埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 3762|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
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。* X2 K- D9 w+ i* q) s+ m

$ n+ z( J$ R' g5 S
0 G' h- l8 b, B1 h& J+ k[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
大型搬家
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:
/ |8 j/ X" E+ ~SUMMARY OF THE OFFERING0 E/ f* [0 Z: A9 X4 I' @- m9 Q9 v
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’’.: r7 `& G2 z9 v7 i  l/ F$ a$ R
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
% k1 k9 {2 `% NAmount: $150,000,000 (6,000,000 shares).
) u; I1 U& N) W. _/ ^Price and Yield: $25.00 per share to yield initially 6.50% per annum.2 i& P# K/ l, O( k* g3 c0 @5 O
Principal Characteristics of the Preferred Shares Series 18
* I. X$ f7 v& N  v" y+ mDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
/ |2 p* j9 ~* @) B  F. B9 ?non-cumulative preferential cash dividends, as and when declared by the' R1 q3 Z2 i! z: E- G( D
Board of Directors, subject to the provisions of the Bank Act, for the initial/ [2 ?9 {# T6 B2 {
period commencing on the closing date and ending on and including
# v3 C% d  B& v% ?& G1 JFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
0 @: r: J6 \# Z4 h25th day of February, May, August and November in each year, at a rate
; m, O! r$ C5 v4 n# Requal to $0.40625 per share. The initial dividend, if declared, will be payable7 w$ v; K, t: Z7 I; x6 \
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
/ Z3 ^- G6 b, ^: J& T4 edate of December 11, 2008.9 c- j" x* s& S8 v2 H
For each five-year period after the Initial Fixed Rate Period (each, a
' [8 T5 c/ g$ i! N: c‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares7 }' {5 p9 U. V0 {% Q/ s
Series 18 will be entitled to receive fixed non-cumulative preferential cash
9 |! E( T5 Q5 N; idividends, as and when declared by the Board of Directors, subject to the* o7 V. H& i! d' D6 `
provisions of the Bank Act, payable quarterly on the 25th day of February,' d  y" \% V) h# F. b* ?% E: d
May, August and November in each year, in the amount per share per annum
2 s# }  x( r' x4 x4 w( Mdetermined by multiplying the Annual Fixed Dividend Rate applicable to
* @, g( F1 ?7 H* Q. Nsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend# L  U: t+ u2 a8 ~1 U7 x& R
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the' V, J/ O0 t4 x5 |2 S
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day, a  _$ i. n) W! J; p& ]! `
of such Subsequent Fixed Rate Period and will be equal to the sum of the
8 b# B, P" M/ _4 dGovernment of Canada Yield on the applicable Fixed Rate Calculation Date) W# o- i8 m& O! m% l: l
plus 3.83%.
9 N  j3 z, M" {8 K( }& |5 AIf the Board of Directors does not declare a dividend, or any part thereof, on
* r) [+ w! {( W* rthe Preferred Shares Series 18 on or before the dividend payment date for a
2 }2 E9 t6 f) L8 n2 Lparticular quarter, then the entitlement of the holders of the Preferred9 h. A# J' v+ }# Z7 f& V8 B
Shares Series 18 to receive such dividend, or to any part thereof, for such2 U; [7 E; r/ S7 @
quarter will be forever extinguished.
9 f( v; J5 o8 z. h+ t: NRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
7 y6 r1 p6 V( N" _# M4 \5 RSuperintendent and to the provisions described below under ‘‘Details of the6 G* M4 G$ N' Q6 I
Offering — Certain Provisions of the Preferred Shares Series 18 as a
' F, J' W7 H. X9 C: x4 l' ^3 b6 G6 cSeries — Restrictions on Dividends and Retirement of Shares’’, on
& r  s0 \! J1 q# K6 EFebruary 25, 2014 and on February 25 every five years thereafter, on not
( W: {. F# v4 ?/ h8 T3 omore than 60 nor less than 30 days’ notice, the Bank may redeem all or any) L4 k& M! U) e# A3 \/ B
part of the then outstanding Preferred Shares Series 18, at the Bank’s option7 w4 F) v3 Q, v
without the consent of the holder, by the payment of an amount in cash for
0 d+ Q% O$ Z1 ~; k; @* N% veach such share so redeemed of $25.00 together with all declared and unpaid
+ }" p3 W: c# v2 Bdividends to the date fixed for redemption.
# \# L* n) u7 l! d1 D( \Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
) I$ v, x* k* c. T% R8 ^Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
. g6 i6 b' J3 P0 A  N5 u$ e( }the right, at their option, to convert, on February 25, 2014 and on& {$ Y  O: `; |( G7 Z, c+ M% m
S-4
% T& L% L% g% x& XFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
  P2 o3 p2 G& a) mor all of their Preferred Shares Series 18 into an equal number of Preferred6 ], x/ r- i7 ?- @* H
Shares Series 19 upon giving to the Bank notice thereof not earlier than$ F, D0 ^8 ]- o/ Y* Z0 v( K/ i
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day" ?$ j* L2 N2 X2 R' a
preceding, a Series 18 Conversion Date.' X: U" U5 ^' |
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
* \5 R1 i1 j6 Z4 OProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares: _! c( A6 O0 s
Series 19, as the case may be, that there would be outstanding on such5 k# z; N, t' @, @
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,3 d% L' N! C, ?# @0 z! {
such remaining number of Preferred Shares Series 18 will automatically be
8 K) S) a* I3 Q% J2 P( sconverted on such Series 18 Conversion Date into an equal number of2 E( s7 S  d. P, u, ~
Preferred Shares Series 19. Additionally, if the Bank determines that, after) @; Z% W# a# |/ V6 T; }0 {
conversion, there would be outstanding on such Series 18 Conversion Date% [0 r9 R7 ]  U# ?+ H$ A, E0 d
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares( e9 ?+ q4 ^# c) I
Series 18 will be converted into Preferred Shares Series 19.6 c5 ]9 Q& v. E5 R" ~. w
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares  D2 M# U5 D  i! E
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
# N, v2 K2 j, x( Aany meeting of the shareholders of the Bank unless and until the first time at: M5 E' r/ N* z" L5 R
which the Board of Directors has not declared the whole dividend on the
- {9 {: T6 f& K- [$ \: qPreferred Shares Series 18 in any quarter. In that event, subject as
! P% \0 A4 Z8 Yhereinafter provided, the holders of Preferred Shares Series 18 will be
; U" v( r  q# _$ l, S3 j1 Zentitled to receive notice of, and to attend, meetings of shareholders at which
* d% r0 W- ]' E) p9 i3 m1 y+ S' Wdirectors of the Bank are to be elected and will be entitled to one vote for' ^& |- f- L. }4 N; L/ T
each Preferred Share Series 18 held. The voting rights of the holders of the
+ k( g2 T4 F2 YPreferred Shares Series 18 will forthwith cease upon payment by the Bank of! G/ {# S: l$ E$ ^# l0 @8 u" m
the first dividend on the Preferred Shares Series 18 to which the holders are
# B% p7 d3 \# e- f. I/ ]6 dentitled thereunder subsequent to the time such voting rights first arose until
0 K4 w& s8 a& _8 ?) Jsuch time as the Bank may again fail to declare the whole dividend on the
8 [) }% j* I2 q3 [+ vPreferred Shares Series 18 in respect of any quarter, in which event such% p- ?  T: u+ X; U) S( ?
voting rights will become effective again and so on from time to time.$ t8 ?. n  `4 W# P7 K  D6 f
Principal Characteristics of the Preferred Shares Series 19+ \. g3 A' C  Q2 U5 A6 t
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
- ]/ ]$ ?* y' D2 [# k/ _floating rate non-cumulative preferential cash dividends, as and when
7 T  S2 F+ @: y( E4 b: g3 y; qdeclared by the Board of Directors, subject to the provisions of the Bank Act,
9 ?6 c( ^7 Y" ]. L5 ipayable quarterly on the 25th day of February, May, August and November/ `8 R% t2 }4 n7 t' ^5 G% {
in each year, in the amount per share determined by multiplying the! _, M% h" D0 |, W/ M' ?
applicable Quarterly Floating Dividend Rate by $25.00.' s( a* }* M0 i
On the 30th day prior to the commencement of the initial quarterly dividend* b8 G6 u% _6 ^3 s* K" x
period beginning on February 25, 2014, and on the 30th day prior to the first
7 H0 o2 N6 \, }1 @3 l$ K8 O# nday of each subsequent quarterly dividend period (the initial quarterly
  I! @8 q! r/ H! `& ~% Cdividend period and each subsequent quarterly dividend period is referred to
1 |, P9 c. ]' y5 {1 kas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the6 f* R. v2 u% @3 r: |
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
* o$ V$ V+ D) a7 _Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
% ?" M; j$ n: J! DT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
! p- m& }2 j0 Uelapsed in the applicable Quarterly Floating Rate Period divided by 365)6 M. S, \  P( G% n" L
determined on the 30th day prior to the first day of the applicable Quarterly
9 x" N0 ^' w( j$ DFloating Rate Period.
4 {9 G$ C" Z4 w) |9 c4 lS-5
% n2 P- I* l$ b; ~1 [+ KIf the Board of Directors does not declare a dividend, or any part thereof, on/ i- f6 j) O6 I% Y" R% e
the Preferred Shares Series 19 on or before the dividend payment date for a* Z4 a. c' w9 y8 T+ {/ n* x" j
particular quarter, then the entitlement of the holders of the Preferred
$ C+ ]8 o5 p% _; E# Y8 x) OShares Series 19 to receive such dividend, or to any part thereof, for such4 p. }# Q) w7 j. H9 J* A) V% w
quarter will be forever extinguished.
3 P; L: B! s; j7 j! v' w+ O: n6 iRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
; r5 u0 t' e, J; {) MSuperintendent and to the provisions described below under the heading4 ^: x% s3 I# b6 C( D+ f
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
2 r: r8 V* i* K! B, lSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
3 {: e+ r% b# s# ~: I) [on not more than 60 nor less than 30 days’ notice, the Bank may redeem all4 K$ T. j" ]& n$ p" Z( D$ L
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
) ^, ~: _5 Q% O# ]option without the consent of the holder, by the payment of an amount in8 ^2 O7 G1 E/ _0 s" {* k- Y
cash for each such share so redeemed of (i) $25.00 together with all declared
: }7 r6 N4 v1 M0 land unpaid dividends to the date fixed for redemption in the case of
- V5 K8 M+ W9 ?, z8 Q( Y# Zredemptions on February 25, 2019 and on February 25 every five years, u8 C/ `4 G" e, x8 j# u
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
$ E+ R4 ?0 I$ h- c: \the date fixed for redemption in the case of redemptions on any other date
  P7 j  u% c+ k2 h/ @- ?* T2 xon or after February 25, 2014.
1 `3 ?1 ~( G5 F0 Z. [& ?' w/ WConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic% u% ], v: d: a, M5 \1 ]! c1 T- P
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have) S* @4 I( Z. n" P
the right, at their option, to convert, on February 25, 2019 and on
, P* X" ^, j4 O! a, b9 N5 o/ ~; KFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
; N0 K" H: J! M: A# S' _4 g2 oor all of their Preferred Shares Series 19 into an equal number of Preferred
9 `2 a, c; l0 U  ZShares Series 18 upon giving to the Bank written notice thereof not earlier$ D8 ]' k- m" t9 v0 G
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
8 c7 S* s4 B5 L  I3 |8 V0 B9 s15th day preceding, a Series 19 Conversion Date.! z. b0 T' ?  }" x$ A5 L! l( \; q
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
/ E# L/ U+ v1 r0 i. l, N5 tProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
# k8 P( c8 J' fSeries 18, as the case may be, that there would be outstanding on such
! x6 v. B; ~' A5 {$ k" @, ISeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
3 ]0 C' D% u# Gsuch remaining number of Preferred Shares Series 19 will automatically be
7 Z9 e, ^  p& v0 Rconverted on such Series 19 Conversion Date into an equal number of
. l4 u' i$ O2 t$ rPreferred Shares Series 18. Additionally, if the Bank determines that, after, m6 x) {! q' o# |9 V
conversion, there would be outstanding on such Series 19 Conversion Date) @/ [' @6 K# i" f
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
' m( \/ J- g* {( l6 m) S" USeries 19 will be converted into Preferred Shares Series 18.
- H: b& `5 O8 j# C+ b) O4 jVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares0 Y- J8 [  x3 K
Series 19 will not be entitled as such to receive notice of, attend, or vote at,3 f# l1 `$ j& k, Q
any meeting of the shareholders of the Bank unless and until the first time at; L9 ~, B- d( Y
which the Board of Directors has not declared the whole dividend on the
5 O0 W5 q% h8 y4 t5 {Preferred Shares Series 19 in any quarter. In that event, subject as% _& m4 _. N3 _1 H5 F5 |
hereinafter provided, the holders of Preferred Shares Series 19 will be
5 k4 E+ ]( x5 T4 B  D; p7 n) \entitled to receive notice of, and to attend, meetings of shareholders at which2 _6 e% i6 e! G' N/ w- h
directors of the Bank are to be elected and will be entitled to one vote for
. U7 j2 U2 A$ K2 ?, jeach Preferred Share Series 19 held. The voting rights of the holders of the: g: |7 D1 O  q6 Z. ]- }
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of+ K5 Q% R) D1 N; \- `2 A
the first dividend on the Preferred Shares Series 19 to which the holders are
. [+ h; v( x$ u2 J4 Y" i* Eentitled thereunder subsequent to the time such voting rights first arose until
7 G/ G2 Z# a, K  J' A/ b/ X5 S" F2 isuch time as the Bank may again fail to declare the whole dividend on the1 O- V$ `" h5 ]6 ~4 h
Preferred Shares Series 19 in respect of any quarter, in which event such, c2 x7 u; ]& b6 K5 M& ]
voting rights will become effective again and so on from time to time.
$ R7 m! D3 w3 k8 XS-6
- t5 W7 ~  x- b2 ^Priority: The preferred shares of each series of the Bank will rank on a parity with
4 h# k" m# |. N# u- ^5 m. K- R! nevery other series and are entitled to preference over the common shares of" l& I+ h6 q0 `
the Bank and over any other shares of the Bank ranking junior to the* |) m5 n; P& H6 I5 R
preferred shares with respect to the payment of dividends and upon any
6 L( r4 P( t. z" N. b, H& K$ s! r* idistribution of assets in the event of the liquidation, dissolution or! q/ d$ B( p5 C. I& E2 @4 r/ \
winding-up of the Bank.
# Y. Q) {( S0 q2 v, O- ]Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
$ J& F' \! J& l: }' a2 U( KDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares' A6 I7 e: @# M; O6 B: V
Series 18 and Preferred Shares Series 19 will not be required to pay tax on( e+ [- h, Q$ N7 X
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。& Y* d0 |1 a8 ]! c8 P7 a
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
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。
大型搬家
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 18:26 | 显示全部楼层
4 |- B6 A! [$ Q! _
. z" X1 P/ m' L
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。, k, ]! Z# b9 C8 o- g  S) w

# K6 S( ^& x7 T$ T/ ycall 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。
大型搬家
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, 2026-11-9 07:42 , Processed in 0.434172 second(s), 11 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