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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。( {1 o5 j- R: k$ B7 u
, @# s& I8 v) R2 A

7 }3 i$ }- T. ~  ^[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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 楼主| 发表于 2008-11-29 16:58 | 显示全部楼层
下面是BMO的:% {. m# o2 [  g% V1 H  `8 [, ^
SUMMARY OF THE OFFERING
- W/ L. t1 |8 n" W# _& |( ~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’’.) m- D4 @% d6 i! x& i' i& m9 c1 c
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
% i6 }$ D& U7 F9 j1 CAmount: $150,000,000 (6,000,000 shares).
3 |/ t3 Z6 ]. NPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
. g) N+ Z" _9 r8 A3 H% L% W% lPrincipal Characteristics of the Preferred Shares Series 186 `# b7 O( r5 N" I7 _
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed6 }! r5 C, F6 {
non-cumulative preferential cash dividends, as and when declared by the2 N$ i# E2 N1 m9 Z$ {; Q. P
Board of Directors, subject to the provisions of the Bank Act, for the initial: p& _7 \& l: G3 H# g; R
period commencing on the closing date and ending on and including2 i# y0 Y- v( B
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
  p. D, r0 p. r; l2 d" l25th day of February, May, August and November in each year, at a rate5 P' [5 i8 L$ E, O% u. P
equal to $0.40625 per share. The initial dividend, if declared, will be payable6 b  h0 n* S1 a2 b( x; [
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
# \4 K2 L& l) [1 z) idate of December 11, 2008.
! u( j% x* X" JFor each five-year period after the Initial Fixed Rate Period (each, a3 M1 k0 W; S! R7 v* ^. s& ~+ _7 \
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares9 q, f  S# X( O9 H
Series 18 will be entitled to receive fixed non-cumulative preferential cash- M$ D' U% n9 ^
dividends, as and when declared by the Board of Directors, subject to the
: Y: ^" e9 i1 gprovisions of the Bank Act, payable quarterly on the 25th day of February,, r8 L; E5 f! s+ O
May, August and November in each year, in the amount per share per annum$ O. C6 }- D; C
determined by multiplying the Annual Fixed Dividend Rate applicable to
6 c! x# j" y# `4 \such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend, j9 x# D9 c# o( S4 ?4 |( w
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
5 z7 E: Q: W" v2 `7 hBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day" M9 M9 L& H* ?" l8 R
of such Subsequent Fixed Rate Period and will be equal to the sum of the( |4 v7 m2 q7 b/ A' w4 z5 l
Government of Canada Yield on the applicable Fixed Rate Calculation Date
8 g  |' q8 f8 G$ Pplus 3.83%.
$ M& H" K  n* H) S- {If the Board of Directors does not declare a dividend, or any part thereof, on3 R/ E2 S: A8 {$ i5 {, I# v- y3 L
the Preferred Shares Series 18 on or before the dividend payment date for a$ z  y7 [0 a4 d- c# H/ P% F
particular quarter, then the entitlement of the holders of the Preferred
+ Z$ b. e  j- ^' f6 Q: h) ~Shares Series 18 to receive such dividend, or to any part thereof, for such
9 E: w. P% Q2 l4 S1 ?9 Squarter will be forever extinguished.
% @7 A; b% s) o5 E( WRedemption: Subject to the provisions of the Bank Act and to the prior consent of the5 E- l: T" ~3 P, t
Superintendent and to the provisions described below under ‘‘Details of the9 u. z( g' E) d$ B" w
Offering — Certain Provisions of the Preferred Shares Series 18 as a
+ V0 W$ ^% {& r3 cSeries — Restrictions on Dividends and Retirement of Shares’’, on. G8 @( @4 i. y
February 25, 2014 and on February 25 every five years thereafter, on not
: D# x% c! D3 p& g9 J2 jmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
0 b4 l% J- Z3 Upart of the then outstanding Preferred Shares Series 18, at the Bank’s option  F% `( H. A3 a
without the consent of the holder, by the payment of an amount in cash for
! R3 Z6 ]4 W( }' z6 heach such share so redeemed of $25.00 together with all declared and unpaid
, O# N; r2 \& ~8 Ydividends to the date fixed for redemption.' b; ~: |/ Q5 L0 T5 k
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic+ U4 j4 g4 }+ w+ t: h
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
( s" t$ [) G: ^1 E, s$ ^0 l, Zthe right, at their option, to convert, on February 25, 2014 and on
; v% e0 p7 v' x  k# m& T5 TS-4
$ ~' ^) g+ R; V% {) I9 lFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any; X" T/ M& P( P" w. V1 R. J
or all of their Preferred Shares Series 18 into an equal number of Preferred, u  i5 \# o5 e" ~, h, s+ s
Shares Series 19 upon giving to the Bank notice thereof not earlier than; Q% l% W" r. k- O, f7 n
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
' G7 w5 n) V8 L/ T! i  Tpreceding, a Series 18 Conversion Date.! s( T* u9 F5 Q5 k& ?3 U  u
Automatic Conversion If the Bank determines, after having taken into account all shares tendered( n0 K$ x# f( y+ Q
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares/ |/ I- H8 o4 z9 g% w2 W" F
Series 19, as the case may be, that there would be outstanding on such
% E* Y1 @. d7 JSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,7 l- P9 a/ V* b; |
such remaining number of Preferred Shares Series 18 will automatically be2 [0 w# `+ ~4 `) N( c( }  G
converted on such Series 18 Conversion Date into an equal number of# Z1 D+ Y) W: L# N2 Z
Preferred Shares Series 19. Additionally, if the Bank determines that, after6 ]) S6 p) H& }
conversion, there would be outstanding on such Series 18 Conversion Date1 Z9 E- q0 g# I0 P, c' f* E
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
5 l, g5 }2 m- }; O! v! aSeries 18 will be converted into Preferred Shares Series 19.
; q- q! |& t, S" h; K' G+ X9 h6 DVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares  e. ~0 ]2 D: N3 R4 `
Series 18 will not be entitled as such to receive notice of, attend, or vote at,4 B6 g# ]) }- ?2 f* Q6 k( o! i& o) V
any meeting of the shareholders of the Bank unless and until the first time at9 G- e( W4 G* }
which the Board of Directors has not declared the whole dividend on the
" b/ X; v2 Y- Y" mPreferred Shares Series 18 in any quarter. In that event, subject as
# ~  v: b, i* u$ h2 ^% ^5 Rhereinafter provided, the holders of Preferred Shares Series 18 will be
7 C5 u% W. M+ i: R' Dentitled to receive notice of, and to attend, meetings of shareholders at which4 M3 i4 ^5 h& h6 M
directors of the Bank are to be elected and will be entitled to one vote for8 V$ h4 U* [9 E2 s
each Preferred Share Series 18 held. The voting rights of the holders of the% @" |9 o1 j/ f# `
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of0 O. `" M$ x8 X
the first dividend on the Preferred Shares Series 18 to which the holders are! o) p" c9 M6 s
entitled thereunder subsequent to the time such voting rights first arose until. ~5 m  l! Y  \/ n7 w% B3 \
such time as the Bank may again fail to declare the whole dividend on the6 B. _( h  V3 a1 A$ J# X
Preferred Shares Series 18 in respect of any quarter, in which event such9 R* |6 O7 P1 A2 n. Q
voting rights will become effective again and so on from time to time.8 K0 V# G% m2 E* H- x& {
Principal Characteristics of the Preferred Shares Series 19" s, [! Y" Z+ _" Q! N4 X
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
1 E; F9 e2 L* H! kfloating rate non-cumulative preferential cash dividends, as and when  n) G4 C' r# e: Z7 \3 H& ?- z
declared by the Board of Directors, subject to the provisions of the Bank Act,
+ ~+ ?! y5 @4 opayable quarterly on the 25th day of February, May, August and November9 d+ i( N2 R6 Y: }
in each year, in the amount per share determined by multiplying the
  c7 |6 i7 k) V4 h" q3 b  g$ Yapplicable Quarterly Floating Dividend Rate by $25.00.
2 P# M; t) g7 [. BOn the 30th day prior to the commencement of the initial quarterly dividend3 Q0 o6 Z* X6 u2 ?( m9 h) V+ J
period beginning on February 25, 2014, and on the 30th day prior to the first
* E- t/ j) N3 E0 l# d* xday of each subsequent quarterly dividend period (the initial quarterly. g1 u2 d: C/ Y$ P2 n0 d) p
dividend period and each subsequent quarterly dividend period is referred to* I+ o0 j2 `& w, ~6 n1 x
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the& y4 V3 g) X0 A8 _) k. h3 {
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
9 {( S/ O4 r% t2 bPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
; [1 A! v% T  `0 B. tT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days' k0 g3 z( a  U8 t
elapsed in the applicable Quarterly Floating Rate Period divided by 365)0 W, c1 n0 R+ k/ u% V  j" L
determined on the 30th day prior to the first day of the applicable Quarterly3 b. E' X/ G3 p- R  o$ }6 k- A
Floating Rate Period.4 a8 S6 r: O, P* L: u  J/ |
S-5
/ X. j  u* l8 D9 SIf the Board of Directors does not declare a dividend, or any part thereof, on
% @# j, f. ?- e( I. bthe Preferred Shares Series 19 on or before the dividend payment date for a; K8 t* l( \; a+ C5 z* }0 Y
particular quarter, then the entitlement of the holders of the Preferred
- A& ?; l# R" ?! U  XShares Series 19 to receive such dividend, or to any part thereof, for such+ s! j4 i- s( J2 j" l* [
quarter will be forever extinguished.
% `* P  E+ I" z+ U9 b1 I6 c& vRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
' A) S& y  I$ G0 W' Q' R2 USuperintendent and to the provisions described below under the heading
# E# [7 N5 S% V- [5 V7 B4 M‘‘Details of the Offering — Certain Provisions of the Preferred Shares
5 ?) c  q' b: _' K% K' bSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,% e* t7 I; Z5 h6 U5 @4 }" S
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
. m5 s! O2 v4 y+ Oor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
! h2 U4 V+ G: c* R* d4 u( Aoption without the consent of the holder, by the payment of an amount in9 p( K5 `) a- T
cash for each such share so redeemed of (i) $25.00 together with all declared  a! |# `0 H- S! M, ~1 c4 u1 p8 _: ?
and unpaid dividends to the date fixed for redemption in the case of
0 i5 `" K: N& N- iredemptions on February 25, 2019 and on February 25 every five years. ?. q, u7 h' g# a6 B. \
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
% Z) W' }7 X! m2 Z' ]* Kthe date fixed for redemption in the case of redemptions on any other date; d( M* s& b. L
on or after February 25, 2014.; q6 W0 a" U7 X5 \4 y* c) v
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic% V" N4 e' h+ x2 o
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
1 P6 W7 \; _8 X) {7 m0 i& c1 l: Tthe right, at their option, to convert, on February 25, 2019 and on4 l  J+ p$ `9 ~' R1 Z
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any$ F/ s7 s' {3 Z3 E8 m/ z- W
or all of their Preferred Shares Series 19 into an equal number of Preferred9 Z/ ^2 M) O. Y. l( @
Shares Series 18 upon giving to the Bank written notice thereof not earlier
, B% y9 c5 r! |5 g3 `than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
$ P, x6 B) D6 u- E; g9 m# o15th day preceding, a Series 19 Conversion Date.
2 l" C6 T3 U! k7 q' s; W1 R8 AAutomatic Conversion If the Bank determines, after having taken into account all shares tendered; X" c& @% R: u0 s- b9 d  d
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
$ F6 y6 B5 I; FSeries 18, as the case may be, that there would be outstanding on such
+ V0 x; x* `9 t; m" Y% i4 T" y' HSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,% M# A% k. Y' |" g/ C8 N( ]
such remaining number of Preferred Shares Series 19 will automatically be
* S; ]6 O* j  V! u4 ]% {converted on such Series 19 Conversion Date into an equal number of1 V$ y3 h% }: K( j" g; N% v
Preferred Shares Series 18. Additionally, if the Bank determines that, after" }! o( b* C3 }6 a6 z; Q
conversion, there would be outstanding on such Series 19 Conversion Date9 ?, K! E+ g# N/ }! ^2 ?/ z- u
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares! \; `2 F; [0 R: r% ~
Series 19 will be converted into Preferred Shares Series 18.8 H0 O4 x) F7 |/ {
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
5 l! E$ e+ g  s3 b9 VSeries 19 will not be entitled as such to receive notice of, attend, or vote at,# p8 a: x/ u- V, {) \/ K
any meeting of the shareholders of the Bank unless and until the first time at# P  i& a8 i- P+ l' D
which the Board of Directors has not declared the whole dividend on the
' t4 x' y- c! j# kPreferred Shares Series 19 in any quarter. In that event, subject as
  J8 N& F8 X0 ?5 G' ^9 l2 yhereinafter provided, the holders of Preferred Shares Series 19 will be: c/ \9 O# |( h
entitled to receive notice of, and to attend, meetings of shareholders at which
1 b$ d5 K; @2 n  S2 @. ndirectors of the Bank are to be elected and will be entitled to one vote for4 }9 A6 u1 F( T8 O
each Preferred Share Series 19 held. The voting rights of the holders of the
, [! Q1 H: k3 _/ A5 g. vPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
' U( A9 I0 ^7 s0 p4 I# kthe first dividend on the Preferred Shares Series 19 to which the holders are  a/ i7 E% \4 G* v. g4 l
entitled thereunder subsequent to the time such voting rights first arose until; h( L" |/ |, v) q
such time as the Bank may again fail to declare the whole dividend on the
% r& S3 n4 w, Q  b% M1 c  A9 BPreferred Shares Series 19 in respect of any quarter, in which event such
6 O: ]; ?, ?" [5 e1 f6 lvoting rights will become effective again and so on from time to time.
# A1 `9 {+ z3 \S-6( P6 f( {$ I5 b# a, h9 C9 p
Priority: The preferred shares of each series of the Bank will rank on a parity with- }1 d  ?( n) J/ ]7 C2 T
every other series and are entitled to preference over the common shares of
! K( [, y$ `6 [" f. k2 }the Bank and over any other shares of the Bank ranking junior to the
+ H) G) r4 B/ I  W) I; @% B$ Bpreferred shares with respect to the payment of dividends and upon any! u; k/ G3 X# r1 V2 C8 c3 c
distribution of assets in the event of the liquidation, dissolution or5 e& g+ f5 Q4 x) W) l2 h) J& m9 s
winding-up of the Bank.. s' n) _$ F( F- X3 \: E
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
. D2 E3 B$ X' E- X, k; w1 L  jDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares5 U! p3 O9 G' L0 W" ?6 f
Series 18 and Preferred Shares Series 19 will not be required to pay tax on0 e8 S( Q& W8 D
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。; `' U+ _/ y( b
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
5 B& y$ d" w, j3 F  }4 l+ N( {

' j3 `9 _. @$ N: F下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
6 R7 _8 K8 ]8 e2 ^5 v$ A% |1 m5 i
1 r: M0 H! ], u$ t3 e# Z, T  t$ L4 ccall 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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