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Corporate · USD · United States

JEFFERIES 6.00% Jun 2033

Jefferies Financial Group Inc.

Buy
6.00% coupon Jun 18, 2033 maturity 6.9 yr remaining As of 2026-06-24
01

Overview

Senior unsecured notes of Jefferies Financial Group (NYSE: JEF), a leading mid-size US investment bank with strengths in M&A advisory, leveraged finance, equity and debt underwriting, and trading. A capital-markets-sensitive issuer with a 60+ year franchise.

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Key Strengths

  1. 01 Investment-grade senior unsecured paper with a double-digit-billion equity base
  2. 02 Top-5 US M&A advisor by deal count; counter-cyclical advisory franchise
  3. 03 Diversified revenue across IB, capital markets, and asset management (Leucadia legacy)
  4. 04 Strong liquidity profile; conservative VaR versus bulge-bracket peers
03

Key Risks

  1. 01 Investment banking fee pool is cyclical — earnings volatility tied to deal and issuance activity
  2. 02 Leveraged finance exposure during credit downturns
  3. 03 Higher beta than money-center banks; rating sits at the low end of investment grade
  4. 04 Subordination risk versus operating-subsidiary creditors
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GKCM View Buy

Attractive IG carry for USD-mandate portfolios looking to extend duration past the 7-year point without taking sovereign frontier risk. The ~6.00% coupon offers a meaningful pickup over the UST 10Y. Sized appropriately, this is a core IG building block for clients seeking US corporate exposure with high name recognition.

— GKCM Fixed Income Desk · 2026-06-24
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Disclosure

This research note is prepared by GK Capital Management for informational purposes only and does not constitute an offer or solicitation to buy or sell any security. Indicative metrics shown are subject to change without notice. Credit ratings are sourced from public rating agency reports as of the publication date and may have moved since. Past performance is not indicative of future results. Investors should consult their advisor before transacting in any fixed income security.