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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。# Q! h% s8 o# O' _& m0 w8 C# M
: s7 k3 A0 @) P- L
' [+ P" l3 o9 }0 Q/ _' `
[ 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:/ J3 M* d1 w2 E4 i: M
SUMMARY OF THE OFFERING
! {4 X! S. k5 @8 }: l' lThis 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’’.
0 l4 P* g1 m/ F7 N7 s% ^Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
4 K+ F; t! k0 j5 oAmount: $150,000,000 (6,000,000 shares).3 h/ a) u' z! f. ^2 l
Price and Yield: $25.00 per share to yield initially 6.50% per annum.$ ?8 W5 ^' ^+ E: R, ^
Principal Characteristics of the Preferred Shares Series 18
# o" x' O5 O# a' _5 N  }. k3 i1 QDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
7 [( c/ L3 {. a; H  w. K9 s- h1 Gnon-cumulative preferential cash dividends, as and when declared by the
+ ]! y  K' D! {* v" E2 nBoard of Directors, subject to the provisions of the Bank Act, for the initial
- J" n' U2 o6 ]period commencing on the closing date and ending on and including
/ @: R+ B. b4 V, }2 c& zFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
9 q( o9 K) r2 x2 V7 g: s# O25th day of February, May, August and November in each year, at a rate
' G( E" J1 y+ s0 h7 {3 U2 l( _equal to $0.40625 per share. The initial dividend, if declared, will be payable
2 C* m9 P1 D. ^; [: [6 nMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing
* a( U2 _, V5 H$ U4 Udate of December 11, 2008.
) f" u8 B/ c' M' NFor each five-year period after the Initial Fixed Rate Period (each, a+ y$ X7 b: n# ]3 t+ c0 H
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares! |+ i. `' V5 o
Series 18 will be entitled to receive fixed non-cumulative preferential cash9 s- G3 f# H. @; P* H& ?- d2 ^3 ~! ]
dividends, as and when declared by the Board of Directors, subject to the  p5 H, M4 d% F3 i6 P: F
provisions of the Bank Act, payable quarterly on the 25th day of February,; K+ [! h% x% R% C7 `
May, August and November in each year, in the amount per share per annum# v. R) U3 \! A) p* A( m
determined by multiplying the Annual Fixed Dividend Rate applicable to' Z8 R! Z9 a0 B1 D8 o# V9 u/ h
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend3 }/ }0 l- T; T& U0 [5 `5 t
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the: c. N4 Z! A; g7 Y
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day& \3 w' f; p' `* w$ f! J
of such Subsequent Fixed Rate Period and will be equal to the sum of the
! ~1 e' S; D4 y" h3 oGovernment of Canada Yield on the applicable Fixed Rate Calculation Date' w5 v- {" L" C/ R; p
plus 3.83%.( z/ D0 M4 `& q
If the Board of Directors does not declare a dividend, or any part thereof, on
2 D, f6 m3 U2 f' r. mthe Preferred Shares Series 18 on or before the dividend payment date for a0 G$ A, r6 N  F  `- ~8 F
particular quarter, then the entitlement of the holders of the Preferred4 f  ~+ {# V4 ]" d* T
Shares Series 18 to receive such dividend, or to any part thereof, for such) S8 n- A$ s- k& N  z4 Q# n
quarter will be forever extinguished.* j/ V3 H7 ^* B
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the" e& |1 B8 v' [9 g3 H* e2 p' [3 V
Superintendent and to the provisions described below under ‘‘Details of the1 K  W; d% S1 n! ?! G
Offering — Certain Provisions of the Preferred Shares Series 18 as a
; F$ _/ l9 t+ A5 ?& }1 h+ P2 SSeries — Restrictions on Dividends and Retirement of Shares’’, on2 N7 z" a4 t* T* u% S
February 25, 2014 and on February 25 every five years thereafter, on not+ M/ o- [( S1 X" l2 X* k/ z$ i9 \
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any3 y. V5 P4 Q2 V1 F2 v. C3 ~" h
part of the then outstanding Preferred Shares Series 18, at the Bank’s option9 M- B" g* c: p" z/ F& g. x
without the consent of the holder, by the payment of an amount in cash for0 \* w$ X, V1 P& p& {
each such share so redeemed of $25.00 together with all declared and unpaid
1 }: I7 X% \, W! j, C, p& C; ~dividends to the date fixed for redemption.
0 s% g4 d4 i% l+ LConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic) d, C' f) n7 c
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have; K2 |: H' v1 y) Y- j6 F7 ]
the right, at their option, to convert, on February 25, 2014 and on
) p' G$ p) k" ]- s, MS-4
6 ^* ^. A& O1 \: _/ l3 p2 RFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any3 r. Z# k: L- o% ~- e* b
or all of their Preferred Shares Series 18 into an equal number of Preferred
& j) I: r0 g7 |6 u/ S8 WShares Series 19 upon giving to the Bank notice thereof not earlier than. j# Y, L* \* X6 `: R5 V) P
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day0 {, T' d' l! B1 u6 e& h
preceding, a Series 18 Conversion Date.% N* `( P3 t" b5 ^
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
. g, L: \$ M1 I" g4 m; aProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares* |) R+ A% }# e% J9 D  p
Series 19, as the case may be, that there would be outstanding on such
$ f1 [! X1 r( n' W9 LSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,3 p/ p) w5 Q- x, O1 Y2 g4 O8 d
such remaining number of Preferred Shares Series 18 will automatically be/ i. H$ s5 a& I/ v1 P$ o# U5 s
converted on such Series 18 Conversion Date into an equal number of
' R# J; X& x1 EPreferred Shares Series 19. Additionally, if the Bank determines that, after
. h, P5 M' V& z4 Tconversion, there would be outstanding on such Series 18 Conversion Date3 R& ?6 ]5 H3 B+ P7 b4 S
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
, \( [+ w5 B$ o0 l- dSeries 18 will be converted into Preferred Shares Series 19.
/ g5 E( F& n/ QVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares1 F% M; V+ ?1 s5 W0 b, K
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
7 F; k0 [* t9 |any meeting of the shareholders of the Bank unless and until the first time at
1 F( a9 e3 @5 w6 i2 Bwhich the Board of Directors has not declared the whole dividend on the/ `" X- h0 p; f  M& W3 d
Preferred Shares Series 18 in any quarter. In that event, subject as7 \2 P. a* H! ~* y1 E3 Z( E, v
hereinafter provided, the holders of Preferred Shares Series 18 will be) b$ f1 K; Y8 M" g+ a8 x1 L, y
entitled to receive notice of, and to attend, meetings of shareholders at which5 q& m, i7 l& l1 |6 k  A
directors of the Bank are to be elected and will be entitled to one vote for5 m  u0 ~' E' a2 K5 ^4 q+ y
each Preferred Share Series 18 held. The voting rights of the holders of the
0 @4 q8 G; f* r5 b* f9 DPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
% C7 ^# T% R; F1 tthe first dividend on the Preferred Shares Series 18 to which the holders are
3 K3 y# D6 e/ u' I( i6 I& r( Centitled thereunder subsequent to the time such voting rights first arose until
3 |- P' x5 Z. [( Q0 u* Tsuch time as the Bank may again fail to declare the whole dividend on the
; \" ]( H: K2 \) G  }Preferred Shares Series 18 in respect of any quarter, in which event such& F# E& p" }& q7 b4 ]( m6 j) ^' `; S
voting rights will become effective again and so on from time to time.4 H& w7 F/ W# _
Principal Characteristics of the Preferred Shares Series 19+ R8 J# A$ x6 H: ?) L! G# K! X
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive* _. v' p& D3 L% X/ C$ g
floating rate non-cumulative preferential cash dividends, as and when! u3 o' s4 T+ _
declared by the Board of Directors, subject to the provisions of the Bank Act,0 _! f1 l1 b% K9 T7 ~: a% C- x8 w
payable quarterly on the 25th day of February, May, August and November
5 J" v4 t  b7 S( F% W! K; E- J6 f& xin each year, in the amount per share determined by multiplying the  a: R1 X. F4 C6 H7 N
applicable Quarterly Floating Dividend Rate by $25.00.6 a' |* K4 J3 b! P( Q
On the 30th day prior to the commencement of the initial quarterly dividend
  C, J4 \$ [  _8 Z; X/ _' ]period beginning on February 25, 2014, and on the 30th day prior to the first# w, i5 a3 U- A2 c: s: d/ T, H
day of each subsequent quarterly dividend period (the initial quarterly: S; L' y7 Y7 T; Q# }! w
dividend period and each subsequent quarterly dividend period is referred to: v6 z5 d5 u- D: I9 S* ]( R; }* _; K
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
+ P% `2 s! L* w" f1 \( pQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate/ A9 |, G: ]6 A3 `0 ]5 B6 g
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
; d9 }4 M' d' O* ^& Z2 mT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days2 Q. W7 B$ P1 @
elapsed in the applicable Quarterly Floating Rate Period divided by 365): r. t/ Z6 B: Z* H) R/ s
determined on the 30th day prior to the first day of the applicable Quarterly
+ m6 Z/ B( a3 i* T2 ]Floating Rate Period.
8 A$ }: @! M1 ]$ v$ FS-57 e$ N3 o( g5 t+ m# g9 O
If the Board of Directors does not declare a dividend, or any part thereof, on1 W( W( g6 y. c& V. ]; Q
the Preferred Shares Series 19 on or before the dividend payment date for a
9 V  F: Z; w% j) G  b4 b  j/ lparticular quarter, then the entitlement of the holders of the Preferred
0 O; g; A4 h+ h* ]- M' {Shares Series 19 to receive such dividend, or to any part thereof, for such
, [" n! V" g& g" q2 \3 `" o3 ^quarter will be forever extinguished.
2 g* U4 n5 @/ eRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
( w% `& J* b  m2 }$ m% LSuperintendent and to the provisions described below under the heading- G1 h% h) O+ e* }$ s9 r
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
# }& G! S9 r! J3 Q  t! BSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
- W. V1 I6 y# }' N4 ^& k; E$ ron not more than 60 nor less than 30 days’ notice, the Bank may redeem all
8 q/ |3 S& q( V! y6 Cor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
" z$ S3 a, a' K; r- Soption without the consent of the holder, by the payment of an amount in
+ ?( i7 D  ?' U% X9 scash for each such share so redeemed of (i) $25.00 together with all declared
: K+ o, T- \$ i) land unpaid dividends to the date fixed for redemption in the case of
+ ]/ O$ A) _  @" ~  I# Yredemptions on February 25, 2019 and on February 25 every five years
* e4 b. a/ z! |( ?- h" U$ Kthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
: @- @6 C' @1 l( R, [. vthe date fixed for redemption in the case of redemptions on any other date
- Y8 `& M1 @: z* T3 }! Don or after February 25, 2014.6 _& g3 Y4 [, x" f
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
9 _* ~, f% s  j0 F" B& aShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have& l' L3 }; h/ Z: I- G+ Y, r! C
the right, at their option, to convert, on February 25, 2019 and on
% n$ M9 r3 w% `; e$ HFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any" q+ _7 |- d1 L9 X
or all of their Preferred Shares Series 19 into an equal number of Preferred
. O! H7 h* f3 v1 H. JShares Series 18 upon giving to the Bank written notice thereof not earlier9 F' E5 i+ r) P+ j3 t
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
+ A& u/ t# v- f) u/ h& J& }, v15th day preceding, a Series 19 Conversion Date.# Q0 X% x3 b8 R, o
Automatic Conversion If the Bank determines, after having taken into account all shares tendered9 A( [  }5 D0 k' f2 s
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares' H) Z8 f$ Y* Q+ M" y8 O) A4 u1 Z
Series 18, as the case may be, that there would be outstanding on such1 U8 b+ ^) g* F* U7 |# y# }
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
2 T5 s; Z+ i; Lsuch remaining number of Preferred Shares Series 19 will automatically be
1 y" Z, h# V  N6 A0 fconverted on such Series 19 Conversion Date into an equal number of
; Y! L8 h- }) M, w  ~Preferred Shares Series 18. Additionally, if the Bank determines that, after
. J. P1 V4 K. H. q/ S/ F7 }conversion, there would be outstanding on such Series 19 Conversion Date+ l& F9 n5 U% P! t  D) H
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares) ^- `! [- q/ m
Series 19 will be converted into Preferred Shares Series 18.
# {0 B" ^/ [6 R/ H5 Q% q+ NVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares7 }3 ?, K; G7 R5 o3 c+ ]. t
Series 19 will not be entitled as such to receive notice of, attend, or vote at,
; w' N0 W' p, i* }# T4 X5 hany meeting of the shareholders of the Bank unless and until the first time at* }0 F* ?) x- ]& W' I1 {0 X
which the Board of Directors has not declared the whole dividend on the  S5 g9 q( c! z: U) ^/ u
Preferred Shares Series 19 in any quarter. In that event, subject as
9 J1 Y# {/ S# p) b7 G. Qhereinafter provided, the holders of Preferred Shares Series 19 will be+ G( E/ f, ~7 j
entitled to receive notice of, and to attend, meetings of shareholders at which
7 E0 _9 D4 o, l. a" bdirectors of the Bank are to be elected and will be entitled to one vote for! j% O7 {) p. i7 V* c
each Preferred Share Series 19 held. The voting rights of the holders of the* y, \" x2 L# h8 z+ s
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
, K/ L! ~) g* ?2 p0 l/ P& l5 cthe first dividend on the Preferred Shares Series 19 to which the holders are
9 [- [2 j* M7 {: Q. r& {& F$ Centitled thereunder subsequent to the time such voting rights first arose until
5 t5 y' i5 E( @) J. p+ {/ J/ {such time as the Bank may again fail to declare the whole dividend on the; D) C8 V+ r: A2 Z
Preferred Shares Series 19 in respect of any quarter, in which event such
4 M% G. t: S1 P5 Svoting rights will become effective again and so on from time to time.
8 V- U/ ?  B0 x! B3 ES-6
& {5 `+ [+ x! a8 ~# I7 bPriority: The preferred shares of each series of the Bank will rank on a parity with4 u, ?% x3 W) Z- S3 M
every other series and are entitled to preference over the common shares of
' [& [2 W. ~1 i+ f; athe Bank and over any other shares of the Bank ranking junior to the7 C% _) w4 H* U) E! h& {9 N
preferred shares with respect to the payment of dividends and upon any
' z+ W, O# |( Q% c$ W7 Tdistribution of assets in the event of the liquidation, dissolution or
; g# @$ d8 P0 [6 qwinding-up of the Bank.
' o+ s+ I- y8 f: r1 R$ i' tTax on Preferred Share The Bank will elect, in the manner and within the time provided under4 Y% ]6 t8 ~6 C
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
6 P0 S$ _% I+ J( X0 N5 FSeries 18 and Preferred Shares Series 19 will not be required to pay tax on! Q5 W- f7 b" s8 j, Q
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。* R9 @' W/ ?+ U- p4 t8 \
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

/ V" _. W: a# ~3 I# l5 a$ L  _9 ~/ E" v( ^6 ^9 l+ L. m, ?! \7 A" R
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
/ w/ b* Q) X/ J8 o/ h( x9 G& t# H/ ~' _7 o2 v) F
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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