Midday Commentary: Secondary high-grade bond market sees weak open; Roper notes trade tighter

By Aleesia Forni

Virginia Beach, Va., June 3 - Spreads in the high-grade secondary bond market were mostly wider to open the week, though last week's new issue from Roper Industries, Inc. traded tighter compared to levels seen early Friday.

"Weak tone to start today," one trader said, though the source added that there was "not a lot of activity so far" in the secondary market.

Meanwhile, Roper Industries' $800 million of 2.05% five-year senior notes traded at 80 bps bid, 75 bps offered.

A source at another desk had quoted the notes at 110 bps bid, 105 bps early Friday following Thursday's sale at a spread of Treasuries plus 110 bps.

The diversified industrial technology company is based in Sarasota, Fla.

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