UPDATE: Jefferies Discloses All Current Positions in Sovereign Debt of Portugal, Italy, Ireland, Greece and Spain

In response to inquiries, Jefferies

is disclosing its position as of a few minutes ago in the sovereign risk of the nations of Portugal, Italy, Ireland, Greece, and Spain. It should be noted that the interest-rate risk on such positions is insignificant, with DV01 equal to only $37,000. Italy: Long 2,086 Short (2,011) Net Cash 75 Futures (100) (25) Spain: Long 191 Short (209) Net Cash (18) Net Total (18) Ireland: Long 110 Short (80) Net Cash 30 Net Total 30 Portugal: Long 20 Short (16) Net Cash 4 Net Total 4 Greece - - - - - Total 2,407 (2,316) 91 (100) (9) “These are fragile times in the financial market and we decided the only way to conclusively dispel rumors, misinformation and misplaced concerns is with unprecedented transparency about internal information that is rarely, if ever, publicly disclosed,“ said Richard Handler, Chairman and CEO of Jefferies. “Later today, after the markets are closed in Europe and we have completed our inventory control accounting, we will post on our web-site our day-end, CUSIP-level holdings in the securities of these countries. We care for our clients, shareholders, bondholders and employees and want to allay any concern that may have arisen. As was the case yesterday, the facts about our sovereign debt exposure and other matters are straightforward and easily understood. We encourage all market participants and interested parties to review our public filings that contain extensive disclosure of the nature, extent and financing of our assets. Our firm stands on a solid foundation of over $8.5 billion of long-term capital and we look forward to continued success.”