Brookfield Renewable Partners L.P. issued US perpetual sub-debt yesterday:
Brookfield Renewable Partners L.P. (TSX: BEP.UN; NYSE: BEP) and Brookfield Renewable Corporation (together with Brookfield Renewable Partners L.P., “Brookfield Renewable”) (NYSE, TSX: BEPC) today announced the closing of the issuance of a series of $260 million of fixed rate green perpetual subordinated notes (the “notes”). The notes, which have a coupon of 4.875%, will be listed on the New York Stock Exchange under the symbol “BEPI” and have the same accounting and rating treatment as our preferred LP units.
Wells Fargo Securities, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and RBC Capital Markets, LLC acted as joint book-running managers for the offering.
This news release does not constitute an offer to sell or the solicitation of an offer to buy the notes described herein, nor shall there be any sale of these notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
The notes were not offered or sold, directly or indirectly, in Canada or to any resident of Canada.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
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| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 3.08 % | 3.58 % | 47,234 | 19.97 | 1 | 0.0000 % | 2,834.8 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -1.2016 % | 5,092.4 |
| Floater | 3.13 % | 3.12 % | 76,069 | 19.34 | 3 | -1.2016 % | 2,934.8 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0818 % | 3,665.0 |
| SplitShare | 4.68 % | 4.22 % | 49,589 | 3.80 | 5 | -0.0818 % | 4,376.8 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0818 % | 3,415.0 |
| Perpetual-Premium | 5.15 % | 1.49 % | 48,520 | 0.08 | 28 | -0.2721 % | 3,245.1 |
| Perpetual-Discount | 4.73 % | 4.77 % | 65,747 | 15.90 | 7 | 0.2922 % | 3,826.8 |
| FixedReset Disc | 3.92 % | 4.02 % | 125,648 | 17.36 | 37 | 0.0713 % | 2,820.2 |
| Insurance Straight | 4.98 % | 4.51 % | 94,198 | 4.00 | 20 | 0.0439 % | 3,648.2 |
| FloatingReset | 2.46 % | 2.77 % | 27,417 | 20.33 | 2 | 1.1869 % | 2,767.7 |
| FixedReset Prem | 4.70 % | 3.72 % | 113,464 | 2.45 | 33 | 0.1486 % | 2,716.3 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0713 % | 2,882.8 |
| FixedReset Ins Non | 4.13 % | 3.87 % | 91,568 | 17.28 | 19 | 0.2020 % | 2,920.3 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| CIU.PR.A | Perpetual-Premium | -6.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-12-10 Maturity Price : 22.10 Evaluated at bid price : 22.38 Bid-YTW : 5.16 % |
| BAM.PR.B | Floater | -4.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-12-10 Maturity Price : 13.25 Evaluated at bid price : 13.25 Bid-YTW : 3.27 % |
| RY.PR.M | FixedReset Disc | -3.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-12-10 Maturity Price : 22.57 Evaluated at bid price : 23.40 Bid-YTW : 3.99 % |
| MIC.PR.A | Perpetual-Premium | -1.55 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2030-03-31 Maturity Price : 25.00 Evaluated at bid price : 26.02 Bid-YTW : 4.98 % |
| CU.PR.H | Perpetual-Premium | -1.55 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-09-01 Maturity Price : 25.00 Evaluated at bid price : 25.40 Bid-YTW : 4.70 % |
| NA.PR.G | FixedReset Prem | -1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-12-10 Maturity Price : 23.53 Evaluated at bid price : 24.81 Bid-YTW : 4.17 % |
| SLF.PR.G | FixedReset Ins Non | -1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-12-10 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 3.80 % |
| FTS.PR.G | FixedReset Disc | -1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-12-10 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 4.14 % |
| TD.PF.D | FixedReset Disc | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-12-10 Maturity Price : 23.00 Evaluated at bid price : 24.25 Bid-YTW : 4.02 % |
| TRP.PR.B | FixedReset Disc | 1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-12-10 Maturity Price : 13.46 Evaluated at bid price : 13.46 Bid-YTW : 4.54 % |
| CU.PR.I | FixedReset Prem | 1.16 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-01 Maturity Price : 25.00 Evaluated at bid price : 26.10 Bid-YTW : 3.36 % |
| BAM.PR.K | Floater | 1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-12-10 Maturity Price : 14.00 Evaluated at bid price : 14.00 Bid-YTW : 3.09 % |
| TRP.PR.A | FixedReset Disc | 1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-12-10 Maturity Price : 18.25 Evaluated at bid price : 18.25 Bid-YTW : 4.51 % |
| GWO.PR.N | FixedReset Ins Non | 1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-12-10 Maturity Price : 16.25 Evaluated at bid price : 16.25 Bid-YTW : 3.78 % |
| TD.PF.M | FixedReset Prem | 1.70 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-07-31 Maturity Price : 25.00 Evaluated at bid price : 26.25 Bid-YTW : 3.35 % |
| TRP.PR.E | FixedReset Disc | 2.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-12-10 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 4.49 % |
| TRP.PR.F | FloatingReset | 3.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-12-10 Maturity Price : 17.35 Evaluated at bid price : 17.35 Bid-YTW : 2.77 % |
| SLF.PR.H | FixedReset Ins Non | 3.94 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-12-10 Maturity Price : 21.92 Evaluated at bid price : 22.40 Bid-YTW : 3.73 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| CU.PR.J | Perpetual-Discount | 98,200 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-12-10 Maturity Price : 24.55 Evaluated at bid price : 24.94 Bid-YTW : 4.77 % |
| TRP.PR.E | FixedReset Disc | 50,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-12-10 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 4.49 % |
| GWO.PR.Y | Insurance Straight | 30,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-12-10 Maturity Price : 24.46 Evaluated at bid price : 24.85 Bid-YTW : 4.51 % |
| IAF.PR.G | FixedReset Ins Non | 28,600 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 3.40 % |
| BMO.PR.D | FixedReset Prem | 27,400 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-08-25 Maturity Price : 25.00 Evaluated at bid price : 25.25 Bid-YTW : 3.26 % |
| NA.PR.S | FixedReset Disc | 25,900 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-12-10 Maturity Price : 23.33 Evaluated at bid price : 24.58 Bid-YTW : 3.77 % |
| There were 6 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| CIU.PR.A | Perpetual-Premium | Quote: 22.38 – 24.85 Spot Rate : 2.4700 Average : 1.9069 YTW SCENARIO |
| TRP.PR.B | FixedReset Disc | Quote: 13.46 – 15.00 Spot Rate : 1.5400 Average : 1.0944 YTW SCENARIO |
| IAF.PR.G | FixedReset Ins Non | Quote: 25.00 – 26.00 Spot Rate : 1.0000 Average : 0.5718 YTW SCENARIO |
| PWF.PR.E | Perpetual-Premium | Quote: 25.52 – 26.50 Spot Rate : 0.9800 Average : 0.5530 YTW SCENARIO |
| NA.PR.G | FixedReset Prem | Quote: 24.81 – 25.69 Spot Rate : 0.8800 Average : 0.5195 YTW SCENARIO |
| RY.PR.M | FixedReset Disc | Quote: 23.40 – 24.40 Spot Rate : 1.0000 Average : 0.7215 YTW SCENARIO |