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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。3 D4 ^/ U2 [5 L4 l6 q

' U' n& f3 e  ]( U( r5 X0 a1 t
/ u- A2 H: q$ S( P' Y/ a) c& i; h[ 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:) @# {" x) S3 V& J4 k: b3 g7 Z
SUMMARY OF THE OFFERING
+ \0 Y+ [: R8 |' q7 }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$ _9 p0 p0 b0 v5 {) Z/ j0 c& pIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
+ G# T# A: k( x4 Y( f9 tAmount: $150,000,000 (6,000,000 shares).
2 m, r& |' Q$ i$ uPrice and Yield: $25.00 per share to yield initially 6.50% per annum.3 a& t9 o) L; `
Principal Characteristics of the Preferred Shares Series 18
; a5 H7 p5 A. e" F3 BDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed4 J) c  m& s/ C6 c) Z
non-cumulative preferential cash dividends, as and when declared by the- \8 M% z% G% M7 {# w8 J" ^
Board of Directors, subject to the provisions of the Bank Act, for the initial, [% u5 j, X$ }% X
period commencing on the closing date and ending on and including' [; t" S" ]# Q3 `; u" g
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the/ E. ~: ]$ P) [/ y4 J4 M7 }
25th day of February, May, August and November in each year, at a rate+ \1 e* A! l( a$ {0 z5 ]
equal to $0.40625 per share. The initial dividend, if declared, will be payable' D' M9 B+ n8 x! R, ]* @5 D$ z
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing, n/ `( w  \' k4 E* `$ [& V2 U
date of December 11, 2008.
8 V2 ?: a: \9 {0 H( m5 g- Q4 KFor each five-year period after the Initial Fixed Rate Period (each, a
* x" D% |/ T* e$ h- y* _( s/ j, P. S‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
, t% k" ~6 R1 A- v( RSeries 18 will be entitled to receive fixed non-cumulative preferential cash' }4 N2 I$ V- W. V7 d; L& q7 l' ?
dividends, as and when declared by the Board of Directors, subject to the% r+ N3 K' i2 O3 I: T5 R% `
provisions of the Bank Act, payable quarterly on the 25th day of February," \" u* I) A8 R" L4 r8 e, E
May, August and November in each year, in the amount per share per annum
4 R2 I8 w, S! V, W/ Pdetermined by multiplying the Annual Fixed Dividend Rate applicable to
8 y1 W  r( P' u  q0 {such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
- e* G' C: @# A! s7 WRate for the ensuing Subsequent Fixed Rate Period will be determined by the
' y: i) \+ T; `+ u" i; U, B9 O; d# LBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
6 R& y+ S4 J( l/ U- U) Q/ Bof such Subsequent Fixed Rate Period and will be equal to the sum of the$ }+ W* N  p6 U( S9 s$ ?3 o" o
Government of Canada Yield on the applicable Fixed Rate Calculation Date4 K4 C8 ?; b' _5 |9 G/ W; ]
plus 3.83%.
) \, W2 D0 E  ]+ e; NIf the Board of Directors does not declare a dividend, or any part thereof, on/ [& X+ k' ]$ F1 Q7 r! N& t# y
the Preferred Shares Series 18 on or before the dividend payment date for a/ [9 M- X6 q, r9 L# N8 o
particular quarter, then the entitlement of the holders of the Preferred1 A* t3 O' m9 o5 y
Shares Series 18 to receive such dividend, or to any part thereof, for such0 P: n' X1 \! m! m
quarter will be forever extinguished.0 _+ E4 R) h6 {) E! a6 Z
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the3 M$ d6 W/ y: S# r' W2 H
Superintendent and to the provisions described below under ‘‘Details of the7 j0 s% i/ Y5 z6 }+ N9 ?7 t6 ]9 J/ y
Offering — Certain Provisions of the Preferred Shares Series 18 as a
$ k% @7 f. ?2 F5 `Series — Restrictions on Dividends and Retirement of Shares’’, on1 s7 I. X/ |8 r4 p6 i, S
February 25, 2014 and on February 25 every five years thereafter, on not9 w7 Q$ e1 ?  w* d4 Z, d3 l# ]8 [
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
' v, z# ~5 B9 kpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
! V1 z% A! U) q$ X% N8 K# j3 c. d6 {without the consent of the holder, by the payment of an amount in cash for
8 \1 ?& _) r. Z0 n# meach such share so redeemed of $25.00 together with all declared and unpaid
0 o7 M* b3 l& g- N8 udividends to the date fixed for redemption.
! v8 \6 X. v& P& l0 L  H9 g' I$ v- UConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic4 L# N8 U' R% {) b: ]/ a
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have) H. D" t5 l, H: {& d3 j/ _
the right, at their option, to convert, on February 25, 2014 and on
. ?/ L1 m& b9 {3 u* q/ r" b, M  rS-4% [9 I: T3 Q4 M% _; X( B
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
& Q' n; Y5 n( v9 {5 uor all of their Preferred Shares Series 18 into an equal number of Preferred, Y; v& u! r; N5 w2 [, N. V  n0 I4 u
Shares Series 19 upon giving to the Bank notice thereof not earlier than% f  D4 W3 e% a
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
7 E2 M( J& g7 u1 Vpreceding, a Series 18 Conversion Date.
- ]% h1 z2 ?% u' R! QAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
- ~  ?- {/ V) }0 iProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
. b8 U; k. i& L  ?/ [Series 19, as the case may be, that there would be outstanding on such# T/ W1 U- Y$ C1 H8 s% a
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,$ N* z# m( O8 b8 }# K# v
such remaining number of Preferred Shares Series 18 will automatically be# U! i; b  X, {  P( [7 F/ W4 Q% L
converted on such Series 18 Conversion Date into an equal number of0 ^. v. R) }; H1 `6 P, q% B
Preferred Shares Series 19. Additionally, if the Bank determines that, after$ }# K9 ]/ W5 u/ Q, o: J
conversion, there would be outstanding on such Series 18 Conversion Date
* e: p) b2 A" eless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
1 D" c! n( d# W5 G3 t1 pSeries 18 will be converted into Preferred Shares Series 19.
! c+ F" ~+ z1 eVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares; F! C6 _9 w5 R( |( r( S! I* J
Series 18 will not be entitled as such to receive notice of, attend, or vote at,% Q5 K) q) P/ R. I& p
any meeting of the shareholders of the Bank unless and until the first time at
' T( d5 l! M9 |9 q8 K& z2 n) Lwhich the Board of Directors has not declared the whole dividend on the
& t2 M# W; w4 KPreferred Shares Series 18 in any quarter. In that event, subject as( P" @+ ?. ~/ @* d6 ]) n
hereinafter provided, the holders of Preferred Shares Series 18 will be
  J3 Q7 i4 ]# K" W+ Rentitled to receive notice of, and to attend, meetings of shareholders at which/ O3 l9 s4 ~8 G7 u+ o1 \7 ~
directors of the Bank are to be elected and will be entitled to one vote for3 V' c4 \7 y# L
each Preferred Share Series 18 held. The voting rights of the holders of the
- |2 |3 [; K9 s3 O+ XPreferred Shares Series 18 will forthwith cease upon payment by the Bank of8 t% ~) m2 a8 I& u
the first dividend on the Preferred Shares Series 18 to which the holders are
5 S4 G7 j: w2 s% @entitled thereunder subsequent to the time such voting rights first arose until2 Q7 c7 U& e( ^, I1 d# }
such time as the Bank may again fail to declare the whole dividend on the
% _" q+ ]& @! H" W$ Y8 L1 f) d7 bPreferred Shares Series 18 in respect of any quarter, in which event such
8 l% D/ i9 Z) @( |6 {' T: lvoting rights will become effective again and so on from time to time.
, s. n& q; ]8 ?2 X  u' _Principal Characteristics of the Preferred Shares Series 19
9 m' P0 {6 R/ F7 b. G( r2 SDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
6 u, T1 v2 I1 i0 g6 t; tfloating rate non-cumulative preferential cash dividends, as and when
1 z: {3 k4 m1 p* B5 v8 mdeclared by the Board of Directors, subject to the provisions of the Bank Act,
2 y& }. q9 i8 G8 h" ], gpayable quarterly on the 25th day of February, May, August and November, c" u; v4 J( y, n- B1 l
in each year, in the amount per share determined by multiplying the+ C0 |7 I* q5 x, p
applicable Quarterly Floating Dividend Rate by $25.00.7 y, A+ Q8 X$ T5 g; e1 q- b& f
On the 30th day prior to the commencement of the initial quarterly dividend
4 n4 v3 R0 L3 A9 d- |: H- X9 Eperiod beginning on February 25, 2014, and on the 30th day prior to the first/ B! i8 W  W& d3 m2 \
day of each subsequent quarterly dividend period (the initial quarterly
* c4 ^" H& H. p9 k1 G# @$ G/ |" ddividend period and each subsequent quarterly dividend period is referred to: \; o, k" Z. d! n
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the2 E& V1 K1 k' m* Z! y6 [& ^
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate0 M' R" j- w$ D+ H8 F$ d, h# J" c
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the1 [% G( Y6 j, O  U! ?7 k+ d
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
1 X8 Z; D+ m7 V5 ]( y0 xelapsed in the applicable Quarterly Floating Rate Period divided by 365)
. y0 n  n" S, B7 a* [: n) K- pdetermined on the 30th day prior to the first day of the applicable Quarterly
0 ~3 o' l+ p# ^8 o' k7 cFloating Rate Period.
# n" K% U; [5 p9 G( g& }5 M# b" wS-5/ k/ G3 H: H" v
If the Board of Directors does not declare a dividend, or any part thereof, on
+ r" R% p5 N" j: V/ P3 Cthe Preferred Shares Series 19 on or before the dividend payment date for a3 l; J  w( S1 t1 w$ S
particular quarter, then the entitlement of the holders of the Preferred7 V- j- j3 h: Q0 T( R9 X1 n
Shares Series 19 to receive such dividend, or to any part thereof, for such
( Q  i' J8 P7 s7 \' Bquarter will be forever extinguished.
# N" V3 U! Q( ORedemption: Subject to the provisions of the Bank Act and to the prior consent of the
7 t6 `$ D& T7 W1 I2 W: Q0 f6 oSuperintendent and to the provisions described below under the heading& I# Q$ K( Y" l7 b; U4 h
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
* l) P0 ], _! gSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
" K. K$ r; u* I  }on not more than 60 nor less than 30 days’ notice, the Bank may redeem all6 ~+ l/ ?6 t) |
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
* }8 @- ?) `$ e$ D2 b. Uoption without the consent of the holder, by the payment of an amount in
, G7 ~- E2 X' t, b2 G" E" Tcash for each such share so redeemed of (i) $25.00 together with all declared4 `- v! W! X: i: I. P
and unpaid dividends to the date fixed for redemption in the case of
0 @' }$ V& L9 r$ hredemptions on February 25, 2019 and on February 25 every five years1 m, I% f" f9 K+ R# N  O  u
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
5 B6 ]; g! _, [# H5 `8 [  lthe date fixed for redemption in the case of redemptions on any other date
" _- A; o4 q) ^9 P/ {" c% won or after February 25, 2014.
6 ~% @, Y9 Q0 q' ^9 l2 b% b5 zConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
2 P; O& j/ L: Y0 Y/ uShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have. C  u$ A/ }2 c+ \
the right, at their option, to convert, on February 25, 2019 and on; r' v6 ?7 W8 W8 q. T; f
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
- h5 O: ?8 Y8 M; xor all of their Preferred Shares Series 19 into an equal number of Preferred
* ]+ O( W& L6 b) ^Shares Series 18 upon giving to the Bank written notice thereof not earlier& O, i! l' u$ v& [' H/ Z; c
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
8 E& N: o0 A( ]5 a# ~0 e! Z! A15th day preceding, a Series 19 Conversion Date./ Q: l. h1 q4 j5 \4 s
Automatic Conversion If the Bank determines, after having taken into account all shares tendered) Q2 X' J# e3 r; G$ Y
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
% W: Q* C% h* U" ZSeries 18, as the case may be, that there would be outstanding on such
! c9 F8 p* s- y7 lSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
8 p1 O7 i# {5 x7 |$ Q3 A6 H/ K- msuch remaining number of Preferred Shares Series 19 will automatically be
! G9 k, D* N, E/ e. O) ?" _converted on such Series 19 Conversion Date into an equal number of
$ N$ \, ]% W- i+ T% ~Preferred Shares Series 18. Additionally, if the Bank determines that, after
0 U+ E& b- v+ a3 ]( k* U; t9 Aconversion, there would be outstanding on such Series 19 Conversion Date4 S, U  H( A$ e0 Z2 p& W
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
% W- J0 f  i1 e# Z3 e9 c2 C, K: ASeries 19 will be converted into Preferred Shares Series 18.) i- j6 Z. `  K# G
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
' r8 \5 N5 J" b0 t: nSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
, Z5 R3 G. S9 `any meeting of the shareholders of the Bank unless and until the first time at4 V$ A2 G' t8 u0 b- n2 ~
which the Board of Directors has not declared the whole dividend on the! A0 J% v; T6 b! K5 N5 ?' P0 ]! j* H7 [
Preferred Shares Series 19 in any quarter. In that event, subject as
& O+ U1 E  @$ o9 [  h+ Y' d$ ~  d! Chereinafter provided, the holders of Preferred Shares Series 19 will be6 v5 P9 o7 Q/ |4 c% B# w+ q# B
entitled to receive notice of, and to attend, meetings of shareholders at which1 Y9 L% p* \' B
directors of the Bank are to be elected and will be entitled to one vote for' g2 z' W$ ?3 A% d# {) [
each Preferred Share Series 19 held. The voting rights of the holders of the
6 T' O' R0 b# M+ tPreferred Shares Series 19 will forthwith cease upon payment by the Bank of* S7 Z: \7 x9 c
the first dividend on the Preferred Shares Series 19 to which the holders are9 R6 ~  Q. E% b
entitled thereunder subsequent to the time such voting rights first arose until
1 B+ F0 ?9 z" y+ w& }  xsuch time as the Bank may again fail to declare the whole dividend on the: j; P" q  R, U/ Z) `
Preferred Shares Series 19 in respect of any quarter, in which event such
( E: J& S1 ^) g4 W( Wvoting rights will become effective again and so on from time to time.
0 h$ G4 t, z7 P5 ?0 ?( tS-6
* e; p9 @4 T7 k3 k+ k& f" X/ D( KPriority: The preferred shares of each series of the Bank will rank on a parity with* x6 S- D+ l: g  m
every other series and are entitled to preference over the common shares of
9 J4 g3 i' w' {6 c/ Y! |the Bank and over any other shares of the Bank ranking junior to the, g1 T0 b% o& u! F3 s
preferred shares with respect to the payment of dividends and upon any
; n+ e. O$ I) x4 Adistribution of assets in the event of the liquidation, dissolution or' ^  A; a* }4 F! x% V' `6 w  r+ F
winding-up of the Bank.6 h" i% v& Y2 q7 _1 F! O
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
; I3 S) H: O# Z6 p/ s+ C2 o) o8 vDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares8 q4 q# E& B$ T# q' S, f
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
8 C) D3 B8 v* ^1 gdividends 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。
* c0 p+ G1 K' I2 m! v+ h# _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
+ ~4 y- m% w4 v8 K) F' W- G

4 g" c  _( M: a  M5 |' A6 q下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。2 r* k4 g/ `& \* `# ]/ D' h

, M9 F5 ~' L' Y. P& L. _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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