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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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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。! O7 L6 p; q/ U8 q5 I! x  e! [
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4 Z1 B8 V* ~5 |# a
[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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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:
8 }) I3 X+ |4 j! o* h% v/ z. ESUMMARY OF THE OFFERING4 ]( O6 h# f( e- X1 d
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’’.
# ]/ E" n, [1 g& Q% JIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
7 {! z% j' L) J/ `5 ?) \, jAmount: $150,000,000 (6,000,000 shares)." o( g. |5 r1 O0 z) c' \! y# v: \
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
% T6 d# I: Y% @Principal Characteristics of the Preferred Shares Series 18
; D$ c$ T" T9 }" ]! e. `Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
: d, b% b% k. ]" S8 P9 x8 t2 Qnon-cumulative preferential cash dividends, as and when declared by the6 V  q2 M( Q7 ^+ U3 M/ M3 \8 h
Board of Directors, subject to the provisions of the Bank Act, for the initial4 h& q% q' F- w0 ]
period commencing on the closing date and ending on and including9 k0 E8 y7 ^, ^' H5 T. g/ u
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
6 X$ N+ R$ ~: D8 l3 y% Z! h, H25th day of February, May, August and November in each year, at a rate
$ h% m7 Z' E, ~+ Q" i# E8 cequal to $0.40625 per share. The initial dividend, if declared, will be payable. F) B- z9 L; `- A& n
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
6 V1 P% Q# J' ?' f7 s' p/ adate of December 11, 2008.' Y. v- D8 o/ x' J
For each five-year period after the Initial Fixed Rate Period (each, a
; o! Z' H; m! e8 f8 V0 ]- o- p1 l‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
( U) y' ~3 S1 q0 c( `2 {$ n- o4 m# P$ CSeries 18 will be entitled to receive fixed non-cumulative preferential cash8 e4 p4 f. j  d- I8 @
dividends, as and when declared by the Board of Directors, subject to the
& f2 I3 \  v9 Nprovisions of the Bank Act, payable quarterly on the 25th day of February,% X; `' D3 m$ p9 q; Q9 g6 G2 \* b
May, August and November in each year, in the amount per share per annum3 w2 Q. y$ N% C( l6 l) l2 q# y
determined by multiplying the Annual Fixed Dividend Rate applicable to
* s8 C, {! _3 |/ `$ W3 r! Isuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
3 Q9 @% H4 Y- v( m0 j- nRate for the ensuing Subsequent Fixed Rate Period will be determined by the
! |) W1 e: b: w0 b" DBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day1 e* u4 w8 U( k9 {1 O  J! N" n  T
of such Subsequent Fixed Rate Period and will be equal to the sum of the
4 _% J0 X5 n4 V8 YGovernment of Canada Yield on the applicable Fixed Rate Calculation Date" d. \# M5 L% P! ^7 _6 l( L4 ^* m
plus 3.83%.8 z# Q7 e3 ?% E/ v
If the Board of Directors does not declare a dividend, or any part thereof, on5 P6 P: U3 O" e# G! O& g
the Preferred Shares Series 18 on or before the dividend payment date for a
' m  N8 X3 i) U$ I, w# E# D( a3 Yparticular quarter, then the entitlement of the holders of the Preferred; ?/ i' y, E" J$ t6 c( j
Shares Series 18 to receive such dividend, or to any part thereof, for such3 U9 k( q1 d% m+ t0 R8 i) x
quarter will be forever extinguished.
* M1 v& U" h' M- y: QRedemption: Subject to the provisions of the Bank Act and to the prior consent of the" q" d2 T* F/ R. H
Superintendent and to the provisions described below under ‘‘Details of the: |0 I% v; T& r3 a/ l9 R- Q& _
Offering — Certain Provisions of the Preferred Shares Series 18 as a& l+ P9 u! R1 |" M3 O# H
Series — Restrictions on Dividends and Retirement of Shares’’, on
) m. Z' _: p5 F4 mFebruary 25, 2014 and on February 25 every five years thereafter, on not
5 \$ L1 t9 x3 z6 b" u4 nmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
  [9 X* J4 F- q% k' Gpart of the then outstanding Preferred Shares Series 18, at the Bank’s option  q* U9 ^" T' T$ i3 j) p
without the consent of the holder, by the payment of an amount in cash for/ }& Y0 {- s' t0 {1 o
each such share so redeemed of $25.00 together with all declared and unpaid
% ^5 F! I9 \  t7 P/ y  A. `5 Fdividends to the date fixed for redemption.
) T) Q( D! @! D( {Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic1 A+ T7 G1 H& w/ x# t; ^+ R
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have8 C7 j6 _( e6 v4 c0 ~; M) \( y' j' w
the right, at their option, to convert, on February 25, 2014 and on& W7 u. A( N6 D; T  |! }! ?" q
S-4  Y: \4 _6 O% h
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any3 P* }+ l! n+ O/ k$ C
or all of their Preferred Shares Series 18 into an equal number of Preferred0 U8 f% K! W$ w
Shares Series 19 upon giving to the Bank notice thereof not earlier than# k' Y6 f' T* y5 D% u2 N( F
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
% ~- g$ U' G3 I0 w; @1 ?; hpreceding, a Series 18 Conversion Date.2 F2 V: o1 c8 H/ r( L5 p2 ^1 u
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
* {+ i* Q- R* v9 J* l, b% YProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares. K8 s" c2 w" f. L
Series 19, as the case may be, that there would be outstanding on such
9 J- Q$ K4 {0 V5 `2 g( ISeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
$ `) x- d- Z2 p' v4 z7 _1 Csuch remaining number of Preferred Shares Series 18 will automatically be
: Q/ L& R: N" [1 w3 A9 `converted on such Series 18 Conversion Date into an equal number of
* q$ `. L3 M( B' n/ u( }Preferred Shares Series 19. Additionally, if the Bank determines that, after. R6 d" m. S$ b% d# ^( Z
conversion, there would be outstanding on such Series 18 Conversion Date
3 t7 y8 @) b9 W# @/ Zless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares0 _7 p0 R0 Z1 a& F/ \$ K5 E
Series 18 will be converted into Preferred Shares Series 19.- z+ D9 j4 A0 N" K4 l# I' T9 ~( ~
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
! t. e4 M' Z- O4 i+ S+ @9 YSeries 18 will not be entitled as such to receive notice of, attend, or vote at,8 ?6 P  }' u* `( \# X' h0 H
any meeting of the shareholders of the Bank unless and until the first time at7 Y0 M2 B! p( a1 i# e7 B" ^8 m
which the Board of Directors has not declared the whole dividend on the' W9 p+ j0 n6 i; I
Preferred Shares Series 18 in any quarter. In that event, subject as
5 R( f' W4 W" S* bhereinafter provided, the holders of Preferred Shares Series 18 will be
$ v. W+ d" ^7 Z( v* eentitled to receive notice of, and to attend, meetings of shareholders at which. l  P% D/ V4 W, `2 ?
directors of the Bank are to be elected and will be entitled to one vote for; N. v4 |: V: y# I
each Preferred Share Series 18 held. The voting rights of the holders of the
" U4 m( K' f- o2 b7 V3 BPreferred Shares Series 18 will forthwith cease upon payment by the Bank of9 n7 e! n4 ?3 M+ g
the first dividend on the Preferred Shares Series 18 to which the holders are
  t( @, Q- u- G. d6 W* e/ Ventitled thereunder subsequent to the time such voting rights first arose until
! ~6 v+ N6 M( M# O9 B# gsuch time as the Bank may again fail to declare the whole dividend on the
; |! r. w* S( K) m5 F4 J& Y# C- n9 qPreferred Shares Series 18 in respect of any quarter, in which event such$ p7 n1 C' ~- L
voting rights will become effective again and so on from time to time.
- R! D! |' j  ]4 w0 k6 B& NPrincipal Characteristics of the Preferred Shares Series 199 w' i1 E9 `# U. \% R6 N0 x. {
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive" E! g5 s8 _( Y) i) A7 N
floating rate non-cumulative preferential cash dividends, as and when
: S4 k3 A" E- M; F; ]# _9 [4 Zdeclared by the Board of Directors, subject to the provisions of the Bank Act,
% v( T2 w: s$ \# ~/ Z' q$ wpayable quarterly on the 25th day of February, May, August and November
/ B$ q2 R. R% s+ w, N6 Sin each year, in the amount per share determined by multiplying the
" c7 \% s, c; z* T! v2 Iapplicable Quarterly Floating Dividend Rate by $25.00.! n! \: f5 Q* a- y% z# Q0 @* X
On the 30th day prior to the commencement of the initial quarterly dividend8 O7 K1 R. q9 R, V! `
period beginning on February 25, 2014, and on the 30th day prior to the first
) H- I5 `$ l3 Iday of each subsequent quarterly dividend period (the initial quarterly4 N6 N/ N, X! u7 K0 o, ~+ L" N) D) t5 }
dividend period and each subsequent quarterly dividend period is referred to6 a- v9 D; X$ J: z, p) H6 J7 u
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the. f0 Q, W: Y, I% u$ N' F4 P
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
' k3 N5 r( }3 j7 ~% xPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
: c4 j6 d9 Y3 g# |: J7 w3 i1 o) D6 fT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days' W8 d0 V" r# r1 `+ L. A: Q
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
; f5 s2 I) L# T# B  Jdetermined on the 30th day prior to the first day of the applicable Quarterly
0 |8 _0 |5 n9 r3 R. H1 cFloating Rate Period.
. H  k+ v% g$ O' b* I% aS-5
$ p: u; d0 C# P7 }If the Board of Directors does not declare a dividend, or any part thereof, on
! c8 i" i6 J7 a. c7 {the Preferred Shares Series 19 on or before the dividend payment date for a  l& Y9 e4 Y5 ~0 I, n- s
particular quarter, then the entitlement of the holders of the Preferred
+ e) z8 ~9 K; ?4 y2 ?$ vShares Series 19 to receive such dividend, or to any part thereof, for such5 d1 c# b) @5 _  Z
quarter will be forever extinguished.
: W2 l5 p- M" TRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
5 N! `3 t* Y# x' T6 V6 M- SSuperintendent and to the provisions described below under the heading! @4 D$ i3 N$ S* Z: L0 ?0 E; z
‘‘Details of the Offering — Certain Provisions of the Preferred Shares6 ]' ~1 s8 V& @! z
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
# L, O* Q# w7 C6 z/ U: Bon not more than 60 nor less than 30 days’ notice, the Bank may redeem all1 J! G' x8 _9 s- ?9 r
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
. N7 u% p' i. e& h3 C7 yoption without the consent of the holder, by the payment of an amount in
4 @3 V7 Z! ?8 Q& T' `$ c3 I+ Ccash for each such share so redeemed of (i) $25.00 together with all declared2 n# U' z$ Y3 s2 m% A8 D. F1 Y: {
and unpaid dividends to the date fixed for redemption in the case of
( P4 z+ O* @0 e# i% \- ]3 A* P/ bredemptions on February 25, 2019 and on February 25 every five years2 X& W* m& V( G6 G+ `% s
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to' V! Z) D$ w' c8 G4 O
the date fixed for redemption in the case of redemptions on any other date4 l, I$ h5 t7 ^, g5 l
on or after February 25, 2014.% w, f) o; [" G; {9 {* k: A
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
/ I6 U, b: z* V: J- HShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have0 _; e3 j! X$ t: s: _$ N
the right, at their option, to convert, on February 25, 2019 and on
) D% r  E/ ~- N1 i2 PFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
/ E4 L3 @6 ?# e. }' C% R; ]or all of their Preferred Shares Series 19 into an equal number of Preferred5 N: W! O& x# h4 r3 S4 r
Shares Series 18 upon giving to the Bank written notice thereof not earlier$ D* ?3 k" A0 |+ ?4 C4 e
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
& O8 f+ Z5 z/ B2 n" A+ U1 f! I% C15th day preceding, a Series 19 Conversion Date.5 B) }$ v- z% [( ~# @# C/ ^
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
9 W' H* f* w$ S  r8 eProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares2 b! t. s* O% Q
Series 18, as the case may be, that there would be outstanding on such% }. J( r, P5 f( I
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
7 y& p" c% O9 Q* z4 n* u8 T9 {such remaining number of Preferred Shares Series 19 will automatically be
1 [7 J9 i7 g+ Z  h, _converted on such Series 19 Conversion Date into an equal number of4 p$ n! F& T3 r# _$ T9 `
Preferred Shares Series 18. Additionally, if the Bank determines that, after
% s6 g3 U7 }) V* uconversion, there would be outstanding on such Series 19 Conversion Date
5 Q( G" Y3 d, C' k- p$ J' Hless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares' O1 c* |: m6 `, V, C2 n
Series 19 will be converted into Preferred Shares Series 18.
% d9 t, b  ^! ]Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
/ W: s9 j/ [9 ?, j0 H! s! e( X" `, TSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
5 \3 R" V2 k- q9 k4 Uany meeting of the shareholders of the Bank unless and until the first time at
+ s/ f& n& G# {. m7 i, g, G# uwhich the Board of Directors has not declared the whole dividend on the
# D7 b0 t2 u( Q& a& B( APreferred Shares Series 19 in any quarter. In that event, subject as
0 O" U7 B/ g- q7 khereinafter provided, the holders of Preferred Shares Series 19 will be, ~$ C7 G3 ^5 Q1 U/ Z2 I
entitled to receive notice of, and to attend, meetings of shareholders at which0 r2 o6 [2 K( H$ a
directors of the Bank are to be elected and will be entitled to one vote for
$ R, ]' g* X! j3 V( R# o+ Xeach Preferred Share Series 19 held. The voting rights of the holders of the
( C$ Y) n) @$ @: u" c$ z% L' }Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
& J# F( }: M3 c3 `' @the first dividend on the Preferred Shares Series 19 to which the holders are* {$ ~* M! `6 f0 [9 q% Q( z
entitled thereunder subsequent to the time such voting rights first arose until1 A$ J' B8 r$ b  ?& ]0 a5 e
such time as the Bank may again fail to declare the whole dividend on the& e/ l5 {- m& ^; j
Preferred Shares Series 19 in respect of any quarter, in which event such7 X: j, h8 R# z5 s$ n5 h1 {
voting rights will become effective again and so on from time to time.
9 V/ n6 \/ S% {" {( G4 tS-6
6 r; B2 t; @. ~2 E8 GPriority: The preferred shares of each series of the Bank will rank on a parity with
( l/ N0 ~3 Z, g  Q. Wevery other series and are entitled to preference over the common shares of
/ G1 _! `7 `/ B$ M! Athe Bank and over any other shares of the Bank ranking junior to the
% l. u6 _' Y& Q4 `* ?5 i- mpreferred shares with respect to the payment of dividends and upon any" q* X! H# C5 Y( s0 V, j
distribution of assets in the event of the liquidation, dissolution or
6 x4 Q  r/ B8 f2 g0 ywinding-up of the Bank.
7 F9 d' k  m" r0 b- nTax on Preferred Share The Bank will elect, in the manner and within the time provided under$ A/ V9 {* l7 k; V
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares) \0 h4 k: k/ {# P
Series 18 and Preferred Shares Series 19 will not be required to pay tax on8 S0 @4 P( [; d1 }. |1 m
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。1 W1 F' ]' U4 X6 F6 L* u
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

3 a% ?: ~& P% ^$ _) m
* h0 ^' R& L( n下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
8 v2 ]7 a" C! \' f* X% T4 u6 u1 P, u
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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