3M, Roper, Boston Properties, Consumers Energy, Juniper among issuers

By Cristal Cody

Tupelo, Miss., Aug. 19 – 3M Co. led pricing action in the high-grade bond market on Monday with a $3.25 billion four-part offering of notes.

The session saw a total of nearly $7 billion of bonds price.

Roper Technologies, Inc. tapped the primary market with a $1.2 billion two-tranche sale of senior notes.

Boston Properties LP sold $700 million of long 10-year senior notes.

Consumers Energy Co. brought $550 million of 31-year first mortgage bonds.

Juniper Networks, Inc. priced $500 million of 10-year senior notes.

Puget Sound Energy, Inc. sold $450 million of 30-year senior notes.

In addition, Federal Realty Investment Trust placed a $100 million add-on to its 3.2% notes due June 15, 2029 during the session.

Supply is expected to slow over the final two weeks of August before issuance is predicted to ramp up significantly in September, sources report.

Only about $10 billion of deal volume is being forecast for the week, according to market sources.

High-grade issuers priced more than $23 billion of bonds last week, just below forecasts of about $25 billion to $30 billion of issuance.

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