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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。
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7 Q+ s1 f4 m) l# F, l  ~, W[ 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:7 i. u; z; ^' [& m1 ^
SUMMARY OF THE OFFERING
5 i6 X7 e5 [  u6 v5 Z  w0 MThis 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’’.
, E5 z* r) q1 \- K0 E* N! hIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
; z& d# x- @0 ]# W' `Amount: $150,000,000 (6,000,000 shares).: p5 }" p9 K! p: g# Q
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
' l. z" w  M0 FPrincipal Characteristics of the Preferred Shares Series 18
/ \/ W& w7 }5 w9 y7 D7 @) x! gDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
2 o- I% F5 y: E; |non-cumulative preferential cash dividends, as and when declared by the
0 D% W8 q4 M% V$ U/ ]1 mBoard of Directors, subject to the provisions of the Bank Act, for the initial1 n: d7 k: o7 B+ M8 q* {7 Z$ p
period commencing on the closing date and ending on and including/ _, r9 C1 i( ^/ a4 o' o. b7 ~
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
: `' e& k7 }* U25th day of February, May, August and November in each year, at a rate  Q4 @- [$ t' B7 g5 B
equal to $0.40625 per share. The initial dividend, if declared, will be payable
- W1 A* V1 @9 c5 cMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing5 [6 _) V* k! _! h% `( ?7 ~3 u
date of December 11, 2008.
& U) b/ e  A1 C& D4 T0 Y# OFor each five-year period after the Initial Fixed Rate Period (each, a5 h2 v, j$ z  R: ~
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
( v; Y3 W  B! ~2 y7 q& ISeries 18 will be entitled to receive fixed non-cumulative preferential cash6 s- F' J5 n6 a! o* [/ ]
dividends, as and when declared by the Board of Directors, subject to the) }0 ^: R* q6 H$ |( n  |
provisions of the Bank Act, payable quarterly on the 25th day of February,* ^9 |, y  E! \# [+ w* F
May, August and November in each year, in the amount per share per annum
* _8 v. W- o5 |# U+ Tdetermined by multiplying the Annual Fixed Dividend Rate applicable to
4 S' D, Z' q, v- _5 ^0 Vsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
: M* i+ Z. v' z6 s* Z: sRate for the ensuing Subsequent Fixed Rate Period will be determined by the+ n# b$ f0 E( N0 r7 F
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
( u8 q, e( ^& J; q4 d- Tof such Subsequent Fixed Rate Period and will be equal to the sum of the2 \* r  v% Y- s
Government of Canada Yield on the applicable Fixed Rate Calculation Date! [" l; e+ f( ]; Q# T8 ~
plus 3.83%." W0 k. u2 z0 ~0 q
If the Board of Directors does not declare a dividend, or any part thereof, on# z: [. \; S2 U
the Preferred Shares Series 18 on or before the dividend payment date for a
( S0 G0 i8 u& v. w" bparticular quarter, then the entitlement of the holders of the Preferred2 ~, x3 I4 m6 l! b7 f; {
Shares Series 18 to receive such dividend, or to any part thereof, for such$ e* {+ L: `; q" ?0 u
quarter will be forever extinguished.6 B# }9 @! H$ e0 K2 g& c$ R* U
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the2 H% J: D1 f% ~; b" a; e
Superintendent and to the provisions described below under ‘‘Details of the
* q: Z1 H0 f; y9 q5 B+ _Offering — Certain Provisions of the Preferred Shares Series 18 as a
: t  W/ k6 E# I, CSeries — Restrictions on Dividends and Retirement of Shares’’, on4 F0 b9 |5 E, S( v$ t5 ?, W
February 25, 2014 and on February 25 every five years thereafter, on not0 ?8 B/ m0 s- k) S
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
* M9 Y- N# J2 b3 q4 f: Bpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
2 F' n3 r9 e0 G- X! Y" Z6 Y. D* I! [without the consent of the holder, by the payment of an amount in cash for
( z, f4 m5 r; D& x/ ^# G1 x. y2 Peach such share so redeemed of $25.00 together with all declared and unpaid
+ B2 m6 ^8 Z! a5 K2 sdividends to the date fixed for redemption.
) J2 z& x3 [5 [3 p. Z; u6 F3 j2 IConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic, \+ q5 t. F( c; N0 `# f
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have( \: F8 |. V& C/ w" }% Q) A
the right, at their option, to convert, on February 25, 2014 and on
3 {' F6 Q& S) JS-4) J" y0 {/ t) G% {
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any* z3 a! T; Z) M; W* u- P# C
or all of their Preferred Shares Series 18 into an equal number of Preferred7 ]! g" h: P3 B$ q1 S3 a
Shares Series 19 upon giving to the Bank notice thereof not earlier than
. z3 x4 t! z, U+ j) G30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
$ l! Y  n3 i, _; n$ U, I4 Upreceding, a Series 18 Conversion Date.
; W1 \3 L6 L& q% W. M5 gAutomatic Conversion If the Bank determines, after having taken into account all shares tendered0 n! i* t' b! B' `6 }/ g  Q: g
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
: X6 U$ o1 M8 h: N7 nSeries 19, as the case may be, that there would be outstanding on such
$ n3 B& f% l: [- e+ L: g, QSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,* }9 a5 U" q: D
such remaining number of Preferred Shares Series 18 will automatically be
9 O. `+ G$ q/ O+ _7 a" jconverted on such Series 18 Conversion Date into an equal number of
) ~, [+ T4 T! G. S7 N& Q. xPreferred Shares Series 19. Additionally, if the Bank determines that, after) A$ N- E  \5 B) O' y8 F  q
conversion, there would be outstanding on such Series 18 Conversion Date
" m$ O$ {, Y. \* G6 m, dless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares& G% f6 U' L0 U5 M) m; ~7 p0 ?
Series 18 will be converted into Preferred Shares Series 19.
+ z2 E$ l( |% [1 hVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares& ]3 E1 l) v3 f4 b2 c. G# e- b
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
$ h5 @/ ]9 a- Fany meeting of the shareholders of the Bank unless and until the first time at; N: `# [, J  h( s
which the Board of Directors has not declared the whole dividend on the: d/ I3 ]+ j# T
Preferred Shares Series 18 in any quarter. In that event, subject as2 g4 e7 v* L" o0 z$ F
hereinafter provided, the holders of Preferred Shares Series 18 will be0 _" Z/ Q' ~: C" @& `" T" I% ]
entitled to receive notice of, and to attend, meetings of shareholders at which
  X( D5 j; w! @1 Z0 R6 k$ |3 xdirectors of the Bank are to be elected and will be entitled to one vote for$ V( e- T! ]/ A
each Preferred Share Series 18 held. The voting rights of the holders of the+ K+ _, ]) g" M
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of& q. l4 E: E# T  q8 g2 q
the first dividend on the Preferred Shares Series 18 to which the holders are
) `7 n6 B5 y" {, Y$ d! q0 Sentitled thereunder subsequent to the time such voting rights first arose until
$ I+ J+ x: m6 usuch time as the Bank may again fail to declare the whole dividend on the# i  p, P* _1 z* Z. d' C! B2 ~
Preferred Shares Series 18 in respect of any quarter, in which event such
! W7 K; e0 p1 t* ^, l. _- L; e6 t% |voting rights will become effective again and so on from time to time.' K+ s, h. I' H' ~$ i
Principal Characteristics of the Preferred Shares Series 19
, z; T# h7 v% ~3 y# m4 `1 VDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
+ p0 C- e: x( W8 t8 s+ {8 @9 ?floating rate non-cumulative preferential cash dividends, as and when2 Q* D6 k0 W+ n0 I
declared by the Board of Directors, subject to the provisions of the Bank Act,
/ \& T+ L: A! Ypayable quarterly on the 25th day of February, May, August and November
4 p( o4 y$ W( Y& H& ^in each year, in the amount per share determined by multiplying the7 f$ H; t- q; @* A6 r, j  r5 T! M
applicable Quarterly Floating Dividend Rate by $25.00.
0 T: ^+ }# w2 _! sOn the 30th day prior to the commencement of the initial quarterly dividend
; J' e- ]0 z1 gperiod beginning on February 25, 2014, and on the 30th day prior to the first
( m+ M9 ~7 v, \; C4 mday of each subsequent quarterly dividend period (the initial quarterly9 b7 Q. _  N- i3 [
dividend period and each subsequent quarterly dividend period is referred to! I* f5 [- `* L
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
/ C8 \, D; g8 a( L! kQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate! F% m' X0 r( Z3 t% }
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the2 @$ z6 x. g, \* Z; W# `: j  ]( a
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
- g; I, d% R8 X4 Z( ]/ velapsed in the applicable Quarterly Floating Rate Period divided by 365)
0 Y; ]- f+ i, c4 Y0 S; Ndetermined on the 30th day prior to the first day of the applicable Quarterly# x& `- ]# _1 I8 [: t9 \5 q
Floating Rate Period.: ?5 i, L# Q, i% y) F2 H4 c
S-55 x" A+ t1 J+ a; U( C% w# {0 E
If the Board of Directors does not declare a dividend, or any part thereof, on! s! u: l$ J3 ^7 @* T: M3 E/ P
the Preferred Shares Series 19 on or before the dividend payment date for a6 a% a+ R* B9 C% {
particular quarter, then the entitlement of the holders of the Preferred2 T; Y& U8 ^6 O4 s3 B
Shares Series 19 to receive such dividend, or to any part thereof, for such
% c( c8 t9 Y# C; \quarter will be forever extinguished.
4 W% @8 ?4 Q; E6 ~3 wRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
/ U0 D( a5 z, U0 \3 Z) ^Superintendent and to the provisions described below under the heading
* U; C/ }2 A* y‘‘Details of the Offering — Certain Provisions of the Preferred Shares
3 T. n/ W& m: U7 q5 T" ^Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,% U, s' |. k8 P# D: x1 C; u/ |
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all2 B& P! _: }" b9 o/ M; [! p
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s/ r" v0 C% ?+ ?( c$ Z' X5 `
option without the consent of the holder, by the payment of an amount in
. o; ?  Z% {" {# Scash for each such share so redeemed of (i) $25.00 together with all declared. \% H7 u; m) e/ E" a/ R
and unpaid dividends to the date fixed for redemption in the case of( v" c2 q( X0 a1 y# B) J
redemptions on February 25, 2019 and on February 25 every five years" q5 x! G4 |) V) h8 ^. p$ i
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
) j2 p% C2 m$ Uthe date fixed for redemption in the case of redemptions on any other date
5 t- `# X: s8 c" [8 c# @# ?% Q' fon or after February 25, 2014.
, |4 u- ~" p' v, MConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
/ e* z( I+ g+ }* U6 E4 pShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
- t' V5 Q8 |# Y. A  p$ O' }the right, at their option, to convert, on February 25, 2019 and on
( z. Z7 k0 j4 }; K, C1 P( r$ k* |+ ^8 jFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any, b! D& g& N, |  n0 T# D. S) i% x
or all of their Preferred Shares Series 19 into an equal number of Preferred% _% H( M6 t# m/ I1 H+ N
Shares Series 18 upon giving to the Bank written notice thereof not earlier
* w# @' M& Q, F( B: t' }than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the9 f6 N6 I- O7 n: u8 ?  }
15th day preceding, a Series 19 Conversion Date.4 n0 Z2 i  Y+ n9 |: D" L- G
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
/ Z5 A% D5 I& K4 [) KProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares' m* O" z$ t7 U0 Z# `
Series 18, as the case may be, that there would be outstanding on such
4 `% @% b. c* [" b" c1 i( @Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
9 X2 d6 t* v/ x8 ^7 H# l6 u% t2 Msuch remaining number of Preferred Shares Series 19 will automatically be
9 {: p3 d" `* [8 k/ jconverted on such Series 19 Conversion Date into an equal number of
8 p& [9 L# X# t7 d* I2 ~* S# W# m( sPreferred Shares Series 18. Additionally, if the Bank determines that, after
8 c- k0 ?2 x  h- {conversion, there would be outstanding on such Series 19 Conversion Date) q9 b; L" ^9 U
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
$ k9 ]7 S" N( C6 g3 G! |Series 19 will be converted into Preferred Shares Series 18.
' x) j6 b2 u- m  U7 uVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares2 v- J  B+ x& ?2 {5 U3 U# w
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
% ?" M/ o+ n! y9 z4 m' bany meeting of the shareholders of the Bank unless and until the first time at6 ^& o* ^9 ^6 z% H6 |3 q8 C
which the Board of Directors has not declared the whole dividend on the: z1 {5 Z9 `5 O" ~
Preferred Shares Series 19 in any quarter. In that event, subject as
2 ~; h* s+ n' m( V5 Fhereinafter provided, the holders of Preferred Shares Series 19 will be7 ]: H$ C1 J% [# d
entitled to receive notice of, and to attend, meetings of shareholders at which0 \- S6 z$ e" z. ?# `
directors of the Bank are to be elected and will be entitled to one vote for
( s8 M& _* k: a; z! h" v4 g% Qeach Preferred Share Series 19 held. The voting rights of the holders of the6 i( S  T5 C! }1 f6 q8 W  l
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
: k, e* A+ L3 tthe first dividend on the Preferred Shares Series 19 to which the holders are
- D3 Q" S5 Q: H5 L9 _3 Centitled thereunder subsequent to the time such voting rights first arose until6 b1 T( X/ ^! Y2 _) ]- z, C0 g
such time as the Bank may again fail to declare the whole dividend on the) o7 V& R9 N" S% C! u- E, T
Preferred Shares Series 19 in respect of any quarter, in which event such
1 C! C* r, w$ K- d9 Avoting rights will become effective again and so on from time to time.6 E( m9 A: ^8 I. ~2 {  l7 t6 w
S-68 i# c- m6 U  B% o+ s
Priority: The preferred shares of each series of the Bank will rank on a parity with
! X) s9 a, H2 Y' Nevery other series and are entitled to preference over the common shares of
, p7 `& z  k; v4 o5 a: M  M6 l3 \the Bank and over any other shares of the Bank ranking junior to the. S& R, ]1 k/ \) f
preferred shares with respect to the payment of dividends and upon any, Z: {, @* G  z! i8 J( d
distribution of assets in the event of the liquidation, dissolution or
8 M" v- S& }* z/ z* E9 \& Awinding-up of the Bank.6 |% ^3 P+ X4 T) D
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
0 I1 P. l8 ^; n/ |6 T" L, N6 x5 JDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
' _9 Q, t$ G4 N' Q6 G4 z9 SSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
& p. j; G# n' ?1 ldividends 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。. A$ s& x. I3 E7 m8 {' W
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

7 K6 m7 w/ Y! {4 ^5 x& y3 r8 u
2 ~) Z4 O+ @; g5 a6 N" |- O下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
$ ?2 @1 W5 f# F) i8 K% k' E% c1 ?5 S/ J
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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