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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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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。
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5 @6 o; j0 F3 s9 y: I5 W! Q, c1 {5 W: ~( ]2 G0 X" Z
[ 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:! U* u# p+ q0 k0 ^4 j
SUMMARY OF THE OFFERING
1 i6 Q% p+ {6 D# c3 [. A4 _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’’./ {: z% B6 `6 f6 g* S/ I
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
8 G9 ^+ n6 J/ I/ J7 WAmount: $150,000,000 (6,000,000 shares).
, c! d. b1 O0 O" R2 l/ R" G. r% h# FPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
: U+ Y0 c4 j5 i* mPrincipal Characteristics of the Preferred Shares Series 18
1 N0 B9 k. L' c& O, Z. oDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed" E2 E% T) i1 q* Y3 c5 j$ a+ l
non-cumulative preferential cash dividends, as and when declared by the5 D$ T* [; m! |" o: t# A* l. R# V
Board of Directors, subject to the provisions of the Bank Act, for the initial
! u$ ?0 w$ e+ h9 R# speriod commencing on the closing date and ending on and including3 ~, U  c+ m% d1 V* i8 c/ z; t
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
1 m% }2 n8 @* t# d' K25th day of February, May, August and November in each year, at a rate
8 E- f( ~4 l2 oequal to $0.40625 per share. The initial dividend, if declared, will be payable
& i1 l6 {2 _5 f$ kMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
" _, [( m1 g2 T, k2 @: ndate of December 11, 2008.
3 y* O$ |  p! oFor each five-year period after the Initial Fixed Rate Period (each, a
0 @$ p5 m0 c, G- F4 A' J‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares3 r6 h1 |) L- o' a  {/ G' m) z
Series 18 will be entitled to receive fixed non-cumulative preferential cash; i( C7 x% v. J/ `( ?0 k* \) F3 A+ T! W
dividends, as and when declared by the Board of Directors, subject to the
" K- \8 J' [# \' }) pprovisions of the Bank Act, payable quarterly on the 25th day of February,
( Z( O4 ~0 V! R5 `6 X' TMay, August and November in each year, in the amount per share per annum
7 E+ T" X4 q/ ~0 q7 B! xdetermined by multiplying the Annual Fixed Dividend Rate applicable to, w8 k. f6 f; n0 l3 D
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
5 W; ], s1 D+ X; {- Q% fRate for the ensuing Subsequent Fixed Rate Period will be determined by the
! h" q0 ^- ]9 CBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day4 r' h4 G3 e3 r
of such Subsequent Fixed Rate Period and will be equal to the sum of the
: w$ ?5 X- U2 U( ]7 T" k# ]3 k. _5 NGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
; M+ c2 u" c3 q. Y! X* |. Cplus 3.83%.! |9 d7 k) z, D+ Y- Z0 ?; e2 u
If the Board of Directors does not declare a dividend, or any part thereof, on
  w! z' [  B0 w" N  `2 l' }$ Jthe Preferred Shares Series 18 on or before the dividend payment date for a  ]  O7 X. H3 ~1 s$ G. ], A9 y$ K
particular quarter, then the entitlement of the holders of the Preferred
! }) e/ j  [  m& N; nShares Series 18 to receive such dividend, or to any part thereof, for such
/ H% ?5 l3 |1 y5 Fquarter will be forever extinguished.# e% B3 {. _$ }, e/ I$ @
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the# x+ m8 R8 F- l6 L
Superintendent and to the provisions described below under ‘‘Details of the, g( O7 y( j- l" J7 ~- w
Offering — Certain Provisions of the Preferred Shares Series 18 as a
* q- }$ K' U- KSeries — Restrictions on Dividends and Retirement of Shares’’, on) S0 `8 f$ O. _" ?- q0 _# }" V& o
February 25, 2014 and on February 25 every five years thereafter, on not
5 h9 t0 G" |0 t2 w+ b* nmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
6 g. V7 s- j; d, _6 rpart of the then outstanding Preferred Shares Series 18, at the Bank’s option, w3 i7 e# m1 `7 a
without the consent of the holder, by the payment of an amount in cash for' E6 L$ N  o8 i1 `  [
each such share so redeemed of $25.00 together with all declared and unpaid2 Q% y% S2 J9 y& I' Q3 ?# g
dividends to the date fixed for redemption.$ a& ]# _  o' g
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic7 U& g8 G" b; b& q- p" z0 z! A- A; B
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
0 j; ^9 `/ p% P9 z, M$ b( uthe right, at their option, to convert, on February 25, 2014 and on" i  N7 Z/ |' n2 v( O
S-4
) J. |1 U6 i: k. ?/ kFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
7 C& ?0 I  o0 W% Lor all of their Preferred Shares Series 18 into an equal number of Preferred! s8 K  I: O2 N
Shares Series 19 upon giving to the Bank notice thereof not earlier than% {3 F) c6 U1 Y
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
6 \) E- g7 A" `6 C3 x5 ?/ P! s0 b) Cpreceding, a Series 18 Conversion Date.
* E( l  w" Y6 |# i- Q1 O9 iAutomatic Conversion If the Bank determines, after having taken into account all shares tendered! H7 s& G  {# I  c& L$ s# ^
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
6 |- j2 f- o0 DSeries 19, as the case may be, that there would be outstanding on such5 r* v  ]1 h5 T) s& M8 _
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,! J8 V0 R! S* ]/ Z( E
such remaining number of Preferred Shares Series 18 will automatically be
) \5 d, M# |' W  J2 C9 m+ Z  econverted on such Series 18 Conversion Date into an equal number of1 R& J1 R7 o- J8 \) d% k- G
Preferred Shares Series 19. Additionally, if the Bank determines that, after( C7 x) c# n  H0 l$ ?8 l3 V  l
conversion, there would be outstanding on such Series 18 Conversion Date8 ~8 \+ S- c7 ~5 h' e4 B
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares0 _$ _/ Z. R( V$ x. U, o
Series 18 will be converted into Preferred Shares Series 19.
: E$ L1 f- @) {& HVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares& [7 {$ }4 o8 r% u$ P! v
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
4 U6 n' H2 n3 C- gany meeting of the shareholders of the Bank unless and until the first time at
2 ~" m" _% g, _  V1 V: [which the Board of Directors has not declared the whole dividend on the
" ?* L+ }% K' m4 t" OPreferred Shares Series 18 in any quarter. In that event, subject as& A8 x2 M) n  a1 o
hereinafter provided, the holders of Preferred Shares Series 18 will be* @( h+ J6 H' Y& U3 m' }) i
entitled to receive notice of, and to attend, meetings of shareholders at which! T( x& I1 J2 M) {7 ?. W% q' G
directors of the Bank are to be elected and will be entitled to one vote for; F% h( R9 L" d4 s4 P! \
each Preferred Share Series 18 held. The voting rights of the holders of the
+ ?; @# t4 m2 n9 C4 m5 X0 y8 FPreferred Shares Series 18 will forthwith cease upon payment by the Bank of; o8 A5 m/ S+ d9 @2 `! l
the first dividend on the Preferred Shares Series 18 to which the holders are
1 y% _  t" c' K/ O' u& Rentitled thereunder subsequent to the time such voting rights first arose until6 A) G/ p  K# P7 r: y% j6 T* ^4 a9 n
such time as the Bank may again fail to declare the whole dividend on the' T6 K: j9 q/ m8 N9 @% g
Preferred Shares Series 18 in respect of any quarter, in which event such
+ }1 f: ~) |4 xvoting rights will become effective again and so on from time to time.( P" i( r) n* L; s4 V! D$ s- P
Principal Characteristics of the Preferred Shares Series 19
- m4 l6 d4 Z2 [" G+ k8 n, xDividends: The holders of the Preferred Shares Series 19 will be entitled to receive1 A( U  ~& p1 f" W. T
floating rate non-cumulative preferential cash dividends, as and when( J# X/ }6 G  r8 X( l- c5 B# ]
declared by the Board of Directors, subject to the provisions of the Bank Act,3 G% W- O' M( f" ], q
payable quarterly on the 25th day of February, May, August and November
: h5 b1 ]  Z4 U/ rin each year, in the amount per share determined by multiplying the1 n% a6 Y' h5 ]
applicable Quarterly Floating Dividend Rate by $25.00.
6 `$ V; Y/ d+ F5 dOn the 30th day prior to the commencement of the initial quarterly dividend
  M1 K' b, g: `" C8 Y' I8 b9 Pperiod beginning on February 25, 2014, and on the 30th day prior to the first, F" l, H. _2 T0 C4 _) q0 R: q
day of each subsequent quarterly dividend period (the initial quarterly
# w* \8 x! S, r" wdividend period and each subsequent quarterly dividend period is referred to
0 ^4 C1 T  }1 d+ K/ d$ a. I  Ras a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the1 h* L8 {" \2 u1 U) ^
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
4 b1 t$ q4 n' H0 ?6 zPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the9 J2 @: h; t; S6 E( K9 R
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days+ X3 k# S# D0 e3 a  P3 C* V# ^  ], L
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
5 m0 j8 _" s9 f$ Z8 ?* [determined on the 30th day prior to the first day of the applicable Quarterly
, K3 K* G3 v) ~/ O9 DFloating Rate Period.
: ?$ e! X" W  J5 f9 j+ fS-5
& o5 T" ?) j! X4 Q( D6 ]" H6 O' W& CIf the Board of Directors does not declare a dividend, or any part thereof, on0 e( R. U1 R' L8 q$ F  q
the Preferred Shares Series 19 on or before the dividend payment date for a
* x. O* S  d6 b% G6 E5 sparticular quarter, then the entitlement of the holders of the Preferred( w) p7 Q: \! H' W) V) x
Shares Series 19 to receive such dividend, or to any part thereof, for such
9 a% ]9 z0 g9 v1 L9 a& p. rquarter will be forever extinguished.
2 }, I/ g! X% oRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
3 _& W7 ~3 W$ Z3 y* I- M7 YSuperintendent and to the provisions described below under the heading
5 ~: i5 n* ^+ [‘‘Details of the Offering — Certain Provisions of the Preferred Shares. ], h0 \/ t% C5 r: G& y
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,; b0 n" S1 d# v
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
) F8 A2 E& j; \6 B  r" H0 N% G+ Oor any part of the then outstanding Preferred Shares Series 19, at the Bank’s0 y: s5 l+ H$ F: s* B" x6 c
option without the consent of the holder, by the payment of an amount in
$ c% K$ a, T* R( Ycash for each such share so redeemed of (i) $25.00 together with all declared5 v* o- N9 K% o8 Z1 d$ ]8 \/ P" E( [- ~
and unpaid dividends to the date fixed for redemption in the case of! B2 {8 y3 |7 ?
redemptions on February 25, 2019 and on February 25 every five years: W' g3 H4 x5 H9 Z7 H
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to# @% k9 k# d( i* t
the date fixed for redemption in the case of redemptions on any other date
- H4 |, i* u8 r3 lon or after February 25, 2014.
$ E( L6 j% z3 L, `) L0 A3 yConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic0 ?5 d8 l8 c  ]# [1 `- B
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have5 B# N& ^0 F7 r( L; \5 T
the right, at their option, to convert, on February 25, 2019 and on
' Z1 U# R" I  f8 {3 JFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any. {/ q! u2 m( f6 X9 X1 f
or all of their Preferred Shares Series 19 into an equal number of Preferred, _) ^2 q' }& D$ p) }9 j
Shares Series 18 upon giving to the Bank written notice thereof not earlier
$ K- T" s8 |& e& Vthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the0 d+ n/ l# q7 E
15th day preceding, a Series 19 Conversion Date.- H. C. @) l1 \% l  n
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
& D3 e: Y9 [$ B2 Q/ K9 V1 jProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
# H: ]* b! q# V: C9 i' r6 OSeries 18, as the case may be, that there would be outstanding on such! l0 T" j$ R7 r, C9 S' a
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
5 U* {6 y: o9 _* ?such remaining number of Preferred Shares Series 19 will automatically be- Y9 b7 g, p3 u
converted on such Series 19 Conversion Date into an equal number of7 f1 y) \' r: l
Preferred Shares Series 18. Additionally, if the Bank determines that, after2 m, W7 ], s4 W0 e* c) i
conversion, there would be outstanding on such Series 19 Conversion Date  q* L* s0 N( Z2 k& C
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares/ X' n% g6 a! Z# `; r! R" u
Series 19 will be converted into Preferred Shares Series 18.
; {% J. K. l1 d6 a9 KVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
( c' E/ p  \5 s& kSeries 19 will not be entitled as such to receive notice of, attend, or vote at,% k1 K9 }/ F! r- D: [4 i
any meeting of the shareholders of the Bank unless and until the first time at
8 p8 ^" K# w9 G* v; q; uwhich the Board of Directors has not declared the whole dividend on the
5 D) V/ U3 D" b* f$ n5 q& XPreferred Shares Series 19 in any quarter. In that event, subject as
8 q/ A! D% Y, ^5 vhereinafter provided, the holders of Preferred Shares Series 19 will be( j6 O$ N& \# ?/ j- ]
entitled to receive notice of, and to attend, meetings of shareholders at which
, M" R* T0 F9 K6 l1 ?% P, Vdirectors of the Bank are to be elected and will be entitled to one vote for
2 m. Y6 v$ ~- n+ B$ W5 j/ A$ @each Preferred Share Series 19 held. The voting rights of the holders of the7 S; z7 i4 b( M. k+ A  y  e4 O% \" o3 ~
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of0 S! G1 B2 ?; c9 f: T  \# B3 H
the first dividend on the Preferred Shares Series 19 to which the holders are2 p8 Q' L+ Y" j5 z' L9 Y
entitled thereunder subsequent to the time such voting rights first arose until
+ k; p/ }8 K) o( I+ a4 f( C0 M( |such time as the Bank may again fail to declare the whole dividend on the
0 u0 S7 C) X5 G" S$ kPreferred Shares Series 19 in respect of any quarter, in which event such6 I  K' [* f( Z
voting rights will become effective again and so on from time to time.
4 z! ]8 x4 z& mS-6
8 x5 j9 ^+ Z! qPriority: The preferred shares of each series of the Bank will rank on a parity with
6 w( j1 i& h; S; C: c3 Eevery other series and are entitled to preference over the common shares of, ]  u# a/ q* k( a9 M
the Bank and over any other shares of the Bank ranking junior to the
5 \# X$ N/ j( t/ Npreferred shares with respect to the payment of dividends and upon any) g( b- ~& ?1 _" m
distribution of assets in the event of the liquidation, dissolution or
- H6 t6 t0 |' N! W) awinding-up of the Bank.
4 x0 R! l' X" D! A6 _/ W7 B8 A' oTax on Preferred Share The Bank will elect, in the manner and within the time provided under1 U; j! a* J0 r# R! w/ g- r
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
+ Y- I8 J7 ^% t9 c" F" PSeries 18 and Preferred Shares Series 19 will not be required to pay tax on$ s: J7 U7 }, n. _' ~) i; J4 n% h
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。# F) b5 L) ~+ s. f3 `& ]7 ~
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

$ h, f! }  N3 Z9 ~7 ~$ Q" k
" ]! d+ T" z0 l下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
+ k# \) T/ N- _! n4 L& Q& I
5 v+ y: H! U, v6 a5 e5 r& Q; Dcall 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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