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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。& p  [/ d! S$ n4 [$ L* D
) H/ ]4 [& G8 D/ f/ M+ k

9 D: i7 g% S0 }) K# L/ L" m. B[ 本帖最后由 yxia 于 2008-11-29 17:22 编辑 ]
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 楼主| 发表于 2008-11-29 16:58 | 显示全部楼层
下面是BMO的:
; `- v& z9 h; ^. O; e- b2 ?) LSUMMARY OF THE OFFERING
2 q; A. `$ O" G+ [: B% y2 |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’’., T+ q6 Y0 |7 y, f" v% B) v9 [$ G
Issue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.! _' Q. ~. V4 g1 h8 X: p
Amount: $150,000,000 (6,000,000 shares).; ]4 `; v( i# l' ?0 Y% Q& R5 ~
Price and Yield: $25.00 per share to yield initially 6.50% per annum.: s7 N/ j6 U) ]' J
Principal Characteristics of the Preferred Shares Series 182 _$ a' |2 J, S6 q* D, j
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed: }# L+ ]4 a/ K! [* t& ^
non-cumulative preferential cash dividends, as and when declared by the
& w1 P! W9 o+ o; r6 G5 ZBoard of Directors, subject to the provisions of the Bank Act, for the initial
! y( H9 |/ }% qperiod commencing on the closing date and ending on and including- ?2 X9 B% i( X0 {7 x; e8 w' y
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the1 ?, w+ ~5 U* \( Y9 r+ S
25th day of February, May, August and November in each year, at a rate
+ U! \5 {" p: `# X& Mequal to $0.40625 per share. The initial dividend, if declared, will be payable- g2 K' t2 k/ p3 Q
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing
6 n0 J: T" R7 b5 zdate of December 11, 2008.1 k; D4 Q& \* s' X
For each five-year period after the Initial Fixed Rate Period (each, a
2 N0 g4 a* _4 o/ ~7 J7 H‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
/ V* m1 u- p# E  h* nSeries 18 will be entitled to receive fixed non-cumulative preferential cash+ H7 g2 ]' x. E$ Z8 k" h0 Z! L
dividends, as and when declared by the Board of Directors, subject to the* i3 _7 J6 R  G% K/ @0 Y
provisions of the Bank Act, payable quarterly on the 25th day of February,
$ Y2 K; ~$ y1 Z3 T2 R1 lMay, August and November in each year, in the amount per share per annum
2 a7 z! O4 V. r2 h- h5 [0 V: pdetermined by multiplying the Annual Fixed Dividend Rate applicable to
, Y% @# C& b5 l$ ]such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
4 m3 X* @5 L3 \, dRate for the ensuing Subsequent Fixed Rate Period will be determined by the
  ?" |/ y/ [1 g! jBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
1 {7 V5 _+ O. Z  {( o5 j# ]2 R  U* [of such Subsequent Fixed Rate Period and will be equal to the sum of the
2 ^" Z! _# N+ c" k# ~- k2 wGovernment of Canada Yield on the applicable Fixed Rate Calculation Date, S: @0 T  n) w6 M5 p) y6 Y
plus 3.83%.! [% h+ _2 R$ [3 I4 M
If the Board of Directors does not declare a dividend, or any part thereof, on
: P: K7 ?6 t% o  H9 {. Vthe Preferred Shares Series 18 on or before the dividend payment date for a
1 C, g  z% e" c9 l5 o# n3 B6 A  Wparticular quarter, then the entitlement of the holders of the Preferred& z! n% J4 W4 V" j
Shares Series 18 to receive such dividend, or to any part thereof, for such
+ e* R4 l9 E5 V8 q6 Uquarter will be forever extinguished.! ^8 U- ~0 ?1 B9 r# Z. q
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
! N* F. ~! ?! X2 _+ k! ESuperintendent and to the provisions described below under ‘‘Details of the
( V0 o$ ]7 J- T& eOffering — Certain Provisions of the Preferred Shares Series 18 as a7 `. o, W# c4 G# b
Series — Restrictions on Dividends and Retirement of Shares’’, on
: I. K/ V! V9 z1 d. P) {February 25, 2014 and on February 25 every five years thereafter, on not
& ]  q; _0 H/ _9 X# q# P: K- p& I% nmore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
3 n3 m' `! r5 x$ |part of the then outstanding Preferred Shares Series 18, at the Bank’s option' V2 |; ]! O9 _! w
without the consent of the holder, by the payment of an amount in cash for! J6 f4 R' t6 a( H$ |2 a, v& T
each such share so redeemed of $25.00 together with all declared and unpaid/ i8 T9 s) T9 ]
dividends to the date fixed for redemption.1 `" \5 u( U  u+ ?2 E) D
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic" _) p$ ?! E& \# q/ l" O+ B
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
- s: \  Z6 @4 d4 \+ nthe right, at their option, to convert, on February 25, 2014 and on
% ?9 R+ N( k4 t) |' y3 P& c: p, AS-4
, Q1 b/ X" w) C) t  _6 k1 }( ?February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any+ X! \- F5 v- H/ u
or all of their Preferred Shares Series 18 into an equal number of Preferred! `+ `# k" \8 C: h: j# e  {
Shares Series 19 upon giving to the Bank notice thereof not earlier than5 P) Q) }6 M! m( _
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
# }1 i, e3 s( B3 epreceding, a Series 18 Conversion Date.& z5 L4 U3 t4 }, S5 ^, T
Automatic Conversion If the Bank determines, after having taken into account all shares tendered
: y! T- W  a" ZProvisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares/ v, j/ k" f2 h) z6 |- c5 }( V" ~
Series 19, as the case may be, that there would be outstanding on such
$ b8 j. a$ t( _7 t7 OSeries 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,' I! c- x! s* @# j/ u- H$ e3 z
such remaining number of Preferred Shares Series 18 will automatically be% o$ W9 Y8 p, O/ d' y* o- j1 X9 N
converted on such Series 18 Conversion Date into an equal number of0 f- I- ?9 ~/ ~+ h! D3 T9 A6 S
Preferred Shares Series 19. Additionally, if the Bank determines that, after
# J/ E6 Z5 E/ r  Z( Econversion, there would be outstanding on such Series 18 Conversion Date
& P4 a3 n0 f0 d2 J! j8 i, h& |less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
! r  C8 q: N0 ?Series 18 will be converted into Preferred Shares Series 19.8 m: i' f4 A& N0 c$ o! w  o6 R
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
! l1 x0 N/ H5 ^- N2 Q) r; M6 N! K- l* GSeries 18 will not be entitled as such to receive notice of, attend, or vote at,
6 {+ O2 U$ m5 ?% t; j- rany meeting of the shareholders of the Bank unless and until the first time at
8 }/ M3 h9 a  t" ^- I/ `: Swhich the Board of Directors has not declared the whole dividend on the. t8 Q! b7 ~8 p& f! S/ L$ r
Preferred Shares Series 18 in any quarter. In that event, subject as5 \" z* M8 {; a. P
hereinafter provided, the holders of Preferred Shares Series 18 will be" Y3 I: o' M: M5 D
entitled to receive notice of, and to attend, meetings of shareholders at which) l, s9 X7 c' Q1 r# G( V3 l
directors of the Bank are to be elected and will be entitled to one vote for
) }: F/ a" t0 ^( J+ x- }; i6 M/ Aeach Preferred Share Series 18 held. The voting rights of the holders of the6 P9 e* W3 r, ?, T) Y
Preferred Shares Series 18 will forthwith cease upon payment by the Bank of
4 \. C5 O+ l. d6 O3 {" Ithe first dividend on the Preferred Shares Series 18 to which the holders are
. R7 i3 S7 W$ [8 S: ?) z7 c* x4 E% f" X5 Jentitled thereunder subsequent to the time such voting rights first arose until
4 Y( c0 m3 O( \4 P+ p, \such time as the Bank may again fail to declare the whole dividend on the
2 P/ G( D  u8 a* H( m; d8 G( Y$ NPreferred Shares Series 18 in respect of any quarter, in which event such
1 e# W4 ?5 Y% E2 jvoting rights will become effective again and so on from time to time.
! ]% k# D3 ^: e1 R5 nPrincipal Characteristics of the Preferred Shares Series 192 j8 R( \/ O! y
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive1 ^9 X; W( |5 d9 J5 Y/ `& X  w4 O
floating rate non-cumulative preferential cash dividends, as and when
2 S) R* e! k/ R! A# V  s' ]' N1 Ideclared by the Board of Directors, subject to the provisions of the Bank Act,
! U) Q4 X  i) U& j% w: ~payable quarterly on the 25th day of February, May, August and November# g' u6 \6 ~  p' I/ ^8 |
in each year, in the amount per share determined by multiplying the, y+ v+ X$ Q) x8 A/ }
applicable Quarterly Floating Dividend Rate by $25.00.
4 i2 \# a3 r4 R' o" AOn the 30th day prior to the commencement of the initial quarterly dividend" y3 m. j4 s' w$ P4 Z8 }6 L
period beginning on February 25, 2014, and on the 30th day prior to the first4 N" P! u3 X8 i/ S. r; _3 E
day of each subsequent quarterly dividend period (the initial quarterly
% R* r  O8 y) y9 j2 V# Qdividend period and each subsequent quarterly dividend period is referred to1 F' t1 r2 H5 h6 [; e
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the1 N2 Y5 W: ?; F: j2 J
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate
" O% J# P  C% X5 h% a( iPeriod. The Quarterly Floating Dividend Rate will be equal to the sum of the
1 f0 Z* o  M: t8 ^1 ~6 S7 p; ET-Bill Rate plus 3.83% (calculated on the basis of the actual number of days# k" p6 s; g) E2 q
elapsed in the applicable Quarterly Floating Rate Period divided by 365)
# S1 q$ \0 `$ w+ u0 h& E6 {determined on the 30th day prior to the first day of the applicable Quarterly, m: m+ u* e% r% r4 ]) P
Floating Rate Period.
" C% F, }9 A, ]7 ES-5
; @; n$ S' D/ V3 ~1 H( f/ CIf the Board of Directors does not declare a dividend, or any part thereof, on& E2 {. e  M7 r
the Preferred Shares Series 19 on or before the dividend payment date for a5 I" Z1 a& d% _% w! W
particular quarter, then the entitlement of the holders of the Preferred
3 I) F# t2 W0 p1 aShares Series 19 to receive such dividend, or to any part thereof, for such
9 u0 F  O9 W* Wquarter will be forever extinguished.
  `+ Q. ]& m7 iRedemption: Subject to the provisions of the Bank Act and to the prior consent of the1 U& L9 j# ?: f2 s( q
Superintendent and to the provisions described below under the heading8 k6 ]! S7 I5 P
‘‘Details of the Offering — Certain Provisions of the Preferred Shares: Z* c" P- R" S# S9 E
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
7 ^* W+ B0 D6 _8 [# ~on not more than 60 nor less than 30 days’ notice, the Bank may redeem all2 d! r. l$ t# i' {1 f
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s4 U9 {. E8 H9 U; w
option without the consent of the holder, by the payment of an amount in
! L' J; H4 ]" o. Mcash for each such share so redeemed of (i) $25.00 together with all declared1 ^5 h, N# h! X2 _  [; Q
and unpaid dividends to the date fixed for redemption in the case of
: J, M( ]- x( _( ]. Bredemptions on February 25, 2019 and on February 25 every five years3 I/ k# z" ~% u4 x/ Z8 h! D
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to! g3 N2 l+ `# t4 w/ |7 U2 k% Y; O  z
the date fixed for redemption in the case of redemptions on any other date
! g4 L: I; a3 e; `! n1 [on or after February 25, 2014.
* n' N. j+ E' Z: ?Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic3 n- Q5 e3 _( |
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have7 n) y! J% I2 j' M
the right, at their option, to convert, on February 25, 2019 and on
  Q+ }9 c6 x3 N5 X5 Y7 m6 RFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
! w) W7 X/ C& sor all of their Preferred Shares Series 19 into an equal number of Preferred
1 h, J4 s" w3 EShares Series 18 upon giving to the Bank written notice thereof not earlier
$ @3 L, f' _* \  i1 a+ \/ Nthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
3 \/ u' V( x8 ~' R% p/ ?! v15th day preceding, a Series 19 Conversion Date.
8 S9 E" h6 T7 C! w8 @/ \Automatic Conversion If the Bank determines, after having taken into account all shares tendered2 Q( w) C" m9 k( `- U
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares( g( }9 K2 N$ @- w$ ~8 ^+ L
Series 18, as the case may be, that there would be outstanding on such# k" d. ^% r) }% ~
Series 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,2 m6 v* @2 `% X
such remaining number of Preferred Shares Series 19 will automatically be2 K2 P- R7 [% H( C
converted on such Series 19 Conversion Date into an equal number of
' s3 A+ `6 Q9 I9 P1 VPreferred Shares Series 18. Additionally, if the Bank determines that, after
' U; J, }% g9 w8 N& b9 M2 c' cconversion, there would be outstanding on such Series 19 Conversion Date
  ^, m0 J/ w, N9 R8 @+ q! g$ |+ jless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
! U* y4 [5 J9 PSeries 19 will be converted into Preferred Shares Series 18.& I9 r- r2 |  J" h! U: U" c
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
( P, L! e5 z3 e0 a/ jSeries 19 will not be entitled as such to receive notice of, attend, or vote at,
* ^$ f- L0 H9 D' }5 e4 Jany meeting of the shareholders of the Bank unless and until the first time at* S( P" J4 X/ b% x- N9 s; ]
which the Board of Directors has not declared the whole dividend on the
/ z; [3 H9 ?9 Z7 J$ {Preferred Shares Series 19 in any quarter. In that event, subject as1 H/ }  ]) f2 p6 `
hereinafter provided, the holders of Preferred Shares Series 19 will be. \  t/ o& J; K3 o. S
entitled to receive notice of, and to attend, meetings of shareholders at which
: @6 |" ]- q/ P) e/ M0 _8 g8 sdirectors of the Bank are to be elected and will be entitled to one vote for' v4 Q' y) C! `# O% ]. g" e
each Preferred Share Series 19 held. The voting rights of the holders of the
# a) X- k0 i  _7 ?& KPreferred Shares Series 19 will forthwith cease upon payment by the Bank of
! h! n% K2 X+ g* Y4 s/ Lthe first dividend on the Preferred Shares Series 19 to which the holders are2 p, J- X. {$ w( j4 ]& Z) y
entitled thereunder subsequent to the time such voting rights first arose until" o" s7 x$ \9 u: g) v8 `- {, D
such time as the Bank may again fail to declare the whole dividend on the) i% j% u/ P9 k; j# {
Preferred Shares Series 19 in respect of any quarter, in which event such
. A* ^, J4 i/ F) Mvoting rights will become effective again and so on from time to time.
% s* G4 V1 E8 {  CS-6/ G" b( a4 e4 S8 k7 U- ~
Priority: The preferred shares of each series of the Bank will rank on a parity with) j- z& s5 X2 L0 R
every other series and are entitled to preference over the common shares of
3 h1 l/ Y( m6 l/ K6 j8 r) ~8 ^3 |the Bank and over any other shares of the Bank ranking junior to the
- v  h! m4 {4 {+ cpreferred shares with respect to the payment of dividends and upon any% l$ g- l2 E" o; w* L) [" K
distribution of assets in the event of the liquidation, dissolution or
0 y  `. x: H5 M) ^) Vwinding-up of the Bank.
) v" e' z" b! K9 b; NTax on Preferred Share The Bank will elect, in the manner and within the time provided under) L$ H+ v2 s$ R4 G: M3 V
Dividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares
# v) |% j" `# V8 zSeries 18 and Preferred Shares Series 19 will not be required to pay tax on
  J& @  `( M4 p# M" w% V1 s  Jdividends 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。
4 }- Q7 g% a( T9 F1 g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

% A5 N$ Y) y& n: s! h8 l7 d+ |) b. W& Z( j
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。
. ^' e  ~* s" k5 M0 s( T& q9 z8 a' n9 {  ^( j% x
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。
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