埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 3193|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。/ ^% P; t, \$ M5 e% ~/ {

* f6 }. Y* A1 r5 M5 Y6 _; F9 M# w$ @, }* k, `
[ 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, O) \3 [3 WSUMMARY OF THE OFFERING& Q6 J: k. E+ H' w) h( x6 `
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’’.
5 _8 T( z. T, T" c! YIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
' \; I( Q+ J1 ]: M$ ZAmount: $150,000,000 (6,000,000 shares).
  G8 ~/ X6 v) u" \  @, Q; [0 \( X$ hPrice and Yield: $25.00 per share to yield initially 6.50% per annum.) G3 t# o- ?! e7 g
Principal Characteristics of the Preferred Shares Series 18
9 |6 H9 k" M7 s% h4 s$ x8 ]/ XDividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
7 ^3 R: w$ |/ ]2 Inon-cumulative preferential cash dividends, as and when declared by the+ C5 C4 g8 J( f/ W2 N- B5 Q
Board of Directors, subject to the provisions of the Bank Act, for the initial1 Y2 o6 W. r# @4 V5 F% w! k2 ^
period commencing on the closing date and ending on and including
: X' f7 t2 w& t" [February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
" V3 s+ D: y3 i) W; [25th day of February, May, August and November in each year, at a rate- D' J' R7 G' ]6 G# ?. k8 r
equal to $0.40625 per share. The initial dividend, if declared, will be payable
5 k5 w  T9 J9 {/ M, ?May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
# r  s! {2 ^0 s* b( o) v+ J9 @- Idate of December 11, 2008.
) G0 H7 o  I6 ^For each five-year period after the Initial Fixed Rate Period (each, a* {* G( x' Q2 r; [. ~& H" M
‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
; B; ?5 g0 I/ g. ?" D8 Z, qSeries 18 will be entitled to receive fixed non-cumulative preferential cash9 T' C) y# |# r" f4 F
dividends, as and when declared by the Board of Directors, subject to the6 r( s; q" b; e; Y5 m9 L
provisions of the Bank Act, payable quarterly on the 25th day of February,
& u( o' a4 q1 x% G- k, z. ^- _May, August and November in each year, in the amount per share per annum" E7 D3 e7 i7 _: f( L
determined by multiplying the Annual Fixed Dividend Rate applicable to# i  B8 j7 n- U! m! n' ]2 k
such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend9 t$ N" L$ g& u
Rate for the ensuing Subsequent Fixed Rate Period will be determined by the# ]3 ]- u" x" m% I( d
Bank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
% j! d$ \/ F% B0 p) s. F. O, c- wof such Subsequent Fixed Rate Period and will be equal to the sum of the. u& G, }5 e; p" Q
Government of Canada Yield on the applicable Fixed Rate Calculation Date3 B7 m) y1 n4 L+ i! H
plus 3.83%.& W, O  X. r! A" t
If the Board of Directors does not declare a dividend, or any part thereof, on& k' b7 ?$ {# ]1 M9 ?* p$ i# t2 }
the Preferred Shares Series 18 on or before the dividend payment date for a
' n# n' q6 C2 p, x  y3 M, g, uparticular quarter, then the entitlement of the holders of the Preferred
9 U4 P' \& w+ T  _  AShares Series 18 to receive such dividend, or to any part thereof, for such
* W8 p7 a. c; {3 _2 L7 b+ K. O! |quarter will be forever extinguished.
- ]& p2 E. b! JRedemption: Subject to the provisions of the Bank Act and to the prior consent of the
. N* K+ d; d! r! N" z& `# JSuperintendent and to the provisions described below under ‘‘Details of the
( c! J5 Z% ]% P' Z* jOffering — Certain Provisions of the Preferred Shares Series 18 as a
( S$ s6 k% }0 Z: B3 J) ]% T/ q) q. X, y* `Series — Restrictions on Dividends and Retirement of Shares’’, on- w! @0 W9 Q" ]9 c+ f$ N1 B0 i
February 25, 2014 and on February 25 every five years thereafter, on not5 F5 v: {3 q! n5 j7 U9 w
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
9 r/ e! d/ D. }8 ?0 n" {" w; Spart of the then outstanding Preferred Shares Series 18, at the Bank’s option6 x. ]( S  X$ h# z" k& z
without the consent of the holder, by the payment of an amount in cash for
% P7 H0 T# N+ ~5 l; Q0 M" ^+ ieach such share so redeemed of $25.00 together with all declared and unpaid
: r& Q6 M  D- ~dividends to the date fixed for redemption.) t9 f9 b3 s" Y( r! y0 A! ]
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic
! s; g8 v6 ^6 K2 D. x* I6 p% ~7 EShares Series 19: conversion provisions and the right of the Bank to redeem those shares, have2 A4 J2 v- |  v
the right, at their option, to convert, on February 25, 2014 and on
8 A+ B/ `9 e: ?6 nS-4
9 J0 d9 M& ~5 t+ r6 g7 ?- b( NFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
8 b+ w: i; I7 x5 @or all of their Preferred Shares Series 18 into an equal number of Preferred
, E1 y1 Z/ G- l4 H+ r1 sShares Series 19 upon giving to the Bank notice thereof not earlier than
7 q$ b' c- x. @6 t1 c0 \$ G30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day% A7 p" q. _, y+ s
preceding, a Series 18 Conversion Date.# {5 H1 A: y0 }9 S, V) f& U
Automatic Conversion If the Bank determines, after having taken into account all shares tendered& g5 D/ B: N' C. t  h
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares! w. S5 T( l& b& I4 `, D
Series 19, as the case may be, that there would be outstanding on such
" }7 o+ D& _8 Q7 ~( s; [! [( PSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
: n9 ]) W. S/ e/ K# [) ~such remaining number of Preferred Shares Series 18 will automatically be
. \. _/ J. }: ]converted on such Series 18 Conversion Date into an equal number of
: C6 |, ], Q1 Z3 ?+ Q1 B' s4 rPreferred Shares Series 19. Additionally, if the Bank determines that, after
; M' N& c6 s- m* f* h* H/ o, t: W% ]conversion, there would be outstanding on such Series 18 Conversion Date
" b2 f3 s2 `$ D: ]# f: B) }less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares! X$ C+ l% r8 j+ p7 C  N6 h
Series 18 will be converted into Preferred Shares Series 19.
8 k  a! S0 c& Z" I$ UVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares7 A, _& G, Q* a/ h3 F
Series 18 will not be entitled as such to receive notice of, attend, or vote at,: C+ a6 Z; J: m; r+ t3 }' N/ q) ?
any meeting of the shareholders of the Bank unless and until the first time at7 _0 _5 Y" y/ q! Y4 j3 r+ t$ @# {
which the Board of Directors has not declared the whole dividend on the( `8 P! f6 M7 }/ V; y
Preferred Shares Series 18 in any quarter. In that event, subject as2 W/ t5 ?- @" q" b. w, _' O
hereinafter provided, the holders of Preferred Shares Series 18 will be
& G" S( B; l2 w" S* s$ y  Sentitled to receive notice of, and to attend, meetings of shareholders at which
: J: M2 b5 M/ w. P- jdirectors of the Bank are to be elected and will be entitled to one vote for
+ x2 O! U# e. d) Y8 Eeach Preferred Share Series 18 held. The voting rights of the holders of the
! d' u+ W  P# ~& A- p: xPreferred Shares Series 18 will forthwith cease upon payment by the Bank of+ f) j8 ?1 R: Z3 z
the first dividend on the Preferred Shares Series 18 to which the holders are6 ~  K* N; u7 D: y
entitled thereunder subsequent to the time such voting rights first arose until: B0 R  r) ~+ H* O* i0 x
such time as the Bank may again fail to declare the whole dividend on the8 r7 i* I- O$ n; R6 X+ a) h7 [
Preferred Shares Series 18 in respect of any quarter, in which event such
* Y0 U9 L/ A+ w4 G( ]( a& @/ lvoting rights will become effective again and so on from time to time.- j" ~2 o/ Y/ H5 Q, A
Principal Characteristics of the Preferred Shares Series 19- v  g5 T9 b. i; ~, t8 M
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive
1 m9 ?- K' [% }1 M( w! Hfloating rate non-cumulative preferential cash dividends, as and when( c) E6 E) t) m- F
declared by the Board of Directors, subject to the provisions of the Bank Act,/ v) {1 V8 v9 G6 c5 l0 D2 C, _# n
payable quarterly on the 25th day of February, May, August and November" i! X0 E/ D: W, x2 h
in each year, in the amount per share determined by multiplying the/ x6 Y8 A/ e- L1 E6 s  r# A$ Q
applicable Quarterly Floating Dividend Rate by $25.00.
) g) c7 E* R) }+ X8 rOn the 30th day prior to the commencement of the initial quarterly dividend+ ?- v0 Z8 l" Y6 K) G3 S( y
period beginning on February 25, 2014, and on the 30th day prior to the first
: j7 D* Q8 |" F: xday of each subsequent quarterly dividend period (the initial quarterly% |; g. z! g. _/ I
dividend period and each subsequent quarterly dividend period is referred to
- l5 e9 M1 n3 h9 `' P! ^( p' O# @8 t+ r& Cas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
" r3 Y( Y% p! {Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
) l$ c) ~. o" q6 J; @  Q1 aPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the) u5 P8 W# P. K" E0 O% r
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days8 U, y) a' B5 Y8 h
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
; Z" H* F* K  t; Ldetermined on the 30th day prior to the first day of the applicable Quarterly- A% \! c3 [4 K, X& L
Floating Rate Period.
4 \, f4 Y+ w4 s& m& f$ Y2 zS-5  N0 b4 W+ {9 x# T7 R9 n% y
If the Board of Directors does not declare a dividend, or any part thereof, on' t' L, H1 }1 C: M
the Preferred Shares Series 19 on or before the dividend payment date for a7 G5 m9 g1 b2 x1 E8 C
particular quarter, then the entitlement of the holders of the Preferred
  I. u7 e. c; R! SShares Series 19 to receive such dividend, or to any part thereof, for such
# }. e" X- r# bquarter will be forever extinguished.; S& N/ i! I  X/ A  Q# H
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the0 I$ `! P/ A7 W) M
Superintendent and to the provisions described below under the heading
" a  K5 d  ~4 J‘‘Details of the Offering — Certain Provisions of the Preferred Shares8 u6 r/ v7 h8 f/ ?
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
! o9 S3 M6 x* W* ?on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
, U+ B! r8 m5 V' Aor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
5 k5 x7 K% U  s; Ioption without the consent of the holder, by the payment of an amount in
+ J) y! P0 P6 ]8 i. P8 Tcash for each such share so redeemed of (i) $25.00 together with all declared8 T! I6 y% Z7 {6 L0 _/ m
and unpaid dividends to the date fixed for redemption in the case of! f7 ], p& T! J$ S: ~& V1 S; i
redemptions on February 25, 2019 and on February 25 every five years
# H- l: p. H6 p2 pthereafter, or (ii) $25.50 together with all declared and unpaid dividends to
% i2 Y. n' _8 n. ]0 P7 V) M# ithe date fixed for redemption in the case of redemptions on any other date& M0 }# i2 C/ k2 f- F
on or after February 25, 2014.- z4 V  `6 E' E
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
, e2 ^  c6 F2 c3 w) EShares Series 18: conversion provisions and the right of the Bank to redeem those shares, have2 a. F1 w! \1 s: L) B
the right, at their option, to convert, on February 25, 2019 and on
& a0 I7 s- q  F2 Q8 LFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any. H2 }. t% s$ ^$ B% L
or all of their Preferred Shares Series 19 into an equal number of Preferred( N1 \1 @9 _3 f, R2 k
Shares Series 18 upon giving to the Bank written notice thereof not earlier% D/ p9 p& j. O( w
than 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
: A5 Y  c" b" l* w& q15th day preceding, a Series 19 Conversion Date.
1 o& s" f# v( C( X5 R* D0 i3 hAutomatic Conversion If the Bank determines, after having taken into account all shares tendered. }1 S0 u( S, ~& C" O9 p
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares2 c7 j6 B9 Z6 d( g" k, ~
Series 18, as the case may be, that there would be outstanding on such1 q4 R4 S6 H: v( t: D' x9 e0 L
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,2 `( C9 u) \" h1 \: `
such remaining number of Preferred Shares Series 19 will automatically be' G  j+ h6 e8 K5 ?; F. g- o
converted on such Series 19 Conversion Date into an equal number of
2 N+ m  s% a$ _: }* W" LPreferred Shares Series 18. Additionally, if the Bank determines that, after
* s0 Z2 N2 _' A% yconversion, there would be outstanding on such Series 19 Conversion Date
/ ^: f1 }4 i+ Uless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares9 u7 }3 L4 H2 P& W+ D/ h9 [
Series 19 will be converted into Preferred Shares Series 18.' i+ b$ h" i* a
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
& O, f8 c6 ?5 S0 Z- J, G: ?3 ]Series 19 will not be entitled as such to receive notice of, attend, or vote at,
& |1 `! B/ Q6 j7 N* Q/ Q7 {any meeting of the shareholders of the Bank unless and until the first time at
- U. w- e6 ^- @8 V7 J& A: R+ Nwhich the Board of Directors has not declared the whole dividend on the
7 i! \' Z$ V+ ZPreferred Shares Series 19 in any quarter. In that event, subject as" U/ R7 w" J7 b# ]6 U; F
hereinafter provided, the holders of Preferred Shares Series 19 will be
- D0 i* H0 `  W6 I" p. kentitled to receive notice of, and to attend, meetings of shareholders at which
3 {- p0 p, w. C+ R1 ]. Sdirectors of the Bank are to be elected and will be entitled to one vote for. K9 n, s: h$ n: e2 _3 K
each Preferred Share Series 19 held. The voting rights of the holders of the( y; C- L  b1 r; t
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of
% E$ n/ z+ S1 ?) \the first dividend on the Preferred Shares Series 19 to which the holders are
% p0 @8 F; h' x% D7 Aentitled thereunder subsequent to the time such voting rights first arose until
5 C" \! Z2 R/ F' b- \, vsuch time as the Bank may again fail to declare the whole dividend on the, S$ S" l( A8 K4 k9 u2 V) n2 e
Preferred Shares Series 19 in respect of any quarter, in which event such
1 @8 j  P  \7 M3 j- Y2 ?voting rights will become effective again and so on from time to time., D7 m( g* N. z
S-6
  T& x, k- z6 W$ h, F, d5 Y+ aPriority: The preferred shares of each series of the Bank will rank on a parity with: I3 E) E6 U7 a/ Y
every other series and are entitled to preference over the common shares of+ J9 j1 m0 w) q9 p# X" S, [
the Bank and over any other shares of the Bank ranking junior to the1 ~2 {1 a% {% W& i0 F9 Y, ^$ B
preferred shares with respect to the payment of dividends and upon any
; `8 @) s' ]0 |* Rdistribution of assets in the event of the liquidation, dissolution or# n+ V5 j+ z1 V: S. j" f4 D
winding-up of the Bank.  m+ {6 s3 E4 }4 z7 c: Z
Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
( z3 s6 s; a: W5 q8 l# h8 SDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares3 V; i2 {' {1 E+ h' ^; k1 ]
Series 18 and Preferred Shares Series 19 will not be required to pay tax on
5 B9 D# m9 K; Q2 [9 _! C0 sdividends 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。* k4 P5 k' Q- y, o) b
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
) r( J# G6 M" C

* L6 _: K: }0 B. ?! @, {6 [下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
, Q  h- k$ Y4 {  h- u7 A2 p3 n; x: k: P' S  p3 m
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。
理袁律师事务所
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, 2026-7-2 12:21 , Processed in 0.143325 second(s), 11 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