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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。9 M8 s) Y) K4 E) |, D* D/ o

( S  q2 {* l( T4 S
2 m7 L8 z7 G$ F! m! f  Z0 ?6 W[ 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:: J. u$ T% a0 I
SUMMARY OF THE OFFERING4 q$ O+ B+ Z0 A, f) b; _
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’’.
& C& R2 `, S; h3 W# s: R% ^1 [/ E  RIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.+ j7 B7 q8 z4 ~6 s4 W! d% B& F
Amount: $150,000,000 (6,000,000 shares).! \& t, x' w# P3 \- M: \! M
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
6 k' [$ i. U, c6 d0 K9 pPrincipal Characteristics of the Preferred Shares Series 18$ V, N1 ?, k) n( `. P  k
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
' v% A" R- X; @1 n- Z( \! L: `% \non-cumulative preferential cash dividends, as and when declared by the! x' n' T% \- H& O7 h5 U
Board of Directors, subject to the provisions of the Bank Act, for the initial8 C& X! {+ L. b. Q% d
period commencing on the closing date and ending on and including, n& D" [/ I/ H' `
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
+ X5 B! }3 t7 R0 M, g' C25th day of February, May, August and November in each year, at a rate
) w; K4 K; t- N5 j! u  nequal to $0.40625 per share. The initial dividend, if declared, will be payable; G4 G9 y1 H/ |+ d' ]+ K
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing; E6 M2 `# m. e
date of December 11, 2008.3 F8 q" v2 M; U# T" n" t; q- C
For each five-year period after the Initial Fixed Rate Period (each, a2 b" G6 J7 N- J1 \& g! ]5 L
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
# h; W7 j& m' Y6 q/ GSeries 18 will be entitled to receive fixed non-cumulative preferential cash" ]9 B" Z  s  g9 [4 U& w
dividends, as and when declared by the Board of Directors, subject to the
  L0 E/ [4 L9 |( u; M% C' |2 ^( fprovisions of the Bank Act, payable quarterly on the 25th day of February,
' i. k: \* u; L( A- i& g; T2 B) ?May, August and November in each year, in the amount per share per annum( k7 n" }2 @# o1 L; J" N; a6 i
determined by multiplying the Annual Fixed Dividend Rate applicable to" G+ I5 ^. |$ ?* W" Q
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend; n: r9 f: I/ S; ?# F, f5 u- ]
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the  S# J) ^& S: I. j
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
6 A  _3 E1 ?* }$ l1 K" i6 ]of such Subsequent Fixed Rate Period and will be equal to the sum of the7 {1 [# M3 v- }  g8 [- x# a
Government of Canada Yield on the applicable Fixed Rate Calculation Date5 \5 L8 O. X5 s  k  D* _
plus 3.83%.
6 g/ Q, x" S& G1 zIf the Board of Directors does not declare a dividend, or any part thereof, on
/ u8 |% `- a4 z6 G" O. T& Tthe Preferred Shares Series 18 on or before the dividend payment date for a
5 D; }- f. |: h5 B8 ^' }particular quarter, then the entitlement of the holders of the Preferred
. I* ?1 l7 E: M! U+ OShares Series 18 to receive such dividend, or to any part thereof, for such: D/ P9 x6 F3 E! y3 E+ K
quarter will be forever extinguished.
0 Z5 f: s1 M  i! Z; Y( r' [6 kRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
% A# o: f! I" M' p4 SSuperintendent and to the provisions described below under ‘‘Details of the
8 K/ B, u* P" F1 |Offering — Certain Provisions of the Preferred Shares Series 18 as a
9 s, `1 h6 `# ~6 VSeries — Restrictions on Dividends and Retirement of Shares’’, on
! R7 W$ D/ D; G: zFebruary 25, 2014 and on February 25 every five years thereafter, on not
6 M: s3 v9 S4 smore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
/ ~* s6 Y  `4 d$ n# V  i: ~+ H0 |part of the then outstanding Preferred Shares Series 18, at the Bank’s option4 J. |/ {( h0 v& G: z" _7 n
without the consent of the holder, by the payment of an amount in cash for
. }  r2 U6 {2 Y: y7 A) |each such share so redeemed of $25.00 together with all declared and unpaid! b9 p7 V0 N' E" b) Q8 J  t7 {
dividends to the date fixed for redemption.. ]' L# \% x' F
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
; r6 ]' r; ^0 l% w. RShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
2 _; S: n. E# b$ I! sthe right, at their option, to convert, on February 25, 2014 and on. k( q8 ]3 L: t/ H* v
S-4/ A7 F. j; l- |& h
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
5 R5 ?, q! t1 Xor all of their Preferred Shares Series 18 into an equal number of Preferred/ x7 w  `4 U$ d8 ^+ q& g  z- x+ Y' V, L
Shares Series 19 upon giving to the Bank notice thereof not earlier than
: N( V( y8 J+ M3 Q' w30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
* S. ?0 F4 k% U4 w: \preceding, a Series 18 Conversion Date.  \$ c, @" }+ f+ N0 U- L& J* a
Automatic Conversion If the Bank determines, after having taken into account all shares tendered& E$ p/ n" v0 R" }4 N7 G
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
. z: l1 t; E+ H1 G3 TSeries 19, as the case may be, that there would be outstanding on such
2 G4 [7 r0 |0 W$ e/ E9 v" J. ?Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
# `1 Y6 Q6 l# Q2 isuch remaining number of Preferred Shares Series 18 will automatically be- i& ~5 @, o7 a& D% ~$ X4 W: Z
converted on such Series 18 Conversion Date into an equal number of4 x0 L- `; Y9 K
Preferred Shares Series 19. Additionally, if the Bank determines that, after
% a3 c; M( U1 K' Sconversion, there would be outstanding on such Series 18 Conversion Date4 z5 h5 Z' s, l
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
7 e; I. T. D: q4 q: eSeries 18 will be converted into Preferred Shares Series 19./ [7 Z- r  f& x8 s. Y# }
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares  i' g. K( V" z7 ?
Series 18 will not be entitled as such to receive notice of, attend, or vote at,+ e6 c/ n+ ^4 T6 b
any meeting of the shareholders of the Bank unless and until the first time at
% O, W, L9 o/ |% I1 uwhich the Board of Directors has not declared the whole dividend on the- H! E! z/ _& j' d. z* o4 I
Preferred Shares Series 18 in any quarter. In that event, subject as$ u/ x* {# |# j/ O0 D+ l9 D
hereinafter provided, the holders of Preferred Shares Series 18 will be
- N& w( Q9 q4 W$ k; d3 f$ Uentitled to receive notice of, and to attend, meetings of shareholders at which
9 G$ p8 ^4 }7 sdirectors of the Bank are to be elected and will be entitled to one vote for8 G5 ?# H( w- E/ F4 U/ D& A# O; |
each Preferred Share Series 18 held. The voting rights of the holders of the
/ C, g; F5 L$ Q1 VPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
: L. N& K, c# C2 k  b; H- N9 Tthe first dividend on the Preferred Shares Series 18 to which the holders are! {% O$ `7 L# V0 E
entitled thereunder subsequent to the time such voting rights first arose until$ X/ @6 ^; K1 _
such time as the Bank may again fail to declare the whole dividend on the& G' W3 m% \0 p
Preferred Shares Series 18 in respect of any quarter, in which event such
0 o9 [! x7 a; y9 t3 ~voting rights will become effective again and so on from time to time.' u  c: b& v' G. j1 R" N
Principal Characteristics of the Preferred Shares Series 194 n, n9 v4 k7 h" \
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
7 C8 i( w5 G; u+ M5 _) x% ffloating rate non-cumulative preferential cash dividends, as and when* L) k! v# ?' F& ~0 u
declared by the Board of Directors, subject to the provisions of the Bank Act,
, m4 \; b+ |: Ppayable quarterly on the 25th day of February, May, August and November: y0 X/ H: \" s2 P
in each year, in the amount per share determined by multiplying the
( R9 m2 P0 r; f& F( C' K9 `applicable Quarterly Floating Dividend Rate by $25.00.
- y; `. L3 p; ^$ x6 W, U+ UOn the 30th day prior to the commencement of the initial quarterly dividend
$ Z8 X. K  A; _" N, \! Yperiod beginning on February 25, 2014, and on the 30th day prior to the first& b% W0 H1 x6 m1 i
day of each subsequent quarterly dividend period (the initial quarterly) i6 f7 K" e  \9 f* B1 y
dividend period and each subsequent quarterly dividend period is referred to; }  [$ e# M; j# L
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
  K, G, B8 X- A0 A# S& q3 MQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
" {; a, X2 l0 o; `8 uPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
2 O# i" z2 n( q& m+ U4 yT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
7 t3 ]2 l# P" p9 gelapsed in the applicable Quarterly Floating Rate Period divided by 365)5 P- d0 [: E" |
determined on the 30th day prior to the first day of the applicable Quarterly
# k, ]" ?7 o3 I( F% \9 v0 cFloating Rate Period.
- I% g4 t/ @3 L1 u, S" }0 P1 T) YS-55 ?+ y! X. x8 }* w6 I
If the Board of Directors does not declare a dividend, or any part thereof, on
( k( L7 ]- X1 l' g, K1 B: s' ythe Preferred Shares Series 19 on or before the dividend payment date for a
+ @$ m* R4 M& I9 p  }" _1 Nparticular quarter, then the entitlement of the holders of the Preferred; Q1 |  E4 v! f: q2 K, c7 c
Shares Series 19 to receive such dividend, or to any part thereof, for such: ^5 ^; T  ?5 L) \
quarter will be forever extinguished.) V' }, l7 S5 |
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
( t. n( F. q$ ?+ \, b  l; G6 wSuperintendent and to the provisions described below under the heading: U5 Q' e6 L# j4 F! f  ~8 t8 ^+ @
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
" a' f4 a; K( t* Y& @9 w/ h8 K. wSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
4 p$ @. T9 m' m) T, @, N2 Qon not more than 60 nor less than 30 days’ notice, the Bank may redeem all! U6 Z/ X% H0 _* ^/ Y( D( r! s
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s2 M5 {" G( k: P# @% k3 D3 K
option without the consent of the holder, by the payment of an amount in# a& `( `3 M& z' k# W9 w# i5 F
cash for each such share so redeemed of (i) $25.00 together with all declared- o$ @& R& r- t0 v2 ~
and unpaid dividends to the date fixed for redemption in the case of
- R" |! B/ m4 L" _' x8 i) Jredemptions on February 25, 2019 and on February 25 every five years
7 N* E  U: h4 k7 E/ ?. C* S2 Jthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
- g9 c2 _# \$ w3 Y: Z& ~the date fixed for redemption in the case of redemptions on any other date
0 \, S2 X0 `9 ]/ d0 @on or after February 25, 2014.
& w" {8 y, M" h; N+ XConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
: w* n& M6 ]) S, A" Z! nShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
  R( k, u+ W3 P' ~# Ethe right, at their option, to convert, on February 25, 2019 and on
/ a# A$ d: d% s# ]+ ]. h& O4 HFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
, U! @) N1 X0 eor all of their Preferred Shares Series 19 into an equal number of Preferred
6 v* P7 D* t9 J; p4 U( ]Shares Series 18 upon giving to the Bank written notice thereof not earlier
- t* Z. G( i# ]+ }0 Tthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
$ |! V8 g/ G1 G15th day preceding, a Series 19 Conversion Date.! j  J  L# W* s; v5 H; {4 q1 s: ?
Automatic Conversion If the Bank determines, after having taken into account all shares tendered" D& B9 M$ v: }" o/ E
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
( Y5 f5 ?8 V) S  |0 C; dSeries 18, as the case may be, that there would be outstanding on such
7 |, m. d5 W9 m) C- Z' d/ [: v2 CSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,8 J' u" M" I4 l& W0 Z
such remaining number of Preferred Shares Series 19 will automatically be
3 T% d9 J5 X( H& R7 O  T) U/ [2 aconverted on such Series 19 Conversion Date into an equal number of
, k) o6 s( w4 V3 F) M# z) H- ?Preferred Shares Series 18. Additionally, if the Bank determines that, after
2 g1 e: p) e9 p; c6 I( xconversion, there would be outstanding on such Series 19 Conversion Date  r' y' Q# N6 o
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares7 C6 b# [5 ^2 x% X: i
Series 19 will be converted into Preferred Shares Series 18.
# D) z. z6 O* ?. oVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares/ Y  B3 t* \% O/ i7 j
Series 19 will not be entitled as such to receive notice of, attend, or vote at," s8 n" P8 V4 d: a7 x5 i6 G  u/ @
any meeting of the shareholders of the Bank unless and until the first time at
" w3 s; v5 ]3 Qwhich the Board of Directors has not declared the whole dividend on the
% p$ n0 J; P3 v5 Y9 e& ^Preferred Shares Series 19 in any quarter. In that event, subject as8 p- h* j0 g1 ^: Y: w
hereinafter provided, the holders of Preferred Shares Series 19 will be5 S1 N" k6 t6 K) K
entitled to receive notice of, and to attend, meetings of shareholders at which3 _5 g* F$ f) R# v0 h& f
directors of the Bank are to be elected and will be entitled to one vote for  s) H, W+ W- s" p6 {
each Preferred Share Series 19 held. The voting rights of the holders of the
: W. B8 N, L% u) j5 L* m9 ?! y" CPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
, e: x4 ~' E  K6 ]- cthe first dividend on the Preferred Shares Series 19 to which the holders are
! J' V! O5 ?5 T; uentitled thereunder subsequent to the time such voting rights first arose until
, M& e% F* z+ Y3 \such time as the Bank may again fail to declare the whole dividend on the  J9 V+ k. u- Q9 O" n
Preferred Shares Series 19 in respect of any quarter, in which event such3 v% m. G6 c5 n4 H+ Z; h
voting rights will become effective again and so on from time to time., Y$ F: T9 |, K2 c2 h! T3 J
S-61 ~- r. p7 X, x5 V# L; F
Priority: The preferred shares of each series of the Bank will rank on a parity with! {: U0 Y1 r5 m9 l
every other series and are entitled to preference over the common shares of$ \, I6 p, S1 M* K* M
the Bank and over any other shares of the Bank ranking junior to the2 _$ u9 W4 i$ v* m! V1 ^4 ]
preferred shares with respect to the payment of dividends and upon any5 }& x9 z0 n* c; p! Z6 x
distribution of assets in the event of the liquidation, dissolution or
3 B+ ?( |8 F9 {8 Fwinding-up of the Bank.' P+ P+ n# ]2 T. }: O/ D" S
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under0 @8 U+ S( I5 A! L: N2 C6 P
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
' p0 d7 ^  s/ @  s' b! u- LSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
9 W7 x. H$ W6 s. d6 i/ `6 V8 |2 O" [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。
& A. }! c2 m% t- z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

1 |0 ~6 s$ W- B- m/ X7 x! G0 S  }# r  O1 J
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。/ F  w# {( e, J% b7 R. e+ d4 X
; A$ w2 ]& j9 p9 v4 K% E
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。
理袁律师事务所
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