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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。6 Z) w6 A- M$ ?3 r; Q! d! u2 b% S
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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:
3 h5 W" c+ C4 g. d% y" TSUMMARY OF THE OFFERING: m0 O( Y) ]4 c& T+ N
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’’.
: r# h$ o% X: h  }7 w" h8 M7 xIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.# U9 X9 H; r7 M; {) u6 u6 T
Amount: $150,000,000 (6,000,000 shares).
* s2 _- |+ l  v  PPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
3 ~3 k- j, D% _$ JPrincipal Characteristics of the Preferred Shares Series 18
/ D0 F( K& p5 pDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed6 l- E/ v, q8 P" h
non-cumulative preferential cash dividends, as and when declared by the
  Z" n# Q$ T: ^7 aBoard of Directors, subject to the provisions of the Bank Act, for the initial
" b9 I# S2 V3 L* y3 V2 @5 a3 _; |& F* b4 Vperiod commencing on the closing date and ending on and including
7 }6 ]1 i5 u$ K: X6 {. @, S) K9 o# tFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
0 K! t: @7 c6 |$ D) b+ {3 F& V25th day of February, May, August and November in each year, at a rate9 h$ Q; t* |, ^! M3 P
equal to $0.40625 per share. The initial dividend, if declared, will be payable
. c/ w5 v" M6 W* |- WMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
" O9 b9 |4 i* {0 rdate of December 11, 2008.7 P8 k. e& T6 u8 \
For each five-year period after the Initial Fixed Rate Period (each, a8 ], q5 S1 V% q, x5 ^$ N5 _
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares0 A; v% l' a" v
Series 18 will be entitled to receive fixed non-cumulative preferential cash% u* g3 a( e0 u# x; C
dividends, as and when declared by the Board of Directors, subject to the# B  q* z5 Q2 P! G2 `' {
provisions of the Bank Act, payable quarterly on the 25th day of February,% u3 A- U2 S: r& O
May, August and November in each year, in the amount per share per annum
' \6 o# f" `# G5 C3 ~determined by multiplying the Annual Fixed Dividend Rate applicable to' L! w* l( W( O3 E; |
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
4 F& f& w$ Q$ e( t! iRate for the ensuing Subsequent Fixed Rate Period will be determined by the
1 U& x1 K: M7 X) t$ C9 uBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day  V, Q- r6 |# M( z8 W6 \8 Q& R
of such Subsequent Fixed Rate Period and will be equal to the sum of the, V" S, \, N" ], k7 ]% o
Government of Canada Yield on the applicable Fixed Rate Calculation Date9 F8 {: @" e! a( a
plus 3.83%.
  Y5 E! J1 \: U' [& L  w, ~If the Board of Directors does not declare a dividend, or any part thereof, on+ h* S2 z  l! G  y
the Preferred Shares Series 18 on or before the dividend payment date for a
% R0 g# m5 L2 M2 Aparticular quarter, then the entitlement of the holders of the Preferred, _4 r, O# E2 B; b! s4 P3 L
Shares Series 18 to receive such dividend, or to any part thereof, for such
0 d8 e% h; P: s; S" squarter will be forever extinguished.
$ j' ]  K- _5 b  Z/ sRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
! x- H1 U1 d5 H$ T9 ?5 s+ \Superintendent and to the provisions described below under ‘‘Details of the/ V4 O: I: ~1 X4 ^' Q8 a8 K
Offering — Certain Provisions of the Preferred Shares Series 18 as a- N1 \; T* j1 O, M% ^0 ?
Series — Restrictions on Dividends and Retirement of Shares’’, on/ ~, }- j% k6 X
February 25, 2014 and on February 25 every five years thereafter, on not
2 A7 i3 M/ h  u/ y& y2 F' |more than 60 nor less than 30 days’ notice, the Bank may redeem all or any! l0 l/ v5 @  k3 i$ U7 u
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
  J- L$ T" ?: q% Q* rwithout the consent of the holder, by the payment of an amount in cash for
7 z: ]! Y/ C: Q  @each such share so redeemed of $25.00 together with all declared and unpaid
6 D3 Q( {1 |  X, H4 m1 Mdividends to the date fixed for redemption.
! L! n3 l9 R6 ]! s2 ?8 sConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
. {& }' m. F( R4 r, |" GShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have0 t1 C( G) i+ g/ ?
the right, at their option, to convert, on February 25, 2014 and on
1 ]& ]/ X1 {9 E1 H6 SS-4
, ]" R+ `0 v8 L& l0 FFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
# s$ W' F6 Y4 F: @, e2 }! {6 For all of their Preferred Shares Series 18 into an equal number of Preferred
* p1 N0 \. X$ @0 o' t$ O  {Shares Series 19 upon giving to the Bank notice thereof not earlier than! `) i5 D  p* _3 g  z$ L: M; S
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day* p1 B1 D/ b1 e+ W; ~
preceding, a Series 18 Conversion Date.- d) ?  H' I3 x2 M2 R& q+ k7 r0 X
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
; O+ ]6 i5 r, r+ q, I" gProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares( h2 s, ]0 \  ]* i
Series 19, as the case may be, that there would be outstanding on such4 Q8 n0 N4 n/ c6 @# W+ G7 |
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,% v; y: b( a0 U
such remaining number of Preferred Shares Series 18 will automatically be
% x7 R, F3 z, w0 ~# U( R* d" \" Cconverted on such Series 18 Conversion Date into an equal number of; ^* k3 t2 D0 p0 j  Y" J) o1 m
Preferred Shares Series 19. Additionally, if the Bank determines that, after& f) P/ Q+ \  t. M' \1 k
conversion, there would be outstanding on such Series 18 Conversion Date
' b; K0 p, r! V7 v: p4 j/ aless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares4 h) P8 g4 l$ D; ~5 G, V
Series 18 will be converted into Preferred Shares Series 19.2 ^3 S) |" F: K+ L0 L
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares* x! ^6 E- q1 j( \) q2 ~
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
( l; n; R5 R4 S" ~2 \$ G, ?9 cany meeting of the shareholders of the Bank unless and until the first time at
: h, X1 s7 @4 Y- k9 Xwhich the Board of Directors has not declared the whole dividend on the' z# q, M% e' ^" }$ ^
Preferred Shares Series 18 in any quarter. In that event, subject as4 E# M. D1 ]1 l  L  v
hereinafter provided, the holders of Preferred Shares Series 18 will be" E% ?6 U" [2 B, g& ?
entitled to receive notice of, and to attend, meetings of shareholders at which
' s# t- o9 o$ C1 z3 v& `+ J* ?0 @directors of the Bank are to be elected and will be entitled to one vote for
# B5 C! T0 h- q) Z9 zeach Preferred Share Series 18 held. The voting rights of the holders of the
; R4 u: [! _8 f  d# DPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
% k- |4 i1 B4 ]1 C+ l$ Cthe first dividend on the Preferred Shares Series 18 to which the holders are
' U, g' M; U8 Sentitled thereunder subsequent to the time such voting rights first arose until
! V- \3 W( |  G! s$ T+ d! isuch time as the Bank may again fail to declare the whole dividend on the
. w, {' X/ }3 q' _) k9 LPreferred Shares Series 18 in respect of any quarter, in which event such
- D1 u+ |4 _8 ?0 g4 Z1 W/ N* a% m- avoting rights will become effective again and so on from time to time.
' W, l& J2 S  t4 b. w) v+ `0 CPrincipal Characteristics of the Preferred Shares Series 19* v0 e$ j2 Y/ Z$ {, B
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
" P& ]9 T( Y  x+ Qfloating rate non-cumulative preferential cash dividends, as and when
* m/ q9 n! P2 b5 Edeclared by the Board of Directors, subject to the provisions of the Bank Act,
$ O* i% J, ?+ q8 Q' y. {payable quarterly on the 25th day of February, May, August and November
% T& N+ B, q' Cin each year, in the amount per share determined by multiplying the
1 G' u: y( T0 R6 M2 Q7 C2 J  oapplicable Quarterly Floating Dividend Rate by $25.00.* Y$ y# k. X* |3 b" ]3 P) Y- F
On the 30th day prior to the commencement of the initial quarterly dividend
/ j$ E9 k0 C8 U- V* S9 Fperiod beginning on February 25, 2014, and on the 30th day prior to the first8 ], i0 Z7 b3 h6 B; E
day of each subsequent quarterly dividend period (the initial quarterly3 t- l: U) W! a! \7 j* l* J; ^* L8 W
dividend period and each subsequent quarterly dividend period is referred to- r( y1 Y( d6 t9 ~1 |  j7 F: F
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the- A5 I. B5 I, t
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
; E+ r( m4 w+ j0 t; GPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
$ {% y1 A# o2 gT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days+ P' \# F3 D7 F; k7 p, p; k
elapsed in the applicable Quarterly Floating Rate Period divided by 365)$ M- V" P9 h; |8 G  |7 u) o9 Z
determined on the 30th day prior to the first day of the applicable Quarterly
- m$ g' F, R4 j& G0 \Floating Rate Period.6 T; b% o% j' T! `
S-5
0 M/ v1 R5 {1 x8 |$ kIf the Board of Directors does not declare a dividend, or any part thereof, on
1 b% T: b( f  K& W+ M! h" tthe Preferred Shares Series 19 on or before the dividend payment date for a
, }2 Z2 \, P6 }0 X: I: fparticular quarter, then the entitlement of the holders of the Preferred+ C# \, M( n0 b  y$ M, H/ Y$ d
Shares Series 19 to receive such dividend, or to any part thereof, for such
# R) s& E! l; S# Y+ J, c: Vquarter will be forever extinguished./ w& i$ E; Q7 S2 ^% t1 u% N" Q
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
/ i  G2 i/ @  K- w+ d! ^Superintendent and to the provisions described below under the heading
" u- H# w& p# `3 {/ q' r# b% ?& i; `‘‘Details of the Offering — Certain Provisions of the Preferred Shares
  o) w( f% e( A2 z( w% [, YSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,1 |$ v: g+ }) L, N
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
3 D- X/ z3 G( jor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
7 y) N0 @6 u% Zoption without the consent of the holder, by the payment of an amount in
1 S) D& J: `" o, _cash for each such share so redeemed of (i) $25.00 together with all declared  z, o. @/ W% j2 J4 R7 X4 z$ f
and unpaid dividends to the date fixed for redemption in the case of
+ p. J. Z: {7 R- e& \* o4 ~redemptions on February 25, 2019 and on February 25 every five years+ M/ m! u5 N  m; C& C$ J* l
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to) d1 \! U1 F7 g' P
the date fixed for redemption in the case of redemptions on any other date
4 k, q- s% q* n) [9 x# r& c; ]on or after February 25, 2014.
7 h9 F  L& r9 S- ]$ y$ h2 K, CConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
7 ^8 `8 i1 O* |( E/ WShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have( l1 _3 P5 `1 H0 h
the right, at their option, to convert, on February 25, 2019 and on1 C7 q3 ~- h8 l" e' |
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any" _$ r( P; i2 [# y) J- N8 P' v: o
or all of their Preferred Shares Series 19 into an equal number of Preferred
$ f+ R3 y- a% b% x6 B7 S9 k" `- q) yShares Series 18 upon giving to the Bank written notice thereof not earlier0 e- H; A6 m2 z* p$ W: w& U$ F
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the( H  g7 c7 h% @" L! E6 r& I
15th day preceding, a Series 19 Conversion Date.
0 q# b0 C$ j! M& n& TAutomatic Conversion If the Bank determines, after having taken into account all shares tendered" Q7 Z8 O6 r- ~+ {
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
  \. l+ X. b4 |' L0 \1 J4 p6 _Series 18, as the case may be, that there would be outstanding on such) ^& c! x- |& _3 S5 t
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
  |! U& G7 t7 s# ?* `4 c% V- R9 [such remaining number of Preferred Shares Series 19 will automatically be1 I# a. u/ N, h! h# A0 v) f! t+ m
converted on such Series 19 Conversion Date into an equal number of8 U' h7 T* r9 G2 t9 b% A  k
Preferred Shares Series 18. Additionally, if the Bank determines that, after
; U  o! |$ b% D2 w- w3 cconversion, there would be outstanding on such Series 19 Conversion Date
& ?1 u  i; Y8 g  @less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
, \- _! ^0 @4 [# A$ bSeries 19 will be converted into Preferred Shares Series 18.
7 ^" `' V  i( I3 f$ J4 QVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares( w6 E* h1 D3 G& t
Series 19 will not be entitled as such to receive notice of, attend, or vote at,- k: Q' D% E$ J: O( K, e2 G
any meeting of the shareholders of the Bank unless and until the first time at
8 J# N& f4 o  A3 m4 X! E6 nwhich the Board of Directors has not declared the whole dividend on the  t9 ?' B- v; t1 ^
Preferred Shares Series 19 in any quarter. In that event, subject as& H* x: v! U4 ]  K) t8 {
hereinafter provided, the holders of Preferred Shares Series 19 will be
8 C# i, f+ H1 ~- [/ \entitled to receive notice of, and to attend, meetings of shareholders at which
- F  v( q$ \! c% l% udirectors of the Bank are to be elected and will be entitled to one vote for
3 l3 z: ]; h) S' A  meach Preferred Share Series 19 held. The voting rights of the holders of the
: I% `  N: r# c( M8 IPreferred Shares Series 19 will forthwith cease upon payment by the Bank of0 z/ l* Z( n' D
the first dividend on the Preferred Shares Series 19 to which the holders are( s4 n) Q) [5 I: J% ~% |
entitled thereunder subsequent to the time such voting rights first arose until4 s9 H% a) b: b% n1 }+ n8 I
such time as the Bank may again fail to declare the whole dividend on the
9 B, \* X5 o( m% L' d3 K& d# ~( CPreferred Shares Series 19 in respect of any quarter, in which event such
7 W  |4 {- l, @) nvoting rights will become effective again and so on from time to time.
- \0 Q7 v/ \& D; kS-6
  ]2 l0 ^: L7 lPriority: The preferred shares of each series of the Bank will rank on a parity with
6 D- \( |' N; G! ^8 d8 cevery other series and are entitled to preference over the common shares of% z. R' ~7 x* B, _. O
the Bank and over any other shares of the Bank ranking junior to the
# T% L: i3 d8 H; i/ Kpreferred shares with respect to the payment of dividends and upon any: m( u' W+ S1 N! I# n4 v' E
distribution of assets in the event of the liquidation, dissolution or
# F! h1 c% F/ V' m3 f# Cwinding-up of the Bank.
, w  }5 g- G/ i9 CTax on Preferred Share The Bank will elect, in the manner and within the time provided under; F3 v( L) \# P; ?- L( G( E4 R
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
3 r9 v; Z! J9 c  H: I4 }Series 18 and Preferred Shares Series 19 will not be required to pay tax on
# V  W7 q0 ~( x! F# _3 zdividends 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。+ A& q) Q/ P' X& y3 F4 X1 P
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。
理袁律师事务所
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 18:26 | 显示全部楼层

( T8 y) T  K) V* i8 C
. S$ `. i2 i4 h0 n0 J* Z下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
7 g  D1 u# ^+ i  f- P2 a- T& _5 a
- W& g- K8 v) E- mcall 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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