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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。
$ ~1 Z; G# {* T! b

. Z! n" t) R* u* N) H& ~6 b5 _2 o! a3 f0 _
[ 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:# D, m5 ]9 f. e3 m
SUMMARY OF THE OFFERING
+ I; y- P. S) X7 `1 PThis 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’’.
# S3 i6 B: P" i+ c8 T) K' mIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
" a, A6 _+ b0 x# F( j* NAmount: $150,000,000 (6,000,000 shares).
% N# Y; e6 x# w' x4 ^" o) B" b- UPrice and Yield: $25.00 per share to yield initially 6.50% per annum.4 g* w" Q+ E4 h2 ~# h$ h& M
Principal Characteristics of the Preferred Shares Series 18
6 W5 H; S/ t# l3 h2 R; ], eDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
" o" f! ]3 z4 onon-cumulative preferential cash dividends, as and when declared by the
. m/ X% T# [" eBoard of Directors, subject to the provisions of the Bank Act, for the initial  p: e2 d! ^+ B/ ?4 h8 D; X
period commencing on the closing date and ending on and including
7 L( o' c! @( O1 I4 GFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the" T9 W6 W0 e8 \- {3 T) @
25th day of February, May, August and November in each year, at a rate
7 z* r/ g; h1 R  Hequal to $0.40625 per share. The initial dividend, if declared, will be payable5 o- ^- m# n$ g& A! g/ U
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
# h5 U. S% ~0 M6 ndate of December 11, 2008.
1 a1 L2 C& J9 M% M# g6 o: Q/ m5 RFor each five-year period after the Initial Fixed Rate Period (each, a
' \# d4 Q) v: B4 T/ X, i3 J% x‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
' c* V# [1 S( S) O. wSeries 18 will be entitled to receive fixed non-cumulative preferential cash
# F. J  F# v$ Q9 J( Bdividends, as and when declared by the Board of Directors, subject to the
7 Z6 m& v0 N# |provisions of the Bank Act, payable quarterly on the 25th day of February,
0 L8 k  Z% @0 x$ h) cMay, August and November in each year, in the amount per share per annum
% \; a0 {, \+ M. [) q7 @5 V. ndetermined by multiplying the Annual Fixed Dividend Rate applicable to
! c; _4 ]) v# r4 Q' |such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
3 \& D) R& \) D3 J0 d& aRate for the ensuing Subsequent Fixed Rate Period will be determined by the
" d( ?7 Q) c1 I& g; QBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day  q3 v* R( p: D7 x+ d1 G
of such Subsequent Fixed Rate Period and will be equal to the sum of the) Y: L1 k  I, S
Government of Canada Yield on the applicable Fixed Rate Calculation Date
, U3 b$ C& _" ?% \plus 3.83%.
4 V& [! s# L% H3 e% Z0 EIf the Board of Directors does not declare a dividend, or any part thereof, on
% H* O! {2 e2 d9 n. Tthe Preferred Shares Series 18 on or before the dividend payment date for a
3 j- V" q( @9 Gparticular quarter, then the entitlement of the holders of the Preferred
2 R' S- y) a7 W  XShares Series 18 to receive such dividend, or to any part thereof, for such
! M: H$ O- T/ a$ D" ?# Wquarter will be forever extinguished.
! g, M$ r" Q" _/ FRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
2 K, R6 H, L9 e* y( wSuperintendent and to the provisions described below under ‘‘Details of the
) f; d: u: M1 xOffering — Certain Provisions of the Preferred Shares Series 18 as a% Q+ O! d. U" W0 ^# H& B: h
Series — Restrictions on Dividends and Retirement of Shares’’, on* X! Z$ @: Z$ O$ e; }# _
February 25, 2014 and on February 25 every five years thereafter, on not
& t/ E2 C/ t3 ^; W& x0 Dmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
0 Q1 t4 z- ~7 \9 y. @) v" [part of the then outstanding Preferred Shares Series 18, at the Bank’s option' E) p. y) c% J1 \7 s
without the consent of the holder, by the payment of an amount in cash for. H" K& W3 r/ w6 y" r$ o6 h! |2 Y! |
each such share so redeemed of $25.00 together with all declared and unpaid
" Z, E# L: M% X. C$ z1 e) rdividends to the date fixed for redemption.
) \& ?4 K0 m  v/ N6 J$ m* p9 n; t3 kConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
# N' e1 y9 ?0 `% b: y- s% ?# @/ d, lShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have8 J4 z1 K$ m4 Q/ ]) X% ]
the right, at their option, to convert, on February 25, 2014 and on
8 P5 ]. @, j+ b: e5 J0 X1 \+ _S-4
& A3 b! z6 v& i- jFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
) r7 f* j3 }4 ?+ ror all of their Preferred Shares Series 18 into an equal number of Preferred* H" M7 Y) ]1 Z. L1 A, @: W
Shares Series 19 upon giving to the Bank notice thereof not earlier than7 z7 H; ^8 Y' v4 S
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day% l9 P2 h7 o: h& r
preceding, a Series 18 Conversion Date.9 {. g3 p% r7 g, n# X
Automatic Conversion If the Bank determines, after having taken into account all shares tendered. R0 m1 q/ f7 j9 d/ X; i
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares$ D' C. O% {( o( e+ Q
Series 19, as the case may be, that there would be outstanding on such
3 C. y7 _+ |# F* Q. ?) sSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,( h) j- S0 \7 W
such remaining number of Preferred Shares Series 18 will automatically be
# C0 L0 O" [% i1 O4 F  Cconverted on such Series 18 Conversion Date into an equal number of
% W" W* f: B) N6 t7 C* LPreferred Shares Series 19. Additionally, if the Bank determines that, after
8 e: O+ b" v: z" iconversion, there would be outstanding on such Series 18 Conversion Date9 y! z' M, a* s+ O* ]
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
; n) |' b) h0 K' ^Series 18 will be converted into Preferred Shares Series 19.
, u) s& a" D8 [' |Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
' D4 t& S  ?: Q& oSeries 18 will not be entitled as such to receive notice of, attend, or vote at," a; K( G& X% @$ h- f4 Q7 P
any meeting of the shareholders of the Bank unless and until the first time at* j) a3 E  o8 r2 W
which the Board of Directors has not declared the whole dividend on the; [' q( e) x" I3 ~7 \3 A0 e
Preferred Shares Series 18 in any quarter. In that event, subject as
+ V. W4 M/ E; [; p( l* d1 mhereinafter provided, the holders of Preferred Shares Series 18 will be9 a) M* [  F. F2 r* _! j3 Q
entitled to receive notice of, and to attend, meetings of shareholders at which& R9 m" j+ h: v4 O$ G9 [* L2 P0 y
directors of the Bank are to be elected and will be entitled to one vote for* L$ A# O9 o2 m. `! w: H& l
each Preferred Share Series 18 held. The voting rights of the holders of the
: d+ U. f- ]+ i/ \& y, dPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
; ~' M  u0 @# ^* O% X, k2 R! pthe first dividend on the Preferred Shares Series 18 to which the holders are& w, v: I/ }; L; }
entitled thereunder subsequent to the time such voting rights first arose until  S; i; b& a  D6 W$ W6 N) |- c: Z) P2 p
such time as the Bank may again fail to declare the whole dividend on the
  C% B  M! F7 |* `; M% |" m/ ZPreferred Shares Series 18 in respect of any quarter, in which event such
$ x' `8 r9 ~+ w) I) Kvoting rights will become effective again and so on from time to time.
/ M: E7 _7 `9 t6 X5 a0 Y) u( FPrincipal Characteristics of the Preferred Shares Series 19, T0 d$ G* |+ C% O1 h7 x# D
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive' d: a7 v- o! y9 [
floating rate non-cumulative preferential cash dividends, as and when
6 @5 q. y3 ^. tdeclared by the Board of Directors, subject to the provisions of the Bank Act,
+ I* U7 G  a5 t$ B7 M0 X1 Hpayable quarterly on the 25th day of February, May, August and November
' ^6 S' k+ `. Q6 j/ Xin each year, in the amount per share determined by multiplying the
0 Y1 j, E, H7 l& \applicable Quarterly Floating Dividend Rate by $25.00.+ j# I1 D6 n1 d; A* g+ D
On the 30th day prior to the commencement of the initial quarterly dividend
! V9 q, ^+ }9 L8 V+ O! n0 mperiod beginning on February 25, 2014, and on the 30th day prior to the first, W9 j' t8 P' k- W9 n7 a
day of each subsequent quarterly dividend period (the initial quarterly) I; {* d6 d' Y
dividend period and each subsequent quarterly dividend period is referred to
. E  c- a  G  Kas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
& ^0 @1 H+ q5 Q; f2 @1 pQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate6 x  M5 m+ a) A) o8 v; O/ t
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the& }- v2 D) K% n; J* F1 M2 |+ c: h4 @$ w, Y
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
& q: _1 V" o% a- Z* Felapsed in the applicable Quarterly Floating Rate Period divided by 365)! D6 p5 x0 O$ ^- |3 S
determined on the 30th day prior to the first day of the applicable Quarterly
3 H4 e0 C# D/ y3 H$ TFloating Rate Period.
' p& \! I/ C7 f0 i8 [" R2 O& @S-5
/ U- @# r( \2 B% H* gIf the Board of Directors does not declare a dividend, or any part thereof, on
7 f5 t( w+ w/ j5 K3 _the Preferred Shares Series 19 on or before the dividend payment date for a
5 ]) n! a0 r6 w6 D6 Eparticular quarter, then the entitlement of the holders of the Preferred
/ i, E- }, M# E' {8 b/ |0 OShares Series 19 to receive such dividend, or to any part thereof, for such" d1 I! K# ^$ j. ]
quarter will be forever extinguished.
; ]  D/ O# h1 v' f6 f" E  }( G( w  fRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
) c: e4 f9 S" F# d3 o( dSuperintendent and to the provisions described below under the heading0 _5 j9 P5 i. K4 v5 s) e, b
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
) i3 l' H* h6 e; F! l& VSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
. F% f$ v" }$ q0 @- S! I: o- D; c- Don not more than 60 nor less than 30 days’ notice, the Bank may redeem all
$ z* y  `; q' i& v% ~; H0 oor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
2 L/ d0 n# o6 v+ R6 _) _- E7 Joption without the consent of the holder, by the payment of an amount in
3 j+ [$ R+ _9 E/ v5 r2 F" |cash for each such share so redeemed of (i) $25.00 together with all declared
% k8 K4 ?7 V# x  A) p0 Zand unpaid dividends to the date fixed for redemption in the case of
; P* g# W' o+ W% Y0 gredemptions on February 25, 2019 and on February 25 every five years/ Z. S: B  w2 i1 ~" ^$ H
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to! V# V3 W0 A: u
the date fixed for redemption in the case of redemptions on any other date- z9 o3 _( u! D9 R9 Y
on or after February 25, 2014.
, y  b' P7 I7 tConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic3 v. E2 F" D" Z  j
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have+ W  `& F7 Q- S
the right, at their option, to convert, on February 25, 2019 and on
  k' z( t) Q0 S( W* Q4 nFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any* F% f8 ]3 y& ~% g) H5 {1 ?2 ^
or all of their Preferred Shares Series 19 into an equal number of Preferred
& P2 ]& P) [4 ~' y5 O  G6 |. uShares Series 18 upon giving to the Bank written notice thereof not earlier
  G: Z$ D1 ~* P2 d: O; \3 p: Wthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
% E9 ~. ?5 q" r# s/ @& B15th day preceding, a Series 19 Conversion Date.% W! H0 k& p7 m2 }1 L1 Z/ O4 y
Automatic Conversion If the Bank determines, after having taken into account all shares tendered- P6 H7 Q- E& L' b, c' \
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares" k2 U/ @* b  G7 Q% D
Series 18, as the case may be, that there would be outstanding on such* P( t8 |. N& z# m: Q
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
! S- F1 t) a- \7 h2 rsuch remaining number of Preferred Shares Series 19 will automatically be: C" h8 B% B) z, x5 {8 s9 }
converted on such Series 19 Conversion Date into an equal number of
2 e+ R! \, x" V% H1 NPreferred Shares Series 18. Additionally, if the Bank determines that, after; n( T/ L: I; Z, }  p
conversion, there would be outstanding on such Series 19 Conversion Date
1 [+ }9 h- @9 D& o. Hless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares$ [7 s1 C8 W8 n8 O' i
Series 19 will be converted into Preferred Shares Series 18.
1 S3 q2 g9 {$ r7 AVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
. B7 ?% `& j. Y/ VSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
" N# p3 @0 g# X9 F+ z4 X0 {# ~, t+ Fany meeting of the shareholders of the Bank unless and until the first time at
$ \* ]9 w9 y: Q7 I- Ewhich the Board of Directors has not declared the whole dividend on the
4 N7 Z- p( v- ZPreferred Shares Series 19 in any quarter. In that event, subject as
3 X* F' O& \- f% u+ n0 L! ]. _hereinafter provided, the holders of Preferred Shares Series 19 will be) P0 O+ i; e; Q5 [/ t
entitled to receive notice of, and to attend, meetings of shareholders at which& w& Y5 Q- S2 z
directors of the Bank are to be elected and will be entitled to one vote for
0 H( Q( M+ ~+ W4 Yeach Preferred Share Series 19 held. The voting rights of the holders of the1 O, i, q. Z% k
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of/ s- f# G* f- m3 [  y
the first dividend on the Preferred Shares Series 19 to which the holders are
1 d) @0 l$ Z, |! x% lentitled thereunder subsequent to the time such voting rights first arose until
& n8 Y, u3 o. |/ `such time as the Bank may again fail to declare the whole dividend on the1 A3 B; a3 D  L- x4 ~/ D1 N6 A  ?
Preferred Shares Series 19 in respect of any quarter, in which event such7 F' Y# \, }, G8 W
voting rights will become effective again and so on from time to time.
( x: ^1 n+ }) q8 }, X# y7 jS-6  S% R: H- o* e& B$ S& j' X# Q/ I9 A
Priority: The preferred shares of each series of the Bank will rank on a parity with+ h( ]1 r+ |- l& R! q4 a+ R4 Z* U
every other series and are entitled to preference over the common shares of/ N4 `# ~/ k0 D* j( N
the Bank and over any other shares of the Bank ranking junior to the9 E9 |- n, f& u$ E2 {! u
preferred shares with respect to the payment of dividends and upon any7 G3 P0 q' c8 O* ]2 [3 _
distribution of assets in the event of the liquidation, dissolution or% E. d! @4 X' x' \9 z
winding-up of the Bank.
7 H, e  H( B( D8 G) V0 @! mTax on Preferred Share The Bank will elect, in the manner and within the time provided under, }9 L8 }* ~% a4 X; @
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares  U* C4 n( v/ {+ W" c
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
/ i- ~1 t0 B6 y  `9 @! Idividends 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。) l% k' f/ E5 x, w( b: J
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
, r" W- k, F8 D
& c$ ?  {* E2 m6 t
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。. ?& A8 b, a: J' T) K
7 o( a2 k* A# ]/ k7 _9 k
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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