High-grade market sees continued primary flows; Roper prices $1.2 billion; BNP taps market

By Devika Patel

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

Sarasota, Fla.-based diversified technology company Roper Technologies priced a $1.2 billion offering of senior notes (Baa3/BBB) in two tranches.

Meanwhile, BNP Paribas sold $750 million of 5.25-year notes.

In its deal, Roper sold $500 million of 2.8% five-year notes at Treasuries plus 100 basis points and $700 million of 3.8% 10-year notes at a spread of 140 bps over Treasuries.

J.P. Morgan Securities LLC, BofA Merrill Lynch, Wells Fargo Securities LLC, Mizuho Securities USA Inc., SunTrust Robinson Humphrey Inc. were the bookrunners on the five-year tranche.

JPMorgan, BofA Merrill Lynch, Wells Fargo Securities, PNC Capital Markets LLC and TD Securities (USA) LLC were the bookrunners on the 10-year paper.

Proceeds will be used for the Deltek acquisition and for general corporate purposes.

Meanwhile, 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.

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.

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

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