埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 2722|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。7 C. }1 S4 V7 `; _- Y

; y0 R8 K; U( n" |1 ]
  \5 |; B3 t! R) k[ 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:( U1 Q4 \2 b: F
SUMMARY OF THE OFFERING6 r5 \1 c: ^; p' M3 u4 ~
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’’.
# A: P9 N' B, [Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.7 ^2 `& ?: p5 K! N8 q6 @
Amount: $150,000,000 (6,000,000 shares).
* p4 s1 G7 n6 S1 N$ APrice and Yield: $25.00 per share to yield initially 6.50% per annum.) J3 X: c0 {9 Q2 p( G6 a, D& c) l
Principal Characteristics of the Preferred Shares Series 18
8 r# W2 n4 I' \$ i/ u; k* wDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
/ }4 v. S3 D( N& wnon-cumulative preferential cash dividends, as and when declared by the+ g! ~' |4 Z* N& E! `8 Q/ h5 y
Board of Directors, subject to the provisions of the Bank Act, for the initial( s. q' D1 W8 c5 v0 F
period commencing on the closing date and ending on and including9 v5 K; ^2 l& q6 x3 j0 ?. s7 C
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the: W5 ?* Z+ Y, F( @
25th day of February, May, August and November in each year, at a rate
9 A- J* H/ }/ Dequal to $0.40625 per share. The initial dividend, if declared, will be payable2 L& X2 J7 O6 U% k/ `) G5 R
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
. ~1 d/ w8 [  C) Z* ~+ mdate of December 11, 2008.5 D  {( ?/ d& Q; j. ?! u6 P4 {2 |
For each five-year period after the Initial Fixed Rate Period (each, a
! X9 ?' y! `4 p8 P6 x‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares5 B+ a, H* |6 v  ?/ _# _6 I( F
Series 18 will be entitled to receive fixed non-cumulative preferential cash
; i. m' A1 G% J) s: `dividends, as and when declared by the Board of Directors, subject to the5 H: X4 ?$ a8 A5 W5 V
provisions of the Bank Act, payable quarterly on the 25th day of February,9 w) P$ w$ Q# u0 e, A. B
May, August and November in each year, in the amount per share per annum  _$ E- x/ W& w& u" H  ?5 p# L
determined by multiplying the Annual Fixed Dividend Rate applicable to- \1 T* k( M+ q! _+ i: a' q% ]
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend2 d3 m0 D% E' ]" Y& C
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the* m4 t/ \8 p- M8 R( r- u
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
* M  m+ b$ w  Vof such Subsequent Fixed Rate Period and will be equal to the sum of the
  ~) Q6 t2 k! O# _Government of Canada Yield on the applicable Fixed Rate Calculation Date
- O' c3 z/ n1 Oplus 3.83%.
* |" K& m- H( v4 qIf the Board of Directors does not declare a dividend, or any part thereof, on  N$ K3 D1 Z: C1 p- _
the Preferred Shares Series 18 on or before the dividend payment date for a  r0 ?& s1 z( W
particular quarter, then the entitlement of the holders of the Preferred
; x0 \& W1 [' @$ V6 m: y" UShares Series 18 to receive such dividend, or to any part thereof, for such
; g0 s: p1 f, g/ L2 y$ j; ^2 A7 mquarter will be forever extinguished.
# [+ ]" x( x" ~3 Q% LRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
3 z5 g! ]( Z; oSuperintendent and to the provisions described below under ‘‘Details of the* H& N6 P! }3 h' N; K
Offering — Certain Provisions of the Preferred Shares Series 18 as a
9 ?6 \) ~7 ~7 }3 m; a# |3 fSeries — Restrictions on Dividends and Retirement of Shares’’, on6 a+ \( D' o! l$ C
February 25, 2014 and on February 25 every five years thereafter, on not
3 |4 Y6 S* j- f9 H0 lmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any/ V3 u+ K! @9 g
part of the then outstanding Preferred Shares Series 18, at the Bank’s option7 ]  ]; R) f6 x/ v
without the consent of the holder, by the payment of an amount in cash for
, E( h* [* N4 S: O8 V& Jeach such share so redeemed of $25.00 together with all declared and unpaid
: W% o; {: f; ~) x! Ddividends to the date fixed for redemption.
( L4 }1 w" d3 T5 J$ x- kConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
/ M' S  f' D, A* @& P( X! sShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
  w( d# Z) d1 ]2 M# p, xthe right, at their option, to convert, on February 25, 2014 and on
" c) x% p7 q8 A) l$ G6 lS-4
0 g! b6 B4 W) jFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any8 _1 w' w( c8 A, L% S
or all of their Preferred Shares Series 18 into an equal number of Preferred
3 [  T0 a6 Y& w9 H1 L, IShares Series 19 upon giving to the Bank notice thereof not earlier than
# h$ I* k0 k8 I& O# M. a30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
1 ?4 J. ]+ D- b" i% qpreceding, a Series 18 Conversion Date.& u. _- B2 P7 C: Q1 W- x2 s6 T
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
, }2 y7 F9 o) S2 e- I9 l7 xProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
8 ^: Q9 m9 i4 Y1 ASeries 19, as the case may be, that there would be outstanding on such+ W5 A3 J8 ~! B) m5 {0 m
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,. f" _$ s( T& o
such remaining number of Preferred Shares Series 18 will automatically be
8 `! z6 I, M- z) L5 b/ f6 c) Y. ]converted on such Series 18 Conversion Date into an equal number of
/ n7 o' L9 q7 H. h# UPreferred Shares Series 19. Additionally, if the Bank determines that, after$ d1 C, g* N7 g- K0 i) \' b9 M
conversion, there would be outstanding on such Series 18 Conversion Date4 O( K2 K& V* l6 E
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
9 \0 T! o) g4 A! ]$ h& W$ k3 k6 H2 p! X5 {Series 18 will be converted into Preferred Shares Series 19.
; O9 W( M7 l5 |" x1 Y, tVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares: O0 ~0 W  C$ g- `- `: V
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
5 |2 g  w0 g8 S- t# d, Bany meeting of the shareholders of the Bank unless and until the first time at' I% ~! O+ w* P: A$ Q; s
which the Board of Directors has not declared the whole dividend on the
; o8 A0 e$ o) @/ t7 c) QPreferred Shares Series 18 in any quarter. In that event, subject as+ I' s) X' x, e. I
hereinafter provided, the holders of Preferred Shares Series 18 will be
+ W. v1 q  g& G- ]2 O2 y, O* Oentitled to receive notice of, and to attend, meetings of shareholders at which
  m6 i; _8 |! M9 k5 |; A  @directors of the Bank are to be elected and will be entitled to one vote for0 F+ X2 ~) I" G  Z2 {9 V1 R
each Preferred Share Series 18 held. The voting rights of the holders of the
) N, u8 a' h0 O4 e' s; i9 Z3 x/ a1 vPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
# U1 H# N$ d) d9 ~1 Vthe first dividend on the Preferred Shares Series 18 to which the holders are, M. n/ Q' p. t( K! l
entitled thereunder subsequent to the time such voting rights first arose until
5 L8 y  C0 b4 B- F! i+ W6 z, @9 X  T% _such time as the Bank may again fail to declare the whole dividend on the0 |/ g9 ^3 R) u; G" b
Preferred Shares Series 18 in respect of any quarter, in which event such" I: D5 H9 O' `( N/ M  J: _
voting rights will become effective again and so on from time to time.8 M$ x  d. I) V% y6 |" K
Principal Characteristics of the Preferred Shares Series 19
3 A! H; _% \! FDividends: The holders of the Preferred Shares Series 19 will be entitled to receive) X, m& W* t; X# A, f/ P' |5 i
floating rate non-cumulative preferential cash dividends, as and when8 r! i* I( U  z3 t3 O* v
declared by the Board of Directors, subject to the provisions of the Bank Act,# @3 }) o4 j1 s5 b/ G. C9 P5 _
payable quarterly on the 25th day of February, May, August and November
; _+ l0 L$ \6 Q! D# j, Xin each year, in the amount per share determined by multiplying the
" O: t. M; [- i4 B" U( i- M7 m" ?applicable Quarterly Floating Dividend Rate by $25.00.
- X6 {3 z2 C0 u. O& fOn the 30th day prior to the commencement of the initial quarterly dividend
* V! K+ a2 T8 `4 Pperiod beginning on February 25, 2014, and on the 30th day prior to the first
3 B9 r9 F( Z7 `$ p7 u! ~day of each subsequent quarterly dividend period (the initial quarterly+ M% p) C7 d' V/ A- k# K. X
dividend period and each subsequent quarterly dividend period is referred to* q5 K, _% C; L4 s* n
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the3 Z0 l4 c4 V' \) y. C/ ~
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
' b8 }  d! a* s0 U1 D" F: qPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
* g. y1 s  k9 I0 ?% \' B) jT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days6 R8 H5 _" ]$ ]+ N8 l; Q. _
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
* Z  l: r  C1 F0 E0 x0 |" T; @determined on the 30th day prior to the first day of the applicable Quarterly, A" r+ w3 g. r; e$ J6 s
Floating Rate Period.# U" k+ I, p/ I7 d" ^' N
S-50 D% \8 S( ^+ u& j2 M/ l
If the Board of Directors does not declare a dividend, or any part thereof, on2 Z: V  _8 `8 z
the Preferred Shares Series 19 on or before the dividend payment date for a4 f% `# G- m4 Q$ W4 v
particular quarter, then the entitlement of the holders of the Preferred
, w. y, s! N: p/ B1 JShares Series 19 to receive such dividend, or to any part thereof, for such
, i' C9 q" F! q1 i/ Rquarter will be forever extinguished.8 S; E: d- a1 ~8 J/ \
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
# K0 g7 [( v6 ?# P2 g, W/ W/ hSuperintendent and to the provisions described below under the heading
( C7 u' g3 c  C$ o" S% E2 d‘‘Details of the Offering — Certain Provisions of the Preferred Shares' [3 K$ u, L& v3 v: u7 ^+ i
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
/ X# v2 @% E  von not more than 60 nor less than 30 days’ notice, the Bank may redeem all
( G, O4 J& i. ?/ Lor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
* ]9 g" T- y$ b+ uoption without the consent of the holder, by the payment of an amount in
1 z1 r7 }& q  q, n+ x! dcash for each such share so redeemed of (i) $25.00 together with all declared
& t& `) L9 |) I- {and unpaid dividends to the date fixed for redemption in the case of
. |/ Y6 a5 l8 b: [5 `& f- Kredemptions on February 25, 2019 and on February 25 every five years
" E7 A3 ]/ A, _0 Y3 u4 b# athereafter, or (ii) $25.50 together with all declared and unpaid dividends to( s; A/ i$ d4 O. C9 L
the date fixed for redemption in the case of redemptions on any other date7 E- ?$ ^; b# F
on or after February 25, 2014.
. `$ I: y5 e' X; Q3 f" bConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic$ z& t1 T" p' P( ~6 c# O
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
/ k0 [7 p& z- O; a7 O) pthe right, at their option, to convert, on February 25, 2019 and on; [$ v. J6 G) j0 o3 N1 o7 J) i
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any5 b* v0 i! Z- U( i! F- r# Y
or all of their Preferred Shares Series 19 into an equal number of Preferred9 j3 X. g! t8 ~# y" O8 E
Shares Series 18 upon giving to the Bank written notice thereof not earlier
7 o2 B5 p5 M6 i, T. gthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
7 a( `4 P& t4 u6 p) B15th day preceding, a Series 19 Conversion Date.
( k0 M0 L% R; w/ eAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
& ~5 d2 {. n, H) Y  u' k  ?" k1 cProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares. t+ E' a) b, R) Z
Series 18, as the case may be, that there would be outstanding on such, A/ @" t- u! D3 I
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
) c8 t+ S/ Q. f. g# N- b+ ]such remaining number of Preferred Shares Series 19 will automatically be
6 r, o$ P; k, [3 d; }: Bconverted on such Series 19 Conversion Date into an equal number of
" b* H3 t1 w8 U' T& S( y& i% b/ gPreferred Shares Series 18. Additionally, if the Bank determines that, after3 o: l/ I1 a! l
conversion, there would be outstanding on such Series 19 Conversion Date6 y$ o: z. i! Z) R1 E  S2 D" R" Z
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
2 p1 m" o* U/ ]5 X' p1 ~) M0 K" x+ ISeries 19 will be converted into Preferred Shares Series 18.& M7 `; }! b% P( s
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
9 R; r% T% u- {Series 19 will not be entitled as such to receive notice of, attend, or vote at,6 z8 n. a/ [8 d
any meeting of the shareholders of the Bank unless and until the first time at
8 e" Q- ^9 ]" c  J( D! w8 C2 Ywhich the Board of Directors has not declared the whole dividend on the* m; R4 g9 D5 |& j# N
Preferred Shares Series 19 in any quarter. In that event, subject as& A- K; E3 d1 u. L" E* W7 s
hereinafter provided, the holders of Preferred Shares Series 19 will be
$ d% J7 s, |- D) H8 i+ Yentitled to receive notice of, and to attend, meetings of shareholders at which& Z4 \0 ?1 J7 d! O9 S5 t* M+ _
directors of the Bank are to be elected and will be entitled to one vote for9 Y" v) a* u7 N! q
each Preferred Share Series 19 held. The voting rights of the holders of the- {8 s9 H1 C2 b8 w; U8 @2 W! u* z3 i
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
0 B( @/ j. {% P7 m# ?+ m& \the first dividend on the Preferred Shares Series 19 to which the holders are
& b' v# ]( z3 ?# Yentitled thereunder subsequent to the time such voting rights first arose until) c- A) F/ o0 q3 \
such time as the Bank may again fail to declare the whole dividend on the
5 N% W3 v: h6 i: E8 U" C1 XPreferred Shares Series 19 in respect of any quarter, in which event such+ R3 ^. q0 y5 l
voting rights will become effective again and so on from time to time.' m7 G4 V. W5 r' R  T7 P2 p
S-66 @  O% o) q, M9 q6 I0 Z
Priority: The preferred shares of each series of the Bank will rank on a parity with
; p3 Z+ u# j8 d5 t1 t" Mevery other series and are entitled to preference over the common shares of5 ]: E& q  _6 t' E& o2 M' a5 V
the Bank and over any other shares of the Bank ranking junior to the
/ V2 n: O" k3 I+ ^) upreferred shares with respect to the payment of dividends and upon any1 I7 _( h5 G0 U" N
distribution of assets in the event of the liquidation, dissolution or
! |0 G& f3 R  m0 p$ x* K* r+ Lwinding-up of the Bank.
# U8 R. K. D6 n1 q% o/ b6 VTax on Preferred Share The Bank will elect, in the manner and within the time provided under) W! E0 ]1 N. ?9 P7 F
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
( e4 L# r* _7 ^* u( wSeries 18 and Preferred Shares Series 19 will not be required to pay tax on) o% t& R0 Q3 ^8 |/ j0 k- {& e
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。2 W9 U1 i2 s9 }7 P' 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。
大型搬家
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 18:26 | 显示全部楼层
% t1 R- r. n& N; M
2 z/ P' E; B! q
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
; N/ ^0 v# N+ C4 Y4 m. V6 _
. ]$ F- c2 p$ Gcall 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。
理袁律师事务所
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, 2026-2-19 14:45 , Processed in 0.117433 second(s), 11 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