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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。+ Q* R- J& O" O
% n1 A- H& P: G$ s7 Z1 h

# C' N; }3 J' B/ C[ 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:( R3 c/ R/ v3 ?4 A  f7 q
SUMMARY OF THE OFFERING( v: B9 }6 ^/ _, i# j3 n6 U5 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’’.8 u  Q2 P$ n0 E' o# J7 u. y
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
% V. P  V4 h# m, g" y4 N$ r- PAmount: $150,000,000 (6,000,000 shares).
0 p; Q( S+ x% M' L6 q7 a' W- n( SPrice and Yield: $25.00 per share to yield initially 6.50% per annum.8 _! D, ^$ N, B; ^
Principal Characteristics of the Preferred Shares Series 18* c/ p0 ~& i# ~. K# F1 X
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed& k: L6 L: b; t3 R
non-cumulative preferential cash dividends, as and when declared by the( O/ ?6 D5 q5 |* l( h
Board of Directors, subject to the provisions of the Bank Act, for the initial
6 M/ U8 d/ [7 vperiod commencing on the closing date and ending on and including  P0 Z: g/ A  Y$ ^& _' M; W' v
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
3 Q' `' ~0 I, ?# ^& D9 \25th day of February, May, August and November in each year, at a rate
% e: H+ D* E5 g: z5 {5 D  Q3 oequal to $0.40625 per share. The initial dividend, if declared, will be payable
& H' W3 p+ G& X% W& nMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
5 B3 [( y8 p6 Z1 _$ T7 }' {date of December 11, 2008.' ^- I3 z# G4 u7 r  f, a% }  f
For each five-year period after the Initial Fixed Rate Period (each, a
/ ~- G* N: C" g. j3 E" u$ W‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
$ N/ U. R  B0 N  H8 Q2 u7 lSeries 18 will be entitled to receive fixed non-cumulative preferential cash
& H' ?8 Q8 U* j* V( ^" @dividends, as and when declared by the Board of Directors, subject to the
  N; U6 I3 Y, Gprovisions of the Bank Act, payable quarterly on the 25th day of February,/ _" p/ Z. z3 u
May, August and November in each year, in the amount per share per annum
* {8 J/ O( S$ h6 F1 C" w0 z" Jdetermined by multiplying the Annual Fixed Dividend Rate applicable to
# L6 L2 N# M- l# ~such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend3 l" Z$ u. @' {7 R
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the8 H3 k; I4 r' Y& n1 z
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day1 D7 u% J, P8 P1 J. Z. S
of such Subsequent Fixed Rate Period and will be equal to the sum of the  W% \# c3 V! P3 f; x% F! l( H
Government of Canada Yield on the applicable Fixed Rate Calculation Date
2 s* ?* J5 y6 q3 C& M% [$ vplus 3.83%.6 b: o- B: f8 @5 T$ O$ P1 r* g$ _: u
If the Board of Directors does not declare a dividend, or any part thereof, on
. ]  f0 G3 C+ |: g# |9 Ythe Preferred Shares Series 18 on or before the dividend payment date for a
" H) F6 P' x( P/ Q* a9 Jparticular quarter, then the entitlement of the holders of the Preferred
* e- i  |  e2 l% ?3 {; ?Shares Series 18 to receive such dividend, or to any part thereof, for such
: B7 F! a6 o; b0 R( \  Squarter will be forever extinguished.' ?' h3 z. _1 R, w/ A( w5 `
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
& A& v% M4 C8 ^3 n' I0 MSuperintendent and to the provisions described below under ‘‘Details of the
* w4 a+ w; R2 \; e* p7 F( HOffering — Certain Provisions of the Preferred Shares Series 18 as a
- n+ R! N& Z4 p# {: ?4 b8 c) TSeries — Restrictions on Dividends and Retirement of Shares’’, on
# F) F( c  C- I$ g' ]7 Z+ eFebruary 25, 2014 and on February 25 every five years thereafter, on not
" {* z5 D3 o' a" I5 ^more than 60 nor less than 30 days’ notice, the Bank may redeem all or any# l2 i; L" B& b# s- O
part of the then outstanding Preferred Shares Series 18, at the Bank’s option2 o* I* }. O0 d: ~& M7 b2 W* r- [
without the consent of the holder, by the payment of an amount in cash for9 K1 _1 Y' {, Y- F, Z1 n
each such share so redeemed of $25.00 together with all declared and unpaid5 V' a  F$ U0 }5 g, w  L; N- @
dividends to the date fixed for redemption.. B* d/ g3 O& F
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic; D6 \7 J+ F, ~# c& {) ?. B  f
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
4 U# d3 |$ h8 |5 Rthe right, at their option, to convert, on February 25, 2014 and on
& k2 Q, ?: g) U, r' I) ES-4& z) ]7 p7 k  N
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any; {9 q6 g# i! e: u- ^5 Q6 {
or all of their Preferred Shares Series 18 into an equal number of Preferred
5 E2 W9 s' M3 K9 e8 r- p/ AShares Series 19 upon giving to the Bank notice thereof not earlier than
& f7 E; c1 ^" W( B: i30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day% G5 |5 j, G, g9 E; C1 {1 U
preceding, a Series 18 Conversion Date.
5 W  h; z/ R+ q& l; }1 wAutomatic Conversion If the Bank determines, after having taken into account all shares tendered1 B+ Y0 l) p* T" n! P3 N5 q
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
/ ]# j! e; m9 X2 J, e; n9 V( j* J" ^Series 19, as the case may be, that there would be outstanding on such
) Z/ i0 L. p% TSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
/ ~5 c, g9 U$ Osuch remaining number of Preferred Shares Series 18 will automatically be0 @: X* t+ h5 ]
converted on such Series 18 Conversion Date into an equal number of% V0 \- y4 o& X% s% ]
Preferred Shares Series 19. Additionally, if the Bank determines that, after  l6 ]( O2 A/ N6 D1 W
conversion, there would be outstanding on such Series 18 Conversion Date
, R% K) r/ P$ _less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares7 n$ i- M9 c2 ]; A
Series 18 will be converted into Preferred Shares Series 19.7 r2 J2 K% E: n, L0 I
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
# U% K: X; Y6 U( a3 A' aSeries 18 will not be entitled as such to receive notice of, attend, or vote at,  _; Q0 n+ Y3 X; F$ d4 V7 F4 A
any meeting of the shareholders of the Bank unless and until the first time at- g- S# s, i8 W& z' `
which the Board of Directors has not declared the whole dividend on the
0 [/ W3 B. z4 u* ~, y2 DPreferred Shares Series 18 in any quarter. In that event, subject as
9 V/ l9 {$ T' j  ?hereinafter provided, the holders of Preferred Shares Series 18 will be
7 o, a) Z3 b+ Yentitled to receive notice of, and to attend, meetings of shareholders at which' E  e% D9 J: J. E3 |6 x0 q! K( A$ E
directors of the Bank are to be elected and will be entitled to one vote for% i# X, j4 I. s3 E% x
each Preferred Share Series 18 held. The voting rights of the holders of the# A% ]0 A4 A! M1 O  I
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of& ]* i: [. i9 I; M5 S9 d/ r
the first dividend on the Preferred Shares Series 18 to which the holders are
' Y. ~/ M1 |9 |9 t; f! C7 xentitled thereunder subsequent to the time such voting rights first arose until3 d5 ?/ P- Z# T! X8 T. T( ?) X, e
such time as the Bank may again fail to declare the whole dividend on the
# o2 p. D4 a0 l( J% kPreferred Shares Series 18 in respect of any quarter, in which event such* [! ?& C; b* k9 W4 h0 Z
voting rights will become effective again and so on from time to time.* r3 e# @3 {! w, v3 k& T; Z
Principal Characteristics of the Preferred Shares Series 19' _# o4 `& a& J
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive% {7 Q+ n) A. J- V" Q0 O
floating rate non-cumulative preferential cash dividends, as and when( [' m! l# ?2 u5 x: e" ?+ h
declared by the Board of Directors, subject to the provisions of the Bank Act,7 r! |9 `4 @! L
payable quarterly on the 25th day of February, May, August and November! a) n( U/ w; u$ x0 f$ c
in each year, in the amount per share determined by multiplying the  d( C" p, I7 B; \+ B
applicable Quarterly Floating Dividend Rate by $25.00.
' k, ]. k+ d9 X! @7 i3 i. mOn the 30th day prior to the commencement of the initial quarterly dividend
$ ^: c2 H/ \# i% wperiod beginning on February 25, 2014, and on the 30th day prior to the first+ i- R8 {/ G5 A4 P+ d, O" P6 G. a
day of each subsequent quarterly dividend period (the initial quarterly" _( I7 ?4 k' A% p7 o+ g# W
dividend period and each subsequent quarterly dividend period is referred to. m7 o8 T- G0 G6 l1 w# f2 P
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
$ V* J! ~% H' Y. m5 e; c2 dQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
& W/ h" R, z% pPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the' u9 m+ g* M, f5 a$ i* a& V
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days" `% I* i& q4 u5 u
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
" c+ j% V8 i1 @8 ?. U2 O* Wdetermined on the 30th day prior to the first day of the applicable Quarterly
) T5 W4 }0 c* P! KFloating Rate Period.
/ z  i: z3 X* A1 JS-5# j% `, P. N- q5 y
If the Board of Directors does not declare a dividend, or any part thereof, on. D" u  Q) j, T: E
the Preferred Shares Series 19 on or before the dividend payment date for a
3 W2 H8 Z+ J- Mparticular quarter, then the entitlement of the holders of the Preferred
3 b. f' }$ q( d4 y- lShares Series 19 to receive such dividend, or to any part thereof, for such1 B# y! X# Y& J' Y$ x# E
quarter will be forever extinguished.. ?" B0 G8 ?6 d) z% L
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the) _; K9 b0 z& j- y! e
Superintendent and to the provisions described below under the heading" V; h& }$ |# X
‘‘Details of the Offering — Certain Provisions of the Preferred Shares) g# u/ F& g2 X+ c
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
) H4 E# r$ M5 A% e3 Mon not more than 60 nor less than 30 days’ notice, the Bank may redeem all8 U$ {+ z0 w# Z, j2 y3 i
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
% ?9 k+ T6 \; ?option without the consent of the holder, by the payment of an amount in: R1 P8 ~' e3 k6 o/ s
cash for each such share so redeemed of (i) $25.00 together with all declared
# I. E( {; k9 z3 j' p6 L" \$ rand unpaid dividends to the date fixed for redemption in the case of0 K' T9 E8 z& v1 R
redemptions on February 25, 2019 and on February 25 every five years5 P8 k" m1 l  V  x0 N
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
1 I; m5 u2 {$ w5 z" C8 n0 Lthe date fixed for redemption in the case of redemptions on any other date
2 X( k( }+ b% f8 w2 a$ don or after February 25, 2014.% q( r8 ]. S; [5 W: x" l
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
0 n# j3 @; g- v0 Y9 H% n" NShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
/ ?! l" I& I% I* ~9 x9 p7 Ithe right, at their option, to convert, on February 25, 2019 and on* A- s6 E: V* q
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any0 z* p* b0 h) o8 n
or all of their Preferred Shares Series 19 into an equal number of Preferred
  U( r, C$ v& y7 BShares Series 18 upon giving to the Bank written notice thereof not earlier
7 d1 H% s! _0 |than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the* }/ {) N5 m# d  T8 a
15th day preceding, a Series 19 Conversion Date.# t0 r+ {0 M5 c2 ^# C- E) X
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
7 j5 [! v* [& u. r# GProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
: N0 g4 I; ]2 g5 `' V% t- PSeries 18, as the case may be, that there would be outstanding on such
! ^) F1 Z1 C6 Y5 X: v$ ]1 B; KSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,2 n9 x8 e0 e9 x* \
such remaining number of Preferred Shares Series 19 will automatically be5 E0 _& H6 e$ D3 a! t$ j8 H8 u
converted on such Series 19 Conversion Date into an equal number of- F, o: p/ a# ^# u
Preferred Shares Series 18. Additionally, if the Bank determines that, after
: ]" l1 K; ~7 F7 u9 p  Econversion, there would be outstanding on such Series 19 Conversion Date" Y1 F9 }+ B; y
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares) `) B- s$ I* h
Series 19 will be converted into Preferred Shares Series 18.
+ [' H& ]- ~3 J& qVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares2 `; C9 r5 U! W$ d0 \9 m
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
; w! A* L% ]! @$ Vany meeting of the shareholders of the Bank unless and until the first time at
+ C5 p9 Q0 ~/ [which the Board of Directors has not declared the whole dividend on the
  Q+ Q( q0 p5 ^Preferred Shares Series 19 in any quarter. In that event, subject as
8 d: P4 _! Q+ }! _' y1 t0 t2 qhereinafter provided, the holders of Preferred Shares Series 19 will be8 N+ V' ?: p/ K+ p2 a+ g
entitled to receive notice of, and to attend, meetings of shareholders at which5 W, B" H' [* `3 V9 [# Z% w! z
directors of the Bank are to be elected and will be entitled to one vote for
5 f5 {; Y  o! [each Preferred Share Series 19 held. The voting rights of the holders of the
+ P' k8 {; [6 N" }" SPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
2 [# f) w9 d6 h5 W9 r, y9 P& p2 ^the first dividend on the Preferred Shares Series 19 to which the holders are$ F2 m# a9 x+ B6 n: G0 V! N
entitled thereunder subsequent to the time such voting rights first arose until
7 M/ ^) {; x  s+ Fsuch time as the Bank may again fail to declare the whole dividend on the* ]# ^! u3 b& n( H6 p( \$ K
Preferred Shares Series 19 in respect of any quarter, in which event such
4 c# R$ a% X6 n5 b# Evoting rights will become effective again and so on from time to time.
# P7 d7 [2 d+ Q; p) J# s4 p  IS-6
9 _- S2 h+ Z- r4 R# P6 s2 o9 ZPriority: The preferred shares of each series of the Bank will rank on a parity with- C+ ~2 c8 }0 j% ~/ j; H
every other series and are entitled to preference over the common shares of) S+ V" r" T5 l% y- t
the Bank and over any other shares of the Bank ranking junior to the
# _' E: {* r" c/ P# K# Z: M/ ?$ kpreferred shares with respect to the payment of dividends and upon any  e8 F, d! j- Y: V+ o
distribution of assets in the event of the liquidation, dissolution or* P+ E$ g$ F7 Q8 |
winding-up of the Bank.
, _* t4 Q% u& @" w7 K: lTax on Preferred Share The Bank will elect, in the manner and within the time provided under  g+ C# k$ ?& g) w/ K4 a
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
' L) Q8 o# U( S* ZSeries 18 and Preferred Shares Series 19 will not be required to pay tax on8 w5 }( \7 A+ I) t) k/ g6 r& I$ `. r
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。( v+ @2 x; g- k, u7 W4 l  J; O; {/ c
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

, p9 I6 z8 t, E4 v5 R- K; w# F) [  U; @4 a9 J0 E4 c
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。8 q3 z2 x& I5 H$ i' p% m

& V- A7 d8 r: Wcall 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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