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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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0 D, t& }7 x( G[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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 楼主| 发表于 2008-11-29 16:58 | 显示全部楼层
下面是BMO的:* e" k. ~- y* B, f1 `1 h; j
SUMMARY OF THE OFFERING2 K3 u' _5 Z! i3 d; e
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’’.
/ N+ W) C( z% i7 ~5 x$ i  CIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
) q' j* Z# w- p) T, `# zAmount: $150,000,000 (6,000,000 shares)., q( |: z$ }8 v) d
Price and Yield: $25.00 per share to yield initially 6.50% per annum.( Y  ~, _1 C! d( ^- {* Z0 R6 j1 e
Principal Characteristics of the Preferred Shares Series 188 L& r7 C4 I, w! M0 C
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
( q6 q; Z' O0 ^) P% P) Bnon-cumulative preferential cash dividends, as and when declared by the: q8 c1 D7 T9 e& Q* R
Board of Directors, subject to the provisions of the Bank Act, for the initial
& m, S4 X$ p3 C7 \6 [% O! fperiod commencing on the closing date and ending on and including7 C* k+ U  }% e2 Y0 X; a$ i
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
9 f3 ^( G0 L! Z- L* d8 Z25th day of February, May, August and November in each year, at a rate
( p; @+ z5 l  @$ G) J: h4 h: C" eequal to $0.40625 per share. The initial dividend, if declared, will be payable
6 W' G5 A8 {7 u: Q3 m/ iMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing* V. q* N7 P( v% Z
date of December 11, 2008.
+ ?4 c0 y% j: v* H" w1 EFor each five-year period after the Initial Fixed Rate Period (each, a9 U0 n7 y- g1 o+ u1 T1 p
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares* n( Y  w( M/ V
Series 18 will be entitled to receive fixed non-cumulative preferential cash4 H8 z& r* o& G' [
dividends, as and when declared by the Board of Directors, subject to the/ }6 v8 g- X% @1 J
provisions of the Bank Act, payable quarterly on the 25th day of February,+ ~1 T; G5 l9 m& |, N+ R
May, August and November in each year, in the amount per share per annum
: @3 \& I: R) d: g$ Zdetermined by multiplying the Annual Fixed Dividend Rate applicable to
% c* r5 N$ z  n8 R. Vsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend+ f. r/ B5 Y6 j; w# o
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
, ^4 v$ p1 b1 l1 u. FBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
/ Z% V4 O. D: g1 z9 mof such Subsequent Fixed Rate Period and will be equal to the sum of the1 K* g6 W$ n& g$ U
Government of Canada Yield on the applicable Fixed Rate Calculation Date
9 s$ Y9 @! `# m7 `plus 3.83%.8 c% q, g4 X2 M. P. K  H0 t3 N' i1 U
If the Board of Directors does not declare a dividend, or any part thereof, on+ J$ ~& ~/ b# C+ e9 N  {* n
the Preferred Shares Series 18 on or before the dividend payment date for a' j* \/ V& i4 S  s5 b: o2 L
particular quarter, then the entitlement of the holders of the Preferred, p# P3 Z1 O; H
Shares Series 18 to receive such dividend, or to any part thereof, for such: ]" i! O% a1 _! H" v
quarter will be forever extinguished.1 R' u, o' |8 K
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
3 J' w: L; U! n8 J5 y4 E$ P2 {% qSuperintendent and to the provisions described below under ‘‘Details of the
# w- P! a1 d% G" U3 c% ^( bOffering — Certain Provisions of the Preferred Shares Series 18 as a2 j- U, N1 W6 |( D9 T
Series — Restrictions on Dividends and Retirement of Shares’’, on
6 }( B# N' m- O) h0 ?February 25, 2014 and on February 25 every five years thereafter, on not$ [* J) ~; P/ b1 t* r% a$ P: M
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
5 S2 C% Z! _5 E' i! r8 Fpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
6 j9 q4 q/ E4 z% D. owithout the consent of the holder, by the payment of an amount in cash for+ G4 a5 y8 k! A+ _& T# s5 X" p" m9 T
each such share so redeemed of $25.00 together with all declared and unpaid1 O- T2 u4 @" M. y
dividends to the date fixed for redemption.# j, h& O7 Z6 {5 J. A! n' t
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic+ D6 ]5 @( J. h6 P& @2 |2 F
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have/ ^5 d  A9 ]( |' c, F
the right, at their option, to convert, on February 25, 2014 and on
/ Z5 D0 @, R! T$ h- gS-46 J' C; s. e9 a, q* c0 @
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any$ Y, ?$ l8 d) P7 u7 F& B! x0 l
or all of their Preferred Shares Series 18 into an equal number of Preferred
! w* D# N" J# C9 ^0 a9 VShares Series 19 upon giving to the Bank notice thereof not earlier than3 s" V5 w0 V8 G- g8 u3 l4 Q. \
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
: ]  v! L" [! E9 W( B: |preceding, a Series 18 Conversion Date.
0 \" d2 @, z7 H. gAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
: g; c. V. o  F! r) p. F" VProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares3 ~$ c9 M# j1 Z+ p  {/ M$ K' K- Z
Series 19, as the case may be, that there would be outstanding on such2 Z: }$ S# ?5 s# J6 e8 _
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,% P! T; y8 b4 S% o. b* i6 G7 k7 Y
such remaining number of Preferred Shares Series 18 will automatically be/ i! G0 n. a  a$ F, `% J% Q
converted on such Series 18 Conversion Date into an equal number of9 B9 M2 Z: _& S7 O2 M9 `3 Z+ f
Preferred Shares Series 19. Additionally, if the Bank determines that, after) T$ p& H8 T0 A- }3 }. y8 m7 `8 j
conversion, there would be outstanding on such Series 18 Conversion Date7 F# F# ~( L# p& k( U
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares; C! a8 [0 A* G. z. A
Series 18 will be converted into Preferred Shares Series 19.( _3 e' M# U% h* S
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares6 w; {) F4 c8 y6 {" x  g1 A. Z6 G
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
8 O1 {9 M  j9 {8 c5 jany meeting of the shareholders of the Bank unless and until the first time at0 |& H: W  I8 K( P" B3 d
which the Board of Directors has not declared the whole dividend on the
# X+ K/ ?' d, _; h7 ]Preferred Shares Series 18 in any quarter. In that event, subject as
( t# X, u$ N8 @; F8 fhereinafter provided, the holders of Preferred Shares Series 18 will be% Y4 y' K/ F& w- l7 t$ q
entitled to receive notice of, and to attend, meetings of shareholders at which3 m; I5 {8 b' j6 `& K  K
directors of the Bank are to be elected and will be entitled to one vote for
" m& c, Z1 K+ [each Preferred Share Series 18 held. The voting rights of the holders of the
. e; ~; _9 `# e/ `4 g) A  ?; R, NPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
/ o1 J; r' l2 \4 _the first dividend on the Preferred Shares Series 18 to which the holders are0 |5 p: y4 J) Q) g$ V
entitled thereunder subsequent to the time such voting rights first arose until
/ M6 `0 }5 q. \+ w4 tsuch time as the Bank may again fail to declare the whole dividend on the
) u. T/ j: B. q6 a$ o6 _Preferred Shares Series 18 in respect of any quarter, in which event such
# M! t( m4 l+ y9 g2 Qvoting rights will become effective again and so on from time to time.
9 C4 S+ h1 U9 }% D0 B" g+ F7 YPrincipal Characteristics of the Preferred Shares Series 19
. {9 c4 A6 ~# L6 w) b* f0 aDividends: The holders of the Preferred Shares Series 19 will be entitled to receive0 Y; c) L' A# h. q* a
floating rate non-cumulative preferential cash dividends, as and when9 X: T$ U5 L; c$ M  b' K
declared by the Board of Directors, subject to the provisions of the Bank Act,' N0 u) j: {. |6 C  A  D( k4 O
payable quarterly on the 25th day of February, May, August and November; D& d$ ]% x% y8 z
in each year, in the amount per share determined by multiplying the% W" K! w3 k/ k1 ?9 q
applicable Quarterly Floating Dividend Rate by $25.00.1 v0 w/ _6 A) M5 M% |% {
On the 30th day prior to the commencement of the initial quarterly dividend
! C# m( N8 A# _  R; ~# {period beginning on February 25, 2014, and on the 30th day prior to the first
5 j: M& k$ g5 r  T. ~+ i5 P' [day of each subsequent quarterly dividend period (the initial quarterly
5 \3 b1 C( ~" pdividend period and each subsequent quarterly dividend period is referred to
. k3 `) F+ w( f( G0 Las a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the) `" s% H) a# E* ?$ l
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate# P) z! N/ Q2 O
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the3 `0 V3 {4 u2 u1 B5 ^
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
6 z5 ]' Y5 U, {6 b" Welapsed in the applicable Quarterly Floating Rate Period divided by 365)( ^$ z* {) ~4 Y: j" H
determined on the 30th day prior to the first day of the applicable Quarterly3 w7 H5 a4 u9 S+ L2 ~) R
Floating Rate Period.
/ t- r# j' L) p, pS-5- F/ K* M0 i& \9 N
If the Board of Directors does not declare a dividend, or any part thereof, on' w% \/ Z5 m# b5 P/ a
the Preferred Shares Series 19 on or before the dividend payment date for a  b& N$ ]* @  {6 h/ V2 f1 ]
particular quarter, then the entitlement of the holders of the Preferred4 N( @( B$ K; k
Shares Series 19 to receive such dividend, or to any part thereof, for such7 F1 }0 _) |/ [
quarter will be forever extinguished.1 v4 S5 @( }$ V% H, T
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
9 s2 Y* ~6 l; W: X7 Z9 Y- nSuperintendent and to the provisions described below under the heading  w2 z  u+ T5 b8 P6 Y: |% i
‘‘Details of the Offering — Certain Provisions of the Preferred Shares7 m0 m# m3 i( ]) n
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,; o# R; W. _+ F5 ]: V  S& y% S
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
, [& V/ }: N0 O% cor any part of the then outstanding Preferred Shares Series 19, at the Bank’s% L5 J5 W7 }# n! V4 C
option without the consent of the holder, by the payment of an amount in$ B, a: y4 B/ ]2 ?
cash for each such share so redeemed of (i) $25.00 together with all declared1 Y; l3 \6 z( G5 t4 E$ W0 {
and unpaid dividends to the date fixed for redemption in the case of
  _+ D7 |9 i/ nredemptions on February 25, 2019 and on February 25 every five years9 X) B. m  Z; r0 N8 X& z/ H
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to7 _, J$ E5 G  [/ c
the date fixed for redemption in the case of redemptions on any other date$ ?4 Z# J+ D: G) r. ?
on or after February 25, 2014.! @3 d' d1 e" n) z; ^2 \" `- v
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic4 X7 M+ k5 s7 Q1 y" i- G, {
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have' P; ?- K! U& a9 `3 q5 k
the right, at their option, to convert, on February 25, 2019 and on! U  ~4 ?9 A* d$ I8 \
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
- n* i* ]+ Z  }' _3 ?1 w& o# zor all of their Preferred Shares Series 19 into an equal number of Preferred8 ]) \$ m, D4 k4 R
Shares Series 18 upon giving to the Bank written notice thereof not earlier
( j' W  X* k7 m4 J4 V3 e& Gthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the1 ]3 b5 F+ K/ l/ b. y0 A( E9 ^) p1 j
15th day preceding, a Series 19 Conversion Date.# s- u' C9 r8 e
Automatic Conversion If the Bank determines, after having taken into account all shares tendered5 [" g* X$ ^# G4 ~0 g' U. c
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
6 R& I5 N* e: [Series 18, as the case may be, that there would be outstanding on such
7 w. e; ^, T" }  DSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,* I0 I! s1 ^: O. t/ f
such remaining number of Preferred Shares Series 19 will automatically be6 F) q7 s1 V1 V7 v3 v# D9 Z- e
converted on such Series 19 Conversion Date into an equal number of
  W3 b: b) l; x2 X" v' s' ?& C- PPreferred Shares Series 18. Additionally, if the Bank determines that, after, C  W0 [! i9 N# R! p
conversion, there would be outstanding on such Series 19 Conversion Date* q( S, s1 C" K: r  k9 v
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
; h" \3 A  t( ]7 }Series 19 will be converted into Preferred Shares Series 18.+ h+ J' w% W" S, [! X! t. F
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
4 D$ X, X1 r0 e$ [Series 19 will not be entitled as such to receive notice of, attend, or vote at,( q$ Z; |5 I/ P9 x4 B
any meeting of the shareholders of the Bank unless and until the first time at" M, e4 E( Y; ?3 Y- D5 K, o- \
which the Board of Directors has not declared the whole dividend on the
  x; T+ J! b" JPreferred Shares Series 19 in any quarter. In that event, subject as
/ H! K( s0 c( n" r/ ]4 `hereinafter provided, the holders of Preferred Shares Series 19 will be
; e0 K/ E6 [; ~entitled to receive notice of, and to attend, meetings of shareholders at which
" X) e! f% W1 {- x( o: xdirectors of the Bank are to be elected and will be entitled to one vote for: s- s" B* E0 i! k, c$ V
each Preferred Share Series 19 held. The voting rights of the holders of the
) G! {: D+ z  o0 r$ Y0 ~Preferred Shares Series 19 will forthwith cease upon payment by the Bank of3 e6 ^9 g+ x- h' c
the first dividend on the Preferred Shares Series 19 to which the holders are
4 S# s. I) C; ?* w7 z. W2 xentitled thereunder subsequent to the time such voting rights first arose until
+ F3 o8 v  H2 d2 _9 psuch time as the Bank may again fail to declare the whole dividend on the
5 x3 X5 J2 `# V+ cPreferred Shares Series 19 in respect of any quarter, in which event such
4 Q7 A( K& ~$ D9 rvoting rights will become effective again and so on from time to time.
( `& u/ m# y+ M+ b4 nS-6
+ r- {" w( v* q5 o, h( I' rPriority: The preferred shares of each series of the Bank will rank on a parity with' [0 l% Y$ k% i; P) G
every other series and are entitled to preference over the common shares of% R" f3 |* @9 h" r$ Q5 p
the Bank and over any other shares of the Bank ranking junior to the
9 B( s+ D( Q- k$ a" p4 Bpreferred shares with respect to the payment of dividends and upon any
$ [  a" V7 S% R/ Q8 ]6 _$ X9 N6 _distribution of assets in the event of the liquidation, dissolution or
4 T+ Q, |5 q4 L: C. D+ N; Twinding-up of the Bank.
" o: h7 e* N, kTax on Preferred Share The Bank will elect, in the manner and within the time provided under' k, f" R' |( s* U* o: f% f: g
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares! [2 }  L2 [' B8 D: f, q
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
" R5 r, p2 M& x" x1 o/ x) fdividends 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。- O( i3 J, b& ~6 s/ H% z0 J
今天讲座如何?
理袁律师事务所
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。
理袁律师事务所
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 18:26 | 显示全部楼层
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* Y8 [( Z3 K/ r* |7 C+ h
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。/ N4 w9 n0 j  q3 m1 x, {) D: h3 D

) R: H; e5 g( {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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