埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 2792|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。; `- W9 e9 M6 v) E6 a0 |
9 }& A. O! E. J+ D+ f

, W) V# ^0 X; F$ B- ~4 s0 K[ 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:
- F. B, @4 |4 Q6 n# P3 `% P; Z' `SUMMARY OF THE OFFERING
, p3 c6 C: ]# t) rThis 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’’." c* t/ L2 |( Y0 J- l0 K; S0 G
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
+ r$ m6 K3 q5 E$ YAmount: $150,000,000 (6,000,000 shares).
4 v. p( W0 a9 k' L  V1 t9 xPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
2 T" J" P$ H& q) G. HPrincipal Characteristics of the Preferred Shares Series 18
" \+ Z& ^+ P. t7 \0 HDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
  c8 a* O2 p, [2 O5 g/ Q. V( Hnon-cumulative preferential cash dividends, as and when declared by the
. D5 I- k1 G8 y0 B/ CBoard of Directors, subject to the provisions of the Bank Act, for the initial
" s& V8 C. K- t! e1 V# aperiod commencing on the closing date and ending on and including1 \5 V: @8 G3 A+ x. Y4 @
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
: @) n" R9 Y& n$ n$ D6 c) I* g" V25th day of February, May, August and November in each year, at a rate. h2 v, f8 A* m, @! u9 m
equal to $0.40625 per share. The initial dividend, if declared, will be payable9 z1 e0 n1 x/ h, S, e
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
5 J+ l9 _; [8 P/ L/ \date of December 11, 2008.3 S1 \  p& R/ I
For each five-year period after the Initial Fixed Rate Period (each, a
) Z: i" ~3 F; m# b2 D% D* F! k‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
! d+ ]$ }% l. b! N- E4 r# YSeries 18 will be entitled to receive fixed non-cumulative preferential cash
- K0 r& r7 _6 Pdividends, as and when declared by the Board of Directors, subject to the' }+ `- Y2 K0 r- P$ }
provisions of the Bank Act, payable quarterly on the 25th day of February,/ T+ P( [2 t2 a2 i7 K" G& b
May, August and November in each year, in the amount per share per annum% Z% B5 ~, ^4 [) ]; [
determined by multiplying the Annual Fixed Dividend Rate applicable to
5 x# K: A8 v6 J6 A9 vsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
' i/ n) [( H# o& h$ b/ ?! h+ e& ]# XRate for the ensuing Subsequent Fixed Rate Period will be determined by the
, j) W/ ^$ |! l4 DBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day7 ]' u9 B6 X) k5 @: U. v) d7 P
of such Subsequent Fixed Rate Period and will be equal to the sum of the
9 s: D/ o; n3 g- }$ XGovernment of Canada Yield on the applicable Fixed Rate Calculation Date$ b4 e/ O! [3 Z) M7 Q# y
plus 3.83%.1 b; x; P) q- \/ d  ^, H
If the Board of Directors does not declare a dividend, or any part thereof, on$ c5 m, z& z5 E
the Preferred Shares Series 18 on or before the dividend payment date for a
6 x! ^2 v4 a4 t5 d. C; U- T: C- mparticular quarter, then the entitlement of the holders of the Preferred8 R* f7 q- w2 ^8 x
Shares Series 18 to receive such dividend, or to any part thereof, for such: G+ m+ _' n8 B+ U+ h
quarter will be forever extinguished." r) v' l( p7 h! J+ v) F4 p
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the. P9 h  V9 h; k8 l# L
Superintendent and to the provisions described below under ‘‘Details of the
( c1 I8 _( ]2 ?Offering — Certain Provisions of the Preferred Shares Series 18 as a
' s7 h; k! B1 @) B: ]) q3 \Series — Restrictions on Dividends and Retirement of Shares’’, on6 j: Y: K8 r" ~' L0 m3 R( O
February 25, 2014 and on February 25 every five years thereafter, on not
' j4 k& x' e4 q& dmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
7 u8 u2 T# J) Dpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
& c, E( ~, n% {+ D) ^- p8 Fwithout the consent of the holder, by the payment of an amount in cash for
- h7 |2 t3 p7 ~2 Teach such share so redeemed of $25.00 together with all declared and unpaid: f  B2 ~; P  r$ D7 f
dividends to the date fixed for redemption.
/ J4 a. \: ?% F# p  o0 zConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
6 h& E/ G2 t8 c% TShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
1 L7 _9 l+ O9 k4 I5 @9 k( Fthe right, at their option, to convert, on February 25, 2014 and on
. u5 p9 |8 s; H( Q# C! d( F9 dS-4
" m0 a7 s4 L) n, EFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any/ B# }! Q  ^  m) H2 l1 t
or all of their Preferred Shares Series 18 into an equal number of Preferred! }& v/ C, F4 Y  \! w, L) ]7 g% e
Shares Series 19 upon giving to the Bank notice thereof not earlier than! r/ t: d/ ^# q5 e# M9 n6 _& T1 N
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day; ~+ k9 d/ n; F" u/ o
preceding, a Series 18 Conversion Date.
  o" @  g) u) h  x- L" \3 jAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
' T& B# p/ D/ w! g4 qProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
* F0 I3 s. B6 n4 y3 [Series 19, as the case may be, that there would be outstanding on such! n/ o8 t5 v. }
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,' S) ~, d6 N4 ^+ e3 L
such remaining number of Preferred Shares Series 18 will automatically be8 Y! G2 _+ Z3 _' z" U" F% b
converted on such Series 18 Conversion Date into an equal number of2 b2 g: ?, ]0 K4 K3 }& D
Preferred Shares Series 19. Additionally, if the Bank determines that, after
; ]. m+ q) @! ?2 f4 `9 L) j4 ^conversion, there would be outstanding on such Series 18 Conversion Date2 y! |4 \3 n6 e) l2 p" G$ n" w. e' g
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares' p4 @  {( O! j5 H
Series 18 will be converted into Preferred Shares Series 19.4 W) u) _. N, l1 [( }& b- A' Q
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares1 ^( F- z0 `) L
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
6 f! d1 [% S4 z/ {7 R' X8 d* Rany meeting of the shareholders of the Bank unless and until the first time at
4 a- x, r& i) o9 a% }0 s6 b$ }' cwhich the Board of Directors has not declared the whole dividend on the, l! q5 F" `# ~+ m
Preferred Shares Series 18 in any quarter. In that event, subject as
% P5 o' B+ \9 g: j3 y% z" S$ Nhereinafter provided, the holders of Preferred Shares Series 18 will be
1 k" W. U0 V: z4 \9 \entitled to receive notice of, and to attend, meetings of shareholders at which$ D9 V5 Q9 k  l) w& D6 X
directors of the Bank are to be elected and will be entitled to one vote for1 y8 Z. B. X2 q7 X0 F0 r& `7 C3 G
each Preferred Share Series 18 held. The voting rights of the holders of the
9 g: V2 S2 Q4 x2 j/ \8 OPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
8 p8 R. {& d) B  K: ~' ethe first dividend on the Preferred Shares Series 18 to which the holders are
  U# y9 ~8 H2 x4 }2 z- U+ T, Fentitled thereunder subsequent to the time such voting rights first arose until" N# a3 {! s/ v, S
such time as the Bank may again fail to declare the whole dividend on the( E& r9 n1 z  }, P0 a( ^2 c
Preferred Shares Series 18 in respect of any quarter, in which event such
( N8 C; z: m( k7 [7 Kvoting rights will become effective again and so on from time to time.
! T  N* Q! _6 o8 x( h5 EPrincipal Characteristics of the Preferred Shares Series 199 T; b' e0 g; d! h! V9 E/ B
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive0 ~; S; K4 q: v
floating rate non-cumulative preferential cash dividends, as and when
8 o' e8 A9 Q7 [9 U& Udeclared by the Board of Directors, subject to the provisions of the Bank Act,& H1 K3 h8 R4 v- s" [0 H
payable quarterly on the 25th day of February, May, August and November
$ U7 k: O4 `: s( o% q/ M* z" Cin each year, in the amount per share determined by multiplying the
- f9 X+ i1 u. q. C$ e; @applicable Quarterly Floating Dividend Rate by $25.00.# ~. l6 S4 A# f& w
On the 30th day prior to the commencement of the initial quarterly dividend
7 @( e, Q4 O# ^4 H/ ?- ^period beginning on February 25, 2014, and on the 30th day prior to the first
) t7 o% t, C% i2 x' A% F8 Uday of each subsequent quarterly dividend period (the initial quarterly9 z0 e2 a9 U8 E: V* ?
dividend period and each subsequent quarterly dividend period is referred to
, V- G: K+ {+ l0 Q* V$ v+ N8 Jas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the7 a6 b1 g! p; @1 l' Z+ t0 F6 U
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
9 F6 N8 A- @3 {7 h5 VPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the* D! j: Q. n$ W4 I: s' d& |
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
9 m) i1 l3 A; N5 q# w5 A% Xelapsed in the applicable Quarterly Floating Rate Period divided by 365)
2 m2 T  J' \3 a0 Bdetermined on the 30th day prior to the first day of the applicable Quarterly
3 ^( v6 O7 f: B- y9 ?Floating Rate Period.
- A5 m9 r0 L/ H9 Y8 BS-5
' K9 I9 s. p2 BIf the Board of Directors does not declare a dividend, or any part thereof, on
' w1 _  ]! t, {8 `5 }1 G" E" }the Preferred Shares Series 19 on or before the dividend payment date for a  E2 A$ a) `$ V+ u% S0 V
particular quarter, then the entitlement of the holders of the Preferred
4 v( `& b  S0 Q+ {' }" [( JShares Series 19 to receive such dividend, or to any part thereof, for such5 ]% ~! c' S  _
quarter will be forever extinguished.
: x6 L0 y$ v7 H- E- [$ DRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
( o: j# ~. V: l& jSuperintendent and to the provisions described below under the heading* D$ q- w! |! s* A5 E; G. L
‘‘Details of the Offering — Certain Provisions of the Preferred Shares$ Z. Z/ V' U; s  \
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
1 `6 |' ^3 |9 kon not more than 60 nor less than 30 days’ notice, the Bank may redeem all( G1 K6 c2 r* t; _# c* x3 ^
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s3 C8 |" {+ T) o6 S3 l  u7 L
option without the consent of the holder, by the payment of an amount in
! y; [3 ?9 G" v6 `cash for each such share so redeemed of (i) $25.00 together with all declared
' A8 H  W! K! j1 I1 E. y3 q, d3 ^and unpaid dividends to the date fixed for redemption in the case of* E4 O2 g( z, p9 ]
redemptions on February 25, 2019 and on February 25 every five years
9 i5 R5 S  V& o0 A  ithereafter, or (ii) $25.50 together with all declared and unpaid dividends to
; z3 ~, s4 ?: B' [3 T8 T/ o  d6 dthe date fixed for redemption in the case of redemptions on any other date: J* s6 ?9 M. y5 _  H
on or after February 25, 2014.% U& C; {* j' C7 H1 ^
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
- }* k7 p1 Q- e7 y( L; WShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
7 ?( m7 h7 T/ N* _& }the right, at their option, to convert, on February 25, 2019 and on
* b) o% H5 l' Y! s6 ?February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
" z* c! ?) A. a" h+ cor all of their Preferred Shares Series 19 into an equal number of Preferred
, R4 K, A" S2 Y3 k6 u( R; fShares Series 18 upon giving to the Bank written notice thereof not earlier/ }- K3 \0 H$ r% A1 _; {
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
& R4 ?0 A3 I# P9 a, h15th day preceding, a Series 19 Conversion Date.
# O. l5 w, f7 @0 n( \Automatic Conversion If the Bank determines, after having taken into account all shares tendered4 M, o) m- k) p2 R$ `8 @) _
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares. y2 R9 g9 {: a% R- i" R6 r* i1 x) k
Series 18, as the case may be, that there would be outstanding on such, K- v2 `5 k3 J3 p  w/ v- L
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
. a& V+ |( f' a2 w) Q5 xsuch remaining number of Preferred Shares Series 19 will automatically be- K! A$ W2 V1 b& g. A
converted on such Series 19 Conversion Date into an equal number of" [' @; j1 o. ]; P: J" Q2 M# I+ Y
Preferred Shares Series 18. Additionally, if the Bank determines that, after
+ Z% E# [! g2 r4 f6 G1 i6 Kconversion, there would be outstanding on such Series 19 Conversion Date9 q9 l5 O" W3 t: p0 B2 @& v
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
; s( K# K* P3 k# i$ d9 z4 D9 R! ?Series 19 will be converted into Preferred Shares Series 18." V5 ~3 Y  V" s' K& f2 z
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares/ @% g3 G7 ^5 y! P
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
7 n* |" X) C  Kany meeting of the shareholders of the Bank unless and until the first time at
$ P: m  I) |! J% awhich the Board of Directors has not declared the whole dividend on the
- Y  a) l- v; w/ rPreferred Shares Series 19 in any quarter. In that event, subject as
4 j! B$ R3 B4 D7 c% D( xhereinafter provided, the holders of Preferred Shares Series 19 will be! V7 Q1 ?0 S; i/ p
entitled to receive notice of, and to attend, meetings of shareholders at which
$ z. t0 O8 U' G, Y2 jdirectors of the Bank are to be elected and will be entitled to one vote for
, V8 Z/ C8 o& i$ M# s$ @* N( Ieach Preferred Share Series 19 held. The voting rights of the holders of the
% u: A* P. H7 oPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
0 e. s* C# i. {- W& `) I3 ithe first dividend on the Preferred Shares Series 19 to which the holders are" a( g- P' t4 B5 R
entitled thereunder subsequent to the time such voting rights first arose until) ^6 f8 ]+ m$ O7 z# _
such time as the Bank may again fail to declare the whole dividend on the
. w: W! ~' _/ \! R( G( ^2 |5 P. H+ FPreferred Shares Series 19 in respect of any quarter, in which event such3 |3 }) b) s: t( k9 u
voting rights will become effective again and so on from time to time.
1 W: x3 [- p5 P' ]) xS-6
; w5 Y$ t+ \, u. O' UPriority: The preferred shares of each series of the Bank will rank on a parity with
" ?6 P3 j! d% @" ~every other series and are entitled to preference over the common shares of
* H1 ^# F# W" d, U' z4 f! k( F0 M* othe Bank and over any other shares of the Bank ranking junior to the
8 D# K/ [. @% t; ^$ i2 G( ?% D% ipreferred shares with respect to the payment of dividends and upon any" h1 J7 n2 n( h9 [4 o! E
distribution of assets in the event of the liquidation, dissolution or
8 \, \; z5 Z& z9 Zwinding-up of the Bank.
, I% ]. V7 N0 F" R7 a. g1 Y) V* fTax on Preferred Share The Bank will elect, in the manner and within the time provided under
+ B  f# f7 V2 ZDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares# c' G' R! O' ?/ n5 P5 n7 ?2 d
Series 18 and Preferred Shares Series 19 will not be required to pay tax on* a, y3 z, K' h0 E
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。
8 N' b% U+ e/ S' 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
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 a0 f# N' E8 B, K0 o
- f# k! {3 o# I3 f9 i: w下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。9 M+ [7 {( e+ q' }- `
9 U  {. _( Y& q6 }% N* |0 Q9 w7 D
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, 2026-3-14 10:28 , Processed in 0.129344 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