埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 3116|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。" ?7 [& K% t/ M1 r9 [
; M3 b* h" |& g# e
( p% W; V" y" d! K$ w
[ 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:
* `) {# q# R+ [: S; f* ^3 c  y# {- gSUMMARY OF THE OFFERING
  P- P$ A# Z" s0 g* L  @3 yThis 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’’.
) h! a' K0 g+ c1 ?, |1 T& CIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
8 w, N) L( Z& C  Z; i* |) vAmount: $150,000,000 (6,000,000 shares).
1 r3 J0 n+ C# d3 TPrice and Yield: $25.00 per share to yield initially 6.50% per annum., d, O7 U, E/ s( H
Principal Characteristics of the Preferred Shares Series 18
' x  R# F% e+ z' iDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed/ G( n2 E0 _& a8 [/ z  Q5 X
non-cumulative preferential cash dividends, as and when declared by the/ S8 T& i( z; R0 R( ~7 `
Board of Directors, subject to the provisions of the Bank Act, for the initial# D, t" P$ v7 a
period commencing on the closing date and ending on and including1 [! W" [$ W/ O, t7 i5 W
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the7 f( c) h7 H$ V& M8 e* e
25th day of February, May, August and November in each year, at a rate' F3 S4 F0 u1 J( m" b
equal to $0.40625 per share. The initial dividend, if declared, will be payable2 @! w$ @, V2 O# l/ ]
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing! G: @* K. P2 u1 o' ~. {5 n. o
date of December 11, 2008.3 C, A0 D1 }& p8 p
For each five-year period after the Initial Fixed Rate Period (each, a
( d2 I: D+ ^- o‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares6 v1 D/ ?! ?; d7 f
Series 18 will be entitled to receive fixed non-cumulative preferential cash- @9 {9 L& `" n3 X# z" f
dividends, as and when declared by the Board of Directors, subject to the. ~+ }, W% M- o1 C: t. ]7 d, `" g
provisions of the Bank Act, payable quarterly on the 25th day of February,
) o. g" b: v/ u! Q5 A4 sMay, August and November in each year, in the amount per share per annum; h$ ]( Q. u2 Y2 `' G
determined by multiplying the Annual Fixed Dividend Rate applicable to9 h1 K( g) q! s8 e4 ?8 r
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
- r$ J: K$ \% Z: w3 ~" oRate for the ensuing Subsequent Fixed Rate Period will be determined by the, |/ S& |# \5 L
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day2 h/ _( v. z* |1 n, I
of such Subsequent Fixed Rate Period and will be equal to the sum of the4 `6 E3 O* e( W& V4 \" y) L) f
Government of Canada Yield on the applicable Fixed Rate Calculation Date! h; C! p0 ^4 ~# m0 o
plus 3.83%.
! B9 o* W  M- B: {If the Board of Directors does not declare a dividend, or any part thereof, on
. x. S& R# ~, S9 e1 c5 c6 |" cthe Preferred Shares Series 18 on or before the dividend payment date for a6 T( ]  K5 U# D6 ~0 v' y0 Y1 O
particular quarter, then the entitlement of the holders of the Preferred% V9 D4 A& {4 u& e
Shares Series 18 to receive such dividend, or to any part thereof, for such0 b0 Y3 C0 ]( }2 \5 A5 }" j' Q! g# N
quarter will be forever extinguished.1 l0 Y6 ~6 b" o, k) s) m$ c. q
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
* l4 _6 O! k: I9 ?Superintendent and to the provisions described below under ‘‘Details of the& n, r1 }! P' @5 n) H* {7 k4 ?
Offering — Certain Provisions of the Preferred Shares Series 18 as a7 t8 W( ]* K7 f- D' u. ]  K+ o) d0 U
Series — Restrictions on Dividends and Retirement of Shares’’, on9 B2 t. j# x3 l% j
February 25, 2014 and on February 25 every five years thereafter, on not
4 ~, q$ h% ?$ D2 |more than 60 nor less than 30 days’ notice, the Bank may redeem all or any  I. T4 K+ g" P% j! U
part of the then outstanding Preferred Shares Series 18, at the Bank’s option: ^: s& J: G. e- u9 r3 _& Y
without the consent of the holder, by the payment of an amount in cash for
3 |8 X3 G# L+ G+ m. D' ?$ e$ eeach such share so redeemed of $25.00 together with all declared and unpaid
5 Y/ y- G0 S6 `7 [2 M6 z. Q, B$ odividends to the date fixed for redemption.
6 c& ~; P7 O* d( {  m' |Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
1 w6 ~8 O$ g- W# W3 J' D0 LShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have# W  z7 k( Z2 ?4 {) F  k
the right, at their option, to convert, on February 25, 2014 and on3 s; j& ~$ L, V( I
S-4
7 c7 ]9 {0 h7 s) M  i3 [/ K& Y3 SFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any) @- U# E9 k6 n" D; [
or all of their Preferred Shares Series 18 into an equal number of Preferred
8 l7 _3 u# Y5 h3 B  }' H! HShares Series 19 upon giving to the Bank notice thereof not earlier than: C' ~/ ~% J2 P$ ]* p% I. _+ J% p  h
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day# U2 D( i1 ?, t+ n
preceding, a Series 18 Conversion Date.
. A8 x6 y4 P. I) f8 wAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
+ v; j( M8 X& I' j& n; QProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
6 ~, W1 d+ ^# M2 m. ]  M* aSeries 19, as the case may be, that there would be outstanding on such9 S) c3 Y* p5 i- z) s
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,  B/ K  p. E1 G) r* u% K
such remaining number of Preferred Shares Series 18 will automatically be; f, s) o+ |+ y
converted on such Series 18 Conversion Date into an equal number of* n* ?9 I3 {, d3 u
Preferred Shares Series 19. Additionally, if the Bank determines that, after' _2 B! W2 i# i' I! S7 c
conversion, there would be outstanding on such Series 18 Conversion Date
* G( V0 K, g# p! _2 ?% Z) pless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
9 B$ K$ i1 D- n4 v2 f# `. dSeries 18 will be converted into Preferred Shares Series 19., ?0 N- v( P$ }9 N
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
  W9 ^8 \. c6 X9 W4 ?% p( o9 H( KSeries 18 will not be entitled as such to receive notice of, attend, or vote at,6 ^+ D+ Y. @0 r4 w
any meeting of the shareholders of the Bank unless and until the first time at
* n$ u7 F4 e! ^9 n  cwhich the Board of Directors has not declared the whole dividend on the
# P4 _/ L5 C- W$ ?" F' m& R; ZPreferred Shares Series 18 in any quarter. In that event, subject as3 E3 A' J: L$ R. E
hereinafter provided, the holders of Preferred Shares Series 18 will be8 F: f; o& L  M8 d
entitled to receive notice of, and to attend, meetings of shareholders at which
& |0 E& ^* W! t# k& O$ kdirectors of the Bank are to be elected and will be entitled to one vote for3 p) M/ W0 c- h; Q
each Preferred Share Series 18 held. The voting rights of the holders of the
# q( b5 T# D, w1 cPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
: t2 S8 B: C0 e0 dthe first dividend on the Preferred Shares Series 18 to which the holders are
; E; o( [1 x) ^# p$ U) `" }* Y9 i8 uentitled thereunder subsequent to the time such voting rights first arose until
  Y4 X" Z& ?. K! C9 k5 vsuch time as the Bank may again fail to declare the whole dividend on the
: @% c/ d+ }+ O3 TPreferred Shares Series 18 in respect of any quarter, in which event such
0 _  |6 x- Y+ hvoting rights will become effective again and so on from time to time.
  C2 B4 B* C: w5 Q! _Principal Characteristics of the Preferred Shares Series 19
; i4 \: m8 Q$ Z0 r; M7 e0 xDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
3 m8 O2 Q! \' @$ d  p* vfloating rate non-cumulative preferential cash dividends, as and when
1 ^1 n0 D4 A0 g, ldeclared by the Board of Directors, subject to the provisions of the Bank Act,
) w+ e1 t. t2 ppayable quarterly on the 25th day of February, May, August and November* G1 }) K" i4 J+ ?# }
in each year, in the amount per share determined by multiplying the/ P) s2 {0 F# \, O5 [
applicable Quarterly Floating Dividend Rate by $25.00.
  l) i  R2 Z+ j9 ~1 \0 E& VOn the 30th day prior to the commencement of the initial quarterly dividend
7 p# D% u* w  E6 S: C) t/ h  lperiod beginning on February 25, 2014, and on the 30th day prior to the first
" ^! c; r9 k* m( `day of each subsequent quarterly dividend period (the initial quarterly3 N5 g8 H  V* T" X- H7 A' l
dividend period and each subsequent quarterly dividend period is referred to9 }- L( E- M$ d3 ]( g4 y1 x9 |5 z
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
; G0 a& W$ j* Y% _; V/ }3 d: z2 KQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
' d% S7 C0 j% t. Z0 _4 fPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the$ L  B3 v; H8 A+ K' h4 n. }+ g
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days; w, J3 L2 G' o& y4 O
elapsed in the applicable Quarterly Floating Rate Period divided by 365)# G  i2 F7 Z! i) S
determined on the 30th day prior to the first day of the applicable Quarterly! O" b6 M% N" B2 [
Floating Rate Period.
% Z& z* t5 Z& L) tS-5* Y# F( z, [: F" D, O: Z
If the Board of Directors does not declare a dividend, or any part thereof, on+ M$ K, G1 l' p
the Preferred Shares Series 19 on or before the dividend payment date for a" U2 \2 b( x& p
particular quarter, then the entitlement of the holders of the Preferred
" ]- u/ R1 b; [Shares Series 19 to receive such dividend, or to any part thereof, for such! F7 H- d* Q5 g' s$ Y6 g& U
quarter will be forever extinguished." Z3 J% }! T3 f& f9 B9 B/ i( n4 W
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the& {4 z, f% {' h* \# ]5 T
Superintendent and to the provisions described below under the heading& k6 F1 d0 J) |9 K- d, d, s
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
" a% N/ F$ z* F) v3 h* ESeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,+ g9 i" B& u; s( A
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all8 z# v- E! c5 j  x: K
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s! o1 r: ~1 ?" P+ |" g
option without the consent of the holder, by the payment of an amount in
3 a. ]# m3 e& E$ h+ ucash for each such share so redeemed of (i) $25.00 together with all declared
% O) R: Y! @9 H, p; i7 E) Q* cand unpaid dividends to the date fixed for redemption in the case of; R. P+ D/ [# ?& q/ V
redemptions on February 25, 2019 and on February 25 every five years
6 P. M; {9 @+ M6 }: E% xthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
8 O* V6 v8 o0 P. X: E- Ithe date fixed for redemption in the case of redemptions on any other date- v' T- k: v. P
on or after February 25, 2014.; s, e1 S1 \7 }
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
8 ^# i" s/ V( t6 n5 o, X( |! i9 r7 aShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have3 I9 e5 ~) k$ h, g6 d  {; @0 @& Z) [
the right, at their option, to convert, on February 25, 2019 and on
* |$ V1 c( @9 r' k, `February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
" u- x; Q3 O( M! ^' W# E: Sor all of their Preferred Shares Series 19 into an equal number of Preferred
% N8 T1 f3 R. y' W: Q9 \0 fShares Series 18 upon giving to the Bank written notice thereof not earlier! L' A; f. R( }) K
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the. ]) r8 t. W- O" c3 F! i( C/ s- n
15th day preceding, a Series 19 Conversion Date.' n/ F0 M) ^8 v0 s
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
; o) e) ?5 W" G7 N! m' ]& KProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
: c0 w: H; i2 W/ ]- ~9 tSeries 18, as the case may be, that there would be outstanding on such" s; L, ~- k; t- I, ]- n
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,- N1 `2 z/ g5 P3 `
such remaining number of Preferred Shares Series 19 will automatically be. r1 z- f" h. z/ U4 ]2 K
converted on such Series 19 Conversion Date into an equal number of5 I  y8 G" f% I2 j2 I. I
Preferred Shares Series 18. Additionally, if the Bank determines that, after/ X; K& c( Q- f
conversion, there would be outstanding on such Series 19 Conversion Date
% C* l9 K8 ]1 Zless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
; l# }' U/ Z( SSeries 19 will be converted into Preferred Shares Series 18.
5 A# @7 Q' C3 ~! B+ NVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares- y7 t+ r. h# k1 N6 H
Series 19 will not be entitled as such to receive notice of, attend, or vote at,. u! t( p  d" v0 T% |0 v, j+ G
any meeting of the shareholders of the Bank unless and until the first time at; y; e4 h+ U5 _% n$ X* _: q0 N
which the Board of Directors has not declared the whole dividend on the5 ^$ _- O0 r* w1 D# |  @0 S
Preferred Shares Series 19 in any quarter. In that event, subject as0 b8 k7 H, X& q
hereinafter provided, the holders of Preferred Shares Series 19 will be
4 v; m6 o9 D2 x9 lentitled to receive notice of, and to attend, meetings of shareholders at which. z1 E$ B% O* w5 U  E
directors of the Bank are to be elected and will be entitled to one vote for- C) b2 A( W4 K& Z
each Preferred Share Series 19 held. The voting rights of the holders of the" a6 ]2 a2 T  J1 ]) J* t; ^
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
! \5 y; p, y8 M& n$ W* `the first dividend on the Preferred Shares Series 19 to which the holders are
( [* o$ c8 t$ i. B( _! Bentitled thereunder subsequent to the time such voting rights first arose until1 F7 V. U; x5 e6 T
such time as the Bank may again fail to declare the whole dividend on the
) R1 V& J+ [& v% O$ l5 |/ S9 @Preferred Shares Series 19 in respect of any quarter, in which event such- e/ k* {) Z0 y. u  ^
voting rights will become effective again and so on from time to time.! `( t+ S: v6 j. X$ C1 [
S-61 F/ ?. S7 n6 V$ k" R$ K7 u
Priority: The preferred shares of each series of the Bank will rank on a parity with
0 d7 J$ M$ `) }# x4 levery other series and are entitled to preference over the common shares of) P0 u& w" e. q6 c2 @4 K- u7 F; X% G$ x
the Bank and over any other shares of the Bank ranking junior to the
3 q; u3 M+ U- z3 U/ S1 upreferred shares with respect to the payment of dividends and upon any- d! l4 `  b6 A: @+ ?6 ]
distribution of assets in the event of the liquidation, dissolution or
* w( n2 f9 n7 j4 W. |9 ], pwinding-up of the Bank.
' k6 x; |* a2 N: Q# mTax on Preferred Share The Bank will elect, in the manner and within the time provided under# X" b/ e: g, i) J  O
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
8 j0 |% X8 |! U7 vSeries 18 and Preferred Shares Series 19 will not be required to pay tax on/ w- W6 k, {' ~) k( 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。6 T& A$ l. ~5 u2 Y8 Q# H0 K% |
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- b- l8 u) \, y* [4 }9 x3 O  u( x& b
  G5 M0 u. l/ Y4 D$ b下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
1 t8 q$ X% p5 h# M- s( J$ M+ F# G- @: }# L# [3 C% C
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, 2026-6-14 21:23 , Processed in 0.106551 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