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Jefferies Group

Jefferies Group is an indirect, wholly-owned subsidiary of Jefferies Financial Group and operates as a Limited Liability Company (LLC). Jefferies is a full-service global securities and investment banking firm that operates in 30 cities around the world. The company provides capital markets and financial advisory services, in addition to institutional brokerage in equity, equity-linked, high-yield, and other fixed-income securities, along with research, strategy, and asset management. As of fiscal 1Q18, Jefferies had $41.2 bn of assets and $1.4 bn in assets under management. (13 Jun 2018)

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US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

JEF 3Q18: Lower I-Banking Swamps Trading Gains

Earnings Note: 21 Sep 2018, 1:15 PM ET - Jefferies reported 3Q18 earnings of $60 mn. Net income declined both QoQ and YoY on lower revenues, which reflected lower investment banking revenues only partially offset by higher trading revenues on a YoY basis.

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.

US Banks: Update to 2018 Debt Supply Forecast

Sector Analysis: 09 Jul 2018, 5:49 AM ET - Following a review of 1H18 debt supply, we are increasing our supply forecast for the full year for the banks in our coverage universe. The majority of the increase reflects increased expectations for OpCo debt from the GSIBs.

Jefferies Group: 2Q18 Rides Robust IB Wave

Earnings Note: 19 Jun 2018, 8:47 PM ET - Jefferies Group, the wholly-owned subsidiary of Jefferies Financial Group, reported 2Q18 earnings of $98 mn. Results improved 40% from the year ago period on the back of very solid growth in investment banking fees.

Leucadia: Back to the Roots with Jefferies

Worth Watching: 09 Apr 2018, 10:46 PM ET - Leucadia (Ba1▲/BBB-), the parent of Jefferies Group, is selling two of its largest non-financial services holdings- National Beef and Garcadia- for a combined gain of more than $1 bn. With the outsized National Beef investment "right sized", Le ..

Jefferies 1Q18: Loss on Tax Bill, Core Improved

Earnings Note: 20 Mar 2018, 10:24 PM ET - Jefferies reported a net loss in F1Q18 reflecting the impact of the Tax Bill. Excluding the charge related to the Bill, earnings increased both QoQ and YoY. We are maintaining our Market perform recommendation.

Jefferies: 2017 10-K Cut - Record Year for IB Fees

10-K Cut: 27 Feb 2018, 4:33 AM ET - Jefferies filed its 2017 10-K and Creditor Presentation. Key themes in 2017 include the state of the balance sheet, and lower risk and leverage metrics compared to historical levels. We reiterate our Market perform recommendation.

Jefferies: New 12-Year Benchmark Offering

Worth Watching: 18 Jan 2018, 10:51 AM ET - Jefferies (Baa3/BBB-) is in the market with a 12-year benchmark senior debt offering to pre-fund the redemption of its 8.5% Senior Notes due in July 2019. The company intends to use any remaining proceeds for general corporate purposes. Consider ..

December 2017 US Company Recommendation Changes

US Company Recommendation Changes: 01 Jan 2018, 6:36 PM ET - Our monthly report provides executive summaries for the nine company recommendation changes made on US companies during the month of December.

Jefferies 4Q17: Record IB, Moving to MP on Rally

Earnings Note: 19 Dec 2017, 10:45 PM ET - Jefferies reported F4Q17 earnings that increased both QoQ and YoY on the back of record investment banking fees, which more than offset the decline in trading revenues. We are moving to Market Perform given current spreads.

US HY Strategy: Picks and Pans – Focus on 6% Bonds

Strategy Analysis: 24 Oct 2017, 2:02 AM ET - We provide a concise summary of our views in high yield, focusing specifically on 6% yields. 

Jefferies Investor Day: "Committed to the Basics"

Company Spotlight: 06 Oct 2017, 4:19 AM ET - We attended the 2017 Investor Day of Leucadia, the parent of Jefferies Group. Key topics discussed include the state of the balance sheet, capital and liquidity, the fixed income and the equities business, and investment banking.

Jefferies 3Q17: Record IB Fees Offset Trading Drop

Earnings Note: 19 Sep 2017, 2:16 PM ET - Jefferies reported improved F3Q17 results on the back of record investment banking fees, which more than offset the decline in trading revenues reflecting low levels of volumes and volatility.

CreditSights 2017 Global Financials Seminar

Announcement: 13 Sep 2017, 5:04 AM ET - Please join us for our upcoming Global Financials Seminar in New York on October 4.

Euro Insurers: Exposure to Harvey

Worth Watching: 30 Aug 2017, 4:29 AM ET - Euro Insurers will certainly be exposed to the nat cat Harvey that has recently occurred in Texas, USA. But, at this stage, the difficulty is to know how much they are exposed to Harvey. We think it is too early to have a fair opinion on their ..

Jefferies Finance: 7-Year Offering Prices at 7.25%

Worth Watching: 20 Jul 2017, 9:32 PM ET - Jefferies Finance (Ba3/B+) came to market with $400 mn of 7-year non-call 3 senior notes, which priced with a coupon of 7.25%, in-line with our expectations. At these levels, we maintain our view from our previous note on the offering that, "given ..

Global Insurance Rendez-Vous: Life Profitability

Global Insurance Rendez-Vous: 20 Jul 2017, 11:08 AM ET - In this article, we discuss the profitability of Life insurers in Europe and the United States.

Jefferies Finance: In The Market With 7-Year NC3s

HY Note: 20 Jul 2017, 3:10 AM ET - Jefferies Finance LLC, a leveraged lending JV co-owned by Jefferies Group and MassMutual, is in the market with $400 mn of 7-Year noncall 3 senior debt.  This is JFIN's first issuance since 2014.  

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