Jefferies Gains as Oppenheimer Says Egan Made ‘Epic Errors’
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Bonds from Jefferies Group Inc. rose to the highest level since Nov. 15 and its shares gained after an Oppenheimer & Co. analyst said Egan-Jones Ratings Co.’s analysis that fueled a selloff in the securities had “epic errors.”
The investment bank’s $700 million of senior unsecured 8.5 percent notes due in July 2019 added 3.4 cents to 93.1 cents on the dollar at 2:16 p.m. in New York, according to Trace, the bond price reporting system of the Financial Industry Regulatory Authority. The bonds, which fell to as low as 82 cents on Nov. 3 from 109.3 cents at the end of October, yield 9.8 percent, or