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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。  N8 @( r9 y5 ^

2 B; `& v. T' B. g3 @7 |6 H
  n( ]; z( b9 a! ?2 J; ~* Z[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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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:
* X9 d# Q' _1 w$ K- U: m" }SUMMARY OF THE OFFERING
: Z4 o* N" n6 z7 c6 [+ c3 T* dThis 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’’.; p5 V, @/ m" t& H. H6 Q
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.6 h, N$ J8 W6 J" x- w# p  |
Amount: $150,000,000 (6,000,000 shares).
/ n. y6 v) @+ A- J  c0 RPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
& S0 R6 C3 ^$ c' oPrincipal Characteristics of the Preferred Shares Series 18
. j3 B1 u7 U6 \4 N, ?1 N, x4 f/ a5 sDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
+ m1 p; G9 m  r' Mnon-cumulative preferential cash dividends, as and when declared by the
3 |* Q+ ~8 N4 sBoard of Directors, subject to the provisions of the Bank Act, for the initial
3 \3 D  L- W8 b% Y  c3 q5 yperiod commencing on the closing date and ending on and including
" @2 L- Q0 N" \- ^% X0 ^) pFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
9 v1 P  O( J9 w25th day of February, May, August and November in each year, at a rate
& O$ Q5 C4 \+ N, b& ?1 Requal to $0.40625 per share. The initial dividend, if declared, will be payable
* G  w7 T0 H3 \% h. y4 J1 z% K7 GMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing% U9 C+ Z5 z! H; H) ~& x4 c
date of December 11, 2008.' s1 y3 V! X% W8 J# ]
For each five-year period after the Initial Fixed Rate Period (each, a
6 P4 O/ f- @: j‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
" r5 ]" B$ m) n- ~" HSeries 18 will be entitled to receive fixed non-cumulative preferential cash
6 ~. M/ l5 K2 d: q1 Jdividends, as and when declared by the Board of Directors, subject to the
! Z* w* `, u  J; }2 pprovisions of the Bank Act, payable quarterly on the 25th day of February,
& F; n2 `  Y8 x$ F: o* JMay, August and November in each year, in the amount per share per annum
/ M# M3 g% W* Ndetermined by multiplying the Annual Fixed Dividend Rate applicable to
' _5 A  S2 W' q% Dsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
8 ]$ C. P7 h$ _; s) w3 |- f9 MRate for the ensuing Subsequent Fixed Rate Period will be determined by the
. Q% B0 W' [. Q* [! h/ NBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day0 z3 c, _% X- d7 u( p5 y8 V) @
of such Subsequent Fixed Rate Period and will be equal to the sum of the
5 ]" K1 `0 t+ rGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
' q- v: |+ `9 x5 |0 G+ q& T* Mplus 3.83%.
& A6 N7 }' P; ?% iIf the Board of Directors does not declare a dividend, or any part thereof, on& u; s0 T! h2 U( C- y* `
the Preferred Shares Series 18 on or before the dividend payment date for a
) G( J1 k  r; V9 l- p+ Xparticular quarter, then the entitlement of the holders of the Preferred
+ f9 c& C) [* a  R1 h; o- t/ ]Shares Series 18 to receive such dividend, or to any part thereof, for such) J) l1 }: W" U% O0 I8 ~3 L
quarter will be forever extinguished.: t, g$ x0 [" V  f4 }$ z
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
4 m8 K" o) S0 N8 e6 y' @; hSuperintendent and to the provisions described below under ‘‘Details of the
0 o( ]# N4 k$ n  gOffering — Certain Provisions of the Preferred Shares Series 18 as a
, ^; M# Y' g  u" e( n. e3 D) ^Series — Restrictions on Dividends and Retirement of Shares’’, on* B- ~* D! ~$ e* {
February 25, 2014 and on February 25 every five years thereafter, on not* v9 i% f; G7 S
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any# l" Y0 |- b; A2 _( q1 c
part of the then outstanding Preferred Shares Series 18, at the Bank’s option3 e  W/ A# _& h
without the consent of the holder, by the payment of an amount in cash for1 m$ ^& h2 Z: @, J# B# o4 E
each such share so redeemed of $25.00 together with all declared and unpaid
1 {( n) ]# k3 ^+ l; t- A: Qdividends to the date fixed for redemption./ h2 b) _% k  \+ A+ S1 p3 z
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic$ @+ A; @# F# h3 l1 n
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have9 q4 s7 I) w- a  s8 G# s
the right, at their option, to convert, on February 25, 2014 and on( C9 ]# k. [; V1 _* N
S-4
" j5 {% I7 Q2 [3 L; bFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
- I- ^; O9 l( qor all of their Preferred Shares Series 18 into an equal number of Preferred( F- v& w7 v2 A. q
Shares Series 19 upon giving to the Bank notice thereof not earlier than% h* Q: k, U$ J9 ]
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day8 [( }) g* U  Q
preceding, a Series 18 Conversion Date.7 v& l8 T6 k) k7 ]
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
3 C, i/ [# l! k" pProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
5 ]& _  m- l# \1 ?+ @$ \# U: xSeries 19, as the case may be, that there would be outstanding on such* x$ X/ |; |5 Z* i* G/ b
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,! a) d0 b( r6 [$ p  n
such remaining number of Preferred Shares Series 18 will automatically be
2 c1 i& K* G5 M7 a' r' w5 G6 v( Lconverted on such Series 18 Conversion Date into an equal number of
- F; i0 k& U+ `Preferred Shares Series 19. Additionally, if the Bank determines that, after
5 U" j0 V8 ^% |; g! B, z/ }conversion, there would be outstanding on such Series 18 Conversion Date
% O' N! {5 _  c5 Q* B! A# oless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
9 Y, F: _$ P- U% @$ nSeries 18 will be converted into Preferred Shares Series 19." u' J7 J! y$ y. A+ l
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares* z' U& \' \8 b* a0 A' o. J
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
* Q* F6 b1 ?! ~9 rany meeting of the shareholders of the Bank unless and until the first time at% U* o6 A7 h. @$ O2 i7 F- ]7 f
which the Board of Directors has not declared the whole dividend on the
8 L2 Q- }2 r( n/ k" _Preferred Shares Series 18 in any quarter. In that event, subject as. g7 \/ y/ e  d* r% t& G  _
hereinafter provided, the holders of Preferred Shares Series 18 will be
, Y. v& ~8 B0 M! m9 F$ lentitled to receive notice of, and to attend, meetings of shareholders at which
5 J. ~% |# L  Idirectors of the Bank are to be elected and will be entitled to one vote for3 b& n7 r9 B1 j4 o# R1 |
each Preferred Share Series 18 held. The voting rights of the holders of the
- I- P5 A7 Y$ I' lPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
" H/ ^' h- t  w0 H/ u% U* @+ Cthe first dividend on the Preferred Shares Series 18 to which the holders are+ b* Y+ w3 B8 ]3 _0 \  F
entitled thereunder subsequent to the time such voting rights first arose until
* S1 F: d* G6 N) t- ssuch time as the Bank may again fail to declare the whole dividend on the8 [% d* x2 C0 v/ s
Preferred Shares Series 18 in respect of any quarter, in which event such
% Y. U+ N: ]+ o6 V. g( d% Xvoting rights will become effective again and so on from time to time.1 Z3 n9 A2 K; f/ ]
Principal Characteristics of the Preferred Shares Series 19
, K0 ]) X1 Z8 ]7 ]2 nDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
( B5 w5 k; z/ \) |2 |# E2 Yfloating rate non-cumulative preferential cash dividends, as and when
- T5 {( x0 G' [% ^5 {1 ]/ G% ^declared by the Board of Directors, subject to the provisions of the Bank Act,
; e/ r! M! U' }' \payable quarterly on the 25th day of February, May, August and November
4 X: [" B0 c: F( U/ L" f3 vin each year, in the amount per share determined by multiplying the8 a; I1 p6 t, g) w  \
applicable Quarterly Floating Dividend Rate by $25.00.
1 c+ t+ b: Z6 y4 @* M; Q9 Y6 Q+ KOn the 30th day prior to the commencement of the initial quarterly dividend
$ p+ m% Y5 ?2 qperiod beginning on February 25, 2014, and on the 30th day prior to the first
- V9 O+ Q% m6 M% N: K- x0 a  oday of each subsequent quarterly dividend period (the initial quarterly7 C+ V4 l& B# b) J, O$ u' F
dividend period and each subsequent quarterly dividend period is referred to2 _, Z& N: Y! c/ @' M6 S# t6 ]4 E
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
4 `( z% h4 z& r& C) H2 F: lQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate( D, ?( U: X) M# m. J
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
, T. d# o. T- Z+ B3 b& B" e/ F0 y4 JT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days3 J0 G- U: z: p
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
& A: i& y: I+ W# [determined on the 30th day prior to the first day of the applicable Quarterly
- X) s3 ^! c( R+ u0 |4 ^Floating Rate Period.& V# _& Z% q& s/ O( K
S-5! B$ s6 `1 k7 `/ l4 U8 J9 o
If the Board of Directors does not declare a dividend, or any part thereof, on
) B1 }7 o' Q3 e  {8 D' Ythe Preferred Shares Series 19 on or before the dividend payment date for a' k# O" N# `; U+ o, O2 C# w
particular quarter, then the entitlement of the holders of the Preferred8 O1 ]3 C. p. W" N* [
Shares Series 19 to receive such dividend, or to any part thereof, for such
5 @4 E- K! [- q9 U9 V8 Z) wquarter will be forever extinguished.
; w- B* K' [, @) c# wRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
. Q$ A8 O& K6 a: @Superintendent and to the provisions described below under the heading4 H0 L4 V1 Z1 g5 D
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
2 [" m' z+ D8 iSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’," X. P9 s) N4 I& J% H( r5 [
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
8 z& _+ _9 V+ X' Eor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
" k* N0 N; [+ y/ U' {( [option without the consent of the holder, by the payment of an amount in
" Z* ~$ F) y7 L5 s* \" ?cash for each such share so redeemed of (i) $25.00 together with all declared
9 \2 K3 F- z+ Sand unpaid dividends to the date fixed for redemption in the case of2 D' ?/ G, m$ u9 ^3 R
redemptions on February 25, 2019 and on February 25 every five years6 X' `! @! |5 S8 W; h% }
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
) ^) a7 z9 P0 J. ]$ e9 othe date fixed for redemption in the case of redemptions on any other date) n% F7 p  W. M" i+ A; U
on or after February 25, 2014.; E; `6 I6 i" d; K$ g0 m
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
% D4 ~& S5 x1 V+ C$ H( E  FShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have$ _% ?, C3 O! q+ H
the right, at their option, to convert, on February 25, 2019 and on
& g' j  R% E$ M. q: o; c$ Z& mFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
0 ^* m' T7 J, Wor all of their Preferred Shares Series 19 into an equal number of Preferred& _, Q) c7 e' G. @9 R2 U0 L
Shares Series 18 upon giving to the Bank written notice thereof not earlier
/ ]3 d9 z+ j1 }" sthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the' R8 C: o, g, L) }; k
15th day preceding, a Series 19 Conversion Date.. U3 h. ^! o- Q: z) x! |
Automatic Conversion If the Bank determines, after having taken into account all shares tendered6 p- z7 m+ f+ l, r1 {
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares2 Z, U: Q( Y9 ?0 ]& s
Series 18, as the case may be, that there would be outstanding on such
/ b% r' C% I2 R2 c0 K6 JSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
, r- y; I$ ]4 ssuch remaining number of Preferred Shares Series 19 will automatically be* @& ^6 C0 J! S% e$ P" C
converted on such Series 19 Conversion Date into an equal number of$ X/ B: Q9 L$ ]3 E: p
Preferred Shares Series 18. Additionally, if the Bank determines that, after6 v; u; D% A8 {8 t0 F
conversion, there would be outstanding on such Series 19 Conversion Date
* f+ U. @; B1 R) \+ a) yless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
4 o& @1 ^& y" {; I/ v: B( cSeries 19 will be converted into Preferred Shares Series 18., G1 W& Y) m( M. {8 j  W# F
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
) {( ?: A6 g8 qSeries 19 will not be entitled as such to receive notice of, attend, or vote at,3 j% [+ h( Y6 M8 {. f6 A9 [
any meeting of the shareholders of the Bank unless and until the first time at
4 V7 o7 n5 R' t1 _- awhich the Board of Directors has not declared the whole dividend on the  ]7 ~' W( t2 a! w: K
Preferred Shares Series 19 in any quarter. In that event, subject as
2 c9 d) e1 D1 N. I+ i5 ]6 ~hereinafter provided, the holders of Preferred Shares Series 19 will be
* o0 b- ?" R" L# gentitled to receive notice of, and to attend, meetings of shareholders at which3 L) S. k0 y9 m; S- ?
directors of the Bank are to be elected and will be entitled to one vote for/ P+ }4 j( D- P4 Z, v6 ~5 u, K
each Preferred Share Series 19 held. The voting rights of the holders of the
8 p) B" ^2 |) B' j7 v+ N7 \$ nPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
; D; H0 b$ G' o7 ~: d9 M. ^the first dividend on the Preferred Shares Series 19 to which the holders are
+ B% d" s9 M4 C) F- ?entitled thereunder subsequent to the time such voting rights first arose until+ B0 @  \4 e4 X1 t" @
such time as the Bank may again fail to declare the whole dividend on the
  K. o" i/ G  Q: D  U$ PPreferred Shares Series 19 in respect of any quarter, in which event such# R- e- C2 c8 Q) a; M, P
voting rights will become effective again and so on from time to time.1 [; M; s9 |/ H8 C6 u4 r
S-6, Z4 i" f( r2 z- m
Priority: The preferred shares of each series of the Bank will rank on a parity with
; J9 i6 U* ~; G9 G  Zevery other series and are entitled to preference over the common shares of7 ]$ F; r9 c) j( m/ Q% d+ J
the Bank and over any other shares of the Bank ranking junior to the+ M" Q+ }( I; U8 v* c6 }  M9 e
preferred shares with respect to the payment of dividends and upon any7 k6 L" j6 i0 T3 U% ~% t; f1 [
distribution of assets in the event of the liquidation, dissolution or0 Q- `' O+ Z: S& P* ]
winding-up of the Bank.! u3 z; F( z9 Y9 v' G$ t
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under7 h) I4 f' t6 d7 P6 c# t) o
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
( _1 Y! Z4 i# f( F) d3 b- |* O1 sSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
0 j( n$ H  @% S1 B! C) `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。
) ^) o& B4 y) B, j( n' l" J9 {3 B, A9 ~- X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
- `, `+ B* k7 s* @5 C! c! H  X
  z) v2 E7 j$ X; P+ m" h
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。  B& K- D0 k: n9 a7 z0 Y3 H* _
* L; j$ X( }2 S( ]) K; 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。
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