埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 3387|回复: 5

请问精打细算:银行6.50% 5-Year Rate Reset Preferred Share投资的利弊?

[复制链接]
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。% j* ]: h* P# v+ P$ h
$ `: U6 a, \& K/ A& A

* }: O9 w( m7 K' J$ `; u8 }+ ][ 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:  S) L7 a" M6 Q0 `. O8 ^9 y
SUMMARY OF THE OFFERING& E  v5 Z5 H4 o. }! l( C; c1 S# r
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’’.
; f# S/ W7 F% q2 M+ J8 t( K( k4 dIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.$ C+ v0 s+ R+ n
Amount: $150,000,000 (6,000,000 shares).* `" l$ Z! P; O
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
) Y) D# P( g. W% VPrincipal Characteristics of the Preferred Shares Series 18: k/ }( O$ O; W, E5 B
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed0 Y6 t  e8 C4 C9 _: E/ {) ], g4 l
non-cumulative preferential cash dividends, as and when declared by the2 T. v9 I( h2 V9 i5 R. t% ?! [
Board of Directors, subject to the provisions of the Bank Act, for the initial
& }- ]# D" Z4 f( `period commencing on the closing date and ending on and including
! d9 J+ E3 X5 X: {5 Q7 C* ^February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
+ n" k6 G8 v9 R& m7 _3 N6 q25th day of February, May, August and November in each year, at a rate
" o1 z# R+ ?+ @* k7 O/ V: F4 @equal to $0.40625 per share. The initial dividend, if declared, will be payable
( ?# u! V. K5 M  [% Q* \( UMay 25, 2009 and will be $0.73459 per share, based on the anticipated closing# ^+ K% H3 j% G6 J0 H
date of December 11, 2008.0 K2 i% R3 B5 h
For each five-year period after the Initial Fixed Rate Period (each, a
: o8 p' o/ h1 E( D‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
7 t- l' P4 B$ m+ X* a9 _- }' iSeries 18 will be entitled to receive fixed non-cumulative preferential cash
+ e$ ]" |* o+ _" @5 R  ^2 idividends, as and when declared by the Board of Directors, subject to the# O" P" O2 P  o4 }  F! @) M/ T
provisions of the Bank Act, payable quarterly on the 25th day of February,
9 k5 \% a. p) t7 B- z, sMay, August and November in each year, in the amount per share per annum
5 D2 X# A# G( R1 |! f; Jdetermined by multiplying the Annual Fixed Dividend Rate applicable to
6 l- g. s8 `. l' v; ssuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
! V/ W6 X3 f. x1 }, `- fRate for the ensuing Subsequent Fixed Rate Period will be determined by the
  y8 d; h3 ^0 a& xBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day# F' z2 K8 K9 F  ^
of such Subsequent Fixed Rate Period and will be equal to the sum of the
5 l! r3 d& n9 W" [) OGovernment of Canada Yield on the applicable Fixed Rate Calculation Date) g  @  D7 O8 |6 X
plus 3.83%.! ]- E* h3 b* n, F
If the Board of Directors does not declare a dividend, or any part thereof, on; Z# y/ _, z$ M3 j" q0 U
the Preferred Shares Series 18 on or before the dividend payment date for a
/ j' f4 e9 w7 I+ N5 @+ o/ Jparticular quarter, then the entitlement of the holders of the Preferred% C0 ?& U# ?2 v' |8 i( v
Shares Series 18 to receive such dividend, or to any part thereof, for such
0 ^$ K' g/ X8 W& W, D- {1 v% X: @quarter will be forever extinguished.
- ^4 |& E  l; {, g5 ZRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
5 H1 n6 R8 a0 r( BSuperintendent and to the provisions described below under ‘‘Details of the* N# A( e4 [9 [4 h! y
Offering — Certain Provisions of the Preferred Shares Series 18 as a
  e% h( m8 p1 z- cSeries — Restrictions on Dividends and Retirement of Shares’’, on
- j1 w& g; E+ s9 ]3 [% I$ yFebruary 25, 2014 and on February 25 every five years thereafter, on not1 K1 R1 E4 j' _7 P; B" q' `
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any* T) D' W  l  z: T# L( C
part of the then outstanding Preferred Shares Series 18, at the Bank’s option
: s- _: G/ ?: ~1 Mwithout the consent of the holder, by the payment of an amount in cash for
& V; ?' ?' g7 @each such share so redeemed of $25.00 together with all declared and unpaid
3 z( i1 o1 ?* d7 l9 ddividends to the date fixed for redemption.! R( h7 R5 e( c+ P
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
1 q$ |$ H* l6 a- _8 A9 dShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have+ b% i, ~& E; A9 f
the right, at their option, to convert, on February 25, 2014 and on
& h/ Z/ `% S4 S1 D% B# |S-4( H  a7 ^; t; Y0 |/ y( p
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any' ~. T! O5 U$ L4 T) i; U: o! @
or all of their Preferred Shares Series 18 into an equal number of Preferred; e: r0 Y% G# b2 \) z" {; N
Shares Series 19 upon giving to the Bank notice thereof not earlier than
7 g" h" [, Y8 b3 m" [+ w6 J$ E30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day6 N$ A5 q! i& k! o" z3 b- g
preceding, a Series 18 Conversion Date.1 x  ]9 V0 H' C/ q
Automatic Conversion If the Bank determines, after having taken into account all shares tendered* b4 \/ G9 C# @5 W6 L8 Y7 e& n
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares5 z  @7 D, W+ w
Series 19, as the case may be, that there would be outstanding on such$ M: j/ Y8 p* u8 _" s0 w
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
& l2 a* _2 t" a6 usuch remaining number of Preferred Shares Series 18 will automatically be: ]0 s7 q) R' i1 X' L$ q( o8 ]2 N
converted on such Series 18 Conversion Date into an equal number of
' I5 [: {$ V# g( [) G/ IPreferred Shares Series 19. Additionally, if the Bank determines that, after( g8 G: X8 S, G7 ~9 |/ \5 Y& z$ o
conversion, there would be outstanding on such Series 18 Conversion Date* G  F8 d# q1 f" Y! p- J& y: G
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares8 u8 \4 z0 T4 l- ^
Series 18 will be converted into Preferred Shares Series 19.! u4 g! C7 F& c4 Z
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
& O; \) |* t# n; ASeries 18 will not be entitled as such to receive notice of, attend, or vote at,) A9 i. t) q7 b6 f
any meeting of the shareholders of the Bank unless and until the first time at
' H. Q# e/ I5 kwhich the Board of Directors has not declared the whole dividend on the+ W4 Y0 e6 ~% I& ?! A4 E
Preferred Shares Series 18 in any quarter. In that event, subject as! P8 w# S" F6 @/ f6 D
hereinafter provided, the holders of Preferred Shares Series 18 will be
1 k5 h0 P3 f- Z4 x4 ]entitled to receive notice of, and to attend, meetings of shareholders at which
. U- m. U, x# odirectors of the Bank are to be elected and will be entitled to one vote for) m/ o5 s# X8 a9 z3 S" n
each Preferred Share Series 18 held. The voting rights of the holders of the$ Z, A" [1 w# B
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of, n+ j7 \' [' }- g
the first dividend on the Preferred Shares Series 18 to which the holders are
; F1 P8 ?7 f, H; a7 k/ yentitled thereunder subsequent to the time such voting rights first arose until
* I' e+ M8 Y7 ^" A) Dsuch time as the Bank may again fail to declare the whole dividend on the
  F% R. F; t& Q( H! X1 w: tPreferred Shares Series 18 in respect of any quarter, in which event such# l8 R! V9 G- F$ R, ~5 }2 o8 x
voting rights will become effective again and so on from time to time.
! K% ]* t4 B: k' i0 h  z( L, b. T4 {Principal Characteristics of the Preferred Shares Series 19
4 B3 h5 I, n( Y" F$ C' r3 ~! T5 jDividends: The holders of the Preferred Shares Series 19 will be entitled to receive
# _. j/ z& ^- |+ p$ a6 Lfloating rate non-cumulative preferential cash dividends, as and when5 j- o. K' O' }. y( |  ~" l- E
declared by the Board of Directors, subject to the provisions of the Bank Act,2 m; x1 k' f7 w
payable quarterly on the 25th day of February, May, August and November
1 e, H9 w1 X" g- B# xin each year, in the amount per share determined by multiplying the
, i, v8 N& D; V4 r, p7 D$ ^applicable Quarterly Floating Dividend Rate by $25.00.
$ a/ Y+ J8 H( {7 p9 R. ]On the 30th day prior to the commencement of the initial quarterly dividend  Z; Z& A! F8 Z
period beginning on February 25, 2014, and on the 30th day prior to the first
5 w% Z1 ^. Z4 c4 Yday of each subsequent quarterly dividend period (the initial quarterly) d" ?6 P1 {7 b3 W& K! `; E3 ^
dividend period and each subsequent quarterly dividend period is referred to
3 V  @0 C- }$ Q  Sas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the( V# v' B6 j* f. L1 T6 T0 Y! V  Z
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate+ B8 y3 M; |: [# h6 i  G
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the" U2 e/ n9 Y' S/ K
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days; ?( P4 \* U+ u! T; i
elapsed in the applicable Quarterly Floating Rate Period divided by 365)5 t) v7 }( _* m" c
determined on the 30th day prior to the first day of the applicable Quarterly
9 X+ d' g- i8 o. C* |) cFloating Rate Period.
/ A# k( ]* Q* qS-5
& e' I: p2 L) N. u+ j* jIf the Board of Directors does not declare a dividend, or any part thereof, on
3 u$ Q# C) G! y% T1 e3 I! H6 xthe Preferred Shares Series 19 on or before the dividend payment date for a9 o' J* F9 l5 g3 `6 a
particular quarter, then the entitlement of the holders of the Preferred  D9 L0 E8 h3 I7 P. U, j) n
Shares Series 19 to receive such dividend, or to any part thereof, for such
$ Q; r/ @! M  N, {8 c8 [2 }9 q* |quarter will be forever extinguished.
! b% F2 U' W3 A% rRedemption: Subject to the provisions of the Bank Act and to the prior consent of the, E. ^) \, B; y
Superintendent and to the provisions described below under the heading: j! |. [( j' L/ [( L
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
2 o8 q5 ^7 n2 tSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
# U4 q* _1 W# L' ]+ A4 h5 Bon not more than 60 nor less than 30 days’ notice, the Bank may redeem all$ h" A. ]0 ^1 l, M9 U
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
7 v4 Z# Y- H1 b% aoption without the consent of the holder, by the payment of an amount in# F$ p5 s1 ?. l  G
cash for each such share so redeemed of (i) $25.00 together with all declared) `6 u$ |  J. p  W  v
and unpaid dividends to the date fixed for redemption in the case of4 L) ^/ k8 C# h2 G( ?
redemptions on February 25, 2019 and on February 25 every five years4 v6 |9 w5 \/ p' e9 X
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
# H. x' @7 f% O1 Q9 `  zthe date fixed for redemption in the case of redemptions on any other date
3 W/ S5 K  i7 \% _6 hon or after February 25, 2014.
* l* A& Z% X& g6 q: a& QConversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
! f& L* k& i0 E5 z+ Z$ HShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
/ b( Z3 z& j. a' {, |$ Q0 p5 x! @the right, at their option, to convert, on February 25, 2019 and on5 k6 I% X- H' W# Z
February 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any7 G: ^0 S/ f- A+ O9 [
or all of their Preferred Shares Series 19 into an equal number of Preferred
2 c$ j! n9 k9 i( S( Y' S6 W7 g/ `Shares Series 18 upon giving to the Bank written notice thereof not earlier
9 |) g, m9 c0 @. [' }! w+ X2 }than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the) U1 G2 c! o/ W0 g0 x! Y/ }
15th day preceding, a Series 19 Conversion Date.7 e, {% R0 t& ^3 z' M5 ~
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
6 i7 {+ [- z/ O; F" r+ LProvisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares. |; Z4 F0 W$ P# f' j8 e6 P! j. f
Series 18, as the case may be, that there would be outstanding on such
8 _7 n, W8 ], [. w( s( Z1 }" V  }Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
0 a, X+ z2 d- {+ l9 jsuch remaining number of Preferred Shares Series 19 will automatically be7 D0 e4 Y# ^( \! s
converted on such Series 19 Conversion Date into an equal number of) X* |6 s5 ]1 H2 p
Preferred Shares Series 18. Additionally, if the Bank determines that, after( \$ k7 a" F$ n1 |
conversion, there would be outstanding on such Series 19 Conversion Date6 v: E# X) `) c
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
, _1 }0 Q3 f3 ^* R# YSeries 19 will be converted into Preferred Shares Series 18.
2 P0 U: @+ o8 ^9 qVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
4 N& X5 Y% }$ |4 O6 Z% }2 ~; cSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
. y8 H$ T; I  D" o. u& Tany meeting of the shareholders of the Bank unless and until the first time at
& V  ]# C* L) m: P9 @which the Board of Directors has not declared the whole dividend on the. C2 Y1 A2 \  b' L0 J
Preferred Shares Series 19 in any quarter. In that event, subject as
* p+ _6 `0 J) Q5 R/ Q  J$ [. c0 {hereinafter provided, the holders of Preferred Shares Series 19 will be
& W* j/ i- Q$ N, L2 [entitled to receive notice of, and to attend, meetings of shareholders at which
5 `2 @; e6 I3 s! F$ Idirectors of the Bank are to be elected and will be entitled to one vote for/ b$ W% @/ l! C5 o* ]
each Preferred Share Series 19 held. The voting rights of the holders of the' f& m' e) X6 z; u3 v" B6 K9 |
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
. X& ]( I( N8 N. Qthe first dividend on the Preferred Shares Series 19 to which the holders are# n+ y" O* X2 W& K% N; c
entitled thereunder subsequent to the time such voting rights first arose until
4 G8 z  g$ @) B- A. `1 }/ \9 X4 {such time as the Bank may again fail to declare the whole dividend on the: o2 E6 G" {2 g% J2 E+ F: h
Preferred Shares Series 19 in respect of any quarter, in which event such
  M- a; q6 i0 S& rvoting rights will become effective again and so on from time to time.
- `7 {/ {2 V( P" d$ n- t4 l7 V- jS-6
& c, o1 \2 v: ^6 q8 ePriority: The preferred shares of each series of the Bank will rank on a parity with
+ y. O2 \: B# Kevery other series and are entitled to preference over the common shares of
5 H1 `3 F5 V4 A- n9 i1 ^9 lthe Bank and over any other shares of the Bank ranking junior to the9 d2 _& T4 ~! D/ n8 E: d6 {, v
preferred shares with respect to the payment of dividends and upon any
( k7 T4 s/ d) w. Z9 d( j( t2 ]distribution of assets in the event of the liquidation, dissolution or" ~6 I& G* o1 l: o# \3 O
winding-up of the Bank.# ^0 H, U" ?. z8 y' h, w& R
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
8 R/ I$ u/ d4 ^5 P7 p2 W! S, y' WDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
5 j# l. R/ z- M; I0 ]! |Series 18 and Preferred Shares Series 19 will not be required to pay tax on
; W: D; M, n# W" }0 S3 L$ _4 Cdividends 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。+ D3 Q$ p  M9 I, [/ Q0 H9 {
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
" V/ A% h/ m- E7 X$ \! H5 m, J

' o1 l. ~) C, t/ E+ C/ ~, I下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。% I, j+ H( W2 r) `, ~! K  `
, N" x8 M3 A( Y, ]2 d/ x, N5 f
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。
您需要登录后才可以回帖 登录 | 注册

本版积分规则

联系我们|小黑屋|手机版|Archiver|埃德蒙顿中文网

GMT-7, 2026-8-22 15:21 , Processed in 0.119345 second(s), 12 queries , Gzip On, APC On.

Powered by Discuz! X3.4

Copyright © 2001-2021, Tencent Cloud.

快速回复 返回顶部 返回列表