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Bond Market News
SMFG Rumored to be Considering a Takeover of Jefferies as per Sources
March 25, 2026
Sumitomo Mitsui Financial Group (SMFG) is said to be preparing for a potential full takeover of Jefferies, according to sources. SMFG has assembled a small team to monitor the situation and act if Jefferies’ falling share price creates an opportunity. The decline in Jefferies’ share price stems from concerns over exposure to the collapsed auto-parts group First Brands and questions about its broader underwriting standards. Its current market cap stands at ~$8bn against SMFG’s $125bn. SMFG bought a 4.9% stake in Jefferies in 2021 and later increased its stake to 20% last year. However, it owns less than a 5% voting interest. The two firms recently launched an equities joint venture in Japan that SMFG is treating as a test run for deeper integration. SMFG executives believe that Jefferies’ senior leadership, who hold significant personal stakes, will eventually seek an exit, and that SMFG is the most natural buyer. Analysts noted that the deal may face significant hurdles, including regulatory complexity, cultural friction, and uncertainty over whether Jefferies’ management would accept a sale at low valuations. SMFG is said to have signaled that it is willing to wait if conditions are not right, and any move is not imminent.
Jefferies bonds traded stable, with the 5.5% 2036s at 96.4, yielding 6.0%. Similarly, SMFG’s dollar bonds were also trading stable with its 5.236% 2030s at 101.6, yielding 4.8%.
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