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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。
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0 n; [, q8 O+ }+ ?8 k[ 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:
% a- L& q% ^) V$ ^2 l* a% ^SUMMARY OF THE OFFERING) O+ }$ w9 W0 H7 @9 V
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’’.: c# v/ q8 }7 X4 V2 o4 f
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
" q: A7 W, {# ?* R, O/ S' G, VAmount: $150,000,000 (6,000,000 shares).4 H& [! Y) `  \2 j6 c
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
- x) v) x2 k6 k: {, h  T! NPrincipal Characteristics of the Preferred Shares Series 18- E: \6 I) R- U
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
4 U) Q: S/ O, F/ e* Fnon-cumulative preferential cash dividends, as and when declared by the7 T3 B' _* A# L: J* i* \$ H
Board of Directors, subject to the provisions of the Bank Act, for the initial( F( Z& Q1 F/ L5 h! V( L
period commencing on the closing date and ending on and including3 N  ^% t: z  V7 w
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
+ f( u/ m4 a9 `7 m25th day of February, May, August and November in each year, at a rate
  f' Y" u: D) w* u& p5 hequal to $0.40625 per share. The initial dividend, if declared, will be payable; Z) \* n' b9 k
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing# E; ]% E' I: K. \: F
date of December 11, 2008.
# Y+ y% u: b! C4 |For each five-year period after the Initial Fixed Rate Period (each, a
, U2 U8 S) x6 P) a( y$ M‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares. d- _( O* l2 R; L, N( Y5 ~$ ]
Series 18 will be entitled to receive fixed non-cumulative preferential cash
& t: o  X, W; P  V0 F. ]$ d/ ^dividends, as and when declared by the Board of Directors, subject to the
- l! M% o! v  X& s! p  Z' Z  Q. Pprovisions of the Bank Act, payable quarterly on the 25th day of February,: M( S+ {* D! \' p3 ]! b3 p6 o( }
May, August and November in each year, in the amount per share per annum5 o3 {* b: m, J# g# O
determined by multiplying the Annual Fixed Dividend Rate applicable to7 U9 o$ |* D; m
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
8 v2 p' o  Z& l; c* DRate for the ensuing Subsequent Fixed Rate Period will be determined by the  G5 _& S- V1 K4 w  X
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
) @+ i1 k. C) B/ j; Zof such Subsequent Fixed Rate Period and will be equal to the sum of the& }2 d% S6 S, O; a1 c/ C
Government of Canada Yield on the applicable Fixed Rate Calculation Date* V. M* \# E9 ^) U1 V' K! l% @  X4 }
plus 3.83%.
& L8 k2 M8 H" h/ H+ h+ k! g7 Q) RIf the Board of Directors does not declare a dividend, or any part thereof, on" n; O+ i. t3 i3 m
the Preferred Shares Series 18 on or before the dividend payment date for a
% C. d  b  d: u1 \particular quarter, then the entitlement of the holders of the Preferred
0 J( {+ \* f: S: A- r. x( S  kShares Series 18 to receive such dividend, or to any part thereof, for such& w( g% u# P, n% M( c4 T
quarter will be forever extinguished.' P/ N; Z- A7 ^9 a$ s  e: U
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the3 D" Q2 N( ~) J
Superintendent and to the provisions described below under ‘‘Details of the% y% _5 O- G% @
Offering — Certain Provisions of the Preferred Shares Series 18 as a
$ ^+ g: z6 a3 ?6 u" PSeries — Restrictions on Dividends and Retirement of Shares’’, on8 G4 W, t* j. G) b9 p3 t4 p
February 25, 2014 and on February 25 every five years thereafter, on not' E+ Y% |  K3 N+ q  O4 k. `# u, f
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any: }8 g" G6 Y' m1 @8 O5 v
part of the then outstanding Preferred Shares Series 18, at the Bank’s option$ f/ p, \0 ?5 F
without the consent of the holder, by the payment of an amount in cash for
5 M$ J2 A9 m' u5 b3 l% N4 Oeach such share so redeemed of $25.00 together with all declared and unpaid
* \, M7 n2 n1 ^  Idividends to the date fixed for redemption.7 B# E, D7 q, C# G6 J% S
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic& `) p! n! x5 E* Z$ y1 U6 t
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
& S7 g# |) @* v$ `) [# i/ x8 Y, Ythe right, at their option, to convert, on February 25, 2014 and on
; B9 D7 A$ E$ SS-4% O& T% U8 p- `
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any& S$ a. C- m; Z
or all of their Preferred Shares Series 18 into an equal number of Preferred
6 t2 {: M- V1 G  {2 N  MShares Series 19 upon giving to the Bank notice thereof not earlier than  J+ r# l2 {: N8 x
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
- Q) n( }( Z; D) t1 t# O! gpreceding, a Series 18 Conversion Date.1 p$ z. @3 h- m1 _
Automatic Conversion If the Bank determines, after having taken into account all shares tendered# Y! E3 d% E3 B( w- P
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares0 @& K5 \5 q' G
Series 19, as the case may be, that there would be outstanding on such
- }. y+ }# e! [8 C5 z& RSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
5 Z: l/ p4 A6 s, ~0 \$ M1 Usuch remaining number of Preferred Shares Series 18 will automatically be  }8 c. d9 [' O4 ]
converted on such Series 18 Conversion Date into an equal number of" a% s% e0 e, e4 o/ w
Preferred Shares Series 19. Additionally, if the Bank determines that, after
+ c5 ^) v, [9 Q; Gconversion, there would be outstanding on such Series 18 Conversion Date" l/ g, J: ?& h7 R" m$ [, J
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares. T( ?3 E5 @8 g" v2 N1 C: X
Series 18 will be converted into Preferred Shares Series 19.
3 y2 a: h. p' Z3 k( D* W, gVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares3 H. i8 ]/ n6 l' Y' E6 {" Y3 Y
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
( a* z3 S0 \! h  M* @% w: Nany meeting of the shareholders of the Bank unless and until the first time at" f: ^; W  T0 f- X9 A5 o
which the Board of Directors has not declared the whole dividend on the
) m. ?- y. `9 b5 F7 B) U7 oPreferred Shares Series 18 in any quarter. In that event, subject as
9 B' F/ [$ s4 T) f4 ^# jhereinafter provided, the holders of Preferred Shares Series 18 will be: K- R& a8 h- |/ n3 i4 r& Y; o
entitled to receive notice of, and to attend, meetings of shareholders at which
, T; p" Q/ j6 Adirectors of the Bank are to be elected and will be entitled to one vote for- d* A& R6 i6 w! h- b  F, y. @
each Preferred Share Series 18 held. The voting rights of the holders of the
8 \- _, q4 w+ i* m4 ZPreferred Shares Series 18 will forthwith cease upon payment by the Bank of+ J3 |- v1 o) y
the first dividend on the Preferred Shares Series 18 to which the holders are
& g: ~& n# [; [: w. m% kentitled thereunder subsequent to the time such voting rights first arose until& \+ ^4 ~- `) @; _, a
such time as the Bank may again fail to declare the whole dividend on the
- j, q# ^+ H/ tPreferred Shares Series 18 in respect of any quarter, in which event such
. g& }+ Y" W0 O" M( ^: W( t* |7 @voting rights will become effective again and so on from time to time.% T: P# ~6 {1 F9 M7 X0 P
Principal Characteristics of the Preferred Shares Series 19
2 f9 g7 K$ T1 W% L2 Q6 EDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
% q1 S) ~( ^4 x& S" Q2 n- Ffloating rate non-cumulative preferential cash dividends, as and when% C2 ^. G. x& K' X" U6 [2 I8 |
declared by the Board of Directors, subject to the provisions of the Bank Act,
/ P- N- R4 [" Q) D' @0 _/ l% f  ~! x7 Lpayable quarterly on the 25th day of February, May, August and November
+ n# |, H( T7 J, p) V- {7 }in each year, in the amount per share determined by multiplying the
# m, l9 v' {( l+ Y1 V1 Vapplicable Quarterly Floating Dividend Rate by $25.00.
+ x) b+ W; r4 N% I" |: C: o3 MOn the 30th day prior to the commencement of the initial quarterly dividend0 ?/ B5 E: y# }; k2 D7 M, B7 B
period beginning on February 25, 2014, and on the 30th day prior to the first5 o8 W3 g2 [( l  o; }! e& I
day of each subsequent quarterly dividend period (the initial quarterly9 ~9 b2 x. {, x* ^
dividend period and each subsequent quarterly dividend period is referred to
' {# @5 Y, j/ ~/ b$ }as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the: _1 V7 F) K% j  D& w0 a2 w
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate! z1 N1 P. J, {( J2 L
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the5 d: t0 O9 ?/ O3 S! [" ~; q
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
- B9 J, o$ c: _+ Aelapsed in the applicable Quarterly Floating Rate Period divided by 365)
5 ], ?: J: ^+ o' m8 {) k/ Xdetermined on the 30th day prior to the first day of the applicable Quarterly& }& f+ J5 y  q0 m! O
Floating Rate Period.
. B7 p! G: _  z0 |0 Z, B( }S-5
. h; V! l7 G! A# J9 p1 v; TIf the Board of Directors does not declare a dividend, or any part thereof, on
1 c! k& \% z1 b8 vthe Preferred Shares Series 19 on or before the dividend payment date for a
! r- ^5 ^. m! W1 G1 ~0 Nparticular quarter, then the entitlement of the holders of the Preferred
1 r6 }% v! \0 C/ T3 n, xShares Series 19 to receive such dividend, or to any part thereof, for such+ z/ ^& R( ~1 G2 r) c: z
quarter will be forever extinguished.
% U- r# j3 N3 J& ?( p- \2 x1 D$ D/ WRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
3 X/ I) F- N! z9 s7 {- sSuperintendent and to the provisions described below under the heading) W8 x: _$ Z- u1 g
‘‘Details of the Offering — Certain Provisions of the Preferred Shares8 J) Z; F* ^3 X6 q( a% R! Q) @
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
* m+ x- w2 {8 z, X' K' Non not more than 60 nor less than 30 days’ notice, the Bank may redeem all
0 \* F- }: \' }% w- j( e8 |or any part of the then outstanding Preferred Shares Series 19, at the Bank’s8 V  D+ x: ]5 S" G; b- a, s1 E* f
option without the consent of the holder, by the payment of an amount in1 p; z  |( R9 g6 R  ~8 o
cash for each such share so redeemed of (i) $25.00 together with all declared
1 m5 f2 `2 V- Y8 M$ Kand unpaid dividends to the date fixed for redemption in the case of. `% Y, R/ r' x5 Q4 k
redemptions on February 25, 2019 and on February 25 every five years& G% d' Q7 H/ ?: V8 A  D! C+ v
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to: a1 [& y" N; Q, G3 X, Q7 \- u
the date fixed for redemption in the case of redemptions on any other date# z1 d! k1 W3 z, [. o1 W+ O) K
on or after February 25, 2014.
% c( E! Z; ]. a. _! QConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic% Q1 Q! z, z: C- u& n
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have* T& R: s; [+ X4 w
the right, at their option, to convert, on February 25, 2019 and on
! p( h! f) M6 g2 E2 M; ?5 `& \February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
( x. o6 z  Q3 i7 {or all of their Preferred Shares Series 19 into an equal number of Preferred
( H6 H! q* T# \* C/ fShares Series 18 upon giving to the Bank written notice thereof not earlier
+ s9 n4 L; z9 o6 Q4 gthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the' ~" Y" |; j. [+ o  N6 A$ \) F) N
15th day preceding, a Series 19 Conversion Date.
) q& W6 |! l* ?' x: v# D7 wAutomatic Conversion If the Bank determines, after having taken into account all shares tendered! A% D2 Z# N: q
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares; _" Z6 F& C' K& t& K$ ^
Series 18, as the case may be, that there would be outstanding on such& X2 u& z+ D1 D5 O+ [+ M
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
" [3 G) x/ z/ u# osuch remaining number of Preferred Shares Series 19 will automatically be
; _% G( k( @/ c' Z3 f$ R; Econverted on such Series 19 Conversion Date into an equal number of
1 {; }3 B6 @3 C- U% PPreferred Shares Series 18. Additionally, if the Bank determines that, after
: e8 {; U! `* s# @# fconversion, there would be outstanding on such Series 19 Conversion Date
1 u4 O. Z( x! v( aless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
& u) J& P$ G( _  y) a' lSeries 19 will be converted into Preferred Shares Series 18.
: P+ e% w* x: z% C* `  J( jVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
8 T2 Q# H: K$ X6 A8 z2 USeries 19 will not be entitled as such to receive notice of, attend, or vote at,
& E% Y3 m) d$ A: Yany meeting of the shareholders of the Bank unless and until the first time at/ M. Z0 O4 n: g3 M3 ~/ |& \/ l
which the Board of Directors has not declared the whole dividend on the1 J7 ?0 ?; L) S+ m1 @' k& K6 c
Preferred Shares Series 19 in any quarter. In that event, subject as
! c# f0 V: B3 U8 n9 _/ I1 [hereinafter provided, the holders of Preferred Shares Series 19 will be8 {7 k1 j9 E9 T
entitled to receive notice of, and to attend, meetings of shareholders at which
; n; w8 t9 a; i  B$ Qdirectors of the Bank are to be elected and will be entitled to one vote for
0 L3 h& j7 h; A5 g; Seach Preferred Share Series 19 held. The voting rights of the holders of the
/ ~! {) T: J3 m$ d" ]8 v  EPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
5 M" E1 H3 N  Rthe first dividend on the Preferred Shares Series 19 to which the holders are
! X, m$ H2 @1 g- h' lentitled thereunder subsequent to the time such voting rights first arose until* d5 e, G$ }+ b8 n- Z
such time as the Bank may again fail to declare the whole dividend on the& R1 O5 |2 a  p4 |8 A3 s% ]
Preferred Shares Series 19 in respect of any quarter, in which event such
4 C. B7 i4 B* a; E) e- Lvoting rights will become effective again and so on from time to time.9 C7 D" ~4 q% ~$ F& ^  i
S-6
. }: l* B% Y5 |2 c! D/ v3 r/ SPriority: The preferred shares of each series of the Bank will rank on a parity with2 c+ H. o3 d6 N. \( Z3 r5 g8 z+ J' P
every other series and are entitled to preference over the common shares of
4 P5 t" ^7 z' ]# Gthe Bank and over any other shares of the Bank ranking junior to the
; M3 Y$ _$ l" Z& Qpreferred shares with respect to the payment of dividends and upon any
& G% ~6 p1 j# z- [" P% ?( ?distribution of assets in the event of the liquidation, dissolution or- }3 l/ z0 ?* R3 H+ p1 f0 o* M9 w
winding-up of the Bank.
4 I- |. {) j% ]# qTax on Preferred Share The Bank will elect, in the manner and within the time provided under4 G4 T7 B5 ^) ?& Q/ _
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares. }8 a7 |- V6 b, Z
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
, M' i! W6 i9 f# l$ pdividends 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。0 N' u4 E  |, N9 I
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
' a! s) r7 m: v
  E, j% _* C3 u4 b
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。9 D, l% N$ t3 \

4 i/ U8 h5 E6 ocall 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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