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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。  k7 ?  k1 g: N# U. @8 S/ ?  p
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[ 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:+ f" v" ~5 I, I
SUMMARY OF THE OFFERING9 w1 n2 `# [9 G
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’’.& m& D2 m; `( P) O% N  J
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
: b5 J2 C( a$ m4 f7 u1 V- AAmount: $150,000,000 (6,000,000 shares).7 k& }- Q# Q- R3 d
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
8 t- L2 N" U) \& n) q2 wPrincipal Characteristics of the Preferred Shares Series 18
/ Z. _9 p; L: s/ b6 g: jDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
# a9 h1 C* S" bnon-cumulative preferential cash dividends, as and when declared by the
- C( `9 ~) p3 h; k5 x& E5 rBoard of Directors, subject to the provisions of the Bank Act, for the initial
1 e% X) W7 h# \# ]period commencing on the closing date and ending on and including
* \1 v9 s. I- t- o& lFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
* H. V& D# w. ^/ _25th day of February, May, August and November in each year, at a rate
9 D" R: ?; G# w. ]equal to $0.40625 per share. The initial dividend, if declared, will be payable
, F) ~+ ?3 ]  C1 Q( w$ e2 ^May 25, 2009 and will be $0.73459 per share, based on the anticipated closing* j" a  E8 J% P5 K% O7 M
date of December 11, 2008.5 T; H. g# M! e
For each five-year period after the Initial Fixed Rate Period (each, a, U; L" m9 P) S3 i. ^$ [
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
6 X$ `6 u* ^+ {6 lSeries 18 will be entitled to receive fixed non-cumulative preferential cash
' B+ h% o/ n2 r, B+ p* R& d2 y! cdividends, as and when declared by the Board of Directors, subject to the
1 a, J" Y9 C9 d% v, }& Q# Q; pprovisions of the Bank Act, payable quarterly on the 25th day of February,9 h0 ?9 Y2 s( c* G6 v0 [, f; ?
May, August and November in each year, in the amount per share per annum
( R" X/ K4 n( K- n0 u0 M( r+ ldetermined by multiplying the Annual Fixed Dividend Rate applicable to) u+ v) S/ z7 n( U
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend) N+ W3 D: m5 P
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the
7 d1 }6 ^6 Z$ X' eBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
: j* s% z, g, n4 W' {; k# ?of such Subsequent Fixed Rate Period and will be equal to the sum of the
4 L5 N2 g7 M3 ?/ uGovernment of Canada Yield on the applicable Fixed Rate Calculation Date9 V! g. [1 d' P: ]& f* C0 a( i
plus 3.83%.- x- R- s3 F; E- ^( X% u3 T- c
If the Board of Directors does not declare a dividend, or any part thereof, on
8 u0 b9 J9 V- _9 |2 h5 ithe Preferred Shares Series 18 on or before the dividend payment date for a0 r5 ^' |; L. _6 i
particular quarter, then the entitlement of the holders of the Preferred
% Y8 Z+ v+ F; `. V% |1 uShares Series 18 to receive such dividend, or to any part thereof, for such
) I( }8 C8 Q* q! iquarter will be forever extinguished.6 Z- j" h" C* ]- R4 K1 Y: T6 z
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
1 u+ H) y& \  e0 t; e( U  p0 d) a* ZSuperintendent and to the provisions described below under ‘‘Details of the
1 C! ?8 |, \$ L, g% AOffering — Certain Provisions of the Preferred Shares Series 18 as a
& [8 N" F5 |& s8 \) C9 z6 h; MSeries — Restrictions on Dividends and Retirement of Shares’’, on9 T7 H! V6 A- w, P. @8 L
February 25, 2014 and on February 25 every five years thereafter, on not5 d( u% g" N% x1 p4 z
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
# W( R) L: ^3 P) h6 t# Opart of the then outstanding Preferred Shares Series 18, at the Bank’s option
: X! `) O- j6 pwithout the consent of the holder, by the payment of an amount in cash for
3 e: w0 U$ ^$ Q8 Y  l! s) G& ^each such share so redeemed of $25.00 together with all declared and unpaid
% Y6 ]3 S' z7 |8 J+ Z. Odividends to the date fixed for redemption.% i9 w: {7 F. s! ?2 O, j  v/ D% F
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic5 H+ o3 M. i5 ]; D4 A
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
% h4 x' M0 e0 X% ?' g/ p3 fthe right, at their option, to convert, on February 25, 2014 and on
# l* a* P% d* F( i' z+ b3 k7 V; [S-4
( |  U! T8 E& b! BFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
& k* X- T/ Z4 \1 K0 o2 k+ |or all of their Preferred Shares Series 18 into an equal number of Preferred
$ E/ K! I) o& x; L/ |$ `4 t8 {Shares Series 19 upon giving to the Bank notice thereof not earlier than% u6 h9 g3 K% _1 h, f
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
$ \  L& f" b3 Y$ g& [# k' D- zpreceding, a Series 18 Conversion Date.
( H; b' Z' x1 o4 ~* ]Automatic Conversion If the Bank determines, after having taken into account all shares tendered
' b: R2 Z5 E. ?, g" V1 Z$ oProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares6 `( q* a/ O! e: p, f# m. h) x
Series 19, as the case may be, that there would be outstanding on such% q0 f% S/ K# r
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,0 ^9 I* y6 k+ X3 X" m! L
such remaining number of Preferred Shares Series 18 will automatically be
! v, v8 H3 W# rconverted on such Series 18 Conversion Date into an equal number of
, _& s6 Y" d- y( \! xPreferred Shares Series 19. Additionally, if the Bank determines that, after
2 g. e2 F7 v+ i6 e2 [3 \( Sconversion, there would be outstanding on such Series 18 Conversion Date/ n- [" Y# Z# {) f
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares* q7 G& T  e! [8 p$ H( [& O
Series 18 will be converted into Preferred Shares Series 19.
7 y3 |8 x3 |" Z/ f( K) |5 }Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
( h* C; y4 J, zSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
* _- x' V# k# |! |3 p5 z9 }any meeting of the shareholders of the Bank unless and until the first time at9 N5 |4 t3 b+ z* t# q
which the Board of Directors has not declared the whole dividend on the: {4 v+ `0 h: F8 k* c* [
Preferred Shares Series 18 in any quarter. In that event, subject as8 R- c6 m4 b: }7 V/ b! G
hereinafter provided, the holders of Preferred Shares Series 18 will be$ y" Q& S: t: C: ?( d& l, `. J9 m
entitled to receive notice of, and to attend, meetings of shareholders at which
" I% H. h+ g" |% _# cdirectors of the Bank are to be elected and will be entitled to one vote for
. K: g; G% ]$ }# e( ^each Preferred Share Series 18 held. The voting rights of the holders of the
. C! S& C4 q' K+ R" h4 F. X! e6 X7 n) zPreferred Shares Series 18 will forthwith cease upon payment by the Bank of! w- p' \$ o0 o& n+ }  V
the first dividend on the Preferred Shares Series 18 to which the holders are1 T1 R, j( o* {6 L) i! o" K2 X; E
entitled thereunder subsequent to the time such voting rights first arose until
# h0 j, C  a2 Y2 c% tsuch time as the Bank may again fail to declare the whole dividend on the, `$ g6 H5 x5 P, t3 n! T5 X3 G
Preferred Shares Series 18 in respect of any quarter, in which event such0 n5 \5 x% h( h2 ~7 ]& e2 Q! ^1 V
voting rights will become effective again and so on from time to time.
  @- Z% ~4 R$ {( o& IPrincipal Characteristics of the Preferred Shares Series 19# O! a: c: x+ {1 v9 Z% c
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive: M4 g& m; `3 Y4 ^2 b9 u) T9 s
floating rate non-cumulative preferential cash dividends, as and when. V" ]0 J' S/ J* {0 G, v
declared by the Board of Directors, subject to the provisions of the Bank Act,
' J1 [5 W$ V& k' {8 apayable quarterly on the 25th day of February, May, August and November
# B6 u6 i) _$ D( }in each year, in the amount per share determined by multiplying the
+ o" E* W! J: m1 b$ |" M: c  ^% @applicable Quarterly Floating Dividend Rate by $25.00.; N' f+ s; z0 g* B1 }
On the 30th day prior to the commencement of the initial quarterly dividend
  `" D- L8 P& Y  K) V0 G8 v7 kperiod beginning on February 25, 2014, and on the 30th day prior to the first  B  l3 d$ |: _# X0 ^
day of each subsequent quarterly dividend period (the initial quarterly
6 s; u0 D, P& X; @# C3 j4 J+ Wdividend period and each subsequent quarterly dividend period is referred to
  ^5 ^/ B5 B, a- [6 ~7 Jas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the$ \# d& d) \) \& }% W, T
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
# x5 G) ^5 w8 _) b6 S! gPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the# e* i  F1 k' z0 m
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
: e0 m' ^- E6 V# Ielapsed in the applicable Quarterly Floating Rate Period divided by 365)  G4 h3 Z( z0 L( L: Y
determined on the 30th day prior to the first day of the applicable Quarterly1 }  \( Q$ b4 q0 C! \
Floating Rate Period.
4 d6 \2 D( |' @& s: ES-58 O3 q- L  D# V- g( t
If the Board of Directors does not declare a dividend, or any part thereof, on$ G. m- \. j. p  H  v
the Preferred Shares Series 19 on or before the dividend payment date for a! r5 k6 T. @3 I  V  k1 P
particular quarter, then the entitlement of the holders of the Preferred- {4 t+ e' [0 u; o* |
Shares Series 19 to receive such dividend, or to any part thereof, for such. ^: G0 n0 d% a% w6 o
quarter will be forever extinguished.  K4 M( T: k) M  G
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
, Q- |. v+ m) p7 b" `Superintendent and to the provisions described below under the heading
  R3 c: s5 t! j4 u( y9 }, U‘‘Details of the Offering — Certain Provisions of the Preferred Shares
! I  g  I0 L: B9 u. R5 H+ eSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,( H& S$ C  N* d; ~% T
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
& e$ W& Y2 Y  H  ^or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
8 i: g2 d$ C2 s8 toption without the consent of the holder, by the payment of an amount in0 L9 S% y) Z0 N7 Y6 e. }4 [9 w2 M
cash for each such share so redeemed of (i) $25.00 together with all declared
" Z: V. O, L! H# u* e% Jand unpaid dividends to the date fixed for redemption in the case of: A) x. P# k" D) o8 s5 r
redemptions on February 25, 2019 and on February 25 every five years" U' _  k7 c! A+ t7 L
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
. n7 ?8 _! f. t& T- ethe date fixed for redemption in the case of redemptions on any other date, K+ M  p9 g) J9 B/ a% w8 q, N- N
on or after February 25, 2014.* q7 P: {. ?# n7 z8 b
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
" _; X9 I+ a$ i' e, m) j( J$ {Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have: X+ K0 M6 E& G8 a6 s
the right, at their option, to convert, on February 25, 2019 and on1 q8 g$ \6 E0 ?; r4 C/ `- k
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any5 ~5 y3 k2 b( w! w) ]8 {* w5 s6 X
or all of their Preferred Shares Series 19 into an equal number of Preferred0 Y/ Y/ r( Z( S# m! h6 }1 D* @
Shares Series 18 upon giving to the Bank written notice thereof not earlier
! S, s" }- J0 lthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the+ x: B% l) B+ s' X3 a
15th day preceding, a Series 19 Conversion Date./ L( d: J8 s8 M5 t6 _
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
% O( j- `( W$ x1 Q# ^' ]1 m/ kProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares( }- J8 j6 U( F- x' q# _
Series 18, as the case may be, that there would be outstanding on such
/ p0 h& G; S: C1 Z, N: \4 a* s- cSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
7 b* Q9 M1 G& q( K9 T: k/ Vsuch remaining number of Preferred Shares Series 19 will automatically be4 n* U1 b7 C8 o* e% A# O0 a
converted on such Series 19 Conversion Date into an equal number of
( e2 o4 N8 @- Q2 b+ f; {Preferred Shares Series 18. Additionally, if the Bank determines that, after
) r, c% e: ^2 h  B% {/ Hconversion, there would be outstanding on such Series 19 Conversion Date
/ g9 R5 P. O' r5 J& n6 tless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
6 [, i* o: p* i. x) |4 Z  NSeries 19 will be converted into Preferred Shares Series 18.' l; b% l0 z  T# C7 Z( @4 l
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
% J; A& Q( w" {" j0 l% r, V; t2 uSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
( R- d9 G- m  Z/ d7 }$ \; Q3 @any meeting of the shareholders of the Bank unless and until the first time at
3 v' @* J: W2 D( f/ u; Q& @which the Board of Directors has not declared the whole dividend on the9 B' Z  |( l" ]0 y
Preferred Shares Series 19 in any quarter. In that event, subject as
, ^; K: C/ w4 F6 }9 Khereinafter provided, the holders of Preferred Shares Series 19 will be/ q4 Z$ n4 Y; {7 G
entitled to receive notice of, and to attend, meetings of shareholders at which- D! M: Y* p: w. s
directors of the Bank are to be elected and will be entitled to one vote for) t+ @" G& U: ^3 f2 e7 B8 n
each Preferred Share Series 19 held. The voting rights of the holders of the' o$ ]  a, w" V8 k  j/ F
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of6 M# Y. M: M6 ]# E! y, |: G
the first dividend on the Preferred Shares Series 19 to which the holders are
+ a3 f, R4 k: Dentitled thereunder subsequent to the time such voting rights first arose until
7 A5 O* ^0 g$ R1 esuch time as the Bank may again fail to declare the whole dividend on the3 G( U' L, T5 w! Q
Preferred Shares Series 19 in respect of any quarter, in which event such
! l! Q7 f8 l0 q+ m- |voting rights will become effective again and so on from time to time.
, \  `& |6 C( ?! L  g" @S-6. H- w: z+ o% M) k. M! r% l
Priority: The preferred shares of each series of the Bank will rank on a parity with9 c7 F* T' d1 ?* N
every other series and are entitled to preference over the common shares of
% O5 @  V  l$ qthe Bank and over any other shares of the Bank ranking junior to the
$ ]! H& k& B$ ppreferred shares with respect to the payment of dividends and upon any8 [0 f. w0 m% \
distribution of assets in the event of the liquidation, dissolution or# q: [) ?1 ~8 |  A- G  B
winding-up of the Bank.
4 r/ a# V& W7 d( C, S, m' bTax on Preferred Share The Bank will elect, in the manner and within the time provided under
1 N  E( S  u0 RDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
$ s; G" o1 y# NSeries 18 and Preferred Shares Series 19 will not be required to pay tax on+ T: X9 w2 I" [) Y
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。
) v) t0 Z+ J/ a4 ]  \4 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

5 K' c# F$ R4 m. W: }' Z+ y9 S" x9 k
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
5 z% U8 a8 [2 k* u+ N$ Z/ @4 e) z5 N8 Y
- u; u; V# P* |7 bcall me.. 780 6699880 转101
大型搬家
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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