埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 2596|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。& a) m" m1 t6 [! N
- n4 s& |3 |7 m+ I' h

* _, B- G7 B% q# j  B% m[ 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:& @- _7 V( B' l5 U! Z5 N
SUMMARY OF THE OFFERING4 F: o, M- `+ U' U( s& W! A8 W
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’’.
! w. G/ w6 `9 f5 L7 h# T' [. `( cIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.7 m+ J- C" W8 E6 f3 {- m, h
Amount: $150,000,000 (6,000,000 shares).  Q/ _0 X. l9 [- f3 L1 T
Price and Yield: $25.00 per share to yield initially 6.50% per annum.! a1 ~+ l2 Y) f' G
Principal Characteristics of the Preferred Shares Series 18: R- E/ Q8 m/ c+ F4 W
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed  H! q" Y7 G' g! G5 M+ T
non-cumulative preferential cash dividends, as and when declared by the
3 O7 b8 M" m0 `4 i) w" {' kBoard of Directors, subject to the provisions of the Bank Act, for the initial$ k* R$ c5 Y+ [! B6 |( [
period commencing on the closing date and ending on and including
8 R- j  t+ ~' G5 F$ r) MFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the6 I: @3 n7 d# }5 s: v6 t+ D9 E6 R
25th day of February, May, August and November in each year, at a rate1 }5 i: Y" ~. h+ @
equal to $0.40625 per share. The initial dividend, if declared, will be payable" l" W6 S5 O6 c3 `: o3 ~8 I
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing8 a- r# f. E0 l' P2 Q# h9 W8 J+ C
date of December 11, 2008.6 C; ^2 K5 j& [0 O; B- b" v
For each five-year period after the Initial Fixed Rate Period (each, a1 M3 P1 s+ ?7 e: e
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares; I/ M5 u  W1 s- Z$ z! t) z
Series 18 will be entitled to receive fixed non-cumulative preferential cash8 ?2 Y' p, L+ f/ u4 ?
dividends, as and when declared by the Board of Directors, subject to the
, l; W- w- @1 _' \2 Bprovisions of the Bank Act, payable quarterly on the 25th day of February,
- M9 A* r: p7 D# vMay, August and November in each year, in the amount per share per annum
7 I! p; B: [4 L* ^/ ~( Q8 P; z" Sdetermined by multiplying the Annual Fixed Dividend Rate applicable to' w% f  V( z$ T( F: w  Y
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
) Y! D7 Z+ h3 g( R! ~& ZRate for the ensuing Subsequent Fixed Rate Period will be determined by the6 R" A# O6 ?. o- m9 i; G: v  t4 G5 _
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
6 c2 [0 H: w9 o$ g' [+ a+ }7 Z& Y& _of such Subsequent Fixed Rate Period and will be equal to the sum of the/ y# r+ h% z( w: Y8 s
Government of Canada Yield on the applicable Fixed Rate Calculation Date2 h% [  p+ L/ q
plus 3.83%./ K' t) ?  f) D0 w) {: v0 r% s
If the Board of Directors does not declare a dividend, or any part thereof, on
7 P# Y+ q5 O2 a! fthe Preferred Shares Series 18 on or before the dividend payment date for a
: m  }' ^' K3 R8 [, {/ V' Mparticular quarter, then the entitlement of the holders of the Preferred) P3 D, L2 ^! X# L& e
Shares Series 18 to receive such dividend, or to any part thereof, for such" S+ s8 s1 U+ @0 ?3 v- I
quarter will be forever extinguished.
" C" n* S0 P; v) R1 |Redemption: Subject to the provisions of the Bank Act and to the prior consent of the6 A% y3 o/ ^7 o* [* l
Superintendent and to the provisions described below under ‘‘Details of the
1 U) M9 l1 q7 E8 B+ m* u3 P! sOffering — Certain Provisions of the Preferred Shares Series 18 as a
0 y3 H/ ~8 Z/ S/ J( I" U* z; rSeries — Restrictions on Dividends and Retirement of Shares’’, on- O. k2 p- \2 V( f' O6 H' `2 S! p# E
February 25, 2014 and on February 25 every five years thereafter, on not# u5 Y- W# V, B# \! I( u7 e
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
4 f/ F* M3 ?3 w, Epart of the then outstanding Preferred Shares Series 18, at the Bank’s option
- n  d6 a; E  O3 qwithout the consent of the holder, by the payment of an amount in cash for) n0 d6 Q# r6 y$ v# U& u
each such share so redeemed of $25.00 together with all declared and unpaid* o4 o8 P) c% N6 C3 ^  v9 V
dividends to the date fixed for redemption.
. y# }, s5 P) {* E& v5 J  {; JConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
2 {6 u$ }( ?- D4 SShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
/ {$ {% }# m* z% a5 ~& `8 e& gthe right, at their option, to convert, on February 25, 2014 and on$ D: L5 [( P! d$ b( @
S-4
% C8 Z/ Q% D* Z4 pFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
2 D& e0 ^6 f. Q! r, I# hor all of their Preferred Shares Series 18 into an equal number of Preferred
4 S) a8 E" j+ S3 R% M& mShares Series 19 upon giving to the Bank notice thereof not earlier than
" ^9 r$ \6 a& {1 X9 K- U5 z9 L! ?. U30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
- N' L5 h! P. a& i+ A. gpreceding, a Series 18 Conversion Date.& p) P" \# X! c3 B
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
% \# f8 f4 x* Y, q1 p- N+ dProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares$ U7 n& j+ W/ x& s2 f
Series 19, as the case may be, that there would be outstanding on such
; }2 J' Z! e8 ~" h# @& |Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,- C4 h3 h. n7 Z) A' Y
such remaining number of Preferred Shares Series 18 will automatically be
: s& ^% u# V; x9 E6 a& O' X  mconverted on such Series 18 Conversion Date into an equal number of
" r+ h  _& |9 B- a6 vPreferred Shares Series 19. Additionally, if the Bank determines that, after
$ z  w) H' [2 D* _conversion, there would be outstanding on such Series 18 Conversion Date& b* D6 f2 w8 y3 }2 r7 H
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
( Y9 q* q3 \1 c' ^/ |" iSeries 18 will be converted into Preferred Shares Series 19.
" v- T1 L# b, i, BVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares! \8 f6 Z# k# Z7 {  R5 \
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
; g( q$ c0 J$ G1 p$ S& u" Nany meeting of the shareholders of the Bank unless and until the first time at
5 A1 ~) n% p8 Y8 p& F; Q0 Mwhich the Board of Directors has not declared the whole dividend on the
+ H6 y9 V4 x2 S+ |Preferred Shares Series 18 in any quarter. In that event, subject as7 Y3 i. N/ z( T- j& e# C
hereinafter provided, the holders of Preferred Shares Series 18 will be. T* `9 y' c/ q; U- o
entitled to receive notice of, and to attend, meetings of shareholders at which: d7 T  u: S( ~8 C% e+ ?
directors of the Bank are to be elected and will be entitled to one vote for9 y2 o3 \5 v, A; t4 z( F( j
each Preferred Share Series 18 held. The voting rights of the holders of the
0 P* i4 Y- v, m7 v4 vPreferred Shares Series 18 will forthwith cease upon payment by the Bank of5 a4 P0 J% p& p6 b* w
the first dividend on the Preferred Shares Series 18 to which the holders are% m( A9 `( u2 K4 r8 b& T
entitled thereunder subsequent to the time such voting rights first arose until
$ w3 b1 U2 q: @1 rsuch time as the Bank may again fail to declare the whole dividend on the. O; ^6 J9 o! }. p
Preferred Shares Series 18 in respect of any quarter, in which event such
! q9 m& P$ `  xvoting rights will become effective again and so on from time to time.
) w$ T6 a; H  Y5 iPrincipal Characteristics of the Preferred Shares Series 19
  a; _" D4 y* W/ A! BDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
' h5 [2 ]( q0 M; C( Efloating rate non-cumulative preferential cash dividends, as and when" I- P9 l$ h7 v9 O$ Y& J
declared by the Board of Directors, subject to the provisions of the Bank Act,) h: y; Z8 e! ]
payable quarterly on the 25th day of February, May, August and November& j9 Z* w% i% f7 g+ c
in each year, in the amount per share determined by multiplying the' b) e; B, j, }$ \$ w+ Z2 t
applicable Quarterly Floating Dividend Rate by $25.00.) T: }! X7 m1 D% A- d$ k
On the 30th day prior to the commencement of the initial quarterly dividend
2 P7 D2 R2 G- K: D# pperiod beginning on February 25, 2014, and on the 30th day prior to the first& w% A( n# B* N. ^' w+ d" y% n
day of each subsequent quarterly dividend period (the initial quarterly; M5 L; y% y8 s- h
dividend period and each subsequent quarterly dividend period is referred to
, Y- K$ Z, n2 ~' }: Q' z2 i7 a; E# vas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
7 V2 F1 t% I! l( K6 RQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
  y$ x7 Z1 ?1 }, B( K6 nPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
& X# c: r9 G- x$ h. X1 NT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
* t) _6 e# B& C4 k0 G9 n/ Ielapsed in the applicable Quarterly Floating Rate Period divided by 365), [, B! ~5 Z7 \9 a( ^7 |
determined on the 30th day prior to the first day of the applicable Quarterly
5 W7 j3 g0 A& ]4 VFloating Rate Period.0 @( X0 y; h6 ?+ I9 P8 G3 x% j" S
S-58 \0 N* F7 k8 M
If the Board of Directors does not declare a dividend, or any part thereof, on( u) G, T+ P2 r1 U: [  V
the Preferred Shares Series 19 on or before the dividend payment date for a/ d: a: R7 ]& k1 A
particular quarter, then the entitlement of the holders of the Preferred! o' n+ U) T* z9 m
Shares Series 19 to receive such dividend, or to any part thereof, for such
0 X4 J* \2 b- n5 ]% }, pquarter will be forever extinguished.4 d  P/ y& X9 ^
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
: I3 z* n3 r, j$ U6 ASuperintendent and to the provisions described below under the heading( N$ @. a% P1 p; X% @5 b2 K
‘‘Details of the Offering — Certain Provisions of the Preferred Shares5 }3 k, B* B  h7 w$ e, [% G
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
) U& h( Z, M! l8 r4 aon not more than 60 nor less than 30 days’ notice, the Bank may redeem all4 R- @. z2 R2 z6 j
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
  r2 G# N9 h, C  A6 }option without the consent of the holder, by the payment of an amount in
2 u8 B1 T6 n+ A6 T- h0 W; D7 U* y  Hcash for each such share so redeemed of (i) $25.00 together with all declared
9 a& p3 |) K- `% band unpaid dividends to the date fixed for redemption in the case of) L! ^, w: a% o' Z1 \; f4 y
redemptions on February 25, 2019 and on February 25 every five years, c+ K) l- t9 m1 \6 T- H$ x; w
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
. c. C- g# L; }% H9 Ethe date fixed for redemption in the case of redemptions on any other date
6 y3 B% o9 I. eon or after February 25, 2014.. S, T, ], T; h9 c8 Q
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic2 x1 [9 i4 g* g7 j
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
* [; M) {1 F2 \! G! ~: P3 ~the right, at their option, to convert, on February 25, 2019 and on- @' q- I% X- t5 ^% X; w& w
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
  y! z; ~% R$ sor all of their Preferred Shares Series 19 into an equal number of Preferred  U/ h$ d  B2 X3 n1 R1 z
Shares Series 18 upon giving to the Bank written notice thereof not earlier
) X4 M5 R- ^! F5 c+ ~1 }9 Tthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
) B( c: }! E! }0 B8 l15th day preceding, a Series 19 Conversion Date.
7 w! J( U1 `( |. cAutomatic Conversion If the Bank determines, after having taken into account all shares tendered* }; e* l/ }" y. z* i
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares; K) v0 n! [2 d
Series 18, as the case may be, that there would be outstanding on such
' F/ _# v# h! t" e  ]( _  |; LSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,/ H. O/ u/ ]6 S& @& i
such remaining number of Preferred Shares Series 19 will automatically be
2 r: L- G" a( a2 ^$ h' L0 wconverted on such Series 19 Conversion Date into an equal number of! E3 i. s0 l1 p6 J+ a% b
Preferred Shares Series 18. Additionally, if the Bank determines that, after
$ i, r# F- C0 j1 R& N3 H& econversion, there would be outstanding on such Series 19 Conversion Date
# ]. U2 g; S3 y. p$ l! ]7 P5 Y9 ]. Mless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
5 Q/ k' F9 y9 kSeries 19 will be converted into Preferred Shares Series 18.
. U3 l+ g) L8 h  _Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares% F' u/ K, v, u* F3 j2 I) @/ B
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
- v' D" a7 p  w5 ^5 f& tany meeting of the shareholders of the Bank unless and until the first time at- y5 j0 N1 o5 I- c; O4 v  L
which the Board of Directors has not declared the whole dividend on the" s- t7 S* C, ~8 e( e. T; o2 O
Preferred Shares Series 19 in any quarter. In that event, subject as( u$ P4 R# m, t, D) c( O
hereinafter provided, the holders of Preferred Shares Series 19 will be* Y( @, Z1 ]& y. W3 M5 W- V3 g
entitled to receive notice of, and to attend, meetings of shareholders at which$ g/ r. U4 ?& J6 E
directors of the Bank are to be elected and will be entitled to one vote for
7 ]+ U6 F  I- n+ J& [2 f2 ~; deach Preferred Share Series 19 held. The voting rights of the holders of the: w' K& v" y# @. [" ~
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of( E2 W- y7 C1 c& H
the first dividend on the Preferred Shares Series 19 to which the holders are8 v3 x# e- y4 R. ]) y1 a
entitled thereunder subsequent to the time such voting rights first arose until
% M$ H4 a2 J- C- v% dsuch time as the Bank may again fail to declare the whole dividend on the
# t7 x0 c$ h5 w& Z9 dPreferred Shares Series 19 in respect of any quarter, in which event such
) S+ U5 V% t1 c  j+ `: H/ ^* x  y+ avoting rights will become effective again and so on from time to time.  Y: g+ D2 f" V3 B3 l
S-6
$ `. V) T* p3 L# q2 P% P; HPriority: The preferred shares of each series of the Bank will rank on a parity with
9 m: |) a1 v" \$ R8 g3 Ievery other series and are entitled to preference over the common shares of
* g: U1 N( h& B; E# o: Sthe Bank and over any other shares of the Bank ranking junior to the
. R* J+ z5 f- V9 |/ Q& x6 y9 p' kpreferred shares with respect to the payment of dividends and upon any
5 G: S7 N# m. d* ^7 `5 }% Mdistribution of assets in the event of the liquidation, dissolution or( t3 J5 H4 b5 C: l4 F& @
winding-up of the Bank.3 e" t4 A6 S' P! ]- L% M1 ?& Q, q
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under/ F! s2 _7 E3 s  |
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
: J( K- h1 r& M# X# |Series 18 and Preferred Shares Series 19 will not be required to pay tax on
8 y1 ~' M* J* I& I7 u5 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。) W7 |. `) Y# O7 m
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。
大型搬家
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 18:26 | 显示全部楼层

* X7 {1 T" Z0 h& k4 |0 q$ s. z2 r; Q& K' p
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
- \! w/ r0 |5 u2 Q  S( Z/ F$ r+ m5 g: y
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, 2026-1-19 17:20 , Processed in 0.081818 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