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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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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。: n5 l: Y. M' V& B5 v
0 y8 ^# N! S7 g2 h9 {/ F/ f

+ x4 u' f3 G3 M" p! D& _$ J" H6 Q[ 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:% L- x* L# M( F
SUMMARY OF THE OFFERING) ~9 l+ V- W! u" w5 Q, k
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’’.+ j, x/ g7 `, T7 p9 M* ]( A
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
: f1 o' X% u1 n+ S" [Amount: $150,000,000 (6,000,000 shares).
  J5 m3 B/ r$ D; Z. h8 E+ j" S( u: lPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
& V6 x# o( D$ l2 L! {; APrincipal Characteristics of the Preferred Shares Series 18
4 ?" `2 J/ w% vDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed4 B( j0 j) ]! m, Y
non-cumulative preferential cash dividends, as and when declared by the
2 ]- H" \: W6 j( v1 QBoard of Directors, subject to the provisions of the Bank Act, for the initial2 F% Y4 q7 u; i7 W, m! }
period commencing on the closing date and ending on and including
6 q- t( J( l( A" C( d* z# G! \February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
# B+ p" W( z) @  ^- j: S25th day of February, May, August and November in each year, at a rate
+ e: D, S* ^( v' S0 @+ Mequal to $0.40625 per share. The initial dividend, if declared, will be payable' N& c3 D/ t! S9 Q9 d. w5 Q
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
$ ^, ^, z1 b6 o4 Cdate of December 11, 2008.! A; _1 M- D' T  C* s4 D- o" J+ G; t
For each five-year period after the Initial Fixed Rate Period (each, a
4 N# _5 y% q" b& }$ }‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
  ~! A$ _# n/ @$ F' Q' Q' vSeries 18 will be entitled to receive fixed non-cumulative preferential cash. o/ s6 n1 f# T2 C4 n. [( V
dividends, as and when declared by the Board of Directors, subject to the3 n$ `9 E& T; ~2 v
provisions of the Bank Act, payable quarterly on the 25th day of February,
# B0 [0 Y5 a  g$ XMay, August and November in each year, in the amount per share per annum
8 W2 o8 e& I! J& I2 ?! c3 Udetermined by multiplying the Annual Fixed Dividend Rate applicable to9 v" E2 P3 W+ p; `, {
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend. i7 x& p8 a; l
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
& t2 N7 `3 O$ n( R3 B! C: H, R9 \Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day5 J  O+ N, T) O; B+ [+ j% }
of such Subsequent Fixed Rate Period and will be equal to the sum of the
! L% }6 ^, @- G. TGovernment of Canada Yield on the applicable Fixed Rate Calculation Date6 |4 p. U; G5 @2 q# k, v
plus 3.83%.
! E9 }/ _7 `5 f, N) BIf the Board of Directors does not declare a dividend, or any part thereof, on
- y% M( F0 C! sthe Preferred Shares Series 18 on or before the dividend payment date for a- j8 O# B* x. S8 w% C+ O) Y
particular quarter, then the entitlement of the holders of the Preferred9 O$ d4 o" W5 q& V9 Q9 A* i
Shares Series 18 to receive such dividend, or to any part thereof, for such
- m4 W% ]" G! H1 A! }. K8 n0 ~3 {quarter will be forever extinguished.7 a* ~: s0 V- K( \- S  g
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
( |% c' o0 \9 l( _+ `& q7 RSuperintendent and to the provisions described below under ‘‘Details of the
! F4 A1 l: A8 n2 Z+ y' IOffering — Certain Provisions of the Preferred Shares Series 18 as a6 Q7 a+ W; q. n9 P3 J! y, v# ^
Series — Restrictions on Dividends and Retirement of Shares’’, on: B- f0 r2 o4 q
February 25, 2014 and on February 25 every five years thereafter, on not$ P3 m! A4 x) w8 K; I: F% e3 ]
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
% e. L1 k: f( h4 @; `1 W8 @  o- [part of the then outstanding Preferred Shares Series 18, at the Bank’s option
: I, E, P- F, Dwithout the consent of the holder, by the payment of an amount in cash for1 o) z0 e1 n: C& P3 _
each such share so redeemed of $25.00 together with all declared and unpaid3 z6 x* r/ R% H" e& J& r
dividends to the date fixed for redemption.
  a" B- u9 a) x4 HConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
1 T! S+ J; c8 R! K$ e- mShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have: @# ~+ j. q; x
the right, at their option, to convert, on February 25, 2014 and on
/ m) M: r( P; ~9 rS-4
! B3 m4 Q% g3 U5 z( QFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
2 [  g, y5 {5 D5 y( Z/ x$ Sor all of their Preferred Shares Series 18 into an equal number of Preferred
$ d( O' s5 B$ h4 F" m' {' q, YShares Series 19 upon giving to the Bank notice thereof not earlier than
8 c2 y. a/ i0 \8 u; S2 k2 I30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
, y/ o% \$ ~5 Lpreceding, a Series 18 Conversion Date.
8 g: S6 U& X; U4 C, T# O/ c$ |Automatic Conversion If the Bank determines, after having taken into account all shares tendered6 n* c# G/ w3 {6 Z: r
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares& f% I# v* O( {8 L
Series 19, as the case may be, that there would be outstanding on such
7 q* ]% w7 L! H# P" h$ kSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,, Q( p; [2 C: K. _% w
such remaining number of Preferred Shares Series 18 will automatically be. u- ?5 d. q. j) P9 Z: I7 ]
converted on such Series 18 Conversion Date into an equal number of& N5 Q7 e1 l  Q7 i: A
Preferred Shares Series 19. Additionally, if the Bank determines that, after9 F* b8 e, K0 p, Z1 i) F" m
conversion, there would be outstanding on such Series 18 Conversion Date
8 u' ?7 g' C, Rless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
5 O8 E1 i) _* X" v. ~( MSeries 18 will be converted into Preferred Shares Series 19.
$ y9 ?/ o3 v, B/ k7 d' BVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
+ V# R$ j2 Z" F" CSeries 18 will not be entitled as such to receive notice of, attend, or vote at,9 @1 q2 j. L$ ^( x, @7 `
any meeting of the shareholders of the Bank unless and until the first time at
* N. K" Q. y6 D2 Awhich the Board of Directors has not declared the whole dividend on the7 p; _* c$ O- U+ F: p/ w( e- [
Preferred Shares Series 18 in any quarter. In that event, subject as( I/ k5 y9 B# @$ D
hereinafter provided, the holders of Preferred Shares Series 18 will be+ y; r' q" @/ }1 T( Y8 R6 O6 c
entitled to receive notice of, and to attend, meetings of shareholders at which
9 p  [2 q8 O* ~- c" D# vdirectors of the Bank are to be elected and will be entitled to one vote for
; j, q- s8 a0 u* d. L/ Z' z, Neach Preferred Share Series 18 held. The voting rights of the holders of the& a7 v) d  b2 k7 s9 a5 {. u
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of: b# O/ `0 u$ t8 V- K
the first dividend on the Preferred Shares Series 18 to which the holders are
/ h/ X: v! Y$ \! h6 lentitled thereunder subsequent to the time such voting rights first arose until5 U/ i) r- ]% ]2 @( r. S
such time as the Bank may again fail to declare the whole dividend on the/ T; P/ \! L6 v; _% x6 B
Preferred Shares Series 18 in respect of any quarter, in which event such
% O1 z- U6 H/ N& ivoting rights will become effective again and so on from time to time.9 d/ g7 K; @% l
Principal Characteristics of the Preferred Shares Series 19
7 p4 o' l9 u% _Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive' l6 @, q; D* ?! a7 s
floating rate non-cumulative preferential cash dividends, as and when/ ^+ M& `( N; P7 O2 Z4 O
declared by the Board of Directors, subject to the provisions of the Bank Act,
# x( g. e8 D1 Cpayable quarterly on the 25th day of February, May, August and November
3 Q7 V. f( z6 `  Pin each year, in the amount per share determined by multiplying the
/ B; K" X5 K3 z; I! kapplicable Quarterly Floating Dividend Rate by $25.00.
+ [  ?1 A  _( s6 f- kOn the 30th day prior to the commencement of the initial quarterly dividend! a, q% |! j: }9 w* j& x2 X
period beginning on February 25, 2014, and on the 30th day prior to the first- T% n4 u) V5 }1 d' s
day of each subsequent quarterly dividend period (the initial quarterly8 M- D8 z1 u1 M$ }, U
dividend period and each subsequent quarterly dividend period is referred to
5 L! {$ h' j' r" ~1 }) u# }as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
9 D" n5 i7 A! DQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
. h: q* o! x$ y* i; y8 |: rPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
9 ~/ @2 B! K" L# B% fT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
8 y- |3 y8 E, h) t3 f$ Melapsed in the applicable Quarterly Floating Rate Period divided by 365)
! N  n; }% J" qdetermined on the 30th day prior to the first day of the applicable Quarterly# s) f  n- N: K' R
Floating Rate Period.
0 B' }9 v5 f- I; aS-59 X3 K, X( x0 L! {: H1 {
If the Board of Directors does not declare a dividend, or any part thereof, on# ?% B% C  A/ K
the Preferred Shares Series 19 on or before the dividend payment date for a- o% d- J( L: [6 V' K" D4 k' c& ^
particular quarter, then the entitlement of the holders of the Preferred$ `* }, ?, a; B9 k$ H4 e' P1 q
Shares Series 19 to receive such dividend, or to any part thereof, for such3 _8 U# Q1 |7 `6 ?8 p6 N, P# N
quarter will be forever extinguished.4 U  ^/ }; w$ `! r
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
4 s/ X4 ]" b! {; ~. L3 ^0 b* g# OSuperintendent and to the provisions described below under the heading# o! {8 l9 k8 m% r* L5 x
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
# a7 L6 [$ D/ e. dSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,4 Z; R" q5 r/ y! S! ?
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all3 C6 c% I7 ^; k1 e0 P: E4 b
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
6 S! z1 ]1 B1 k  ^3 loption without the consent of the holder, by the payment of an amount in
8 U* H( ?* J. F, x# ocash for each such share so redeemed of (i) $25.00 together with all declared7 ?5 K* D0 f  ]6 t( j
and unpaid dividends to the date fixed for redemption in the case of" r/ [( D, w( H6 T9 I! J7 u: B  R
redemptions on February 25, 2019 and on February 25 every five years8 H% R; `( y# R  @
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to4 H& N" V; ~7 p& Z
the date fixed for redemption in the case of redemptions on any other date
* R( R+ m/ h( N. c, i/ con or after February 25, 2014.
2 z! x" C9 R( RConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
8 U+ o- N" _0 p' h" x! B: `Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have, n2 e. M: [7 X* ~: E
the right, at their option, to convert, on February 25, 2019 and on% ^* Z  V! g; Y* O& _
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
# c( ^' q7 \$ L  _5 E. ?+ F4 ~or all of their Preferred Shares Series 19 into an equal number of Preferred
. V3 @; z( M( e# x! y3 h  V. d) kShares Series 18 upon giving to the Bank written notice thereof not earlier& R+ P2 H% L8 _
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the2 l( }# y3 m/ i' M6 V
15th day preceding, a Series 19 Conversion Date.
8 H/ B: Y" X- U7 }9 g# XAutomatic Conversion If the Bank determines, after having taken into account all shares tendered. i  K* ]# o& j+ `9 v7 `
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares  L8 F$ a2 {5 ?# X( C
Series 18, as the case may be, that there would be outstanding on such
5 t9 q6 o$ I1 o' M; H. sSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
4 j6 j. j. p/ p7 N9 x- n+ Wsuch remaining number of Preferred Shares Series 19 will automatically be
& W9 {2 d5 p7 |converted on such Series 19 Conversion Date into an equal number of4 k( S) A, w" C: L! [
Preferred Shares Series 18. Additionally, if the Bank determines that, after- v1 T" _, |- B3 S0 V
conversion, there would be outstanding on such Series 19 Conversion Date. N& f7 i, P% e; r3 W# e+ Q
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares9 W/ L, F- M) f& V: w
Series 19 will be converted into Preferred Shares Series 18.
  F& \' \3 v, A' ?8 E& U+ @- o6 I. ^Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares' A6 r& I  M7 I) V- W" [
Series 19 will not be entitled as such to receive notice of, attend, or vote at,+ j. e6 E, ~4 o% I% r
any meeting of the shareholders of the Bank unless and until the first time at
/ g% C: h7 \! swhich the Board of Directors has not declared the whole dividend on the
' x- `/ Q! o/ j! I4 i2 ]2 O  {+ bPreferred Shares Series 19 in any quarter. In that event, subject as# \" G, d, ^" M" r& P( X
hereinafter provided, the holders of Preferred Shares Series 19 will be
! T) a6 x) `, `) Sentitled to receive notice of, and to attend, meetings of shareholders at which
1 x& l* {& A  j9 Y% X% [7 Sdirectors of the Bank are to be elected and will be entitled to one vote for
& D) q+ h  _, v& Peach Preferred Share Series 19 held. The voting rights of the holders of the4 C% v2 P' _: }  S, q5 J
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
% n( w5 O% y6 N( x% n3 p. U7 Ithe first dividend on the Preferred Shares Series 19 to which the holders are" f0 X9 Z) r4 T
entitled thereunder subsequent to the time such voting rights first arose until+ A( e1 z8 `: x) Q
such time as the Bank may again fail to declare the whole dividend on the* ^2 @7 Z( N4 V) o  z9 t+ Q
Preferred Shares Series 19 in respect of any quarter, in which event such
5 ^" w, I: @) u9 i7 R) h5 \voting rights will become effective again and so on from time to time.
& d' z$ b' Q) R$ f4 `7 Y  QS-6/ o: \& u, f( a8 p
Priority: The preferred shares of each series of the Bank will rank on a parity with. k7 c) v7 C6 ^; A4 Q
every other series and are entitled to preference over the common shares of
2 K8 K+ B/ g8 X  ], Zthe Bank and over any other shares of the Bank ranking junior to the/ M' N' \, P9 u9 e0 s! W
preferred shares with respect to the payment of dividends and upon any
% X. O4 z! b" r1 L" k& |6 Wdistribution of assets in the event of the liquidation, dissolution or
. D1 n4 E: O) N6 v/ \winding-up of the Bank.
# h$ P8 ~! m: F3 `7 j* ~& nTax on Preferred Share The Bank will elect, in the manner and within the time provided under
7 I: q7 d8 l  XDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares1 J5 h) a% x' R% b' k. f+ R: J: f* X
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
- ~2 _0 V5 i2 n6 `7 A9 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。
. Z4 A- i; E: z- ^今天讲座如何?
大型搬家
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
! B& N+ i/ U" x" A) z
& w# O8 r, y7 T+ P7 u
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。7 ]: Q0 d0 b) x. e; R$ f5 J
' e) r. d: C9 t! u& W0 x: Y3 `) T
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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