埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 2392|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。" z1 r+ X( {) V

: q4 a2 k1 P7 Y9 F1 J% c4 j
! W7 n  I# a( w3 Q[ 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:
( f8 b0 E! u7 V7 W4 uSUMMARY OF THE OFFERING
* i" w) j; u" X# [4 `  IThis 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’’.
7 \6 [0 x- P4 n2 W" ^2 A" l7 GIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
# t1 u4 d/ ?0 q: k( n; IAmount: $150,000,000 (6,000,000 shares).
7 W+ w& r: g' X5 |0 p% sPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
! x, V2 t2 N5 r. H/ _0 mPrincipal Characteristics of the Preferred Shares Series 18
; I. {, c, x, B- P9 mDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
8 Q4 a: r4 |9 `/ ]non-cumulative preferential cash dividends, as and when declared by the
* y( X( Q& _5 P. OBoard of Directors, subject to the provisions of the Bank Act, for the initial% j) \  K0 T/ t, V0 C
period commencing on the closing date and ending on and including$ q' I) j  G" r8 c% O- h3 _) p6 b4 v
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the8 H# D2 ]" Q! ^% i0 E1 E: J
25th day of February, May, August and November in each year, at a rate# a% @# m, e2 I7 i7 c
equal to $0.40625 per share. The initial dividend, if declared, will be payable
& }2 C; r% ]$ u5 k/ q/ z9 p7 `, tMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
; O$ ]5 F5 W  k/ y: |3 O6 tdate of December 11, 2008.7 X8 J% }3 q/ E" E7 c
For each five-year period after the Initial Fixed Rate Period (each, a* H6 B2 Q* Z' b1 Z) Y( W* E! t
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
+ Z. P. B4 o; CSeries 18 will be entitled to receive fixed non-cumulative preferential cash: n+ M5 }' R. V' R
dividends, as and when declared by the Board of Directors, subject to the
& y  k8 A1 X0 V: h# eprovisions of the Bank Act, payable quarterly on the 25th day of February,% R* _5 _  X  w' _2 n
May, August and November in each year, in the amount per share per annum
& M: K1 o1 z1 t5 l1 Hdetermined by multiplying the Annual Fixed Dividend Rate applicable to: I2 d7 L6 d: b8 P& d& y4 V! ]
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
8 m$ f% P) J+ ~& {& D5 `3 o6 E% r7 RRate for the ensuing Subsequent Fixed Rate Period will be determined by the+ p9 ~. l, @$ m3 [; e
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
, i# R' M& ^5 |% Z+ O: Uof such Subsequent Fixed Rate Period and will be equal to the sum of the9 b. R/ m! T$ Q3 x2 \8 A) e
Government of Canada Yield on the applicable Fixed Rate Calculation Date
5 n& ?  k1 H- Z+ _! rplus 3.83%.
2 H4 E$ D& Z4 c3 tIf the Board of Directors does not declare a dividend, or any part thereof, on9 _% H/ x% C0 V; l
the Preferred Shares Series 18 on or before the dividend payment date for a
. _5 r) h) r7 z4 X  U1 yparticular quarter, then the entitlement of the holders of the Preferred6 \& v# ?  U) r
Shares Series 18 to receive such dividend, or to any part thereof, for such) n3 m- |* J, Q2 A$ D9 H# m
quarter will be forever extinguished.
# o, {" f5 \+ i/ T8 lRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
0 _, S2 h  k! S" J, XSuperintendent and to the provisions described below under ‘‘Details of the( h; N1 P$ w% z: ?. N7 s
Offering — Certain Provisions of the Preferred Shares Series 18 as a
) s2 |" Z& J. y! J2 e3 kSeries — Restrictions on Dividends and Retirement of Shares’’, on5 v: W9 ]/ r1 k1 T+ Z
February 25, 2014 and on February 25 every five years thereafter, on not- e3 T( X1 [* D! ^3 f
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
% g0 T/ z) c7 W9 Jpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
% \8 P4 |. K4 y. m. Swithout the consent of the holder, by the payment of an amount in cash for
& r7 T7 @7 e" Seach such share so redeemed of $25.00 together with all declared and unpaid9 D* R9 {; K) ]& z! Y
dividends to the date fixed for redemption.  i" G8 ?. G* O. p; A
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic  ^8 V- m/ y0 E* c, S5 t) i! W& t
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have- _# _# I% G" m; f; l$ o4 f
the right, at their option, to convert, on February 25, 2014 and on* T( n! p5 y- i5 J
S-4" m+ Z. p: l7 J1 }
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
& K4 [; Y7 l5 j# P/ gor all of their Preferred Shares Series 18 into an equal number of Preferred: h6 x1 ~/ b& ^& m
Shares Series 19 upon giving to the Bank notice thereof not earlier than
9 j- B* _6 z3 a/ ^3 j" h30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
" T8 C* X( D, B' L! j* W( Qpreceding, a Series 18 Conversion Date.! w# C8 E1 q! n& _# P: z
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
: D( ~4 ?- W: ?( YProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares- R) R( V) c7 s* X- E0 A4 {
Series 19, as the case may be, that there would be outstanding on such' y0 d0 ~4 _- g  P. O
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
) k( j! S% \. O6 s8 k- B. b. Zsuch remaining number of Preferred Shares Series 18 will automatically be
0 d* n/ @5 w4 A5 x$ Hconverted on such Series 18 Conversion Date into an equal number of( f. O, y$ t  E" I3 z
Preferred Shares Series 19. Additionally, if the Bank determines that, after# }( h6 y! W; e* E8 F- U8 g
conversion, there would be outstanding on such Series 18 Conversion Date1 I4 E: V$ K, N3 _0 }5 G
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares3 `3 L% m2 n0 }2 u
Series 18 will be converted into Preferred Shares Series 19.* F2 E" C$ S6 G' A
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
3 B7 Z3 F: O2 }) G( t3 s  }Series 18 will not be entitled as such to receive notice of, attend, or vote at,
1 Q$ a- C& b" g6 ]any meeting of the shareholders of the Bank unless and until the first time at( {: U9 K/ Z$ p2 x1 z0 s
which the Board of Directors has not declared the whole dividend on the8 A6 J  k5 O  |' x. v
Preferred Shares Series 18 in any quarter. In that event, subject as
! D6 d9 J# w6 P8 w% R% c4 Z; Xhereinafter provided, the holders of Preferred Shares Series 18 will be. _, ^- f$ X5 R: g/ v2 H
entitled to receive notice of, and to attend, meetings of shareholders at which
$ s+ L, q0 \3 kdirectors of the Bank are to be elected and will be entitled to one vote for
% z3 [8 J0 L+ y9 i) S/ v7 y' meach Preferred Share Series 18 held. The voting rights of the holders of the
& }# }* Y+ P  TPreferred Shares Series 18 will forthwith cease upon payment by the Bank of. x# D7 W5 `6 t8 z- h# W6 r1 I
the first dividend on the Preferred Shares Series 18 to which the holders are( {5 @7 m( s: Z3 |- W
entitled thereunder subsequent to the time such voting rights first arose until
0 Z) @% I6 J; c8 vsuch time as the Bank may again fail to declare the whole dividend on the0 Q. s9 [' E3 i0 L. B# h0 O/ [
Preferred Shares Series 18 in respect of any quarter, in which event such
* q- j+ w5 h/ ?" f2 {0 e* k" ~7 ?voting rights will become effective again and so on from time to time.: N7 `; i0 p5 J5 b+ @+ d" |9 k
Principal Characteristics of the Preferred Shares Series 192 f, B( Y- K% A' v
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive( ]4 E) ?# q# p/ I1 N7 w3 o
floating rate non-cumulative preferential cash dividends, as and when& M+ R, v  M9 g  `; l" ?9 `* {' Z: X
declared by the Board of Directors, subject to the provisions of the Bank Act,! o, M: V' P+ [# o9 n' P9 q
payable quarterly on the 25th day of February, May, August and November' h5 s/ I$ a' s6 @4 U9 a4 [% u* E* V# J
in each year, in the amount per share determined by multiplying the
8 D  |* K) Q" y- n& q1 yapplicable Quarterly Floating Dividend Rate by $25.00.5 |+ P  G) [2 l0 s- r
On the 30th day prior to the commencement of the initial quarterly dividend
8 J2 x, J1 m/ B7 ^$ G% ^1 kperiod beginning on February 25, 2014, and on the 30th day prior to the first/ T8 H1 [3 x$ p
day of each subsequent quarterly dividend period (the initial quarterly% ?+ z! g) }2 H( Z7 K5 g+ F
dividend period and each subsequent quarterly dividend period is referred to' ?: d& N" |, U& o
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the- s0 U, i3 G) c8 K4 Z" I4 P
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
* D5 v. M2 Q3 i& \, jPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the3 X% _- P+ R% o
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
  s3 M& K1 j, Q* X% Z% h' B# A. kelapsed in the applicable Quarterly Floating Rate Period divided by 365)5 g* @1 s* L  l. a9 h$ \' |
determined on the 30th day prior to the first day of the applicable Quarterly/ i- ~( F) n5 O. u% R) D
Floating Rate Period.
7 |  J) s' P6 f6 M( s, H! `! RS-5- B( w. H& q) t- L$ t8 _1 V
If the Board of Directors does not declare a dividend, or any part thereof, on0 I, R. l' l& Y$ V
the Preferred Shares Series 19 on or before the dividend payment date for a6 n* t& K6 J- o) x/ q
particular quarter, then the entitlement of the holders of the Preferred
, z. l2 A0 E: j8 v1 i. bShares Series 19 to receive such dividend, or to any part thereof, for such4 S0 b/ k1 W' s. |$ O8 ]* U
quarter will be forever extinguished./ L  w) N2 T/ ]
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
) F; `2 h9 ]/ \9 F+ T1 e6 g% u! HSuperintendent and to the provisions described below under the heading% f# e* {7 @( ]
‘‘Details of the Offering — Certain Provisions of the Preferred Shares9 q& o" Z, C3 ]: f- ~# v
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
7 @3 [! o4 K7 \1 Yon not more than 60 nor less than 30 days’ notice, the Bank may redeem all, t6 W9 h' U+ p8 E" T6 X4 g/ s' r8 c
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
: \  I, h, r8 S: Q2 H4 f+ xoption without the consent of the holder, by the payment of an amount in
, h# v7 Z# q- p7 N* G# v: v! Fcash for each such share so redeemed of (i) $25.00 together with all declared. T' E* v1 y2 J3 z9 N9 X; ?
and unpaid dividends to the date fixed for redemption in the case of
: r! d, J* F7 j+ N+ O* E+ Qredemptions on February 25, 2019 and on February 25 every five years) N5 _1 i" f  r* G& f# k
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to( W' S3 q: k$ _0 i" d5 c, @
the date fixed for redemption in the case of redemptions on any other date
9 g' [$ c- W1 s2 \0 X( S4 qon or after February 25, 2014.9 }# n) g# y# t9 b( F5 J* t) X
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic9 A0 p4 I& k/ }5 ]& p7 _
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
0 g) T+ s1 J9 Q; gthe right, at their option, to convert, on February 25, 2019 and on
/ }. P1 p' \$ q. VFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any" C) W/ F/ k9 v8 B6 L' n; H
or all of their Preferred Shares Series 19 into an equal number of Preferred
' p( f  V, V. [' gShares Series 18 upon giving to the Bank written notice thereof not earlier
# V8 @) @4 n; b! z* @4 xthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the5 e, I, ^+ O! n9 @
15th day preceding, a Series 19 Conversion Date.
  ]9 t7 B6 X8 {" n" S0 [Automatic Conversion If the Bank determines, after having taken into account all shares tendered
, j4 U! ]2 P) j" h0 D1 TProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
  z7 `+ H: Q  \. {6 f+ L$ n1 n% ^Series 18, as the case may be, that there would be outstanding on such
8 |+ r7 ~1 m& `6 hSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,3 t( f$ G) ^' X- ~; r; e. d" l
such remaining number of Preferred Shares Series 19 will automatically be% {8 F5 _0 Z, ^& Y* t
converted on such Series 19 Conversion Date into an equal number of+ I9 k5 q3 X8 b* {) U5 w4 r' b
Preferred Shares Series 18. Additionally, if the Bank determines that, after
; r; }) x: ]0 y0 G2 t2 Kconversion, there would be outstanding on such Series 19 Conversion Date
5 w1 T; K4 @( {less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
4 `, x4 [, a9 |8 m7 L+ ]9 RSeries 19 will be converted into Preferred Shares Series 18.
% W* v; i% M! r0 O2 j! z# fVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
9 t: |* z3 U1 N) sSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
% q* d0 N  m" N" [) s9 b) Lany meeting of the shareholders of the Bank unless and until the first time at7 ^0 ~9 J$ q. c/ p
which the Board of Directors has not declared the whole dividend on the
. S7 q2 K" m$ F8 _- @, IPreferred Shares Series 19 in any quarter. In that event, subject as
5 _" ~, {$ l! q) g9 phereinafter provided, the holders of Preferred Shares Series 19 will be' {4 k6 t0 z+ m, M( w- ^
entitled to receive notice of, and to attend, meetings of shareholders at which
+ [& T+ p$ g& hdirectors of the Bank are to be elected and will be entitled to one vote for
9 P+ O- }" Y7 `9 }7 ?+ yeach Preferred Share Series 19 held. The voting rights of the holders of the
5 J, c) C" p/ \# E1 F3 w" S3 bPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
7 h( x+ d4 l5 uthe first dividend on the Preferred Shares Series 19 to which the holders are
! R" V1 k- t! g- \entitled thereunder subsequent to the time such voting rights first arose until, ^9 o8 I2 I2 w; F0 [  }
such time as the Bank may again fail to declare the whole dividend on the3 y6 j$ H$ h) J; m  [5 i
Preferred Shares Series 19 in respect of any quarter, in which event such+ M# z, f8 ]) b
voting rights will become effective again and so on from time to time." L, s4 U* f' z. u" a2 c
S-6
2 ~) L$ T( _1 B6 G2 k! x( VPriority: The preferred shares of each series of the Bank will rank on a parity with/ N9 J1 P9 s; y; d5 X1 O5 `/ o
every other series and are entitled to preference over the common shares of
) N4 C" L$ W3 _2 n8 e8 H4 ythe Bank and over any other shares of the Bank ranking junior to the$ I5 `* G% a7 R6 h: b* v
preferred shares with respect to the payment of dividends and upon any, _9 Y7 l* f( R
distribution of assets in the event of the liquidation, dissolution or
! _' z8 l, Y& G# f' H6 Lwinding-up of the Bank.  S. e$ \. s0 g0 a/ t
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under- L6 B; P- P& a' I
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
: x( l5 l5 |# I* j9 R5 C7 ^  NSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
  J4 `6 [' D& r; w  e6 [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。1 ?% w6 {5 \$ m1 x2 V' W
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

+ C6 R) ~2 s, j: \* d
+ j" T: h0 K" a, C) w下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。( q+ {, l% R; z8 z+ ]
8 a7 [2 R6 j: R4 N) i/ n- o  z- m! m
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, 2025-7-17 10:00 , Processed in 0.138679 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