Jefferies committee chair says capital markets backlog strong in 2011

By Jennifer Lanning Drey

Savannah, Ga., Dec. 20 - Jefferies Group, Inc.'s capital markets backlog is strong heading into 2011, Brian Friedman, Jefferies' executive committee chairman, said Monday during a company conference call held to discuss its preliminary fiscal fourth-quarter and year-end results.

"Our record investment-banking results in 2010 and the momentum we carry into 2011 reflect an improving environment but also an increasingly stronger market position for Jefferies," Friedman said during the call.

Jefferies' preliminary results for the fiscal fourth quarter ended Nov. 30 included investment-banking revenues of $292 million, versus investment-banking revenues of $194 million for the same period in fiscal 2009.

Within the investment bank in leveraged finance, Friedman said Jefferies' book-run bond and loan offerings almost doubled to 76 in 2010 from 39 in 2009.

Jefferies raised as bookrunner $24 billion of bank and bond financing for its clients in fiscal 2010, compared with $9 billion in calendar 2009, he said.

In advisory, Jefferies announced 126 merger, acquisition and restructuring transactions in 2010, up 45% from 2009, he reported. The average merger-and-acquisition transaction increased in size by over 130% to $540 million in 2010.

Jefferies reported net revenues of $695 million for the fiscal fourth quarter, up from net revenues of $538 million in the prior-year period.

Also during the call, chief executive officer Richard Handler noted that the New York-based company's trading activity levels increased across the platform in September, October and November.

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