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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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# j7 g; I8 F# z& 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:
! V  l. t3 Q! {! E' cSUMMARY OF THE OFFERING
3 c6 S2 d' V" M" J: wThis 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* r. R, {9 C2 S: PIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.9 N" b7 {1 @: Y0 N: k* H: h
Amount: $150,000,000 (6,000,000 shares).
! i# M* s( H7 f  D, A' {' IPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
3 V& L% b: z7 K6 t$ l7 t2 uPrincipal Characteristics of the Preferred Shares Series 18
/ f# f% Y6 o5 C+ g2 U5 I: VDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed0 {6 K4 R0 r( s& S: s
non-cumulative preferential cash dividends, as and when declared by the
9 @6 X3 q5 U/ {- A1 m, S# CBoard of Directors, subject to the provisions of the Bank Act, for the initial
9 F. Q6 \$ }0 R( u: t4 O* Cperiod commencing on the closing date and ending on and including4 b" [$ E2 `$ Z$ d
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
: M4 A, V3 w1 }8 R7 L25th day of February, May, August and November in each year, at a rate
& @! w: O' L. c" ?( p2 W; [equal to $0.40625 per share. The initial dividend, if declared, will be payable
3 T# ?! p- v6 l0 PMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
) n* I% m# X4 r, [' o- mdate of December 11, 2008.
, j: t, R8 n- HFor each five-year period after the Initial Fixed Rate Period (each, a
! Z, t: O5 c+ v) ]. e* s‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares! m( b" s& M( Z* Y2 `& l( y6 C
Series 18 will be entitled to receive fixed non-cumulative preferential cash
; J' V+ w9 |. N! m2 G: V: ~+ ddividends, as and when declared by the Board of Directors, subject to the
2 g5 r# J& Z* |0 r+ k) rprovisions of the Bank Act, payable quarterly on the 25th day of February,0 ~' g0 @. {: o& ]$ f! t7 `
May, August and November in each year, in the amount per share per annum
* \* W: I& w9 S/ g/ z, H& g# xdetermined by multiplying the Annual Fixed Dividend Rate applicable to1 m3 r. d) X5 q$ G8 {8 ~: z. |! v
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend: g/ [4 d2 |: t- e( P1 d
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the; B- u: i- A* [" i- |
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day' z; A$ e+ H0 f
of such Subsequent Fixed Rate Period and will be equal to the sum of the: F" F$ Y  D! F' x. E( x
Government of Canada Yield on the applicable Fixed Rate Calculation Date
$ C5 i% D3 p+ z1 l: mplus 3.83%.% B" @- |- P2 }. T& C! A
If the Board of Directors does not declare a dividend, or any part thereof, on
; B9 G, o0 I9 Z9 q+ c# [0 wthe Preferred Shares Series 18 on or before the dividend payment date for a
% N) G( ?6 Y0 Dparticular quarter, then the entitlement of the holders of the Preferred, Z& L; y( [7 r, B1 ]
Shares Series 18 to receive such dividend, or to any part thereof, for such
2 h+ G' Y6 `! w% ]- l0 `quarter will be forever extinguished.
9 K+ o- s( ?+ R$ u# zRedemption: Subject to the provisions of the Bank Act and to the prior consent of the4 Q, m" t7 O% W* f8 ^
Superintendent and to the provisions described below under ‘‘Details of the5 S3 S; [7 A9 @
Offering — Certain Provisions of the Preferred Shares Series 18 as a
" q' a0 |/ B% ^$ K# r' JSeries — Restrictions on Dividends and Retirement of Shares’’, on
+ g7 q6 t' B: p5 a. jFebruary 25, 2014 and on February 25 every five years thereafter, on not
8 m/ I& ?  U! w( |7 Emore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
1 S. R7 b" v, V* L3 a9 q* ppart of the then outstanding Preferred Shares Series 18, at the Bank’s option
5 t2 m( d( t' V3 X) Cwithout the consent of the holder, by the payment of an amount in cash for4 t& a0 Q3 F. ~( g* P
each such share so redeemed of $25.00 together with all declared and unpaid
+ ~) h" f# N1 P' `dividends to the date fixed for redemption.( R/ ?$ S$ _- s% B3 m
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
" p4 p; T$ d; Z% RShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
9 M# J+ |0 u- w4 E# Kthe right, at their option, to convert, on February 25, 2014 and on
: i$ {+ E9 E' `4 a+ i% q: n9 AS-4
6 l! `5 q8 t+ k& ]0 n# f8 A" sFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any% b+ b% W' T: V' |" g' T: E
or all of their Preferred Shares Series 18 into an equal number of Preferred! K2 `+ q% \" |5 `1 H0 J+ z6 l4 ]
Shares Series 19 upon giving to the Bank notice thereof not earlier than
5 f- ]8 z4 P7 i) F+ R30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day8 s" W  u/ K) }( ]+ s! z8 I1 `
preceding, a Series 18 Conversion Date.
. c( ?# t5 g2 t9 x7 LAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
3 ]3 v3 o  n& B7 j  K' vProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
- M3 x3 A( Q. Z+ iSeries 19, as the case may be, that there would be outstanding on such
3 \* w; {! Q2 i( Y+ C7 tSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,/ H; Z* Y+ j( i
such remaining number of Preferred Shares Series 18 will automatically be
. n% @* `1 `7 g, d+ t+ l" ~1 Fconverted on such Series 18 Conversion Date into an equal number of. A3 t3 u8 G3 X# i8 f0 v8 E! p7 b
Preferred Shares Series 19. Additionally, if the Bank determines that, after7 F& F! T0 ~4 l+ \# {0 i( ?
conversion, there would be outstanding on such Series 18 Conversion Date
0 M, p  F4 z! }/ z6 oless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
: v! b6 n: ]3 h# N9 DSeries 18 will be converted into Preferred Shares Series 19.
# W* H  v3 Q! z9 g% y. D7 kVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares2 ^- L7 J; V% [1 x0 ^
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
; x' q& o3 Q  S& O  C* [7 Uany meeting of the shareholders of the Bank unless and until the first time at
1 Q: K+ M& i: ?. Z4 Z7 R) kwhich the Board of Directors has not declared the whole dividend on the6 ~! V" N* r4 j1 a; s: A# l
Preferred Shares Series 18 in any quarter. In that event, subject as
& m! H8 P# }, r5 U) G! rhereinafter provided, the holders of Preferred Shares Series 18 will be
3 Z1 K) G. D, a; Z$ z" {entitled to receive notice of, and to attend, meetings of shareholders at which' L& W+ @; B, f+ J, z, @
directors of the Bank are to be elected and will be entitled to one vote for" |4 W- W3 O% F* _
each Preferred Share Series 18 held. The voting rights of the holders of the; i5 q# g5 {& u9 D
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of) i2 e2 U5 t( i( e0 n2 g( T! ~
the first dividend on the Preferred Shares Series 18 to which the holders are
( F0 [( |+ [5 C+ R+ l5 Nentitled thereunder subsequent to the time such voting rights first arose until" {! |# L+ T9 r( |
such time as the Bank may again fail to declare the whole dividend on the
% i) \5 P) e7 g) d5 C) [Preferred Shares Series 18 in respect of any quarter, in which event such! `8 g- w2 `! @! E/ b7 d4 w
voting rights will become effective again and so on from time to time.
% d3 q+ `. |, U. |, u* ?Principal Characteristics of the Preferred Shares Series 19- c0 [+ }2 w2 N  X+ c
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
5 O4 b4 }2 p$ d8 M  y! cfloating rate non-cumulative preferential cash dividends, as and when
5 [( w) j: g) ddeclared by the Board of Directors, subject to the provisions of the Bank Act,
5 a7 W" s+ J% S. n  _$ i  Q! ^' F- Upayable quarterly on the 25th day of February, May, August and November
2 N1 e: ?1 U2 S: w8 |, u$ win each year, in the amount per share determined by multiplying the6 Q$ l/ E* B; o! o+ i7 G
applicable Quarterly Floating Dividend Rate by $25.00., _, R" b" r. [
On the 30th day prior to the commencement of the initial quarterly dividend# _5 E7 f# S/ E: n- x6 s3 Q
period beginning on February 25, 2014, and on the 30th day prior to the first
7 X7 v8 f6 E( Q3 S  K" N2 J: Mday of each subsequent quarterly dividend period (the initial quarterly
9 j4 L  T( u! d4 B7 B. idividend period and each subsequent quarterly dividend period is referred to
5 N7 J1 H+ S  O9 d9 b+ {1 jas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
% X& x: ~. p4 Z, nQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate/ b* e6 G, ]# g% ?- o2 C
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
' b0 h4 h- g1 g. p2 d) K) dT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days) h4 X/ p( U  c* L8 c6 |) s6 q
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
5 ~6 W& r# q( e- u7 y* a3 ?determined on the 30th day prior to the first day of the applicable Quarterly+ b0 Q4 l3 V/ ^- j, z8 r' r
Floating Rate Period./ e, K# ~, s4 x: Y. q( Q. t  T
S-51 C- ]8 D, K1 T' |$ C
If the Board of Directors does not declare a dividend, or any part thereof, on
. q  q  u% _% Y8 s- d/ J& Ithe Preferred Shares Series 19 on or before the dividend payment date for a
6 {0 e! j2 e( h7 p2 sparticular quarter, then the entitlement of the holders of the Preferred% Z0 e" n2 d1 ?5 w7 D7 H5 Y6 n
Shares Series 19 to receive such dividend, or to any part thereof, for such2 D  k6 }1 X: l7 F. m
quarter will be forever extinguished.1 e- ?8 f' B8 a4 A! l! |# y( Q  p8 q( v
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
8 B. h. ^: j- s9 ^% M& }4 KSuperintendent and to the provisions described below under the heading
6 F; t- X) l! N# S‘‘Details of the Offering — Certain Provisions of the Preferred Shares6 P4 ~, u8 E/ U2 M/ h; |) {2 S/ X
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,8 |+ H) r  X8 N, G
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all3 Y! a4 L8 T& L/ N/ N2 P
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
* m8 T1 g$ z/ H+ [option without the consent of the holder, by the payment of an amount in
/ h; n/ t. e) q! ]$ R( ?cash for each such share so redeemed of (i) $25.00 together with all declared- j- Y4 m/ w  W- }/ F; K
and unpaid dividends to the date fixed for redemption in the case of$ \+ B6 M; S( T  P! b
redemptions on February 25, 2019 and on February 25 every five years
9 }' A5 d) }9 C" Q+ Zthereafter, or (ii) $25.50 together with all declared and unpaid dividends to9 ~$ A( w4 }6 X7 W. T
the date fixed for redemption in the case of redemptions on any other date( u7 r2 o, _" Z3 @' o2 ^
on or after February 25, 2014.
  Y9 B( X- _& `2 e0 eConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
& V  h  g( k5 h" A' VShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have' o2 ?4 q) |7 D3 O" q6 f
the right, at their option, to convert, on February 25, 2019 and on
$ R2 ?) h/ Z! ^. I8 [  QFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
5 u0 J/ P& H5 o4 ]- jor all of their Preferred Shares Series 19 into an equal number of Preferred
- N! T/ e! I3 N" W" p% F. LShares Series 18 upon giving to the Bank written notice thereof not earlier
$ ]% |1 [8 D) r/ R2 `6 kthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the* X6 U9 m. |5 Q! R# ]
15th day preceding, a Series 19 Conversion Date.! T6 r. Z2 k9 e+ P( w( a4 F1 P3 O
Automatic Conversion If the Bank determines, after having taken into account all shares tendered" |' @5 x. e7 C
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
( s, K3 P8 U1 |/ C& ~! e3 B: G/ tSeries 18, as the case may be, that there would be outstanding on such6 J6 |4 o/ _' L* w* l" e, K
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,: Y4 F5 `  v2 J; ^! t2 K
such remaining number of Preferred Shares Series 19 will automatically be! Y) F( t8 v; H4 R6 g/ h9 Y; D# P8 `. R
converted on such Series 19 Conversion Date into an equal number of" k2 i  k3 u3 d6 v  ^! ~
Preferred Shares Series 18. Additionally, if the Bank determines that, after
4 e$ _8 N, ?7 J8 K  {4 N; Nconversion, there would be outstanding on such Series 19 Conversion Date
, u+ N; W" ~1 a3 F& T! Bless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares0 @5 k* R( b7 F/ M9 H* m
Series 19 will be converted into Preferred Shares Series 18./ Z2 W+ x' n, X; J  I2 z
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
, u  |# q- x# B$ A5 O4 n% Y- [2 ESeries 19 will not be entitled as such to receive notice of, attend, or vote at,
, V8 U8 V3 O! A5 b1 R/ D6 I- \any meeting of the shareholders of the Bank unless and until the first time at
3 q, P5 N# t& ~/ \; n; Y2 a4 wwhich the Board of Directors has not declared the whole dividend on the
& a  k( U- T: m. UPreferred Shares Series 19 in any quarter. In that event, subject as6 m7 G! ?9 T) T; V
hereinafter provided, the holders of Preferred Shares Series 19 will be3 _2 f2 C" C% a3 c" X( l; w" T
entitled to receive notice of, and to attend, meetings of shareholders at which( v  }8 t  Z- l% X1 B0 P. p- F
directors of the Bank are to be elected and will be entitled to one vote for
1 g6 }: O5 B7 x( l9 Neach Preferred Share Series 19 held. The voting rights of the holders of the" [% ?" b2 `) j9 z
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of* p/ Q) M; G3 l( I  {; N2 v
the first dividend on the Preferred Shares Series 19 to which the holders are
3 K. I* M+ x9 ^entitled thereunder subsequent to the time such voting rights first arose until( B! q3 u& P% \/ k+ M
such time as the Bank may again fail to declare the whole dividend on the# w  N+ a$ a9 {* m- Y
Preferred Shares Series 19 in respect of any quarter, in which event such( @3 [/ g5 b1 A5 ]
voting rights will become effective again and so on from time to time.
" A2 ]2 @: V# {) \( r) n& uS-64 m8 n3 g* q3 r' P
Priority: The preferred shares of each series of the Bank will rank on a parity with
+ _0 p5 G" D: D, R( jevery other series and are entitled to preference over the common shares of
9 B1 u1 m/ X. f  l% j( m6 L4 S- `the Bank and over any other shares of the Bank ranking junior to the6 Q3 ?, R6 J# ^& \
preferred shares with respect to the payment of dividends and upon any
* o% r0 X1 k1 `; k9 ?$ zdistribution of assets in the event of the liquidation, dissolution or
* D4 q6 D& D: E2 Y% I' v9 Bwinding-up of the Bank.- {) L! w. d, q, S9 i7 a
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
% Y) z3 \) H4 A! k5 ~3 `* w& JDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares( q6 \% t# k; z6 F# M! i
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
) X# z' ?8 t& ^- a" r! ~" sdividends 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。% ?, B! Y/ U: g, d+ 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。
鲜花(87) 鸡蛋(1)
发表于 2008-11-29 18:26 | 显示全部楼层
. X+ ~! ?) |, I. ~+ X3 `+ p! {
1 x' E; [+ [6 ^
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。/ H: y2 }7 `+ p

* R9 M; x( D. f5 A  L$ |$ F; r- P& `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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