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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。
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2 |4 K' z& m- ]8 c9 o5 ]
! T8 U0 y  i' c0 y9 J9 u( z[ 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:3 }# b1 f6 z9 h( ~# I9 n5 l
SUMMARY OF THE OFFERING  {. O: c$ p4 C7 N$ t( \
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’’.
8 U) e! g- _: r5 E" W7 P( dIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18., @6 a. O: U# Y' _9 F4 d& O, k
Amount: $150,000,000 (6,000,000 shares).
8 B  \" f3 G; k* N, i) @" [: yPrice and Yield: $25.00 per share to yield initially 6.50% per annum.
/ |( B: G0 a9 B5 C2 P. cPrincipal Characteristics of the Preferred Shares Series 18
9 N+ }" o) A& j( ?Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed* V2 h) p# H/ j% s- y" }
non-cumulative preferential cash dividends, as and when declared by the
# ^) G4 O! z+ u, F+ `5 ABoard of Directors, subject to the provisions of the Bank Act, for the initial) e) w: a; S' l$ s8 k
period commencing on the closing date and ending on and including
8 P6 Z0 E  N" Q- EFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the( @4 B3 L+ K! P; r1 t
25th day of February, May, August and November in each year, at a rate" p8 K! @5 g+ I/ _* Y/ m
equal to $0.40625 per share. The initial dividend, if declared, will be payable
- Y* ~0 G) f' t5 w: V' _May 25, 2009 and will be $0.73459 per share, based on the anticipated closing4 U- r2 V! D) [6 ]* Q
date of December 11, 2008.
- n; z' u% l2 O3 M  a, qFor each five-year period after the Initial Fixed Rate Period (each, a9 c( ~; ~. r7 S7 g" G' H0 x. x
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
) |$ u  g3 V4 l$ l  J0 WSeries 18 will be entitled to receive fixed non-cumulative preferential cash
, g* G+ p7 A2 S" R. f5 i9 o$ M% X, jdividends, as and when declared by the Board of Directors, subject to the
( C* V+ U* X8 }  Z, g' l% ]provisions of the Bank Act, payable quarterly on the 25th day of February,, |3 n7 ]4 g& c# X& U
May, August and November in each year, in the amount per share per annum
3 A! F- v9 a/ w) y; _determined by multiplying the Annual Fixed Dividend Rate applicable to8 o3 S/ f& ]9 `, p2 J- i6 i
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend7 D5 N) O- z; h5 Z% C5 o  M8 M
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the# I8 T& r& S6 h( I# Y
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day/ S; {. O" i+ M$ }! y* u. ?
of such Subsequent Fixed Rate Period and will be equal to the sum of the
8 @: D( q$ _! |  \+ C0 z6 j+ EGovernment of Canada Yield on the applicable Fixed Rate Calculation Date& J, a' L* @# n+ {) t+ l% E, }
plus 3.83%.2 z6 O. M6 D$ W. I- x- p; S
If the Board of Directors does not declare a dividend, or any part thereof, on
. J: A2 o3 ~! O6 }the Preferred Shares Series 18 on or before the dividend payment date for a# k7 d  E; m. p7 U6 Z5 U& k5 `5 {
particular quarter, then the entitlement of the holders of the Preferred: r& l$ {6 J2 O9 @
Shares Series 18 to receive such dividend, or to any part thereof, for such- u% @. I% Y+ B7 y; b" G
quarter will be forever extinguished." d/ u# }" S+ q. C/ q7 U3 ^
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the5 X, A3 M, ~% @) m
Superintendent and to the provisions described below under ‘‘Details of the/ j6 _* R! ~& [  Z
Offering — Certain Provisions of the Preferred Shares Series 18 as a
5 m/ G. \6 W  n1 F5 K% ?Series — Restrictions on Dividends and Retirement of Shares’’, on
0 G, W4 @- l. O( y' l3 m! @1 yFebruary 25, 2014 and on February 25 every five years thereafter, on not! |! t% }- L  J% N) f) x4 ^6 X
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any) D$ a/ K) k3 l* Q2 S: }. M
part of the then outstanding Preferred Shares Series 18, at the Bank’s option( D  g3 e5 k( E  c7 [
without the consent of the holder, by the payment of an amount in cash for9 k; q9 w5 e2 a1 g- a' z
each such share so redeemed of $25.00 together with all declared and unpaid
: C( l1 l6 H6 Bdividends to the date fixed for redemption.
7 |& ]) ^" e3 [1 vConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
( r9 p3 t; S# h6 g1 _2 d" dShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
& I# E+ C$ R, t/ C5 Qthe right, at their option, to convert, on February 25, 2014 and on
7 u9 |6 T& |, _3 n* G2 pS-4
/ J& p& P% V+ r8 ]February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any, c( g6 P4 }- o; J
or all of their Preferred Shares Series 18 into an equal number of Preferred" |/ Y/ l3 e. n, Z& F. S: N( P
Shares Series 19 upon giving to the Bank notice thereof not earlier than
* o% R" V7 b/ c& B* A30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day7 L" |- ~3 D; d9 |, Q
preceding, a Series 18 Conversion Date.7 F" d( W$ S& [* D: M0 i" q8 L
Automatic Conversion If the Bank determines, after having taken into account all shares tendered" f. s4 i' j* J( `( r9 L
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
" J& Y7 o9 a' c# zSeries 19, as the case may be, that there would be outstanding on such. \( `/ P/ R) h7 C4 a# D8 v% k
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
+ G! T6 s) d- t3 Rsuch remaining number of Preferred Shares Series 18 will automatically be
+ v" d% i( D4 t( A: b. vconverted on such Series 18 Conversion Date into an equal number of2 @4 ^; e; K# M7 I
Preferred Shares Series 19. Additionally, if the Bank determines that, after& g, Q7 J* q% ~! B. [
conversion, there would be outstanding on such Series 18 Conversion Date
/ r! S6 _, n0 qless than 1,000,000 Preferred Shares Series 19 then no Preferred Shares; b; x" u( B& A6 a
Series 18 will be converted into Preferred Shares Series 19.5 O& u  x- l( x# o. m1 Y+ k
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares- v+ h( H% M7 O! Z* d1 |
Series 18 will not be entitled as such to receive notice of, attend, or vote at,
. ~. g5 Y9 P  I1 l  uany meeting of the shareholders of the Bank unless and until the first time at
' T/ P* z8 d% |5 fwhich the Board of Directors has not declared the whole dividend on the
$ e" U3 f8 X( W5 ]7 YPreferred Shares Series 18 in any quarter. In that event, subject as6 f; q: G, b5 ]( V
hereinafter provided, the holders of Preferred Shares Series 18 will be8 e4 l6 k$ x2 w4 \" u
entitled to receive notice of, and to attend, meetings of shareholders at which0 x- {! A1 j" Y6 I
directors of the Bank are to be elected and will be entitled to one vote for. J  ~* ^% ~! ^
each Preferred Share Series 18 held. The voting rights of the holders of the
% Y. p) \& f2 Q$ s) G3 B& A# p0 M, [4 {Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
  h4 [; q: T0 H: a6 r: C6 T& R: y. Wthe first dividend on the Preferred Shares Series 18 to which the holders are
+ x- Q- |& ~7 S* hentitled thereunder subsequent to the time such voting rights first arose until
8 Z9 {5 }4 r/ j, C8 o+ Msuch time as the Bank may again fail to declare the whole dividend on the/ S8 @) g+ C: j; h$ U0 y4 S- p
Preferred Shares Series 18 in respect of any quarter, in which event such' o7 T2 f! l0 {  a+ `2 m! C* a. O
voting rights will become effective again and so on from time to time.) k$ L- h$ V4 ]9 }5 v( G6 t4 k; \
Principal Characteristics of the Preferred Shares Series 19
. u0 n  o- b6 A# O3 j" sDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
) b5 y7 y# x* D' Q4 V" ?floating rate non-cumulative preferential cash dividends, as and when
  L" E/ {0 ?2 |0 Jdeclared by the Board of Directors, subject to the provisions of the Bank Act,2 U& [7 F5 w. s
payable quarterly on the 25th day of February, May, August and November1 V, {; Q$ E. E% Y
in each year, in the amount per share determined by multiplying the! l2 z+ N: @$ B" v! `
applicable Quarterly Floating Dividend Rate by $25.00.
# `6 l1 ?+ G. S$ j* |! k7 {On the 30th day prior to the commencement of the initial quarterly dividend0 {$ m8 B  K0 H( P- }
period beginning on February 25, 2014, and on the 30th day prior to the first, p# Q4 Z" j, Y# {/ j
day of each subsequent quarterly dividend period (the initial quarterly/ M4 q2 C1 ~, S5 m* ^
dividend period and each subsequent quarterly dividend period is referred to- }" P0 w7 W* M. `$ i; Z5 z9 a( W
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
4 ^4 Y" |7 a' T! RQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
  F- t' S! u% N7 ^Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
! Z" t, H) V8 B2 D. iT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days2 H- p6 L$ i+ o4 F
elapsed in the applicable Quarterly Floating Rate Period divided by 365)6 i1 R( L0 i* O6 S  S
determined on the 30th day prior to the first day of the applicable Quarterly5 X" ]4 n. f& x+ k6 Y
Floating Rate Period., E2 P, I3 d# m+ d% k
S-5$ U7 _7 n  b5 _5 {* Z' G
If the Board of Directors does not declare a dividend, or any part thereof, on
8 r  V7 }' ^+ S8 B2 _3 jthe Preferred Shares Series 19 on or before the dividend payment date for a
. A( J! |1 @" ]6 S: n; n& t2 @, xparticular quarter, then the entitlement of the holders of the Preferred. p' p) ^/ V+ b! u" b; }
Shares Series 19 to receive such dividend, or to any part thereof, for such
; k# ~+ B% E8 `  _quarter will be forever extinguished.
3 I, z# _8 [' }. x# L% E: R7 TRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
- e, T  \' t+ l6 B: P" OSuperintendent and to the provisions described below under the heading
! z0 G& G" N( p( q. P0 f‘‘Details of the Offering — Certain Provisions of the Preferred Shares
  S. s6 w/ `6 ]% y; f/ S; OSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
" b2 e/ s/ c* j! F" t' aon not more than 60 nor less than 30 days’ notice, the Bank may redeem all
% A7 r4 b* e# eor any part of the then outstanding Preferred Shares Series 19, at the Bank’s9 p( P1 `/ t1 g6 @. B# w. A# f$ \2 p( `
option without the consent of the holder, by the payment of an amount in
1 @- X5 x2 Q+ ?! Scash for each such share so redeemed of (i) $25.00 together with all declared) ]) {4 ^  y( ?5 I% h/ m
and unpaid dividends to the date fixed for redemption in the case of. ]2 B. i4 O( z4 S! C. s, x( E
redemptions on February 25, 2019 and on February 25 every five years
6 M# a* o6 f+ _1 v9 ^" O" `0 ethereafter, or (ii) $25.50 together with all declared and unpaid dividends to
3 k+ K: Q: G8 A9 J  D0 q- a" fthe date fixed for redemption in the case of redemptions on any other date1 L4 L6 C" c( y) ]& |* W7 @
on or after February 25, 2014.
& N* e; C' i) a- b) x8 bConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic* y. i9 }( C% J$ |# b( R
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
4 H" v/ i8 I  f/ {% othe right, at their option, to convert, on February 25, 2019 and on
/ r* }2 O6 P' YFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any% Z; a3 `. e0 H( W. F
or all of their Preferred Shares Series 19 into an equal number of Preferred! T' x2 }+ r! w' J# H
Shares Series 18 upon giving to the Bank written notice thereof not earlier
) T+ k0 u5 ?2 G" ]4 Ithan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
9 K7 u+ N8 e+ i& B% }* S15th day preceding, a Series 19 Conversion Date.
! ^( h! G% ^1 z1 t& aAutomatic Conversion If the Bank determines, after having taken into account all shares tendered8 J7 v9 i  R  S4 x% B2 a
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares1 }7 H7 p% q4 D( E5 Z1 x. m
Series 18, as the case may be, that there would be outstanding on such7 x& Z9 l) c/ m- R
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,& p' d2 c1 y5 b1 ^
such remaining number of Preferred Shares Series 19 will automatically be
' H& |# t5 O) s0 A( tconverted on such Series 19 Conversion Date into an equal number of+ {% Z* P+ L. D" {4 s5 Q( }
Preferred Shares Series 18. Additionally, if the Bank determines that, after8 V+ D, S, r) L( x- V% A5 O% r
conversion, there would be outstanding on such Series 19 Conversion Date8 g0 ^% A3 U# h: }2 I5 O6 a, H
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares7 H- @6 w! r8 H
Series 19 will be converted into Preferred Shares Series 18.
1 G6 G# H  D4 Y( f, ~5 mVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
& z! H, l/ c: ySeries 19 will not be entitled as such to receive notice of, attend, or vote at,
9 y& m4 U; x6 r/ y3 Gany meeting of the shareholders of the Bank unless and until the first time at
6 B$ F1 H; e( ^. p1 `8 @7 Awhich the Board of Directors has not declared the whole dividend on the% n1 m8 x' l6 k# E/ ?$ x5 p$ L- u5 e
Preferred Shares Series 19 in any quarter. In that event, subject as
% o2 ]1 X& ?2 b9 Nhereinafter provided, the holders of Preferred Shares Series 19 will be
+ F9 x) X$ H& u4 ^& R0 Centitled to receive notice of, and to attend, meetings of shareholders at which: \; Z2 O; R3 x2 U( O( }  X
directors of the Bank are to be elected and will be entitled to one vote for0 i6 J* c. ^: R( C( \9 a, O
each Preferred Share Series 19 held. The voting rights of the holders of the6 Y* s1 T$ _2 I- V1 [' a! k
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
8 }3 [; J" v+ G: l) Y3 u! l% Dthe first dividend on the Preferred Shares Series 19 to which the holders are
; C+ ?8 i( D, {$ z; \# w( yentitled thereunder subsequent to the time such voting rights first arose until
/ u2 B( a9 M+ u0 O( [such time as the Bank may again fail to declare the whole dividend on the
9 M1 }" y- @& v& _' F& `  [+ fPreferred Shares Series 19 in respect of any quarter, in which event such
! Y7 g) Q% s* g) L( p3 L' Zvoting rights will become effective again and so on from time to time.4 p" I* b2 y+ y
S-6  q" p. e- K3 D5 Q4 @
Priority: The preferred shares of each series of the Bank will rank on a parity with
$ B2 H( v4 H& g: `- L& T3 Xevery other series and are entitled to preference over the common shares of- h6 T0 q: f# `, }
the Bank and over any other shares of the Bank ranking junior to the
7 j. E; F$ t4 Y9 gpreferred shares with respect to the payment of dividends and upon any+ {) x8 y3 i! `7 }! j: E7 C
distribution of assets in the event of the liquidation, dissolution or
  W" ?* Y9 A2 p* @9 Lwinding-up of the Bank.
3 L/ G4 ]. _8 _Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
8 I$ U) ^0 g2 t3 u2 I. Q* U1 XDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
# Y+ j; x6 B% m9 F% L- M4 KSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
$ ^0 ]; Z7 Q0 X# 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。6 `) R7 {& K( `) 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
" F# i2 E3 m9 j, P1 X% f+ G& v

: e% a6 H( N4 d* i% a下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
+ w6 n' P5 m$ U; M
0 ^4 A9 M" k: `/ v- q# X$ u8 ]* c% ncall 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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