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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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[ 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:
2 E  k- J2 B( M, w  v5 O3 a! @: HSUMMARY OF THE OFFERING
5 M3 b9 O* h5 [- T4 YThis 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’’.' e: O8 J: y, i* R4 ~# o( x, Q
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
) f( Z& r; J9 A# ], Z$ DAmount: $150,000,000 (6,000,000 shares).  \6 z( H, m$ U8 i
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
, G9 p. c7 L0 Y2 x2 aPrincipal Characteristics of the Preferred Shares Series 18$ j) v: }5 s$ [
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
1 g6 N# `. m0 k5 Q0 j3 _0 C2 Lnon-cumulative preferential cash dividends, as and when declared by the* C% q1 h+ W; G6 e/ M: }- h$ H
Board of Directors, subject to the provisions of the Bank Act, for the initial" H0 D6 ]8 w% t8 s$ X# u
period commencing on the closing date and ending on and including" U8 |4 h3 @# E4 D  o% v7 S2 T
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the4 A& V/ t0 a/ A  l+ Y: F2 k
25th day of February, May, August and November in each year, at a rate
  V- q0 S& q! b1 Fequal to $0.40625 per share. The initial dividend, if declared, will be payable) \3 a3 }+ R7 g; q$ @( `( W
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
. x  y. W9 h2 a) _7 I+ [1 j* b" Q& T: bdate of December 11, 2008.
/ T- A5 ]% k) }: F% R3 d9 A+ z7 c) qFor each five-year period after the Initial Fixed Rate Period (each, a
3 P0 w+ n8 [- k‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
& P" V8 n5 i) u# b/ m$ e' wSeries 18 will be entitled to receive fixed non-cumulative preferential cash
7 {$ i9 R1 N% j' ]% l' G7 N1 fdividends, as and when declared by the Board of Directors, subject to the& P8 Q/ L  j4 P& B5 c1 v6 Z
provisions of the Bank Act, payable quarterly on the 25th day of February,5 M. ^* J8 E* b+ k  I
May, August and November in each year, in the amount per share per annum, d9 m& \  b' ~! v) I
determined by multiplying the Annual Fixed Dividend Rate applicable to
. }7 m/ b" o2 `, A; p2 N) E3 zsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
8 Y6 }4 j1 ~8 YRate for the ensuing Subsequent Fixed Rate Period will be determined by the+ L: G8 r" s) q7 o
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
, |, U$ e4 n6 G! Q3 c/ ^; @$ fof such Subsequent Fixed Rate Period and will be equal to the sum of the
, i  w$ L# W6 W' \7 E: |Government of Canada Yield on the applicable Fixed Rate Calculation Date
9 I) I9 C0 Y1 C' l# V2 Dplus 3.83%.
$ t9 Z8 S; H' h% o5 R8 gIf the Board of Directors does not declare a dividend, or any part thereof, on
, U% K- g; R. X4 A5 bthe Preferred Shares Series 18 on or before the dividend payment date for a7 ~0 R! j' K1 M1 q& W! r% g" b
particular quarter, then the entitlement of the holders of the Preferred
5 |: ?' t3 m, E! ~1 gShares Series 18 to receive such dividend, or to any part thereof, for such5 H6 @# P3 Y3 `  O$ j- J  c# s# n
quarter will be forever extinguished.
  J# T  I- ~' f9 u; Q- eRedemption: Subject to the provisions of the Bank Act and to the prior consent of the! d7 ^" [9 O! N% \; I3 N) ]( |. \
Superintendent and to the provisions described below under ‘‘Details of the5 K. o" b7 }! I0 `$ `$ o1 q, z
Offering — Certain Provisions of the Preferred Shares Series 18 as a
* Q6 ]( L" L0 ~, `" U+ `Series — Restrictions on Dividends and Retirement of Shares’’, on
2 l; H. m+ R0 s) ~( `% c; Z% xFebruary 25, 2014 and on February 25 every five years thereafter, on not8 V; e7 _- F  G6 M
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
- g# f: O% ~% c0 e) ipart of the then outstanding Preferred Shares Series 18, at the Bank’s option
. _& n5 G& g7 u$ Gwithout the consent of the holder, by the payment of an amount in cash for3 C" t6 v  _+ [( i1 V
each such share so redeemed of $25.00 together with all declared and unpaid, ~9 S1 n; @- J7 a- G
dividends to the date fixed for redemption.* v. T. ]6 Q! A9 |) e
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
! _* z! i( C. ?7 @) K/ S9 }Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have* l/ w, W9 u% m$ S: I
the right, at their option, to convert, on February 25, 2014 and on+ J' z$ j8 U0 N% \
S-47 w) n0 U1 a' i4 y
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
( j- d4 o* Q2 k+ ^or all of their Preferred Shares Series 18 into an equal number of Preferred: b) w7 y8 |/ Q* h" G  ]
Shares Series 19 upon giving to the Bank notice thereof not earlier than" I  w6 S, ~- R' ~+ d( E
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day0 W: @: S0 z# q% B- m
preceding, a Series 18 Conversion Date.
5 j; p) R  d& [4 h4 C3 v0 |% D* k" ~Automatic Conversion If the Bank determines, after having taken into account all shares tendered
0 {/ T4 r. h4 I+ K, [/ Y2 t+ gProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
+ h* P, A% }) t1 |Series 19, as the case may be, that there would be outstanding on such; ~( Z- ~( w% [* D2 o( R' w6 O$ a
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,+ `! l+ B; b# Q9 r2 Z" {+ R! M
such remaining number of Preferred Shares Series 18 will automatically be
, L  k/ u4 `( F( a; R* r7 Y7 S6 p$ Uconverted on such Series 18 Conversion Date into an equal number of# I/ _9 S6 P" J3 u7 c" S
Preferred Shares Series 19. Additionally, if the Bank determines that, after6 l6 I. k0 ]& H- t
conversion, there would be outstanding on such Series 18 Conversion Date; \# Q5 {6 R- h3 O# k! i2 j, _
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
1 x; q% n0 U$ [Series 18 will be converted into Preferred Shares Series 19.
6 e/ g7 e, @* T+ k! WVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares$ W: q; u3 U, U5 f! |5 G  p
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
! a9 t% h+ t- V5 \+ B% _any meeting of the shareholders of the Bank unless and until the first time at  v! G" W1 @% J5 \  G. P* t
which the Board of Directors has not declared the whole dividend on the
( p( S4 k$ X; @Preferred Shares Series 18 in any quarter. In that event, subject as# W) ]7 i, V& n2 a+ f4 E
hereinafter provided, the holders of Preferred Shares Series 18 will be  \) c% L/ |9 A/ d1 `: P
entitled to receive notice of, and to attend, meetings of shareholders at which: {; i; r+ z: }, G' |6 [
directors of the Bank are to be elected and will be entitled to one vote for3 m8 C% b+ z0 `: c3 Z
each Preferred Share Series 18 held. The voting rights of the holders of the
# _: H/ n$ s% }1 v: K+ |9 Y. nPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
' ]3 J' B: m/ U& l) Sthe first dividend on the Preferred Shares Series 18 to which the holders are/ |% s9 g3 B' b+ a" H6 j
entitled thereunder subsequent to the time such voting rights first arose until
! N& ?" I6 i4 S8 Q+ asuch time as the Bank may again fail to declare the whole dividend on the9 k$ w% C* g% h
Preferred Shares Series 18 in respect of any quarter, in which event such
# A0 C; T* M5 `8 G# lvoting rights will become effective again and so on from time to time.
1 \0 g6 k- w. j5 P6 B( ?8 ?Principal Characteristics of the Preferred Shares Series 191 e6 n" n. z0 {) f* P+ g( O
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive: n- a7 l  J  u- b: ^' n
floating rate non-cumulative preferential cash dividends, as and when
  Z: s! m/ @" ?& @! R# Bdeclared by the Board of Directors, subject to the provisions of the Bank Act,# a! p! L( Z) F! h$ r+ H5 Z
payable quarterly on the 25th day of February, May, August and November
: t# U/ v9 `' d& [in each year, in the amount per share determined by multiplying the
3 ]& Z) x1 Y( G3 j6 Z) Z) g/ Japplicable Quarterly Floating Dividend Rate by $25.00.
4 L  s# V" w2 z4 l# O* @On the 30th day prior to the commencement of the initial quarterly dividend
4 u& J: [' B' a% n/ Kperiod beginning on February 25, 2014, and on the 30th day prior to the first
; B( j. j4 f' Y0 Lday of each subsequent quarterly dividend period (the initial quarterly- z4 n2 Y: d5 X& o; j: e8 q
dividend period and each subsequent quarterly dividend period is referred to1 X7 N. t, y& V$ L2 j5 e( A+ ?9 M
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
- C- E3 _5 c# m1 d# k3 d% T5 qQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
4 j- L2 |! b4 oPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
) z* l+ L# c2 i# s' n/ R4 o9 uT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days" ]* Y+ ]1 u- }2 p0 Y; G. u' S
elapsed in the applicable Quarterly Floating Rate Period divided by 365)$ C+ _6 o( \3 V, D- d: ?
determined on the 30th day prior to the first day of the applicable Quarterly
# a# _9 u( Q! m' h! q! uFloating Rate Period.2 H3 t7 M' p0 j- Z- C7 H
S-5
  q! [* f2 A. X% _: aIf the Board of Directors does not declare a dividend, or any part thereof, on; w+ c/ e3 O8 W1 C
the Preferred Shares Series 19 on or before the dividend payment date for a7 r6 v+ g0 l  s
particular quarter, then the entitlement of the holders of the Preferred
# m$ m4 W( T8 a$ nShares Series 19 to receive such dividend, or to any part thereof, for such3 x1 g2 g' h' T/ y
quarter will be forever extinguished.
( V9 O8 j/ y1 l# ~5 p- {# cRedemption: Subject to the provisions of the Bank Act and to the prior consent of the+ \6 I  ]1 |' C% `
Superintendent and to the provisions described below under the heading  K# g3 _& x& O5 `7 z% b
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
$ P& S$ W' `& \, ySeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
+ ^) h3 |' J# F& c+ son not more than 60 nor less than 30 days’ notice, the Bank may redeem all
4 \3 l- L( Q! i- Oor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
; T" f! l% S1 y* [* N* ?4 Ioption without the consent of the holder, by the payment of an amount in5 n9 z  K9 O1 Y2 E
cash for each such share so redeemed of (i) $25.00 together with all declared
+ j( P: S+ `8 t6 y, s% Mand unpaid dividends to the date fixed for redemption in the case of9 ]. P: d( c7 ]6 h) a( ^6 ~/ {) }
redemptions on February 25, 2019 and on February 25 every five years
8 A8 Q! t, l2 G& nthereafter, or (ii) $25.50 together with all declared and unpaid dividends to. m- P8 `  L% q7 |( y. T. m
the date fixed for redemption in the case of redemptions on any other date
/ Z+ r+ O. U0 G+ L4 J8 {- l+ e5 [on or after February 25, 2014.. ?  M% ]3 `3 D% ]
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic# s# p( G% D7 R' E' H
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have7 \+ y  j& |* v
the right, at their option, to convert, on February 25, 2019 and on  r, Z) z$ q7 g1 S2 W
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
' K# f! [% u7 s; ?7 U9 s' sor all of their Preferred Shares Series 19 into an equal number of Preferred
; R  H' u$ H3 j/ j5 vShares Series 18 upon giving to the Bank written notice thereof not earlier
3 T8 O6 X9 \$ Q, a$ Athan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
# }" |4 R1 G: J0 Y: r- D8 ]$ O15th day preceding, a Series 19 Conversion Date.# ^! t$ _7 C# e1 g3 E- V1 L
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
) C5 v4 j* k6 _2 s" yProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares$ `/ N3 A+ @, y: O* p2 v8 `$ d
Series 18, as the case may be, that there would be outstanding on such6 X- W2 E3 ]9 d  |7 W
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,/ H0 e9 `. {3 }7 ~8 ~$ z
such remaining number of Preferred Shares Series 19 will automatically be
6 Y) `1 v4 U2 S' gconverted on such Series 19 Conversion Date into an equal number of* R! w* c4 y  T( i
Preferred Shares Series 18. Additionally, if the Bank determines that, after* X4 Z1 d/ e# A- D# J# I
conversion, there would be outstanding on such Series 19 Conversion Date
- V( x3 P' L& Y9 fless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares4 e3 J4 q# Q) T$ A: {1 W- l
Series 19 will be converted into Preferred Shares Series 18.8 I! T" W# N$ |
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares. d8 }+ d' n! w
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
9 Q# m- u+ h  d( V: Lany meeting of the shareholders of the Bank unless and until the first time at
. \3 u; K& o, m; w: K" J8 Awhich the Board of Directors has not declared the whole dividend on the7 ~4 l" T) p. o( S: U, P/ y+ c
Preferred Shares Series 19 in any quarter. In that event, subject as, f6 E5 s6 h$ S  s
hereinafter provided, the holders of Preferred Shares Series 19 will be, k: A  H+ C5 b. e* s5 z/ m( R# n% R
entitled to receive notice of, and to attend, meetings of shareholders at which: B0 {  [6 x: `/ R  [
directors of the Bank are to be elected and will be entitled to one vote for; e% P3 I3 z$ _: D* }8 G6 F
each Preferred Share Series 19 held. The voting rights of the holders of the
& \1 ?# l, h. w% D3 m, WPreferred Shares Series 19 will forthwith cease upon payment by the Bank of8 ^3 K5 a% d6 \- C: K& S5 ?8 A" @
the first dividend on the Preferred Shares Series 19 to which the holders are
1 _) }6 Q! D8 xentitled thereunder subsequent to the time such voting rights first arose until
* \2 j. J+ O* qsuch time as the Bank may again fail to declare the whole dividend on the  a, r' R1 ~+ S) K1 H( e5 K1 S( [
Preferred Shares Series 19 in respect of any quarter, in which event such6 x- U# g- B6 S$ ^5 x
voting rights will become effective again and so on from time to time.! e+ ]# W: T$ |) F7 O
S-6
! T  S0 q- |. }; k: t/ m5 qPriority: The preferred shares of each series of the Bank will rank on a parity with
# P2 }; e' A* n% X4 X. k9 xevery other series and are entitled to preference over the common shares of0 b/ O% k4 U7 T. q$ R& a  E1 I
the Bank and over any other shares of the Bank ranking junior to the
. g. W* w4 k8 u  ], a6 r, @preferred shares with respect to the payment of dividends and upon any
9 t5 Y. H' Y4 v' vdistribution of assets in the event of the liquidation, dissolution or
# k( {3 M' q* F) cwinding-up of the Bank.
+ j7 c: n. M, P- t+ Z) d2 aTax on Preferred Share The Bank will elect, in the manner and within the time provided under
, Q2 d5 K; @7 ?% a3 {' u7 h7 d* y( EDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares7 F* ?7 ~. z9 n, R; Q
Series 18 and Preferred Shares Series 19 will not be required to pay tax on. \: D  m6 Q( K
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。# z. L" i  z7 ~/ n
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
8 P7 V4 s6 T7 }9 U  b7 C3 ~
4 Z* P- r, q4 I( d, A4 ]+ ]6 ^4 h
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。8 E/ D+ s7 C6 n8 s1 K1 {

; s$ ~* W. K9 |- Y* g( pcall 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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