In today’s briefing:
- JBS 3Q25: Solid Top-Line Growth as Pricing Strength Offsets Mixed Margins
- Lucror Analytics – Morning Views Asia
JBS 3Q25: Solid Top-Line Growth as Pricing Strength Offsets Mixed Margins
- Long end offers attractive value, with 2053s providing compelling carry-to-duration and 35–65 bps of extra spread versus Tyson and key LatAm peers.
- We maintain a constructive view of JBS’s credit profile, supported by diversification, global scale, solid liquidity, and manageable leverage consistent with investment-grade metrics.
- A broadly supportive global protein backdrop reinforces earnings resilience across proteins, while healthier conditions in Brazil and Australia help offset ongoing margin pressure in North America Beef.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Genting Berhad, Xiaomi Corp
- UST yields rose 1-3 bps yesterday, to the highest levels in two months. The move appeared to be driven by lower expectations of Fed rate cuts next year, even as the market firmly priced in 25 bps of rate reductions this week.
- The yield on the 2Y UST rose 1 bp to 3.58%, while the yield on the 10Y UST climbed 3 bps to 4.17%. Equities halted a four-day rally, with the S&P and Nasdaq down 0.3% and 0.1%, respectively.
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