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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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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。9 ?" g9 z  R; b/ N+ f4 g' }5 b
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[ 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:
$ e2 J: ]' k9 |  l  P/ H! hSUMMARY OF THE OFFERING
  Y: R% H8 [5 N" a2 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’’.
. z. I2 }# \1 A* c% \) q. CIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.5 V; j0 `5 t: |4 _" |! w+ ^$ S; ^! r
Amount: $150,000,000 (6,000,000 shares).5 F6 ^, |8 D1 ?. \* D
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
9 I/ E) f6 z; U; ~Principal Characteristics of the Preferred Shares Series 18/ Y6 J+ T# Q+ M. s8 x9 j
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed5 w8 N8 A$ O; d4 J, y( ~
non-cumulative preferential cash dividends, as and when declared by the/ M4 z* p3 z) q+ u) h* r
Board of Directors, subject to the provisions of the Bank Act, for the initial$ I, i4 c/ B9 E  n# R/ C4 w
period commencing on the closing date and ending on and including
2 e- Y! Q! Q4 h" l: r5 R( EFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
# l' ?7 m6 O1 ^& C25th day of February, May, August and November in each year, at a rate
1 @( @5 Q5 X) [7 ]6 B% xequal to $0.40625 per share. The initial dividend, if declared, will be payable' F# p) c  R$ R9 r8 |
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing% y1 _1 B- |# _- k+ f
date of December 11, 2008.
4 w! S1 _; y- Y: A! V" XFor each five-year period after the Initial Fixed Rate Period (each, a9 H; Z; Z4 q/ m3 E1 O6 d" r
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
8 s% j0 s9 U( c% YSeries 18 will be entitled to receive fixed non-cumulative preferential cash
- ]$ m3 z% ?4 W& G+ Vdividends, as and when declared by the Board of Directors, subject to the' q7 z2 @! {+ W5 q
provisions of the Bank Act, payable quarterly on the 25th day of February,
2 F* e5 Y8 o6 g0 W- T3 k! xMay, August and November in each year, in the amount per share per annum# v) i8 w) t1 \
determined by multiplying the Annual Fixed Dividend Rate applicable to
: l  _1 h# ?" j6 X; U/ wsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
& @4 Y  R# m% C4 Z* ?  n$ DRate for the ensuing Subsequent Fixed Rate Period will be determined by the5 a" x( w5 {" @2 ?, `
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
0 M  |3 f& m5 P1 fof such Subsequent Fixed Rate Period and will be equal to the sum of the
' V/ }- W5 G8 gGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
. G6 d- b$ M  e) n( m2 T/ Splus 3.83%.. m  {# t1 U4 k; D9 d3 r8 w$ g- s7 k
If the Board of Directors does not declare a dividend, or any part thereof, on- G# f# g% l* P* Q1 g
the Preferred Shares Series 18 on or before the dividend payment date for a' g% B; x" i, ?- e) W2 K
particular quarter, then the entitlement of the holders of the Preferred
( K6 @$ J4 X; i3 YShares Series 18 to receive such dividend, or to any part thereof, for such) K) G2 x* j$ E& P' W
quarter will be forever extinguished.
7 m8 L0 {+ h: DRedemption: Subject to the provisions of the Bank Act and to the prior consent of the- Y$ K, {& c! }# [
Superintendent and to the provisions described below under ‘‘Details of the9 K6 ^+ m" |& I7 V5 j
Offering — Certain Provisions of the Preferred Shares Series 18 as a; t5 I! x) Q* c
Series — Restrictions on Dividends and Retirement of Shares’’, on
" }8 Q3 W3 L- z+ M4 {- \* hFebruary 25, 2014 and on February 25 every five years thereafter, on not
; `% r) E- I  i; ]: Amore than 60 nor less than 30 days’ notice, the Bank may redeem all or any& ]' j$ T$ u4 A. |4 Y4 y5 }# [
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
& p# ]8 G4 c! T7 ^- s; `without the consent of the holder, by the payment of an amount in cash for
3 w$ W" A6 i- Q. i1 Heach such share so redeemed of $25.00 together with all declared and unpaid
- {; ^" p! B! ]; J$ H6 Qdividends to the date fixed for redemption.
  ]  m% o- T' j9 N' i1 s, E/ FConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
0 C" K; P9 s6 _  S/ ]- OShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have' ?$ [" k. m! R9 L+ L
the right, at their option, to convert, on February 25, 2014 and on4 W& j+ s) W' l$ Z) @3 p% r' r* v
S-40 D7 ?) {) H% Y! \
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
4 l! j$ m) b, S# A1 m6 \; W/ Uor all of their Preferred Shares Series 18 into an equal number of Preferred- q, S8 P5 o) c" U) s
Shares Series 19 upon giving to the Bank notice thereof not earlier than7 ^" ]. H2 J% }! M% e1 K+ S
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
7 i# g' ]( R0 c( I! p8 zpreceding, a Series 18 Conversion Date.
- v9 }5 r& j6 O0 `6 ~" mAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
) V& ^3 V/ [' B  q! R# F8 ^4 |7 FProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares  Y' }8 }( p& F% z) u& X, W, u
Series 19, as the case may be, that there would be outstanding on such
2 n- F+ s, d( ]9 D& u6 z# G1 w' wSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,- u( w, [7 @6 t8 t
such remaining number of Preferred Shares Series 18 will automatically be
$ ~+ A" Y$ J3 g% f1 ]& Kconverted on such Series 18 Conversion Date into an equal number of( T8 S7 ?# p6 ~2 m
Preferred Shares Series 19. Additionally, if the Bank determines that, after$ Z( J( ~$ X4 g
conversion, there would be outstanding on such Series 18 Conversion Date
  w% M( B1 R/ S0 xless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
2 n( `# D4 n( n* oSeries 18 will be converted into Preferred Shares Series 19.9 Z- n$ j( A7 Y- {
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares. I. ?1 p$ M3 B1 z( f1 ]+ ~5 {
Series 18 will not be entitled as such to receive notice of, attend, or vote at,$ _. ]/ t: u' C( K
any meeting of the shareholders of the Bank unless and until the first time at
: d) H: c( G6 Jwhich the Board of Directors has not declared the whole dividend on the
, D% K! B, ?& jPreferred Shares Series 18 in any quarter. In that event, subject as% z( G: L; ~, V4 E  t
hereinafter provided, the holders of Preferred Shares Series 18 will be) p# C' ~5 C+ N+ M
entitled to receive notice of, and to attend, meetings of shareholders at which* i& Q! D- f, v0 s6 R( o5 `
directors of the Bank are to be elected and will be entitled to one vote for/ a4 u: q& s, q# B
each Preferred Share Series 18 held. The voting rights of the holders of the
' X9 p& [0 d, v0 hPreferred Shares Series 18 will forthwith cease upon payment by the Bank of5 U3 Z- l; ]1 W% p$ i9 G/ M
the first dividend on the Preferred Shares Series 18 to which the holders are
8 f( v3 B! l; K, K! }* ~6 qentitled thereunder subsequent to the time such voting rights first arose until
. h/ w& w7 V; \such time as the Bank may again fail to declare the whole dividend on the
2 d. C; M& a" n6 xPreferred Shares Series 18 in respect of any quarter, in which event such
, z- a/ ^5 f) `' [# k* \% ^voting rights will become effective again and so on from time to time.# @, P+ L! k' I- J2 ^
Principal Characteristics of the Preferred Shares Series 19; k7 B; `2 Y2 A9 d3 n& Y
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive& h4 ?  G/ s: C, ^' F9 d
floating rate non-cumulative preferential cash dividends, as and when
2 {/ O- T2 y# a1 h4 Tdeclared by the Board of Directors, subject to the provisions of the Bank Act,
# G1 o/ ^: T# p# o9 {payable quarterly on the 25th day of February, May, August and November& y- z8 l9 w2 h" f- z: m% t
in each year, in the amount per share determined by multiplying the
/ b* m) s& j2 F7 o# \applicable Quarterly Floating Dividend Rate by $25.00.1 _- ~% ?* q6 e4 N' k  j
On the 30th day prior to the commencement of the initial quarterly dividend# D' Q. [7 v4 E& v! @6 y: c0 A  H3 g
period beginning on February 25, 2014, and on the 30th day prior to the first
* i7 m# ?9 G2 Q  \1 V, x8 n  Sday of each subsequent quarterly dividend period (the initial quarterly/ ^/ G0 Z. p7 }6 [
dividend period and each subsequent quarterly dividend period is referred to
* [8 z/ C' H: F6 {+ Xas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
/ X+ M$ @& Y# D& f, k9 H( M$ x' NQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
3 Y1 G% u8 ?0 ]Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
2 l( t: z& s) v% }7 \T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
2 R$ i1 c+ Q$ R/ Q( M  eelapsed in the applicable Quarterly Floating Rate Period divided by 365)" {" A6 h+ i8 [; ]0 Z
determined on the 30th day prior to the first day of the applicable Quarterly( `" b, U; p+ r# V) a2 s
Floating Rate Period.6 e4 ~3 q6 c& E
S-5
& \7 P3 M  F# FIf the Board of Directors does not declare a dividend, or any part thereof, on
$ z. H/ D$ B' @3 V0 n  e% N+ c0 dthe Preferred Shares Series 19 on or before the dividend payment date for a( E8 H( A, o& a5 M
particular quarter, then the entitlement of the holders of the Preferred
9 W" C, P9 h6 k2 P4 b' c; @7 l" c) W- QShares Series 19 to receive such dividend, or to any part thereof, for such
* O" W6 R, Y. h2 _quarter will be forever extinguished.# L! C& i1 n/ Q7 r  m
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the; c: \: P2 `. X+ _
Superintendent and to the provisions described below under the heading& B8 d6 m4 u, `, h7 g) t
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
5 w8 G) I- g* ~1 sSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,; M/ |/ t4 l6 A; g: J" D/ Z
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
  o9 [6 h) u4 ]1 b& W: D7 N5 Oor any part of the then outstanding Preferred Shares Series 19, at the Bank’s7 H4 ^2 l( ~7 u
option without the consent of the holder, by the payment of an amount in6 N9 T5 w3 L, i" M# E2 \5 O
cash for each such share so redeemed of (i) $25.00 together with all declared# Q6 M, ~. n' w& F
and unpaid dividends to the date fixed for redemption in the case of
; ?0 F+ C& J* |& ?+ o6 bredemptions on February 25, 2019 and on February 25 every five years" O4 k6 r3 V# a
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
: A" H) T1 \& v9 I9 @, Ithe date fixed for redemption in the case of redemptions on any other date
7 u0 l$ {" d: J( w* R; D( ^on or after February 25, 2014.1 f3 K& `! L7 @. t1 Y) U
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
: F5 m, Z2 D4 j2 o0 g0 \( xShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
" c: n! p: g& ]7 f: B& ~the right, at their option, to convert, on February 25, 2019 and on
. r, D( ?  K/ I+ ?February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
/ h, o2 R! [( @5 a7 S. ior all of their Preferred Shares Series 19 into an equal number of Preferred
8 M8 ]# c( w1 H7 ~5 y( r2 ^Shares Series 18 upon giving to the Bank written notice thereof not earlier4 H/ ]0 a" P7 Q; @) Q$ p1 r
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
6 p! g1 \! ~; X1 y15th day preceding, a Series 19 Conversion Date.6 x% H% c! t" B2 Z  D
Automatic Conversion If the Bank determines, after having taken into account all shares tendered" E  n- P/ K& o7 o
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares8 i0 F' B" t3 D2 A5 a
Series 18, as the case may be, that there would be outstanding on such3 }& v5 E" k/ L
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,9 [+ k. I' z9 @8 |, j3 P
such remaining number of Preferred Shares Series 19 will automatically be
0 \! r% W6 T- zconverted on such Series 19 Conversion Date into an equal number of% r+ f* F8 W5 p) E& v3 s+ l
Preferred Shares Series 18. Additionally, if the Bank determines that, after
1 d) K; v7 q3 l* e3 Yconversion, there would be outstanding on such Series 19 Conversion Date
. L" R# E; s- u, y# a% `less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
& ]: O4 j! Q+ Q% b0 }, YSeries 19 will be converted into Preferred Shares Series 18.6 Z& T: ^; f" Y: T
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares9 I4 \0 z( l9 T" j$ I
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
; H6 |2 m" l; c; q! z' gany meeting of the shareholders of the Bank unless and until the first time at1 e( N) i& Q" f/ _# F( B
which the Board of Directors has not declared the whole dividend on the
7 L6 @2 \, o8 Q4 ZPreferred Shares Series 19 in any quarter. In that event, subject as
4 _+ T2 g  ^4 V6 }6 O4 W( phereinafter provided, the holders of Preferred Shares Series 19 will be/ H# z" n+ _5 J& z, p
entitled to receive notice of, and to attend, meetings of shareholders at which/ u- r1 c; |5 [/ ~5 }0 {& a9 @
directors of the Bank are to be elected and will be entitled to one vote for
5 \% {6 {% C* h$ feach Preferred Share Series 19 held. The voting rights of the holders of the
) F! e, Q# e  x( {7 @# `, [9 hPreferred Shares Series 19 will forthwith cease upon payment by the Bank of  Y8 c( |7 |. I7 [/ f
the first dividend on the Preferred Shares Series 19 to which the holders are
2 t+ G" k, @( O0 W1 dentitled thereunder subsequent to the time such voting rights first arose until2 c; u* A' J6 P9 B) F, K8 Q" n
such time as the Bank may again fail to declare the whole dividend on the
& b% W* m+ Y3 d7 r, x& _4 v0 XPreferred Shares Series 19 in respect of any quarter, in which event such0 b* u4 |- a5 ~+ m) g
voting rights will become effective again and so on from time to time.- {( p& P, b- D- y+ q8 m
S-61 O( k# F5 J; Q
Priority: The preferred shares of each series of the Bank will rank on a parity with8 y( x' x: ~7 E! y! o
every other series and are entitled to preference over the common shares of
' M/ b' \9 P% A7 ~" N0 s' Xthe Bank and over any other shares of the Bank ranking junior to the
5 v9 E! @- I, r5 Dpreferred shares with respect to the payment of dividends and upon any& a: t5 B% e' a% q* }) c2 [' |  I
distribution of assets in the event of the liquidation, dissolution or9 F7 @6 D3 |' \1 A0 H1 e7 F
winding-up of the Bank.
4 y) u- H( H# z5 l4 v" F. f) @- GTax on Preferred Share The Bank will elect, in the manner and within the time provided under. D) Q0 l8 j9 V
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares2 Y& ?5 l/ E; ]; k7 T  Q  s- |
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
$ R( V- h* m) B. z( odividends 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。
3 k" P" P0 o' n, i; |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
/ s8 f: {  {; u( M$ R, i- n

6 u& Y* c2 O# ?$ @4 L  O下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。0 o/ V/ x3 Y2 S% {1 A
& f, S0 v4 D/ w# h
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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