JBS to Visit Investors

Brazil’s JBS is scheduled to meet investors beginning today, as it looks to follow peers Minerva and Marfrig into the international bond market. The meatpacker’s two-day roadshow visits New York, Los Angeles, Boston and London and is scheduled to finish Monday. Bradesco, Banco do Brasil, Deutsche Bank, JPMorgan and Santander are managing. JBS is rated B1/BB minus. A new deal would come just about one year after the meatpacker’s previous international bond sale, through its JBS USA unit. It sold $700m in 8.25% 2020 NC3 bonds at an 8.50% yield. B2/B+ Marfrig raised $600m in new 9.875% 2017 bonds last week, followed the next day by B1/B+ Minerva’s $850m in 8.0% 2023 NC5. Both have seen secondary performance that should encourage JBS. Marfrig was trading Thursday at around 101.5, up from a par sale, and Minerva at around 104, versus a 98.3 sale price.