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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。. l2 m! U; }0 {  Y$ a; S  ~3 G
& |! F9 d2 v1 w5 U# d0 _
) o' p8 g) s& N  j
[ 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:
" b6 J3 w: _  {SUMMARY OF THE OFFERING
% ?$ U, n8 k) ]8 |; t4 @7 rThis 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’’.
+ b' r# K* P7 x' D) J9 S4 eIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
- \2 p2 n# A  [Amount: $150,000,000 (6,000,000 shares).4 ~3 w6 ?. `0 ]8 ]) y+ G: D4 ]
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
4 n2 T8 A5 s5 ?6 q' VPrincipal Characteristics of the Preferred Shares Series 18/ O: y: m1 ~, W5 l8 p) ^
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed! P4 g5 x/ U% d
non-cumulative preferential cash dividends, as and when declared by the: V0 b" i, |5 z; |( C7 G
Board of Directors, subject to the provisions of the Bank Act, for the initial: ]) ]7 W3 h$ v5 I* R
period commencing on the closing date and ending on and including
8 x( g5 `5 T- H4 b/ m  FFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the, a+ B( P) j! A7 d+ ], D" ~. o
25th day of February, May, August and November in each year, at a rate
9 O9 c0 i2 I. F) `equal to $0.40625 per share. The initial dividend, if declared, will be payable
& {+ W! K5 ^( g4 T) ZMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing% k6 C: k/ g( R8 k5 t& p
date of December 11, 2008.% X4 }: ]& E3 x+ `* G
For each five-year period after the Initial Fixed Rate Period (each, a
7 I: p- N3 p( U8 s7 o: Z# n‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares% q( K/ ^' |/ [) t
Series 18 will be entitled to receive fixed non-cumulative preferential cash
/ ?, p. A, V" ^# {: ]4 P  `9 rdividends, as and when declared by the Board of Directors, subject to the2 x1 z! Y( i! J
provisions of the Bank Act, payable quarterly on the 25th day of February,! f/ }+ ^! L% d
May, August and November in each year, in the amount per share per annum. L6 F( Y4 @7 L" q
determined by multiplying the Annual Fixed Dividend Rate applicable to2 @3 E4 Y0 {% z1 ~8 h3 D
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
3 F# a/ z1 @. z3 o& G, c- zRate for the ensuing Subsequent Fixed Rate Period will be determined by the8 }) L7 V( m. i: M$ T; _. E- X
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day5 S$ w+ M. m9 W. T. h2 g
of such Subsequent Fixed Rate Period and will be equal to the sum of the. b7 |, r  p5 J( T/ `  D
Government of Canada Yield on the applicable Fixed Rate Calculation Date( E' N$ ^$ H7 F! c' o1 t
plus 3.83%.& o2 Q/ [7 A! [  I; R7 H4 }1 r
If the Board of Directors does not declare a dividend, or any part thereof, on
6 `4 Q- k& V( f# f+ Nthe Preferred Shares Series 18 on or before the dividend payment date for a
- P6 [' V7 G, W3 Sparticular quarter, then the entitlement of the holders of the Preferred* ~& Y0 I$ D( m, B9 T
Shares Series 18 to receive such dividend, or to any part thereof, for such0 H, H) i% w) `4 d% O; h$ ?3 i
quarter will be forever extinguished.
1 y* v. M7 w9 X, R5 |Redemption: Subject to the provisions of the Bank Act and to the prior consent of the6 M" G+ Y5 c5 K. g+ B- Q  z
Superintendent and to the provisions described below under ‘‘Details of the: D' \' C7 q  |: N% R9 ]
Offering — Certain Provisions of the Preferred Shares Series 18 as a& v4 O# M& a$ x: W1 f* O
Series — Restrictions on Dividends and Retirement of Shares’’, on  b4 X6 S. a- p' Q& S
February 25, 2014 and on February 25 every five years thereafter, on not1 B9 o6 f6 ]% I, I
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
* U0 U8 \/ r: J4 \8 Y* o, N. \part of the then outstanding Preferred Shares Series 18, at the Bank’s option
4 n8 h, R- j8 b) T6 u; Twithout the consent of the holder, by the payment of an amount in cash for$ [6 U+ E9 E3 u8 f
each such share so redeemed of $25.00 together with all declared and unpaid
' @* q% h7 X8 N" f9 ndividends to the date fixed for redemption.
. W% t5 W" C8 t- V% uConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
  P( A2 _1 \% v$ o  S7 dShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
8 M* Z; _* [3 |the right, at their option, to convert, on February 25, 2014 and on1 Y6 n2 q+ E1 G: s" o
S-4
  Z: |9 S" A- |5 j! i9 _. b% dFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
! p1 L. M  r) V! }2 Cor all of their Preferred Shares Series 18 into an equal number of Preferred/ k  p0 k' x( t
Shares Series 19 upon giving to the Bank notice thereof not earlier than
. Q  P4 v, c" N30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
% x$ J+ Z6 h! Opreceding, a Series 18 Conversion Date." U5 U- |( g3 D- K5 [: {# O
Automatic Conversion If the Bank determines, after having taken into account all shares tendered0 w! t3 L9 C* Z+ U9 N; J+ v
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
8 _9 Y* K' E" s* d# f/ HSeries 19, as the case may be, that there would be outstanding on such
+ ]$ [4 e" z& Z6 O9 P1 G' mSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,: }% \. S! x9 ~- D; R
such remaining number of Preferred Shares Series 18 will automatically be
8 i. {0 }; U( \& f: N0 V) Hconverted on such Series 18 Conversion Date into an equal number of/ b/ X7 Y9 }6 c/ w+ d3 l  a  D
Preferred Shares Series 19. Additionally, if the Bank determines that, after, c$ D: Y/ G0 t5 H1 j
conversion, there would be outstanding on such Series 18 Conversion Date( K$ k( R) ]. c. ]/ u
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares! q$ d" l7 z  |0 b" S6 z" l; ]
Series 18 will be converted into Preferred Shares Series 19.
( X( L8 O/ f) g7 u% qVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares) ]2 U3 f* [+ z2 C! B
Series 18 will not be entitled as such to receive notice of, attend, or vote at,# l+ p/ O2 S6 `+ Z; |
any meeting of the shareholders of the Bank unless and until the first time at6 d% c7 z/ h3 T! L! z. T+ I
which the Board of Directors has not declared the whole dividend on the9 Q4 \, G$ ]" C. k! r% K
Preferred Shares Series 18 in any quarter. In that event, subject as9 o# c: t) u4 c7 ~% N7 E9 l
hereinafter provided, the holders of Preferred Shares Series 18 will be% t( z  ]" L6 u0 g' M1 n/ h. [
entitled to receive notice of, and to attend, meetings of shareholders at which/ i) S; U+ n9 B# e, k
directors of the Bank are to be elected and will be entitled to one vote for+ i# I% @; V& e+ R+ m
each Preferred Share Series 18 held. The voting rights of the holders of the
" h# t! l% j5 v2 ~8 J- YPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
1 J3 ?! b6 {" w! ^3 \- V& Q5 P: {the first dividend on the Preferred Shares Series 18 to which the holders are) g3 I. h4 |2 N, i* B; a  b
entitled thereunder subsequent to the time such voting rights first arose until' M5 N6 i; V! U: D$ v1 d! E
such time as the Bank may again fail to declare the whole dividend on the! z9 i0 y, g+ m9 ^* b5 N/ O
Preferred Shares Series 18 in respect of any quarter, in which event such" J4 M7 J7 R1 V) k3 `
voting rights will become effective again and so on from time to time.. o( x* |, l+ I; l/ U4 j
Principal Characteristics of the Preferred Shares Series 19
5 g) {7 t3 q: g% @$ DDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
$ v2 [: j+ k( f+ h+ y9 _floating rate non-cumulative preferential cash dividends, as and when0 z" }6 x8 f( C
declared by the Board of Directors, subject to the provisions of the Bank Act,
7 [, J$ {2 c1 Kpayable quarterly on the 25th day of February, May, August and November, b7 d) M" i7 f. @
in each year, in the amount per share determined by multiplying the% F  U; o: V/ y& c
applicable Quarterly Floating Dividend Rate by $25.00.
. |6 o& I% {  g! ?" s0 k7 t" L. OOn the 30th day prior to the commencement of the initial quarterly dividend7 e6 u& D6 `7 f7 b$ D, g# K- C
period beginning on February 25, 2014, and on the 30th day prior to the first+ ~4 J0 h5 T2 K, u8 f: ?% Q
day of each subsequent quarterly dividend period (the initial quarterly
" V* G/ Z" S& r$ M4 n. u; ]dividend period and each subsequent quarterly dividend period is referred to7 A4 j  m. T8 j  w
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the: y" e/ P. \; X$ K% ?: K6 H
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate3 n2 ?6 u+ Z+ e& l# }6 I
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the
1 L" A" @9 V+ g0 b0 eT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days) ^0 ^$ q3 c; h) Q% P9 q7 l
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
+ q8 W0 q) U6 J3 A2 b/ @determined on the 30th day prior to the first day of the applicable Quarterly; D: |- z: a* [9 K4 a, A8 h8 y. H4 Q
Floating Rate Period.: u2 c, ~3 O. D
S-5
* {: ]& w* n7 k* q) q' rIf the Board of Directors does not declare a dividend, or any part thereof, on
9 E( z$ j$ q% y, d; ?9 Gthe Preferred Shares Series 19 on or before the dividend payment date for a1 _* {7 x8 h  t4 C) X  R1 c
particular quarter, then the entitlement of the holders of the Preferred
( {# K5 y. h. w5 `" v5 ]6 J( TShares Series 19 to receive such dividend, or to any part thereof, for such
. T$ n, J! r0 [5 _" i& gquarter will be forever extinguished./ A6 E3 [' m+ ?  }
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the2 g5 Z& y6 n2 J  g
Superintendent and to the provisions described below under the heading: w9 F  t* _. V3 f/ R. S
‘‘Details of the Offering — Certain Provisions of the Preferred Shares% N% E  R+ K6 v; D# `% e7 ]5 r
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
- C* J3 W2 O  Bon not more than 60 nor less than 30 days’ notice, the Bank may redeem all, T6 l% _5 q  E0 U" U+ G
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
6 M' }% {- M! F4 w3 I0 ^option without the consent of the holder, by the payment of an amount in( f( P2 Q! c3 l- D2 A
cash for each such share so redeemed of (i) $25.00 together with all declared
- W( d9 `/ N( {1 J0 @: zand unpaid dividends to the date fixed for redemption in the case of
# L$ \' t) C0 K8 l# _4 o$ j* }: }& h% qredemptions on February 25, 2019 and on February 25 every five years
: c! C: j  n( {2 V1 c' G) Kthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
6 l  s. U& u2 A! _  wthe date fixed for redemption in the case of redemptions on any other date
# L, {3 M* g; ?( l1 @on or after February 25, 2014.; b) S7 ^; @$ R% N' g+ y
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
4 [9 ~$ q; _+ V- [2 L5 C- u, kShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
( v) t+ q% v* [) i( `' kthe right, at their option, to convert, on February 25, 2019 and on
5 K2 M: r) N, g' [February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any: T! J$ q- f, B2 f4 I
or all of their Preferred Shares Series 19 into an equal number of Preferred& K8 a5 K- A- J# X; T! f' {& @
Shares Series 18 upon giving to the Bank written notice thereof not earlier& o- f7 _0 q5 z" k3 S1 r& p: d6 }
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
" C, B9 f6 ^8 U9 l. y4 I4 y15th day preceding, a Series 19 Conversion Date.
) v; L; \1 b9 f  _6 ^' S" W- G  LAutomatic Conversion If the Bank determines, after having taken into account all shares tendered
3 Z4 L5 i2 B9 c3 ~" H: J$ M2 CProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares# j( [3 C# t( C+ F! W
Series 18, as the case may be, that there would be outstanding on such
7 J$ S: G7 W3 x+ a% b& ~4 v' TSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
8 ]% |) E' a5 q3 x) ~9 x7 {+ G' Usuch remaining number of Preferred Shares Series 19 will automatically be9 H, v- C4 f( u6 |0 V
converted on such Series 19 Conversion Date into an equal number of% o1 E% O3 M! o0 q2 x' F. K- i
Preferred Shares Series 18. Additionally, if the Bank determines that, after+ L, `4 r+ ~8 z8 @: W- j
conversion, there would be outstanding on such Series 19 Conversion Date# ]% \7 ^- W& c7 b. R; G0 \# L
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares' u( x& f7 w. o, ?7 E
Series 19 will be converted into Preferred Shares Series 18.3 d0 m3 j' {0 M
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares& o4 C+ V. B6 }1 w
Series 19 will not be entitled as such to receive notice of, attend, or vote at,; V* b- M6 A8 O7 m
any meeting of the shareholders of the Bank unless and until the first time at# j/ ?3 }. H$ X
which the Board of Directors has not declared the whole dividend on the! h2 F" V4 o8 M* ^
Preferred Shares Series 19 in any quarter. In that event, subject as
+ X  h$ r7 @, g" v# J! s. phereinafter provided, the holders of Preferred Shares Series 19 will be
! q! z0 _' h& O" yentitled to receive notice of, and to attend, meetings of shareholders at which$ Z5 w7 _% x; y9 I* g. H1 x& @
directors of the Bank are to be elected and will be entitled to one vote for' p8 v# z, L, W, N2 X
each Preferred Share Series 19 held. The voting rights of the holders of the+ n+ s- Q* `3 b% j7 r1 h
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
. ~# c. w' V. Z3 b% W  Jthe first dividend on the Preferred Shares Series 19 to which the holders are; Z# u/ D* L6 f0 z/ o, j
entitled thereunder subsequent to the time such voting rights first arose until
9 y$ S' x) t" e6 J# X! ?* H: dsuch time as the Bank may again fail to declare the whole dividend on the
8 z1 i0 s  P0 Q& J4 gPreferred Shares Series 19 in respect of any quarter, in which event such. \9 v5 x7 k/ }# x. N2 L! S8 [
voting rights will become effective again and so on from time to time.
' h( `. F3 q% OS-6
- F, H. Q* `2 f1 s6 o, s  zPriority: The preferred shares of each series of the Bank will rank on a parity with8 @( v( A8 Z; x8 C3 U
every other series and are entitled to preference over the common shares of
0 ?% n1 H2 j: T8 W& \8 Q' Cthe Bank and over any other shares of the Bank ranking junior to the
* ]: I; f& m: H( npreferred shares with respect to the payment of dividends and upon any
. d; A$ n4 R" i4 q& w' k' [% B& Vdistribution of assets in the event of the liquidation, dissolution or
! I, c- I5 ^' X8 Mwinding-up of the Bank.
9 A5 k7 Q% M9 p# U2 D' eTax on Preferred Share The Bank will elect, in the manner and within the time provided under0 O) `3 w' p" n3 J( r- `* n
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares( {  K# F" V7 ?- b3 d3 d) E; U
Series 18 and Preferred Shares Series 19 will not be required to pay tax on/ ]. }1 r9 v' @% q/ w6 C
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。
: a. n, Z6 t- m& y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

# N* P: T2 F" x
5 Q& U; A3 g/ }/ [( O下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
8 A# ?. x8 S4 I& P! J1 c; x$ F! U# T4 F
call me.. 780 6699880 转101
理袁律师事务所
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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