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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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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。
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% Y: w0 b1 y) y) L1 P) a- @& s, d$ p& H+ r8 I! D
[ 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:" x  v* Z$ m  I  R) s  X) w9 J
SUMMARY OF THE OFFERING
  B4 R% I* h3 ?! I( tThis 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’’.
* r1 p% f6 p6 r4 EIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
% P+ S3 N5 `( Q0 c$ y6 K. S$ VAmount: $150,000,000 (6,000,000 shares).. e8 u' x) Q! c3 ~5 }% h6 `7 M
Price and Yield: $25.00 per share to yield initially 6.50% per annum., L# B# F) i; X) ]& H0 x$ t
Principal Characteristics of the Preferred Shares Series 18
+ e" e; b/ J) UDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed6 d8 Y" S) _$ V$ Q! Z) r8 E
non-cumulative preferential cash dividends, as and when declared by the
9 J2 j9 I- _1 U2 E7 M3 G$ `Board of Directors, subject to the provisions of the Bank Act, for the initial4 |. h2 o, ]* I9 X& `
period commencing on the closing date and ending on and including
, P5 _5 T' x; }7 c1 }1 CFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the! H1 c+ {% ?. M
25th day of February, May, August and November in each year, at a rate, L9 y6 h% T/ E. @, `# x% P5 E/ m
equal to $0.40625 per share. The initial dividend, if declared, will be payable5 ?* r$ ]0 E) {0 s" \! E. V  o2 G
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing6 m# \6 ~  x1 ?9 e3 A
date of December 11, 2008.# Q2 _8 }6 A7 @; Q: n
For each five-year period after the Initial Fixed Rate Period (each, a
' F0 l0 a  Y/ L4 Z‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
  n+ H( q1 Q3 L8 E. eSeries 18 will be entitled to receive fixed non-cumulative preferential cash/ h8 N8 _) L5 t$ f3 q, F
dividends, as and when declared by the Board of Directors, subject to the+ b6 j* q, p! `& T( Y
provisions of the Bank Act, payable quarterly on the 25th day of February,5 W& b  y5 s! {2 l1 T  T
May, August and November in each year, in the amount per share per annum" T7 ~/ p. i( ^, h
determined by multiplying the Annual Fixed Dividend Rate applicable to6 I0 X+ O' K5 u  c) o5 A
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
6 @# K0 w0 O) v4 bRate for the ensuing Subsequent Fixed Rate Period will be determined by the
9 o& q& n" Q9 P/ }  uBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day. X/ r9 {+ c$ i
of such Subsequent Fixed Rate Period and will be equal to the sum of the
) l# C0 f' Q& j- [7 z& J# zGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
2 B  ^/ p- @3 Fplus 3.83%.8 m3 f/ U+ X, a0 z( L8 K, ^6 C
If the Board of Directors does not declare a dividend, or any part thereof, on# w& r3 P! [2 J0 J) M6 a+ d
the Preferred Shares Series 18 on or before the dividend payment date for a
% i# W) S2 |( }0 C% Lparticular quarter, then the entitlement of the holders of the Preferred; O8 F2 v6 s2 O$ q8 I
Shares Series 18 to receive such dividend, or to any part thereof, for such
; K$ j9 {9 A$ }3 Pquarter will be forever extinguished.
- O! `% }  @% e' f$ v; j& n! DRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
: o1 m. ~, Q0 |+ ~1 O* SSuperintendent and to the provisions described below under ‘‘Details of the
  N2 e9 |) O( m7 t: fOffering — Certain Provisions of the Preferred Shares Series 18 as a
: V% N4 X- \. [2 s0 D0 z% SSeries — Restrictions on Dividends and Retirement of Shares’’, on- v0 ]+ v1 Z! G* }  y( O
February 25, 2014 and on February 25 every five years thereafter, on not! y( |- x, d' H# v0 p/ v- F- L- E1 I
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any4 ~" E. n. e/ _. H9 ?+ t
part of the then outstanding Preferred Shares Series 18, at the Bank’s option8 _2 H9 `5 R" P. j+ |* f; d
without the consent of the holder, by the payment of an amount in cash for% E9 ]4 j: F* f( v* W
each such share so redeemed of $25.00 together with all declared and unpaid
% q# s6 X9 x5 a+ `+ _dividends to the date fixed for redemption.  C, B, V+ M: C! y' B* O% Q2 n
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
+ g: C9 ]5 M' t& q: y) ^Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have8 d! C- @4 h( O1 {$ p
the right, at their option, to convert, on February 25, 2014 and on
4 _/ j& U8 l8 l5 I" h+ [1 a! VS-4
% R) W0 [9 E0 oFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any1 j6 j* g# p+ A; h/ h3 b, e: B
or all of their Preferred Shares Series 18 into an equal number of Preferred- O% W7 F0 z& |4 S: o
Shares Series 19 upon giving to the Bank notice thereof not earlier than
1 {# @( D& H. r1 n) M! @; a30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
% j0 r; T8 x3 o& q6 a5 n; Zpreceding, a Series 18 Conversion Date.! ?! F9 P$ A* Z3 I
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
, B. r0 h; Q3 N3 Y* k+ F2 K) KProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares. Y8 B7 e; k1 H- I
Series 19, as the case may be, that there would be outstanding on such2 f( N; M2 ?$ m  M
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
8 w9 x/ |6 J* J, N6 Msuch remaining number of Preferred Shares Series 18 will automatically be
9 Q' D  J% K, [( t3 N7 ]- Y- j( jconverted on such Series 18 Conversion Date into an equal number of
2 Q+ ^) ?9 T; j% L/ {Preferred Shares Series 19. Additionally, if the Bank determines that, after
% G: e0 ?3 h; ?conversion, there would be outstanding on such Series 18 Conversion Date4 r/ O! ~* I: @/ d# A9 y$ l
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
% A* R  C  {- F5 }4 T7 v2 s% lSeries 18 will be converted into Preferred Shares Series 19.1 K( n+ d: B$ H7 }* l! o  H
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
- c" ^7 s& ^9 Y' b6 w4 }Series 18 will not be entitled as such to receive notice of, attend, or vote at,* t" A0 B3 u! j5 c: @6 i3 v1 b5 P
any meeting of the shareholders of the Bank unless and until the first time at; a! j% c; ?" L% S5 z
which the Board of Directors has not declared the whole dividend on the
$ t; |9 P$ J+ qPreferred Shares Series 18 in any quarter. In that event, subject as
& s2 c$ x4 ]& w1 W9 ahereinafter provided, the holders of Preferred Shares Series 18 will be# R4 w" |: M3 B3 h0 m6 V
entitled to receive notice of, and to attend, meetings of shareholders at which
6 c. @* t9 I$ i/ _5 ^5 o: w. Wdirectors of the Bank are to be elected and will be entitled to one vote for+ Q+ e. D" X2 a* c$ H: ?' o8 O( }& F
each Preferred Share Series 18 held. The voting rights of the holders of the
* _# v. {1 q6 e! O: `% X: n3 I/ WPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
- c& t2 W8 n  ]( @; s. L( ?: l: Bthe first dividend on the Preferred Shares Series 18 to which the holders are# J- s2 p/ @7 ^5 p* F( q
entitled thereunder subsequent to the time such voting rights first arose until0 m' g/ v( }+ I- a0 J- k4 W
such time as the Bank may again fail to declare the whole dividend on the3 z: m9 d' h+ p; P6 ~4 y# A( G
Preferred Shares Series 18 in respect of any quarter, in which event such3 D2 \. k5 U: \/ n4 Z
voting rights will become effective again and so on from time to time.6 h) Q$ |1 }* B$ S" H
Principal Characteristics of the Preferred Shares Series 19
/ x# k6 Q$ ?" z6 SDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
& z2 l; F* w, h8 E% D7 |floating rate non-cumulative preferential cash dividends, as and when
& j; d' ^% e5 r$ ~. k3 Z# ldeclared by the Board of Directors, subject to the provisions of the Bank Act,
! J- |$ W" K& H8 E: h5 upayable quarterly on the 25th day of February, May, August and November; }! w, z% V& ^3 c4 K; D+ O
in each year, in the amount per share determined by multiplying the
: S' O9 L" {  t! ~* J, W+ gapplicable Quarterly Floating Dividend Rate by $25.00.
9 G0 o4 F  e# ~" OOn the 30th day prior to the commencement of the initial quarterly dividend
" X% ^* ^+ C3 r! {5 Yperiod beginning on February 25, 2014, and on the 30th day prior to the first
6 W, j) l( ^' e/ }5 Nday of each subsequent quarterly dividend period (the initial quarterly1 ~( f# R2 ~) J4 @" ?+ @/ e# E& H
dividend period and each subsequent quarterly dividend period is referred to" N& E6 Q% [( p' J2 u% V
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the7 n5 `; |# H0 s# n3 V* [: x
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
( z7 X/ c4 h( d' C# n# L3 [Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
; T) @, E+ Q  ZT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days% H6 l7 r8 i; U  G3 J- ~3 r5 A
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
& \, r, b5 I! S/ ndetermined on the 30th day prior to the first day of the applicable Quarterly
3 O$ @& E9 k- L- e+ P3 P7 @Floating Rate Period." T' @# d% Y. X6 m! K. N0 _" ~
S-5- }# Q% n' A9 ^5 A+ n# ]1 I
If the Board of Directors does not declare a dividend, or any part thereof, on+ i# C! ?5 Y0 g
the Preferred Shares Series 19 on or before the dividend payment date for a
6 N5 M  S! ^3 h$ Y5 O( |particular quarter, then the entitlement of the holders of the Preferred4 w' W; G% N: X( x6 r& t- A) x
Shares Series 19 to receive such dividend, or to any part thereof, for such
2 N+ N; g; i( v* Qquarter will be forever extinguished.& O/ H) S$ h. g0 T
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the5 G2 A7 l9 v# W$ j* _! y
Superintendent and to the provisions described below under the heading
% e, S' D5 r2 w' X4 R& X‘‘Details of the Offering — Certain Provisions of the Preferred Shares
* R3 F3 r* k( {% O! v7 R! g4 MSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,: P& b8 }3 m3 s) R% F) P: H5 S
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
, o; J! N! m% V! [2 z% s( f* {or any part of the then outstanding Preferred Shares Series 19, at the Bank’s8 m" A$ T9 d# z  S9 s
option without the consent of the holder, by the payment of an amount in1 p+ T% Z" N+ C1 ]
cash for each such share so redeemed of (i) $25.00 together with all declared
9 C3 q3 x2 |% Q9 A# _8 R; Hand unpaid dividends to the date fixed for redemption in the case of% {: C2 N+ r0 C( c& _# |
redemptions on February 25, 2019 and on February 25 every five years: D/ Y. U& J9 ]1 j
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
# r3 H8 c- E, h8 k8 {/ n/ W/ athe date fixed for redemption in the case of redemptions on any other date
! x, \( e% ~& V7 Ton or after February 25, 2014.
9 }1 \$ i1 M+ H+ O1 `0 RConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic: e; z  [" o8 `# B5 u4 a/ \$ ^9 O
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have# ^4 h* o7 ]( O$ `# Y
the right, at their option, to convert, on February 25, 2019 and on
% f9 m( ^  {. O: D; e, e+ sFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any' T" c: C. i  v2 b" Q
or all of their Preferred Shares Series 19 into an equal number of Preferred8 Q) s1 F; c/ r% M/ r
Shares Series 18 upon giving to the Bank written notice thereof not earlier
1 f# |6 [9 T1 W/ kthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the" h4 J" R5 }% M5 Q  }
15th day preceding, a Series 19 Conversion Date.; E% h; Z8 I& w3 t
Automatic Conversion If the Bank determines, after having taken into account all shares tendered8 U& Y* V) I, q0 Y5 F4 }  S
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
6 U9 x( g+ z8 Z0 E* gSeries 18, as the case may be, that there would be outstanding on such6 M/ y8 S- S* a3 h
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
) u' T  g3 L  [! Psuch remaining number of Preferred Shares Series 19 will automatically be1 D8 v. k: h# f1 V
converted on such Series 19 Conversion Date into an equal number of0 g/ A8 h6 W: l/ K6 T8 @/ B
Preferred Shares Series 18. Additionally, if the Bank determines that, after. \" W6 k0 M0 q# d% B9 }
conversion, there would be outstanding on such Series 19 Conversion Date
: e- p! k& Q2 H. y/ cless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares* C: b" i5 q' v) Z# t& Y
Series 19 will be converted into Preferred Shares Series 18.% a* l: a' b  E' M
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares7 a2 L, H5 o) x
Series 19 will not be entitled as such to receive notice of, attend, or vote at,- |: ^  J- ?! J% D
any meeting of the shareholders of the Bank unless and until the first time at
7 C6 O$ ?" A) I& gwhich the Board of Directors has not declared the whole dividend on the# `; M/ F! Z8 t
Preferred Shares Series 19 in any quarter. In that event, subject as
4 {. A2 o- _+ t. Fhereinafter provided, the holders of Preferred Shares Series 19 will be
. l. ?  S, D9 Ientitled to receive notice of, and to attend, meetings of shareholders at which6 H' l; b* h# T# U; W1 \! a2 n
directors of the Bank are to be elected and will be entitled to one vote for
+ w& Z2 K, m( v" Q3 ~( d6 J/ Heach Preferred Share Series 19 held. The voting rights of the holders of the
1 N  k# i% b) ^, f. `Preferred Shares Series 19 will forthwith cease upon payment by the Bank of! w% o7 d9 ~6 v/ _
the first dividend on the Preferred Shares Series 19 to which the holders are- ^+ Z: h+ F: |# q, u- r
entitled thereunder subsequent to the time such voting rights first arose until5 A3 a3 g" u, y$ [0 t1 i) J5 n- o
such time as the Bank may again fail to declare the whole dividend on the8 x$ K' p. \. x6 Y5 ]
Preferred Shares Series 19 in respect of any quarter, in which event such
) z! m7 N. ]$ e" a, v1 r, Z" F" svoting rights will become effective again and so on from time to time.  r' T. j4 y3 ]2 p% ~# ~
S-6' ]7 D: X+ K6 {+ ~
Priority: The preferred shares of each series of the Bank will rank on a parity with) Y3 }( d8 e+ I4 \( M
every other series and are entitled to preference over the common shares of
/ w+ c0 y9 J! Qthe Bank and over any other shares of the Bank ranking junior to the
7 p" K8 F! M9 [# v7 mpreferred shares with respect to the payment of dividends and upon any
/ H+ m: p/ q3 l7 h3 ~5 J: B& Jdistribution of assets in the event of the liquidation, dissolution or. |# _! \& }: T3 L9 }  ~% Z+ G) r
winding-up of the Bank.
6 }6 N( Q" ^8 E+ b# J+ [Tax on Preferred Share The Bank will elect, in the manner and within the time provided under  {7 t! }) d6 ?
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
/ d; h) f4 k7 \' h* J& j9 A1 C, A8 CSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
, W" i  p3 k( E+ x4 x5 ?! T) y7 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。3 K3 Y; X1 e  O  P8 g1 U
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
! {' k+ H0 K& N1 u4 U4 `0 a+ @

8 e" z% E$ x7 P  N/ O2 G下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
" R5 m$ S2 n5 n. {8 P5 @, ?( A
6 T+ s* P: u  p( s" [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。
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