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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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0 [5 Y) j$ y. x$ S# X0 t1 E[ 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:
( L8 l0 M' r, G9 e7 @4 u8 KSUMMARY OF THE OFFERING
- `8 o& k1 P! Q  \+ Z  b, t3 `% k) UThis 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’’.+ R5 L! B2 g0 U# Y! Y9 A
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.$ x2 W6 Z% m. H6 B6 }" n+ r
Amount: $150,000,000 (6,000,000 shares).+ Y1 v# L% N! ~# K, H
Price and Yield: $25.00 per share to yield initially 6.50% per annum.( N( Z/ O9 h% |( g1 V8 ?
Principal Characteristics of the Preferred Shares Series 18- ^( l3 X: E' \: f8 \& k6 P8 c: @
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
  [; q5 Z% s; ^. k# ~2 W9 V3 nnon-cumulative preferential cash dividends, as and when declared by the
8 U* ]  I7 g& \+ L9 |. @0 V) R4 _Board of Directors, subject to the provisions of the Bank Act, for the initial
9 E; K9 Y, z  ]6 E5 Xperiod commencing on the closing date and ending on and including
* g- Y3 C  ?4 L5 [7 H3 d0 ], rFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the/ q# J! `9 U" N8 n8 g" k
25th day of February, May, August and November in each year, at a rate
& @! n/ Z7 }4 |* n* t9 s+ j% Z9 `equal to $0.40625 per share. The initial dividend, if declared, will be payable
' j4 b  F. u8 }) a! M- D$ ^May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
$ E* |. n# C# R- t. p0 v% Pdate of December 11, 2008.
! e" |+ I5 r& f) OFor each five-year period after the Initial Fixed Rate Period (each, a& y+ D0 F3 n# I  X! [
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
6 |4 ]  E$ X8 [) nSeries 18 will be entitled to receive fixed non-cumulative preferential cash* k' e( v8 o6 s4 R0 O5 m
dividends, as and when declared by the Board of Directors, subject to the' p2 @  G8 l* b
provisions of the Bank Act, payable quarterly on the 25th day of February,
1 q  Y3 M: s! W4 `: R: [2 W. F0 nMay, August and November in each year, in the amount per share per annum
% O9 g, Z* v( g2 A+ l. z) I  Tdetermined by multiplying the Annual Fixed Dividend Rate applicable to/ t$ c* D5 k( G6 k% Q8 y
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend5 ?' j+ Z# e9 I7 S2 X) o6 ^" p
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
0 L4 U$ a# R$ d6 B. eBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
' T7 w8 D6 J$ K/ P" A. k  Y# }* qof such Subsequent Fixed Rate Period and will be equal to the sum of the
+ _+ v: t2 s* ?" C, `: ]Government of Canada Yield on the applicable Fixed Rate Calculation Date
  n* h2 J% ]7 G1 Kplus 3.83%.
5 I# g2 M7 R6 W$ KIf the Board of Directors does not declare a dividend, or any part thereof, on1 \2 d; A0 N) y& I% M+ s9 [! x
the Preferred Shares Series 18 on or before the dividend payment date for a
, E8 Z; `# ^* Kparticular quarter, then the entitlement of the holders of the Preferred6 B% l8 F; {+ N, y# r$ ^+ n
Shares Series 18 to receive such dividend, or to any part thereof, for such
) q7 M! W  x& [' lquarter will be forever extinguished.
, x$ b5 p0 Q' H" pRedemption: Subject to the provisions of the Bank Act and to the prior consent of the) `, w/ R2 d. g- e% v
Superintendent and to the provisions described below under ‘‘Details of the4 c! a7 k9 c8 E$ ~5 m" C% e, z; F
Offering — Certain Provisions of the Preferred Shares Series 18 as a  Y+ ~+ P7 {1 A. C  w$ C; G' h
Series — Restrictions on Dividends and Retirement of Shares’’, on
: y; b% P4 d: kFebruary 25, 2014 and on February 25 every five years thereafter, on not0 ]  p5 Y3 w' p/ N6 q) j1 X- d( e
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
# U7 t  B% h! e# lpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
; E  g8 b" L9 m+ dwithout the consent of the holder, by the payment of an amount in cash for* N% s6 F9 w) U
each such share so redeemed of $25.00 together with all declared and unpaid
, _, Z. U+ T9 Cdividends to the date fixed for redemption.
7 ?" R9 Z) s) f+ @5 G4 P! H2 E$ X/ RConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
+ s( v5 ?+ b$ U* r8 tShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
( `( [, H$ P. @the right, at their option, to convert, on February 25, 2014 and on
0 Q7 ^8 I0 R5 }+ M4 m) g& S2 vS-4
+ t3 _, H( o1 F& V9 LFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any# S+ j5 V$ U  Q
or all of their Preferred Shares Series 18 into an equal number of Preferred
* r  ^6 u! P" s# oShares Series 19 upon giving to the Bank notice thereof not earlier than
. E/ d7 ^$ `* z9 Z1 B  E  F30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day$ k% C* {2 ?! m, ~! X; c
preceding, a Series 18 Conversion Date.
; x- l) P- W: {% VAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
5 \" \% J! W4 J/ V& o8 J) s5 l4 Z" QProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares9 [* H, W! V( Z8 e
Series 19, as the case may be, that there would be outstanding on such
5 @. i, {! M3 }2 S% P" n% o  N& WSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
( }7 b# |# S5 ]7 Y8 C  Zsuch remaining number of Preferred Shares Series 18 will automatically be/ H3 R' X6 t6 l6 c% q
converted on such Series 18 Conversion Date into an equal number of
& k6 c: R1 l* t8 k: B7 tPreferred Shares Series 19. Additionally, if the Bank determines that, after
4 `0 x8 D9 v* s+ }4 B. _* Aconversion, there would be outstanding on such Series 18 Conversion Date
1 p7 P) P7 z  O4 z$ l" Jless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
6 U! z" I5 i$ I* j" \2 t; YSeries 18 will be converted into Preferred Shares Series 19.
: k, d( M: Q+ e  F! NVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
# v: t: X" S4 s5 u3 u* tSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
8 D/ Q2 E4 d" w1 b* Aany meeting of the shareholders of the Bank unless and until the first time at+ A" @1 ]' r+ Y$ k, ^
which the Board of Directors has not declared the whole dividend on the
0 S3 |/ P# k  Z( v+ W9 YPreferred Shares Series 18 in any quarter. In that event, subject as, S- g( w5 N; p/ ]2 V* W/ ?2 ?: Z9 J
hereinafter provided, the holders of Preferred Shares Series 18 will be
. N" @2 t! m" \1 l! hentitled to receive notice of, and to attend, meetings of shareholders at which
; Y1 L- r* {5 w4 ?: b* odirectors of the Bank are to be elected and will be entitled to one vote for$ j) h1 t! ?2 z6 o
each Preferred Share Series 18 held. The voting rights of the holders of the' Q! E5 s3 G! q( h9 Y! w0 F& ?. ?
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of7 }- S! k: {5 A+ x. v% L+ L
the first dividend on the Preferred Shares Series 18 to which the holders are
( c  i& E+ d6 p3 I9 uentitled thereunder subsequent to the time such voting rights first arose until4 ?& J+ X0 Z4 v
such time as the Bank may again fail to declare the whole dividend on the
: B$ _. O3 ]7 l" OPreferred Shares Series 18 in respect of any quarter, in which event such
3 W' ^" e0 ~5 s) g3 _voting rights will become effective again and so on from time to time.- z3 e; ~# c5 s
Principal Characteristics of the Preferred Shares Series 19
; W+ t+ t+ @' `* b  t" p: Y# xDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
; A, f2 L$ r, r' r- p* O% ?floating rate non-cumulative preferential cash dividends, as and when" b6 x4 ], f( K/ b) E# N; k
declared by the Board of Directors, subject to the provisions of the Bank Act,1 l3 G( u# k, Z: P; u, i- i
payable quarterly on the 25th day of February, May, August and November0 h% D, w1 V# i# K* K" N
in each year, in the amount per share determined by multiplying the' N# N% i7 M( i6 _
applicable Quarterly Floating Dividend Rate by $25.00.
5 B& ^- z/ d7 S( I" L6 \+ oOn the 30th day prior to the commencement of the initial quarterly dividend6 W* A# y# v# T' f) Q, r) E
period beginning on February 25, 2014, and on the 30th day prior to the first4 w- M* Q' P8 q; u4 _% u
day of each subsequent quarterly dividend period (the initial quarterly; ^1 @) e' D9 F' H- _2 L
dividend period and each subsequent quarterly dividend period is referred to
# }6 u5 l; ^0 v" R4 ?3 z* r2 mas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the' K1 K) b% k5 C: g+ \
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
0 ~/ l% R9 A$ P* g7 @# `Period. The Quarterly Floating Dividend Rate will be equal to the sum of the% c+ ^/ }* ~% }! U0 I; i6 `( P8 ~
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days8 p  l3 H5 j$ g0 j: X& F1 ?% P. V
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
* I: b; D0 F, p" @+ s/ H2 @determined on the 30th day prior to the first day of the applicable Quarterly* U. ~2 S7 z7 _9 G
Floating Rate Period.
$ T# G. ~4 t, x9 M, Q5 d- bS-50 Y8 q" z! c7 X+ B& R
If the Board of Directors does not declare a dividend, or any part thereof, on7 Z; [- i% g% T3 a2 r2 d
the Preferred Shares Series 19 on or before the dividend payment date for a3 r9 q2 \" h: @5 t- c6 w
particular quarter, then the entitlement of the holders of the Preferred
3 g  Q7 U( x" K2 fShares Series 19 to receive such dividend, or to any part thereof, for such
8 z! D7 K+ ]4 b1 j+ ?$ W" jquarter will be forever extinguished.
/ |) t5 {, f& G: I6 D3 J4 }# yRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
  c: x( ^" f" t# D" g. _5 b* j3 eSuperintendent and to the provisions described below under the heading4 P. e/ S3 d* K8 d  n0 x
‘‘Details of the Offering — Certain Provisions of the Preferred Shares; [0 Y- c' o1 W
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,3 f+ a2 G5 \; P  }. v) C
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
8 }3 A% _) ]3 k, G% _0 J" [or any part of the then outstanding Preferred Shares Series 19, at the Bank’s$ t0 c0 ]2 l; I, K
option without the consent of the holder, by the payment of an amount in
: b" N! h& j8 b' k; Zcash for each such share so redeemed of (i) $25.00 together with all declared5 {$ l. N$ C% l4 M4 U" H$ x
and unpaid dividends to the date fixed for redemption in the case of0 ?8 t% [( u! C/ r# u" h
redemptions on February 25, 2019 and on February 25 every five years2 _& m2 O& w# }+ ]. c( T. h
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to% R* s. \6 E6 s! I/ O: G2 j
the date fixed for redemption in the case of redemptions on any other date
7 B- W6 _6 T+ n6 s( e6 Mon or after February 25, 2014.
3 @, Z% V5 b1 S+ Y% ~. @/ HConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic/ }+ M' [9 g4 u
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have% V1 q! Q1 |0 y0 _* D
the right, at their option, to convert, on February 25, 2019 and on
% Y. @5 S* `  h& _* y! d* X& eFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
8 m0 Z+ j- j) \1 K* v8 wor all of their Preferred Shares Series 19 into an equal number of Preferred7 ~2 d* x1 w- O  d
Shares Series 18 upon giving to the Bank written notice thereof not earlier0 {. o* m3 }# X
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
6 e" c+ N5 U5 b$ Z15th day preceding, a Series 19 Conversion Date.
( h  G9 j+ ?' M! K- AAutomatic Conversion If the Bank determines, after having taken into account all shares tendered! u1 ]& s* D& J: ^6 f, C" e! i+ h
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
0 Z8 }& e- n1 N6 S$ \Series 18, as the case may be, that there would be outstanding on such
7 ]. `/ f  |, `6 HSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,' u, ~4 o, Y* \. ?: V
such remaining number of Preferred Shares Series 19 will automatically be! [, h  {/ [5 L; J1 ~+ O
converted on such Series 19 Conversion Date into an equal number of* }0 k+ c0 b" q- a' d
Preferred Shares Series 18. Additionally, if the Bank determines that, after7 j- ?3 z" \8 ?/ ~9 Z$ l
conversion, there would be outstanding on such Series 19 Conversion Date& c: h8 `$ d# v2 c/ V
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares- D3 \7 ?, t; Q/ X( O
Series 19 will be converted into Preferred Shares Series 18./ z" \. V$ d! G7 ?# _
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
2 D' B! ]# w  b. Y$ I: l' kSeries 19 will not be entitled as such to receive notice of, attend, or vote at,1 k2 S  |, j! y5 t; j& i; k+ L6 I
any meeting of the shareholders of the Bank unless and until the first time at& R' n3 z& ?* r/ }2 @7 P
which the Board of Directors has not declared the whole dividend on the
; b/ e2 K% ~4 b# W1 H5 cPreferred Shares Series 19 in any quarter. In that event, subject as1 T- g- r8 g$ [- ?
hereinafter provided, the holders of Preferred Shares Series 19 will be0 B9 _5 E% j7 [
entitled to receive notice of, and to attend, meetings of shareholders at which2 e& ]. H7 ~8 \% c3 }3 m; M" N5 ]+ v
directors of the Bank are to be elected and will be entitled to one vote for
8 A" F0 E9 `$ O& yeach Preferred Share Series 19 held. The voting rights of the holders of the
% n' U5 T" h4 V  m% J' _& b+ VPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
' X) S$ k0 t( c2 A2 I" [$ _the first dividend on the Preferred Shares Series 19 to which the holders are" M" d# l* b; [3 S
entitled thereunder subsequent to the time such voting rights first arose until3 P6 r3 }* ]  N8 ^
such time as the Bank may again fail to declare the whole dividend on the
5 p* |' B3 D7 \+ E4 V. p/ ~Preferred Shares Series 19 in respect of any quarter, in which event such( j9 {/ R2 V" {, m) g: B5 h' [
voting rights will become effective again and so on from time to time.6 Z' M* [, {8 u) u" F
S-61 U0 S* D2 O2 |# A+ a( p- f) Q4 Y
Priority: The preferred shares of each series of the Bank will rank on a parity with+ o$ v1 j9 C: r, m' T( B
every other series and are entitled to preference over the common shares of! @1 B0 i, {2 w, x2 ^9 [
the Bank and over any other shares of the Bank ranking junior to the+ C. h; ], x6 P( p6 Y
preferred shares with respect to the payment of dividends and upon any4 b  s, `# J+ s% B" ^" w1 D
distribution of assets in the event of the liquidation, dissolution or1 Q. \2 U6 {5 l- U- J* j7 E1 K
winding-up of the Bank.
! e; H; b/ ^8 qTax on Preferred Share The Bank will elect, in the manner and within the time provided under% z0 Y6 h$ n9 E' s1 z" l' o0 x! d  F
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares9 W8 F# g6 J2 j4 k1 f4 ^
Series 18 and Preferred Shares Series 19 will not be required to pay tax on: {- r6 r$ `5 X" g' ?( z' m
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。' m+ G2 _& ^5 c, N( y: g6 R; A; V
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。
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 18:26 | 显示全部楼层
, H) Y. _; I' H7 m7 \0 F( j* B- g
, f/ n$ {$ c1 I7 L
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
/ K' e" _! m& k7 @, X/ l" d9 v, m5 Q0 h; [% _; @) 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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