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Latam in Focus: Mexico Flies, Brazilian Honeymoon

Emerging Markets Spotlight: 15 Nov 2018, 6:04 AM ET - Latin American credit has rebounded in recent months, led by Argentina and Brazil. Mexico in contrast has been hit as investors have become worried about AMLO’s policy priorities. We prefer Brazil to Mexico in the current environment.
Focused

JBS SA 3Q18: Still Prioritizing Deleveraging

Earnings Note: 15 Nov 2018, 5:09 AM ET - JBS reported solid 3Q18 results, driven by Brazil and US Beef. Management is committed to further deleveraging the balance sheet, having set a target of 3x by year-end 2018 and 2x by year-end 2019. We maintain our Outperform recommendation.
Focused

JBS SA: Issuing $500 million of 2026s

Worth Watching: 18 Oct 2018, 4:22 AM ET - JBS SA (Ba3/BB-) is marketing $500 million of senior unsecured 2026s issued out of JBS Investments II GmbH and guaranteed by JBS S.A.. Pricing is expected on Thursday 10/18. As we noted earlier this week, JBS is taking advantage of a gap in the ..
Focused

JBS SA: Tender Offers & Consent Solicitation

Worth Watching: 14 Oct 2018, 10:02 PM ET - JBS SA (B1/BB-) has commenced cash tender offers for any and all of the $1 bn of 7.75s due 2020 and up to $500 million of the $1.15 bn 7.25s due 2021. The tender offer comes with a coercive consent solicitation that seeks to eliminate substanti ..
Focused

JBS SA: Upgraded to BB- by S&P, Positive Outlook

Worth Watching: 11 Oct 2018, 10:28 PM ET - JBS SA (B1/BB-) was upgraded from B+ to BB- by S&P with a positive outlook. The rating agency noted JBS's recent refinancing of short-term debt and the company's progress deleveraging. Recall that management is targeting 3.0x net leverage by ye ..
Focused

JBS SA: Repays R$2 bn Loan

Worth Watching: 12 Sep 2018, 9:17 PM ET - JBS SA (B1/B+) announced the advanced payment of a R$2 billion loan, following through on comments made on the 2Q18 call regarding repayment of additional debt (see JBS SA 2Q18: Planning Additional Debt Repayment). The release did not state ho ..

August 2018 US Company Recommendation Changes

US Company Recommendation Changes: 02 Sep 2018, 9:49 PM ET - Our monthly report provides executive summaries for the thirty company recommendation changes made on North American companies during the month of August.
Focused

JBS SA 2Q18: Planning Additional Debt Repayment

Earnings Note: 16 Aug 2018, 5:53 AM ET - JBS plans to accelerate debt repayment through year-end. JBS will likely use cash, but given its leverage goals we expect cash flow to be used as well. The company has several options to call some high-coupon bonds. We shift back to O/P.

July 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 Jul 2018, 9:39 PM ET - Our monthly report provides executive summaries for the thirty-nine company recommendation changes made on North American companies during the month of July.
Focused

JBS SA: Tempering Our View After TSN Outlook

Worth Watching: 31 Jul 2018, 6:00 AM ET - JBS SA (B1/B+): Tyson Foods, a competitor of JBS in the U.S. market, revised its F2018 guidance lower on Monday as a result of increased domestic supplies caused by U.S. trade policies (see Tyson Foods: Tariff Ripple Effects). Recall that as of ..
Focused

JBS SA 1Q18: Leverage Target Looks IG-ish

Earnings Note: 15 May 2018, 10:07 PM ET - JBS is targeting sub-3x net leverage by year-end and 2x leverage by 2019, which should merit IG ratings once it sheds its Brazil overhang through an IPO of the international biz, or a resolve of the leniency agreement investigation.
Focused

JBS SA 4Q17: Sub-3x Leverage in '18, ~2x in '19

Earnings Note: 02 Apr 2018, 8:14 AM ET - JBS ended the year with net leverage of 3.4x. Management expects to get leverage below 3x in 2018 and down to around 2x in 2019. We maintain our Outperform recommendation.  
Focused

JBS SA: Moody’s Upgrades 2028s to B2

Worth Watching: 28 Feb 2018, 10:08 PM ET - JBS SA (B2/B): Moody's announced Wednesday that it upgraded its ratings on JBS's recently issued 6.75s due 2028 to B2 from B3, bringing the rating in line with the rest of the JBS USA notes. The upgrade came after JBS SA provided a parent guara ..
Focused

JBS SA: Wesley Batista’s Plea Deal Revoked

Worth Watching: 27 Feb 2018, 5:01 AM ET - JBS SA (B2/B): Brazilian prosecutors have reportedly revoked former CEO Wesley Batista's plea deal, the consequence of Batista not providing all evidence to prosecutors while establishing the leniency agreement. It is not clear from the news ho ..
Focused

HY Note: JBS USA Marketing $700 mn of 10Y Notes

HY Note: 01 Feb 2018, 10:15 AM ET - JBS USA is marketing $700 mn of new 10Y NC5 bonds to refinance the 2020s, callable at par. There is an investor call scheduled at 11AM. We offer thoughts on the credit story, potential pricing, and provide links to get up to speed on JBS.
Focused

Chicken: Sysco & U.S. Foods Allege Collusion

Worth Watching: 31 Jan 2018, 9:56 PM ET - Chicken: Food distributors Sysco and U.S. Foods threw their hats into the ring accusing price collusion among the chicken industry. Recall this issue first came to light in 2016 (see Tyson Foods Inc: Takes Plant-based Protein Stake). To recap, ..

U.S. F&B/CPG '18 Outlook: Relative Value Summaries

Sector Outlook: 30 Jan 2018, 5:26 AM ET - We provide relative value summaries for our U.S. IG and HY F&B and Consumer Goods coverage.
Focused

JBS SA: Changes to Leniency Agreement?

Worth Watching: 22 Jan 2018, 9:34 PM ET - JBS SA (B3/B+ sr uns): Reuters reported late on Monday afternoon that J&F Investimentos, the parent company of JBS is considering renegotiating its leniency agreement with Brazil prosecutors to admit to insider trading. Recall that the leniency ..
Focused

JBS SA: Agrees to Sell Five Rivers

Worth Watching: 17 Jan 2018, 10:10 PM ET - JBS SA (B3/B+ sr uns) announced that it has entered into an agreement to sell its Five Rivers feedlot assets to Pinnacle Asset Management for USD$200 million (~R$644 mn). The asset sale is subject to board approval, regulatory approval, and the ..

U.S. F&B/CPG '18 Outlook: Brands & Existentialism

Sector Outlook: 03 Jan 2018, 10:21 PM ET - We review the operating environment for consumer goods companies in the year to come and discuss why we see the environment contributing to increased M&A. We do so in the context of the question around whether big brands are dying.

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