Barclays Steps In as JBS Scandal Drives Away Wall Street Banks
- London bank said to be a top candidate for likely IPO in U.S.
- Morgan Stanley, Bank of America, JPMorgan back away from firm
Photographer: Akio Kon/Bloomberg
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Barclays Plc has emerged as the go-to bank for the world’s largest meat supplier after scandals at the company pushed Wall Street to the sidelines.
JBS SA and its subsidiaries have sold at least four overseas bond deals totaling $2.75 billion since 2017, when the Brazilian powerhouse’s owners became embroiled in allegations of corruption. Barclays underwrote all of them. And another windfall could be on the way: The London-based bank is a top candidate to handle JBS’s planned initial public offering in the U.S., according to people familiar with the matter.