埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 3599|回复: 5

请问精打细算:银行6.50% 5-Year Rate Reset Preferred Share投资的利弊?

[复制链接]
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和GIC。不过这种Preferred Share是一种股票,其风险比基金和GIC都大。  z# \" x* [0 s. M  j2 W" L' h

6 J$ a1 r3 i" \4 B& ~! _. n% X* {
[ 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:
; [. j0 |+ h) u2 y) @SUMMARY OF THE OFFERING
# [6 L' V# C, d) E: YThis 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’’.
$ u6 o' V8 j$ o) W: UIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
. G- {( D, y: f0 p, s- NAmount: $150,000,000 (6,000,000 shares).& a- h& _( ~& b" P, c. H$ W7 x0 W
Price and Yield: $25.00 per share to yield initially 6.50% per annum." s/ z# n1 i5 \* ^
Principal Characteristics of the Preferred Shares Series 18. z; g- n( q$ @) u; h6 |1 P
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
! e# J& a$ H' }9 m# \( knon-cumulative preferential cash dividends, as and when declared by the. _+ \5 t0 ^* a8 S
Board of Directors, subject to the provisions of the Bank Act, for the initial
6 R& y: R) y& I  G7 m2 lperiod commencing on the closing date and ending on and including( R3 e8 i6 y9 q; o  `9 i
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the, P8 Q0 L' r3 `
25th day of February, May, August and November in each year, at a rate3 T- ?9 `- v) v' W" Q; G9 y
equal to $0.40625 per share. The initial dividend, if declared, will be payable
) i+ i* S. b" G% J  }; iMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing. L9 o/ @" @! @* x
date of December 11, 2008.+ O+ @# C) z; r5 z7 X) B
For each five-year period after the Initial Fixed Rate Period (each, a
8 D! ^5 T+ u+ K‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares( R9 ]! k" q0 F- P
Series 18 will be entitled to receive fixed non-cumulative preferential cash( L7 C* `# S. ^9 n1 i( i1 E
dividends, as and when declared by the Board of Directors, subject to the
1 [( O( Q* `) `  Aprovisions of the Bank Act, payable quarterly on the 25th day of February,
, v  g- j' r: {! i( r( h) y+ d: zMay, August and November in each year, in the amount per share per annum
( K8 t8 c, @3 w, E: \6 pdetermined by multiplying the Annual Fixed Dividend Rate applicable to+ e+ x% ^0 Z* ^3 w
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend& K, I0 D5 {! M* K2 ]: k! y+ J8 y
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the/ {) e3 Y' B8 K2 `  d
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day' |5 y6 Y% I1 b. C; Z: J/ A* h" L
of such Subsequent Fixed Rate Period and will be equal to the sum of the* H" P# H  r; x3 W' W; p
Government of Canada Yield on the applicable Fixed Rate Calculation Date
4 [# R$ ~0 F+ l. lplus 3.83%.  O+ I3 I0 a/ }$ `$ Z# J& I; D' u
If the Board of Directors does not declare a dividend, or any part thereof, on
: A. T. V& S& ~) Q2 m; L& Vthe Preferred Shares Series 18 on or before the dividend payment date for a
+ U8 k  N2 z& t" g( s& O  d6 _' ^particular quarter, then the entitlement of the holders of the Preferred/ `) A, {% r' c. {( d  c
Shares Series 18 to receive such dividend, or to any part thereof, for such
0 q) V4 d: s  ?0 D; Vquarter will be forever extinguished.0 |$ A, G- n  P' F, K% A6 e
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the3 C+ W, b$ }3 N% O7 ]
Superintendent and to the provisions described below under ‘‘Details of the
% q4 r- @  \% kOffering — Certain Provisions of the Preferred Shares Series 18 as a
6 j) q: ?! O; n% X/ R) i% ]Series — Restrictions on Dividends and Retirement of Shares’’, on8 m/ i2 v6 I, y" w8 @
February 25, 2014 and on February 25 every five years thereafter, on not8 p4 w+ Q' _. p* j* Y* [
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any4 v) h( Z! b+ O7 N+ R, I
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
) J5 @% z9 B  L7 `% T: M$ v+ d$ Qwithout the consent of the holder, by the payment of an amount in cash for
. B; J" M6 Y* \each such share so redeemed of $25.00 together with all declared and unpaid1 Y5 x) t9 ^' C- @
dividends to the date fixed for redemption.3 B% n- ?6 o! g% L# R4 E' h
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
/ `9 O: n! H( a: c# ?Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
/ F2 V8 }, G/ _7 b  P: q* fthe right, at their option, to convert, on February 25, 2014 and on
: }+ d8 y- j- l8 i! JS-4- S! o: C- ^8 {% ]$ G9 n* {7 D
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
8 U, |; m4 N$ Mor all of their Preferred Shares Series 18 into an equal number of Preferred" d3 F) @/ w* O! P
Shares Series 19 upon giving to the Bank notice thereof not earlier than5 P  d" d% u/ b- w5 \& e2 o3 z8 T* h
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day& Q$ b5 b6 d( ?0 E! d
preceding, a Series 18 Conversion Date.0 i2 w7 E% }, V% a( V# `7 L
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
& ~$ U& U, v% R& @Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares; o, f4 y% ^4 m3 x* K. D; B2 k+ M
Series 19, as the case may be, that there would be outstanding on such
+ s" U3 p8 k4 g& W- w. a- rSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
# d6 x5 T7 z0 S4 {1 e$ R# {# xsuch remaining number of Preferred Shares Series 18 will automatically be, B4 F# O1 {& t
converted on such Series 18 Conversion Date into an equal number of2 ~. ?8 `6 a, T; E. c1 G6 e& Z
Preferred Shares Series 19. Additionally, if the Bank determines that, after6 f6 J; J/ j9 c) d
conversion, there would be outstanding on such Series 18 Conversion Date
, U2 ^. b3 r$ ?- nless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares0 f) a) N& N# D! f
Series 18 will be converted into Preferred Shares Series 19.+ f" h8 s( K: m8 m* S
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares; }0 x* W  N7 Z3 Z; h, K
Series 18 will not be entitled as such to receive notice of, attend, or vote at,7 c" v0 |( u# }! M
any meeting of the shareholders of the Bank unless and until the first time at# H* ?* [- }* x$ O% x: q, f
which the Board of Directors has not declared the whole dividend on the/ m7 g6 a9 R; U4 S* O
Preferred Shares Series 18 in any quarter. In that event, subject as
' L' v: ^- h' |* l+ w9 f. dhereinafter provided, the holders of Preferred Shares Series 18 will be
, E- i9 c( }/ P4 M2 {entitled to receive notice of, and to attend, meetings of shareholders at which
# ^3 x; w# V* L% sdirectors of the Bank are to be elected and will be entitled to one vote for
  @& \% @! ^4 W5 ~% P: s( l- seach Preferred Share Series 18 held. The voting rights of the holders of the
/ S% v+ ~! z* O! O: b8 \( k% D4 rPreferred Shares Series 18 will forthwith cease upon payment by the Bank of! k( c* @5 x/ h" \9 M0 M4 T1 e
the first dividend on the Preferred Shares Series 18 to which the holders are
% ^! Y8 R9 B2 K# `0 Hentitled thereunder subsequent to the time such voting rights first arose until$ d( x5 N7 f2 f+ h2 X" T
such time as the Bank may again fail to declare the whole dividend on the# u! B' }( c0 {
Preferred Shares Series 18 in respect of any quarter, in which event such
1 c% Q9 X" y2 K+ o' B+ E; [: r5 Ovoting rights will become effective again and so on from time to time.1 r1 A' m7 `& {% p+ s: p8 I0 j& o
Principal Characteristics of the Preferred Shares Series 19/ w6 ^) P! N0 E  w
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive& m' S/ P0 C$ L+ D4 E$ [/ T
floating rate non-cumulative preferential cash dividends, as and when; n0 N9 O# C0 f5 }: R: k1 V
declared by the Board of Directors, subject to the provisions of the Bank Act,
) X8 w/ h7 G4 C. R" T6 Ppayable quarterly on the 25th day of February, May, August and November0 q7 j  n7 _$ }
in each year, in the amount per share determined by multiplying the8 _& X/ t/ s9 X9 a
applicable Quarterly Floating Dividend Rate by $25.00.
! Z9 D% F1 K5 fOn the 30th day prior to the commencement of the initial quarterly dividend
+ u# t. P$ [5 x+ Cperiod beginning on February 25, 2014, and on the 30th day prior to the first2 |4 \. y  j( E* }% f
day of each subsequent quarterly dividend period (the initial quarterly5 i8 K2 _8 I% I- ^$ [- O
dividend period and each subsequent quarterly dividend period is referred to
0 Z) d) J* A) O7 z9 m: S3 E. Uas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the6 L- ]1 ]! [3 d2 V# b! N4 {
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
5 G7 C1 G* o/ ]* KPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the2 Q2 h8 ~- w' L1 p3 E( U2 w; @
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
3 Y& {+ Y; v$ ]- |) velapsed in the applicable Quarterly Floating Rate Period divided by 365)
  k% x7 L8 z6 R0 @+ E9 mdetermined on the 30th day prior to the first day of the applicable Quarterly- ^7 l+ c# z7 z+ @% r# E$ Q
Floating Rate Period.0 S9 F+ ?8 D& p% ?& g* s
S-5; J; t4 Y) D( o# ~! d, A
If the Board of Directors does not declare a dividend, or any part thereof, on" ]7 s9 @& O# A) k8 ]
the Preferred Shares Series 19 on or before the dividend payment date for a
$ c* v6 d" G: @$ s, Mparticular quarter, then the entitlement of the holders of the Preferred; |' `/ q; p: k" k" Y
Shares Series 19 to receive such dividend, or to any part thereof, for such
" l6 m1 t3 V4 d* A% xquarter will be forever extinguished.4 h& B7 ~1 \; |$ k5 S  E* V; t
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
* n$ J6 k; }% Y$ T+ i; dSuperintendent and to the provisions described below under the heading2 ~/ T5 g0 y, l2 I$ y: Y% K- @
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
. C" G3 T# u( o2 q2 R) T. qSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
" l1 I, y: b) G/ B" f0 H& B2 s3 [5 non not more than 60 nor less than 30 days’ notice, the Bank may redeem all0 N& ^! O7 J; C) v
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
3 k- T# y' ^$ H5 @7 i  Aoption without the consent of the holder, by the payment of an amount in* g8 ?: Z- v9 P: ^
cash for each such share so redeemed of (i) $25.00 together with all declared
( L- K2 e0 B3 F9 band unpaid dividends to the date fixed for redemption in the case of
. _8 O8 q3 K4 n6 rredemptions on February 25, 2019 and on February 25 every five years+ Y6 Q* O0 z/ m- }
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to- Q) n# u& B. E: E# E. p
the date fixed for redemption in the case of redemptions on any other date
2 I$ d* t4 W, Y+ I$ ~( u+ d& fon or after February 25, 2014.6 }8 F! u% f/ N# H' b$ F
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic' x" E7 c- Y9 [6 }
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have& @2 J7 L. |( V7 `4 J
the right, at their option, to convert, on February 25, 2019 and on; A+ g3 J& Q+ c' o8 z% `1 C5 @4 k
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any0 I; Y: Z/ O% |. v; M
or all of their Preferred Shares Series 19 into an equal number of Preferred
; G9 B6 e5 b9 N" i4 XShares Series 18 upon giving to the Bank written notice thereof not earlier* t: L/ }6 k# h
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the+ l7 o: W7 q3 q  A5 z; U
15th day preceding, a Series 19 Conversion Date.- H" `1 m  \+ p
Automatic Conversion If the Bank determines, after having taken into account all shares tendered+ ]6 f) u. ^" K, y) Z
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares5 g, L7 J- a. @4 a7 A  c
Series 18, as the case may be, that there would be outstanding on such
- p) G3 C( N" Y' ]. V; V% vSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
. h+ w  T5 ]" M8 H3 ?" Lsuch remaining number of Preferred Shares Series 19 will automatically be
' O* A$ y6 }0 Y3 Y2 n. nconverted on such Series 19 Conversion Date into an equal number of! g. k/ M6 T3 s* @( a% _
Preferred Shares Series 18. Additionally, if the Bank determines that, after* A3 ]4 O# R* \/ A& l0 X4 O
conversion, there would be outstanding on such Series 19 Conversion Date
% A: N% E) m7 t$ E6 ?* ^7 G6 eless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
& m5 q7 F; r! ?* {' J2 E; tSeries 19 will be converted into Preferred Shares Series 18.
- u- H2 w* U0 I6 S, q7 G$ h# IVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
* \6 i+ W+ h# G: E# f! kSeries 19 will not be entitled as such to receive notice of, attend, or vote at,2 `# _. i8 ]0 I  I$ g
any meeting of the shareholders of the Bank unless and until the first time at
: n' t. W" j6 n4 ~, _5 Hwhich the Board of Directors has not declared the whole dividend on the
' m) Z: N( h! A, h) ?8 o9 nPreferred Shares Series 19 in any quarter. In that event, subject as
9 t" K6 s6 }( X6 e3 ^( b% |5 Ihereinafter provided, the holders of Preferred Shares Series 19 will be
7 r3 _4 ]+ N, e' `+ O5 J: Lentitled to receive notice of, and to attend, meetings of shareholders at which8 e2 M. |' w" [
directors of the Bank are to be elected and will be entitled to one vote for
1 q# `5 f7 B, z/ E8 @4 x4 Leach Preferred Share Series 19 held. The voting rights of the holders of the
2 [9 i) x, ~, u& _Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
3 K9 k. j8 m  |6 Y  u% m9 D5 Lthe first dividend on the Preferred Shares Series 19 to which the holders are" s0 K- R1 T2 Q- u
entitled thereunder subsequent to the time such voting rights first arose until) m0 r, p( P( }$ q) G- _5 {# t
such time as the Bank may again fail to declare the whole dividend on the$ O+ E* o" b: _/ C: Z) Z4 t
Preferred Shares Series 19 in respect of any quarter, in which event such$ s1 S0 g2 [& q9 f8 i. q6 v
voting rights will become effective again and so on from time to time.
3 r7 e; F8 b" \6 WS-6
# p( E* `: b; X, e4 q8 g% Q  |Priority: The preferred shares of each series of the Bank will rank on a parity with7 ~& v8 |9 [; x) P6 C3 J* C
every other series and are entitled to preference over the common shares of3 n) G& @8 X* o
the Bank and over any other shares of the Bank ranking junior to the
6 h( U' p. Q- w9 [+ npreferred shares with respect to the payment of dividends and upon any. f( |  c2 }  e/ I0 ]
distribution of assets in the event of the liquidation, dissolution or4 T6 d6 x) g" P/ z
winding-up of the Bank.2 t+ D. M! e3 c! ^0 x, H3 d
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
, ~, F7 m: A/ ^. F3 D* Y, z4 u4 YDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares0 W4 I! `; I9 T( R! n3 f7 ?9 O) j
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
/ p2 M1 O( z# Vdividends 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。
$ g# z; \1 K) v0 v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
/ r( \' f+ E4 I2 m

) j7 ]- w) ]7 Y' e下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。1 O& m1 n; F& a: k0 K, Y+ h
; P# D/ W, y$ }4 U6 s! A
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。
您需要登录后才可以回帖 登录 | 注册

本版积分规则

联系我们|小黑屋|手机版|Archiver|埃德蒙顿中文网

GMT-7, 2026-10-5 01:35 , Processed in 0.105747 second(s), 12 queries , Gzip On, APC On.

Powered by Discuz! X3.4

Copyright © 2001-2021, Tencent Cloud.

快速回复 返回顶部 返回列表