Jefferies: No Meaningful Net Exposure to Euro Debt

Jefferies Group Inc said it has no meaningful net exposure to European sovereign debt, and its book is in fact positioned to profit should credit quality there deteriorate.

The company said it has a short position on $178 million of Spanish debt-- a position that profits as Spanish debt weakens -- and has exposure to about $140 million of debt from other European nations, mainly Italy.

Jefferies said its net short exposure of about $38 million is equal to about 1 percent of its net worth, or shareholders equity.