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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。3 @3 h0 R$ F( v' w9 k

6 ?* _) R# H6 U1 S8 y! u0 [, w( }  J# k8 }5 v, ]8 @8 F. F
[ 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( c6 B  l- X, `7 ?2 [: R
SUMMARY OF THE OFFERING
9 }) b  c; k, \1 O  F* aThis 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’’.
$ F6 i, i  O3 rIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.
9 E3 y5 F& m1 y4 f# A9 OAmount: $150,000,000 (6,000,000 shares).' L/ F5 J; g- {) @
Price and Yield: $25.00 per share to yield initially 6.50% per annum.
* {4 ?6 S0 X; R8 S! jPrincipal Characteristics of the Preferred Shares Series 18
3 R- B8 K# v# I2 h3 Z! E$ u4 ^Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed& A+ Y! t5 s- O8 i; I" n! X6 ?
non-cumulative preferential cash dividends, as and when declared by the) k7 j$ Y3 H9 q0 W
Board of Directors, subject to the provisions of the Bank Act, for the initial6 l! Q! d2 \4 X7 f3 U$ N
period commencing on the closing date and ending on and including) p1 }" H- e+ U  ?7 T* x  C
February 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the& r2 ?* D0 S9 |# C3 ?/ h
25th day of February, May, August and November in each year, at a rate  D1 N* ^/ D2 O) B" N
equal to $0.40625 per share. The initial dividend, if declared, will be payable
' d& F4 `: D, J7 \May 25, 2009 and will be $0.73459 per share, based on the anticipated closing% ^$ A. ^/ _7 L, ^1 F' O" T
date of December 11, 2008.
$ L/ @+ I5 ]5 w2 A2 @& [For each five-year period after the Initial Fixed Rate Period (each, a
$ d: h/ u4 L3 v& A‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares2 G3 e3 S* |- s- j0 Y2 T' T
Series 18 will be entitled to receive fixed non-cumulative preferential cash/ M5 ^* W' B6 u( Q$ g; p
dividends, as and when declared by the Board of Directors, subject to the
7 t9 {" p$ d+ V6 Jprovisions of the Bank Act, payable quarterly on the 25th day of February,) w7 P  L% i$ P7 k$ z8 n) G
May, August and November in each year, in the amount per share per annum7 ^3 K! ?' F+ b
determined by multiplying the Annual Fixed Dividend Rate applicable to
! r/ V& Z: L% i  ssuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
9 u* d, N1 P( N: U5 }$ i6 JRate for the ensuing Subsequent Fixed Rate Period will be determined by the
) v+ Z" f3 P% w; X# ]" Z" OBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day
+ e& N. r3 Y, U! \# ^of such Subsequent Fixed Rate Period and will be equal to the sum of the
$ e3 X. a: Q. }! W8 ^8 m1 O5 L$ rGovernment of Canada Yield on the applicable Fixed Rate Calculation Date0 u0 G- R3 c# k. R
plus 3.83%.
+ V& T* P1 H  ]& A& vIf the Board of Directors does not declare a dividend, or any part thereof, on& O& e! J1 {) q+ I4 G$ |$ b4 B
the Preferred Shares Series 18 on or before the dividend payment date for a
/ G1 |' I9 ]6 i" d( sparticular quarter, then the entitlement of the holders of the Preferred
, r  _0 `, z7 y+ K2 F6 T6 s0 i5 h4 d: IShares Series 18 to receive such dividend, or to any part thereof, for such
, d) ^0 W7 g+ S5 ]. R3 Yquarter will be forever extinguished.+ U2 C! a) I- v
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
3 n9 z" G. A2 y" s, kSuperintendent and to the provisions described below under ‘‘Details of the
! P! ]0 _) w5 k2 T  R' z' Q. ]2 }& OOffering — Certain Provisions of the Preferred Shares Series 18 as a
9 E; m( h! W$ d; `Series — Restrictions on Dividends and Retirement of Shares’’, on) Q1 b- k. b# ^* T
February 25, 2014 and on February 25 every five years thereafter, on not
- L0 O4 b+ Q- o+ b- g, N% Emore than 60 nor less than 30 days’ notice, the Bank may redeem all or any
+ G- D+ }$ U8 |/ S* \part of the then outstanding Preferred Shares Series 18, at the Bank’s option
$ w( S$ {6 E" S7 r  G0 Vwithout the consent of the holder, by the payment of an amount in cash for: O8 l0 o- K, y7 n1 D% r
each such share so redeemed of $25.00 together with all declared and unpaid
3 B" X. K! `2 pdividends to the date fixed for redemption.0 D" }9 H4 l; v9 c& c9 X
Conversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic( o- {3 }& ?, ^- B0 ~  Q
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have$ F) e2 U( B0 Y  V5 Q( I
the right, at their option, to convert, on February 25, 2014 and on
. _- E6 F' q. @2 A, ~9 nS-4+ y6 _' n; ?  J9 a" W
February 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any" m; j+ ^9 P: n6 Q! Z! J( v; z
or all of their Preferred Shares Series 18 into an equal number of Preferred
# j( M& {5 d6 ?  [* {Shares Series 19 upon giving to the Bank notice thereof not earlier than1 w# j( r) m+ f9 j3 v# M( {# R" N
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
% O9 o1 U! N: T8 E5 Dpreceding, a Series 18 Conversion Date.
) m, K8 @8 M' E2 D0 oAutomatic Conversion If the Bank determines, after having taken into account all shares tendered2 w9 ^/ ]& i# J
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares/ R& w  M: {' a0 b) s
Series 19, as the case may be, that there would be outstanding on such1 m  Y3 C+ ]" N/ |& m' V6 m
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,2 J5 i' n: v/ r1 U) [1 ^
such remaining number of Preferred Shares Series 18 will automatically be
; _, C3 n3 I+ \( M6 jconverted on such Series 18 Conversion Date into an equal number of
8 Q3 r( \; X6 m. r2 ^Preferred Shares Series 19. Additionally, if the Bank determines that, after
; t; M, E& ?& h# F, I" wconversion, there would be outstanding on such Series 18 Conversion Date$ l) v+ g) J7 A5 ?% r3 C2 w
less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares' d) l% I6 c* V  O/ ~" I
Series 18 will be converted into Preferred Shares Series 19.+ k% u$ @0 k% o) s# y6 `! D1 N
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
  V2 t$ q4 s0 o. _9 m+ g+ cSeries 18 will not be entitled as such to receive notice of, attend, or vote at,0 t3 V- E4 }4 g
any meeting of the shareholders of the Bank unless and until the first time at
- l  c( y" k0 hwhich the Board of Directors has not declared the whole dividend on the
, M9 s- H# G7 x; {Preferred Shares Series 18 in any quarter. In that event, subject as
- ?) a. T' O/ C: H+ U  H. ?hereinafter provided, the holders of Preferred Shares Series 18 will be
2 a4 v9 I5 E$ P1 X: sentitled to receive notice of, and to attend, meetings of shareholders at which9 U# D; _! y8 F/ W4 Q8 V# x  P
directors of the Bank are to be elected and will be entitled to one vote for2 l$ F# N# a$ S0 d' W9 A3 K9 q' M
each Preferred Share Series 18 held. The voting rights of the holders of the
4 P" h6 ]8 I8 |/ NPreferred Shares Series 18 will forthwith cease upon payment by the Bank of
' k' U2 K3 D% a- T& ~# rthe first dividend on the Preferred Shares Series 18 to which the holders are, K9 v( q/ o0 F. T) Z6 g1 G
entitled thereunder subsequent to the time such voting rights first arose until
7 V2 X& F  P2 r& {2 F2 t; I/ @) Gsuch time as the Bank may again fail to declare the whole dividend on the
2 C+ i% b' r9 [5 \Preferred Shares Series 18 in respect of any quarter, in which event such4 g: z6 r( v8 m/ i& ]- K
voting rights will become effective again and so on from time to time.
, j. O5 a7 T. r6 BPrincipal Characteristics of the Preferred Shares Series 19# a. `2 |, K) Z$ e
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive8 g, W" c# ]- b8 \; @- U
floating rate non-cumulative preferential cash dividends, as and when
4 `+ `  W* c4 t0 z4 rdeclared by the Board of Directors, subject to the provisions of the Bank Act,
" C7 L& ^1 s6 fpayable quarterly on the 25th day of February, May, August and November) a* C+ j0 P  N7 h; {
in each year, in the amount per share determined by multiplying the
' C7 l+ F! y% \: ?8 a$ w; W, I  mapplicable Quarterly Floating Dividend Rate by $25.00.
0 N: K! j9 l3 s5 L2 q& R* N7 ?On the 30th day prior to the commencement of the initial quarterly dividend
3 |( b3 H5 G+ P: tperiod beginning on February 25, 2014, and on the 30th day prior to the first
' D, e+ J; D3 z; W1 R$ D5 k" Q9 z8 gday of each subsequent quarterly dividend period (the initial quarterly
' B- b& `0 q' k6 }: }, p9 e! ?( |dividend period and each subsequent quarterly dividend period is referred to
. u  C4 u+ E# R  Z) Cas a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the
+ \5 m( S* X$ ?) x/ w# ~$ IQuarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate5 c% K, }% ~& o) O* \
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the! O5 Z0 V& D, o! r7 Y" E
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days3 t: o. ]7 P1 V8 r' e
elapsed in the applicable Quarterly Floating Rate Period divided by 365), r- A) a& g! _- }
determined on the 30th day prior to the first day of the applicable Quarterly
% ~: I- j0 N. k. \" q+ gFloating Rate Period.
# O6 j9 O- }( d! yS-5
% D$ T, f* I; c9 z/ I) rIf the Board of Directors does not declare a dividend, or any part thereof, on
4 ]  L8 `( G; N% d' F9 R" Bthe Preferred Shares Series 19 on or before the dividend payment date for a% p( t0 ?8 M/ s
particular quarter, then the entitlement of the holders of the Preferred* u) N# `: ~7 M
Shares Series 19 to receive such dividend, or to any part thereof, for such9 u# {6 W( N5 @; d3 C3 e
quarter will be forever extinguished.5 A" B$ O4 ^) E2 z, d0 T3 p" R" A
Redemption: Subject to the provisions of the Bank Act and to the prior consent of the
/ u5 Z; W; i9 N5 {0 GSuperintendent and to the provisions described below under the heading# c' K3 Z( _2 l; J9 P
‘‘Details of the Offering — Certain Provisions of the Preferred Shares
% E/ Y) P  p  uSeries 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,
+ b# O4 q3 n* I; V  U" I7 w2 |on not more than 60 nor less than 30 days’ notice, the Bank may redeem all
6 N9 N: ?2 q' d0 w# M' j' sor any part of the then outstanding Preferred Shares Series 19, at the Bank’s
+ @/ E% ?: q4 Z  h1 E" t+ C; b, foption without the consent of the holder, by the payment of an amount in; Y) \# R* d* a9 s+ I
cash for each such share so redeemed of (i) $25.00 together with all declared( E1 N( X  g/ r( t& f0 S8 L
and unpaid dividends to the date fixed for redemption in the case of0 _& I" ^3 c" w' V1 K
redemptions on February 25, 2019 and on February 25 every five years
* ]5 e7 \% R8 s: L/ |* lthereafter, or (ii) $25.50 together with all declared and unpaid dividends to: G# T* o$ B: U9 N0 c$ g. z/ S  U
the date fixed for redemption in the case of redemptions on any other date8 C3 @$ \$ a0 n3 R
on or after February 25, 2014.6 c# \, z6 D- q  Z
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic4 J  l0 u. E5 e" f5 Q4 Z' R2 _
Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have
- d1 i! {' A2 _3 z4 E4 w! jthe right, at their option, to convert, on February 25, 2019 and on
; u1 z  B! L3 i+ D+ `5 LFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
; @2 Y* u5 L& l* cor all of their Preferred Shares Series 19 into an equal number of Preferred9 r) X: r; a4 L( f! y) D& E! s
Shares Series 18 upon giving to the Bank written notice thereof not earlier
% {0 z, c# e# i0 X9 M2 T5 u5 Kthan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the2 Y5 m4 B! Z/ b7 d0 V. z
15th day preceding, a Series 19 Conversion Date.
9 I1 F, s, O5 L3 yAutomatic Conversion If the Bank determines, after having taken into account all shares tendered& L7 i* ^! Q% r
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares5 b3 E# ^3 E# O3 Z
Series 18, as the case may be, that there would be outstanding on such
4 s3 L" f  s  ASeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
/ d/ G& x! d; P5 [" g2 jsuch remaining number of Preferred Shares Series 19 will automatically be
7 K0 L+ R( a+ k9 vconverted on such Series 19 Conversion Date into an equal number of
( M! a+ Z. }) {Preferred Shares Series 18. Additionally, if the Bank determines that, after
0 r, O, y; C0 Z: _- a9 jconversion, there would be outstanding on such Series 19 Conversion Date
3 b% W6 f" Q$ V' cless than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
6 J+ F6 \* ]& y( u# n( C7 ZSeries 19 will be converted into Preferred Shares Series 18.
7 l1 M4 q% K+ ?! v; ~% rVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
9 X) B; g: I2 k, RSeries 19 will not be entitled as such to receive notice of, attend, or vote at,  Q5 |, i9 P' W- r& g* y$ Y! R& |
any meeting of the shareholders of the Bank unless and until the first time at7 x& _: F' n" a" E  \: v
which the Board of Directors has not declared the whole dividend on the. X1 v6 T2 c1 \6 b. k" R7 h
Preferred Shares Series 19 in any quarter. In that event, subject as$ @7 Y/ y  t4 {6 `/ n6 O
hereinafter provided, the holders of Preferred Shares Series 19 will be
. S) N+ D4 K; V3 p! U* a- Yentitled to receive notice of, and to attend, meetings of shareholders at which
* F3 w& q2 t% \! G# F2 m$ F2 G+ Adirectors of the Bank are to be elected and will be entitled to one vote for1 {; d5 P% z( R
each Preferred Share Series 19 held. The voting rights of the holders of the
+ f- R- g4 d& l5 q" dPreferred Shares Series 19 will forthwith cease upon payment by the Bank of; T& n3 ]5 B1 C. r4 c) v+ p) D
the first dividend on the Preferred Shares Series 19 to which the holders are
( B0 w- {2 @% R* n) O' y; aentitled thereunder subsequent to the time such voting rights first arose until
! G- k1 J( n8 C& ~1 D8 ^such time as the Bank may again fail to declare the whole dividend on the
3 a4 e( q( ^4 M5 [. L$ CPreferred Shares Series 19 in respect of any quarter, in which event such
+ N5 u: g9 L3 v5 Q+ N6 A4 Wvoting rights will become effective again and so on from time to time.9 M0 G0 `7 l! b7 U: P
S-6
9 E* [' ^9 }. V2 H- V$ CPriority: The preferred shares of each series of the Bank will rank on a parity with
* A, N9 b$ v* P& F, h5 e4 y( Oevery other series and are entitled to preference over the common shares of, h4 k: G" T" k: |  }( X
the Bank and over any other shares of the Bank ranking junior to the
0 H' H9 z8 A) Q, Bpreferred shares with respect to the payment of dividends and upon any3 ~- T7 i& X* O* F8 @% |
distribution of assets in the event of the liquidation, dissolution or$ ]1 `& o" V# N' J, _' r
winding-up of the Bank.
' H! J5 }" o( i7 n+ l! |Tax on Preferred Share The Bank will elect, in the manner and within the time provided under
7 b* ]9 |* a7 A  l' f/ RDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares$ C! m. T% Y  L% @) ~
Series 18 and Preferred Shares Series 19 will not be required to pay tax on- r1 ~2 I0 j: L( v0 ^2 m
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。
4 o2 T- x# M/ n- L' w% o  O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

" m" j( g( l4 d! G# j, s1 M1 J* x: W0 F# l' l: {0 ~
下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。7 j- @6 w, L4 W& U. D2 t# K2 u
' H, v, G" i+ m$ Z+ b
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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