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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。
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+ c$ r) _5 ]8 q* J$ ]# V9 l[ 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:
! |( M- `& y9 ESUMMARY OF THE OFFERING
) z/ ]0 [- f% i7 J6 U, ^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’’.
% E& q8 u: a- T- h7 JIssue: Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 18.* X1 e. ]' E; g' F1 X) s
Amount: $150,000,000 (6,000,000 shares).0 s% g4 f  X6 S& P. K
Price and Yield: $25.00 per share to yield initially 6.50% per annum.2 B1 k: L) h; s0 [. V
Principal Characteristics of the Preferred Shares Series 18$ ~8 Y. o& v! l
Dividends: The holders of the Preferred Shares Series 18 will be entitled to receive fixed
; Q: q9 t6 [2 e8 a5 E! xnon-cumulative preferential cash dividends, as and when declared by the: L) M& f. j2 Z$ ~1 V$ x. H
Board of Directors, subject to the provisions of the Bank Act, for the initial
4 Q5 a9 B3 b+ \. h; D* dperiod commencing on the closing date and ending on and including
5 ~& O; \# _. H1 Y  gFebruary 25, 2014 (the ‘‘Initial Fixed Rate Period’’), payable quarterly on the
3 t/ W1 C6 `% A3 p! k25th day of February, May, August and November in each year, at a rate/ O& D" l3 G8 m5 d! V' W8 R* n
equal to $0.40625 per share. The initial dividend, if declared, will be payable& _& i0 \$ \- X7 c+ A! r1 p
May 25, 2009 and will be $0.73459 per share, based on the anticipated closing) u$ D/ f/ }! Y5 Q; n% W
date of December 11, 2008.; k3 F* V& t& c/ s, D* U, _
For each five-year period after the Initial Fixed Rate Period (each, a
. S$ ^5 c6 K9 b) G6 z; v‘‘Subsequent Fixed Rate Period’’), the holders of the Preferred Shares
* g) F1 h( [; i8 WSeries 18 will be entitled to receive fixed non-cumulative preferential cash: f; J% Z/ O; z3 m! `
dividends, as and when declared by the Board of Directors, subject to the. P7 x0 u- _: w7 z, Z
provisions of the Bank Act, payable quarterly on the 25th day of February,
2 l/ P, Y0 H; iMay, August and November in each year, in the amount per share per annum+ y; g* X+ w# O
determined by multiplying the Annual Fixed Dividend Rate applicable to
; `5 @" j0 S* N  c8 J" E1 gsuch Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend
% {2 {! O  q+ a& c8 HRate for the ensuing Subsequent Fixed Rate Period will be determined by the
8 q3 a8 I3 i% @% E) B3 \& Y9 OBank on the 30th day (a ‘‘Fixed Rate Calculation Date’’) prior to the first day! g5 [3 F# {* W( ]
of such Subsequent Fixed Rate Period and will be equal to the sum of the9 e5 u* M0 B! ^5 E# ^
Government of Canada Yield on the applicable Fixed Rate Calculation Date
# t$ X  ~1 I0 n8 k2 nplus 3.83%.( e& i' S) q5 L9 x: s/ ^
If the Board of Directors does not declare a dividend, or any part thereof, on0 \9 Y- k  c6 K# P# m9 j/ t  @
the Preferred Shares Series 18 on or before the dividend payment date for a
2 u7 d& ?. o7 E8 u. Aparticular quarter, then the entitlement of the holders of the Preferred
% K6 ]" n: N$ A( L1 k1 |; P/ W( ZShares Series 18 to receive such dividend, or to any part thereof, for such4 k- V9 `9 C- v- m( U( H+ H
quarter will be forever extinguished.
: n8 Q6 S; Y- X0 _- O7 B/ ?1 uRedemption: Subject to the provisions of the Bank Act and to the prior consent of the- [" w9 \( t0 s6 k& m
Superintendent and to the provisions described below under ‘‘Details of the$ M1 r% J' D" d0 o/ @5 z7 L
Offering — Certain Provisions of the Preferred Shares Series 18 as a4 K  Z: D; E" x# O! U
Series — Restrictions on Dividends and Retirement of Shares’’, on  m) Y* E% F9 h
February 25, 2014 and on February 25 every five years thereafter, on not  f4 b* E5 a2 V1 T4 T2 Z2 B
more than 60 nor less than 30 days’ notice, the Bank may redeem all or any
* k' k( C! c1 D/ _% _: ?" Z  [7 A, upart of the then outstanding Preferred Shares Series 18, at the Bank’s option* L, y0 U2 t5 B: q
without the consent of the holder, by the payment of an amount in cash for# K, N# I, V1 k5 m% S; G
each such share so redeemed of $25.00 together with all declared and unpaid
8 ^  R  w' E3 B! x% Cdividends to the date fixed for redemption.
4 B9 _" Z* }0 p% OConversion into Preferred Holders of Preferred Shares Series 18 will, subject to the automatic' s: f) \9 A1 Z) C
Shares Series 19: conversion provisions and the right of the Bank to redeem those shares, have
) r) f6 z0 o  s" }* Ythe right, at their option, to convert, on February 25, 2014 and on
% U" h- X! I- bS-4
  j' }- Y' v3 Q- x5 p' s0 ~1 R( tFebruary 25 every five years thereafter (a ‘‘Series 18 Conversion Date’’), any
( Z4 h* C/ Y$ o' ?or all of their Preferred Shares Series 18 into an equal number of Preferred
: h6 y' q0 y! i/ t2 i  MShares Series 19 upon giving to the Bank notice thereof not earlier than( q+ s- J% C5 k/ G( P4 t
30 days prior to, but not later than 5:00 p.m. (Toronto time) on the 15th day
0 k( X, [4 w+ H$ L  @preceding, a Series 18 Conversion Date.
1 R1 [; K) ]% IAutomatic Conversion If the Bank determines, after having taken into account all shares tendered0 F. ?9 V+ Q- ^; ]) J  P
Provisions: for conversion by holders of Preferred Shares Series 18 and Preferred Shares1 w. h( C% f) |. f: X3 ?; ^3 \
Series 19, as the case may be, that there would be outstanding on such5 V9 e& k3 ]$ H4 `
Series 18 Conversion Date less than 1,000,000 Preferred Shares Series 18,
8 q  h, h) a4 b( Wsuch remaining number of Preferred Shares Series 18 will automatically be8 v% z# b8 l2 c0 L
converted on such Series 18 Conversion Date into an equal number of
" b3 |3 F0 h# W! [' V; g  }% {Preferred Shares Series 19. Additionally, if the Bank determines that, after
" n! y& E% y4 |conversion, there would be outstanding on such Series 18 Conversion Date
8 Z- O- Q# W  g  b/ ]' z5 ~less than 1,000,000 Preferred Shares Series 19 then no Preferred Shares
6 G8 L6 w/ U. e' F" a8 O+ USeries 18 will be converted into Preferred Shares Series 19.4 d1 P. U6 J$ Y
Voting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
! i1 [  s) q  T8 |Series 18 will not be entitled as such to receive notice of, attend, or vote at,
; c+ x% F  p; m! d) [any meeting of the shareholders of the Bank unless and until the first time at& R8 Z8 i6 H( G# a2 `0 F$ l) @$ \
which the Board of Directors has not declared the whole dividend on the
6 G* }! E# \) q' sPreferred Shares Series 18 in any quarter. In that event, subject as
; Q3 U) K4 Z! N8 j1 [. b" Vhereinafter provided, the holders of Preferred Shares Series 18 will be
1 r  k; N2 z& D7 T( {, Aentitled to receive notice of, and to attend, meetings of shareholders at which' ~: `: G4 ]9 a6 f0 Q' M) k  A
directors of the Bank are to be elected and will be entitled to one vote for
2 j) z9 `! m3 D8 z5 i$ W+ Zeach Preferred Share Series 18 held. The voting rights of the holders of the
# X+ N+ w) k1 u9 r& w5 OPreferred Shares Series 18 will forthwith cease upon payment by the Bank of3 k9 B: G7 f5 T5 `8 ?
the first dividend on the Preferred Shares Series 18 to which the holders are
3 C  v! t& Z1 b* c" Dentitled thereunder subsequent to the time such voting rights first arose until
# d9 Z8 P4 L/ W2 _! Y+ Wsuch time as the Bank may again fail to declare the whole dividend on the4 y* ^6 e' F- B+ O1 k2 B( @) u
Preferred Shares Series 18 in respect of any quarter, in which event such  W2 j" h6 [; u1 a6 J. `) s9 L4 M0 n
voting rights will become effective again and so on from time to time.
2 S7 \- v$ M* b2 x6 OPrincipal Characteristics of the Preferred Shares Series 19, d% K+ F7 k* [; C0 s* P/ r" e) c
Dividends: The holders of the Preferred Shares Series 19 will be entitled to receive9 l$ [  ~; Z& K5 F4 }
floating rate non-cumulative preferential cash dividends, as and when+ P' A/ J. C, ^0 s( q# y
declared by the Board of Directors, subject to the provisions of the Bank Act,
3 y0 H; w. Y) c2 l7 R; O- ipayable quarterly on the 25th day of February, May, August and November! a/ W+ y) s/ O; |+ D& y7 V
in each year, in the amount per share determined by multiplying the0 S( v% o2 E: z9 u! S2 _4 O; D
applicable Quarterly Floating Dividend Rate by $25.00.. F: I+ }' o  f6 O
On the 30th day prior to the commencement of the initial quarterly dividend' f) e' Q( H* @, O  N
period beginning on February 25, 2014, and on the 30th day prior to the first
: X, t! W' ^+ S  c! z/ f; Zday of each subsequent quarterly dividend period (the initial quarterly
, r4 S. n7 q: @# O$ l) ]% R5 Odividend period and each subsequent quarterly dividend period is referred to- s- V" F. f& }! Q" Z
as a ‘‘Quarterly Floating Rate Period’’), the Bank will determine the! h/ [5 A! T% E5 s
Quarterly Floating Dividend Rate for the ensuing Quarterly Floating Rate7 I( ^4 Y4 A+ U' h  t
Period. The Quarterly Floating Dividend Rate will be equal to the sum of the5 x" Z) F) X, h* e3 D4 i. [% ?' f
T-Bill Rate plus 3.83% (calculated on the basis of the actual number of days
$ @1 q) o4 G: J( p& q8 s: r7 Qelapsed in the applicable Quarterly Floating Rate Period divided by 365)
; g4 p) m4 M0 M9 `/ q9 xdetermined on the 30th day prior to the first day of the applicable Quarterly+ o9 A) D" x, O
Floating Rate Period.
! s% n& e. ?; Q. O0 ~S-5
, F7 m7 }! [7 ^- AIf the Board of Directors does not declare a dividend, or any part thereof, on3 H% |6 }- l4 [$ J( R- |4 i
the Preferred Shares Series 19 on or before the dividend payment date for a) }! s6 V1 t# n& H. h
particular quarter, then the entitlement of the holders of the Preferred  G# j! b+ A" x* m  h
Shares Series 19 to receive such dividend, or to any part thereof, for such% h# C# ~1 ?/ N7 l& F
quarter will be forever extinguished.
& v  Y3 R$ g/ J7 N. ]3 n& z% t  wRedemption: Subject to the provisions of the Bank Act and to the prior consent of the( A8 P. b, H4 l& I
Superintendent and to the provisions described below under the heading  ]! ]& P: c5 K% ?) D& u
‘‘Details of the Offering — Certain Provisions of the Preferred Shares5 n6 j3 E5 S, g2 x" n5 F: q
Series 19 as a Series — Restrictions on Dividends and Retirement of Shares’’,. q- o2 u, t8 d8 b, O* A: v
on not more than 60 nor less than 30 days’ notice, the Bank may redeem all* f+ ~* O0 Y( p
or any part of the then outstanding Preferred Shares Series 19, at the Bank’s
6 b( a8 M) X( k; b7 t. H7 Eoption without the consent of the holder, by the payment of an amount in3 m+ O5 m) I4 x. T$ V5 q( f% x
cash for each such share so redeemed of (i) $25.00 together with all declared
0 _6 ?2 [! h! d/ O! A1 Y# \and unpaid dividends to the date fixed for redemption in the case of8 q8 H& N% p9 z% n8 u
redemptions on February 25, 2019 and on February 25 every five years/ U" H6 b$ \  C6 w) A
thereafter, or (ii) $25.50 together with all declared and unpaid dividends to
' v# g( Y( n; S4 N, B9 n; kthe date fixed for redemption in the case of redemptions on any other date7 Y: e, ]; U' L" X; k
on or after February 25, 2014.0 z0 C) e% S7 U9 F+ ~* T- Q
Conversion into Preferred Holders of Preferred Shares Series 19 will, subject to the automatic
; X$ P: e1 X& N- @Shares Series 18: conversion provisions and the right of the Bank to redeem those shares, have4 A$ S% g6 s% N- V
the right, at their option, to convert, on February 25, 2019 and on
8 q+ C/ N* W/ }, `! |4 RFebruary 25 every five years thereafter (a ‘‘Series 19 Conversion Date’’), any
; U1 G1 v0 K5 Z- K6 Nor all of their Preferred Shares Series 19 into an equal number of Preferred/ v2 }/ Z' y: O. x. [/ e
Shares Series 18 upon giving to the Bank written notice thereof not earlier
7 o# b: e" z! Ythan 30 days prior to, but not later than 5:00 p.m. (Toronto time) on the
2 l; j* u) l9 B. @+ F15th day preceding, a Series 19 Conversion Date.
* P/ |. L; f6 _  V& tAutomatic Conversion If the Bank determines, after having taken into account all shares tendered+ Z# M! q7 d3 D- T
Provisions: for conversion by holders of Preferred Shares Series 19 and Preferred Shares8 i- C7 R# _, P$ Y
Series 18, as the case may be, that there would be outstanding on such
2 U& s- y2 k# H% U8 Z% c2 lSeries 19 Conversion Date less than 1,000,000 Preferred Shares Series 19,
1 q. u, Z) ]8 X( k: n4 ]$ Jsuch remaining number of Preferred Shares Series 19 will automatically be. q* ^8 c: k. Z4 L3 n1 P5 |' H
converted on such Series 19 Conversion Date into an equal number of3 S% {2 }! P8 N$ h$ c6 f
Preferred Shares Series 18. Additionally, if the Bank determines that, after
$ K/ q$ j# B2 y* @# Tconversion, there would be outstanding on such Series 19 Conversion Date' E' a& y( a' g/ i+ b
less than 1,000,000 Preferred Shares Series 18 then no Preferred Shares
1 g" U, D1 S+ ?3 V* n1 v, iSeries 19 will be converted into Preferred Shares Series 18.
3 Z( U) |1 G% H' D' g; [. [8 D7 J1 E( JVoting Rights: Subject to the provisions of the Bank Act, the holders of Preferred Shares
0 ~" H8 U$ Z% R( r+ v5 `Series 19 will not be entitled as such to receive notice of, attend, or vote at,; N5 R, R( `) H  D7 C1 t
any meeting of the shareholders of the Bank unless and until the first time at
7 q3 u- [% W( U( H: hwhich the Board of Directors has not declared the whole dividend on the
. G" O) R, K8 B3 cPreferred Shares Series 19 in any quarter. In that event, subject as
! d2 b. g* R! h' Hhereinafter provided, the holders of Preferred Shares Series 19 will be6 _3 X3 [/ V, O
entitled to receive notice of, and to attend, meetings of shareholders at which. x3 l( B0 Y6 L8 |  |7 |3 |
directors of the Bank are to be elected and will be entitled to one vote for/ g" B0 W9 d& u$ ^0 s
each Preferred Share Series 19 held. The voting rights of the holders of the& c  h* t4 o; G* N- w- v
Preferred Shares Series 19 will forthwith cease upon payment by the Bank of* }! `. z: |* z  ?5 [8 L
the first dividend on the Preferred Shares Series 19 to which the holders are9 s( P' |0 u, |
entitled thereunder subsequent to the time such voting rights first arose until
6 }4 ?- p, d/ O" H& o: k! msuch time as the Bank may again fail to declare the whole dividend on the
' u6 @% m6 ]! @, ZPreferred Shares Series 19 in respect of any quarter, in which event such
: G( G) L* Y9 R& hvoting rights will become effective again and so on from time to time.
2 A% \- V" U& L8 V; E) R/ yS-6
8 D& o5 P. C% P  ?; b, l' tPriority: The preferred shares of each series of the Bank will rank on a parity with8 h& {5 i' U" G; H& e$ \
every other series and are entitled to preference over the common shares of
' F) `: M" M% nthe Bank and over any other shares of the Bank ranking junior to the6 s, n; ~* g' z: `+ C+ V
preferred shares with respect to the payment of dividends and upon any
/ t3 l4 M% m! J+ n3 adistribution of assets in the event of the liquidation, dissolution or
3 |' I7 w9 {4 R+ Lwinding-up of the Bank.
3 B" f+ F' k/ H* g0 g6 h  ^7 G; nTax on Preferred Share The Bank will elect, in the manner and within the time provided under
. b/ ?( n/ H" s( P, DDividends: Part VI.1 of the Act to pay tax at a rate such that holders of Preferred Shares6 v4 [1 b) Z6 H4 X' ~" ~5 f
Series 18 and Preferred Shares Series 19 will not be required to pay tax on( F% }/ l- z4 V# C
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。
5 ^( V5 L) J$ ^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
+ B9 E8 U$ g4 X( _# P$ i, n

5 S$ e0 c9 M: h( v* z5 Q5 E2 B下周3下午有时间么? 到我办公室, 拿几只好东西秀秀。+ M: N2 Z6 E5 D" h
: Q2 d4 M8 T9 A
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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