Michigan based utility CMS Energy (NYSE:CMS) has filed to offer a new issue of $25 baby bonds. No details have been released yet, but we would expect this issue to have a very long dated maturity–2079.
The company has 2 other baby bonds currently outstanding. CMSA and CMSC with coupons of 5.625% and 5.875% respectively. These issues are both trading right around $25 and so we expect the new issue to be priced accordingly. The issue will be rated investment grade.