Morning Commentary: Primary action pegged at $5 billion-$10 billion for week; Roper firms

By Cristal Cody

Eureka Springs, Ark., Dec. 12 – Investment-grade bond market activity was fairly quiet early Monday with new issues trading mostly tighter in the secondary market.

About $5 billion to $10 billion of deal volume is expected over the week, with action to slow mid-week due to attention on the Federal Reserve’s policy meeting that ends on Wednesday, according to market sources.

In the secondary market, Roper Technologies Inc.’s 3.8% senior notes due 2026 that priced on Thursday tightened.

The three-month Libor yield rose 1 basis point from Friday to 96 bps on Monday, a source said.

On Friday, $15.6 billion of high-grade issues were traded, according to Trace.

Roper improves

Roper Technologies’ 3.8% notes due 2026 traded tighter at 132 bps offered in the secondary market, a source said.

Roper Technologies sold $700 million of the 10-year notes (Baa3/BBB) on Thursday at a spread of 140 bps over Treasuries.

Roper Technologies is a Sarasota, Fla.-based diversified technology company.

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