埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 3505|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。- }/ Z" J. K$ G5 h0 b8 p, Z) o

2 [6 w$ y- a* `' K1 |# p6 O
8 [& `2 Q+ F: [; i( S, S8 E  {[ 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:
! }! v( ^9 ^* k1 C; zSUMMARY OF THE OFFERING
* ^7 b/ b& M$ Y. Y0 o* D) n6 B8 kThis 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’’.
& Q3 D- W2 z6 j" {4 [& @. o" CIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.$ w. E) \% ~- |% T
Amount: $150,000,000 (6,000,000 shares).
( b  |7 _, V+ b# T' dPrice and Yield: $25.00 per share to yield initially 6.50% per annum.; F* K( a) ]& C4 h# c1 y! y
Principal Characteristics of the Preferred Shares Series 18( l: U% ~) d$ Q& b% v+ M. O9 @
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed% g4 K% v, o; M: o- C
non-cumulative preferential cash dividends, as and when declared by the
( ^. |! y0 i. ]$ m/ V/ e8 HBoard of Directors, subject to the provisions of the Bank Act, for the initial( z3 u2 ~4 n! d* m( @
period commencing on the closing date and ending on and including- D! u: E0 ], b# v. N! `9 B/ {. F
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
) `2 {- [. ?0 s; ]  G9 `( L25th day of February, May, August and November in each year, at a rate
+ Q) d& l7 X: T, Z( Requal to $0.40625 per share. The initial dividend, if declared, will be payable
* F2 x, @9 _+ Q  q, o6 ^( WMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing/ Z& ^% `( ]' w0 c
date of December 11, 2008.
  r+ S1 s  b" Z8 z) ZFor each five-year period after the Initial Fixed Rate Period (each, a
3 `5 b# r7 k1 Q  t* z‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares7 Z! d7 \7 E: T9 m' M
Series 18 will be entitled to receive fixed non-cumulative preferential cash
8 t8 o2 g. ^: k$ [& t0 a2 Y3 sdividends, as and when declared by the Board of Directors, subject to the0 a, i/ p: I, o0 I$ @
provisions of the Bank Act, payable quarterly on the 25th day of February,
/ N7 q/ E% h& M6 xMay, August and November in each year, in the amount per share per annum5 m' }; i# v" X! E' ~' u5 m6 W; k/ R
determined by multiplying the Annual Fixed Dividend Rate applicable to
; Z1 H0 U, g0 U7 L' C3 Q8 Lsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
# t% s3 K" t9 e5 bRate for the ensuing Subsequent Fixed Rate Period will be determined by the
" R  u. T" v2 \- ?Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day6 t( ^% b( ]# N4 u
of such Subsequent Fixed Rate Period and will be equal to the sum of the
& U4 r  n! v# Q+ v5 {. nGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
! Y" v7 l! |/ Zplus 3.83%.
/ `" A+ `; J, |4 S1 _, y0 Y9 bIf the Board of Directors does not declare a dividend, or any part thereof, on
& H3 K) j4 c$ L3 ]the Preferred Shares Series 18 on or before the dividend payment date for a
$ b) T# h7 K+ S  f" Lparticular quarter, then the entitlement of the holders of the Preferred3 L. T' s% u6 |
Shares Series 18 to receive such dividend, or to any part thereof, for such
9 K. n+ g7 V+ ~: {quarter will be forever extinguished.4 f4 |$ ]0 B, a" z! w- i5 h( i
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
/ V8 ?' g; q2 YSuperintendent and to the provisions described below under ‘‘Details of the8 b( f8 h- X2 x/ p
Offering — Certain Provisions of the Preferred Shares Series 18 as a
" E# ]- r; A+ m3 Q  L. tSeries — Restrictions on Dividends and Retirement of Shares’’, on+ Y' y: J. G2 |/ _6 B9 f
February 25, 2014 and on February 25 every five years thereafter, on not+ p; ^- t4 W4 }
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any3 B4 u0 t7 F! v' J9 u
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
, u: Y5 `, {8 h% awithout the consent of the holder, by the payment of an amount in cash for/ u8 k6 H/ ^, I- N  `/ h! V! }+ f" i* [
each such share so redeemed of $25.00 together with all declared and unpaid7 H4 U' _4 R4 P5 |7 v( E6 v$ G/ r2 p
dividends to the date fixed for redemption.; V, Z" x, R1 |% f0 h, ]: j
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
2 ~/ b: ?4 |( P# XShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
, _- H+ t0 `8 ithe right, at their option, to convert, on February 25, 2014 and on
& G1 z! ?; w3 V, q, I& t$ i# [S-4
7 b5 J9 e/ d) d# [7 o; J  _" dFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
* c9 J  b- A0 Y$ ~or all of their Preferred Shares Series 18 into an equal number of Preferred
1 I* P7 T* q5 hShares Series 19 upon giving to the Bank notice thereof not earlier than
2 A8 I( o: s7 \4 m% o$ i30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day8 L$ J" U/ ^7 O. E
preceding, a Series 18 Conversion Date.
& V* |, i7 t2 N9 z3 @  Y0 K+ _Automatic Conversion If the Bank determines, after having taken into account all shares tendered6 G, `/ S- Z. |8 k+ p
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares, Q+ ?# m. i2 u& ^* m- y+ v, S# z' M
Series 19, as the case may be, that there would be outstanding on such
5 ~4 ?7 w  u5 l* m, P( OSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,6 _: `- o& W/ W3 D
such remaining number of Preferred Shares Series 18 will automatically be2 @& c! c* H& K6 f! p8 _
converted on such Series 18 Conversion Date into an equal number of
4 L, L! I  e0 jPreferred Shares Series 19. Additionally, if the Bank determines that, after
- H. a6 s; ^& m  f$ F) M  Pconversion, there would be outstanding on such Series 18 Conversion Date+ Y2 F9 j7 f. X( G3 M$ c4 W# Z
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
) W! u8 Y7 n& c3 SSeries 18 will be converted into Preferred Shares Series 19.
; h+ g% M2 a/ u5 R/ Q( k" iVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares. }3 w* x0 D  u7 _8 B0 s7 k% h( L' g
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
- G. F4 w) G" Z! I1 Iany meeting of the shareholders of the Bank unless and until the first time at0 r, B* x' n2 x
which the Board of Directors has not declared the whole dividend on the, p: {2 P2 G# g4 Y% L
Preferred Shares Series 18 in any quarter. In that event, subject as
, S" T' r# H; r" B! @# w4 `& Lhereinafter provided, the holders of Preferred Shares Series 18 will be; d) W# Q4 K6 g  H/ W, j
entitled to receive notice of, and to attend, meetings of shareholders at which3 p3 W! P" q  s5 g; g
directors of the Bank are to be elected and will be entitled to one vote for
, G5 h' F/ g- k0 d' N3 b. d6 Q' Heach Preferred Share Series 18 held. The voting rights of the holders of the
' j& x' l+ [/ }& g) tPreferred Shares Series 18 will forthwith cease upon payment by the Bank of/ [, g9 Q. d7 k1 m
the first dividend on the Preferred Shares Series 18 to which the holders are
/ L8 [& M( F; N! F: h5 v9 zentitled thereunder subsequent to the time such voting rights first arose until# C6 O, B1 D- K+ |
such time as the Bank may again fail to declare the whole dividend on the1 D. r% u  j( Z9 ~
Preferred Shares Series 18 in respect of any quarter, in which event such9 W% R6 W% W% E4 u. n0 ~
voting rights will become effective again and so on from time to time.
" l1 |* s6 t( p% [Principal Characteristics of the Preferred Shares Series 19* \0 R/ h2 P$ y* }7 B0 M' `+ o
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
7 U5 i) G4 H" X+ Rfloating rate non-cumulative preferential cash dividends, as and when
9 I2 b: c. v. }: Cdeclared by the Board of Directors, subject to the provisions of the Bank Act,3 F6 u& H: E- W/ @+ W
payable quarterly on the 25th day of February, May, August and November7 O3 |+ g1 n0 Z8 D  t& q1 [
in each year, in the amount per share determined by multiplying the
/ e2 K. i& a: F& \) Oapplicable Quarterly Floating Dividend Rate by $25.00." N( s+ A. q* I5 v* h7 Z; r
On the 30th day prior to the commencement of the initial quarterly dividend
$ s2 S6 Q& B# Y( C' c7 zperiod beginning on February 25, 2014, and on the 30th day prior to the first
) L* O/ }# w- K  N4 o8 q4 X! u7 w3 kday of each subsequent quarterly dividend period (the initial quarterly8 E6 s& D: q' [. U8 C
dividend period and each subsequent quarterly dividend period is referred to
- H) |; q! J' |+ f" Y( bas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
' l& x5 m2 k3 B$ I8 d$ tQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
8 [" M) l! n6 R) U# Q- yPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
+ J5 B& @& F# B/ v& H$ V. c' N; \! ST-Bill Rate plus 3.83% (calculated on the basis of the actual number of days! w$ o; C7 q4 U; l0 w+ h8 V
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
: v6 {# _- k* F1 {. u0 Ldetermined on the 30th day prior to the first day of the applicable Quarterly
9 ~+ R  R& i' m& F4 _! _, J' KFloating Rate Period.
- k  {7 I4 v+ ]. ?2 ]. U4 MS-5
- v. A* J  R# W$ vIf the Board of Directors does not declare a dividend, or any part thereof, on
) W0 f* Q' L$ Uthe Preferred Shares Series 19 on or before the dividend payment date for a
( H, F  K! I# N7 W' t' C5 l7 Cparticular quarter, then the entitlement of the holders of the Preferred
, f& K/ v3 |8 d3 qShares Series 19 to receive such dividend, or to any part thereof, for such! |. {0 o9 A" u2 v" R
quarter will be forever extinguished.: M8 T$ s8 s! w) r
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
1 j9 }, T3 c+ v' c9 ~: Y9 SSuperintendent and to the provisions described below under the heading0 d; }+ p3 x+ _1 h
‘‘Details of the Offering — Certain Provisions of the Preferred Shares( F' V3 B8 u! v4 a! y
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
: I$ [$ U% G8 Z. Y: N- d7 Non not more than 60 nor less than 30 days’ notice, the Bank may redeem all
/ L! J# g/ `2 f, ~+ B/ Cor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
; K' z! N: m7 s( ^1 p9 foption without the consent of the holder, by the payment of an amount in
3 o0 n3 [" k, Z" E9 A9 vcash for each such share so redeemed of (i) $25.00 together with all declared
1 W4 t- B) w# t2 ^and unpaid dividends to the date fixed for redemption in the case of8 z) ^2 O* J9 u7 s
redemptions on February 25, 2019 and on February 25 every five years: \3 T1 X5 Y* A
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to  i$ ?" b$ f4 ]& M! O% y
the date fixed for redemption in the case of redemptions on any other date. N  y. V6 ~% A! v$ r
on or after February 25, 2014.
& q3 l+ b" M+ ]7 @( \5 cConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic/ u: o- `) S, }2 J  N9 m7 @- K( \
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
$ n9 J; i) }" @  @& }6 {+ Dthe right, at their option, to convert, on February 25, 2019 and on7 `  D& ?  i+ {! i4 i5 H$ B" p
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
3 c# F- X- M( I( m* `4 G8 p: Lor all of their Preferred Shares Series 19 into an equal number of Preferred
! S3 }( B; R* [# \% Y3 z( e8 KShares Series 18 upon giving to the Bank written notice thereof not earlier
+ f( [, h9 n* D% s4 K" C; Hthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
5 @- P7 Z; H% J7 s2 v6 t15th day preceding, a Series 19 Conversion Date.
) }3 m  ~1 ^- m- _0 fAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
" Q& _) f! H+ _6 jProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares: L# w- b9 {8 f2 i$ ]2 K
Series 18, as the case may be, that there would be outstanding on such
+ n5 f- \; M7 Y/ v8 iSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,- h! u0 L. U( `, K/ }
such remaining number of Preferred Shares Series 19 will automatically be2 ~- x: ]" [  F" ~' N
converted on such Series 19 Conversion Date into an equal number of
) b8 r/ p: w* o% \) qPreferred Shares Series 18. Additionally, if the Bank determines that, after0 z+ t, o7 _( d7 s( U& v
conversion, there would be outstanding on such Series 19 Conversion Date8 D& k3 ~! H9 o  P
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares" V- [# H; {# D4 X6 O
Series 19 will be converted into Preferred Shares Series 18.% I7 x/ R5 \; z, {
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
0 l! D% a8 m8 z2 _0 o. ySeries 19 will not be entitled as such to receive notice of, attend, or vote at,
( v) l6 l% D( X, O4 lany meeting of the shareholders of the Bank unless and until the first time at
9 U. X/ P$ `: P" }8 _! rwhich the Board of Directors has not declared the whole dividend on the
2 U9 C  ~7 H4 x: J" qPreferred Shares Series 19 in any quarter. In that event, subject as7 E! R1 f& P, R1 ]
hereinafter provided, the holders of Preferred Shares Series 19 will be6 x5 @% ?8 w4 z' s+ B( S
entitled to receive notice of, and to attend, meetings of shareholders at which; l8 {  r$ D& S1 D( W
directors of the Bank are to be elected and will be entitled to one vote for
0 o6 F7 w# Z  K; seach Preferred Share Series 19 held. The voting rights of the holders of the
7 L1 z/ r& |6 D6 C( LPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
) T+ ?2 k' o: r+ \the first dividend on the Preferred Shares Series 19 to which the holders are" P' f- L& n& O9 b. Q+ A
entitled thereunder subsequent to the time such voting rights first arose until6 U: l" j3 l7 o, V
such time as the Bank may again fail to declare the whole dividend on the& T3 }' l% G8 x9 v1 `
Preferred Shares Series 19 in respect of any quarter, in which event such
6 u/ H0 ?* ?0 W; qvoting rights will become effective again and so on from time to time.* |+ j' f  C8 S' X0 ~2 m
S-6
# T3 i4 w5 n, {" L$ wPriority: The preferred shares of each series of the Bank will rank on a parity with
$ b' f, b# ]- I7 \' fevery other series and are entitled to preference over the common shares of2 g) w/ T' `0 G$ _7 _$ ]
the Bank and over any other shares of the Bank ranking junior to the* j  y0 ^; S5 P7 ~1 @# ]  j6 x
preferred shares with respect to the payment of dividends and upon any8 \& F. [! u; F' f% [2 i
distribution of assets in the event of the liquidation, dissolution or8 w% |' M: d; V6 _
winding-up of the Bank.
2 {7 I7 H  f, g3 C6 ^5 UTax on Preferred Share The Bank will elect, in the manner and within the time provided under) G8 z1 W* z# l8 N
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares/ T" @) w9 x4 _1 y, r0 j* D. }% m
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
# O' G) H9 B1 f: A/ @) udividends 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。" ~( J0 O) i8 y% h. U$ |8 G
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
6 u2 S: J! H& \6 d; S2 f& k

2 M# J* g  N5 b* n7 A4 V* ]下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
: Y7 _! d5 V% y' I- {
5 V7 w( ?% b9 tcall 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, 2026-9-16 21:11 , Processed in 1.216294 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