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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。6 o- U% k/ V) q" p5 z

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% `. \. A* c: u8 ?3 h4 }2 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) v' S0 |$ |: O+ ?' q5 rSUMMARY OF THE OFFERING9 r* h! B/ L% @3 h
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’’.
- t5 [1 t0 G2 q, UIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.5 S  k, G# e( I; b# n
Amount: $150,000,000 (6,000,000 shares).1 O; k( i8 x6 L1 [8 `
Price and Yield: $25.00 per share to yield initially 6.50% per annum.- ?7 K% p) V+ S  e( T# H
Principal Characteristics of the Preferred Shares Series 183 b) r5 T1 d( z% p; k
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
; S7 V! Y  n- n% O" }0 jnon-cumulative preferential cash dividends, as and when declared by the
; I  E9 N2 k; L* ^& b" fBoard of Directors, subject to the provisions of the Bank Act, for the initial
3 \1 P" a) M- s1 w; P4 _period commencing on the closing date and ending on and including' u/ g* ~6 g4 L! R  c# _; A, G
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the, C( ~( G: r( y& v7 I8 `- K
25th day of February, May, August and November in each year, at a rate) }5 i/ }* p) O# E
equal to $0.40625 per share. The initial dividend, if declared, will be payable
+ p9 k1 v1 y6 O+ `. kMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
  g. K0 S* l1 J( g7 r, \, jdate of December 11, 2008.( E' g4 F0 s, c/ ?$ n6 e- V
For each five-year period after the Initial Fixed Rate Period (each, a
3 `, X" x5 a& V  H+ h‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
, P! _9 `* Q2 [* W* L' j2 R  ASeries 18 will be entitled to receive fixed non-cumulative preferential cash1 x) J$ K# z+ S8 ?  j% ?/ }
dividends, as and when declared by the Board of Directors, subject to the1 ?+ C) S1 t2 I9 Q3 Z
provisions of the Bank Act, payable quarterly on the 25th day of February,
+ r2 ~% S* t% PMay, August and November in each year, in the amount per share per annum
, X1 L8 B' h) I: mdetermined by multiplying the Annual Fixed Dividend Rate applicable to
* o7 m4 i' ?& z  o4 ?such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
0 _! s2 S/ ~5 f# C+ B# D/ V2 ARate for the ensuing Subsequent Fixed Rate Period will be determined by the
% B# r$ _7 V& f9 vBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
2 p% O0 h2 g* [6 X- |$ dof such Subsequent Fixed Rate Period and will be equal to the sum of the
6 B; D/ C8 s4 |; c8 pGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
% T5 a, x8 o' t4 R0 o2 U3 [plus 3.83%.
! R& D% a! M! j  I' e1 e9 LIf the Board of Directors does not declare a dividend, or any part thereof, on: {- ?" v0 L: s; V: `$ _# N- X6 ?
the Preferred Shares Series 18 on or before the dividend payment date for a
% f1 q, x( `2 jparticular quarter, then the entitlement of the holders of the Preferred
3 i0 M5 Y& p. Z# o6 lShares Series 18 to receive such dividend, or to any part thereof, for such; Y( Y) o/ _9 F# u0 k) f
quarter will be forever extinguished.
; c2 ?/ v" c, A$ S4 Y! ERedemption: Subject to the provisions of the Bank Act and to the prior consent of the
0 {" j- x  `: _1 CSuperintendent and to the provisions described below under ‘‘Details of the) [  A! }% e9 |
Offering — Certain Provisions of the Preferred Shares Series 18 as a
# _5 H+ E: S. M$ C4 i3 e* TSeries — Restrictions on Dividends and Retirement of Shares’’, on* v& q/ T3 O. `& `* D  |
February 25, 2014 and on February 25 every five years thereafter, on not
3 G7 a( d; r$ N+ R4 w1 Tmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
# H. U2 U# D2 B: Qpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
! w# g9 t& o6 t; a* Q" N3 S+ v* ywithout the consent of the holder, by the payment of an amount in cash for
2 [+ l2 v0 `- W( p% o+ ~each such share so redeemed of $25.00 together with all declared and unpaid
1 ?" V; ~# v; D6 |& B( E3 Ldividends to the date fixed for redemption.3 V# V7 J. O. v% E& ^- t
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
/ t& Q5 ^4 u  `6 n/ JShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have  d. g! v" N. z+ n$ A  q+ t! R
the right, at their option, to convert, on February 25, 2014 and on
5 p1 [. ~! f/ V  GS-4
: i5 q6 n) V3 T* M) d( BFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any- f8 j/ d3 f4 L
or all of their Preferred Shares Series 18 into an equal number of Preferred
9 W0 p3 O# g: j+ L/ @3 \Shares Series 19 upon giving to the Bank notice thereof not earlier than
4 D1 p8 T& m  s3 m- Y% q30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
) z& {3 Y% ?) Upreceding, a Series 18 Conversion Date.
+ I1 v$ i; L% {  l. ^- z7 d9 AAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
' Y1 U0 o/ b/ u# x! FProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
( b4 S) n9 ?; v: O0 {Series 19, as the case may be, that there would be outstanding on such. d( g) ^+ Y+ K4 W* a9 D
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,1 q( O# O. V7 w* a) D) l
such remaining number of Preferred Shares Series 18 will automatically be
: U9 D0 [* G. a0 W& b' a% I0 iconverted on such Series 18 Conversion Date into an equal number of# ?5 u9 _6 }, t4 q
Preferred Shares Series 19. Additionally, if the Bank determines that, after
" V; k2 g# s/ m7 @( econversion, there would be outstanding on such Series 18 Conversion Date# ?' P1 `# c' B' [0 S6 G5 Q
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares& a8 c2 L6 o3 a$ i
Series 18 will be converted into Preferred Shares Series 19.2 V/ o& ]1 e# o/ S+ M$ v$ q
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares5 `7 ?! Y) |" U( V+ H: Q( }
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
; {. @6 c7 I% q  ], m5 zany meeting of the shareholders of the Bank unless and until the first time at3 y6 E9 T6 W3 R7 c4 A8 T4 \" q! i
which the Board of Directors has not declared the whole dividend on the2 T1 B. a0 C; w: z, v0 l
Preferred Shares Series 18 in any quarter. In that event, subject as
( [. B3 W! G7 q2 dhereinafter provided, the holders of Preferred Shares Series 18 will be
- B2 y' k" t  F; sentitled to receive notice of, and to attend, meetings of shareholders at which6 B  a9 m! N6 v1 }6 B5 A
directors of the Bank are to be elected and will be entitled to one vote for
0 Y( C1 P3 D  Beach Preferred Share Series 18 held. The voting rights of the holders of the
4 x: x. {' |/ N1 I6 s# V8 JPreferred Shares Series 18 will forthwith cease upon payment by the Bank of/ l, P9 ?! _4 s3 h* C  g# X
the first dividend on the Preferred Shares Series 18 to which the holders are
2 C, {! `" Y8 F% X; Hentitled thereunder subsequent to the time such voting rights first arose until& t2 v. U/ C/ n( m2 d
such time as the Bank may again fail to declare the whole dividend on the
* o, b4 K: N7 D/ R* f: B& O% TPreferred Shares Series 18 in respect of any quarter, in which event such4 D! y! A" q4 R3 O' o' {% s2 _- ]
voting rights will become effective again and so on from time to time.) L2 u# o0 O$ `" k4 n, |7 ?, f
Principal Characteristics of the Preferred Shares Series 19* ^! N$ u% t" j' D3 X; \
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
; @( M/ e1 c+ C* Zfloating rate non-cumulative preferential cash dividends, as and when
# x" \' c8 _9 ]6 f1 b/ ~declared by the Board of Directors, subject to the provisions of the Bank Act,( N+ T- }: l7 ^9 N8 A$ A
payable quarterly on the 25th day of February, May, August and November5 d7 v3 M# [, X! S2 i9 l
in each year, in the amount per share determined by multiplying the
7 U* x: \3 v8 qapplicable Quarterly Floating Dividend Rate by $25.00.' i: d& h3 |: \
On the 30th day prior to the commencement of the initial quarterly dividend+ Q5 j7 }8 R4 k3 I; E9 _4 u  I
period beginning on February 25, 2014, and on the 30th day prior to the first1 H) B/ I! o- l6 ~- v$ e; P# z" B
day of each subsequent quarterly dividend period (the initial quarterly
) u  X( j" z8 rdividend period and each subsequent quarterly dividend period is referred to1 x! f. m6 V) D) {
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the6 j4 U/ w% h9 x# m- }. P( C* Z( w
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate, j# Y; c" m& v! @. w# ~' Y! q0 q
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the0 o4 d2 f6 r- u; K2 f( r% x/ H
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
* X- T, a1 i% a2 {elapsed in the applicable Quarterly Floating Rate Period divided by 365): u) O% m5 ]0 |- t
determined on the 30th day prior to the first day of the applicable Quarterly
# V: u! u0 x* g/ G/ `2 t0 zFloating Rate Period.4 w/ A, |4 x7 y: V
S-57 y5 O" N! _1 A# v( Q* K
If the Board of Directors does not declare a dividend, or any part thereof, on8 T5 S3 y) l- F5 @6 W
the Preferred Shares Series 19 on or before the dividend payment date for a
/ D# d" K3 r6 K9 Lparticular quarter, then the entitlement of the holders of the Preferred; ?# {$ A9 A( D/ z, o' I7 N6 e
Shares Series 19 to receive such dividend, or to any part thereof, for such
" a' @  [" W6 d" ~& z, Mquarter will be forever extinguished.
4 w# T& }. I4 gRedemption: Subject to the provisions of the Bank Act and to the prior consent of the5 n( V& u/ Z! ?/ H5 h
Superintendent and to the provisions described below under the heading+ h; d7 V0 B9 V. e1 ~
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
8 Z/ L; A1 r# F  v0 k, ?$ _' @Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,, g! E6 T6 ~. v( K0 Q! V
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all9 D+ V$ A5 b2 n( v/ @
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
( W  w5 O+ `$ {9 t% \! ?0 J# q0 @option without the consent of the holder, by the payment of an amount in+ L( n* ^, x8 r! j  `6 p, \! ]: z
cash for each such share so redeemed of (i) $25.00 together with all declared; g* A& a4 M! X) p
and unpaid dividends to the date fixed for redemption in the case of
+ v8 M7 @- r# [1 q! I0 N4 Lredemptions on February 25, 2019 and on February 25 every five years, Q0 }2 l$ G6 w# I
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
9 y) \+ i. Q3 l5 {1 T! J' L3 Pthe date fixed for redemption in the case of redemptions on any other date( R$ h- z2 {  f% E, `. F" M. q" i
on or after February 25, 2014.5 n8 x( w& E4 j* n$ S
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
6 n1 u* y  X, _Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
- ?2 n) W( I* I2 C: q- {the right, at their option, to convert, on February 25, 2019 and on* \0 j; Y8 C- d- q) q. ~; k3 |
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any1 A8 T6 }/ d" w4 N, s% n7 {1 l
or all of their Preferred Shares Series 19 into an equal number of Preferred
0 f% U, b  W! q6 YShares Series 18 upon giving to the Bank written notice thereof not earlier* G1 w% T: s# U* ^0 z' O
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
% G0 j( x6 H5 g2 v15th day preceding, a Series 19 Conversion Date.8 _- }3 R" _" `1 J( z/ i, }
Automatic Conversion If the Bank determines, after having taken into account all shares tendered$ u) v# r# A+ d, G9 @9 J# g
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares; {9 V. B5 ~* R& ]
Series 18, as the case may be, that there would be outstanding on such3 }9 P! D1 s/ C
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,* K% d4 H' s, B9 y6 m
such remaining number of Preferred Shares Series 19 will automatically be
- K  c/ v* [7 z, w9 G1 d2 yconverted on such Series 19 Conversion Date into an equal number of
$ D8 c. I: x6 g# v# a6 zPreferred Shares Series 18. Additionally, if the Bank determines that, after
+ `+ `2 M1 v! g% gconversion, there would be outstanding on such Series 19 Conversion Date0 f7 X9 w! o7 @" Q% j* s+ q/ o) O
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
% [( G6 b% o  {Series 19 will be converted into Preferred Shares Series 18.
' d* d- f3 G2 J- t) ]Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
  R6 u7 s" v/ Q# GSeries 19 will not be entitled as such to receive notice of, attend, or vote at,3 @& A0 C. |. N3 ^
any meeting of the shareholders of the Bank unless and until the first time at, B( J0 ]" }: U5 A
which the Board of Directors has not declared the whole dividend on the
5 \8 b! s. m- f7 \! q7 ]5 R6 mPreferred Shares Series 19 in any quarter. In that event, subject as2 t2 h! r# T5 s; ?5 C. B
hereinafter provided, the holders of Preferred Shares Series 19 will be+ B& H. b" i2 ^5 y
entitled to receive notice of, and to attend, meetings of shareholders at which  I( a. T+ {2 m3 d) E4 |7 q$ C
directors of the Bank are to be elected and will be entitled to one vote for- T( w8 G. l& Q9 i: ~3 g
each Preferred Share Series 19 held. The voting rights of the holders of the1 s9 \( ^" V2 q8 D$ n3 k# E( \2 c) A
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of7 X, G9 r! j! z1 H  ^
the first dividend on the Preferred Shares Series 19 to which the holders are' v& D0 U1 J- v
entitled thereunder subsequent to the time such voting rights first arose until
4 x+ ^$ X, O' nsuch time as the Bank may again fail to declare the whole dividend on the" a# I0 u( u2 n9 ]. x1 A
Preferred Shares Series 19 in respect of any quarter, in which event such: R; A: |7 a* S$ Q' m! ]
voting rights will become effective again and so on from time to time.5 c, {2 B: E# Y0 T* d% q8 E) a* s
S-6! {# I: s, K# A  g# Z
Priority: The preferred shares of each series of the Bank will rank on a parity with, v8 S( u, t* y( E) P1 L: f- c+ Z
every other series and are entitled to preference over the common shares of
- _( [# m, X* `. _% y" a) xthe Bank and over any other shares of the Bank ranking junior to the
4 \8 V5 C2 d" {6 V2 Vpreferred shares with respect to the payment of dividends and upon any& |( t4 h+ ^* {) E$ i3 Y
distribution of assets in the event of the liquidation, dissolution or
$ N' B* w( I" s0 twinding-up of the Bank.
% {  V, ~' N7 T5 ]& wTax on Preferred Share The Bank will elect, in the manner and within the time provided under% J2 q/ n& i3 R
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares" k# f) g7 @# D2 `
Series 18 and Preferred Shares Series 19 will not be required to pay tax on; n% h! K) K. ^7 r8 @2 n8 y7 S
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。
) J, H. z2 ~; R# g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
/ G5 G6 m8 T/ U2 x: o
9 F+ i( G- n/ F7 ~6 u" j) h
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。, `% J3 k8 f/ A2 B, {$ U2 R" J: v

: F4 q, k5 C6 ?: l) U& ~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。
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