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Not A Typical Thanksgiving for Food Industry Giant Tyson Foods

Posted by Matt McTague on Nov 28, 2016 4:06:00 PM
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The world's largest meat processor, Tyson Foods, Inc. (NYSE: TSN), experienced bad news ahead of one of the nation's top meat-consuming holidays. The Tyson Foods, Inc. 7% (USD) 1/15/2028 bond saw a sharp $6 drop in bid price leading up to Thanksgiving - coming on the heels of a month of unpleasent news. In addition to facing numerous downgrades, the Arkansas-based company missed Wall Street predictions in last week's earnings report as well as face a class-action lawsuit citing extensive price-collusion in the chicken-boiler market dating back to 2008.   

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The Tyson single-name CDS (15 Y Sen XR14) - IHS Markit widened 19 BPs in conjunction with the dip in their bond price. For more AdvantageData insights, and to access to pricing, analytics and research, simply request a free trial.


 

Topics: CDS, corporate bonds, earnings, tyson foods

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