[FWP] Jefferies Financial Group Inc. Free Writing Prospectus
Jefferies Financial Group Inc. (JEF) is marketing Auto-Callable Market Linked Securities that combine a contingent quarterly coupon with exposure to the worst performer among the S&P 500, Russell 2000 and EURO STOXX 50 indices. The notes, offered at $1,000 face value and scheduled to price on 30 June 2025, mature on 6 July 2029 unless automatically called earlier.
Key economic terms include:
- Contingent coupon: ≥10.00% p.a., paid quarterly only if the lowest-performing index is ≥75 % of its start level on the relevant calculation day.
- Automatic call feature: From Dec-2025 to Apr-2029, the notes are redeemed at par plus coupon if the lowest index closes ≥ its start level on any quarterly observation date.
- Principal at risk: If not called and the worst index closes <75 % of its start level at final valuation, repayment equals par × index performance, exposing investors to full downside below the 25 % buffer.
- Estimated value: Jefferies values each note at roughly $959 on the pricing date, about 4 % below the offer price; agent discount up to 2.325 %.
- Credit & liquidity: The securities are senior unsecured obligations of JEF; they will not be listed, and secondary liquidity is expected to be limited.
Highlighted risks include the possibility of receiving no coupons, loss of some or all principal, reliance on Jefferies’ credit, model-based pricing that starts below par, exposure to small-cap and non-U.S. equities, and tax uncertainty. Investors should consult the full preliminary pricing supplement and risk factors before committing capital.
Jefferies Financial Group Inc. (JEF) propone Auto-Callable Market Linked Securities che combinano un coupon trimestrale condizionato con l’esposizione al peggior rendimento tra gli indici S&P 500, Russell 2000 e EURO STOXX 50. Le obbligazioni, offerte a un valore nominale di $1.000 e previste per il pricing il 30 giugno 2025, scadono il 6 luglio 2029 salvo richiamo automatico anticipato.
I principali termini economici includono:
- Coupon condizionato: ≥10,00% annuo, pagato trimestralmente solo se l’indice peggiore è ≥75% del livello iniziale nel giorno di calcolo pertinente.
- Opzione di richiamo automatico: Da dicembre 2025 ad aprile 2029, le obbligazioni vengono rimborsate a valore nominale più coupon se l’indice più basso chiude ≥ al livello iniziale in qualsiasi data di osservazione trimestrale.
- Capitale a rischio: Se non richiamate e l’indice peggiore chiude <75% del livello iniziale alla valutazione finale, il rimborso sarà pari al valore nominale × performance dell’indice, esponendo gli investitori a perdite totali oltre la soglia del 25%.
- Valutazione stimata: Jefferies valuta ogni titolo a circa $959 alla data di pricing, circa il 4% sotto il prezzo di offerta; sconto agente fino al 2,325%.
- Credito e liquidità: Le obbligazioni sono obbligazioni senior non garantite di JEF; non saranno quotate e la liquidità secondaria sarà limitata.
I rischi principali includono la possibilità di non ricevere alcun coupon, la perdita totale o parziale del capitale, la dipendenza dal merito creditizio di Jefferies, una valutazione basata su modelli che parte sotto la pari, esposizione ad azioni small-cap e non statunitensi, e incertezze fiscali. Gli investitori devono consultare il supplemento preliminare completo e i fattori di rischio prima di impegnare capitale.
Jefferies Financial Group Inc. (JEF) está comercializando Valores Vinculados al Mercado con Llamada Automática que combinan un cupón trimestral contingente con exposición al peor desempeño entre los índices S&P 500, Russell 2000 y EURO STOXX 50. Los bonos, ofrecidos a un valor nominal de $1,000 y programados para precio el 30 de junio de 2025, vencen el 6 de julio de 2029 a menos que sean llamados automáticamente antes.
Los términos económicos clave incluyen:
- Cupón contingente: ≥10,00% anual, pagado trimestralmente solo si el índice con peor desempeño está ≥75% de su nivel inicial en la fecha de cálculo correspondiente.
- Opción de llamada automática: Desde diciembre de 2025 hasta abril de 2029, los bonos se redimen al valor nominal más cupón si el índice más bajo cierra ≥ su nivel inicial en cualquier fecha de observación trimestral.
- Principal en riesgo: Si no se llama y el peor índice cierra <75% de su nivel inicial en la valoración final, el reembolso será igual al valor nominal × rendimiento del índice, exponiendo a los inversores a pérdidas totales por debajo del margen del 25%.
- Valor estimado: Jefferies valora cada bono en aproximadamente $959 en la fecha de precio, alrededor de un 4% por debajo del precio de oferta; descuento de agente hasta 2,325%.
- Crédito y liquidez: Los valores son obligaciones senior no garantizadas de JEF; no estarán listados y se espera liquidez secundaria limitada.
Los riesgos destacados incluyen la posibilidad de no recibir ningún cupón, pérdida parcial o total del principal, dependencia del crédito de Jefferies, valoración basada en modelos que comienza por debajo del nominal, exposición a acciones de pequeña capitalización y no estadounidenses, y incertidumbre fiscal. Los inversores deben consultar el suplemento preliminar completo y los factores de riesgo antes de comprometer capital.
Jefferies Financial Group Inc. (JEF)는 S&P 500, Russell 2000 및 EURO STOXX 50 지수 중 최저 성과 지수에 대한 노출과 조건부 분기 쿠폰을 결합한 자동 상환 가능 시장 연계 증권을 마케팅하고 있습니다. 이 증권은 $1,000 액면가로 제공되며, 2025년 6월 30일에 가격이 책정될 예정이고, 2029년 7월 6일에 만기되며 조기 자동 상환되지 않는 한 만기됩니다.
주요 경제 조건은 다음과 같습니다:
- 조건부 쿠폰: 연 10.00% 이상, 최저 성과 지수가 해당 계산일에 시작 수준의 75% 이상인 경우에만 분기별로 지급됩니다.
- 자동 상환 기능: 2025년 12월부터 2029년 4월까지, 분기별 관찰일에 최저 지수가 시작 수준 이상으로 마감되면 액면가와 쿠폰을 포함해 상환됩니다.
- 원금 위험: 자동 상환되지 않고 최악의 지수가 최종 평가 시 시작 수준의 75% 미만으로 마감되면 상환액은 액면가 × 지수 성과가 되어, 투자자는 25% 버퍼 이하의 전 손실에 노출됩니다.
- 추정 가치: Jefferies는 가격 책정일에 각 증권 가치를 약 $959로 평가하며, 이는 제안 가격보다 약 4% 낮고, 대리인 할인은 최대 2.325%입니다.
- 신용 및 유동성: 이 증권은 JEF의 선순위 무담보 채무이며, 상장되지 않고 2차 유동성은 제한적일 것으로 예상됩니다.
주요 위험 요소로는 쿠폰 미지급 가능성, 일부 또는 전액 원금 손실, Jefferies 신용 의존, 액면가 이하에서 시작하는 모델 기반 가격 책정, 소형주 및 비미국 주식 노출, 세금 불확실성이 포함됩니다. 투자자는 자본 투입 전 전체 예비 가격 부록 및 위험 요소를 반드시 검토해야 합니다.
Jefferies Financial Group Inc. (JEF) commercialise des Auto-Callable Market Linked Securities combinant un coupon trimestriel conditionnel avec une exposition à la moins bonne performance parmi les indices S&P 500, Russell 2000 et EURO STOXX 50. Les titres, proposés à un valeur nominale de 1 000 $ et dont la tarification est prévue le 30 juin 2025, arrivent à échéance le 6 juillet 2029 sauf s’ils sont rappelés automatiquement avant.
Les principaux termes économiques sont :
- Coupon conditionnel : ≥10,00 % par an, versé trimestriellement uniquement si l’indice le moins performant est ≥75 % de son niveau initial à la date de calcul pertinente.
- Option de rappel automatique : De décembre 2025 à avril 2029, les titres sont remboursés à leur valeur nominale plus coupon si l’indice le plus bas clôture ≥ à son niveau initial à une date d’observation trimestrielle.
- Capital à risque : En cas de non-rappel et si l’indice le plus faible clôture <75 % de son niveau initial à l’évaluation finale, le remboursement correspond à la valeur nominale × performance de l’indice, exposant les investisseurs à une perte totale au-delà de la marge de 25 %.
- Valeur estimée : Jefferies valorise chaque titre à environ 959 $ à la date de tarification, soit environ 4 % en dessous du prix d’offre ; remise agent jusqu’à 2,325 %.
- Crédit et liquidité : Ces titres sont des obligations senior non garanties de JEF ; ils ne seront pas cotés et la liquidité secondaire devrait être limitée.
Les risques mis en avant incluent la possibilité de ne recevoir aucun coupon, la perte totale ou partielle du capital, la dépendance à la solvabilité de Jefferies, une valorisation fondée sur un modèle démarrant sous la valeur nominale, une exposition aux actions small caps et non américaines, ainsi que des incertitudes fiscales. Les investisseurs doivent consulter le supplément de tarification préliminaire complet et les facteurs de risque avant d’engager des fonds.
Jefferies Financial Group Inc. (JEF) bietet Auto-Callable Market Linked Securities an, die einen bedingten vierteljährlichen Kupon mit einer Beteiligung am schlechtesten Performer der Indizes S&P 500, Russell 2000 und EURO STOXX 50 kombinieren. Die Notes werden zu einem Nennwert von 1.000 USD angeboten und sollen am 30. Juni 2025 bepreist werden; sie laufen am 6. Juli 2029 aus, sofern sie nicht vorher automatisch zurückgerufen werden.
Wesentliche wirtschaftliche Bedingungen umfassen:
- Bedingter Kupon: ≥10,00 % p.a., vierteljährlich zahlbar, nur wenn der am schlechtesten performende Index am relevanten Berechnungstag ≥75 % seines Startniveaus schließt.
- Automatische Rückrufoption: Von Dezember 2025 bis April 2029 werden die Notes zum Nennwert plus Kupon zurückgezahlt, wenn der niedrigste Index an einem der vierteljährlichen Beobachtungstage ≥ seinem Startniveau schließt.
- Kapitalrisiko: Werden die Notes nicht zurückgerufen und schließt der schlechteste Index bei der Endbewertung unter 75 % seines Startniveaus, erfolgt die Rückzahlung als Nennwert × Indexperformance, wodurch Anleger dem vollen Verlust unterhalb der 25 %-Puffergrenze ausgesetzt sind.
- Geschätzter Wert: Jefferies bewertet jede Note am Pricing-Tag auf etwa 959 USD, etwa 4 % unter dem Angebotspreis; Agentur-Rabatt bis zu 2,325 %.
- Kredit- & Liquiditätsrisiko: Die Wertpapiere sind unbesicherte Seniorverbindlichkeiten von JEF; sie werden nicht börslich gehandelt, und die Sekundärliquidität wird voraussichtlich begrenzt sein.
Hervorgehobene Risiken umfassen die Möglichkeit, keine Kupons zu erhalten, den Verlust von ganzem oder teilweise investiertem Kapital, die Abhängigkeit von Jefferies' Kreditwürdigkeit, modellbasierte Bewertung unter Nennwert, Exponierung gegenüber Small-Cap- und Nicht-US-Aktien sowie steuerliche Unsicherheiten. Anleger sollten das vollständige vorläufige Preisblatt und die Risikofaktoren vor einer Kapitalanlage sorgfältig prüfen.
- High contingent coupon rate (≥10% p.a.) offers above-market yield potential if index levels remain resilient.
- Automatic call feature could return principal early, improving annualized return if equity markets stay strong.
- Principal at risk below 75 % barrier; investors could lose >25 % and up to 100 % of capital at maturity.
- No guaranteed income; coupons paid only when worst index meets threshold, potentially resulting in zero cash flow for full term.
- Estimated value ($959) below issue price indicates an immediate mark-to-market discount and embedded fees.
- Illiquidity risk; notes will not be listed and secondary market making is discretionary, limiting exit options.
- Unsecured credit exposure to Jefferies; deterioration in issuer credit could impair both price and payment ability.
Insights
TL;DR: High-coupon auto-call note offers yield but embeds significant market and credit risk; economically neutral for JEF, complex for buyers.
The product provides Jefferies with relatively inexpensive term funding while transferring index and volatility risk to retail investors. A ≥10 % coupon appears attractive, yet it is conditional and may never be paid if any index underperforms. The 75 % soft barrier affords only limited protection; a 30 % drop in the weakest index would translate into a 30 % capital loss at maturity. The estimated value (≈ 95.9 % of par) reveals a meaningful issuer spread, typical for such structured notes. From the issuer’s standpoint, the offering is routine and should not materially alter leverage or earnings. For investors, the asymmetric payoff, lack of upside participation, and non-listed nature require careful suitability analysis.
TL;DR: Product skews risk toward investors—contingent coupons may mask high probability of uncompensated downside; liquidity and valuation risks are material.
Historical drawdowns show the Russell 2000 and EURO STOXX 50 can breach the 75 % threshold multiple times within a four-year span, threatening both coupon payments and principal. Because observation is quarterly, investors face path dependency: one bad print cancels a coupon, while recovery later does not recoup the forgone cash flow. Credit-spread widening on JEF could further depress secondary prices given the notes’ unsecured status and absence of exchange listing. The combined market, credit and valuation factors justify a conservative stance; risk-adjusted return may be inferior to traditional high-yield or diversified equity exposure.
Jefferies Financial Group Inc. (JEF) propone Auto-Callable Market Linked Securities che combinano un coupon trimestrale condizionato con l’esposizione al peggior rendimento tra gli indici S&P 500, Russell 2000 e EURO STOXX 50. Le obbligazioni, offerte a un valore nominale di $1.000 e previste per il pricing il 30 giugno 2025, scadono il 6 luglio 2029 salvo richiamo automatico anticipato.
I principali termini economici includono:
- Coupon condizionato: ≥10,00% annuo, pagato trimestralmente solo se l’indice peggiore è ≥75% del livello iniziale nel giorno di calcolo pertinente.
- Opzione di richiamo automatico: Da dicembre 2025 ad aprile 2029, le obbligazioni vengono rimborsate a valore nominale più coupon se l’indice più basso chiude ≥ al livello iniziale in qualsiasi data di osservazione trimestrale.
- Capitale a rischio: Se non richiamate e l’indice peggiore chiude <75% del livello iniziale alla valutazione finale, il rimborso sarà pari al valore nominale × performance dell’indice, esponendo gli investitori a perdite totali oltre la soglia del 25%.
- Valutazione stimata: Jefferies valuta ogni titolo a circa $959 alla data di pricing, circa il 4% sotto il prezzo di offerta; sconto agente fino al 2,325%.
- Credito e liquidità: Le obbligazioni sono obbligazioni senior non garantite di JEF; non saranno quotate e la liquidità secondaria sarà limitata.
I rischi principali includono la possibilità di non ricevere alcun coupon, la perdita totale o parziale del capitale, la dipendenza dal merito creditizio di Jefferies, una valutazione basata su modelli che parte sotto la pari, esposizione ad azioni small-cap e non statunitensi, e incertezze fiscali. Gli investitori devono consultare il supplemento preliminare completo e i fattori di rischio prima di impegnare capitale.
Jefferies Financial Group Inc. (JEF) está comercializando Valores Vinculados al Mercado con Llamada Automática que combinan un cupón trimestral contingente con exposición al peor desempeño entre los índices S&P 500, Russell 2000 y EURO STOXX 50. Los bonos, ofrecidos a un valor nominal de $1,000 y programados para precio el 30 de junio de 2025, vencen el 6 de julio de 2029 a menos que sean llamados automáticamente antes.
Los términos económicos clave incluyen:
- Cupón contingente: ≥10,00% anual, pagado trimestralmente solo si el índice con peor desempeño está ≥75% de su nivel inicial en la fecha de cálculo correspondiente.
- Opción de llamada automática: Desde diciembre de 2025 hasta abril de 2029, los bonos se redimen al valor nominal más cupón si el índice más bajo cierra ≥ su nivel inicial en cualquier fecha de observación trimestral.
- Principal en riesgo: Si no se llama y el peor índice cierra <75% de su nivel inicial en la valoración final, el reembolso será igual al valor nominal × rendimiento del índice, exponiendo a los inversores a pérdidas totales por debajo del margen del 25%.
- Valor estimado: Jefferies valora cada bono en aproximadamente $959 en la fecha de precio, alrededor de un 4% por debajo del precio de oferta; descuento de agente hasta 2,325%.
- Crédito y liquidez: Los valores son obligaciones senior no garantizadas de JEF; no estarán listados y se espera liquidez secundaria limitada.
Los riesgos destacados incluyen la posibilidad de no recibir ningún cupón, pérdida parcial o total del principal, dependencia del crédito de Jefferies, valoración basada en modelos que comienza por debajo del nominal, exposición a acciones de pequeña capitalización y no estadounidenses, y incertidumbre fiscal. Los inversores deben consultar el suplemento preliminar completo y los factores de riesgo antes de comprometer capital.
Jefferies Financial Group Inc. (JEF)는 S&P 500, Russell 2000 및 EURO STOXX 50 지수 중 최저 성과 지수에 대한 노출과 조건부 분기 쿠폰을 결합한 자동 상환 가능 시장 연계 증권을 마케팅하고 있습니다. 이 증권은 $1,000 액면가로 제공되며, 2025년 6월 30일에 가격이 책정될 예정이고, 2029년 7월 6일에 만기되며 조기 자동 상환되지 않는 한 만기됩니다.
주요 경제 조건은 다음과 같습니다:
- 조건부 쿠폰: 연 10.00% 이상, 최저 성과 지수가 해당 계산일에 시작 수준의 75% 이상인 경우에만 분기별로 지급됩니다.
- 자동 상환 기능: 2025년 12월부터 2029년 4월까지, 분기별 관찰일에 최저 지수가 시작 수준 이상으로 마감되면 액면가와 쿠폰을 포함해 상환됩니다.
- 원금 위험: 자동 상환되지 않고 최악의 지수가 최종 평가 시 시작 수준의 75% 미만으로 마감되면 상환액은 액면가 × 지수 성과가 되어, 투자자는 25% 버퍼 이하의 전 손실에 노출됩니다.
- 추정 가치: Jefferies는 가격 책정일에 각 증권 가치를 약 $959로 평가하며, 이는 제안 가격보다 약 4% 낮고, 대리인 할인은 최대 2.325%입니다.
- 신용 및 유동성: 이 증권은 JEF의 선순위 무담보 채무이며, 상장되지 않고 2차 유동성은 제한적일 것으로 예상됩니다.
주요 위험 요소로는 쿠폰 미지급 가능성, 일부 또는 전액 원금 손실, Jefferies 신용 의존, 액면가 이하에서 시작하는 모델 기반 가격 책정, 소형주 및 비미국 주식 노출, 세금 불확실성이 포함됩니다. 투자자는 자본 투입 전 전체 예비 가격 부록 및 위험 요소를 반드시 검토해야 합니다.
Jefferies Financial Group Inc. (JEF) commercialise des Auto-Callable Market Linked Securities combinant un coupon trimestriel conditionnel avec une exposition à la moins bonne performance parmi les indices S&P 500, Russell 2000 et EURO STOXX 50. Les titres, proposés à un valeur nominale de 1 000 $ et dont la tarification est prévue le 30 juin 2025, arrivent à échéance le 6 juillet 2029 sauf s’ils sont rappelés automatiquement avant.
Les principaux termes économiques sont :
- Coupon conditionnel : ≥10,00 % par an, versé trimestriellement uniquement si l’indice le moins performant est ≥75 % de son niveau initial à la date de calcul pertinente.
- Option de rappel automatique : De décembre 2025 à avril 2029, les titres sont remboursés à leur valeur nominale plus coupon si l’indice le plus bas clôture ≥ à son niveau initial à une date d’observation trimestrielle.
- Capital à risque : En cas de non-rappel et si l’indice le plus faible clôture <75 % de son niveau initial à l’évaluation finale, le remboursement correspond à la valeur nominale × performance de l’indice, exposant les investisseurs à une perte totale au-delà de la marge de 25 %.
- Valeur estimée : Jefferies valorise chaque titre à environ 959 $ à la date de tarification, soit environ 4 % en dessous du prix d’offre ; remise agent jusqu’à 2,325 %.
- Crédit et liquidité : Ces titres sont des obligations senior non garanties de JEF ; ils ne seront pas cotés et la liquidité secondaire devrait être limitée.
Les risques mis en avant incluent la possibilité de ne recevoir aucun coupon, la perte totale ou partielle du capital, la dépendance à la solvabilité de Jefferies, une valorisation fondée sur un modèle démarrant sous la valeur nominale, une exposition aux actions small caps et non américaines, ainsi que des incertitudes fiscales. Les investisseurs doivent consulter le supplément de tarification préliminaire complet et les facteurs de risque avant d’engager des fonds.
Jefferies Financial Group Inc. (JEF) bietet Auto-Callable Market Linked Securities an, die einen bedingten vierteljährlichen Kupon mit einer Beteiligung am schlechtesten Performer der Indizes S&P 500, Russell 2000 und EURO STOXX 50 kombinieren. Die Notes werden zu einem Nennwert von 1.000 USD angeboten und sollen am 30. Juni 2025 bepreist werden; sie laufen am 6. Juli 2029 aus, sofern sie nicht vorher automatisch zurückgerufen werden.
Wesentliche wirtschaftliche Bedingungen umfassen:
- Bedingter Kupon: ≥10,00 % p.a., vierteljährlich zahlbar, nur wenn der am schlechtesten performende Index am relevanten Berechnungstag ≥75 % seines Startniveaus schließt.
- Automatische Rückrufoption: Von Dezember 2025 bis April 2029 werden die Notes zum Nennwert plus Kupon zurückgezahlt, wenn der niedrigste Index an einem der vierteljährlichen Beobachtungstage ≥ seinem Startniveau schließt.
- Kapitalrisiko: Werden die Notes nicht zurückgerufen und schließt der schlechteste Index bei der Endbewertung unter 75 % seines Startniveaus, erfolgt die Rückzahlung als Nennwert × Indexperformance, wodurch Anleger dem vollen Verlust unterhalb der 25 %-Puffergrenze ausgesetzt sind.
- Geschätzter Wert: Jefferies bewertet jede Note am Pricing-Tag auf etwa 959 USD, etwa 4 % unter dem Angebotspreis; Agentur-Rabatt bis zu 2,325 %.
- Kredit- & Liquiditätsrisiko: Die Wertpapiere sind unbesicherte Seniorverbindlichkeiten von JEF; sie werden nicht börslich gehandelt, und die Sekundärliquidität wird voraussichtlich begrenzt sein.
Hervorgehobene Risiken umfassen die Möglichkeit, keine Kupons zu erhalten, den Verlust von ganzem oder teilweise investiertem Kapital, die Abhängigkeit von Jefferies' Kreditwürdigkeit, modellbasierte Bewertung unter Nennwert, Exponierung gegenüber Small-Cap- und Nicht-US-Aktien sowie steuerliche Unsicherheiten. Anleger sollten das vollständige vorläufige Preisblatt und die Risikofaktoren vor einer Kapitalanlage sorgfältig prüfen.
Registration No. 333-271881
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Market Linked Securities— Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the S&P 500® Index, the Russell 2000® Index
and the EURO STOXX 50® Index due July 6, 2029
Term Sheet to Preliminary Pricing Supplement dated June 20, 2025
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Issuer:
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Jefferies Financial Group Inc.
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Market Measures:
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S&P 500® Index, Russell 2000® Index and EURO STOXX 50® Index (each an “Index” and collectively the “Indices”)
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Pricing Date*:
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June 30, 2025
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Issue Date*:
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July 3, 2025
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Face Amount and
Original Offering Price:
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$1,000 per security
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Contingent Coupon
Payments:
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On each contingent coupon payment date, you will receive a contingent coupon payment at a per annum rate equal to the contingent coupon rate if, and only if, the closing
level of the lowest performing Index on the related calculation day is greater than or equal to its threshold level. Each “contingent coupon payment,” if any, will be calculated per security as follows: ($1,000 × contingent coupon
rate)/4.
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Contingent Coupon
Payment Dates:
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Quarterly, on the third business day following each calculation day; provided that the contingent coupon payment date with respect to the final calculation day will be the
stated maturity date.
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Contingent Coupon
Rate”
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At least 10.00% per annum, to be determined on the pricing date.
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Automatic Call:
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If the closing level of the lowest performing Index on any of the calculation days from December 2025 to April 2029, inclusive, is greater than or equal to its starting
level, the securities will be automatically called, and on the related call settlement date you will be entitled to receive a cash payment per security equal to the face amount plus a final contingent coupon payment.
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Calculation Days*:
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Quarterly, on the 30th day of each March, June, September and December, commencing September 2025 and ending March 2029, and on July 2, 2029 (the “final calculation day”)
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Call Settlement Date:
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Three business days after the applicable calculation day.
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Performance Factor:
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With respect to an Index on any calculation day, its closing level on such calculation day divided by its starting level (expressed as a percentage).
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Maturity Payment
Amount (per security):
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• if the ending
level of the lowest performing Index on the final calculation day is greater than or equal to its downside threshold level:
$1,000; or
• if the ending
level of the lowest performing Index on the final calculation day is less than its downside threshold level:
$1,000 × performance factor of the lowest performing Index
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Lowest Performing
Index:
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For any calculation day, the lowest performing Index will be the Index with the lowest performance factor on that calculation day.
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Stated Maturity Date*:
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July 6, 2029
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Starting Level:
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For each Index, its closing level on the pricing date
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Ending Level:
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For each Index, its closing level on the final calculation day
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Threshold Level:
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For each Index, 75% of its starting level
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Calculation Agent:
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Jefferies Financial Services Inc. (“JFSI”), a wholly owned subsidiary of Jefferies Financial Group Inc.
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Denominations:
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$1,000 and any integral multiple of $1,000
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Agents Discount**:
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Up to 2.325%; dealers, including those using the trade name Wells Fargo Advisors (“WFA”), may receive a selling concession of up to 1.75% and WFS may pay 0.075% of the
agent’s discount to WFA as a distribution expense fee
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CUSIP:
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47233YKA2
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Material Tax
Consequences:
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See the preliminary pricing supplement.
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*subject to change
** In addition, selected dealers may receive a fee of up to 0.30% for marketing and other services
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•
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If The Securities Are Not Automatically Called Prior To Stated Maturity, You May Lose Some Or All Of The Face Amount Of Your Securities At Stated
Maturity.
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The Securities Do Not Provide For Fixed Payments Of Interest And You May Receive No Coupon Payments On One Or More Contingent Coupon Payment Dates, Or Even Throughout The
Entire Term Of The Securities.
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The Securities Are Subject To The Full Risks Of Each Index And Will Be Negatively Affected If Any Index Performs Poorly, Even If The Other Indices Perform Favorably.
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Your Return On The Securities Will Depend Solely On The Performance Of The Index That Is The Lowest Performing Index On Each Calculation Day, And You Will Not Benefit In Any
Way From The Performance Of The Better Performing Indices.
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You Will Be Subject To Risks Resulting From The Relationship Among The Indices.
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You May Be Fully Exposed To The Decline In The Lowest Performing Index On The Final Calculation Day From Its Starting Level, But Will Not Participate In Any Positive
Performance Of Any Index.
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Higher Contingent Coupon Rates Are Associated With Greater Risk.
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The Securities Are Subject To A Potential Automatic Call, Which Would Limit Your Ability To Receive Further Payment On The Securities.
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A Contingent Coupon Payment Date, A Call Settlement Date Or The Stated Maturity Date May Be Postponed If A Calculation Day Is Postponed.
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The Tax Consequences Of An Investment In Your Securities Are Uncertain.
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The Securities Are Subject To Our Credit Risk.
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The Estimated Value Of The Securities On The Pricing Date, Based On Jefferies LLC Proprietary Pricing Models At That Time And Our Internal Funding Rate, Will Be Less Than The
Original Offering Price.
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The Estimated Value Of The Securities Was Determined For Us By Our Subsidiary Using Proprietary Pricing Models.
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The Estimated Value Of The Securities Would Be Lower If It Were Calculated Based On Our Secondary Market Rate.
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The Estimated Value Of The Securities Is Not An Indication Of The Price, If Any, At Which WFS, Jefferies LLC Or Any Other Person May Be Willing To Buy The Securities From You
In The Secondary Market.
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The Value Of The Securities Prior To Stated Maturity Will Be Affected By Numerous Factors, Some Of Which Are Related In Complex Ways.
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The Securities Will Not Be Listed On Any Securities Exchange And The Issuer Does Not Expect A Trading Market For The Securities To Develop.
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Any Payments On The Securities And Whether The Securities Are Automatically Called Will Depend Upon The Performance Of Each Index And Therefore The Securities Are Subject To
The Risks Associated With The Indices, As Discussed In The Accompanying Pricing Supplement and Product Supplement.
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The Securities Are Subject To Risks Associated With Small-Size Capitalization Companies.
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An Investment In The Securities Is Subject To Risks Associated With Investing In Non-U.S. Companies.
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Our Economic Interests And Those Of Any Dealer Participating In The Offering Are Potentially Adverse To Your Interests.
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FAQ
What is the contingent coupon rate for JEF's auto-callable notes?
When can the JEF notes be automatically called?
How much principal protection do investors have?
What is the estimated value versus the $1,000 offering price?
Are the notes listed on an exchange?
What indices determine performance for these notes?
