an equal number of Preferred; M/ [6 N( _' R! X! M8 }1 C' `
Shares Series 19 upon giving to the Bank notice thereof not earlier than
9 R# M' u) d) @% `30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
, S* {: l) p% w* B* C, d3 d$ J* Ppreceding, a Series 18 Conversion Date." c' N9 I" W$ f7 f1 A4 S
Automatic Conversion If the Bank determines, after having taken into account all shares tendered* w; I9 o/ p* W8 N
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares$ D+ ^' j' [0 l( I9 x
Series 19, as the case may be, that there would be outstanding on such2 Q- X- C% g5 r; D9 [6 U
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,- L2 Y* q6 G$ y9 y: I
such remaining number of Preferred Shares Series 18 will automatically be7 v: ?+ b5 U+ Y/ x, u+ [" E
converted on such Series 18 Conversion Date into an equal number of" c0 Y5 l; T; t
Preferred Shares Series 19. Additionally, if the Bank determines that, after
' G0 P$ B2 U( d0 l; ]9 p2 ^conversion, there would be outstanding on such Series 18 Conversion Date$ h; z1 E9 s, D
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
$ [) r# Y* v. T+ t* l7 `! J  OSeries 18 will be converted into Preferred Shares Series 19.: A& V/ i6 y2 s$ v! ~
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares* _3 T& V& @! O
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
, k0 h0 A  d( T) D. i1 ]any meeting of the shareholders of the Bank unless and until the first time at# ]- k7 s; F- q5 l
which the Board of Directors has not declared the whole dividend on the
1 k  {! m0 v! M/ E6 Z" v) rPreferred Shares Series 18 in any quarter. In that event, subject as4 w' j2 ]) y+ s1 P6 {$ m" j
hereinafter provided, the holders of Preferred Shares Series 18 will be2 b$ ^; _/ k; `2 T. x0 M3 U- v
entitled to receive notice of, and to attend, meetings of shareholders at which
% p* M/ v" Q& n  f; b' c* Mdirectors of the Bank are to be elected and will be entitled to one vote for
7 U$ T" W( x+ o' R$ T/ c& zeach Preferred Share Series 18 held. The voting rights of the holders of the
. Z# K2 W/ \, {! ^" i1 m( Y; bPreferred Shares Series 18 will forthwith cease upon payment by the Bank of8 ?" L. w! D; K. M$ b1 t4 H
the first dividend on the Preferred Shares Series 18 to which the holders are+ ^- ~9 s/ I& ^7 Z: Y- ~+ Q/ X  Y
entitled thereunder subsequent to the time such voting rights first arose until
& }, L8 E1 g+ O- B6 [7 Ssuch time as the Bank may again fail to declare the whole dividend on the
& c- N8 r0 A7 I% WPreferred Shares Series 18 in respect of any quarter, in which event such
8 T$ r7 u. F7 F7 f6 G, M. b" ]8 uvoting rights will become effective again and so on from time to time.9 u& w  l6 _- ~- E( D- c
Principal Characteristics of the Preferred Shares Series 19" R6 q; N( b# {: g, [3 N
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
4 i. q7 l! y2 f9 Lfloating rate non-cumulative preferential cash dividends, as and when
5 E1 s! B) p: Q4 Mdeclared by the Board of Directors, subject to the provisions of the Bank Act,  F8 b; I7 f. Y  r8 w) G7 E
payable quarterly on the 25th day of February, May, August and November  p9 n7 ~; P! D) W. r7 q
in each year, in the amount per share determined by multiplying the
+ d1 H1 n( S4 h0 rapplicable Quarterly Floating Dividend Rate by $25.00.  r" z: ~: p. W/ x. h
On the 30th day prior to the commencement of the initial quarterly dividend% y; D6 d/ x* \1 y
period beginning on February 25, 2014, and on the 30th day prior to the first
1 v2 E6 d  m: r/ B" }+ hday of each subsequent quarterly dividend period (the initial quarterly. q8 ?+ P; D. }! L
dividend period and each subsequent quarterly dividend period is referred to
$ x( \$ c, k" f1 zas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the. `: `7 n% S6 T/ e; f! A
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate$ F6 i. }7 i  Q
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
# \& `' P! o4 i  }( L# g- DT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
. Y* W, ?8 b, b" x5 o% delapsed in the applicable Quarterly Floating Rate Period divided by 365)
* ?5 \1 C4 |8 e& e: c. O1 P; zdetermined on the 30th day prior to the first day of the applicable Quarterly
% x; d$ R+ D' f8 JFloating Rate Period.( u3 G' [7 [0 S0 r+ B+ h
S-5, P. ?+ a. Y) J9 X+ x% J
If the Board of Directors does not declare a dividend, or any part thereof, on
3 `) a# [+ i* ]. I# i5 u2 k4 u- M" pthe Preferred Shares Series 19 on or before the dividend payment date for a! x1 o8 X  i4 P3 T4 w2 U/ t; m5 ^
particular quarter, then the entitlement of the holders of the Preferred. m  b) {  _' Q% _! p* e# M
Shares Series 19 to receive such dividend, or to any part thereof, for such
7 F( R- d3 i; B6 B6 ?% I3 Aquarter will be forever extinguished.
4 {5 i8 U' Q" j) j; ORedemption: Subject to the provisions of the Bank Act and to the prior consent of the
9 T$ y* s# b6 Z" \. w6 JSuperintendent and to the provisions described below under the heading1 P, c# h4 `& |
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
) W8 |. w3 t( m; [* ^+ V; y( x" SSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,% `3 O5 }# I8 P- W$ d- j
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
' P0 {# M1 W& t( N7 k& mor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
4 l6 ?, Z( F  |! m+ G& zoption without the consent of the holder, by the payment of an amount in0 {3 x; ]* }9 J( y. v
cash for each such share so redeemed of (i) $25.00 together with all declared" F5 D% V' A. T
and unpaid dividends to the date fixed for redemption in the case of( }+ V( A7 J: L0 `3 `8 T
redemptions on February 25, 2019 and on February 25 every five years
# X$ a" |& {" C9 ~9 O3 l9 gthereafter, or (ii) $25.50 together with all declared and unpaid dividends to' ]6 ~' J7 O" Y  P5 {
the date fixed for redemption in the case of redemptions on any other date. u# I7 J0 O3 {2 {; a
on or after February 25, 2014.
4 b; r, L# O2 W& @4 Y8 a" n, [; oConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic& Q. a) ?( M5 b8 Z/ a/ s# K# L
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
) M# X- d3 r# V$ \) Pthe right, at their option, to convert, on February 25, 2019 and on
! m5 F# [* K/ z% vFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any* S6 {9 u. V; ~+ R: \  d" k
or all of their Preferred Shares Series 19 into an equal number of Preferred
# `! q7 \* p. `* B) Q9 d+ xShares Series 18 upon giving to the Bank written notice thereof not earlier% g5 Q: ]0 @+ {! c
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the, v1 ?. H: Y; z* |  g
15th day preceding, a Series 19 Conversion Date.
0 @0 x% k6 x; J" n% X: oAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
4 E& E0 `5 c# X1 |0 J* s4 f) n2 OProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
8 R2 c! x2 g- Z& @5 }6 RSeries 18, as the case may be, that there would be outstanding on such
: a( Y& V  w6 ~$ e; j7 `9 `4 BSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
0 H8 J% I: _/ C( b; k7 Tsuch remaining number of Preferred Shares Series 19 will automatically be
$ @! A. r0 K, Z2 B: ~9 ^, @converted on such Series 19 Conversion Date into an equal number of
7 k) G- w  O) `% h  X) W4 M- qPreferred Shares Series 18. Additionally, if the Bank determines that, after$ @# {9 x6 J4 m
conversion, there would be outstanding on such Series 19 Conversion Date; a' C, C0 \, H5 k" x% s
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares- @2 d  K" }0 k% [. D* ]
Series 19 will be converted into Preferred Shares Series 18.9 f- H  R9 n- H" _, v2 N" @
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
4 a  z" q  `1 b4 q! QSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
( j4 K6 _6 I; P$ P8 X, Uany meeting of the shareholders of the Bank unless and until the first time at
4 v' q7 W3 q; M2 m/ N/ g+ [* `which the Board of Directors has not declared the whole dividend on the) O) x8 t' P+ U& ^+ S4 R5 V) W
Preferred Shares Series 19 in any quarter. In that event, subject as& s0 P3 e8 H6 @  [/ k# O9 d
hereinafter provided, the holders of Preferred Shares Series 19 will be/ @: Z+ f( d+ Z9 S/ b
entitled to receive notice of, and to attend, meetings of shareholders at which
! G6 H  H4 D3 e: ^! Adirectors of the Bank are to be elected and will be entitled to one vote for
( n$ ~0 _, s: @" }) Teach Preferred Share Series 19 held. The voting rights of the holders of the
# Y% ]5 c* [2 x8 k3 KPreferred Shares Series 19 will forthwith cease upon payment by the Bank of: q0 S. V% V0 n* m9 c# ~
the first dividend on the Preferred Shares Series 19 to which the holders are
$ a5 t0 M. N6 b# P& s6 c9 o4 Xentitled thereunder subsequent to the time such voting rights first arose until( }7 s7 u  y) Y* v* Z
such time as the Bank may again fail to declare the whole dividend on the
9 o, v5 y2 z" O# ^; P6 t9 O8 C6 oPreferred Shares Series 19 in respect of any quarter, in which event such
! i" _) I" l" E6 v2 Pvoting rights will become effective again and so on from time to time.- F  m4 F- N4 g" ^  B5 p, c0 Q
S-6& x' P. k+ X9 P! K+ E0 z8 R2 i& @* T
Priority: The preferred shares of each series of the Bank will rank on a parity with" a! x2 z9 ^* o; j& T/ C5 P
every other series and are entitled to preference over the common shares of' ^1 D4 A5 x4 r
the Bank and over any other shares of the Bank ranking junior to the
& Z, c$ _, _$ E; |) upreferred shares with respect to the payment of dividends and upon any( J/ O! Q8 R; Y, T: g0 l* t8 i, U& \
distribution of assets in the event of the liquidation, dissolution or) v* `: f7 h  J' J. \& |3 z) p
winding-up of the Bank.8 k- f$ y6 R1 Y+ m6 b1 y
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under9 a; C9 Q, m+ B" E% [- W
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares+ x! f/ Y3 J/ D6 V' |: N" v1 k; T5 I
Series 18 and Preferred Shares Series 19 will not be required to pay tax on4 E  @# w  p/ D# P) A3 F5 v' j9 u
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 E8 N2 Y4 G: H$ _+ Z/ P
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 `% H- R9 V# F4 y- c) U# Z9 s- A# ^* _) o, E" L7 X. C3 S* X
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
: u4 N! v$ t8 q. q4 j% U/ q  M0 N; [" z
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, 2025-12-1 23:08 , Processed in 0.156648 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