Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

EM Spreads is an independent credit research service specializing in Emerging Markets, primarily focusing on Latin American issuers.

Senior Credit Analyst - Emerging Markets

EM Spreads

Credit

<ul>
<li>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.</li>
<li>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.</li>
<li>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.</li>
</ul>


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.


JBS 3Q25: Solid Top-Line Growth as Pricing Strength Offsets Mixed Margins