Performing Issuers Should Take Advantage of the Current Market Window with Opportunistic Transactions
Due to strong market fundamentals and lack of historical new issue supply, companies should take advantage of the market window through refinancing, repricing, and dividend transactions.
Jefferies Is Open for New LBO Underwrites
Amid an uptick in new-issue activity, Jefferies has been the most active investment bank in underwriting new LBOs. We are an arranger on 6 of the 7 LBOs expected to come in September / October, and are Left Lead on 3 of these transactions.
Convertible Debt: Low-Cost Debt Capital in a High Interest Rate Environment
The convertible debt new issue market in 2023 has been frequented by companies seeking a lower cash interest alternative to what is being offered in the high yield and investment grade debt markets.
Actionable Ideas: Roll Up Strategies in a Subdued M&A Environment
With a mix of economic and market headwinds prevailing against M&A activity in 2022 and 2023, financial sponsors’ exits have been expectedly muted. As such, many sponsors have resorted to fundamental buy and build strategies to create value over a longer time period.
Pass the Guac, Do You Mind If We Double Dip This Chip?
It is common for highly levered sponsor-backed companies with liquidity needs and/or upcoming maturities to engage in liability management exercises, which often includes creating a new priming tranche of secured debt (an “Uptier”) or transferring assets out of the secured collateral package (a “Drop Down”).
The Impact of the Universal Proxy Card on the 2023 Proxy Season and Beyond
The new universal proxy card (“UPC”) rules took effect last year, making the 2023 proxy season the first in which both company and dissident nominees were listed on the same ballot, allowing shareholders to choose among the different candidates in a contested election.
Trend Watch: Partnerships Between Corporations and Private Equity
Corporations and PE firms are increasingly partnering up on acquisitions. What makes these transactions attractive?
Activist Swarms Are On the Rise: A Guide to How Companies Can Navigate Hostile Interests
As activism evolves into a mature asset class, the field grows crowded.
Using High Yield to Refinance Existing Debt
Amid rate volatility, issuers and sponsors are leveraging rising demand and liquidity in the High Yield space to refinance near-term loan maturities.
Acquiring a Stressed Company Trading Below Its Net Cash Balance As an Alternative Source of Financing
Economic headwinds led to depressed equity valuations across the De-SPAC universe. Are these now viable acquisitions for public companies seeking alternative financing?
Upside for Rates Likely Capped as Economic Data Softens in the Fall
Jefferies economists take the temperature of the US economy, offering predictions on rate hikes, the labor market, and slowing inflation.
Generative AI — 10 Predictions Across All Sectors
Jefferies’ US Research Team shares ten predictions on the future of generative AI and the technology’s impact across industries.