...April 17, 2024 NEW YORK (S&P Global Ratings) April 17, 2024--S&P Global Ratings today assigned its '##' issue rating to Jane Street Group LLC's announced issuance of senior secured notes due 2031 (around $1.25 billion). We expect the company to use the proceeds to further expand trading capital and support liquidity as it continues to expand its trading operations. We expect Jane Street's risk-adjusted capital ratio to remain well in excess of 13% pro forma the debt issuance. The new debt will add to $3 billion of secured term loan and $600 million of existing secured senior notes. Jane Street has been substantially expanding its operations over the past two years (as illustrated by the fast growth of its balance sheet). Nevertheless, the company's capital position remains aligned with our '##' issuer credit rating on the company, in our view, owing to strong internal capital generation (with about 60% of 2023 net income accreting to its capital base). We also believe the funding position...
