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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。6 X/ B/ L) v3 f/ y: c6 E

1 [& z& o# |+ N) x8 b0 [
+ _! E7 z% N0 v- a9 g- M+ }6 \[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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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:5 n( P, E7 A3 a% e; s
SUMMARY OF THE OFFERING* v3 v( v: h- u5 p* |# }
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’’.- b2 w, G  T4 s7 I
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
2 u; I7 {$ l$ |" I. Y1 V; t' |. CAmount: $150,000,000 (6,000,000 shares).
5 q, W8 ]( a- OPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
# S2 Y1 j$ w& M& x+ {4 j; X+ wPrincipal Characteristics of the Preferred Shares Series 18% [& ?! m+ |# E2 r  U+ G
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed- v1 S. b0 e5 W! L, ]
non-cumulative preferential cash dividends, as and when declared by the9 B7 P9 p3 H; D2 X4 b( Q6 V6 u6 n4 J
Board of Directors, subject to the provisions of the Bank Act, for the initial
0 t  v$ [0 {( Z+ ?1 H; j9 Rperiod commencing on the closing date and ending on and including& W$ R" V  c* z4 J" }6 A
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
" @4 v9 ]6 ?! }% X6 V25th day of February, May, August and November in each year, at a rate
2 W  |( Q* L1 Q, Nequal to $0.40625 per share. The initial dividend, if declared, will be payable
) y" ]7 _) L& ^2 p2 n( {6 _, OMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing- t2 m3 v  O( T2 ~7 k8 y5 r4 u
date of December 11, 2008.
& j" M, i; _8 DFor each five-year period after the Initial Fixed Rate Period (each, a
& E1 b- y4 C- C‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
: F: R/ y+ Q( z9 }7 a) USeries 18 will be entitled to receive fixed non-cumulative preferential cash- O, C; l  c5 W  E3 A$ s0 i
dividends, as and when declared by the Board of Directors, subject to the3 D/ o+ G. B: k4 a# d5 T1 Z  K7 `
provisions of the Bank Act, payable quarterly on the 25th day of February,3 |  a4 W6 G; f
May, August and November in each year, in the amount per share per annum
5 m$ n4 R% Z+ I# Ldetermined by multiplying the Annual Fixed Dividend Rate applicable to
- m3 v5 m3 T4 G2 g$ T! gsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend, a3 B0 T3 ?$ w$ H, H6 r
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
) w; i2 g7 B2 |" p+ X0 bBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
9 o1 i' o0 m+ d2 G" zof such Subsequent Fixed Rate Period and will be equal to the sum of the
% t* p9 N: T+ i8 c; p% h5 M# b/ |Government of Canada Yield on the applicable Fixed Rate Calculation Date3 W& U7 V9 Q$ R
plus 3.83%.
" M& t% x( w. x* R$ _If the Board of Directors does not declare a dividend, or any part thereof, on' w; X! o& z; f6 y7 k
the Preferred Shares Series 18 on or before the dividend payment date for a% q3 ^0 a0 ~1 D, S6 h$ \
particular quarter, then the entitlement of the holders of the Preferred; n0 u& M+ b1 {0 d. T& k
Shares Series 18 to receive such dividend, or to any part thereof, for such; w$ B6 r7 E+ i& K- V( ~* ]; K
quarter will be forever extinguished.
2 O+ _2 ^3 O" oRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
& z/ N1 F, S. A- X7 H0 I  RSuperintendent and to the provisions described below under ‘‘Details of the' U; {9 V; y( H! N8 ?4 j- l
Offering — Certain Provisions of the Preferred Shares Series 18 as a. j1 d" ^% q# g- D! E# A; y& y3 h1 D
Series — Restrictions on Dividends and Retirement of Shares’’, on* ~# F2 H8 K+ Y6 T
February 25, 2014 and on February 25 every five years thereafter, on not) d& ]! a% ~, z' _- L2 C
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
$ V: h9 e5 j* E6 m- Bpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
6 A2 z. D6 Z$ y% u% Q7 k3 ?without the consent of the holder, by the payment of an amount in cash for' U+ ]2 G" o1 Y( X7 n8 x1 F* t
each such share so redeemed of $25.00 together with all declared and unpaid* _& P! z$ g  }! j  m5 u* _2 b
dividends to the date fixed for redemption.
* i1 U/ B' B" Q. i5 \: n9 JConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic9 k1 v' T# j( {! m  q
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have" B- y2 q+ ~& {& A( N, R( J
the right, at their option, to convert, on February 25, 2014 and on2 b% v, s5 ]1 z8 J" p% w  V9 g
S-4
; T; J" V, @3 P2 ^$ A  j9 lFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any7 W/ v& I# z) M
or all of their Preferred Shares Series 18 into an equal number of Preferred
& C% a5 Y# P9 p+ O7 e8 Z2 F& y, p" LShares Series 19 upon giving to the Bank notice thereof not earlier than/ d8 r, ~$ J0 w3 z: A) t
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
+ U% L" R* {4 c3 J0 Opreceding, a Series 18 Conversion Date.
& s1 u4 G& W' A3 GAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
) M6 {$ |# o1 S& XProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
% D! K# Q$ S4 LSeries 19, as the case may be, that there would be outstanding on such( v7 g9 Z% {( R; A
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,7 J: m! M0 t. r2 R2 J  U
such remaining number of Preferred Shares Series 18 will automatically be) B" \7 W" g/ W4 y3 S' K% j. Q
converted on such Series 18 Conversion Date into an equal number of
6 N" d7 b+ k# g& w) L  S. O* JPreferred Shares Series 19. Additionally, if the Bank determines that, after
0 [; x: T, f* l. uconversion, there would be outstanding on such Series 18 Conversion Date
* e( |# R* k$ H: X2 [2 |# hless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares( _# A  {5 H5 q+ \
Series 18 will be converted into Preferred Shares Series 19.' b; Y3 `9 j' r5 O/ E6 N
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
9 P! s9 |  V' \; C0 \9 V/ DSeries 18 will not be entitled as such to receive notice of, attend, or vote at,3 u& {5 H! Z) {* M* X1 w
any meeting of the shareholders of the Bank unless and until the first time at( {1 \& o: B$ S& p9 B& P
which the Board of Directors has not declared the whole dividend on the
4 j' v6 W* _0 m: S) d: oPreferred Shares Series 18 in any quarter. In that event, subject as  h& U& F/ u+ Z9 ^
hereinafter provided, the holders of Preferred Shares Series 18 will be; b, f$ q1 d6 K
entitled to receive notice of, and to attend, meetings of shareholders at which
/ ]# `/ R& y' |7 |( m; Zdirectors of the Bank are to be elected and will be entitled to one vote for! ?5 q  E3 Y/ Y( {/ M! l5 r
each Preferred Share Series 18 held. The voting rights of the holders of the
0 G$ B- z3 g& y- LPreferred Shares Series 18 will forthwith cease upon payment by the Bank of) |2 q) q. `* s; |3 f) _4 a1 X. d
the first dividend on the Preferred Shares Series 18 to which the holders are5 ?' j9 Q( U8 U3 h  D- g
entitled thereunder subsequent to the time such voting rights first arose until
8 w0 I9 \5 b: Psuch time as the Bank may again fail to declare the whole dividend on the  ?1 g  d0 [9 I3 K! j
Preferred Shares Series 18 in respect of any quarter, in which event such& B( [4 I" A3 _; b
voting rights will become effective again and so on from time to time.
  u9 i) }) O( C2 ?. H. sPrincipal Characteristics of the Preferred Shares Series 19, V7 X9 n# r! c$ ^* m7 e
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
, |3 i* X* j' S, E/ Y+ x3 ?1 I/ Kfloating rate non-cumulative preferential cash dividends, as and when
% d! ]4 A9 ?3 r& r; T' H: ddeclared by the Board of Directors, subject to the provisions of the Bank Act,
, B. P: \% W' r* xpayable quarterly on the 25th day of February, May, August and November5 {% T+ O; C* F; k! E
in each year, in the amount per share determined by multiplying the/ J$ p3 s  Y( `
applicable Quarterly Floating Dividend Rate by $25.00., j, }/ R2 P1 K6 W5 q+ e( F
On the 30th day prior to the commencement of the initial quarterly dividend1 ?0 E% O$ t& N9 G$ w) F6 }/ K8 I
period beginning on February 25, 2014, and on the 30th day prior to the first
$ j8 G3 R, y" K7 w8 ^day of each subsequent quarterly dividend period (the initial quarterly
( K% p0 f# j( c  r6 H& adividend period and each subsequent quarterly dividend period is referred to
7 j/ g) N( W  b; j9 S+ s" xas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the, Z5 T* ^1 e- E
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
3 A' @0 F: o# @+ J7 v; qPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
; C" F" M/ i; a) }& m: kT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days6 m( F: d3 p% X" H
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
9 b$ t) x* }6 ^determined on the 30th day prior to the first day of the applicable Quarterly
4 ?& b5 w+ |. P  @0 k3 nFloating Rate Period.; A4 |" D* h. n# S9 N& @
S-5
8 Q! p/ Y2 H7 l6 Y. K( s4 r* iIf the Board of Directors does not declare a dividend, or any part thereof, on
) r. x0 `9 Y0 }9 [) @1 {the Preferred Shares Series 19 on or before the dividend payment date for a( Q5 q4 N% a( x/ a, W
particular quarter, then the entitlement of the holders of the Preferred
% d- d+ H) v9 v* _9 U1 HShares Series 19 to receive such dividend, or to any part thereof, for such% x# h4 W9 i7 F7 f; K, s
quarter will be forever extinguished.! Y- R6 ]( }4 A$ x
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
2 ~7 A) ?: K  \% a# c" h' HSuperintendent and to the provisions described below under the heading
$ J, q4 [$ ?* t% {& @) U& m‘‘Details of the Offering — Certain Provisions of the Preferred Shares5 A  [* U% s* x" V4 H
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
' X5 Y/ A7 q- r& h2 Y1 ]1 gon not more than 60 nor less than 30 days’ notice, the Bank may redeem all, d& n6 K, c+ X
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
2 D) C# ?( p! m; Boption without the consent of the holder, by the payment of an amount in
- s+ `: _) Y5 M( o3 n" x; tcash for each such share so redeemed of (i) $25.00 together with all declared
  U" Q2 ?" L/ R$ X- r+ }; C& ?and unpaid dividends to the date fixed for redemption in the case of
0 P  ~' |' Q6 @, J" Predemptions on February 25, 2019 and on February 25 every five years
: O( u+ G* G% L& y7 R6 ]9 b; sthereafter, or (ii) $25.50 together with all declared and unpaid dividends to7 N- h( Y9 X; a5 x6 I4 b
the date fixed for redemption in the case of redemptions on any other date2 W. ^6 t, r; _- V
on or after February 25, 2014.+ U9 l, \% _" ^
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic+ M# @% ]9 G9 }8 _' H, ^$ ^: \) B
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have; _, X0 I/ K- A9 t' ~
the right, at their option, to convert, on February 25, 2019 and on
7 |) G& t' ]: b3 @/ m- wFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any2 |2 i# {. j5 u3 ^( F# K
or all of their Preferred Shares Series 19 into an equal number of Preferred7 S- p/ ^/ w6 }
Shares Series 18 upon giving to the Bank written notice thereof not earlier
* ~. r! X: L7 u+ F) O4 Kthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the7 d. i  N3 q3 |+ |& ?
15th day preceding, a Series 19 Conversion Date.
6 L1 ^7 g) m, o* @# IAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
6 Q& H! _5 N; G. v/ R2 N+ k3 HProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares0 Z! @, i3 q, x* [+ {' o$ `/ e
Series 18, as the case may be, that there would be outstanding on such
( ^8 B# U9 j8 a( T$ q" B* M9 PSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
6 @. [5 P& V8 |% y% bsuch remaining number of Preferred Shares Series 19 will automatically be
. L3 M* l1 O1 d! @% xconverted on such Series 19 Conversion Date into an equal number of
  F4 m* V! i4 L0 k6 UPreferred Shares Series 18. Additionally, if the Bank determines that, after# g4 p$ y4 K8 E
conversion, there would be outstanding on such Series 19 Conversion Date0 Y. F. s( Z0 [6 a6 U( ?3 i. |+ U
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
/ w5 X( j, k0 G" E  T% t  e" DSeries 19 will be converted into Preferred Shares Series 18.
! x# ]& F9 D+ BVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
& L: J% L- @. o: SSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
$ J2 ~$ Y/ e8 k+ Xany meeting of the shareholders of the Bank unless and until the first time at2 V9 e5 n. r# `
which the Board of Directors has not declared the whole dividend on the" T7 h2 R) e$ I& P4 G; j
Preferred Shares Series 19 in any quarter. In that event, subject as
# T0 J) _4 `* Y% K+ uhereinafter provided, the holders of Preferred Shares Series 19 will be
% q7 @: y$ g6 G( sentitled to receive notice of, and to attend, meetings of shareholders at which
* r" F; a; S3 ^4 O1 n0 hdirectors of the Bank are to be elected and will be entitled to one vote for8 u. \4 l8 E* _% Q! @+ G
each Preferred Share Series 19 held. The voting rights of the holders of the' h- K( E5 k7 u. F
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of, f# M: l9 s; a& X9 Z
the first dividend on the Preferred Shares Series 19 to which the holders are
5 p1 W- Y8 M, y& ~# b' Wentitled thereunder subsequent to the time such voting rights first arose until
; q1 ?9 g) [: {+ U! G' Gsuch time as the Bank may again fail to declare the whole dividend on the
7 _" ^3 R& t% c5 N* _2 L4 L. _Preferred Shares Series 19 in respect of any quarter, in which event such' M) c3 s2 X$ y* K8 M' r9 U
voting rights will become effective again and so on from time to time.3 x2 R. U# v6 j
S-6* K* j/ v2 }1 @" }" E$ l+ G
Priority: The preferred shares of each series of the Bank will rank on a parity with
( `9 B5 Q% f! `. E% G* V; Q: aevery other series and are entitled to preference over the common shares of% @. b" j4 B0 J' g0 \# f& Y
the Bank and over any other shares of the Bank ranking junior to the! _! t5 v; n  I; c0 l0 h
preferred shares with respect to the payment of dividends and upon any
3 M, N2 m9 B4 U+ \$ xdistribution of assets in the event of the liquidation, dissolution or
! W) x5 B+ o/ w; Z- ?winding-up of the Bank.
7 Z4 X! o' w* Y) X. J/ GTax on Preferred Share The Bank will elect, in the manner and within the time provided under
+ B; @4 M; W4 {# }2 O; gDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares9 V( S7 c9 K( q* B3 ^
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
6 ?) V! K4 t! Z# f; }! x0 Adividends received on such shares under Part IV.1 of such Act.
理袁律师事务所
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。
9 a" @) o6 E. I" i) j/ f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 Q( b" |) f2 k% |' u9 F& k: a. {+ B, c8 \+ V5 q
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。  i1 i0 G* q8 O8 M# I/ \: z. V* Y
5 D1 {) Q; }' _
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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