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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和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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/ X6 z- C# k2 \. z' @/ b9 @$ @2 e  i[ 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:
% p% L, a( O! n' c6 CSUMMARY OF THE OFFERING2 {% j, U& `0 C$ N7 K5 N) 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’’.
+ j4 {% p+ L( f- S  a8 fIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.& `  S5 h, s$ h- Q0 [
Amount: $150,000,000 (6,000,000 shares).
4 A9 {% n4 x$ y! j) FPrice and Yield: $25.00 per share to yield initially 6.50% per annum.: }% C4 l; Q2 i6 r" Y: x' s4 S
Principal Characteristics of the Preferred Shares Series 18
7 G- ]  R  A3 R+ q2 }$ P0 nDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed0 `/ v1 Y3 ^/ V7 B, X1 f
non-cumulative preferential cash dividends, as and when declared by the
. `* Z8 d* t) `" J# VBoard of Directors, subject to the provisions of the Bank Act, for the initial
/ K$ C! v5 ^8 U' [5 cperiod commencing on the closing date and ending on and including2 ?& o- }" C. {! ]/ Q, T
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the1 P' H0 l) c0 q8 z; ]% i% _( q
25th day of February, May, August and November in each year, at a rate
& D: [* T  T) c# x: g7 Cequal to $0.40625 per share. The initial dividend, if declared, will be payable2 M+ R: t  k) A/ ~2 w5 m$ V" d
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing. |, {" Q- S& X- W) W
date of December 11, 2008.. O& a+ Z& |4 e
For each five-year period after the Initial Fixed Rate Period (each, a
$ M- A! K, w# B6 Y‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares2 D6 z) p% p' {
Series 18 will be entitled to receive fixed non-cumulative preferential cash
- _  t5 u& Y0 L$ O3 ddividends, as and when declared by the Board of Directors, subject to the& D1 {2 N; F* F5 U& L/ A, ~3 a
provisions of the Bank Act, payable quarterly on the 25th day of February,0 `! d0 s+ T4 h3 [
May, August and November in each year, in the amount per share per annum. |, z) n) C4 K9 T6 Y
determined by multiplying the Annual Fixed Dividend Rate applicable to
4 `+ ^; @, D8 B+ \5 `such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend: Q: r6 g& r& h+ J* z
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the+ M& ~. z( K' K" _. k6 P( |
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day+ @: `: C' i+ @. K  g( W) V8 @
of such Subsequent Fixed Rate Period and will be equal to the sum of the
3 N( j$ O' \8 BGovernment of Canada Yield on the applicable Fixed Rate Calculation Date, r2 K+ H+ v7 Y1 v+ y
plus 3.83%.
: e3 P# ^5 V/ N6 P/ ]7 TIf the Board of Directors does not declare a dividend, or any part thereof, on4 ~- w) i( M0 }2 r0 F3 A, S1 {4 s6 n
the Preferred Shares Series 18 on or before the dividend payment date for a
+ d, a- \& m+ M- a4 Oparticular quarter, then the entitlement of the holders of the Preferred
& a5 u. y1 {3 Q. XShares Series 18 to receive such dividend, or to any part thereof, for such
4 ^# y3 h8 N& C* q' _3 Nquarter will be forever extinguished.
9 h; k' ?  @, t* c; g4 ~5 |. gRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
* R, A9 F/ X- c- @1 iSuperintendent and to the provisions described below under ‘‘Details of the
& F5 a+ R+ U9 I! B7 |Offering — Certain Provisions of the Preferred Shares Series 18 as a& I- m0 q' ^- H( E2 H
Series — Restrictions on Dividends and Retirement of Shares’’, on
$ n$ q5 k* e, {February 25, 2014 and on February 25 every five years thereafter, on not5 ]) F/ |* f9 R
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any' {9 k6 L" J1 P8 L
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
6 f  u  _+ s( i2 Twithout the consent of the holder, by the payment of an amount in cash for5 `' t  H% ?1 q0 z  g4 K
each such share so redeemed of $25.00 together with all declared and unpaid
1 w& k! K. V! ydividends to the date fixed for redemption.
( i3 {- G8 U4 N, t& W0 _* y, QConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
( W- G  Q% u& h; Q: R$ ?Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have+ a4 {: @* i5 O' x! t- ~& Y# a
the right, at their option, to convert, on February 25, 2014 and on
7 w5 B/ J' q" d# U" ]5 d/ GS-49 T; ]8 i7 Q4 z9 |; a2 G1 R
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
% o" Y' ]( R# A$ i' i5 xor all of their Preferred Shares Series 18 into an equal number of Preferred
" u% M7 z. R7 [$ n$ |$ tShares Series 19 upon giving to the Bank notice thereof not earlier than9 E; \' t$ k( ^) \, _
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day1 G% e4 c' @( T: `, j5 ], \1 b
preceding, a Series 18 Conversion Date.* E7 w' w) u4 t( @6 J3 ]9 V
Automatic Conversion If the Bank determines, after having taken into account all shares tendered2 I+ r  \) }% ?$ x
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
" C6 N; e- ~0 g+ |2 b- VSeries 19, as the case may be, that there would be outstanding on such( {; d0 Q; J9 s& z$ z, j* j
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
1 ?' q$ k. P1 }6 csuch remaining number of Preferred Shares Series 18 will automatically be; W% Z: z3 b% c4 ]3 }3 F7 `
converted on such Series 18 Conversion Date into an equal number of
7 S' {) l1 g2 Q4 hPreferred Shares Series 19. Additionally, if the Bank determines that, after
3 P1 V% l8 a: p2 D+ k: i4 v$ B4 M* iconversion, there would be outstanding on such Series 18 Conversion Date" _7 D/ h0 c, A& f% n% t
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares$ Y; d) c) ~3 B9 I  I6 g
Series 18 will be converted into Preferred Shares Series 19.2 r9 ^( q& C# a+ P
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
$ K" m8 C' W- ]' @; vSeries 18 will not be entitled as such to receive notice of, attend, or vote at,* Z5 ^/ @4 o+ y% O9 Q  ]) J
any meeting of the shareholders of the Bank unless and until the first time at
9 U- u  E" ?0 o+ t' h/ l' g  Mwhich the Board of Directors has not declared the whole dividend on the
% K& |1 O) f$ I% Y! c5 ?Preferred Shares Series 18 in any quarter. In that event, subject as
/ o4 Z% o1 [+ c1 l. k& jhereinafter provided, the holders of Preferred Shares Series 18 will be
5 p% O" _3 Q3 s- h4 C* nentitled to receive notice of, and to attend, meetings of shareholders at which
& O3 _8 h( l# _directors of the Bank are to be elected and will be entitled to one vote for9 q- d( r( t8 o4 r7 e
each Preferred Share Series 18 held. The voting rights of the holders of the
  s1 w1 c7 J0 k; RPreferred Shares Series 18 will forthwith cease upon payment by the Bank of5 y6 n/ b% p4 w/ `
the first dividend on the Preferred Shares Series 18 to which the holders are
7 G- M* c) N" V2 x- Q" Hentitled thereunder subsequent to the time such voting rights first arose until6 |3 E- n  U, k( N" p
such time as the Bank may again fail to declare the whole dividend on the
5 [! L2 T) |1 Q7 QPreferred Shares Series 18 in respect of any quarter, in which event such
# p, R1 H$ D4 w/ n& Pvoting rights will become effective again and so on from time to time.9 V; Y& f2 Z2 A+ \5 W
Principal Characteristics of the Preferred Shares Series 195 i: S* y+ Q: V. W0 W  ?
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
% P8 j& T6 K% U: K: e" X: r5 vfloating rate non-cumulative preferential cash dividends, as and when1 I/ m4 k# B0 r1 J
declared by the Board of Directors, subject to the provisions of the Bank Act,
/ Z/ ?4 `2 s6 v3 C6 [payable quarterly on the 25th day of February, May, August and November
) Q5 ]4 `- o/ y; r7 }7 Vin each year, in the amount per share determined by multiplying the
: F% E# v: F) f6 O4 Papplicable Quarterly Floating Dividend Rate by $25.00.
6 }2 e7 D/ Z# j5 E) AOn the 30th day prior to the commencement of the initial quarterly dividend
, J' {& k  m* l4 ], yperiod beginning on February 25, 2014, and on the 30th day prior to the first
5 S; z3 A* e* M2 b5 S! Qday of each subsequent quarterly dividend period (the initial quarterly
% @' S/ v+ p  E0 y( F' qdividend period and each subsequent quarterly dividend period is referred to  A" k, S2 b4 _. E
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the$ P1 s4 D2 i! [6 K, Q# H
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate& g3 ~5 I; }# g+ U) {* G8 f% s/ v" t
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
) z1 h5 I8 @0 s' k8 OT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
6 `" O/ {! {5 r) Z- |% s! f, H7 g" velapsed in the applicable Quarterly Floating Rate Period divided by 365)
+ J4 `- H2 ^9 q8 x% g( L) B! Fdetermined on the 30th day prior to the first day of the applicable Quarterly
9 r$ O( f1 G. r; R! WFloating Rate Period., u" N2 O1 F0 c, v/ V) a
S-54 s9 v* J) S( M1 P/ S- u) t
If the Board of Directors does not declare a dividend, or any part thereof, on: H  ^( m- o& u. @! }4 G3 G
the Preferred Shares Series 19 on or before the dividend payment date for a
! N4 o' k" q+ `  g8 Sparticular quarter, then the entitlement of the holders of the Preferred
. d$ P/ |( D8 ~8 W  H0 g5 n0 SShares Series 19 to receive such dividend, or to any part thereof, for such
* d; Y' c, c* H% [quarter will be forever extinguished.
6 Q  w; u/ D8 SRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
+ }+ n9 U; U+ D  J  @Superintendent and to the provisions described below under the heading: t0 Y# ?% f4 }! I1 w, G# u
‘‘Details of the Offering — Certain Provisions of the Preferred Shares4 k* C/ Y+ q7 P
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
( ~  [. }, H  a8 y8 s* I6 Z6 Non not more than 60 nor less than 30 days’ notice, the Bank may redeem all
* R7 \  s! Z  o6 Kor any part of the then outstanding Preferred Shares Series 19, at the Bank’s9 C' ~, x* k/ c& T. H3 F
option without the consent of the holder, by the payment of an amount in5 M0 ^9 y9 x. b! h. e5 t/ @
cash for each such share so redeemed of (i) $25.00 together with all declared' x5 }6 B2 a' F, l
and unpaid dividends to the date fixed for redemption in the case of
: H; }. G/ I* k$ Eredemptions on February 25, 2019 and on February 25 every five years
3 V3 I1 q7 L6 Hthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
- z* s5 R- @, m- e" \, J3 Nthe date fixed for redemption in the case of redemptions on any other date
0 G% n% H7 z# n+ @' ]* K9 ~on or after February 25, 2014.
& c8 \) R! K( O$ ^( `4 a( @Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic! u( o2 Y: M3 {! W
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have, Z: J5 D$ U( T$ }$ W2 [( l
the right, at their option, to convert, on February 25, 2019 and on
" ^6 D" O4 M/ L0 _- p4 }& lFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any. i9 m8 e  x! J- ~4 `
or all of their Preferred Shares Series 19 into an equal number of Preferred
3 M% @0 R; U' T4 f$ q: X/ `, q( |Shares Series 18 upon giving to the Bank written notice thereof not earlier
  P+ ~, I5 H/ N9 G$ A5 _than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the. X3 ]3 [- n8 z& J" `
15th day preceding, a Series 19 Conversion Date.
0 Q: a+ I9 b" D# j5 h/ cAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
$ z& N: u2 l- u0 aProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
2 y% Q/ \7 U( `) x9 {6 k- kSeries 18, as the case may be, that there would be outstanding on such
! y9 B# E- z, }; f5 ?" h9 n/ M' bSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,# k$ B* Q4 h/ a# ~0 c* z$ i
such remaining number of Preferred Shares Series 19 will automatically be
1 d, S  U. a3 Q* M0 a8 bconverted on such Series 19 Conversion Date into an equal number of% k- L" }2 {1 C( }" ?
Preferred Shares Series 18. Additionally, if the Bank determines that, after
* J5 d6 l5 G3 e, w8 _. j  D! j2 C" mconversion, there would be outstanding on such Series 19 Conversion Date/ Z, p  k: j$ w
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
% T' H6 Q) P" @- ?Series 19 will be converted into Preferred Shares Series 18.0 H" K: Z/ M7 L* W
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
8 M) W1 k  ~& }- M- I) [Series 19 will not be entitled as such to receive notice of, attend, or vote at,$ K; |: z  G2 E1 W7 R
any meeting of the shareholders of the Bank unless and until the first time at) t% q/ o9 I$ C* t7 q9 Z- T
which the Board of Directors has not declared the whole dividend on the
3 y6 V; C. b) `3 A% v/ HPreferred Shares Series 19 in any quarter. In that event, subject as7 e) X% V9 F; x; a
hereinafter provided, the holders of Preferred Shares Series 19 will be
! I5 N: t& u6 _+ K1 y1 |# N4 _entitled to receive notice of, and to attend, meetings of shareholders at which0 Z- m+ R2 E' B# x% e, E( G
directors of the Bank are to be elected and will be entitled to one vote for. j5 N  l& |- K
each Preferred Share Series 19 held. The voting rights of the holders of the3 b6 K/ E' f* {5 v8 P$ \
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of# v% Y) ]/ \8 q! Q4 o9 F
the first dividend on the Preferred Shares Series 19 to which the holders are
0 L# ~5 {: q7 ?1 Z- i0 `4 Q6 dentitled thereunder subsequent to the time such voting rights first arose until
  v2 O( x1 T! V* |, K: S1 O; csuch time as the Bank may again fail to declare the whole dividend on the, g* _8 Q/ j  x5 w* I  l/ `' x
Preferred Shares Series 19 in respect of any quarter, in which event such4 |! r5 X) ^: ~
voting rights will become effective again and so on from time to time.
( T# ~( G& B* i$ `S-6! u) o3 x3 [+ G% Y" A
Priority: The preferred shares of each series of the Bank will rank on a parity with( K7 a* I8 I' I0 z" T  N
every other series and are entitled to preference over the common shares of
% ]/ T$ d* a+ u3 r; V6 w9 ~the Bank and over any other shares of the Bank ranking junior to the
! t$ K2 E5 \1 l! cpreferred shares with respect to the payment of dividends and upon any0 U1 m' [; s. ~. Q( y
distribution of assets in the event of the liquidation, dissolution or
. M- K. g- }7 o, T# R# L/ I  Pwinding-up of the Bank.
" ^* g" w( X; o$ F. i, x% bTax on Preferred Share The Bank will elect, in the manner and within the time provided under! s& V6 D: R$ L6 j/ w
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
- M$ z% z; |2 L& ~" u9 USeries 18 and Preferred Shares Series 19 will not be required to pay tax on: p$ A/ N. Y3 d# }
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 |/ b' ]) a: n8 `6 w/ `/ 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
1 }, c) g8 R! v' Y

+ m9 ~) Z, ^* W4 e: q3 A) _6 m* ~下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
; x3 W9 c$ ]$ x: l; @! L" K& b, _4 r7 t4 ]5 y7 C" 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。
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