埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 2522|回复: 5

请问精打细算:银行6.50% 5-Year Rate Reset Preferred Share投资的利弊?

[复制链接]
鲜花(26) 鸡蛋(0)
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。  ^& K# Y# D" ^& H4 e
, M# O4 d/ v2 u+ D
; ^! I* U7 j( j$ R& i  y- p
[ 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:! B! @/ M! d5 _! t* O
SUMMARY OF THE OFFERING8 Y3 ^7 p" E' R% {$ ?: 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’’., i  O, T7 O" O$ M' s  R
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
- S, B8 E! N9 k; R1 o, ?5 UAmount: $150,000,000 (6,000,000 shares).
4 s. [7 y4 b% LPrice and Yield: $25.00 per share to yield initially 6.50% per annum./ G- w0 Y' H# M$ u4 T+ e
Principal Characteristics of the Preferred Shares Series 18
# ^. ~! E0 C7 s# p2 ZDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed. v7 H. n: \7 f, B
non-cumulative preferential cash dividends, as and when declared by the
/ ]# L" A$ {. p/ Z- T& G. }Board of Directors, subject to the provisions of the Bank Act, for the initial
( V- M, e4 ]$ J3 f/ m. T' jperiod commencing on the closing date and ending on and including
' y3 e8 x  E) o9 K6 W  Z4 vFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
6 U4 C# B, X; F% c25th day of February, May, August and November in each year, at a rate
$ Z0 R: D7 N! d4 ]( Nequal to $0.40625 per share. The initial dividend, if declared, will be payable
! c- ^( u' R8 t% y! F* ?May 25, 2009 and will be $0.73459 per share, based on the anticipated closing# x5 W, L. ?$ G
date of December 11, 2008.0 R6 W+ H/ s# p2 F6 Z0 r
For each five-year period after the Initial Fixed Rate Period (each, a$ v; r+ a6 b$ T! `$ G8 \5 ^
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
  n1 s3 M/ V1 l" ASeries 18 will be entitled to receive fixed non-cumulative preferential cash
6 f$ K& k: @& `9 u* Pdividends, as and when declared by the Board of Directors, subject to the
; f7 \- w# D) d1 dprovisions of the Bank Act, payable quarterly on the 25th day of February,$ S7 R4 G! W) Z) l; o1 Y' `2 ]
May, August and November in each year, in the amount per share per annum6 m+ z' P; V& l! L* r
determined by multiplying the Annual Fixed Dividend Rate applicable to6 K- r. x, U2 d9 H# c+ _! U% A
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
0 b0 m! }; i$ Q1 v/ Z! m4 |  U  w8 ERate for the ensuing Subsequent Fixed Rate Period will be determined by the$ w0 R6 W+ n4 Y4 \' V
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day& d: @* H# K, P: y8 J  ]9 b* ?
of such Subsequent Fixed Rate Period and will be equal to the sum of the
& b! M$ o! [8 l; \" ~! yGovernment of Canada Yield on the applicable Fixed Rate Calculation Date* Y5 W5 x3 T3 i* @# y, u
plus 3.83%.
8 ?! B( D3 R) L: K5 s" oIf the Board of Directors does not declare a dividend, or any part thereof, on2 A) y; b/ d- x
the Preferred Shares Series 18 on or before the dividend payment date for a9 E: U  k  v- |# i& ^
particular quarter, then the entitlement of the holders of the Preferred
7 u! o: y; S: H3 _4 s: o" oShares Series 18 to receive such dividend, or to any part thereof, for such, m7 g3 D9 t, i) X1 m; M
quarter will be forever extinguished.' S- J, k+ E5 v" y. r" J' W
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
9 o1 f4 S  P/ {1 s. W7 R: VSuperintendent and to the provisions described below under ‘‘Details of the
* ^' R) v# v# V8 b, f3 ^Offering — Certain Provisions of the Preferred Shares Series 18 as a
4 G% I9 E& s- }/ ISeries — Restrictions on Dividends and Retirement of Shares’’, on4 m  a2 p7 k* V2 E4 X
February 25, 2014 and on February 25 every five years thereafter, on not* ?& l) j- u- r9 K: i& c7 y
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any! n$ v. }' K. ~, V* N
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
3 k5 C& N$ Q! e' J! b$ D/ p( Owithout the consent of the holder, by the payment of an amount in cash for; M4 ?2 A% I: k! M( x' d1 B
each such share so redeemed of $25.00 together with all declared and unpaid
5 w+ _8 I! F& m$ F/ V5 x7 idividends to the date fixed for redemption.
: }% a) ]* y* V& o6 _Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic4 k4 [" r/ X$ t' A" ?! G
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
9 y# M  G2 R/ Z. A. U: m# hthe right, at their option, to convert, on February 25, 2014 and on# h5 W" Q$ O% T1 H, S8 o
S-45 g3 I. t+ n5 G4 }2 V
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
4 {$ U2 p9 h5 mor all of their Preferred Shares Series 18 into an equal number of Preferred
+ K6 {- K# n; `Shares Series 19 upon giving to the Bank notice thereof not earlier than# j  f  A! R  p8 F
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
4 J, S5 `+ q4 ~! ]* Ipreceding, a Series 18 Conversion Date.
5 f, l. j' f5 [Automatic Conversion If the Bank determines, after having taken into account all shares tendered; c3 ]3 E3 B& e
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares# H: _) F) s( N- x
Series 19, as the case may be, that there would be outstanding on such: ~) _! Z3 f, E! u. [# E3 m* l5 ]
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,/ ~" ^( r2 k. N8 w$ A6 M5 P8 Y* g
such remaining number of Preferred Shares Series 18 will automatically be
4 ]* J7 @+ N' a: [converted on such Series 18 Conversion Date into an equal number of
" H8 P4 N0 }8 Z' j* SPreferred Shares Series 19. Additionally, if the Bank determines that, after
; z+ T! F' r5 o1 `& x. W! gconversion, there would be outstanding on such Series 18 Conversion Date
2 K) u- i2 _: {less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares" \& g( o* f8 A
Series 18 will be converted into Preferred Shares Series 19.
  V6 h- Y, t4 e/ @; r' i! ^+ y7 UVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
$ R" [: c' q* f; _1 _Series 18 will not be entitled as such to receive notice of, attend, or vote at,3 |1 b6 T9 v- P+ c
any meeting of the shareholders of the Bank unless and until the first time at4 ~, a8 p! P9 m, i, k; M
which the Board of Directors has not declared the whole dividend on the) H5 p/ w  h  ^0 N& p
Preferred Shares Series 18 in any quarter. In that event, subject as4 s* x( Q' K6 ~4 C6 k! e5 J
hereinafter provided, the holders of Preferred Shares Series 18 will be
* K0 M& W/ U. C# Jentitled to receive notice of, and to attend, meetings of shareholders at which! t" ~/ L- j$ u
directors of the Bank are to be elected and will be entitled to one vote for
- {1 Z; Y; V& o7 f. Geach Preferred Share Series 18 held. The voting rights of the holders of the
, K9 ~9 U: {* s  P; d  M1 V3 iPreferred Shares Series 18 will forthwith cease upon payment by the Bank of$ e- r" G9 M7 G7 z
the first dividend on the Preferred Shares Series 18 to which the holders are
1 t3 H9 X7 a$ n6 N1 X. I; ]entitled thereunder subsequent to the time such voting rights first arose until
! f4 c5 x' b& ssuch time as the Bank may again fail to declare the whole dividend on the& T5 i2 E) N  L" y( n0 ]6 c0 `/ V
Preferred Shares Series 18 in respect of any quarter, in which event such
  ^3 V9 l% W* J1 Z! x0 svoting rights will become effective again and so on from time to time.; w* N. x7 G; E' J6 }: K
Principal Characteristics of the Preferred Shares Series 19' |0 b( n% g( \. s6 T9 A: s. {; r
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive2 [7 o" V% W& I! r2 T7 t
floating rate non-cumulative preferential cash dividends, as and when
' H$ j- j# ~9 ^7 _( h1 [declared by the Board of Directors, subject to the provisions of the Bank Act,
- v/ v5 [6 P) t- Q- Ypayable quarterly on the 25th day of February, May, August and November
; X+ b) k, ^+ r  n* k7 nin each year, in the amount per share determined by multiplying the% M+ [3 O5 v8 L# O& n
applicable Quarterly Floating Dividend Rate by $25.00.! V  ?) T0 C. @' e. M$ T
On the 30th day prior to the commencement of the initial quarterly dividend
' r/ G% r' [8 c% Z9 b2 Mperiod beginning on February 25, 2014, and on the 30th day prior to the first
1 @! Y) [$ t! ?2 h# ^4 `) Hday of each subsequent quarterly dividend period (the initial quarterly6 s) h3 v# N0 I0 r- R
dividend period and each subsequent quarterly dividend period is referred to
4 H# R( U3 {% O( @as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
5 D" Y; k8 }, b4 g# l8 Z6 b  Y+ xQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
. @# ]& J% F/ u9 KPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
4 Y6 U. Q, d1 ZT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days( @- U& R& s# D$ M9 W
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
: l) u/ ?; t# B8 mdetermined on the 30th day prior to the first day of the applicable Quarterly
% j/ B! f+ f) \3 NFloating Rate Period." i+ K( h6 ]3 G& b
S-5! m2 R/ k$ _3 M) [& \5 i
If the Board of Directors does not declare a dividend, or any part thereof, on2 F* K: c8 T5 w7 r0 M
the Preferred Shares Series 19 on or before the dividend payment date for a+ V! O2 D0 u* e3 _& f$ ^9 X6 k* R
particular quarter, then the entitlement of the holders of the Preferred  T, e2 |4 Q0 G; @, l4 {9 t4 q
Shares Series 19 to receive such dividend, or to any part thereof, for such
: O; L4 K1 F3 Q% Qquarter will be forever extinguished.  ~0 }8 e8 S. H5 z, ?: U( \/ v
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
# o. E/ q5 m+ _; J. `7 K5 b. iSuperintendent and to the provisions described below under the heading* A& e# Q3 K- R4 A
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
$ A; Z2 O8 S  P7 @0 ?5 T- zSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
% Z$ n) D  ~" i) c$ Yon not more than 60 nor less than 30 days’ notice, the Bank may redeem all& i  k: Z% A8 {' m. \
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
8 P. Z) m, |, Q/ J; d+ Ioption without the consent of the holder, by the payment of an amount in
" {. r% h) N  q+ D1 t9 q3 kcash for each such share so redeemed of (i) $25.00 together with all declared3 L$ K9 v9 `1 C+ a
and unpaid dividends to the date fixed for redemption in the case of; E! d- `8 n# @* P" M
redemptions on February 25, 2019 and on February 25 every five years
) f1 A: {6 A1 Q3 U1 H  O0 Ethereafter, or (ii) $25.50 together with all declared and unpaid dividends to
0 r2 f. u1 ]# K- k) I7 W; Nthe date fixed for redemption in the case of redemptions on any other date" z! @' z7 [; n1 P/ i! e4 S
on or after February 25, 2014.  Q1 G1 Z4 X. Y# A* H7 d6 F
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic0 |  h% H$ R, Q/ w' Q
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have4 z% K# o* t/ Y/ l' q4 E' E7 z
the right, at their option, to convert, on February 25, 2019 and on7 P# g" z3 f2 _9 i8 T. t4 C
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
* W% ^+ R! F1 u, m8 z) U' N- ]or all of their Preferred Shares Series 19 into an equal number of Preferred( O/ O) N1 [2 F/ r2 |
Shares Series 18 upon giving to the Bank written notice thereof not earlier3 m. Z' {! z* N* ]
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the1 E6 Z% O; y$ ], ^5 [1 ]  y
15th day preceding, a Series 19 Conversion Date.* W5 C! t2 F; a6 }; R6 `6 b0 u
Automatic Conversion If the Bank determines, after having taken into account all shares tendered6 A3 h' I2 v8 y; p  a7 O
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
0 k2 B2 Y- K7 ?8 O& r# U5 KSeries 18, as the case may be, that there would be outstanding on such" Y# W. E+ ?* l/ b
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,% Q) J' z. R1 L! w3 F. i
such remaining number of Preferred Shares Series 19 will automatically be5 Z/ }- `- m5 X; h- v
converted on such Series 19 Conversion Date into an equal number of2 p- P' ]4 y+ ]2 \* r& x
Preferred Shares Series 18. Additionally, if the Bank determines that, after
- ?! }6 E5 Q1 e6 L  N2 m: b  Tconversion, there would be outstanding on such Series 19 Conversion Date
' U: A6 q; z% q0 V' Mless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
+ V' V- v0 ^% ~Series 19 will be converted into Preferred Shares Series 18.; Q6 E3 \8 [) z. J9 Q  D
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares, P- h% @  x6 e3 x9 p
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
/ h9 m9 N$ D' y8 ]# b1 E# pany meeting of the shareholders of the Bank unless and until the first time at% C, @  ^2 q! k) D4 D. h+ E
which the Board of Directors has not declared the whole dividend on the6 W; |6 C, y! G, |
Preferred Shares Series 19 in any quarter. In that event, subject as$ `7 f- z4 u" R$ J9 C
hereinafter provided, the holders of Preferred Shares Series 19 will be& W. B7 X/ C% g% a' l7 A2 Z) _" u
entitled to receive notice of, and to attend, meetings of shareholders at which
: ?; o' R/ d& Z, n# ~5 Adirectors of the Bank are to be elected and will be entitled to one vote for
6 @$ E, v$ a8 W( f1 J( G4 D; zeach Preferred Share Series 19 held. The voting rights of the holders of the
7 B+ w+ \. x. a' E0 K2 iPreferred Shares Series 19 will forthwith cease upon payment by the Bank of  ]( @8 V( [: B
the first dividend on the Preferred Shares Series 19 to which the holders are
$ O+ C$ N" R1 P, T* Centitled thereunder subsequent to the time such voting rights first arose until
% c2 C3 O4 ]7 r% X2 j( @such time as the Bank may again fail to declare the whole dividend on the
4 |- T0 j" L) T4 O- r: z5 R' oPreferred Shares Series 19 in respect of any quarter, in which event such
% c: X1 v5 |' p" hvoting rights will become effective again and so on from time to time.$ c0 k5 x1 b- H) G/ I; O
S-6, a( M# A9 \4 `6 _+ p; a
Priority: The preferred shares of each series of the Bank will rank on a parity with- W6 t. r/ T4 o* E
every other series and are entitled to preference over the common shares of' e) ]2 _4 T" t8 c4 u& S0 N2 j
the Bank and over any other shares of the Bank ranking junior to the
* Q8 ~  b. t" L) n$ i% O0 L9 Wpreferred shares with respect to the payment of dividends and upon any% Q' d; d, e5 b
distribution of assets in the event of the liquidation, dissolution or0 m" d: I: y5 X* u+ @' r& u
winding-up of the Bank.
& p0 ]6 R5 ~9 a" B6 |Tax on Preferred Share The Bank will elect, in the manner and within the time provided under% ~; f( \6 y3 C& i- O, ^
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares2 e" S% ~3 @/ h, l6 }! z5 T
Series 18 and Preferred Shares Series 19 will not be required to pay tax on# f. `( A+ [2 w1 y' X/ M1 Y
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。
. ]$ e8 I9 ~  ?. @# D/ W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

* ~, D. @  N5 j* J7 ]  L( J2 d( @/ j/ h$ U" ?  A8 d
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。2 H+ }$ M0 ~) `3 l
( U& V( R+ d* [5 r* ^
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。
您需要登录后才可以回帖 登录 | 注册

本版积分规则

联系我们|小黑屋|手机版|Archiver|埃德蒙顿中文网

GMT-7, 2025-12-18 19:29 , Processed in 0.122328 second(s), 12 queries , Gzip On, APC On.

Powered by Discuz! X3.4

Copyright © 2001-2021, Tencent Cloud.

快速回复 返回顶部 返回列表