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BNY Mellon, ERP price; Bank of Japan offers notes; Roper tightens; credit spreads ease
By Cristal Cody
Tupelo, Miss., Aug. 20 – Investment-grade deal volume on Tuesday included $1 billion of three-year senior notes from Bank of New York Mellon Corp.
The session also saw a $600 million offering of notes due 2030 from ERP Operating LP print.
In other deal action, the Development Bank of Japan offered $1.8 billion of five- and 10-year notes.
Otherwise, market activity was fairly quiet over the day as desks thin for late summer vacations, a source said.
Week to date, corporate issuers have priced more than $8 billion of bonds.
Market sources expect about $10 billion of issuance this week in the high-grade primary market.
Roper Technologies, Inc.’s $1.2 billion of senior notes (Baa2/BBB+/) priced in two tranches on Monday firmed 4 bps to 5 bps in secondary trading, a source said.
The company’s 2.95% notes due Sept. 15, 2029 tightened 5 bps. Roper priced $700 million of the 10-year notes at a Treasuries plus 137 bps spread.
The Markit CDX North American Investment Grade 32 index eased 3 bps on Tuesday to a spread of 57 bps after tightening 4 bps in the previous session.
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