Northland Power Inc. sold the first corporate hybrid bond offering in Canadian dollars since the wipeout of Credit Suisse Group AG’s AT1s triggered a broad selloff in riskier debt.
The Toronto-based power producer sold C$500 million ($377 million) of 60-year green notes that are callable after five years to yield 9.5%, according to people with knowledge of the matter. It’s the first such debt to price in loonies since Feb. 28 when Intact Financial Corp. issued C$300 million of hybrids at a yield of 7.338%, according to data compiled by Bloomberg.