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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。6 P7 N  K" ^0 P
6 D  y# H; n$ N) B, p$ Y3 j2 b

) j# u8 I) q9 q9 L( h3 h  d( q[ 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:
& o; H( e/ T" b/ Q, ^3 |0 ~0 M( d* _SUMMARY OF THE OFFERING
7 \  X; D. b0 m" A) P8 `- dThis 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’’.5 B# _3 ~* ^) ?" Y, z
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
  i& z8 P9 B/ Y2 m' u9 b2 DAmount: $150,000,000 (6,000,000 shares).
9 ^: L7 X% m* X( z/ k0 B3 BPrice and Yield: $25.00 per share to yield initially 6.50% per annum.' {; [, m6 _$ y2 K& S- s& w
Principal Characteristics of the Preferred Shares Series 18, ?6 r) w' v! K8 Q, w( u
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed9 P. n8 a. q- ^; Y' G
non-cumulative preferential cash dividends, as and when declared by the# G- a- e4 W# A4 X6 o" R, G5 i6 i
Board of Directors, subject to the provisions of the Bank Act, for the initial
( I7 E4 L9 l# {) E7 v# Speriod commencing on the closing date and ending on and including" _# U' X8 o' h/ q) o1 S* Q1 U
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
  |* s% M$ j) I; Z- v25th day of February, May, August and November in each year, at a rate& B0 [7 t, Z9 H! b' `4 P9 g7 ~
equal to $0.40625 per share. The initial dividend, if declared, will be payable
1 J9 A# ^2 D: g7 @5 W+ J! _2 n7 v" i2 IMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
" p. V$ N- z" Ndate of December 11, 2008.4 u3 G3 ~8 B. Z+ Y& n$ g8 v5 X
For each five-year period after the Initial Fixed Rate Period (each, a
( y' a1 p1 |) A0 o( V+ U‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
7 D# p, o( z" W) T8 @Series 18 will be entitled to receive fixed non-cumulative preferential cash' e: C$ x0 c+ ^5 `& P( B0 d- R: J
dividends, as and when declared by the Board of Directors, subject to the
! b% B( t9 y; L, y' Dprovisions of the Bank Act, payable quarterly on the 25th day of February,
$ n9 C& P9 L! ?& g5 \May, August and November in each year, in the amount per share per annum/ Q9 s7 H& i$ o
determined by multiplying the Annual Fixed Dividend Rate applicable to
3 ]" s/ L( ^( z- U( tsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend& Q& O# v/ k- A' x# O9 w1 {5 Q
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
7 o4 W2 e' i7 K4 `& \Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
9 {: Y* q& B0 B. H' zof such Subsequent Fixed Rate Period and will be equal to the sum of the
" X# Y2 A$ |7 M3 Y6 _7 C. D3 K( KGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
; _9 q. K# X* ]1 \2 d- V3 Xplus 3.83%.
# L! s& _% S- F% S* d! }2 wIf the Board of Directors does not declare a dividend, or any part thereof, on
0 h; w- W: b; a( a* Zthe Preferred Shares Series 18 on or before the dividend payment date for a
$ L+ s) o8 C6 ]9 wparticular quarter, then the entitlement of the holders of the Preferred+ |) ~8 |+ f3 O( w! R
Shares Series 18 to receive such dividend, or to any part thereof, for such1 `, h4 J/ J! P( _. r
quarter will be forever extinguished.
6 F6 w4 H1 Q3 G) t( F* y. NRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
: M- u% J3 R/ ^+ k. \Superintendent and to the provisions described below under ‘‘Details of the3 C5 `$ H0 i9 N  f
Offering — Certain Provisions of the Preferred Shares Series 18 as a
3 M/ E/ }/ Y& p, lSeries — Restrictions on Dividends and Retirement of Shares’’, on% s! d0 D7 e7 g$ T" |
February 25, 2014 and on February 25 every five years thereafter, on not
6 V/ x8 \* U. t% R# Lmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any8 k4 Z2 U% y9 |5 B
part of the then outstanding Preferred Shares Series 18, at the Bank’s option1 m: v: |4 |/ v2 i0 w
without the consent of the holder, by the payment of an amount in cash for
, q8 i  T8 n; _% Neach such share so redeemed of $25.00 together with all declared and unpaid2 B0 n# {& _2 m5 z5 @
dividends to the date fixed for redemption.
& ]- H2 A0 u' `6 }; ?- E( uConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic+ s& _& m9 j  h  w
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have4 Z( w: g" O8 J( z) V: `- T
the right, at their option, to convert, on February 25, 2014 and on* g( F+ a% M/ ]2 M4 J, K
S-44 G4 Z, b0 [. G7 @# u
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any7 h: |7 ^0 I+ b- n: _) ~% K' c
or all of their Preferred Shares Series 18 into an equal number of Preferred# W) z" G5 @; N. ]2 P; o9 n# d" _
Shares Series 19 upon giving to the Bank notice thereof not earlier than
# p( W' R8 O% _- x30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
8 L5 _7 U% ]5 X9 _! Opreceding, a Series 18 Conversion Date.
( L/ t! N# W! M! g" S8 fAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
3 `" ]5 G+ _- k# Q7 J) V0 eProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
$ ?1 ^4 ?7 W) w. CSeries 19, as the case may be, that there would be outstanding on such
' J" h. G# r! s8 t& S6 }7 HSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,9 K. ^1 g7 Z, L7 J' M
such remaining number of Preferred Shares Series 18 will automatically be
2 v  U7 e  M: M/ v8 F9 k' Uconverted on such Series 18 Conversion Date into an equal number of2 U, s4 H, k  @6 J9 a+ p1 f
Preferred Shares Series 19. Additionally, if the Bank determines that, after4 q" _: w9 m5 e' h
conversion, there would be outstanding on such Series 18 Conversion Date
; F$ |& w. d' G4 S) A- ?5 A! Vless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares, D. \! ?9 T( z1 z
Series 18 will be converted into Preferred Shares Series 19.: C$ @" E' [) p2 ]" C8 P; j
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
7 F3 C6 D2 z& c" U- Z) M2 p' wSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
2 E7 `, s" M3 Gany meeting of the shareholders of the Bank unless and until the first time at/ B# k! M! j( L6 V( B7 C2 K
which the Board of Directors has not declared the whole dividend on the$ O( j8 W0 E# B' I+ I9 ]
Preferred Shares Series 18 in any quarter. In that event, subject as; w- u. v8 @, d. M( r% `4 m
hereinafter provided, the holders of Preferred Shares Series 18 will be9 x" ~3 _' {" ]4 [1 b7 p
entitled to receive notice of, and to attend, meetings of shareholders at which; A* z  x8 F4 ]8 L& J
directors of the Bank are to be elected and will be entitled to one vote for& B; z( e  M. V8 S7 x" Y, h) E& q
each Preferred Share Series 18 held. The voting rights of the holders of the
! p0 R6 `" p$ E0 L" Z8 w. rPreferred Shares Series 18 will forthwith cease upon payment by the Bank of. D2 [1 `9 y( M+ M8 ?- m3 ^
the first dividend on the Preferred Shares Series 18 to which the holders are
" [0 g7 H# C* Wentitled thereunder subsequent to the time such voting rights first arose until4 y% @* \7 @/ o, {
such time as the Bank may again fail to declare the whole dividend on the# l+ V8 W* J; c
Preferred Shares Series 18 in respect of any quarter, in which event such
1 f: Q. Z6 @# E. q  m3 avoting rights will become effective again and so on from time to time.! a6 W/ A4 h. p! o3 _( Q9 s% p& J
Principal Characteristics of the Preferred Shares Series 19  [  A1 _) f5 f3 ]' `6 C
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
3 {: ]; Q! R! z& F( yfloating rate non-cumulative preferential cash dividends, as and when
: V7 l2 G4 `% H/ Ideclared by the Board of Directors, subject to the provisions of the Bank Act,
+ D/ a! h6 C/ I2 Tpayable quarterly on the 25th day of February, May, August and November
; i6 `# v3 N/ X+ m9 X) `in each year, in the amount per share determined by multiplying the9 k9 p9 z' R- I% c0 A& _
applicable Quarterly Floating Dividend Rate by $25.00.
3 l$ }* w) V" U+ o% y1 T( ?9 [6 OOn the 30th day prior to the commencement of the initial quarterly dividend! ?1 A4 j# r; m# _& K
period beginning on February 25, 2014, and on the 30th day prior to the first
& B8 b9 S7 s0 R* T6 A, r& Kday of each subsequent quarterly dividend period (the initial quarterly0 ]* w6 F( V6 y
dividend period and each subsequent quarterly dividend period is referred to9 e0 w3 c; g$ B1 \4 D
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the( M7 K: t0 p5 C6 V' ^7 X
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate2 O9 f3 E/ B3 a  ]/ p) s/ O
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the3 Z$ y% R, O: w- D. S( Z* v! H& C
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
7 b) @/ n9 Y" s2 f' velapsed in the applicable Quarterly Floating Rate Period divided by 365)
1 S2 c- c# u6 g& l7 y/ \determined on the 30th day prior to the first day of the applicable Quarterly
: D  _" e% U- K) ?! `Floating Rate Period.0 l: y1 Q' ^, d& I
S-59 B% r! O7 H, i# ?& s2 ^0 A. Z7 I
If the Board of Directors does not declare a dividend, or any part thereof, on# l) h  ?, `4 o3 ~5 u; p. R2 Q/ `
the Preferred Shares Series 19 on or before the dividend payment date for a6 [$ D- C9 I8 _" N
particular quarter, then the entitlement of the holders of the Preferred
! N9 P5 u( H% n/ Y9 P. P) ~Shares Series 19 to receive such dividend, or to any part thereof, for such
3 O* W# U" t/ `! O/ n% S; d* v1 Yquarter will be forever extinguished./ ?9 |7 x, c9 x
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
- x6 [* ?$ i7 e" f6 e& vSuperintendent and to the provisions described below under the heading
. Y6 b6 n3 l% e  Q- }‘‘Details of the Offering — Certain Provisions of the Preferred Shares6 P8 U3 X& L6 {' {8 Z4 K
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,0 l3 Y# n. F  E, G% v! F4 z' v
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all& m* S1 h0 I+ a2 a. w% e
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
/ Q6 k5 w6 P; roption without the consent of the holder, by the payment of an amount in7 V, R- ~' Y  ~1 M  {
cash for each such share so redeemed of (i) $25.00 together with all declared5 A5 ]3 |, J* H1 P
and unpaid dividends to the date fixed for redemption in the case of
3 g: a& N" i/ s4 L7 r" O2 o5 [/ Oredemptions on February 25, 2019 and on February 25 every five years
$ Y5 R5 C) C: O) rthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
% ^4 F" _# y% A9 G: W$ k; z8 [the date fixed for redemption in the case of redemptions on any other date
% i  [' r% p$ j$ Y: Yon or after February 25, 2014.) _. T* W7 e$ I  U! F) c! r" r) o1 Z: g
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
  f4 ^; D5 K5 n) e& r5 dShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
: q% b2 i& V" Q: H/ t9 J" K) vthe right, at their option, to convert, on February 25, 2019 and on
* S; I0 O$ {! C4 u) m$ N( z9 I9 bFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
! C' {/ d/ i& V0 Kor all of their Preferred Shares Series 19 into an equal number of Preferred
2 G* j+ o2 {  yShares Series 18 upon giving to the Bank written notice thereof not earlier
6 o6 y  L- T% i0 \/ s' V$ @than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
; Q! V7 q1 C6 L& G3 [) k/ f15th day preceding, a Series 19 Conversion Date.1 A+ C" a1 P1 I# l9 `3 O( i, N
Automatic Conversion If the Bank determines, after having taken into account all shares tendered# N1 `, v, T* s8 U, R
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
2 C- `. u! _5 I0 E2 p4 K  Y- ySeries 18, as the case may be, that there would be outstanding on such
  M' O% T" n1 ~, T+ n  \; aSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,/ y( H: p$ ?- c% f" D, t8 d
such remaining number of Preferred Shares Series 19 will automatically be
$ {" D" V6 Y" ]# E( h8 a. Rconverted on such Series 19 Conversion Date into an equal number of2 ^9 ]' \# ~: C8 h3 ~8 H
Preferred Shares Series 18. Additionally, if the Bank determines that, after! ]2 D3 d: Q3 N( [% Z
conversion, there would be outstanding on such Series 19 Conversion Date$ O5 {8 I6 r" Z; t6 l/ F
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
. t3 q7 F5 S% Y' MSeries 19 will be converted into Preferred Shares Series 18.
4 r+ S  a3 h" w* M% a0 YVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
# V$ _8 t: a$ ^8 LSeries 19 will not be entitled as such to receive notice of, attend, or vote at,  n+ \/ X3 I" `5 e3 d
any meeting of the shareholders of the Bank unless and until the first time at4 n0 I  e' f0 @* o. X
which the Board of Directors has not declared the whole dividend on the" Y: _$ [! Q% ?; ^" \8 |
Preferred Shares Series 19 in any quarter. In that event, subject as" c! K0 z0 j! \" m6 h. ]& t
hereinafter provided, the holders of Preferred Shares Series 19 will be
2 F. o* a' j; e. I) s- y& sentitled to receive notice of, and to attend, meetings of shareholders at which5 l' e5 g0 o- o" e7 P
directors of the Bank are to be elected and will be entitled to one vote for. m: E  l6 x* u* _/ ~3 x
each Preferred Share Series 19 held. The voting rights of the holders of the$ _4 x) a9 n# i# H# ], G
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of" t+ L9 L& i2 h. S7 `
the first dividend on the Preferred Shares Series 19 to which the holders are0 x3 r% L, p" S" [3 E. v
entitled thereunder subsequent to the time such voting rights first arose until+ Q2 ?9 D5 a. l. H/ \: x% U( \7 ?
such time as the Bank may again fail to declare the whole dividend on the
+ A' a# D# m- xPreferred Shares Series 19 in respect of any quarter, in which event such
- `6 K8 W6 N  g  ~" Q6 {) Q  {voting rights will become effective again and so on from time to time.. D" Q7 O7 |( X- `2 Z
S-6
: y7 w- l( d/ l! X. ~Priority: The preferred shares of each series of the Bank will rank on a parity with- V4 T4 j8 k2 L: u
every other series and are entitled to preference over the common shares of
- i* j( e+ \1 u- S1 x& C+ gthe Bank and over any other shares of the Bank ranking junior to the
8 e& J1 W  Q  d* Qpreferred shares with respect to the payment of dividends and upon any
; T2 e. W; a0 B5 h1 ~( t0 G: [1 K6 gdistribution of assets in the event of the liquidation, dissolution or" X0 o4 Y& i( q
winding-up of the Bank.
; Z$ n5 q) e5 j% I* jTax on Preferred Share The Bank will elect, in the manner and within the time provided under
; [9 q2 v" K/ E4 O7 e' bDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares# }3 h; q! S% P6 y
Series 18 and Preferred Shares Series 19 will not be required to pay tax on! w1 m- X, w: d+ r, E' v
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。" _, O8 f" @; d+ {
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

4 _+ h8 A/ \9 {6 m' X0 c& Y
' ]. O( D' ?! z1 \% o- _5 \5 a6 J3 w下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
$ d( K' p& F# n! f5 \* k2 Y  B* E! n7 K
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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