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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。' l: }4 k7 _+ w# E6 p

) V7 g2 W- O$ W2 Y8 B0 s6 c# d0 m
[ 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:
6 Z( p# r8 O# ~  v1 }SUMMARY OF THE OFFERING
8 F# m8 V6 o! g1 B8 J7 XThis 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’’.+ p" R  |+ m) R8 W& M
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
' `% Z- Y9 l7 _" {! nAmount: $150,000,000 (6,000,000 shares).
7 p$ ?: J+ Y( q, M  WPrice and Yield: $25.00 per share to yield initially 6.50% per annum.8 r: k0 S6 A" d$ L
Principal Characteristics of the Preferred Shares Series 18( J9 L, B8 j- X  b. g0 o- R
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed1 q8 C0 R) f; F9 C0 P! R7 o- ?% z
non-cumulative preferential cash dividends, as and when declared by the
! d+ l3 f8 X* N- z+ g: ]; H9 Y3 r1 R+ xBoard of Directors, subject to the provisions of the Bank Act, for the initial4 W9 I1 [3 Z' G3 l- m% G6 o
period commencing on the closing date and ending on and including
1 D9 O0 |) L) f9 V1 Z& gFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the) @7 p6 I. P6 x* Z. z6 H
25th day of February, May, August and November in each year, at a rate
8 m3 D; a) Y6 x3 r' \7 Nequal to $0.40625 per share. The initial dividend, if declared, will be payable
' P9 E  h) x0 D/ }# P" k  L! B8 ~6 }" |May 25, 2009 and will be $0.73459 per share, based on the anticipated closing! S: k) i, C# x
date of December 11, 2008.3 ]+ `4 f6 i; R- p9 a0 k0 v$ E9 a
For each five-year period after the Initial Fixed Rate Period (each, a
0 N* B* l+ ]+ c‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
! ?& ^- s8 h' g  Q" _% n% CSeries 18 will be entitled to receive fixed non-cumulative preferential cash3 `7 M8 k; V0 p
dividends, as and when declared by the Board of Directors, subject to the
) j/ u. h( c3 [. A& y, lprovisions of the Bank Act, payable quarterly on the 25th day of February,' a! H9 e. q- b/ G6 t4 C
May, August and November in each year, in the amount per share per annum+ n) e9 _3 T4 P5 s1 [
determined by multiplying the Annual Fixed Dividend Rate applicable to7 b2 Q; ]; d$ e% ^7 _3 Z; s! v3 C
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend7 S4 ~  Z1 L3 |! a
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the$ k% N) a1 P# }2 i/ l: [
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
0 Q' A# B+ v' @) n. d# Gof such Subsequent Fixed Rate Period and will be equal to the sum of the
2 d, O/ f6 `5 _$ `Government of Canada Yield on the applicable Fixed Rate Calculation Date
$ o: I5 X! {/ \: E( x8 L( eplus 3.83%.
; X- Z3 g4 ^& s  ?" [. JIf the Board of Directors does not declare a dividend, or any part thereof, on/ j/ a: m# [4 |3 d
the Preferred Shares Series 18 on or before the dividend payment date for a
! U& m9 ?- r) ^& R  P! tparticular quarter, then the entitlement of the holders of the Preferred3 n* D2 ~* T/ w, y
Shares Series 18 to receive such dividend, or to any part thereof, for such
2 ?/ n* u4 m  l& `& @: O! U  dquarter will be forever extinguished.* |  H1 `9 X1 r  @, a! L
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
+ g8 C% m2 S# s% YSuperintendent and to the provisions described below under ‘‘Details of the. G; A) J4 L1 a7 d/ Z2 ]) s. A" ~
Offering — Certain Provisions of the Preferred Shares Series 18 as a
+ F: E. Y/ Y5 x. ~( ]6 H# _6 f' cSeries — Restrictions on Dividends and Retirement of Shares’’, on7 k6 J9 T1 o/ Y
February 25, 2014 and on February 25 every five years thereafter, on not  e) Q# m9 x* \6 M
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any+ g6 A+ _; F9 y4 W$ `7 \, U9 \* K" A
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
6 U5 A# O. V/ R. zwithout the consent of the holder, by the payment of an amount in cash for
: x* C2 Z3 i4 t/ e3 l# L& ]each such share so redeemed of $25.00 together with all declared and unpaid+ K" E' g% u5 j4 R- a, S
dividends to the date fixed for redemption.9 f5 k5 G1 f, O9 z- @
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
6 x* h" J$ N: {' ?# d  ^Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have( U1 l- a3 m+ B7 R4 t/ e' x
the right, at their option, to convert, on February 25, 2014 and on4 {0 e/ L  `$ W  b* Y* j
S-4/ v$ U( Q4 K; {; n. Q" c% O
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any' L( o% o4 k# U$ O! H
or all of their Preferred Shares Series 18 into an equal number of Preferred7 a, [: B& [# h4 }% Z5 R
Shares Series 19 upon giving to the Bank notice thereof not earlier than
: W& n% d- V; [1 F; G6 [# K7 W4 \. I) l30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day/ A( u* Q7 f( m2 }# i6 o
preceding, a Series 18 Conversion Date.
2 p( u/ m  |, W4 Z8 _1 eAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
: L; y9 H- _. v1 w# s& }1 H& |* J1 @Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
9 F: F8 E3 L: ]+ ASeries 19, as the case may be, that there would be outstanding on such
! i+ a" n# a. i! S- iSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,, A/ v5 f1 ~6 r  k; C6 H
such remaining number of Preferred Shares Series 18 will automatically be/ I! a2 U) y% Z6 j7 O, `* z' v, O
converted on such Series 18 Conversion Date into an equal number of
& q; C# ^0 r' iPreferred Shares Series 19. Additionally, if the Bank determines that, after
2 q+ w2 D+ {7 ?6 D2 y5 X2 `* f3 lconversion, there would be outstanding on such Series 18 Conversion Date
& n5 C0 {& l/ f. h- t' ?less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
  \& M$ Z$ X2 x; z9 kSeries 18 will be converted into Preferred Shares Series 19.7 b4 O& l3 T0 O0 I! o4 s
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares+ X1 b( x3 w2 M# h# ?
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
9 G% t( g- |" M- L, T. aany meeting of the shareholders of the Bank unless and until the first time at
9 g; H" Q5 j' M' U7 `7 [7 M* hwhich the Board of Directors has not declared the whole dividend on the
! z; U: @3 P/ n+ ~# n3 x/ h/ d; XPreferred Shares Series 18 in any quarter. In that event, subject as
6 Q. c& U7 |& ^( H+ }+ R" Rhereinafter provided, the holders of Preferred Shares Series 18 will be5 k" i0 @7 h) D$ b: u0 t
entitled to receive notice of, and to attend, meetings of shareholders at which
1 v# x3 g" e+ v3 p5 J/ a, Udirectors of the Bank are to be elected and will be entitled to one vote for
: Q- E6 x) b& F2 n& Qeach Preferred Share Series 18 held. The voting rights of the holders of the
1 l, _: G6 d; c$ n% {! oPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
4 W- @, k/ p: Z4 sthe first dividend on the Preferred Shares Series 18 to which the holders are% X5 ]4 D2 ^! M1 T. R, w
entitled thereunder subsequent to the time such voting rights first arose until# w% N( x$ E( w' x' Y4 B
such time as the Bank may again fail to declare the whole dividend on the0 R4 m' f* W9 x; |- C* B
Preferred Shares Series 18 in respect of any quarter, in which event such& I" P7 K( b' l+ n$ h- ^
voting rights will become effective again and so on from time to time.
( u: [" \8 V' W% YPrincipal Characteristics of the Preferred Shares Series 19: g4 _2 L. N& g: r4 g7 P
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
6 R& x. I8 }* u- J9 p& ffloating rate non-cumulative preferential cash dividends, as and when" e  W% P2 ]2 C5 [
declared by the Board of Directors, subject to the provisions of the Bank Act,
3 C- v' b* B5 P' Y. m$ D  |payable quarterly on the 25th day of February, May, August and November
! y  B/ Y% O: [! z* X  ]2 hin each year, in the amount per share determined by multiplying the
* i' D/ X( g2 H; `+ D* F9 Dapplicable Quarterly Floating Dividend Rate by $25.00.1 l  [, r, S- B6 E; s: F0 y
On the 30th day prior to the commencement of the initial quarterly dividend' @' P( s3 N) t9 e
period beginning on February 25, 2014, and on the 30th day prior to the first/ P$ t% {- A( L( [
day of each subsequent quarterly dividend period (the initial quarterly
( `' s% }( e0 t" Q" ldividend period and each subsequent quarterly dividend period is referred to) u' g% }) C5 e/ Q4 R) g4 G
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the8 n' w4 q: {2 D6 A( ]  D8 ?
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate) O' A. a! }/ N4 H7 v
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the. T6 ^9 {+ e/ g1 J0 e
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
- a: \+ M7 J& H# helapsed in the applicable Quarterly Floating Rate Period divided by 365)- y3 ]2 r4 G1 t7 Z; F# Z: W, R! H
determined on the 30th day prior to the first day of the applicable Quarterly
2 a* }0 K9 K  }- I- D* TFloating Rate Period.8 k1 K- z1 ~( P. A- }' w
S-5
2 }& G' j& ^7 ]If the Board of Directors does not declare a dividend, or any part thereof, on; ^( K% W% a3 d/ M, r  U
the Preferred Shares Series 19 on or before the dividend payment date for a
0 [4 j2 j) Q) j# R6 oparticular quarter, then the entitlement of the holders of the Preferred: _7 Y; ]4 v  t- H5 Q1 D
Shares Series 19 to receive such dividend, or to any part thereof, for such
$ p) X! g; u- e  j  X5 u0 x- qquarter will be forever extinguished.2 V! b/ @4 [4 u) H& k3 L3 J# L
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the0 @) o5 J- T  P
Superintendent and to the provisions described below under the heading7 F# Y9 B7 g3 H9 h& p
‘‘Details of the Offering — Certain Provisions of the Preferred Shares% g5 a3 Q8 Y8 e+ B9 V3 ?
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
7 N& Y* J; M& I: von not more than 60 nor less than 30 days’ notice, the Bank may redeem all# M; y. l0 n3 ^3 K* W: y
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s9 E3 Z; K. @$ b3 H6 R& ?
option without the consent of the holder, by the payment of an amount in, \2 y( c# T) t: x9 ]
cash for each such share so redeemed of (i) $25.00 together with all declared
/ b8 f' t4 N$ x$ j% K5 Yand unpaid dividends to the date fixed for redemption in the case of
$ m! i+ U* Q, Q2 Qredemptions on February 25, 2019 and on February 25 every five years6 V4 Z* H( [! A+ W1 w2 |
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to* c2 C9 z4 g) G1 }5 A8 h8 u
the date fixed for redemption in the case of redemptions on any other date" V- e5 m# n' X! c$ R
on or after February 25, 2014.
1 F+ E$ d8 g% ~/ R' }# OConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic  j! R6 J; ^& l0 M
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
! x- x. f5 g" g0 \1 Rthe right, at their option, to convert, on February 25, 2019 and on
2 V3 h- N; }/ E7 i) tFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
+ p! w0 y# _! U, H7 Y% n7 u, A7 ]or all of their Preferred Shares Series 19 into an equal number of Preferred
1 O7 Q) e& j" NShares Series 18 upon giving to the Bank written notice thereof not earlier
1 s9 ?7 l- d! A5 |) Dthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
! F9 v# Z8 b& u0 l15th day preceding, a Series 19 Conversion Date.
- _" ~5 q+ z) l- GAutomatic Conversion If the Bank determines, after having taken into account all shares tendered! |$ Y0 u; @5 m' I5 }9 R: k
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
* y% k, U$ Q  K$ h, z# Z1 SSeries 18, as the case may be, that there would be outstanding on such. i: }+ Z( y4 ?0 T* ~
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,8 d/ A$ B' n  {& n8 z
such remaining number of Preferred Shares Series 19 will automatically be
. i' H5 T# m6 n* m/ ^  I/ k3 D. Sconverted on such Series 19 Conversion Date into an equal number of
0 {+ B* ?3 Z; S3 E5 s6 jPreferred Shares Series 18. Additionally, if the Bank determines that, after
. i" D1 H/ N/ K# K: Xconversion, there would be outstanding on such Series 19 Conversion Date
' i# C7 V6 }) Yless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares, f7 r. t, X8 P; O
Series 19 will be converted into Preferred Shares Series 18.3 |) a4 o% j0 }9 l& o
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares% t) J8 ?% a- m* @0 E1 ?2 r
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
1 K& C7 a" J4 k) P' A7 j7 Qany meeting of the shareholders of the Bank unless and until the first time at: C2 c7 f( R1 w
which the Board of Directors has not declared the whole dividend on the. J; l% E9 S- ^% G
Preferred Shares Series 19 in any quarter. In that event, subject as
( w; C* `$ T4 }7 Y. xhereinafter provided, the holders of Preferred Shares Series 19 will be7 F4 V% y, b* F( t' |4 P
entitled to receive notice of, and to attend, meetings of shareholders at which
! q3 _& Z1 L5 O( `$ E0 I$ [directors of the Bank are to be elected and will be entitled to one vote for# D6 }8 x! ~! ]
each Preferred Share Series 19 held. The voting rights of the holders of the
5 d) C" x0 ]+ U% ]Preferred Shares Series 19 will forthwith cease upon payment by the Bank of. `- d4 j: d$ j; S: w; i) Y0 p
the first dividend on the Preferred Shares Series 19 to which the holders are
# E# X7 ?9 Q8 f# yentitled thereunder subsequent to the time such voting rights first arose until2 d8 _! o5 _. i9 [2 s
such time as the Bank may again fail to declare the whole dividend on the, `6 L; c# X* W! g* f$ [: c' a
Preferred Shares Series 19 in respect of any quarter, in which event such$ ?6 z& O, x% V- F$ H
voting rights will become effective again and so on from time to time.
1 G  d8 U9 t' N3 g. MS-6
1 Z& W' K) r% H3 D7 `Priority: The preferred shares of each series of the Bank will rank on a parity with) V' \  I4 L- t0 s$ u1 t0 H2 F
every other series and are entitled to preference over the common shares of
. ~" ~% k3 l! f8 W+ n: \the Bank and over any other shares of the Bank ranking junior to the6 y: e- z# ]: B. G6 p
preferred shares with respect to the payment of dividends and upon any! U- Q1 T9 W/ F+ I7 a. R
distribution of assets in the event of the liquidation, dissolution or
4 B9 a/ a3 T3 N* ~% j7 q3 Q; z. Wwinding-up of the Bank.' T  V$ @0 u; O! c% S1 i4 j2 d
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
, }* [# C& {2 _% V. WDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
) r+ J5 |  X) a+ k5 v& bSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
, Q5 m/ b7 L1 u" Fdividends 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。
7 D; P3 d- j: w- X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
: w( L1 w3 a1 h# a
6 j7 S& W& ~* d) l
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
! B* q, \7 C/ i
+ j9 U6 g- {6 f5 t3 scall 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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