Singapore’s GIC seeks redemption from Jefferies’ Point Bonita

Late on Sunday, Jefferies said in a statement that following the discovery of the issues at First Brands, Leucadia communicated directly with Point Bonita fund investors and agreed it made sense for them to submit redemption requests to give them maximum flexibility as the fund worked through the circumstances.

Redemption requests become effective on Dec 31, Jefferies said. That will lead to four quarterly, pro rata redemption payments, with the last one due in October 2026, the statement said.

Jefferies, which advised First Brands for more than a decade as it raised debt in the leveraged loan market, also defended its dealings with the auto-parts supplier, saying that the bank was not aware of any fraudulent activity and that its exposure to the company was small.

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Jefferies has US$43 million, or 5.9 per cent, invested in Point Bonita’s accounts receivables purchased from First Brands, the statement said.

Other Point Bonita investors seeking redemptions include BlackRock, Morgan Stanley’s asset-management arm and Texas Treasury Safekeeping Trust, Bloomberg previously reported. BLOOMBERG