埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 3292|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GIC不过这种Preferred Share是一种股票,其风险比基金和GIC都大。2 |. S( @0 X! D

& x; S! U' n& @3 c5 {, }3 }' D: k  E* \* a; ~: l! {0 B/ E& v
[ 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:
4 T; c' U6 E, Q3 M0 OSUMMARY OF THE OFFERING
" a& N: C7 F; w( JThis 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’’.$ ?$ Y7 m1 p6 x4 z* N$ Z4 a, _- l
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18." q, g- K/ U8 |0 I  H
Amount: $150,000,000 (6,000,000 shares).3 M1 n7 y& Y/ E( U9 W4 J$ F
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
3 s6 `) z: ]" z, f8 x" w+ pPrincipal Characteristics of the Preferred Shares Series 18
- l$ L9 N( z4 G* V6 P$ A, tDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed* }" E9 p& K$ k. h; q
non-cumulative preferential cash dividends, as and when declared by the: E, x5 v) K( L) }, U
Board of Directors, subject to the provisions of the Bank Act, for the initial5 G3 N: M* d0 k) O$ O% I
period commencing on the closing date and ending on and including( G  e/ E0 v) T$ k- O, z
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
( R) r( N, @2 M1 t25th day of February, May, August and November in each year, at a rate
. U! j9 C0 k/ F& ]  [equal to $0.40625 per share. The initial dividend, if declared, will be payable$ P' N% e. K% P& W) K
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing1 X8 w+ T5 P( h) P6 L+ q0 H$ U
date of December 11, 2008.0 Q& B# p, t" b3 I  h
For each five-year period after the Initial Fixed Rate Period (each, a% B$ T8 i0 v4 E3 y/ z) Q1 L" |
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
5 I' B& e7 a+ g* s7 F. J: `$ XSeries 18 will be entitled to receive fixed non-cumulative preferential cash( a  n% w- W5 ]* `
dividends, as and when declared by the Board of Directors, subject to the$ g' v* N# w' D% W3 E8 L
provisions of the Bank Act, payable quarterly on the 25th day of February,5 l" b; U( _2 r) M" E# I1 x
May, August and November in each year, in the amount per share per annum
: W! O' I4 d, @/ P) O2 }determined by multiplying the Annual Fixed Dividend Rate applicable to" y$ Z3 y/ v. c3 S: o. b! g
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
% A2 D& S/ m$ w) u. g$ A; c( WRate for the ensuing Subsequent Fixed Rate Period will be determined by the
- p7 n1 E2 m3 P( g; y, O( J4 T* B3 h/ ZBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
$ h1 \4 A9 t% N/ U5 ?of such Subsequent Fixed Rate Period and will be equal to the sum of the# d: d+ I: e5 ]) l! S
Government of Canada Yield on the applicable Fixed Rate Calculation Date
- v& T  a. t4 G8 z8 k. d$ eplus 3.83%.
: H8 H6 r0 u& M% A1 Z' S$ {If the Board of Directors does not declare a dividend, or any part thereof, on
* M; |* L9 a- @the Preferred Shares Series 18 on or before the dividend payment date for a
& r: T  }6 ]$ T; g1 Cparticular quarter, then the entitlement of the holders of the Preferred
; b6 e1 ]1 s: I6 v5 k7 ?Shares Series 18 to receive such dividend, or to any part thereof, for such9 ?$ J+ b- P! Q! a; x
quarter will be forever extinguished.- F0 O- L# e  r3 F4 i
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
* F* E6 q4 k( n  zSuperintendent and to the provisions described below under ‘‘Details of the& T8 H5 T: c2 w; a
Offering — Certain Provisions of the Preferred Shares Series 18 as a
/ T" P, E7 L5 D2 SSeries — Restrictions on Dividends and Retirement of Shares’’, on1 _8 w. Y* S5 i) M
February 25, 2014 and on February 25 every five years thereafter, on not
, @7 {2 B, F& `' e* q3 J! Vmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
, a  [5 C' H' n% n  xpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
2 A' C% p6 o' A; owithout the consent of the holder, by the payment of an amount in cash for
# p$ }  A: t2 a( P* j% i2 Keach such share so redeemed of $25.00 together with all declared and unpaid
) c  P8 G, n, x* w5 jdividends to the date fixed for redemption.
2 F" ~$ Y0 q1 Q2 I& U( ]* vConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic, l) p7 [# O2 P1 D
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
, q3 D' b$ C! w; i% Mthe right, at their option, to convert, on February 25, 2014 and on3 D( Q' y! |  e: d" j& F& o0 l: i
S-4# z  x5 V& g& N7 s9 d
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any! L# ~6 Y- z7 i8 L4 q
or all of their Preferred Shares Series 18 into an equal number of Preferred
0 Z2 H9 M( r. O2 rShares Series 19 upon giving to the Bank notice thereof not earlier than' P1 D+ T$ B$ f5 q
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day% C& s5 Q! e1 x2 B. ^" x
preceding, a Series 18 Conversion Date.
3 A  A4 w) ~% M: _  I: D9 T+ GAutomatic Conversion If the Bank determines, after having taken into account all shares tendered' J3 z0 O6 F: y5 H, n0 e
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
# R  I/ K. C8 i9 R& d, F6 p  ?Series 19, as the case may be, that there would be outstanding on such8 X1 s) j5 J- k* Z- n; U6 P+ h
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
* l1 e* m1 B4 ^/ o, b2 P" jsuch remaining number of Preferred Shares Series 18 will automatically be" c1 w0 [) {8 u5 r- |- C
converted on such Series 18 Conversion Date into an equal number of6 p) o. T4 d; W0 z0 m3 j* K
Preferred Shares Series 19. Additionally, if the Bank determines that, after
; A9 ?1 q* N. ]% _+ k/ econversion, there would be outstanding on such Series 18 Conversion Date' p- `4 I0 C7 r9 @* L
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares0 i$ b; F/ i; C, I8 B
Series 18 will be converted into Preferred Shares Series 19.  p- |- v9 d( t" i
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares) V  j4 d& {- B7 G
Series 18 will not be entitled as such to receive notice of, attend, or vote at,. I  P, p1 l3 g' A1 ?/ o
any meeting of the shareholders of the Bank unless and until the first time at
' A6 R! l% Q# K2 lwhich the Board of Directors has not declared the whole dividend on the- \: d) f2 m! Y5 q
Preferred Shares Series 18 in any quarter. In that event, subject as
) S2 Z8 W# H7 j. V7 h: ~+ v# o( m- k9 J* phereinafter provided, the holders of Preferred Shares Series 18 will be1 W" V  R. O! Q4 p7 `' l4 }
entitled to receive notice of, and to attend, meetings of shareholders at which
8 C7 f: ^' g, {" D8 Jdirectors of the Bank are to be elected and will be entitled to one vote for% C! a9 u" P# d' j  j& @
each Preferred Share Series 18 held. The voting rights of the holders of the
/ V& E' ^5 b$ k, l& M$ t0 u1 _Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
' f8 }! V: A7 rthe first dividend on the Preferred Shares Series 18 to which the holders are
6 d8 _0 f5 S3 h& M( V' eentitled thereunder subsequent to the time such voting rights first arose until, _- e7 _3 u' K' X: l" z1 T1 a. T
such time as the Bank may again fail to declare the whole dividend on the
( t, u8 e: z4 h( S/ I  @( DPreferred Shares Series 18 in respect of any quarter, in which event such
" q% E) A: k8 ^9 s% `/ p" ~voting rights will become effective again and so on from time to time.
( x7 Z  @  b1 h/ K6 f4 h6 pPrincipal Characteristics of the Preferred Shares Series 19% ?9 U" O5 `  a( d. d  K0 n
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
. L) h% y: t. N. R1 Z* ?$ Vfloating rate non-cumulative preferential cash dividends, as and when2 B! f( @, B; _5 L6 X0 {
declared by the Board of Directors, subject to the provisions of the Bank Act,. \; F: _. c7 k$ ~) {
payable quarterly on the 25th day of February, May, August and November. W4 _% o; w  ~# j- M
in each year, in the amount per share determined by multiplying the
5 e: v3 R3 Z; W: Iapplicable Quarterly Floating Dividend Rate by $25.00.
. i2 o7 g$ o8 u7 [+ S! [On the 30th day prior to the commencement of the initial quarterly dividend% f4 i* p* _& C, d& f
period beginning on February 25, 2014, and on the 30th day prior to the first
4 R8 X( A+ }( S; }' s+ Cday of each subsequent quarterly dividend period (the initial quarterly$ {$ p6 s( ]/ f9 L' I( |
dividend period and each subsequent quarterly dividend period is referred to. N9 s4 a% B( q: P1 x5 i5 T
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
2 e6 a1 y5 y* V1 d6 k7 s; MQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
% f& K7 o! A, X) I* mPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
" z$ y$ _# o# p) W* BT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days- e9 @0 R, n: @* ^
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
5 Z2 i4 \% B8 G6 h! \; @5 q- y' Z8 mdetermined on the 30th day prior to the first day of the applicable Quarterly* ~. d0 g" {& D4 l8 o1 w
Floating Rate Period.+ @3 ~9 u. Z/ }+ W& J
S-5
2 Z. L& ^0 h, E/ J6 M; W0 vIf the Board of Directors does not declare a dividend, or any part thereof, on
' W2 G- `+ e, z: f5 q  m2 d0 u$ u( Hthe Preferred Shares Series 19 on or before the dividend payment date for a( J2 S; T2 a# l; W9 {
particular quarter, then the entitlement of the holders of the Preferred+ o; d- j) L) F: k
Shares Series 19 to receive such dividend, or to any part thereof, for such0 n/ ^; f/ z8 S
quarter will be forever extinguished.
9 E5 i; d0 m* m( \6 V0 KRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
/ J6 e" M; \& Z# H+ J/ H7 DSuperintendent and to the provisions described below under the heading
1 D. A0 d) `3 X( i2 q5 }‘‘Details of the Offering — Certain Provisions of the Preferred Shares
7 I8 o: I" X/ V: n8 U6 |: {* iSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,& I. N4 F0 |( y
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
$ ~0 E% l( q) W+ c$ Dor any part of the then outstanding Preferred Shares Series 19, at the Bank’s: q' }7 o1 U8 F* N: H! f8 A
option without the consent of the holder, by the payment of an amount in8 e4 l/ R* s8 x% [6 s
cash for each such share so redeemed of (i) $25.00 together with all declared
2 F# z7 U* i, P2 {+ [and unpaid dividends to the date fixed for redemption in the case of; s' o1 s9 |: y" W4 V
redemptions on February 25, 2019 and on February 25 every five years
" J% I8 H. o9 Wthereafter, or (ii) $25.50 together with all declared and unpaid dividends to4 `2 `/ H+ n, l
the date fixed for redemption in the case of redemptions on any other date! F8 i1 y& P9 z# A  V
on or after February 25, 2014.
4 n& A; g+ F4 Z2 }7 B: ?Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
6 R! U/ J+ z3 d' y; L0 ?Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have; Q" d* r6 M6 k3 H# Y
the right, at their option, to convert, on February 25, 2019 and on
2 ?1 u  m0 w3 a4 ?- uFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
; d! l; }1 y- V1 f6 {/ lor all of their Preferred Shares Series 19 into an equal number of Preferred
/ \) q7 d2 B0 HShares Series 18 upon giving to the Bank written notice thereof not earlier
. E' q/ }! }7 }: e5 ethan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the) r3 W$ [6 k& {
15th day preceding, a Series 19 Conversion Date.
! @* J0 T) T2 H* [# }Automatic Conversion If the Bank determines, after having taken into account all shares tendered
! L4 |$ D8 k( pProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
. D8 D& n0 E3 y) q1 `; b0 g* WSeries 18, as the case may be, that there would be outstanding on such" C' n. I! J6 h. g* d0 V2 l& c- K( ]
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
9 x$ [% y  t3 b1 H4 w$ ~such remaining number of Preferred Shares Series 19 will automatically be2 K3 n" C, ^, J+ ~+ I/ v* s& J' h
converted on such Series 19 Conversion Date into an equal number of
0 A" @4 V! S) a" O3 vPreferred Shares Series 18. Additionally, if the Bank determines that, after
  O1 m2 h1 ^7 m9 Z: M0 f/ Mconversion, there would be outstanding on such Series 19 Conversion Date
) m- R- z6 [+ B0 Zless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares4 k) q# o( @( H( C
Series 19 will be converted into Preferred Shares Series 18.
! j, r2 \0 R$ |% K, Q9 TVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
0 @) h6 y6 I+ O- |Series 19 will not be entitled as such to receive notice of, attend, or vote at,( T* x  B2 I; d) A; S
any meeting of the shareholders of the Bank unless and until the first time at" w8 o, l! F6 ^6 D
which the Board of Directors has not declared the whole dividend on the
9 U5 v% e2 L# D, d, a. _1 [4 BPreferred Shares Series 19 in any quarter. In that event, subject as
+ e6 J% m$ K, `hereinafter provided, the holders of Preferred Shares Series 19 will be- L7 j9 k) \8 N& S) d) ~
entitled to receive notice of, and to attend, meetings of shareholders at which, g, h) S  W. h8 k( ]6 ^
directors of the Bank are to be elected and will be entitled to one vote for7 u' G) K  w0 [& ~, r8 }% y
each Preferred Share Series 19 held. The voting rights of the holders of the6 u  g0 E* ^5 B
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
. z% ]. m, y) y8 hthe first dividend on the Preferred Shares Series 19 to which the holders are
8 u' L2 i; a" Q8 n5 Q7 {  ]: |entitled thereunder subsequent to the time such voting rights first arose until) J0 P& f" }" M# r
such time as the Bank may again fail to declare the whole dividend on the
6 N% _8 |6 N$ N" g: s; L/ \* `% FPreferred Shares Series 19 in respect of any quarter, in which event such
6 ?6 Q0 h, x2 |" yvoting rights will become effective again and so on from time to time.
; Q( }2 b* ^1 |1 RS-6
1 {- j2 V# y, U6 e5 ePriority: The preferred shares of each series of the Bank will rank on a parity with; [2 @, Z) W2 b
every other series and are entitled to preference over the common shares of, J: `! G; Q$ `5 A  _5 y( v/ p; I
the Bank and over any other shares of the Bank ranking junior to the
3 n9 n, w' v- U/ v9 npreferred shares with respect to the payment of dividends and upon any
2 q$ Q' L. E- a+ ^" u+ C' Udistribution of assets in the event of the liquidation, dissolution or
0 i3 U, E9 U) J- {0 H$ I4 Jwinding-up of the Bank.; C. ~. u4 n5 t2 F
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under1 o7 `- F$ A; _
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares0 n5 g3 O+ M2 P; \9 V) |# X
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
" |5 h& F1 R/ E& b/ Ddividends 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。
' i1 V9 y  R: `1 {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

3 |+ `. X; C. X" Y) N- t6 ^( Q7 l, B% K  [5 Q' S  A( c7 M8 C2 P
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。( g; S0 m. k+ w# D3 z, E3 U

5 L  i$ E; a$ G' ucall 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, 2026-7-27 17:23 , Processed in 0.172360 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