JBS trades up after lowering yield on second April deal

JBS USA, Brazil, meat, protein, LatAm, Pennsylvania
By Oliver West
25 Apr 2019

The US business of Brazilian meatpacker JBS gained further traction in bond markets this week as it looked to improved its liquidity position with its second bond issue of the month on Tuesday, part of a liability management exercise.

Despite achieving significantly lower funding costs than earlier in the month, the borrower then saw all three of the bonds that it reopened trade well above reoffer.

JBS USA, rated Ba3/BB-/BB-, which had issued $1bn of new 10 year bonds on April 1, announced plans first thing on Tuesday ...

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