埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 2815|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。; i" Y+ Y+ m3 S! I! n
$ l4 C$ x0 y7 Q1 G( M7 T
% e& j- N4 S0 T8 n' j! g
[ 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:
" F& I: J3 w/ V  J) T2 jSUMMARY OF THE OFFERING1 M; M+ L/ b7 q$ M
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’’.
# [, N; R8 {) n2 Q9 b6 Y' e0 \8 [Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
1 W" R2 F# ^! g! h$ s/ G2 ]Amount: $150,000,000 (6,000,000 shares)./ X! K% u  n9 l& E0 T
Price and Yield: $25.00 per share to yield initially 6.50% per annum." n8 w. R; F" n& b$ d& j3 P. D
Principal Characteristics of the Preferred Shares Series 18# w2 E5 \4 ^# i6 c
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
4 J* H4 F7 ?6 U- `, H. Lnon-cumulative preferential cash dividends, as and when declared by the, n8 M! J' @# l
Board of Directors, subject to the provisions of the Bank Act, for the initial9 {# O, R( }. p6 f3 ~0 }
period commencing on the closing date and ending on and including
- z4 V+ H' \, K# h- g' xFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
  m/ [0 p. a' D25th day of February, May, August and November in each year, at a rate2 d, `# B5 R- A& f: F9 c* Q
equal to $0.40625 per share. The initial dividend, if declared, will be payable
, j# l0 i3 f& p9 G  d# a: ZMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
8 }) Q: ^# L6 I4 Wdate of December 11, 2008.
( F0 B$ h, T; |6 ZFor each five-year period after the Initial Fixed Rate Period (each, a
" j# K2 }' l' H/ e# A‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
7 Q7 h! `6 L; t$ n( @6 ^' X2 JSeries 18 will be entitled to receive fixed non-cumulative preferential cash% O7 Z. |- @: s# o7 G. u  ^9 V
dividends, as and when declared by the Board of Directors, subject to the: N; a& c0 }. d4 Z
provisions of the Bank Act, payable quarterly on the 25th day of February,' a" ?4 c. F6 c
May, August and November in each year, in the amount per share per annum% G3 H" I$ v7 w* V6 c
determined by multiplying the Annual Fixed Dividend Rate applicable to
% p( z  i: `, Q" q+ H" hsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
7 T  D( B2 F( ^7 ~& JRate for the ensuing Subsequent Fixed Rate Period will be determined by the6 Q4 O4 ]8 m3 {5 e& w! P* g
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
6 Y2 f5 }! g7 B+ lof such Subsequent Fixed Rate Period and will be equal to the sum of the) `/ i# x. S+ |3 P5 Y
Government of Canada Yield on the applicable Fixed Rate Calculation Date3 P- }/ ^% Y9 t' d. B, j
plus 3.83%.) g; ?) j: J/ _' i9 _
If the Board of Directors does not declare a dividend, or any part thereof, on) o# I- K  M2 z5 x
the Preferred Shares Series 18 on or before the dividend payment date for a) _( n8 @) R4 ^" E6 W* d7 x
particular quarter, then the entitlement of the holders of the Preferred( [6 U, a0 B! x6 s" f/ ?5 ]' Z
Shares Series 18 to receive such dividend, or to any part thereof, for such6 G. n. {& s# K7 o3 v1 m+ O
quarter will be forever extinguished.& E  f( B2 R& x
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the2 i: |0 \; b, j6 @3 t4 B3 k0 `
Superintendent and to the provisions described below under ‘‘Details of the
, N4 O  J. K% m8 [: rOffering — Certain Provisions of the Preferred Shares Series 18 as a
3 I3 A5 `4 p. Y' {3 ]! ZSeries — Restrictions on Dividends and Retirement of Shares’’, on: W6 d$ s3 J& u$ C/ @; f
February 25, 2014 and on February 25 every five years thereafter, on not# V( X+ S8 z) `3 V/ w. d
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any+ `$ V8 s* o0 C5 N- O
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
' r( \1 B; v" r. q3 @* D) i$ p, S, ]without the consent of the holder, by the payment of an amount in cash for
2 h( u0 d9 [' I5 [each such share so redeemed of $25.00 together with all declared and unpaid
  G8 _3 @% F/ d( \9 F+ L( }. tdividends to the date fixed for redemption.1 a' U) K8 D! O  z$ @" r/ i# l
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic# L6 F* S0 G" f. ?
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have' q  F0 a  n, G8 g* D
the right, at their option, to convert, on February 25, 2014 and on& \! ?- b; o. |* ]# y
S-4; _4 [& w! D5 h
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any/ K7 c, [! ~5 b6 K0 g7 G0 r
or all of their Preferred Shares Series 18 into an equal number of Preferred
! o* H$ i1 H: u6 GShares Series 19 upon giving to the Bank notice thereof not earlier than
( y9 v7 M2 \9 K# i6 G* I: x9 R7 w) g30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
4 t4 I" E; y) [preceding, a Series 18 Conversion Date.
% z) O; k3 ^& h! K0 DAutomatic Conversion If the Bank determines, after having taken into account all shares tendered7 h1 W& A6 D- j6 l  ]3 c3 L' Z
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
" i. a% i/ Y% @4 x9 Q1 M; r6 _& d3 ^Series 19, as the case may be, that there would be outstanding on such; M8 z1 T% t" k$ f3 J. \# L
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,, E0 r9 q: M) Q* {& E
such remaining number of Preferred Shares Series 18 will automatically be
9 E% ]+ ~& f5 `/ D" Econverted on such Series 18 Conversion Date into an equal number of6 M. Q' y% \, T4 ^$ C
Preferred Shares Series 19. Additionally, if the Bank determines that, after
; R* k6 f: W" i/ |conversion, there would be outstanding on such Series 18 Conversion Date2 h) j! N$ f% r# |
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
" v+ b7 N6 [- b0 f$ S7 n9 ^3 ASeries 18 will be converted into Preferred Shares Series 19.( B( p( y+ Y$ o: E1 ]
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares& v$ j$ x1 n0 b2 R+ N# ^
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
, a; l0 R) L6 K! H, t+ Z; |any meeting of the shareholders of the Bank unless and until the first time at; L. [" E1 x7 F& \  h) @
which the Board of Directors has not declared the whole dividend on the: N) ~( H* Y. t8 v0 c
Preferred Shares Series 18 in any quarter. In that event, subject as) s1 G% C& l+ p& ]
hereinafter provided, the holders of Preferred Shares Series 18 will be4 `0 p7 S2 j3 f- i8 S& E1 \$ }! }
entitled to receive notice of, and to attend, meetings of shareholders at which
% }# D! b3 n9 O. _. p, odirectors of the Bank are to be elected and will be entitled to one vote for. U9 J, x5 B8 r7 y  v
each Preferred Share Series 18 held. The voting rights of the holders of the$ Z& A6 @6 p* J5 l" `5 R
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of9 L7 p( Q. u3 c" w! `
the first dividend on the Preferred Shares Series 18 to which the holders are1 b+ ?# V: @/ k  c2 ~8 b
entitled thereunder subsequent to the time such voting rights first arose until
7 n( X& A9 k5 }) y7 A8 i. z% \such time as the Bank may again fail to declare the whole dividend on the
* I9 ?5 ], K' KPreferred Shares Series 18 in respect of any quarter, in which event such
. Q2 Q% Z0 \+ Z3 |9 _1 N7 pvoting rights will become effective again and so on from time to time.6 J- p+ q+ \" u' a
Principal Characteristics of the Preferred Shares Series 197 v7 [, d! N  w& ]- W+ s/ g. `
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
$ h! e$ b6 F7 q0 Y3 y+ S2 o: gfloating rate non-cumulative preferential cash dividends, as and when
1 |, q5 _4 u0 P7 ^declared by the Board of Directors, subject to the provisions of the Bank Act,, K; I- F5 M. G" X5 C
payable quarterly on the 25th day of February, May, August and November
7 k! D* k9 x6 _in each year, in the amount per share determined by multiplying the( P7 ^  R) P, K2 C2 j
applicable Quarterly Floating Dividend Rate by $25.00.
# ?' {' X. M2 N$ p8 E3 ]/ {On the 30th day prior to the commencement of the initial quarterly dividend
" y- A# `" M9 Q0 Wperiod beginning on February 25, 2014, and on the 30th day prior to the first
* ?8 U3 D$ Q+ _; aday of each subsequent quarterly dividend period (the initial quarterly- M/ X/ w, ^) X/ x
dividend period and each subsequent quarterly dividend period is referred to
% U# e; A. S, X" G9 \3 xas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
$ Z, ~- i  B; v- T% @- y0 S$ \Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate3 d$ Z6 L! a. }( R
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the# f% }# {9 Z4 K4 k  D, Y% ]
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days3 x9 e7 k9 W6 X$ C! p
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
# ~9 ^1 n  u- e5 a( M6 }determined on the 30th day prior to the first day of the applicable Quarterly1 p; `* y. \3 q7 e0 y
Floating Rate Period.& t/ S% q6 y5 x7 U, z8 i( V
S-59 v" L% g% R/ T2 ]; P, S7 C+ d4 N
If the Board of Directors does not declare a dividend, or any part thereof, on
2 D% }2 E+ D( ithe Preferred Shares Series 19 on or before the dividend payment date for a
8 A# i, g4 t( b3 \' H7 x& k( v% M/ Eparticular quarter, then the entitlement of the holders of the Preferred
4 r/ g: c+ t7 wShares Series 19 to receive such dividend, or to any part thereof, for such
* N3 N& W! ^& d1 c5 J4 ^5 a) n3 uquarter will be forever extinguished.. P4 U. @# p2 q, J% [7 H
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
5 L" @) s; }  E6 }5 o) d1 {Superintendent and to the provisions described below under the heading7 f2 G( E+ k  c8 P& g% ^8 t! S
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
* K; Y: i" q* H# e. n- TSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,: W- a! R1 E, ]# u8 |
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
/ l9 x! A5 e3 H" Xor any part of the then outstanding Preferred Shares Series 19, at the Bank’s8 p8 {& b# |) `4 w. q3 `% d/ k
option without the consent of the holder, by the payment of an amount in9 P3 |$ g7 m, u$ E% M
cash for each such share so redeemed of (i) $25.00 together with all declared
5 i6 G/ o- d9 T4 @% d) o! T+ W; Vand unpaid dividends to the date fixed for redemption in the case of3 H& R, U" z4 ]
redemptions on February 25, 2019 and on February 25 every five years
3 o- X1 y! B% u% Ythereafter, or (ii) $25.50 together with all declared and unpaid dividends to) `/ H- L8 f9 b' x. v1 K/ y' ~0 i5 X1 v
the date fixed for redemption in the case of redemptions on any other date& r' a: X& @! T" g6 x
on or after February 25, 2014.3 K+ O1 U* J. h' K9 D* B7 ]
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
3 S: R# {* ]% L+ a0 m) a& QShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
0 x( Q. R1 k: `$ jthe right, at their option, to convert, on February 25, 2019 and on  ~+ m" O+ S3 a& S; }
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any* Z' G1 t, E* N  O% @
or all of their Preferred Shares Series 19 into an equal number of Preferred
3 _* b" \; y) i$ w$ b: R! CShares Series 18 upon giving to the Bank written notice thereof not earlier
- |- g( Q' X. w, G+ ~- |- ^! A6 @than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the) \8 J' \4 x' T) d
15th day preceding, a Series 19 Conversion Date.
. _" S0 j  l6 d% B4 A1 P8 j6 S8 {Automatic Conversion If the Bank determines, after having taken into account all shares tendered7 r% ~/ ?* d' {
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
0 {% H. }7 _0 M: CSeries 18, as the case may be, that there would be outstanding on such
2 B$ Q* S6 @" J3 k9 q& R/ jSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
4 U4 ]6 |8 I- \8 e& \4 Ssuch remaining number of Preferred Shares Series 19 will automatically be
6 |3 o( i% o  R4 O* \converted on such Series 19 Conversion Date into an equal number of
0 y$ o: ~. P* {Preferred Shares Series 18. Additionally, if the Bank determines that, after0 o5 a; r2 j$ f& h
conversion, there would be outstanding on such Series 19 Conversion Date: ^$ k+ }" p6 @8 Y" C
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
' G% p# n- C8 q4 Q0 q# J4 H, BSeries 19 will be converted into Preferred Shares Series 18.% F, `8 I# g  E* ^% ?' u
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
) [4 T9 S2 V& v- z$ FSeries 19 will not be entitled as such to receive notice of, attend, or vote at,  U" L! I- D# G$ Q2 T
any meeting of the shareholders of the Bank unless and until the first time at
3 I! c, l! F+ c& p) B  V5 kwhich the Board of Directors has not declared the whole dividend on the9 T; R% S( o% ~, j0 y
Preferred Shares Series 19 in any quarter. In that event, subject as
; q( l; m  ~+ Z  q4 G' chereinafter provided, the holders of Preferred Shares Series 19 will be9 U& I$ G9 V: `7 s" A( k
entitled to receive notice of, and to attend, meetings of shareholders at which9 n  C/ e7 m/ y0 r# M
directors of the Bank are to be elected and will be entitled to one vote for4 r2 y8 Q( g8 P: J4 h
each Preferred Share Series 19 held. The voting rights of the holders of the5 Q: L' k- P$ `7 q9 n1 I
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
# }4 M# W: d0 E  U3 ^7 `* d; jthe first dividend on the Preferred Shares Series 19 to which the holders are3 v5 m# a7 r3 W$ Q! V: V
entitled thereunder subsequent to the time such voting rights first arose until; S* Q0 c4 B# @4 A
such time as the Bank may again fail to declare the whole dividend on the$ v6 g$ O' B' ?+ s
Preferred Shares Series 19 in respect of any quarter, in which event such$ h" ?. W7 [* o- b- p
voting rights will become effective again and so on from time to time.
9 }  L% C5 o/ l& [6 ]0 L' F# A1 iS-61 j6 b( O: `+ ]& {" O
Priority: The preferred shares of each series of the Bank will rank on a parity with) m- D( p/ }, d- ]  X8 G- i
every other series and are entitled to preference over the common shares of
5 H- w: x5 S, h$ r+ A: d' Fthe Bank and over any other shares of the Bank ranking junior to the. H2 ?+ Q9 o, D+ |4 s7 x- I
preferred shares with respect to the payment of dividends and upon any' ^7 N* d5 ?( \& i
distribution of assets in the event of the liquidation, dissolution or" T. N: E7 q0 o. ]
winding-up of the Bank.8 y6 |5 }& L, A) ~: B
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
1 l8 }% M! Y9 b5 jDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
  f; c3 l: u; j: F5 L6 P1 JSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
7 k0 X7 m' g$ Z$ V" {/ }% i/ mdividends 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。
  d- r9 l" d3 t1 B, m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

; j; L; P% r( I/ z& d# {
% N, z3 g6 f9 w0 o1 Q3 F; {下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。% F' y2 A) U3 P& @# z3 `, q, O

2 [  c: T5 d/ B7 m( y& t* Rcall 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, 2026-3-22 03:25 , Processed in 0.160774 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