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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。
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$ A- u" K$ G5 L" U. ]8 w! f

4 Q8 e1 J  n8 I; ^( `, K1 D[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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 楼主| 发表于 2008-11-29 16:58 | 显示全部楼层
下面是BMO的:4 J0 E' }2 n; K4 o# d$ G# T
SUMMARY OF THE OFFERING
, \% `  a* ~9 U- t, hThis 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’’.
! H' P4 I& ?7 C+ H+ C* F3 T& UIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
6 o( S. r# ~& S; n+ y; }; [% xAmount: $150,000,000 (6,000,000 shares).$ \5 D# G$ c7 {) w1 M" W
Price and Yield: $25.00 per share to yield initially 6.50% per annum.4 i8 }" @0 n/ E- f
Principal Characteristics of the Preferred Shares Series 18( U- r; R2 n% z
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
2 i$ q, r  x1 E7 ]/ j; knon-cumulative preferential cash dividends, as and when declared by the1 w; V+ @) t- ^4 q4 ~
Board of Directors, subject to the provisions of the Bank Act, for the initial
, S0 ?: Q% O9 Pperiod commencing on the closing date and ending on and including
5 H1 L5 P  Y' `February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
5 h  ?7 y3 L0 \" B: `% B& R25th day of February, May, August and November in each year, at a rate
8 k( D1 L, x" o7 i/ @/ E: mequal to $0.40625 per share. The initial dividend, if declared, will be payable' j( z* P6 y0 A
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing6 E) W3 Q4 l7 F. [  I8 ]* E. V: C  ^
date of December 11, 2008.
4 D1 m  K( k3 z% t/ c+ K" N# rFor each five-year period after the Initial Fixed Rate Period (each, a% B+ h& x! N: O* n0 |1 y8 v5 D
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares* g4 l2 r# L. F, r/ K
Series 18 will be entitled to receive fixed non-cumulative preferential cash# b3 a) @* F9 R+ R
dividends, as and when declared by the Board of Directors, subject to the
# y* v! j5 ]5 m  \: B1 tprovisions of the Bank Act, payable quarterly on the 25th day of February,1 u: O+ p$ i( R1 s+ {$ p
May, August and November in each year, in the amount per share per annum1 P" d1 D5 x) E; p) s, f5 c
determined by multiplying the Annual Fixed Dividend Rate applicable to* c7 [. ?! H! m  l  B. E3 ^
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend0 J; e. c# Q! x- |
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the' L9 I2 |) w% N9 {) t: e; f
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
6 |# I1 m! m+ @& R! R; \of such Subsequent Fixed Rate Period and will be equal to the sum of the
, A% N, x+ _  ~, xGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
7 r" t( p* A$ q% T0 _0 N  M7 fplus 3.83%.  A8 ~) X" w) m( R% I
If the Board of Directors does not declare a dividend, or any part thereof, on
, {6 Q1 r) o8 z+ F$ m7 Y5 tthe Preferred Shares Series 18 on or before the dividend payment date for a
) r& e6 g& L+ }& D8 q" m- J# q& h1 Aparticular quarter, then the entitlement of the holders of the Preferred
3 b8 ~( ^  j- |1 z$ r* r7 a0 j# fShares Series 18 to receive such dividend, or to any part thereof, for such& x4 K+ \8 N5 o
quarter will be forever extinguished." E  w6 G4 a8 x, [4 G
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
' r5 h: T8 u0 l. ?' Y+ J% NSuperintendent and to the provisions described below under ‘‘Details of the* y, Y# `" q8 i
Offering — Certain Provisions of the Preferred Shares Series 18 as a1 V9 q" p, u6 A
Series — Restrictions on Dividends and Retirement of Shares’’, on
2 K9 B+ r0 I# j+ y6 G, uFebruary 25, 2014 and on February 25 every five years thereafter, on not
* d0 n% U6 V3 d# I, v4 D: Fmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any& z" t/ G- ^6 F9 B
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
" s" V* F1 z: `3 A4 d7 o/ d( A, Wwithout the consent of the holder, by the payment of an amount in cash for
. u3 Z' ^" n* ~each such share so redeemed of $25.00 together with all declared and unpaid1 o, M8 {; o, ~6 a7 z1 Z
dividends to the date fixed for redemption.3 G$ T8 |+ w2 L& M: y. f
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
+ Z0 @$ z2 |7 U/ E* y3 CShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
' r8 [# S; w6 f/ M6 jthe right, at their option, to convert, on February 25, 2014 and on% L, @; `% C3 }( M7 i
S-4! ?) k4 Y$ w% j; Y' A, r1 }
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
, ^; m& D6 \8 y6 kor all of their Preferred Shares Series 18 into an equal number of Preferred! u1 B5 {9 T8 K6 g7 s1 n) ]
Shares Series 19 upon giving to the Bank notice thereof not earlier than3 c) D2 I+ r! n
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day0 u, [4 V2 N( z2 A4 D
preceding, a Series 18 Conversion Date.
5 o+ S* q8 ?/ L% D* z- pAutomatic Conversion If the Bank determines, after having taken into account all shares tendered; c/ ?! Q; n2 x
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares) u) _; r. i; t1 I0 Z
Series 19, as the case may be, that there would be outstanding on such
$ u# ^/ L- L; Q& \* \Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
2 t0 \& ~. B2 A% |1 ?such remaining number of Preferred Shares Series 18 will automatically be, k/ ?2 N  u- F, \
converted on such Series 18 Conversion Date into an equal number of7 D# e  S" B! O7 X6 ]# r0 I) L
Preferred Shares Series 19. Additionally, if the Bank determines that, after
, u6 c: e' A% H6 y5 rconversion, there would be outstanding on such Series 18 Conversion Date  f% d0 f6 @: y/ Y' [; }+ e
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
1 G! j' v. L* m  s1 jSeries 18 will be converted into Preferred Shares Series 19.
6 Z5 o0 i  J, h; Y- A& m( iVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares$ ^4 b0 [' W1 n9 Y' p" K- E$ k
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
  S5 m% _7 g7 b6 [3 Wany meeting of the shareholders of the Bank unless and until the first time at
+ E7 f( m* j' B( M( S5 _* w* ywhich the Board of Directors has not declared the whole dividend on the
; A- _2 y" C: s* q! e5 SPreferred Shares Series 18 in any quarter. In that event, subject as9 M2 z" L7 a  u/ w# o% Z5 B3 n; J# i$ M$ m4 b
hereinafter provided, the holders of Preferred Shares Series 18 will be% r% I  a) Q( [( |4 u2 V+ v; Q
entitled to receive notice of, and to attend, meetings of shareholders at which: ?* a. p, o; o! E: A- L
directors of the Bank are to be elected and will be entitled to one vote for1 T1 @1 ]1 U- M
each Preferred Share Series 18 held. The voting rights of the holders of the+ v# r3 P- K4 Y/ r2 C& v
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of9 D0 \  e2 O( S# m. g
the first dividend on the Preferred Shares Series 18 to which the holders are
5 @; z+ e4 |. j' x, z2 d2 |+ ^3 n' hentitled thereunder subsequent to the time such voting rights first arose until; S6 o8 L' d" J2 M
such time as the Bank may again fail to declare the whole dividend on the: a" N. R! c" b! b
Preferred Shares Series 18 in respect of any quarter, in which event such( g, P+ @0 ~- H* R
voting rights will become effective again and so on from time to time.
# [6 V5 u5 ]4 sPrincipal Characteristics of the Preferred Shares Series 19
7 {5 k* H+ Q) T3 l4 G& h9 X* oDividends: The holders of the Preferred Shares Series 19 will be entitled to receive* \0 o2 |2 A$ ^& f* P7 J
floating rate non-cumulative preferential cash dividends, as and when" ]% `9 ?" J! E9 e- W
declared by the Board of Directors, subject to the provisions of the Bank Act,
9 a% Z% u1 F* ~* I2 z1 x) Gpayable quarterly on the 25th day of February, May, August and November) N6 O# U! }7 b0 K
in each year, in the amount per share determined by multiplying the: y$ d0 k* J8 Z$ z7 H, d% K
applicable Quarterly Floating Dividend Rate by $25.00.$ Y7 [+ |6 N# _5 g: q$ Y
On the 30th day prior to the commencement of the initial quarterly dividend
% r: ~5 s6 a2 \; k- E5 u% dperiod beginning on February 25, 2014, and on the 30th day prior to the first: X- I0 Y  f% J: l
day of each subsequent quarterly dividend period (the initial quarterly5 R1 P) G8 k; U, u% O- S  K
dividend period and each subsequent quarterly dividend period is referred to$ ?. |3 f7 |* ]6 r. o: k
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the- h& \, P2 ?( G$ H* G
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
; U( p( I, K# V; L& |% `8 q. aPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
! O* ~( ]3 q* H5 z4 q( @8 j% q) HT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
) N: {% [# K) Q/ yelapsed in the applicable Quarterly Floating Rate Period divided by 365): g: p$ V3 N9 D# m: a
determined on the 30th day prior to the first day of the applicable Quarterly
" \! e& c- N$ \, ?2 Y+ OFloating Rate Period.
; }: Z4 n. ?$ M% M" W* k, F3 MS-57 S5 [' l! l& b) _$ X
If the Board of Directors does not declare a dividend, or any part thereof, on
3 L* i: s' o; s3 h( I0 cthe Preferred Shares Series 19 on or before the dividend payment date for a
2 w- S2 t4 F) b8 ~particular quarter, then the entitlement of the holders of the Preferred
: M& z% @: G$ y* E) k7 {Shares Series 19 to receive such dividend, or to any part thereof, for such
2 P! Z0 W1 S8 U) ]' x' e7 Vquarter will be forever extinguished., t3 B+ Y: _& F! T% a$ e5 a6 n' ^! z
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
) l' c. M, X* n6 Q7 r) v: lSuperintendent and to the provisions described below under the heading) E* o1 W9 o( R# F, E7 \2 X
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
# s- C# f: j3 m) S) M& b& d* oSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,! K* l5 L4 `$ }' {6 X1 M# k
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
( {0 G* N# v! ~3 {4 [or any part of the then outstanding Preferred Shares Series 19, at the Bank’s+ m1 d3 z! ^: y0 N3 |' ]1 H
option without the consent of the holder, by the payment of an amount in/ b  ?2 A  D) Z$ P2 t. Q
cash for each such share so redeemed of (i) $25.00 together with all declared
1 [" ^9 ]$ q( m# wand unpaid dividends to the date fixed for redemption in the case of
( V, Z0 d5 x. Tredemptions on February 25, 2019 and on February 25 every five years
8 A1 i* M: B! b, dthereafter, or (ii) $25.50 together with all declared and unpaid dividends to0 i( X9 M' Q2 l1 [4 k
the date fixed for redemption in the case of redemptions on any other date
: ]7 W! v: O' y# z( V: Von or after February 25, 2014.
/ g. @7 L4 Z& F( V: ?4 f! a! cConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic6 s7 @$ W( ~% |. ]+ x$ m- v; T7 g. Q
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have1 ?: @8 g/ E) I' [! g
the right, at their option, to convert, on February 25, 2019 and on# L4 I1 M; ~4 i9 }8 h
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
0 u7 w5 a. C3 {% Tor all of their Preferred Shares Series 19 into an equal number of Preferred: g2 R% w4 ]% a5 O& D: Y* u8 R5 }
Shares Series 18 upon giving to the Bank written notice thereof not earlier: P, R! V9 x2 A+ J, K+ m
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
: h4 H- r& G2 n) Q% s15th day preceding, a Series 19 Conversion Date.
- x6 {5 T+ Y# w, u. M# d3 a3 M9 e5 EAutomatic Conversion If the Bank determines, after having taken into account all shares tendered) l: e1 i; H: p. |# e# s1 S
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares/ X( a* a/ Q. E5 F& h
Series 18, as the case may be, that there would be outstanding on such
5 u5 K, c9 J. LSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,, v6 \6 Q4 B' ?. s; U9 B& V9 k( S, C
such remaining number of Preferred Shares Series 19 will automatically be- `0 o6 n2 ?- }1 o& i3 R: i$ F
converted on such Series 19 Conversion Date into an equal number of
. h. }4 c7 E0 gPreferred Shares Series 18. Additionally, if the Bank determines that, after- x; w1 D/ e/ `
conversion, there would be outstanding on such Series 19 Conversion Date& P8 o- B  K! J/ H0 l( M: n+ I$ s
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares, o7 b! `$ L6 N& ^
Series 19 will be converted into Preferred Shares Series 18.
, \" S; V. m" t3 e9 SVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
) B1 x4 J; @- {( j6 OSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
9 Q: T* G. L/ w/ e1 q9 w; d+ uany meeting of the shareholders of the Bank unless and until the first time at0 K2 V; j% o" J$ T# O5 x
which the Board of Directors has not declared the whole dividend on the5 h  X; ^, e4 w/ q, P
Preferred Shares Series 19 in any quarter. In that event, subject as. [$ ?0 ~/ Q. Y6 p, e
hereinafter provided, the holders of Preferred Shares Series 19 will be( [/ t& ^+ p1 S& [
entitled to receive notice of, and to attend, meetings of shareholders at which# \( `1 Z! i' P  C% \8 D4 w' D1 t$ y
directors of the Bank are to be elected and will be entitled to one vote for5 Q( q  p( ]3 `" T3 m1 v( ]4 \
each Preferred Share Series 19 held. The voting rights of the holders of the5 R" @8 w# ^" W7 M5 E
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of9 L! p6 M7 Z, ?7 l# m
the first dividend on the Preferred Shares Series 19 to which the holders are
. h' M3 [/ `. ^8 Gentitled thereunder subsequent to the time such voting rights first arose until6 Z& [/ i3 T% v) I7 R3 b# z
such time as the Bank may again fail to declare the whole dividend on the
; Q/ o2 F$ x6 }& b7 J, Q9 IPreferred Shares Series 19 in respect of any quarter, in which event such; h# G. p' Z4 r5 Z1 c1 a$ ~/ c
voting rights will become effective again and so on from time to time.1 Q4 L6 v7 I) v; ~9 [
S-6
6 |! J+ A, g- r4 |9 v$ f4 zPriority: The preferred shares of each series of the Bank will rank on a parity with
* T; f# w) z, ]8 I! F. X1 bevery other series and are entitled to preference over the common shares of9 J2 |$ w& `* Q3 n1 A2 i% p
the Bank and over any other shares of the Bank ranking junior to the
0 v8 x$ w  r* Lpreferred shares with respect to the payment of dividends and upon any
$ \# h$ Y" Z* G& ~- G& s, t$ f& B7 ?# xdistribution of assets in the event of the liquidation, dissolution or( F5 g- Z& U/ S
winding-up of the Bank.( d* {  I4 [$ E) J- n7 }9 _
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
0 L( s* q, p* I* x6 z) q9 IDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
% `2 T/ Y9 n) A5 gSeries 18 and Preferred Shares Series 19 will not be required to pay tax on3 C, S) L, h0 z' }4 ^9 q: y
dividends 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。
6 D3 q  h' C/ x$ i: ]: X( p- [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
' \" L8 Z6 ~7 ~# h' H7 b$ S  _

' ~- {1 s" i! e! [9 g7 R下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
/ ^2 S* p" u* w; @6 c% P" x' A. R; Q* X& H$ H
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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