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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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0 R, F" d& T% E[ 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:
/ w8 F& o0 r) a6 N6 ]SUMMARY OF THE OFFERING& }+ V+ y+ F9 Z" q
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’’.( b$ u6 n3 w0 h) B+ [
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
$ y, a  P6 V; S7 F3 a: TAmount: $150,000,000 (6,000,000 shares).
, u" B. m4 b) U( m0 vPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
9 a* M; A7 f. @6 @9 F% QPrincipal Characteristics of the Preferred Shares Series 18, X0 I4 K5 E( v8 p6 I
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed7 j% B% o- s6 R* W0 j9 @
non-cumulative preferential cash dividends, as and when declared by the
3 @- G+ S9 c: a1 c* KBoard of Directors, subject to the provisions of the Bank Act, for the initial
! Q  w( A$ V: M- ^* r  Lperiod commencing on the closing date and ending on and including
5 E, A1 g/ j$ O: e6 i5 kFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
5 D/ L1 E# x( z& s2 x- k) p8 j8 a25th day of February, May, August and November in each year, at a rate
3 T) h  [( y) eequal to $0.40625 per share. The initial dividend, if declared, will be payable2 v; L% ^0 Z1 g7 c; @  E  C, h
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing6 k. u" l+ |! U9 o) b3 q7 k/ ~
date of December 11, 2008.. P5 a' H- R  L- s
For each five-year period after the Initial Fixed Rate Period (each, a
2 B: k" U. G2 z4 E) ?‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares5 ^0 |  K8 |7 ^) @
Series 18 will be entitled to receive fixed non-cumulative preferential cash
% b1 `3 E0 J5 r4 W. qdividends, as and when declared by the Board of Directors, subject to the
2 J. n7 ]. }' eprovisions of the Bank Act, payable quarterly on the 25th day of February,- M4 D6 f% L+ Q6 Y+ H
May, August and November in each year, in the amount per share per annum
# P) e+ p1 R/ n' y; Zdetermined by multiplying the Annual Fixed Dividend Rate applicable to9 m& l% ^! \( F1 O* ]/ l2 q6 y
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend  X6 ~; P' A9 b6 v
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the+ z% Y9 F) m( x: b3 b9 l
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day" c1 p' c; v7 V8 b7 J
of such Subsequent Fixed Rate Period and will be equal to the sum of the$ s, K% J' Q0 d  o4 o& v8 o
Government of Canada Yield on the applicable Fixed Rate Calculation Date
/ `4 \% c7 h! O- X! k2 |* Zplus 3.83%.' s/ o5 y  d7 F  }: E& b8 \
If the Board of Directors does not declare a dividend, or any part thereof, on
' i. P7 a: f( y$ I# Nthe Preferred Shares Series 18 on or before the dividend payment date for a
) F! _7 u/ j4 q, _, {particular quarter, then the entitlement of the holders of the Preferred" m# I% I5 K) H& k% }9 J5 b
Shares Series 18 to receive such dividend, or to any part thereof, for such
! z$ Q4 \# J# F+ m% d" }8 l( Equarter will be forever extinguished.% R0 r! l) Z7 G. Z9 W* i: c- z& }
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the2 F1 ~0 g+ H) m) `) k
Superintendent and to the provisions described below under ‘‘Details of the
2 g4 ~) V$ `4 T7 AOffering — Certain Provisions of the Preferred Shares Series 18 as a% ^9 |6 v  w9 W
Series — Restrictions on Dividends and Retirement of Shares’’, on
7 t( S7 I% G; d3 `" Z0 HFebruary 25, 2014 and on February 25 every five years thereafter, on not
, b3 n/ K, o8 ?; mmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
4 H+ z2 V. l: Y$ \part of the then outstanding Preferred Shares Series 18, at the Bank’s option
8 C5 ]! x6 p4 w1 Fwithout the consent of the holder, by the payment of an amount in cash for8 f. G5 J: Q% s( P' Y" e
each such share so redeemed of $25.00 together with all declared and unpaid& e) v* N, Z+ v5 V* _0 Z4 [6 g' k
dividends to the date fixed for redemption.& }1 F, \- i4 T9 K3 |$ s6 D4 U% n
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
9 p, w" N* z& ^& s! I. T. Y, u8 p+ ^Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
( B6 }/ ?9 s7 l$ x2 I5 xthe right, at their option, to convert, on February 25, 2014 and on' V! [6 L7 g7 n
S-4
7 F1 Y9 [$ x- Q" ]' X, nFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any5 ?1 S" i, D; J4 C; u5 |
or all of their Preferred Shares Series 18 into an equal number of Preferred
/ a0 |" ~' J) M# M0 u7 ^& XShares Series 19 upon giving to the Bank notice thereof not earlier than
! I' b+ ]" t9 Q% Z1 ~30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
! J; r) O: ]2 A" ypreceding, a Series 18 Conversion Date.
  U% T8 y5 C) c) IAutomatic Conversion If the Bank determines, after having taken into account all shares tendered0 X+ f# K  C$ v- Y% w8 x
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
2 M% Y2 t3 G2 L: HSeries 19, as the case may be, that there would be outstanding on such
& c) Y$ P; u/ VSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,- k5 [( j3 n0 E8 W
such remaining number of Preferred Shares Series 18 will automatically be; }/ T( w$ E$ x- N+ G4 M& R2 L1 A
converted on such Series 18 Conversion Date into an equal number of
$ R# U7 I0 \, N' M' w! b# S  ZPreferred Shares Series 19. Additionally, if the Bank determines that, after1 w! {  j' n$ F* u& o
conversion, there would be outstanding on such Series 18 Conversion Date
0 D2 l7 q. c& V, `" ^" dless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
4 G# j( t' d/ r& E6 zSeries 18 will be converted into Preferred Shares Series 19.+ m! E) d1 n& y/ u  l
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares8 a6 B+ _# e! m; j( l
Series 18 will not be entitled as such to receive notice of, attend, or vote at,+ e- a$ ~! H% }* o, g/ j9 B
any meeting of the shareholders of the Bank unless and until the first time at
+ f8 ]( o+ K- G% e/ D  Lwhich the Board of Directors has not declared the whole dividend on the8 O) p, }) o# k( c/ o" m7 v% |- b
Preferred Shares Series 18 in any quarter. In that event, subject as
5 G7 f6 l5 x. v5 t' z$ N. fhereinafter provided, the holders of Preferred Shares Series 18 will be. A* \2 d. c' l. Z
entitled to receive notice of, and to attend, meetings of shareholders at which: N: W# J( k3 w8 K* x0 U& }
directors of the Bank are to be elected and will be entitled to one vote for! ^" K/ i2 ^" u' f0 S4 I  O/ d
each Preferred Share Series 18 held. The voting rights of the holders of the
9 c' \1 s! L# f9 o6 BPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
$ e: u& `7 z# P! n5 tthe first dividend on the Preferred Shares Series 18 to which the holders are
9 r0 D7 @; F1 Lentitled thereunder subsequent to the time such voting rights first arose until
5 x) W; w7 ~+ j5 z5 I* Hsuch time as the Bank may again fail to declare the whole dividend on the
7 S% v3 j, O, o- x  t9 R& EPreferred Shares Series 18 in respect of any quarter, in which event such/ \( a; z$ m$ {9 t3 X5 q  J
voting rights will become effective again and so on from time to time.
4 A4 x! e& ]- ePrincipal Characteristics of the Preferred Shares Series 19
( i: i# _8 W/ T3 |) q6 uDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
; j7 K" d8 p: x. N7 nfloating rate non-cumulative preferential cash dividends, as and when/ p3 s  e& g. G4 P* _' A. a% f0 p" I
declared by the Board of Directors, subject to the provisions of the Bank Act,
5 g2 o. t: i2 @. g' Gpayable quarterly on the 25th day of February, May, August and November# I* G9 C1 O, M, K! M! i
in each year, in the amount per share determined by multiplying the1 l7 |; c* g6 v+ p1 ]
applicable Quarterly Floating Dividend Rate by $25.00.* o/ Q* }4 e7 Z$ \3 k" i! f3 R
On the 30th day prior to the commencement of the initial quarterly dividend# }4 Y% i. H$ D8 ?- c+ P, \
period beginning on February 25, 2014, and on the 30th day prior to the first/ x8 U7 d- X: T& K9 v
day of each subsequent quarterly dividend period (the initial quarterly0 o7 h; _5 [. O5 ~( {/ K! i3 Q
dividend period and each subsequent quarterly dividend period is referred to$ }+ I/ w" ^9 E4 t# h( a, T
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
/ b& @4 }, M, BQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
9 ]  R8 A8 t6 x2 V4 KPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the* \# y# ]6 }! K- h/ N3 [3 K
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days: R% i7 f; _, e3 a
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
4 R/ s6 ~7 q1 Bdetermined on the 30th day prior to the first day of the applicable Quarterly' r- [, v  _# [% q5 Y# F
Floating Rate Period." b) C* m* e; ]8 ~9 t9 ^% S
S-5
# G6 j7 b4 O! g, }. G% @3 BIf the Board of Directors does not declare a dividend, or any part thereof, on( T9 m4 m6 \7 Y+ d3 n- K9 _
the Preferred Shares Series 19 on or before the dividend payment date for a
! Z/ S6 m7 M& a% k3 r* j5 }) e' Sparticular quarter, then the entitlement of the holders of the Preferred
5 t; t+ ], ]- k  a% J) p/ S4 IShares Series 19 to receive such dividend, or to any part thereof, for such
& Z0 g' m; O- L/ B9 p+ M0 P% c7 A9 E6 P2 [( _quarter will be forever extinguished.
% D0 H3 D9 G& p* W$ V+ @" ]9 sRedemption: Subject to the provisions of the Bank Act and to the prior consent of the+ |9 E* e% j2 B: d
Superintendent and to the provisions described below under the heading3 F2 j$ {$ F4 Y. V* n
‘‘Details of the Offering — Certain Provisions of the Preferred Shares- E6 c& h. _( F3 U9 R3 P2 `# o1 [
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,$ c8 a# q- A7 B+ F1 u+ |1 N
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all/ m/ o: j: f2 e" ?
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
, m: {7 {$ B4 r' k8 L# X8 doption without the consent of the holder, by the payment of an amount in
# ^  g, q+ l+ `1 V+ D; ucash for each such share so redeemed of (i) $25.00 together with all declared3 J' a, Q5 j( U( B2 S* z
and unpaid dividends to the date fixed for redemption in the case of! X8 l5 W1 O8 R7 f
redemptions on February 25, 2019 and on February 25 every five years5 y2 `! R. Q9 n
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
. E8 {1 L2 ]3 U; y% g& t/ |) Sthe date fixed for redemption in the case of redemptions on any other date3 b4 |  Y0 p9 G7 Z* l# q6 T" X
on or after February 25, 2014.
( t2 a7 {& f7 z( V: X1 _, T1 BConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
9 R/ }+ v" U3 c; Z$ PShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have6 H1 J" T3 ^8 l# `
the right, at their option, to convert, on February 25, 2019 and on
1 R8 {8 _8 j+ R6 Q) f3 B5 sFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
7 u- @" g4 V( k5 e6 T# s( w) G% }or all of their Preferred Shares Series 19 into an equal number of Preferred5 r0 z* B4 J8 p+ `) B
Shares Series 18 upon giving to the Bank written notice thereof not earlier7 \) h- g- {; z' o, C
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
4 W) {& K7 t, d15th day preceding, a Series 19 Conversion Date.
. H+ s+ P. F8 x* ]( {Automatic Conversion If the Bank determines, after having taken into account all shares tendered
- }4 S1 F7 |- C, c5 [Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares. e  X/ n$ r7 c3 A% M7 [
Series 18, as the case may be, that there would be outstanding on such  v+ R: i0 ^  G+ ]! o
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
  ]7 }; D* ?( O: O+ R. q$ y& fsuch remaining number of Preferred Shares Series 19 will automatically be" R4 I! f' H6 @; k7 V! K
converted on such Series 19 Conversion Date into an equal number of
. O, U5 W! r( {: P) zPreferred Shares Series 18. Additionally, if the Bank determines that, after0 P& @" B& `1 b% c+ O$ l
conversion, there would be outstanding on such Series 19 Conversion Date
# w# H3 E+ `' O; Z! Lless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
4 W0 h. B  u2 ]+ tSeries 19 will be converted into Preferred Shares Series 18.
! @" N* X. W  _* i# n: p$ l& ?  t+ mVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares0 i/ f  L3 ]% m
Series 19 will not be entitled as such to receive notice of, attend, or vote at,: D) [# D7 \; m6 ^( w$ o
any meeting of the shareholders of the Bank unless and until the first time at5 S  m. R+ y2 P- B
which the Board of Directors has not declared the whole dividend on the
7 j: r- }- Q& r9 w& ]Preferred Shares Series 19 in any quarter. In that event, subject as
+ [( m" X. J# |9 i: o! v+ b6 D' @7 t1 Hhereinafter provided, the holders of Preferred Shares Series 19 will be
; U% O/ c; v0 v8 _" R  kentitled to receive notice of, and to attend, meetings of shareholders at which" {( |- V- J4 b6 O5 _
directors of the Bank are to be elected and will be entitled to one vote for8 `: K. }$ n( ]; o
each Preferred Share Series 19 held. The voting rights of the holders of the
" F; @. b8 ?3 W+ dPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
9 N6 F/ m0 h: h# C# Athe first dividend on the Preferred Shares Series 19 to which the holders are% p$ n* X$ @- l' m8 l' \
entitled thereunder subsequent to the time such voting rights first arose until
* X. o) ^  p7 Usuch time as the Bank may again fail to declare the whole dividend on the' t7 {7 [  @6 m* [4 R& s
Preferred Shares Series 19 in respect of any quarter, in which event such  F  G. w+ a' ~
voting rights will become effective again and so on from time to time.1 K' w- y9 V2 q8 J) R
S-6( S. I. w. [8 X8 Y2 M- U& n
Priority: The preferred shares of each series of the Bank will rank on a parity with
! x" E/ e. M; Qevery other series and are entitled to preference over the common shares of: {7 X0 ~, C# a2 ?, S
the Bank and over any other shares of the Bank ranking junior to the
+ J( V% S! O' }/ E- e8 Q1 cpreferred shares with respect to the payment of dividends and upon any% Q! s" z) R( o7 W. q
distribution of assets in the event of the liquidation, dissolution or
+ U8 U: I# T, V8 i" m3 x* i$ Zwinding-up of the Bank.) D' n& L, l- K6 u) e
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under, n9 H5 ^: X( D7 ~2 C
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares8 S( N  }' F  |" B% E+ s
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
, T: B" {& m# H  `' K: y5 }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 m1 ]8 N) Y6 I- K( ^7 ]& O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

' v% U$ R$ c- N* w8 H; J/ k
" f6 O- L: f1 w4 b: [; g" W4 T下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
; ~- _5 ?& A6 M9 c# x% `2 Z5 p" Z+ w0 s2 c  ^7 ?6 O
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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