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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。% s* `/ ^2 W0 B9 N/ ?
! E  M! |* v6 g  K/ \

5 Q- `# n8 G0 x* F3 z1 o) j+ R[ 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:
- C* P% i" k) U- F. R  zSUMMARY OF THE OFFERING4 O1 H9 e! x7 E( f! b6 T/ y
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’’.
. f; T0 x4 L& y7 l( ?: _2 ?4 w* VIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.; i! H: y4 s' v+ ~
Amount: $150,000,000 (6,000,000 shares).5 ?! E8 |& f3 R
Price and Yield: $25.00 per share to yield initially 6.50% per annum.* s& L* T3 [7 U" H5 V9 \: |
Principal Characteristics of the Preferred Shares Series 18
2 s, S2 x$ |3 \2 ]9 r/ EDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed& P  v$ O8 j# O6 W2 N" z0 U
non-cumulative preferential cash dividends, as and when declared by the
! m7 H8 U( M" k( g2 bBoard of Directors, subject to the provisions of the Bank Act, for the initial+ ~# S9 T9 G' V* q! w
period commencing on the closing date and ending on and including, ]6 A) d* {8 l! N3 @! ^( `0 q
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
2 k6 J3 D) C! o9 o- T4 c' I( T& y25th day of February, May, August and November in each year, at a rate
2 X0 M6 C9 ~- d2 a& r$ Wequal to $0.40625 per share. The initial dividend, if declared, will be payable
7 i! i7 U1 S1 x5 ZMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing+ ]; c! _4 }" K8 P( g5 [2 u4 v
date of December 11, 2008.
% d+ B5 Z/ g+ @. sFor each five-year period after the Initial Fixed Rate Period (each, a/ B+ g; g7 `5 q' C3 \  k
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares) \" ^: C, v( d9 g) s
Series 18 will be entitled to receive fixed non-cumulative preferential cash
- L1 H0 D2 I7 s+ rdividends, as and when declared by the Board of Directors, subject to the
  _/ e+ u' o. qprovisions of the Bank Act, payable quarterly on the 25th day of February,
8 z; v3 t# R- T% B& n, P: J/ gMay, August and November in each year, in the amount per share per annum9 b' |+ w# `6 U& `, a
determined by multiplying the Annual Fixed Dividend Rate applicable to9 X% m( {9 j$ v7 j) B6 o: Z
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
( _* P% k6 }- v3 p- I+ [Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
& k% D/ i6 ]8 d& vBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day! J, _6 m; L4 l1 b0 ?/ U
of such Subsequent Fixed Rate Period and will be equal to the sum of the
6 m# ~+ N; n' OGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
* M/ Z% \# w6 M1 Q# yplus 3.83%., }( a. l9 _  T3 T1 _6 j
If the Board of Directors does not declare a dividend, or any part thereof, on
5 F3 O3 b0 j, d) A$ Othe Preferred Shares Series 18 on or before the dividend payment date for a# L  F# N; V7 \  q  Y6 x+ H5 s; u, f
particular quarter, then the entitlement of the holders of the Preferred
- ?  G) W% }! _1 k& A9 ^+ l# LShares Series 18 to receive such dividend, or to any part thereof, for such) m: y* g. d2 m$ }
quarter will be forever extinguished.
5 M: a! M1 M. v# [Redemption: Subject to the provisions of the Bank Act and to the prior consent of the% i! l# L5 ~0 O/ ^& Q' \
Superintendent and to the provisions described below under ‘‘Details of the
- t+ K% r: I2 D# u" E. lOffering — Certain Provisions of the Preferred Shares Series 18 as a
: A) F9 v' W7 g, _6 ]$ F% mSeries — Restrictions on Dividends and Retirement of Shares’’, on
5 U: X* V3 c% |February 25, 2014 and on February 25 every five years thereafter, on not9 m! g0 H& s8 c$ q1 d
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
6 B1 K, U5 c1 u$ [) h( |6 ipart of the then outstanding Preferred Shares Series 18, at the Bank’s option  p1 E/ `1 c% s: s
without the consent of the holder, by the payment of an amount in cash for( U' p" `( i2 C# {# m" \! _7 `* ^
each such share so redeemed of $25.00 together with all declared and unpaid
3 m4 J1 q/ x" p" }dividends to the date fixed for redemption.0 @# \: h) p; y* T+ G. T
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
: ?* E- D8 U. `8 T9 b, MShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
) S# G1 Q9 L1 C/ bthe right, at their option, to convert, on February 25, 2014 and on
  G' ^" ]0 d6 OS-41 W+ S  @) q# [! b6 k/ b; e
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
7 X1 y2 t  l1 |/ k3 @or all of their Preferred Shares Series 18 into an equal number of Preferred
$ N8 |' Y1 ]" U  C& A9 C1 `% M% mShares Series 19 upon giving to the Bank notice thereof not earlier than
1 c5 w  z& h/ {30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day# J& @9 ]+ c) p  y3 [
preceding, a Series 18 Conversion Date.
$ O' k' N( w: R2 V* jAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
+ W' I% ~+ w, r4 `4 m1 }6 ?Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
0 L. W8 L, D* o( q, T$ xSeries 19, as the case may be, that there would be outstanding on such  A# u$ Y( C/ u7 k) \5 ~3 J
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
# e4 S! P  s3 p6 t- t8 W, ~5 B2 dsuch remaining number of Preferred Shares Series 18 will automatically be5 q! I* z4 N* K: o
converted on such Series 18 Conversion Date into an equal number of
( f4 E5 Z- p" ~" SPreferred Shares Series 19. Additionally, if the Bank determines that, after3 u  U; t8 _! t4 P8 H% p8 w) r
conversion, there would be outstanding on such Series 18 Conversion Date3 P2 o* y* [$ I; R2 s% `5 X
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares0 D/ J) X1 j" F+ {
Series 18 will be converted into Preferred Shares Series 19.1 N! Y# C2 b/ ?3 ]7 ^' Z
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares" \- [5 m+ k6 x# k) S$ X2 ^5 r# g& V+ o9 z
Series 18 will not be entitled as such to receive notice of, attend, or vote at,/ c( f  F7 S$ v6 S- m
any meeting of the shareholders of the Bank unless and until the first time at, t1 {' f/ X& W. f5 X( u: L! \
which the Board of Directors has not declared the whole dividend on the
/ T2 r5 G8 [* n' S+ h7 N1 T9 BPreferred Shares Series 18 in any quarter. In that event, subject as7 ]6 m8 n" a) ~! Q+ T9 }+ O
hereinafter provided, the holders of Preferred Shares Series 18 will be
. J2 Y# n; [; K( v; c8 o5 T4 n' d, H( ]entitled to receive notice of, and to attend, meetings of shareholders at which% G% b) U+ s' `
directors of the Bank are to be elected and will be entitled to one vote for4 k7 R8 o% d9 y- j9 D( f
each Preferred Share Series 18 held. The voting rights of the holders of the
5 _: t, [4 q; S; Y9 v8 yPreferred Shares Series 18 will forthwith cease upon payment by the Bank of* m+ f2 k  D, l4 {1 a: J
the first dividend on the Preferred Shares Series 18 to which the holders are3 }$ n5 b' }) ]+ y2 |
entitled thereunder subsequent to the time such voting rights first arose until
) K+ e/ \4 [! m5 esuch time as the Bank may again fail to declare the whole dividend on the, u! l, x* j+ G
Preferred Shares Series 18 in respect of any quarter, in which event such
8 g2 x4 ~& A  k; zvoting rights will become effective again and so on from time to time.6 u, E' |: D* e! M7 B; U9 t% b7 X9 R
Principal Characteristics of the Preferred Shares Series 19) G: x+ q# e0 u; x2 G
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive. I  e: _; N; ?  J& O
floating rate non-cumulative preferential cash dividends, as and when
) z3 d/ C' S$ M- }5 R3 ?- Kdeclared by the Board of Directors, subject to the provisions of the Bank Act," b% j5 M. t& X; A; V* L+ ^" w
payable quarterly on the 25th day of February, May, August and November
6 t; g" P8 ]. o9 F( p( @1 F- E) ~in each year, in the amount per share determined by multiplying the: M: \8 D1 X6 X! @/ {& I
applicable Quarterly Floating Dividend Rate by $25.00.4 `  O& y# E; b. t( l; i
On the 30th day prior to the commencement of the initial quarterly dividend
7 H! e( H2 {* G9 l$ A% Jperiod beginning on February 25, 2014, and on the 30th day prior to the first
0 W" d! q$ c& }# D7 Y. cday of each subsequent quarterly dividend period (the initial quarterly% Z' F+ E% ^/ r& g" P- Y
dividend period and each subsequent quarterly dividend period is referred to0 [( T' a- g, T( M
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the/ }1 z! ]5 x1 }6 H; ~6 C- _  [# B
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate4 r2 x% U) e" I9 Y3 p+ T$ x) z
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the2 l0 B& j/ x5 C3 {/ @; q
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days4 ^+ \7 w' `' W3 y4 S. @
elapsed in the applicable Quarterly Floating Rate Period divided by 365)% `' _+ h$ ?0 M8 W, l
determined on the 30th day prior to the first day of the applicable Quarterly
7 s' G% g' b6 S$ @8 ~5 b  Y0 _Floating Rate Period.
: m& E) G3 U9 H( R' ^S-53 a# @) n7 U5 u- S! e$ ?
If the Board of Directors does not declare a dividend, or any part thereof, on, N- r! t& |, c6 ?" ]
the Preferred Shares Series 19 on or before the dividend payment date for a
$ J/ P$ s8 C5 t! Yparticular quarter, then the entitlement of the holders of the Preferred
: ]+ T1 j9 k# b* NShares Series 19 to receive such dividend, or to any part thereof, for such
) `# i- H' u! m; O' _$ Bquarter will be forever extinguished.
, W, L6 t' T, V* w1 `Redemption: Subject to the provisions of the Bank Act and to the prior consent of the9 f' G7 G! ^6 D7 H' t  \
Superintendent and to the provisions described below under the heading
# d$ |  V3 l# V: T1 m% C‘‘Details of the Offering — Certain Provisions of the Preferred Shares
7 `1 n% Q% N* L' `) D; m/ U9 sSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
. ?; L# ^& }! von not more than 60 nor less than 30 days’ notice, the Bank may redeem all
- Q, L2 s- s/ e# ]or any part of the then outstanding Preferred Shares Series 19, at the Bank’s5 E, n( d! v3 `& ^% z2 c
option without the consent of the holder, by the payment of an amount in
; V" m/ K9 F) d. |3 B* _2 u: Q) Ncash for each such share so redeemed of (i) $25.00 together with all declared6 o( |6 R/ y, L0 {1 G( [
and unpaid dividends to the date fixed for redemption in the case of  x% H, h3 Z6 {$ B
redemptions on February 25, 2019 and on February 25 every five years
" p& L6 N( O7 e& W( Q. V  w* C+ _thereafter, or (ii) $25.50 together with all declared and unpaid dividends to+ S7 m+ v* v$ a& e5 J1 S: F9 K3 v* E
the date fixed for redemption in the case of redemptions on any other date: d3 T$ D9 _( Q" A1 u$ N
on or after February 25, 2014." E  B) @; e0 s3 V
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
  H  O5 p- C, i4 N- p1 J1 ~: zShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have) X0 D2 N$ g  q( u: J- R5 S, t% X
the right, at their option, to convert, on February 25, 2019 and on
: I5 Y% F# j$ ~1 j4 _February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
* v; O" c+ Y) z7 G. Kor all of their Preferred Shares Series 19 into an equal number of Preferred
5 a6 u2 g1 C; [- e% d7 i9 F, A- xShares Series 18 upon giving to the Bank written notice thereof not earlier2 B5 P7 f+ r- g5 G
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
! V) W) D+ Q& c! c: C15th day preceding, a Series 19 Conversion Date.5 W* C0 A0 U( o$ ]: [
Automatic Conversion If the Bank determines, after having taken into account all shares tendered. I3 R* ~3 t- F
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
8 k& b9 q  W$ X5 vSeries 18, as the case may be, that there would be outstanding on such& v# @. W5 q# `, Y3 i9 |
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
- B# R+ B# H3 q0 Xsuch remaining number of Preferred Shares Series 19 will automatically be
3 e- }2 ?0 Z# A) A* t' v2 \converted on such Series 19 Conversion Date into an equal number of
% v2 `1 V) {( q7 z; aPreferred Shares Series 18. Additionally, if the Bank determines that, after9 O' b. v$ z; ]% E. n* z9 P0 [- J
conversion, there would be outstanding on such Series 19 Conversion Date9 a- b0 E1 y* m4 \$ B9 n, p
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
! u+ }8 J) Z, @& J4 J& X8 DSeries 19 will be converted into Preferred Shares Series 18.  A; j! n  b" y/ |, p8 D; {( G# u" i6 ]
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
; h/ z3 ^- P2 y0 |Series 19 will not be entitled as such to receive notice of, attend, or vote at,
; z0 J' k5 `2 O( {any meeting of the shareholders of the Bank unless and until the first time at
1 Z) K4 K" O% c, m0 @7 Bwhich the Board of Directors has not declared the whole dividend on the' F& c3 R; [, R
Preferred Shares Series 19 in any quarter. In that event, subject as
3 j! l( f) y! J% }( Shereinafter provided, the holders of Preferred Shares Series 19 will be
; \# P8 l, o: \' b! {entitled to receive notice of, and to attend, meetings of shareholders at which& m' d, E, G5 h+ p! k
directors of the Bank are to be elected and will be entitled to one vote for
( n- O+ L7 K) h5 x- reach Preferred Share Series 19 held. The voting rights of the holders of the& b8 A) A' V8 h- P% o
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
4 Y) [  |3 d8 qthe first dividend on the Preferred Shares Series 19 to which the holders are
5 O7 `" J0 O" m# K- _entitled thereunder subsequent to the time such voting rights first arose until: @! k0 x$ d7 h. _1 u5 r
such time as the Bank may again fail to declare the whole dividend on the( s# a1 L8 h) F' Z
Preferred Shares Series 19 in respect of any quarter, in which event such
* p- }1 }9 ?0 x8 @% r0 C/ Xvoting rights will become effective again and so on from time to time.0 g! E/ }' F- E9 s. N+ X
S-6! e3 G% ^" I8 u6 E4 I
Priority: The preferred shares of each series of the Bank will rank on a parity with+ c! B- t! T  L! {
every other series and are entitled to preference over the common shares of1 ]% D1 t7 p9 h; e1 ^% C) n
the Bank and over any other shares of the Bank ranking junior to the* k; O, i) w4 W0 c/ g! t1 e9 v3 l' G
preferred shares with respect to the payment of dividends and upon any
* O" C. k, {, ~/ D. fdistribution of assets in the event of the liquidation, dissolution or
( P/ H. B( A* h; Xwinding-up of the Bank.- D1 H6 b6 o7 z3 }0 B3 q% K& f
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under5 h' ]2 v# F8 l, \8 }8 D
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
5 c6 [0 ?( z3 ^$ \/ MSeries 18 and Preferred Shares Series 19 will not be required to pay tax on9 C. b9 ~/ V/ c; X
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。" |" }- }( G8 N$ \( R  w+ G4 M
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
6 h' r) ?7 A9 P6 [# @
9 {8 F6 c& p$ l7 t( {4 B
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。- d! C- _0 A/ p( c& u- W
( a# l3 g/ @! 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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