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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。7 y0 q% l, F4 G8 }( Q! s

9 D4 Q& Y! o" i7 M! V
6 r0 m& ^' H9 e9 b! M) M5 g[ 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:! z9 `& m7 h8 z+ C' o
SUMMARY OF THE OFFERING( c$ F& N! U5 v1 m9 J- Y& ^' _
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’’.
% p0 S/ }  I2 z# {) `7 ]6 G! D0 oIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
! \( m4 ^! P1 M  j7 \  jAmount: $150,000,000 (6,000,000 shares).
" H5 o$ L9 c6 t/ g' `5 _Price and Yield: $25.00 per share to yield initially 6.50% per annum.
' L' ~- m1 _. d% q% wPrincipal Characteristics of the Preferred Shares Series 18  N# M3 `" J% a
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed2 C# D. Z- C3 I2 D% J
non-cumulative preferential cash dividends, as and when declared by the
) w( D% `( L3 B) m0 P( ?Board of Directors, subject to the provisions of the Bank Act, for the initial
1 ]1 V& Q' c  a% |% P7 T) Q' q6 M8 Iperiod commencing on the closing date and ending on and including& q& x0 p, H: b( d- N$ @
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the" @) c6 _4 T" z3 E8 s
25th day of February, May, August and November in each year, at a rate
2 k# Z7 }8 C& k' X- ^; Q) Oequal to $0.40625 per share. The initial dividend, if declared, will be payable
" O6 M9 \3 n* FMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing, o" U; x: ?" s# e
date of December 11, 2008.
# o( o/ S3 t% z1 Q  n$ JFor each five-year period after the Initial Fixed Rate Period (each, a
& a4 O4 M7 J3 o6 G+ `% M4 i5 f‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares% y3 q/ {- `8 G3 q) l7 F
Series 18 will be entitled to receive fixed non-cumulative preferential cash
- S" ?% s1 X- l6 M0 odividends, as and when declared by the Board of Directors, subject to the3 U/ E( C/ f+ \7 l2 p
provisions of the Bank Act, payable quarterly on the 25th day of February,
2 U6 D  q2 P+ q# y) M  g+ uMay, August and November in each year, in the amount per share per annum
* y( E+ ^" `6 F: N5 Sdetermined by multiplying the Annual Fixed Dividend Rate applicable to. h3 k) H: s3 E; _6 H: J( b
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend6 B% C0 g+ Q; k( m2 C
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the' X5 B7 L9 ?: x7 j
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
  H) f* q( m/ bof such Subsequent Fixed Rate Period and will be equal to the sum of the
* B' ~. y5 _$ l2 f* D  A  cGovernment of Canada Yield on the applicable Fixed Rate Calculation Date7 V$ u+ z! H; h1 H; ]
plus 3.83%.
1 S' H+ C" m8 JIf the Board of Directors does not declare a dividend, or any part thereof, on: \- V' ~( }; M) m6 W, k
the Preferred Shares Series 18 on or before the dividend payment date for a
  @9 n2 p) x8 ]particular quarter, then the entitlement of the holders of the Preferred
1 Q- c2 F! @9 f8 c/ `( V# |4 mShares Series 18 to receive such dividend, or to any part thereof, for such7 i! u, g; ?7 ?8 h: D
quarter will be forever extinguished.
* H) l0 b( c6 h& v# e# c& O/ jRedemption: Subject to the provisions of the Bank Act and to the prior consent of the" f+ L/ i% s, y. Z5 c- F" K" F
Superintendent and to the provisions described below under ‘‘Details of the9 I1 c, B7 v/ e8 I6 G+ i) _- y
Offering — Certain Provisions of the Preferred Shares Series 18 as a
: V: Q% j5 `& u* V1 uSeries — Restrictions on Dividends and Retirement of Shares’’, on
: x5 d/ ~! t6 L9 k! R/ }February 25, 2014 and on February 25 every five years thereafter, on not
' i7 d' z0 P/ ?0 C, X, wmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any( b: t. F7 z9 \8 V6 Q8 V
part of the then outstanding Preferred Shares Series 18, at the Bank’s option( |0 Z4 }$ e( g) @  v( x
without the consent of the holder, by the payment of an amount in cash for$ s" G( \2 X+ z$ J! Y" o
each such share so redeemed of $25.00 together with all declared and unpaid; ^4 d" D2 q/ e
dividends to the date fixed for redemption.
- x$ w9 X! u! U3 @! ZConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic8 q6 u0 `6 E0 }; C5 ~. v2 _: [: J8 U
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have3 H3 z3 B! T; B7 G& q
the right, at their option, to convert, on February 25, 2014 and on
# O5 R/ ^# n5 n8 }" A5 G2 ?S-4. V% K$ U& {# x9 K* s
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any5 w0 a+ v; a2 A- ?$ S
or all of their Preferred Shares Series 18 into an equal number of Preferred, l$ l* @6 k% a
Shares Series 19 upon giving to the Bank notice thereof not earlier than; p" F' @5 M8 O# e- l: F7 d+ n
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
8 s, N- ?& I  d$ i& [/ vpreceding, a Series 18 Conversion Date.2 {$ S; u5 b" E0 c7 a- t. d
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
- v& k3 c! j+ P+ h5 }% g& vProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
1 r( G# Z) x% j. y* j1 i) dSeries 19, as the case may be, that there would be outstanding on such% W5 l# S( S3 N1 v1 [0 e9 \5 t. c# F
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,3 C6 Y( a2 P' x0 o* H
such remaining number of Preferred Shares Series 18 will automatically be
# n( F2 P' u2 G. P9 I9 z8 |. \converted on such Series 18 Conversion Date into an equal number of: v' N9 f- H( [$ k! `
Preferred Shares Series 19. Additionally, if the Bank determines that, after- V2 I0 M8 d7 ]4 s- {+ j8 z( t2 ]4 X
conversion, there would be outstanding on such Series 18 Conversion Date
! |8 Z% t) W0 B' Uless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares. {& l5 E. O6 _# G. J6 t
Series 18 will be converted into Preferred Shares Series 19.
4 w8 K+ v1 V1 `9 o* LVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares6 ^3 f% Q- T+ _7 d5 b( Z3 G/ \, e
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
: g1 y+ s1 o' @* h" l. |any meeting of the shareholders of the Bank unless and until the first time at
9 v7 ]- i/ l" T& nwhich the Board of Directors has not declared the whole dividend on the
. ~" U( u: J2 H) J  i* fPreferred Shares Series 18 in any quarter. In that event, subject as
8 p; y/ O2 c" S& n7 Vhereinafter provided, the holders of Preferred Shares Series 18 will be
0 c0 V) l% H8 T- K8 W4 ]entitled to receive notice of, and to attend, meetings of shareholders at which
7 @4 n4 ]) X+ G% `/ z( D& W8 A# vdirectors of the Bank are to be elected and will be entitled to one vote for/ w( O* g; R" G$ [/ \; u) l- [2 Y  M
each Preferred Share Series 18 held. The voting rights of the holders of the
, g0 \. H/ b% F3 h2 f6 V. yPreferred Shares Series 18 will forthwith cease upon payment by the Bank of, l2 A5 h- s) c( Q5 ^! W' _
the first dividend on the Preferred Shares Series 18 to which the holders are
# p0 w8 b  V& k; z( ^% Qentitled thereunder subsequent to the time such voting rights first arose until9 i0 P" y+ Y0 _' c7 |' z6 H0 M
such time as the Bank may again fail to declare the whole dividend on the
* A6 T# c3 M# R0 W% q2 ~/ xPreferred Shares Series 18 in respect of any quarter, in which event such% n$ d" ?' n2 H0 H. h
voting rights will become effective again and so on from time to time.
; o! D% {: c+ F! s$ wPrincipal Characteristics of the Preferred Shares Series 196 S! p) I# P0 ^# R" E+ F
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
# `/ B* \" b" V( pfloating rate non-cumulative preferential cash dividends, as and when- |* J9 j6 Y9 A
declared by the Board of Directors, subject to the provisions of the Bank Act,+ W5 u/ a0 a- N) _
payable quarterly on the 25th day of February, May, August and November: }) x  q4 [- [" `6 d9 h4 {
in each year, in the amount per share determined by multiplying the5 B9 y; e! ~' b0 t7 t
applicable Quarterly Floating Dividend Rate by $25.00.
5 W( ~" h+ t+ ?! d8 MOn the 30th day prior to the commencement of the initial quarterly dividend
% \& k; i7 ~6 y3 O, ^% l( Kperiod beginning on February 25, 2014, and on the 30th day prior to the first2 K2 _# Q" y' w7 P2 f
day of each subsequent quarterly dividend period (the initial quarterly! i" L7 q$ _( d+ L
dividend period and each subsequent quarterly dividend period is referred to
2 T! @! }0 c6 c0 x& V+ has a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the% ?& W/ e" A0 i+ X+ c% R5 F% G6 A
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate4 {, Y# q! A0 n; Q3 H7 {0 }' X
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
, b  w" N( m- `" G' O1 \, mT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days) s" N6 M6 s. P& l2 b9 K  H
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
* p9 j+ @) x& {1 r: P, Vdetermined on the 30th day prior to the first day of the applicable Quarterly) E* r$ s2 |4 U. }
Floating Rate Period.
8 I! J: p+ E* ?0 {  ~S-5
$ X$ `1 h7 w0 v- \* _If the Board of Directors does not declare a dividend, or any part thereof, on
4 b+ m4 E3 Q. y2 |' c+ q$ Lthe Preferred Shares Series 19 on or before the dividend payment date for a* y2 y6 ]( Q! z. V5 b; D
particular quarter, then the entitlement of the holders of the Preferred
+ O" ~: C- t% e2 E5 k+ c) U! MShares Series 19 to receive such dividend, or to any part thereof, for such
; N6 [% A4 D  {quarter will be forever extinguished.
+ U+ \0 e  T9 J7 d+ U7 JRedemption: Subject to the provisions of the Bank Act and to the prior consent of the/ f. g4 V8 m: G% \
Superintendent and to the provisions described below under the heading
/ J# c* T2 U1 {' W  O# S! D‘‘Details of the Offering — Certain Provisions of the Preferred Shares$ E2 j# T; r: a2 `
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
) A* ?+ X5 F1 j/ m: kon not more than 60 nor less than 30 days’ notice, the Bank may redeem all) C9 N9 l4 p! ^- _
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
3 ~) C: M% @4 p7 W1 Uoption without the consent of the holder, by the payment of an amount in
) o5 V5 ~) g! y; M3 Ocash for each such share so redeemed of (i) $25.00 together with all declared1 d$ G" j3 J6 g$ Q
and unpaid dividends to the date fixed for redemption in the case of
8 l* Z* g+ x8 c( O% C: jredemptions on February 25, 2019 and on February 25 every five years
4 H. A/ G  ~$ A- P, L, dthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
3 W) g; M9 j5 Zthe date fixed for redemption in the case of redemptions on any other date9 Y: R# ^; I% w" _9 D
on or after February 25, 2014.
" M1 w5 f; L( K0 LConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic( J' b, v- i* z7 |2 ^; o
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
2 g$ u7 |: i% K+ l" t/ L  ]( B7 U. |the right, at their option, to convert, on February 25, 2019 and on
' q( d* S6 S/ ]# Q6 N! h3 Q* M& ^  C# YFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
8 @5 z( N7 Q8 ~' _1 M: A. ~. ~or all of their Preferred Shares Series 19 into an equal number of Preferred% Q5 t4 B9 f, h
Shares Series 18 upon giving to the Bank written notice thereof not earlier
. l" H/ Q8 F9 }: z. `than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
0 w+ V9 V  Z, F: l3 `: j) z15th day preceding, a Series 19 Conversion Date.+ @& H. L4 e5 [* R+ b
Automatic Conversion If the Bank determines, after having taken into account all shares tendered, B( a1 C' J) D8 X; X
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares. A9 B9 W, u( w% a& a
Series 18, as the case may be, that there would be outstanding on such4 \/ f1 b. _6 o# R) @9 z. N
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,0 k7 ]' a4 C2 f& p
such remaining number of Preferred Shares Series 19 will automatically be
( V+ q& G; V: kconverted on such Series 19 Conversion Date into an equal number of
; K* z" E! X' I, uPreferred Shares Series 18. Additionally, if the Bank determines that, after) N) Q$ P* O, L) M+ j0 w( G
conversion, there would be outstanding on such Series 19 Conversion Date! S! f* P% E& S& j; ?1 d2 {  C3 t
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares& f' j7 C9 j# G6 \! e5 P* t) N8 n
Series 19 will be converted into Preferred Shares Series 18.
, l$ |5 P0 _; c) t7 N3 nVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
* O' v4 F+ H6 e4 ^& m$ t1 PSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
( k# g. P5 }* J: x/ eany meeting of the shareholders of the Bank unless and until the first time at
' S- \! [, X: C. ~! A+ }which the Board of Directors has not declared the whole dividend on the
( l4 S! m# g( G( C1 TPreferred Shares Series 19 in any quarter. In that event, subject as
3 R8 J9 p/ j+ T6 m) s& \9 Phereinafter provided, the holders of Preferred Shares Series 19 will be
& A1 _" L! j, _8 A3 a2 l% L7 ventitled to receive notice of, and to attend, meetings of shareholders at which! c7 \7 V. U+ M/ v5 X+ P
directors of the Bank are to be elected and will be entitled to one vote for
8 R5 B1 V- x/ O4 Weach Preferred Share Series 19 held. The voting rights of the holders of the5 ?0 ^3 [" f+ C. j9 F9 H6 X% V) o% N
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
7 I! a  w- B1 {& l/ Zthe first dividend on the Preferred Shares Series 19 to which the holders are8 Y, Z" n( Q& o
entitled thereunder subsequent to the time such voting rights first arose until
9 K$ ^0 d5 e# ]8 esuch time as the Bank may again fail to declare the whole dividend on the" V* T. m+ J0 K/ A: N: M
Preferred Shares Series 19 in respect of any quarter, in which event such
5 _) T+ m9 ]: N- b2 h% `0 Svoting rights will become effective again and so on from time to time.
8 l- _5 w! b3 N) @( t1 eS-6) @% }, m# t& H/ G3 H
Priority: The preferred shares of each series of the Bank will rank on a parity with
9 ~1 t! i- R; _2 x0 r) Xevery other series and are entitled to preference over the common shares of
5 Z& t. j/ [9 D* Tthe Bank and over any other shares of the Bank ranking junior to the
- m; K0 g4 h4 I, O+ F3 Jpreferred shares with respect to the payment of dividends and upon any6 M* o8 }9 b" J" V' a! j  D) ~
distribution of assets in the event of the liquidation, dissolution or4 n0 e4 L$ F  k: u9 H
winding-up of the Bank.- q" H: @$ R# L
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under1 k# M3 }/ t. ^& [4 A% t7 g  t
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
+ f/ X7 ?1 u3 VSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
" J2 ]  Y& I" J( kdividends 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。
; v9 u$ ]. d8 a  U& w  v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

, M- C* {& c$ w# T/ _6 A: u, d$ L# v9 T; E- a6 {
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。" k$ O' y4 z  u- B4 D' t: }

( j4 L$ |3 t% x5 ^0 u; W& R7 [' Fcall 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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