Jefferies LLC

Jefferies owes its success to industry expertise and an entrepreneurial culture that keeps its bankers at the coalface, writes David Rothnie.

With dead eyes, the procession of defeated beasts shuffled forwards, waiting for the axe to fall… no, not Deutsche Bank’s fixed income traders, facing yet another round of restructuring and redundancies but a possible scene from the activities of National Beef, the business that, until recently, shared a corporate roof with Jefferies. Both were part of the conglomerate Leucadia Corporation, which also owned auto dealership Garcadia with the Garff family.

Leucadia National Corporation, the holding company of Jefferies, has sold 48% of its beef business, all of its automotive equity interests, and changed the name of the company to Jefferies Financial Group — a set of moves which ought to free the firm to take advantage of merchant banking opportunities, while giving investors a clearer business to focus on.

This week, Elysium Healthcare successfully refinanced the loan that backed its leveraged buyout by BC Partners, getting a bigger size and better pricing three months after the original deal was met with a lukewarm reception from investors.

Books closed on the IPO of Siemens Healthineers, the healthcare technology division of Siemens, on Thursday lunchtime, with the base deal valued at €3.65bn and the company at €28bn.

The IPO of Siemens Healthineers, the healthcare technology division of Siemens, is covered throughout its revised price range, according to a banker involved in the transaction.

The IPO of Siemens Healthineers was covered on day one of its bookbuild on Tuesday after its parent, Siemens, set a price range designed to please potential investors in the IPO of its medical technology division.

Siemens has chosen to set a price range designed to please investors on the IPO of its medical technology division Siemens Healthineers, rather than seeking an aggressive valuation.

Indian state-owned Canara Bank has appointed a five-strong syndicate group to run a potential Rp45bn ($695.7m) qualified institutional placement (QIP), according to a senior banker on the deal.

Siemens has begun the IPO process for the highly anticipated spin-off of its health division, Siemens Healthineers, by releasing its intention to float document.

BOC International and Jefferies have announced an agreement to jointly provide investment banking advisory and capital markets services to clients, according to a Tuesday press release.

JP Morgan has hired an emerging markets trader from Jefferies.