埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 2410|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。4 B0 g1 t: Z- B2 M- Q8 `/ V2 j, k
9 D( D* F# C% s+ V9 \6 W
8 ]( H5 U0 c! Z9 z8 w
[ 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:
0 p( ?$ c6 Y3 G7 q7 o6 F* a& u+ V( e/ _SUMMARY OF THE OFFERING
! U2 {8 }0 |- Y8 A5 Q( SThis 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’’.1 `5 |/ R/ L- F5 q5 v
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.. c- ^* c/ L' E
Amount: $150,000,000 (6,000,000 shares).$ D! O7 Y) Z+ h9 z# n
Price and Yield: $25.00 per share to yield initially 6.50% per annum.4 f  M9 l: V; O+ W- J  V& Q
Principal Characteristics of the Preferred Shares Series 18& ], @7 G6 O3 o" ?$ Z0 p
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed' \' {  \8 Y& H( s6 J' Y2 c3 s7 a
non-cumulative preferential cash dividends, as and when declared by the
( @" j) S3 F% C$ pBoard of Directors, subject to the provisions of the Bank Act, for the initial+ a. d& J- t9 {( i7 Q( V
period commencing on the closing date and ending on and including4 S) s: ^# m: O4 Q1 A6 O2 E
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
5 }) b0 D) G: o+ I( M25th day of February, May, August and November in each year, at a rate/ ]( w  y! L2 ?4 u3 |0 C! {( G* F
equal to $0.40625 per share. The initial dividend, if declared, will be payable! S0 d+ S$ M: f- s7 W! f2 i9 ^5 q
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
) G, ~3 X) W1 T; Z# |date of December 11, 2008.
% ^' R6 c9 Z. R& h3 L  T' EFor each five-year period after the Initial Fixed Rate Period (each, a
% f. D* D2 p% [' O‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares" Z  J# @$ q$ s1 t& j
Series 18 will be entitled to receive fixed non-cumulative preferential cash
" g5 X7 k" |: n2 S$ M; qdividends, as and when declared by the Board of Directors, subject to the5 g7 w7 N8 r& W8 j
provisions of the Bank Act, payable quarterly on the 25th day of February,# }: C' ?! L* R3 ^
May, August and November in each year, in the amount per share per annum# }7 ~& }5 V6 d7 J* E, r
determined by multiplying the Annual Fixed Dividend Rate applicable to
4 e; l- D. k) ]such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend5 [5 r; C% S$ u5 J, o# S
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the: J. k0 N" G" T( D; H: R& I6 j# K
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day4 t- j) s: M$ o" J8 ?. j6 R1 Z
of such Subsequent Fixed Rate Period and will be equal to the sum of the
& N; m1 s3 @; A4 V- D! sGovernment of Canada Yield on the applicable Fixed Rate Calculation Date
$ [9 n$ ]9 g1 O& L) D) F/ uplus 3.83%.9 ?4 F" t" c  f8 I
If the Board of Directors does not declare a dividend, or any part thereof, on
0 H, C" P; b: k: [" g. A( dthe Preferred Shares Series 18 on or before the dividend payment date for a& p2 ^8 M' E. j( ^. M
particular quarter, then the entitlement of the holders of the Preferred$ b- P3 n: W- Z  `3 e* V" [
Shares Series 18 to receive such dividend, or to any part thereof, for such
8 U7 [/ C5 W0 x6 yquarter will be forever extinguished.; g' w/ @  I) I% S
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
: m8 p7 y; A* ~Superintendent and to the provisions described below under ‘‘Details of the
8 T' T4 \8 O7 e1 LOffering — Certain Provisions of the Preferred Shares Series 18 as a
- n( e3 z9 Z8 a- cSeries — Restrictions on Dividends and Retirement of Shares’’, on+ v0 c; j: [8 C. j
February 25, 2014 and on February 25 every five years thereafter, on not/ }* |' q0 v) J2 w4 o
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
; f( I( U; o  K/ j' h5 f% O. y0 Cpart of the then outstanding Preferred Shares Series 18, at the Bank’s option
6 n* I7 c. `! d9 J6 e9 z) awithout the consent of the holder, by the payment of an amount in cash for/ P% E3 k& h, q9 c4 z$ H
each such share so redeemed of $25.00 together with all declared and unpaid
; O  _1 @, s7 w6 idividends to the date fixed for redemption./ w; P: k( I2 [' Z
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic. f1 `2 d2 {' d0 Q+ K: s7 N9 |
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have9 d+ ^$ U* S  L9 V
the right, at their option, to convert, on February 25, 2014 and on
# i) c) f9 C7 |1 h" |S-4
; s' v( Y& C2 h8 JFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any# p2 c3 s' a# w! D# H
or all of their Preferred Shares Series 18 into an equal number of Preferred/ \9 @6 |2 W4 ^3 B" z$ `
Shares Series 19 upon giving to the Bank notice thereof not earlier than% b' a! @9 c- D9 _$ W+ {
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day# r: s; i* T7 j) y& m3 A, o
preceding, a Series 18 Conversion Date.
; I9 B7 h& X/ G  X! mAutomatic Conversion If the Bank determines, after having taken into account all shares tendered' x# N0 {* y  d" o
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares
$ v; e, Q3 h5 N8 T5 H/ E7 `4 DSeries 19, as the case may be, that there would be outstanding on such* R) n) I' B% F0 n
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
* B  Z: X( _: o/ dsuch remaining number of Preferred Shares Series 18 will automatically be
& V2 j- S, t' Kconverted on such Series 18 Conversion Date into an equal number of
) I: |+ J* g- GPreferred Shares Series 19. Additionally, if the Bank determines that, after9 f0 O/ k; E* U1 n. e3 ~
conversion, there would be outstanding on such Series 18 Conversion Date2 @% ?, T; X0 j2 |% j: W
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares, p( t' [: j: D- F$ z1 V# s9 h% J
Series 18 will be converted into Preferred Shares Series 19.
/ u& J0 B" V5 F4 _Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
! }4 D, h2 @* S6 cSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
- F- _6 C. e; L" O7 @! Q0 Cany meeting of the shareholders of the Bank unless and until the first time at1 L7 W/ q& L: n- |+ y$ h
which the Board of Directors has not declared the whole dividend on the- k  G0 V4 P, K. K
Preferred Shares Series 18 in any quarter. In that event, subject as( u6 r7 ]" R# M% h( v1 R% X! W
hereinafter provided, the holders of Preferred Shares Series 18 will be
. s9 V0 L6 y6 g3 H( `entitled to receive notice of, and to attend, meetings of shareholders at which1 @& O4 J3 V6 v
directors of the Bank are to be elected and will be entitled to one vote for
' ?7 e2 v5 W, w- F: S3 {5 J3 J$ geach Preferred Share Series 18 held. The voting rights of the holders of the- H, ~& X$ {, F
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of" G8 Q; s5 A$ O% W+ o- N& f9 U1 @
the first dividend on the Preferred Shares Series 18 to which the holders are
$ {) K/ H9 v) _7 l" g% e" k$ Eentitled thereunder subsequent to the time such voting rights first arose until
* E7 o$ q; `0 Q2 lsuch time as the Bank may again fail to declare the whole dividend on the. f  u$ x4 ]' R. j3 L
Preferred Shares Series 18 in respect of any quarter, in which event such
. {/ q+ f6 z( }' T; Rvoting rights will become effective again and so on from time to time.
) a5 X* C+ Y8 @! d/ lPrincipal Characteristics of the Preferred Shares Series 19
, z& f, h; l3 y" L- ADividends: The holders of the Preferred Shares Series 19 will be entitled to receive9 e/ b& J; E# g3 c8 d7 S
floating rate non-cumulative preferential cash dividends, as and when
" i) @" w: `4 }, Vdeclared by the Board of Directors, subject to the provisions of the Bank Act,3 p" n& D/ H$ B* z! ?
payable quarterly on the 25th day of February, May, August and November
0 X' o3 Z1 k# W1 v5 X5 a. O" Rin each year, in the amount per share determined by multiplying the6 V0 D8 ]7 U" v+ f; c- K. J
applicable Quarterly Floating Dividend Rate by $25.00.
/ C& t. U+ s) N  r0 OOn the 30th day prior to the commencement of the initial quarterly dividend( {) r( ~1 L5 }9 E! \/ P
period beginning on February 25, 2014, and on the 30th day prior to the first
! R8 @' M7 R' T9 [day of each subsequent quarterly dividend period (the initial quarterly
$ U5 s8 b/ i& }9 rdividend period and each subsequent quarterly dividend period is referred to( m) M' s. s1 I6 M# h1 D/ g4 l% q
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
5 G4 r4 y( b9 ]" u& M, p( ?: Q; b/ gQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
  ]! s; v0 J4 p" ]* X) @3 EPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
/ x- p6 V$ J9 A8 u- UT-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
: |% V+ Q$ |% m9 Helapsed in the applicable Quarterly Floating Rate Period divided by 365)2 C/ n3 M# l% u* z) ]6 s  Q& q- ~
determined on the 30th day prior to the first day of the applicable Quarterly
, q+ ]* w7 c: c0 h* k% VFloating Rate Period.! x  a4 v0 n* R( R9 d* h
S-5
. H+ x) B$ I0 N2 o& [If the Board of Directors does not declare a dividend, or any part thereof, on# o0 f: n6 y6 Z4 P8 D
the Preferred Shares Series 19 on or before the dividend payment date for a8 P& |+ y5 P; k7 {' J
particular quarter, then the entitlement of the holders of the Preferred
$ c4 j' u' d0 ^: cShares Series 19 to receive such dividend, or to any part thereof, for such6 s# b- q: T/ k( G8 ^/ g
quarter will be forever extinguished.& ?& G# a; l: q! L! J
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the) f# l+ C& F( p; l$ P
Superintendent and to the provisions described below under the heading
6 t2 c6 X5 m9 L: T3 d9 R0 l‘‘Details of the Offering — Certain Provisions of the Preferred Shares
( h2 h$ i  w* `5 eSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
; ], C7 _% B% X4 ^3 a, e# }on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
2 i2 ^* W3 @9 A4 Nor any part of the then outstanding Preferred Shares Series 19, at the Bank’s8 `0 v# d# x2 ]6 D, ^4 t; _
option without the consent of the holder, by the payment of an amount in( b* O) p5 F. R  V  r& a
cash for each such share so redeemed of (i) $25.00 together with all declared# |+ m) \/ y) i  N
and unpaid dividends to the date fixed for redemption in the case of3 k4 A! J+ `* \# M, Q
redemptions on February 25, 2019 and on February 25 every five years
; E- \. Y3 [6 O# Z" Nthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
! k9 d- Z3 e8 I! C1 e* H, ^3 Q+ h7 }the date fixed for redemption in the case of redemptions on any other date
0 j  F9 A/ a& [# ?& qon or after February 25, 2014.% k% }+ w% P& [+ d1 ^
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic; X6 e8 v8 e0 ~. _5 R
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have2 f$ g3 G- y  C
the right, at their option, to convert, on February 25, 2019 and on
2 w7 J* x* V1 I& U; t9 SFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any! U5 {/ u- N3 t" |
or all of their Preferred Shares Series 19 into an equal number of Preferred  Z3 ~- D* H+ f  }2 `
Shares Series 18 upon giving to the Bank written notice thereof not earlier4 \8 K5 ?* V+ O
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
3 l, B8 f# Y( z' C% W2 N; \15th day preceding, a Series 19 Conversion Date.
! [* \2 T. x$ }" u6 o8 c  w7 m2 |Automatic Conversion If the Bank determines, after having taken into account all shares tendered2 B! X2 s" _# r! h% b
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares
6 l; o0 i5 P+ T& RSeries 18, as the case may be, that there would be outstanding on such# m  B, B8 m) b
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
& T0 x5 N$ a5 ^. Y  Nsuch remaining number of Preferred Shares Series 19 will automatically be
' f" e/ W9 R1 ?& X0 L, D* }' z/ jconverted on such Series 19 Conversion Date into an equal number of% A* g. {& {# a4 y2 h7 X  h
Preferred Shares Series 18. Additionally, if the Bank determines that, after
+ N5 d; _' ]* s* F& K1 a' sconversion, there would be outstanding on such Series 19 Conversion Date
+ I& h& L' F0 W( c) \less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
# v# w7 T" ~/ ]4 V+ |# |( ]Series 19 will be converted into Preferred Shares Series 18.
# F4 d1 m- [: I, H1 A' u# f0 fVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
0 R8 c1 I2 x2 ASeries 19 will not be entitled as such to receive notice of, attend, or vote at,
  M8 d% |* S, Nany meeting of the shareholders of the Bank unless and until the first time at3 |2 T+ c4 T" \1 {2 p
which the Board of Directors has not declared the whole dividend on the& D- o- L& q4 K0 g. k9 T; ]* Z. g
Preferred Shares Series 19 in any quarter. In that event, subject as
4 P  y# N: L- l; ~5 A; W$ Fhereinafter provided, the holders of Preferred Shares Series 19 will be% S: E3 _* W7 O2 ?5 O/ x' f6 T6 N
entitled to receive notice of, and to attend, meetings of shareholders at which  J3 ]; i7 j( S7 f+ D
directors of the Bank are to be elected and will be entitled to one vote for" V% X- |) v" k  F! L
each Preferred Share Series 19 held. The voting rights of the holders of the
" m, H# f1 v1 h) JPreferred Shares Series 19 will forthwith cease upon payment by the Bank of% J4 X9 D) o! V- z! @. m: h+ E
the first dividend on the Preferred Shares Series 19 to which the holders are. r$ D# t7 B$ y3 E, G& B8 e
entitled thereunder subsequent to the time such voting rights first arose until% c( I  u4 b8 Z" b
such time as the Bank may again fail to declare the whole dividend on the
3 P" |0 @" E" @Preferred Shares Series 19 in respect of any quarter, in which event such
/ ^2 K0 I" S% M: ]$ z7 w0 rvoting rights will become effective again and so on from time to time.
$ e* q7 H% d4 h  x% pS-6
' U5 j. R; s" y% C; p. _Priority: The preferred shares of each series of the Bank will rank on a parity with
' f  W- \# N( A0 t( b7 u: k. L" nevery other series and are entitled to preference over the common shares of) H7 ]+ f$ E: H( C! M) n
the Bank and over any other shares of the Bank ranking junior to the: Q: y8 ~* o. Q. T! L4 {
preferred shares with respect to the payment of dividends and upon any
" v/ G1 s$ r  c! {5 X. n1 K5 kdistribution of assets in the event of the liquidation, dissolution or- N$ Q0 G/ K4 S! m9 j8 Q& i
winding-up of the Bank.
* a* ?/ Z% C5 l! WTax on Preferred Share The Bank will elect, in the manner and within the time provided under
, u+ W) p- E# {4 I( N) wDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares- m: s$ }, O2 r/ F2 q8 J
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
% `# W$ m. F# t0 Edividends 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。3 I0 t3 s9 ~$ S9 o% a( 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
6 r; R; |0 c! y9 A& t

) |1 T% d0 @( r下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。) D  R1 w" M+ C' U! {

% Y8 o- v0 @$ C* m) scall 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, 2025-8-28 02:31 , Processed in 0.150063 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