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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。
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( Q- ~4 Z( N8 ]. L[ 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:) x, y3 {* W7 n' Z8 h  a: M9 q
SUMMARY OF THE OFFERING; k9 A7 L: w8 x+ |
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’’.3 ]* v( Q$ K7 }3 n$ z  T
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18." B+ L2 H& v6 g; c
Amount: $150,000,000 (6,000,000 shares).
  _6 H4 s6 D" }- \Price and Yield: $25.00 per share to yield initially 6.50% per annum.
3 z& T2 g# y$ H, SPrincipal Characteristics of the Preferred Shares Series 18
5 j# _  S* r) B$ nDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed* D2 f. B  t/ p" ^/ w3 u
non-cumulative preferential cash dividends, as and when declared by the
1 E; n, z  j1 f! T7 v3 @Board of Directors, subject to the provisions of the Bank Act, for the initial
1 X- B" z* V# o. R: Yperiod commencing on the closing date and ending on and including
$ t: C0 d$ l/ o" M. ]& e" uFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
% J, }& i6 t7 \' W% u9 r25th day of February, May, August and November in each year, at a rate4 x6 q- D% [3 V" u. u' j1 j
equal to $0.40625 per share. The initial dividend, if declared, will be payable6 H2 i) V" E& d% J6 B$ o! F
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
, V" ?9 o3 E5 ?3 {7 X! Bdate of December 11, 2008.
9 ~: [8 Z0 A- K9 bFor each five-year period after the Initial Fixed Rate Period (each, a
$ v6 c' u0 ]1 e6 w4 o‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares7 l9 V( n! z! h9 h
Series 18 will be entitled to receive fixed non-cumulative preferential cash+ f" l; p% R  f1 O2 c
dividends, as and when declared by the Board of Directors, subject to the- n/ V& c- m$ K3 t* O& E: X
provisions of the Bank Act, payable quarterly on the 25th day of February,
" M$ x4 ^4 Q; y3 kMay, August and November in each year, in the amount per share per annum5 M. m8 U; h7 v% j' z5 b
determined by multiplying the Annual Fixed Dividend Rate applicable to
$ J. U2 k2 o2 Y& o$ U! I2 R4 ksuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend& I. T$ f( k, c  W9 {3 g  A, O
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the8 Y6 d4 I) p' W  }$ |
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
1 I3 P' V! C! H) ^2 Mof such Subsequent Fixed Rate Period and will be equal to the sum of the) D) ~/ Y, y' Y2 w, `
Government of Canada Yield on the applicable Fixed Rate Calculation Date
9 f- t6 z+ f9 Aplus 3.83%.4 m2 o0 p0 a% o8 S
If the Board of Directors does not declare a dividend, or any part thereof, on
* ^5 f# q* r9 f) s" ^5 Wthe Preferred Shares Series 18 on or before the dividend payment date for a
1 u8 d1 R8 J! j- t4 L/ z2 }6 Uparticular quarter, then the entitlement of the holders of the Preferred
3 S; S$ x! B* }$ G, OShares Series 18 to receive such dividend, or to any part thereof, for such) k) g# Q) t, o8 I3 M, F
quarter will be forever extinguished.
9 G! w+ R: A! aRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
, Y. u% V7 X+ fSuperintendent and to the provisions described below under ‘‘Details of the
' W- ?' m- D+ o: I) `  a- E: QOffering — Certain Provisions of the Preferred Shares Series 18 as a% _4 ?: j1 W9 k9 @# U: Q
Series — Restrictions on Dividends and Retirement of Shares’’, on
4 P7 q$ g/ \7 d) }9 R& C5 VFebruary 25, 2014 and on February 25 every five years thereafter, on not: P* Z6 d) r% i; w0 {
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any0 P# c$ B. h0 Z( ?0 _8 f% f
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
- e3 |( a% j$ o6 o- H3 ewithout the consent of the holder, by the payment of an amount in cash for
/ S2 B5 f4 K5 G: V6 R: peach such share so redeemed of $25.00 together with all declared and unpaid0 I! D" r4 I3 k: S+ q6 ]
dividends to the date fixed for redemption.2 ^9 i$ p% O( u4 _3 V
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
  q$ H9 y$ u+ gShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
# ]" u& p% z( Dthe right, at their option, to convert, on February 25, 2014 and on8 x& X' G0 x. M$ ?3 b' Y
S-4! E" c! u: j2 z8 A" v8 v
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any+ O) s& D' A5 J8 S
or all of their Preferred Shares Series 18 into an equal number of Preferred# d# X6 ?. H) D5 E: _& y% y
Shares Series 19 upon giving to the Bank notice thereof not earlier than: r& R/ T% a/ D- O$ D+ F3 c/ K
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day% o; \+ |+ G$ E5 k
preceding, a Series 18 Conversion Date.
; Q! H4 ~9 y! C" t7 R7 y& {$ R! `Automatic Conversion If the Bank determines, after having taken into account all shares tendered: O; q# s# V% ]
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
9 A3 l$ n  c: A. M* I1 ?, QSeries 19, as the case may be, that there would be outstanding on such
# C5 l" o+ B8 E' ISeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
7 ]+ Y$ c4 h' r. Csuch remaining number of Preferred Shares Series 18 will automatically be( F  s# b" u: _: t' I6 g9 k
converted on such Series 18 Conversion Date into an equal number of
+ I2 T  a1 \* \- x9 E3 D) A2 UPreferred Shares Series 19. Additionally, if the Bank determines that, after! B; m5 I6 i. ]. U  S2 c
conversion, there would be outstanding on such Series 18 Conversion Date$ C8 J2 q' S! v$ [# X2 Y
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
$ U; p! P/ |. r1 T$ ^/ c  sSeries 18 will be converted into Preferred Shares Series 19.
0 K3 m4 K# Q6 W* P# I6 a1 Q: {Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares1 H* s2 y+ a0 j, [
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
0 c1 ]4 ?1 }& vany meeting of the shareholders of the Bank unless and until the first time at6 G" w* B0 C" G7 c
which the Board of Directors has not declared the whole dividend on the7 }& k/ ?, W/ E! P5 m: v5 O7 F
Preferred Shares Series 18 in any quarter. In that event, subject as
3 t1 K3 i- n# mhereinafter provided, the holders of Preferred Shares Series 18 will be
6 C5 b. N6 _* |4 |entitled to receive notice of, and to attend, meetings of shareholders at which
  ^# P- `+ e7 ~directors of the Bank are to be elected and will be entitled to one vote for
3 k- ?4 d* }% X5 ]( \, y$ Reach Preferred Share Series 18 held. The voting rights of the holders of the
0 p3 s2 C4 O8 n% I6 vPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
' q9 g: _! i1 \  k1 gthe first dividend on the Preferred Shares Series 18 to which the holders are, l4 G2 E! ~( j
entitled thereunder subsequent to the time such voting rights first arose until5 I3 e" ]5 n, {  z' G6 q) B
such time as the Bank may again fail to declare the whole dividend on the
& B; X9 q/ p# w: M; d! FPreferred Shares Series 18 in respect of any quarter, in which event such
% Z! |! U- R: F, C7 {9 dvoting rights will become effective again and so on from time to time.
, C7 t8 L5 v: p; b4 UPrincipal Characteristics of the Preferred Shares Series 19
7 e; e! G2 h; {9 ^* HDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
5 c8 l0 u/ e; t  Z5 qfloating rate non-cumulative preferential cash dividends, as and when+ U& {1 @+ q& n
declared by the Board of Directors, subject to the provisions of the Bank Act,
1 b( R8 h! m, x% B3 J( spayable quarterly on the 25th day of February, May, August and November- X  V- S( p8 h/ h& k
in each year, in the amount per share determined by multiplying the
  w9 ~# j6 e- Z( ~& N$ x  z0 E2 happlicable Quarterly Floating Dividend Rate by $25.00.
4 p* c+ J' w1 }4 b& S$ l- J9 vOn the 30th day prior to the commencement of the initial quarterly dividend/ [7 X6 O" X$ _
period beginning on February 25, 2014, and on the 30th day prior to the first
1 \3 Y* Z4 ?3 t& r& q( w: Rday of each subsequent quarterly dividend period (the initial quarterly
( t( S7 s! O& g! Cdividend period and each subsequent quarterly dividend period is referred to
4 _) E. V" v  R* s. Ias a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the! K9 b5 [5 {+ n5 v
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
& t& g) Y0 B0 r+ c5 MPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
( k' j6 H" g1 S8 t8 h2 K4 XT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days( T  p, e: o; Z. o4 a2 g
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
# s2 @4 G" }& |$ H" [$ edetermined on the 30th day prior to the first day of the applicable Quarterly- ], M: D1 Q6 [6 Q& l8 |
Floating Rate Period.
% x( F& B1 U# ]. _/ ]# q6 @* o4 yS-52 {0 X& W5 u' Y* N7 t0 ^9 K' M
If the Board of Directors does not declare a dividend, or any part thereof, on2 o; L, p0 S+ J6 g9 A1 _
the Preferred Shares Series 19 on or before the dividend payment date for a/ v3 K& c3 K& @6 s$ g7 _
particular quarter, then the entitlement of the holders of the Preferred
1 Z7 l7 E  n. a% y- ~1 n1 J6 j* aShares Series 19 to receive such dividend, or to any part thereof, for such3 e5 q  m/ a. k. L
quarter will be forever extinguished.
! N" F& D  B& y6 E0 z  I: Q& MRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
: q" B* l; A2 r8 c2 lSuperintendent and to the provisions described below under the heading3 C% b0 d! Q5 B
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
) j' T2 `' U& y1 I+ f  }! zSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
! h0 e  h1 O8 w' j- U4 `on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
2 q5 [( D1 |. f1 O1 {0 f8 Y7 Nor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
. Q" O, V* o5 `+ w3 ]; _( \* Foption without the consent of the holder, by the payment of an amount in
7 _! ~+ }4 g4 k6 S& M+ r2 rcash for each such share so redeemed of (i) $25.00 together with all declared' }8 ?# m! T6 y( {# l
and unpaid dividends to the date fixed for redemption in the case of6 ]& H1 [0 B1 X2 Q. A
redemptions on February 25, 2019 and on February 25 every five years
( e2 G5 o' z/ u% J  tthereafter, or (ii) $25.50 together with all declared and unpaid dividends to! [1 p+ c" m4 S2 W. P/ y: h* n  F  B) D
the date fixed for redemption in the case of redemptions on any other date
5 b3 z3 l% E2 ?/ @4 n) T- t' y$ jon or after February 25, 2014.$ X# e7 z4 F6 O" s2 ]7 B8 h: N
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
0 V. ~% w( g0 d" m1 v; `9 EShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have5 i5 |1 Z; W  S  D5 k
the right, at their option, to convert, on February 25, 2019 and on! p5 G6 {+ M: [0 ?
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
% f0 W+ M9 m; w* ~1 F4 X. h, hor all of their Preferred Shares Series 19 into an equal number of Preferred& T3 G) f/ _4 F7 a9 ]
Shares Series 18 upon giving to the Bank written notice thereof not earlier
) o) G) Y( ^5 u6 U3 V" ]+ u" q" |than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
7 R6 e6 g2 ~6 K  a  W$ L$ J1 R15th day preceding, a Series 19 Conversion Date.  r# ?* j. U: O' Q, h
Automatic Conversion If the Bank determines, after having taken into account all shares tendered- b  |4 b$ H: K; p
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
6 E$ Q) ~! E2 A7 d7 @5 WSeries 18, as the case may be, that there would be outstanding on such
, u& M$ Z  o- T4 WSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,2 f& I& ?* {8 j: v2 H: g
such remaining number of Preferred Shares Series 19 will automatically be
6 ~  u. K) F/ s( p4 l0 w! Uconverted on such Series 19 Conversion Date into an equal number of
/ M1 Q  n. x4 y$ GPreferred Shares Series 18. Additionally, if the Bank determines that, after
) E9 E& b: p! e  U: {, xconversion, there would be outstanding on such Series 19 Conversion Date' e) P% }* F9 o( P
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
! {* C, Z" I6 }. s& o( e4 D4 m: Y; LSeries 19 will be converted into Preferred Shares Series 18.
! P6 q6 d" S: m+ x- u3 O. e- tVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares2 m! o* N5 }& A; u7 D
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
, I& r5 m5 q/ M( G0 N2 E' l  K( {any meeting of the shareholders of the Bank unless and until the first time at
  J0 w# B' D, s) W+ _6 Mwhich the Board of Directors has not declared the whole dividend on the
7 s8 p. f2 x+ H2 F% w% d. dPreferred Shares Series 19 in any quarter. In that event, subject as
! b# ^3 q* ~+ ~! y% Q' Y% vhereinafter provided, the holders of Preferred Shares Series 19 will be
1 |3 v  i/ \& A5 v. T+ qentitled to receive notice of, and to attend, meetings of shareholders at which' R* g4 t% a  `/ F0 m0 `- i
directors of the Bank are to be elected and will be entitled to one vote for
: S  L- g  Z( _" d" _each Preferred Share Series 19 held. The voting rights of the holders of the% s& J' D  M. q: \. f3 B
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of2 I: ~3 i. M" _0 C+ E( @" G/ i
the first dividend on the Preferred Shares Series 19 to which the holders are
3 P5 v* Y/ {" }! M6 C4 `& ventitled thereunder subsequent to the time such voting rights first arose until9 V7 N$ I% A* y: X; `9 k" T+ |% @
such time as the Bank may again fail to declare the whole dividend on the
$ F* ^$ A5 u9 T5 `) N1 aPreferred Shares Series 19 in respect of any quarter, in which event such$ f3 P3 A1 r, R( f8 R# v/ |4 B9 K  Z
voting rights will become effective again and so on from time to time.1 U* D$ f( m- ?  T7 A2 x
S-6
1 e: @  _" m! g& ?0 OPriority: The preferred shares of each series of the Bank will rank on a parity with7 o9 C- l, Y* ]) ^
every other series and are entitled to preference over the common shares of
2 d+ a/ G3 |: J- x& L8 Gthe Bank and over any other shares of the Bank ranking junior to the
2 |& ?3 J* Z, j5 c' F: z6 _4 }# apreferred shares with respect to the payment of dividends and upon any
$ _5 s2 r" X# _; z' H5 Kdistribution of assets in the event of the liquidation, dissolution or
" Z& f% Y8 f  Z! J4 }winding-up of the Bank.3 @: u% p5 J& c. q7 F( n
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
! [) @, ]: o8 }/ G( O- qDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares& x) B6 H/ Y8 i" x4 y) Y  i
Series 18 and Preferred Shares Series 19 will not be required to pay tax on8 s8 y; I, I4 o; |! N
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。' P. h; N; D+ c( t; R
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
% _# _* E9 V7 j! r$ Z% ^  j
3 }/ e& \5 O6 y+ B+ [) n
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。( F$ e% R/ p" e8 [7 Z
1 o8 Z5 G$ j: P# F4 X& d, z! F* G
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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