埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 3171|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。
1 u! I, n5 n" Z1 X! ?

9 E" B2 v( K9 r1 Q& P5 r
. |$ d% B: [0 W- y# U& O; C( T[ 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:5 R7 H9 n, C& B9 H; J8 h, |
SUMMARY OF THE OFFERING
0 x5 @& W7 B- `* K: z% t& v$ OThis 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’’.
* a' _8 k- C9 GIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
) M$ u: H/ [2 ?9 y1 F! O; [& HAmount: $150,000,000 (6,000,000 shares).
1 d' J# f/ u4 a/ L$ N0 \. a9 ]# RPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
) n3 N( u7 K7 B, s5 K7 IPrincipal Characteristics of the Preferred Shares Series 18
5 S/ h, r* u+ L" G! ?Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
- S! F7 }0 \/ G4 ?4 K( A& wnon-cumulative preferential cash dividends, as and when declared by the# D& U" ]& Q' ~( n. ]3 _
Board of Directors, subject to the provisions of the Bank Act, for the initial
( ]- Q& Y& w# J. }/ s: k, _4 B, Wperiod commencing on the closing date and ending on and including9 h: w$ F% [/ w" {# _( R1 C; O$ P9 Y
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the$ Z6 N" A( |0 a$ E
25th day of February, May, August and November in each year, at a rate
2 W8 P  k' J5 I4 }0 @equal to $0.40625 per share. The initial dividend, if declared, will be payable
; Q" s" b, d, z+ EMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
% q6 a% d$ t2 R8 g) L7 b; ]9 jdate of December 11, 2008.7 ~$ U1 Q* A4 }0 X& h: b5 n
For each five-year period after the Initial Fixed Rate Period (each, a
+ B) I9 q4 }0 k3 f& h. N‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
) c9 N! O" h7 ~' H* y5 j" g- |Series 18 will be entitled to receive fixed non-cumulative preferential cash' U$ M6 z$ O) y/ w- A* {
dividends, as and when declared by the Board of Directors, subject to the
0 G: U% V, V: N1 g  F$ I- Uprovisions of the Bank Act, payable quarterly on the 25th day of February,. T$ Y$ k1 F* ^/ K7 [4 O
May, August and November in each year, in the amount per share per annum
# Y: v* P8 \5 \: y  Vdetermined by multiplying the Annual Fixed Dividend Rate applicable to
8 j* C1 i# i0 j- `1 N# nsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
' y! v, |& ~. W& C# m* mRate for the ensuing Subsequent Fixed Rate Period will be determined by the; ?- o, T( i, g' H
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day. d1 o: z" m% g$ `/ U6 c5 s
of such Subsequent Fixed Rate Period and will be equal to the sum of the0 g9 Q/ b$ t- {6 z3 f+ W
Government of Canada Yield on the applicable Fixed Rate Calculation Date
7 W7 a* v! F. N* o& D0 d- jplus 3.83%.
  N# _* [' ]# Q; j. H+ m# k% hIf the Board of Directors does not declare a dividend, or any part thereof, on
! o" `+ S. F/ B/ vthe Preferred Shares Series 18 on or before the dividend payment date for a
, R: K) }# u. V8 s0 E7 zparticular quarter, then the entitlement of the holders of the Preferred- M8 C9 y* Z) H# ]
Shares Series 18 to receive such dividend, or to any part thereof, for such5 |! E2 `8 U8 y. W  O- o+ _
quarter will be forever extinguished., n$ q: N4 v* B1 Z6 n* L
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
# v$ _. s% ~- ySuperintendent and to the provisions described below under ‘‘Details of the
8 z/ Y& q2 h' _: V0 O0 jOffering — Certain Provisions of the Preferred Shares Series 18 as a/ c! a( V& e+ p; W' U( @. R- Q" @
Series — Restrictions on Dividends and Retirement of Shares’’, on" o9 w- O) {0 {8 _" u
February 25, 2014 and on February 25 every five years thereafter, on not
/ l! s9 M7 C( A# H) ?) r& }% qmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any6 D( }* p% I! M  Z: u! o
part of the then outstanding Preferred Shares Series 18, at the Bank’s option: K4 T& o$ u, X8 g3 V
without the consent of the holder, by the payment of an amount in cash for( u! W/ P5 H9 `9 k# Y9 U! {
each such share so redeemed of $25.00 together with all declared and unpaid
7 r8 w' L; q7 j3 d1 Sdividends to the date fixed for redemption.
6 |# }7 m  i4 c$ BConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic' J3 M/ A: h" h6 H) }
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
- h, c2 M+ K/ k% vthe right, at their option, to convert, on February 25, 2014 and on
; {0 q) R% K9 Q" X2 I' c  oS-4. {0 X9 F' h7 U; l# U/ J- O# |
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
! t8 H% b0 j  S. W9 }or all of their Preferred Shares Series 18 into an equal number of Preferred
# f8 P: Z" v$ K0 Q! WShares Series 19 upon giving to the Bank notice thereof not earlier than
" Z  V8 U0 J* s1 i30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
2 ?* n9 g4 G% M2 y, M6 B+ |0 Zpreceding, a Series 18 Conversion Date.
+ F, U: E; A8 DAutomatic Conversion If the Bank determines, after having taken into account all shares tendered6 e1 o# z4 `5 ?/ c2 a8 ^
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares; T  A2 a; O1 [& u
Series 19, as the case may be, that there would be outstanding on such) H6 [! V1 \* v, L& V; X4 g- Z! C  P
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
  l0 ?0 Y: c/ E- zsuch remaining number of Preferred Shares Series 18 will automatically be
% i1 a$ A5 L5 x3 u, n5 Pconverted on such Series 18 Conversion Date into an equal number of8 h) Z8 R8 d' G& x6 \* ?
Preferred Shares Series 19. Additionally, if the Bank determines that, after
8 ^" O% L, u, L: c2 H$ _conversion, there would be outstanding on such Series 18 Conversion Date+ b' n3 s4 l" n8 j2 Y" Z/ J* X1 B
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
4 S, Q+ v$ V' E, rSeries 18 will be converted into Preferred Shares Series 19.
7 v; O! `5 X7 ZVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
2 X/ G& A+ \1 v" xSeries 18 will not be entitled as such to receive notice of, attend, or vote at,! g# ?3 M, r6 v% z8 a
any meeting of the shareholders of the Bank unless and until the first time at
6 K9 |5 T8 |2 `& h+ v3 F' vwhich the Board of Directors has not declared the whole dividend on the( h5 P$ P9 H( k3 Z& V% V
Preferred Shares Series 18 in any quarter. In that event, subject as$ Z. Q6 G" }- q7 H( m6 b1 B
hereinafter provided, the holders of Preferred Shares Series 18 will be$ a8 M$ c+ [2 s% b0 ~
entitled to receive notice of, and to attend, meetings of shareholders at which- p5 l; N: }! S- Z0 c; P" V
directors of the Bank are to be elected and will be entitled to one vote for
% [; [7 W3 T: L8 g0 Yeach Preferred Share Series 18 held. The voting rights of the holders of the
, {% L9 m# L4 a! k( y* x7 F& fPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
  j# e1 W- H1 F1 U( {! Z. G# xthe first dividend on the Preferred Shares Series 18 to which the holders are$ d9 U4 W4 p, V8 r" h2 j' I* Z
entitled thereunder subsequent to the time such voting rights first arose until
$ E, D! g, z! Fsuch time as the Bank may again fail to declare the whole dividend on the0 ?( Y: h# g" ]+ f4 _
Preferred Shares Series 18 in respect of any quarter, in which event such2 W% ]) ^5 N: p- Q
voting rights will become effective again and so on from time to time.9 U* {7 Z! Y% E% {. |4 I
Principal Characteristics of the Preferred Shares Series 19
+ L' @4 b- p& x5 O& vDividends: The holders of the Preferred Shares Series 19 will be entitled to receive$ T- C3 _4 \5 u# o/ {
floating rate non-cumulative preferential cash dividends, as and when
% V5 A' M0 }2 ?) l; F9 ^4 [- Sdeclared by the Board of Directors, subject to the provisions of the Bank Act,
, \; j' a  t6 p6 _- A) X# Hpayable quarterly on the 25th day of February, May, August and November
6 R3 ~$ B: p; q6 k. @1 Oin each year, in the amount per share determined by multiplying the
  J. k" H8 ]) rapplicable Quarterly Floating Dividend Rate by $25.00.
5 r2 X% h3 h& w/ W; ~8 OOn the 30th day prior to the commencement of the initial quarterly dividend
8 s4 b5 |' h' ~5 G+ k. iperiod beginning on February 25, 2014, and on the 30th day prior to the first2 m4 j. n( J% n+ a- X
day of each subsequent quarterly dividend period (the initial quarterly
( m- ~! i. ~9 H8 q: c0 L4 {% Idividend period and each subsequent quarterly dividend period is referred to
- y- S5 P: D5 Mas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
$ d) S9 k! m4 C8 E) S- wQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate6 A5 {3 g0 G) o5 I5 B
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the; ^4 U. ?( U; b+ j; P+ ]
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
8 d( K  z. ]' S3 ?# s3 }% q, b/ selapsed in the applicable Quarterly Floating Rate Period divided by 365). K9 N. E7 ^# y4 P4 p0 a4 U
determined on the 30th day prior to the first day of the applicable Quarterly
; I2 U0 y4 d$ ^- g! xFloating Rate Period.
& A' m3 _5 h& A+ m6 U3 ^) h7 pS-5( @' I# ?5 \6 C* V9 U% O
If the Board of Directors does not declare a dividend, or any part thereof, on7 [/ n  ~, m( S  B3 s! i9 i/ g
the Preferred Shares Series 19 on or before the dividend payment date for a, q& [9 P0 M9 N
particular quarter, then the entitlement of the holders of the Preferred( c- q2 G" }: B* b
Shares Series 19 to receive such dividend, or to any part thereof, for such
% C+ j, X' a: ^7 u7 Uquarter will be forever extinguished.* x! i/ R+ o8 a4 Y
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the  a3 |3 E# z) h( Q8 P4 L; f5 D
Superintendent and to the provisions described below under the heading( R% I2 m* T4 G5 ^' B* y  W- D
‘‘Details of the Offering — Certain Provisions of the Preferred Shares6 A2 M2 e4 W/ g0 i
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,1 d3 \6 q5 |9 w. k- C0 [" O. f
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
; D- {! r6 t  I/ r2 ~or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
: F; \, h/ S" \1 j0 O+ Zoption without the consent of the holder, by the payment of an amount in
' p5 r1 s3 M' A* \4 m( u) v/ d/ jcash for each such share so redeemed of (i) $25.00 together with all declared6 Y5 B2 c: S) ^0 z9 e
and unpaid dividends to the date fixed for redemption in the case of0 ], Z9 z9 q0 I- {
redemptions on February 25, 2019 and on February 25 every five years
: ~8 a! N7 T, [7 q+ Y3 V) F& ythereafter, or (ii) $25.50 together with all declared and unpaid dividends to
9 Z$ C) C3 I- s* H( Sthe date fixed for redemption in the case of redemptions on any other date
0 @8 Q6 _. E4 @  G# Y9 bon or after February 25, 2014.7 ?' R- ?/ N( c! E- E! U
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic9 A0 ?' b: x; n
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have; V5 N" `/ n" S* r6 f
the right, at their option, to convert, on February 25, 2019 and on2 e7 t4 C4 h5 J* H( @
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
$ F0 U# W( @3 L) [7 l( n3 sor all of their Preferred Shares Series 19 into an equal number of Preferred
' Z5 h+ w$ ^/ v3 N. kShares Series 18 upon giving to the Bank written notice thereof not earlier
& Z* W  o. m5 E( lthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the/ ~* e8 }/ t" \7 _) o
15th day preceding, a Series 19 Conversion Date.
% @# H8 j9 V: ^! WAutomatic Conversion If the Bank determines, after having taken into account all shares tendered0 u3 o# J! W$ u/ V: p
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
+ l4 X4 w: Y1 \9 E3 BSeries 18, as the case may be, that there would be outstanding on such
0 |, S6 I" W) B! j7 w3 NSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,0 h$ j  }) s- l. C. a( S$ k
such remaining number of Preferred Shares Series 19 will automatically be
3 f  U$ g% J* R2 a/ ^converted on such Series 19 Conversion Date into an equal number of
$ T1 W* }( v5 w2 e" x2 V9 kPreferred Shares Series 18. Additionally, if the Bank determines that, after- x1 g: [- W5 B3 y! Q
conversion, there would be outstanding on such Series 19 Conversion Date
/ E& c& Z5 k; Q1 _( [" b$ \# gless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
6 K( y$ h( K9 R5 M7 `) R7 h7 rSeries 19 will be converted into Preferred Shares Series 18.$ R& h% b5 ^9 N2 ^" ?5 T  c$ t
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
; o! k1 R* B+ x' B0 z, T4 ]3 @Series 19 will not be entitled as such to receive notice of, attend, or vote at,
1 N9 T: v3 i! T" I. Gany meeting of the shareholders of the Bank unless and until the first time at
* z6 o2 X6 f' e3 ~+ g  Qwhich the Board of Directors has not declared the whole dividend on the# ~, W; ?" z, i
Preferred Shares Series 19 in any quarter. In that event, subject as$ l* ]  H$ o* O7 m! b
hereinafter provided, the holders of Preferred Shares Series 19 will be
  v& L6 L% y/ P3 E9 V7 oentitled to receive notice of, and to attend, meetings of shareholders at which, S1 K$ Q* T. B
directors of the Bank are to be elected and will be entitled to one vote for
' W/ \4 Q  D* i% L9 H- _* R9 ieach Preferred Share Series 19 held. The voting rights of the holders of the
- u7 M+ X+ t- O% R5 O0 {Preferred Shares Series 19 will forthwith cease upon payment by the Bank of. g/ E/ y! H& Q# I6 w: K1 B3 k
the first dividend on the Preferred Shares Series 19 to which the holders are6 U# }9 h! I- _+ V
entitled thereunder subsequent to the time such voting rights first arose until" @" b* g2 c# |5 c! d1 v
such time as the Bank may again fail to declare the whole dividend on the
; F2 f! |' f6 D. b! kPreferred Shares Series 19 in respect of any quarter, in which event such' o! t% _; h0 m' B5 d5 y; Q  t( ~
voting rights will become effective again and so on from time to time., m6 ~0 u! A* U
S-6) z7 s) j- p7 U6 Q/ I
Priority: The preferred shares of each series of the Bank will rank on a parity with7 l( J6 i9 O% p5 O0 E* o
every other series and are entitled to preference over the common shares of& T  j0 Q9 x$ Q, Y; G* Y+ T8 c
the Bank and over any other shares of the Bank ranking junior to the
3 j, W, F4 A: C& \+ p! c5 xpreferred shares with respect to the payment of dividends and upon any7 @" j& t7 E" R9 o  ^
distribution of assets in the event of the liquidation, dissolution or
7 A% h% Q, v2 q' P/ r& Mwinding-up of the Bank.% R3 N2 |2 m, O5 s
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
, w9 q, c# T" f7 `2 e) J3 z8 {$ O; pDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares6 x; K) I. y4 T2 m9 c- Q* Z
Series 18 and Preferred Shares Series 19 will not be required to pay tax on5 }  [' v$ U' Z0 v: 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。
4 ], Z: B/ u/ K+ B( {4 E7 c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
9 G$ T5 c: T$ Z/ P3 j; C3 L
# }1 P" Y7 x) P2 R* N) U1 Y! W
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
" t8 T# S3 Z, ^5 U* i+ y6 t' D  T$ U# e9 t; L
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, 2026-6-26 10:04 , Processed in 0.105441 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