埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 2405|回复: 5

请问精打细算:银行6.50% 5-Year Rate Reset Preferred Share投资的利弊?

[复制链接]
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。
. e' V8 V  ?5 s% z
% U) K$ d2 t3 X/ P% T

6 K0 N# Q/ M, y! n* ][ 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:
, T; R, a% I! M6 X1 F/ @" t7 uSUMMARY OF THE OFFERING& T/ d: p8 h. N1 h' j3 }
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’’., Q  j: ?- @% P2 L) b
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.$ g. S2 P. F8 F& n' ^1 X
Amount: $150,000,000 (6,000,000 shares).7 x# X( u$ U4 l4 B
Price and Yield: $25.00 per share to yield initially 6.50% per annum.. w1 j! ~( l9 M! X, k( Z' H) n
Principal Characteristics of the Preferred Shares Series 18
# S+ l' `: x: a9 aDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
! ?" G2 |8 |4 W. I; i+ bnon-cumulative preferential cash dividends, as and when declared by the6 G6 S$ {* n% k4 G5 B
Board of Directors, subject to the provisions of the Bank Act, for the initial
9 U; u9 X# v1 U/ p9 K' cperiod commencing on the closing date and ending on and including" m) p% u9 I0 p. v( T1 Q$ F2 ^2 D% k
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
8 o* L2 K; `, w2 U3 Q2 o1 M25th day of February, May, August and November in each year, at a rate8 \6 [. q6 B! t- U0 e5 j& C1 {( U5 N$ ~
equal to $0.40625 per share. The initial dividend, if declared, will be payable
, L8 e7 k6 E8 @& c, c* S* E: cMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing7 C7 l: f$ P" Q2 L! k' O" E
date of December 11, 2008.# R. K$ z$ j; D% B
For each five-year period after the Initial Fixed Rate Period (each, a2 X! s$ c/ M# o1 R0 N# f& F
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
9 z0 N( S0 U+ a9 z  gSeries 18 will be entitled to receive fixed non-cumulative preferential cash/ r; G+ A( r2 ~
dividends, as and when declared by the Board of Directors, subject to the
: T. f: M" g( o( v  I# oprovisions of the Bank Act, payable quarterly on the 25th day of February,( F8 N4 f4 V$ ]! _4 Z8 d# d# S8 a
May, August and November in each year, in the amount per share per annum
% ^* F4 a- E, Z9 _9 R. wdetermined by multiplying the Annual Fixed Dividend Rate applicable to, R8 A( m; _' Z2 J  ^
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend# o6 D% w- @  `; I7 I
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the, O1 {1 K& ?' r. z8 t" ~
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
  x% K" U9 G3 Pof such Subsequent Fixed Rate Period and will be equal to the sum of the
! b  r  V2 D$ f' X8 }, NGovernment of Canada Yield on the applicable Fixed Rate Calculation Date& t6 u; X* I/ @2 e) c" B
plus 3.83%.7 Y! t/ @2 f" _) t* B
If the Board of Directors does not declare a dividend, or any part thereof, on% Z8 w& {; Z* x  b
the Preferred Shares Series 18 on or before the dividend payment date for a
  ]& C  `0 P7 s  s. Wparticular quarter, then the entitlement of the holders of the Preferred6 f& w# B2 o4 a9 f' J3 w: C
Shares Series 18 to receive such dividend, or to any part thereof, for such
3 J( ?) K: L6 |; ^& D7 L8 Zquarter will be forever extinguished.$ p9 I! T# {5 D9 |) l
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the; |6 U. e# t) E+ D( ~! j7 s) t2 l" L  o
Superintendent and to the provisions described below under ‘‘Details of the
1 |7 k! I0 u( IOffering — Certain Provisions of the Preferred Shares Series 18 as a8 k+ L4 A& b7 ?
Series — Restrictions on Dividends and Retirement of Shares’’, on
4 B- w# V) A8 k2 ZFebruary 25, 2014 and on February 25 every five years thereafter, on not
2 E( d- }  I/ Wmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any' I* C7 \! u# r# Y! W
part of the then outstanding Preferred Shares Series 18, at the Bank’s option: p3 ~! a, z+ S, Q1 @+ P3 }
without the consent of the holder, by the payment of an amount in cash for
* [8 p4 o6 H7 I7 N% veach such share so redeemed of $25.00 together with all declared and unpaid4 F& O( k7 {" l; d* l. }, d
dividends to the date fixed for redemption.
- h+ N# ^' P% Z1 `Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic6 f: J! F5 e4 }% A
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have! q7 S) a6 o8 R  `6 C5 G  G8 Y/ t8 `
the right, at their option, to convert, on February 25, 2014 and on, }" B# ^. N! h  a
S-4- _! d& L% ]; m6 A
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
) e( N( Z# I$ ~: T5 H! Kor all of their Preferred Shares Series 18 into an equal number of Preferred
4 d6 E- A+ Q& [: x, M6 V" D. dShares Series 19 upon giving to the Bank notice thereof not earlier than
7 x, C4 p' U: n7 _! s( M5 x2 i: ?30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
0 k$ W. g% O% n; _% Lpreceding, a Series 18 Conversion Date.
! k$ \' Y6 v5 R+ I' M+ LAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
& o" T; V: r( m/ @7 k; B: iProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares8 ]5 H% s8 L% b1 h! e
Series 19, as the case may be, that there would be outstanding on such
3 M( b: \; ^9 [% V! ?6 bSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,7 W# v) x" g! H- `* R$ _- Q2 U
such remaining number of Preferred Shares Series 18 will automatically be* p6 C! N  U) L% |* l
converted on such Series 18 Conversion Date into an equal number of7 w7 O) N5 N% f6 n8 j
Preferred Shares Series 19. Additionally, if the Bank determines that, after$ N. d8 w& p# Q& m6 T) l
conversion, there would be outstanding on such Series 18 Conversion Date
8 v/ v8 o7 u' K0 S- ^less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares# t6 t/ L0 A, }! p( C! u
Series 18 will be converted into Preferred Shares Series 19.
$ p- O+ @. @) |: H6 ?1 pVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
/ y5 r% w7 X8 b4 lSeries 18 will not be entitled as such to receive notice of, attend, or vote at,. S, E/ l3 a3 A  W- X( |- K
any meeting of the shareholders of the Bank unless and until the first time at
8 X2 N# C0 W" H3 j; Y3 Uwhich the Board of Directors has not declared the whole dividend on the5 r* H% x6 G, d+ v
Preferred Shares Series 18 in any quarter. In that event, subject as
$ {$ @7 C2 c& _# Fhereinafter provided, the holders of Preferred Shares Series 18 will be
; q! V4 ?; d7 J% Sentitled to receive notice of, and to attend, meetings of shareholders at which
7 b+ g: C/ a5 l+ Udirectors of the Bank are to be elected and will be entitled to one vote for
0 g: L- B6 }+ V: e" Xeach Preferred Share Series 18 held. The voting rights of the holders of the
; ?! w' m( c# V- oPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
% z, `1 X/ O; k& y  rthe first dividend on the Preferred Shares Series 18 to which the holders are2 _: P) v1 ?. R( P1 n- r: l. p" N
entitled thereunder subsequent to the time such voting rights first arose until
- J. u. X8 j, h% ]% O0 tsuch time as the Bank may again fail to declare the whole dividend on the/ \* m  `3 e* F7 ?8 M: k
Preferred Shares Series 18 in respect of any quarter, in which event such: b3 z+ j* s* a& l+ I
voting rights will become effective again and so on from time to time.
0 p$ |& c) e5 n# O. ZPrincipal Characteristics of the Preferred Shares Series 19
9 T; T; |. Z' z4 eDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
  |! Z! Y% ~5 I- e% m% g/ jfloating rate non-cumulative preferential cash dividends, as and when
# f3 e$ w: M1 x& Adeclared by the Board of Directors, subject to the provisions of the Bank Act,
0 X; j: r9 n6 m, Y% ~' ^# Qpayable quarterly on the 25th day of February, May, August and November
9 N" g1 P+ D5 [! u) p+ Jin each year, in the amount per share determined by multiplying the4 \2 S  h: D  h) j
applicable Quarterly Floating Dividend Rate by $25.00.
- c* d: e9 @% H2 d- y1 b& qOn the 30th day prior to the commencement of the initial quarterly dividend
  _; t+ v2 l# D- l3 S. Gperiod beginning on February 25, 2014, and on the 30th day prior to the first5 D" n* C8 [; j$ s: |" G
day of each subsequent quarterly dividend period (the initial quarterly
/ P, I& Q( s* q7 ~dividend period and each subsequent quarterly dividend period is referred to
* A0 r+ ?+ p6 Q. [! gas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the6 t% Z+ j4 O! s- o
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
9 D6 u6 }) N6 U7 U" J  uPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the& J, F+ {* p5 L6 l- |+ B# t& z' @
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
6 q) D0 U* y8 belapsed in the applicable Quarterly Floating Rate Period divided by 365)$ j( h8 B8 H0 M
determined on the 30th day prior to the first day of the applicable Quarterly1 ?" l# j& }! V0 Q
Floating Rate Period.+ }) A, o3 V7 ]$ R  [6 k
S-5
' C8 U! F5 f3 [2 ?0 U7 IIf the Board of Directors does not declare a dividend, or any part thereof, on* X; g3 {1 N8 M' u% U( s: s
the Preferred Shares Series 19 on or before the dividend payment date for a/ Z# @( p% L/ z. r! v
particular quarter, then the entitlement of the holders of the Preferred
4 [3 r. P- k$ U5 E: b2 {; BShares Series 19 to receive such dividend, or to any part thereof, for such  U' k& h) g: @4 l( b0 v1 T
quarter will be forever extinguished.
  `* N( C7 o( |. W% X% WRedemption: Subject to the provisions of the Bank Act and to the prior consent of the5 P: b+ }/ _5 i6 \/ a
Superintendent and to the provisions described below under the heading6 L7 H3 d! f2 q% \
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
- [4 V' E, y& ^Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
# u' G+ a# q2 N6 t; con not more than 60 nor less than 30 days’ notice, the Bank may redeem all; J' h5 v4 R+ j( F2 G! L! {
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s9 m1 U' m7 f) N+ m, a! c
option without the consent of the holder, by the payment of an amount in; P2 [7 H  d2 o( W& `$ H
cash for each such share so redeemed of (i) $25.00 together with all declared3 q+ W# k# x& ]2 u
and unpaid dividends to the date fixed for redemption in the case of8 S! J; E& O! N
redemptions on February 25, 2019 and on February 25 every five years# x& ^( }/ ?% ~# A, T0 ]
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to+ X: U* z  B' H. |/ o: s) ?
the date fixed for redemption in the case of redemptions on any other date
9 ^; ~- ]! D' `2 C; O, K- B+ Z. M5 h  y: Non or after February 25, 2014.- [7 E, L$ j  g7 T4 ?2 n! D
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
/ r& A9 B: M; u. V8 DShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
& T+ A& c+ c, L4 ?# K, sthe right, at their option, to convert, on February 25, 2019 and on( h- c" E% ^2 {7 K
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any" [( r4 V0 y) c
or all of their Preferred Shares Series 19 into an equal number of Preferred
& V' k" [  c/ m+ AShares Series 18 upon giving to the Bank written notice thereof not earlier
9 R. Q2 O& R0 Z# L$ W9 uthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
5 y! l3 d0 F! L" i- {3 E15th day preceding, a Series 19 Conversion Date.1 \% D) W: h3 Q" @
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
! J/ ]  l, r2 e7 ]- TProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares) K( ?  q+ a# B! i+ E2 \
Series 18, as the case may be, that there would be outstanding on such
8 r5 ^$ X1 v( Q6 ^0 S+ T! OSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,2 V/ a1 R; A5 P: O' ?/ }4 e# c8 a
such remaining number of Preferred Shares Series 19 will automatically be+ \+ U& M6 `" m( W8 x. s
converted on such Series 19 Conversion Date into an equal number of
3 f7 {# W9 E, e% g% V0 k' zPreferred Shares Series 18. Additionally, if the Bank determines that, after
3 M' j1 h' h+ E2 Econversion, there would be outstanding on such Series 19 Conversion Date
0 w  T" P! V1 a- m5 |0 v& L$ ^less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares- R& ~$ L6 g8 ^. r
Series 19 will be converted into Preferred Shares Series 18.$ v8 y4 p0 K; X* v
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
# D+ w  k( q- H# ]9 h  _( n2 t4 zSeries 19 will not be entitled as such to receive notice of, attend, or vote at,, y1 T# r, v+ W7 q0 M0 {: H
any meeting of the shareholders of the Bank unless and until the first time at0 A4 X# x. v( ^# P  G2 i* n! q* s! i
which the Board of Directors has not declared the whole dividend on the* I9 i- P, w2 i+ v4 k
Preferred Shares Series 19 in any quarter. In that event, subject as% _3 ~* q: X; `
hereinafter provided, the holders of Preferred Shares Series 19 will be
$ y) @. G( C4 h/ w. Q% w) Ventitled to receive notice of, and to attend, meetings of shareholders at which
, J# [& X3 X( Ydirectors of the Bank are to be elected and will be entitled to one vote for  ~, ]7 ?+ k2 F' B& M
each Preferred Share Series 19 held. The voting rights of the holders of the$ U5 C8 j! R& c4 v9 H
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
# O% C- w. b. S# ^% ~. _$ uthe first dividend on the Preferred Shares Series 19 to which the holders are
( r+ i  G& @( q9 eentitled thereunder subsequent to the time such voting rights first arose until
5 K. p4 U( m+ B: |) G# Y& I. fsuch time as the Bank may again fail to declare the whole dividend on the4 m3 G! M* g; R6 [0 r9 S9 O
Preferred Shares Series 19 in respect of any quarter, in which event such! m% @# ^3 g$ x3 H- L" r; k! z
voting rights will become effective again and so on from time to time.0 P' S+ b6 L% c3 i7 N. y
S-6
$ ]/ U; S1 A1 ]( j8 P; NPriority: The preferred shares of each series of the Bank will rank on a parity with1 e6 S# |9 J. U: J
every other series and are entitled to preference over the common shares of
  w& C0 K  a! W! xthe Bank and over any other shares of the Bank ranking junior to the, j4 `3 R! K+ F7 Q' r% u
preferred shares with respect to the payment of dividends and upon any
* ^5 B, K3 O1 |6 U3 pdistribution of assets in the event of the liquidation, dissolution or* p2 Z) L" W4 \& i! X5 ~- F
winding-up of the Bank.
( ~+ o* |; P# `! q9 i3 ETax on Preferred Share The Bank will elect, in the manner and within the time provided under' O. j2 R8 s+ `7 E+ ?# @! c: b
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares, r2 `0 Y# f, c3 n/ }
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
) D# [" W0 i+ I# K" ]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。
9 c2 r1 T$ w. U5 K# S! N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

8 Y, z  l) r1 l
' B% u# T+ W" M2 V/ j4 D3 I下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。& R  j8 {- R" I" |' X
6 _" B' a* A$ f5 P
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。
您需要登录后才可以回帖 登录 | 注册

本版积分规则

联系我们|小黑屋|手机版|Archiver|埃德蒙顿中文网

GMT-7, 2025-8-24 05:26 , Processed in 0.198442 second(s), 11 queries , Gzip On, APC On.

Powered by Discuz! X3.4

Copyright © 2001-2021, Tencent Cloud.

快速回复 返回顶部 返回列表