Morning Commentary: BNP Paribas taps market for $750 million; Roper Technologies offering eyed

By Devika Patel

Knoxville, Tenn., Dec. 8 – Primary activity in the investment-grade bond market on Thursday included new supply from BNP Paribas as well as an offering on tap from Roper Technologies Inc.

Paris-based financial services company BNP Paribas priced $750 million of 6.75% notes (BBB-/BBB-) due March 14, 2022 via bookrunner BNP Paribas Securities Corp.

Meanwhile, Sarasota, Fla.-based diversified technology company Roper Technologies announced an offering of senior notes in tranches due 2021 and 2026 through bookrunners J.P. Morgan Securities LLC, BofA Merrill Lynch and Wells Fargo Securities.

Separately, it was reported Thursday that Toronto financial services company Bank of Montreal sold $1.25 billion of series C senior medium-term notes (Aa3/A+/AA-) on Wednesday in two parts via bookrunners BMO Capital Markets Corp., BofA Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co. and Wells Fargo Securities LLC.

The bank sold $1 billion of 2.1% three-year fixed-rate notes at 75 basis points over Treasuries and $250 million of three-year floaters at par to yield Libor plus 60 bps.

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