Jefferies Insights - April 2019

As part of the firm’s daily communication with clients, Jefferies regularly publishes perspectives, ideas and insights on the markets and our areas of focus through research reports, trend analysis, white papers and industry commentary, as well as strategy and economic thought pieces.

Economics and Strategy

• A Flo Rida Market Structure
• From Despondency to Euphoria in One Quarter
• U.S. Outlook – Background on Inflation Target History
• European Outlook – In a Post-QE World, ECB Stumbles Out of the Starting Block; Brexit Deadline Extended, Every Option Remains in Play; Focus on EU Elections

Actionable Ideas for Companies and Sponsors

• The New Face of Activism – Traditional Institutional Investors
• The Trend in Larger Take-Privates Is Gaining Significant Momentum
• Family-Owned Businesses Becoming an Increasing Source of M&A Targets
• Refinancing LIBOR Debt with EURIBOR Debt
• Financing with Secured Bonds Versus Term Loans
• The Return of Portable Capital Structures
• Unregistered Institutional Private Offerings (U-IPOs) as a Source of Growth Capital or a Path to Monetization
• Using the U.K. Investment Fund Market Across Sectors and Geographies
• SPACs Have Become a Mainstream Source of Acquisition Capital
• Incremental Financings for Stressed and Distressed Companies
• Using Forward Delivery Bonds to Lock-in Refunding Savings

Best Research Ideas

• U.S. Insights – JefData: Housing Storm Largely Past and the Roof Didn’t Collapse
• Interactive Entertainment – Game Changer: A Deep Dive on Free-to-Play Console Games like Fortnite
• Pharmaceutical Services – Annual Survey Says CRO Outlook Is Encouraging; Upgrade IQV
• Hey Big Spenders – Investment Risk in Global HPC: Unilever, Procter and Gamble, Reckitt Benckiser, Church & Dwight Most Exposed
• Opportunities and Risks in Global Beer from Rising Competition
• China – Telecom Services: An Updated Investor Guide to China 5G Scenarios
• India – Consumer FY20E Outlook: Chinks in the Armour