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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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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。& L1 z" K+ o( p3 l! P
/ \7 J7 X2 c* j  K. s% R

; u2 l$ L, z2 Z# R[ 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:
0 ~& t+ F% f( c; @" d+ eSUMMARY OF THE OFFERING' i3 O1 G0 q+ e+ z8 w& B% M
This 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’’.
& e, k1 G+ |# z  z" s3 nIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
, X! q# Y3 e$ L$ I" |1 VAmount: $150,000,000 (6,000,000 shares).1 K' ^) K: W$ C" h% U" c% _& {
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
7 t4 x! j' D) \8 P/ t9 }Principal Characteristics of the Preferred Shares Series 18( e# f; D: u+ q
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed0 h& K! y# I. D. @! J
non-cumulative preferential cash dividends, as and when declared by the, O" D1 p1 M$ ?
Board of Directors, subject to the provisions of the Bank Act, for the initial
2 G7 i* L6 \; V$ Y3 U5 Speriod commencing on the closing date and ending on and including
1 @0 V. L( j2 F) b& Z. l0 tFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
' f# e2 m; U( M25th day of February, May, August and November in each year, at a rate
1 W( `# a( q7 J% r* X  O/ b! yequal to $0.40625 per share. The initial dividend, if declared, will be payable
3 R' @/ w" I$ p+ |# HMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
, U( H* {& K$ K: @3 T3 Zdate of December 11, 2008.
& l2 P) A  Z5 G1 jFor each five-year period after the Initial Fixed Rate Period (each, a
8 H1 ?# {' p- h5 q6 _4 g! G‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
" h% X% V  C* VSeries 18 will be entitled to receive fixed non-cumulative preferential cash, G- Z6 C% e; P- s$ O
dividends, as and when declared by the Board of Directors, subject to the
5 s) M, A. t0 gprovisions of the Bank Act, payable quarterly on the 25th day of February,
6 _( q8 N+ ~7 O, Y; M: sMay, August and November in each year, in the amount per share per annum) n2 e. m' W' r, ~
determined by multiplying the Annual Fixed Dividend Rate applicable to
; L0 q" i/ H  J, ]such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
! l6 U6 F, b+ t' w/ aRate for the ensuing Subsequent Fixed Rate Period will be determined by the
  o3 F( C3 V& w2 ~Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
  T# P9 e3 Z  S5 ^of such Subsequent Fixed Rate Period and will be equal to the sum of the4 b' l* h3 r8 f, i3 M  V# n
Government of Canada Yield on the applicable Fixed Rate Calculation Date
. U- Z3 ?4 b% P1 V. }plus 3.83%.- x; S  {$ a0 _7 l
If the Board of Directors does not declare a dividend, or any part thereof, on
0 H+ O4 }) \7 f! X! uthe Preferred Shares Series 18 on or before the dividend payment date for a8 R5 `! J+ B$ n
particular quarter, then the entitlement of the holders of the Preferred
8 R. r% ^; V+ Q! k' \- T/ R7 ?Shares Series 18 to receive such dividend, or to any part thereof, for such
3 q  Z2 w3 ~7 Jquarter will be forever extinguished.
2 k; S* y) L6 u$ fRedemption: Subject to the provisions of the Bank Act and to the prior consent of the5 ^3 ^- u6 I4 [4 j3 M# D
Superintendent and to the provisions described below under ‘‘Details of the5 U% j' }$ k1 K
Offering — Certain Provisions of the Preferred Shares Series 18 as a' [7 x! p; l9 ~  h- v
Series — Restrictions on Dividends and Retirement of Shares’’, on. K$ L2 u; @4 }, f( ~- N
February 25, 2014 and on February 25 every five years thereafter, on not4 K" D" f- ~* z' J" ?6 A( }
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any' A6 T! f" U. r4 J# Y/ F) H
part of the then outstanding Preferred Shares Series 18, at the Bank’s option6 v* ?+ U+ H4 {* R4 h) k0 W) {# S
without the consent of the holder, by the payment of an amount in cash for+ X, X2 G9 [, E( p+ o* s- X/ {7 r
each such share so redeemed of $25.00 together with all declared and unpaid5 Q: j6 g' L; ?. r. [8 _* ^
dividends to the date fixed for redemption.
: H9 a& g' ]8 NConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
9 e% B" ]5 K" [1 t5 mShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
6 E5 J' y6 D; P. g: [the right, at their option, to convert, on February 25, 2014 and on* v6 x. h  M7 b+ l! z+ U
S-4
" [5 y4 B8 _2 h' M! s8 R+ {February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any# y  R' O5 E! Z
or all of their Preferred Shares Series 18 into an equal number of Preferred+ l+ G2 H% l) a/ b8 @
Shares Series 19 upon giving to the Bank notice thereof not earlier than1 L+ o. T5 l& @2 ]2 P) a& A
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day2 p" ~! T# ~4 {3 R; [$ u, g
preceding, a Series 18 Conversion Date.
+ K, ~0 @  z/ y  r' G4 ~Automatic Conversion If the Bank determines, after having taken into account all shares tendered! b( \2 y) C' X4 H
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares. m& _9 X- l8 y) l$ E8 N1 I
Series 19, as the case may be, that there would be outstanding on such
+ w4 z) V$ a* D1 w$ }Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,* t" i4 h3 g) [! y
such remaining number of Preferred Shares Series 18 will automatically be
" \  `( n2 P. M/ sconverted on such Series 18 Conversion Date into an equal number of
( |6 \- `+ E3 f7 IPreferred Shares Series 19. Additionally, if the Bank determines that, after
9 f; v3 F  ]# Y* b  }" r! ?conversion, there would be outstanding on such Series 18 Conversion Date
! K/ j6 [; t( ^/ V& B- S7 K* M( }less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares3 C/ F  O# G# E5 K9 u) r) X. @
Series 18 will be converted into Preferred Shares Series 19.( R( m' l! p1 i: Q  g7 b
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
& R- q. s' i( u' A1 E0 o& ], \; eSeries 18 will not be entitled as such to receive notice of, attend, or vote at,4 k- w) }! Y4 P1 s6 Z1 F
any meeting of the shareholders of the Bank unless and until the first time at$ j% ]  d& n; a, I, e- j( Z
which the Board of Directors has not declared the whole dividend on the
  s2 {2 `2 _- u) S$ cPreferred Shares Series 18 in any quarter. In that event, subject as3 M4 Q/ m- B+ n6 @9 @& v. _
hereinafter provided, the holders of Preferred Shares Series 18 will be# q3 u4 I, J& _1 o' Z
entitled to receive notice of, and to attend, meetings of shareholders at which
( P: r) M6 s1 E2 Ndirectors of the Bank are to be elected and will be entitled to one vote for
; I& F1 ^' Z! E$ {2 a, qeach Preferred Share Series 18 held. The voting rights of the holders of the
/ p4 R5 t+ @6 N: X2 d9 iPreferred Shares Series 18 will forthwith cease upon payment by the Bank of1 _: o7 ^6 W) k* I/ Q$ }  j9 M
the first dividend on the Preferred Shares Series 18 to which the holders are
2 W2 v. X% i: Y" {entitled thereunder subsequent to the time such voting rights first arose until
6 c5 c6 T$ h+ y, k# S) isuch time as the Bank may again fail to declare the whole dividend on the
7 d7 e, f$ c! }9 C1 N& V, w- Q9 pPreferred Shares Series 18 in respect of any quarter, in which event such6 G4 L9 J2 d8 R9 g( i
voting rights will become effective again and so on from time to time.
% h1 G6 n1 y$ Q( \' `Principal Characteristics of the Preferred Shares Series 190 e: Y) Q$ k% l2 [. ^- Q" o( I
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive8 V/ H; \7 G4 F
floating rate non-cumulative preferential cash dividends, as and when
# Q& `, V* ~6 U: L4 Pdeclared by the Board of Directors, subject to the provisions of the Bank Act,
& r' Y1 u1 y2 f0 a0 {; b* t+ V; Bpayable quarterly on the 25th day of February, May, August and November" q. {* L1 S* T# o  m, B
in each year, in the amount per share determined by multiplying the; U4 r- m5 L6 b9 v/ K
applicable Quarterly Floating Dividend Rate by $25.00.: |3 a. C" I! d5 ^, N: h
On the 30th day prior to the commencement of the initial quarterly dividend: J& x0 j8 Z8 H. t; h8 b, E
period beginning on February 25, 2014, and on the 30th day prior to the first0 C' u6 W# ^$ }. M: T
day of each subsequent quarterly dividend period (the initial quarterly
7 ?" b! L: Z1 c( q$ s# ^dividend period and each subsequent quarterly dividend period is referred to7 D- W( B+ `% `3 Z% f6 R
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the7 e  x& B% h  B6 s
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
: T; Q, @9 s: {6 @! W2 v  LPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the2 g' y5 m; x; H# R2 }( T
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days6 K- h# o! k$ [, R
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
' x3 |2 z# K8 {1 q' Kdetermined on the 30th day prior to the first day of the applicable Quarterly
0 Y$ Y) m& ^' C! c- ?0 t" ]4 v7 aFloating Rate Period.
( Y1 c# d  s4 ^, u2 |) fS-5$ y$ W) u8 X2 n( G, D# A# J
If the Board of Directors does not declare a dividend, or any part thereof, on& s6 s  x, _# |. J+ D9 `) }  f: J
the Preferred Shares Series 19 on or before the dividend payment date for a
, o/ c, o8 v( I6 N: X' Q* S. Tparticular quarter, then the entitlement of the holders of the Preferred% c7 q# `3 Y$ I9 f4 k
Shares Series 19 to receive such dividend, or to any part thereof, for such
8 g5 ]7 P$ t& c0 r. mquarter will be forever extinguished.9 V8 j3 X* A* ~/ j0 o$ T
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
- u; T" C! I$ ?! g0 a2 G& XSuperintendent and to the provisions described below under the heading
# e- U2 P- R9 b- |‘‘Details of the Offering — Certain Provisions of the Preferred Shares/ P' d  C8 P0 C" P/ |( D' t
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’," h  A; F6 h* d, D
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
- q- k  T; [" G: ^# Jor any part of the then outstanding Preferred Shares Series 19, at the Bank’s2 R( {9 j% T! c
option without the consent of the holder, by the payment of an amount in5 A# ]8 g, L( ]. a0 T$ U1 J$ u$ S
cash for each such share so redeemed of (i) $25.00 together with all declared
# K0 m6 j+ |# kand unpaid dividends to the date fixed for redemption in the case of% ^9 e8 H( x8 ]  E4 {
redemptions on February 25, 2019 and on February 25 every five years$ Y9 s- Q' f4 q
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
( Z8 R9 {. N5 v  M& Gthe date fixed for redemption in the case of redemptions on any other date
  U4 z" f$ h- L7 F8 ~; Zon or after February 25, 2014.
+ [  Z6 R2 F$ l( N1 zConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic. w1 i; E; ?  l; P4 P4 y
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have) {' j0 {. c, X. t. k
the right, at their option, to convert, on February 25, 2019 and on) J1 W: |/ m( l- s
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any5 s+ L3 Y2 q* r5 b4 h
or all of their Preferred Shares Series 19 into an equal number of Preferred$ K! O$ b/ W, p: _/ S+ r" K
Shares Series 18 upon giving to the Bank written notice thereof not earlier/ v+ \, j  c% m; f6 O
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
( S; J3 C. Q/ T$ p; T2 r$ `% u4 X/ q15th day preceding, a Series 19 Conversion Date.
- ?" v9 c9 ^: b. W$ j5 G2 i6 P9 \Automatic Conversion If the Bank determines, after having taken into account all shares tendered8 s6 t( ?0 k. _( y; y' ?" c# Q1 R
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares- ^3 n7 J5 ~' `" v! ]
Series 18, as the case may be, that there would be outstanding on such6 B0 t4 ~0 R) Q. y; _
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,2 I  q/ O4 w  n4 H
such remaining number of Preferred Shares Series 19 will automatically be' r5 ]: Z1 c( r4 n! l$ z6 X
converted on such Series 19 Conversion Date into an equal number of( C& g. \/ T% Y# k
Preferred Shares Series 18. Additionally, if the Bank determines that, after
- W9 Z( x7 P( l* Yconversion, there would be outstanding on such Series 19 Conversion Date* w( z. A; i+ M3 i. ~% s2 x
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
* n- s  t& D6 p* `) o& iSeries 19 will be converted into Preferred Shares Series 18.. C2 N& B5 S7 b# j, c) ~" w* X
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
0 h+ J# F7 K% aSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
! R1 q% r# n( s2 Bany meeting of the shareholders of the Bank unless and until the first time at" r% B. `) I1 w
which the Board of Directors has not declared the whole dividend on the& c* K6 u4 A7 o$ R
Preferred Shares Series 19 in any quarter. In that event, subject as8 y0 a: c1 u6 u4 N. z! o. d
hereinafter provided, the holders of Preferred Shares Series 19 will be
3 P0 }! U5 N. g8 c: L& {entitled to receive notice of, and to attend, meetings of shareholders at which
4 I, v- }! n: S' Z9 P4 |9 pdirectors of the Bank are to be elected and will be entitled to one vote for5 |2 O( Q- N. \  J6 R
each Preferred Share Series 19 held. The voting rights of the holders of the' G6 W1 ^- Z% ~* v% B4 T+ P
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of4 B  T, a0 V+ x8 X
the first dividend on the Preferred Shares Series 19 to which the holders are: u4 [2 B! m/ Y% v
entitled thereunder subsequent to the time such voting rights first arose until' Y# Q4 O- J) {, V9 g
such time as the Bank may again fail to declare the whole dividend on the
; Y, k+ @- i1 \Preferred Shares Series 19 in respect of any quarter, in which event such/ N, W! C( g9 x# j& V
voting rights will become effective again and so on from time to time.& b  @% _( d& |
S-6
8 M. K0 ~6 l: L3 q* P8 gPriority: The preferred shares of each series of the Bank will rank on a parity with' r# R* v8 M/ }- p7 F5 v" `
every other series and are entitled to preference over the common shares of1 Q+ z+ r% o9 C  }; _/ z' b& X
the Bank and over any other shares of the Bank ranking junior to the
9 L; j4 _- F+ D1 ]9 @6 F, l' F" Rpreferred shares with respect to the payment of dividends and upon any7 B) c. O6 c) q
distribution of assets in the event of the liquidation, dissolution or3 q5 F7 \# A5 W! [8 D
winding-up of the Bank.* P1 O& L" [7 b) ~- c0 q% j
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
3 v8 i9 z5 w4 sDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares3 S8 N; T  M% k; _4 `, C  e& C1 D
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
4 b3 b5 @3 r' e, u* zdividends 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。, ?/ u$ b% C' R7 o
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
4 Y2 ?' x* W% E: v' P8 [) ]

9 i# |$ _' t! L下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
+ c/ _7 g! E) F! V0 m
6 U& Q7 m; c, `' M, Wcall 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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