Morning Commentary: 3M, Roper, Puget Sound, Boston Properties, Consumers Energy on tap

By Cristal Cody

Tupelo, Miss., Aug. 19 – Investment-grade supply is expected to remain busy on Monday with several issuers marketing bond offerings.

3M Co. is on deck with four tranches of notes due 2023, 2025, 2029 and 2049.

Roper Technologies, Inc. plans to price two tranches of fixed-rate senior notes.

Boston Properties LP is selling fixed-rate senior notes.

Consumers Energy Co. is marketing first mortgage bonds.

Puget Sound Energy, Inc. intends to price fixed-rate senior notes.

Juniper Networks, Inc. is offering fixed-rate senior notes.

Monday’s session may be the most active of the week with supply expected to slow over the last 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.

Market sources are expected to keep an eye on retailer earnings reports due this week, including from Home Depot Inc. on Tuesday and Lowe’s Cos. Inc. and Target Corp. on Wednesday.

Also, market participants will be focusing this week on Wednesday’s release of the minutes from the Federal Reserve’s July meeting when rates were lowered and the upcoming Federal Reserve Bank of Kansas City’s annual economic policy symposium in Jackson Hole, Wyo., that starts Thursday.

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