Winter Games (Part One)

We knew Disney World would involve some long lines. Even with Fast Passes, it’s tough to zip through everything. And with three young girls in tow (two daughters and a friend), flexibility is key. The surprise was the four-hour wait at one Disney destination that’s not on the usual tour: the Buena Vista Urgent Care clinic.

Turns out that’s the place to go when your daughter’s friend gets influenza B on the second day of your trip. Seemed like half of Orlando was there as well. So now, besides Elsa, Gaston, and Rapunzel, our new favorite Disney character is Tamiflu.

Preventative medicine was thus much on our mind this week. Specifically how lenders try to inoculate themselves against bad structures in the leveraged loan market...


Quote of the Week

“If this inflation trend holds…we’re in for some real fun and games in markets in 2018.” – Jim Reid, global head, fundamental credit strategy group, Deutsche Bank.

Chart of the Week: Quantum Leap

Middle market sponsored loans without maintenance covenants sport leverage a full turn above those with covenants.

Lead Left Spotlight

Ken Wormser & David Powar

Managing Partners


"It’s about relationships and being thoughtful and responsive."

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Phil Seefried


Capstone Headwaters

"The people are everything but what is most important is how they work together and how their platform supports them."

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Upcoming Interview: Rob Morris

Founder and Managing Partner

Olympus Partners

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Upcoming Interview: Bram Smith & Lee Shaiman

Outgoing and Incoming Executive Director


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Upcoming Interview: Brad Raymond

Head of Investment Banking

Stifel Financial

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The Pulse of Private Equity – 2/19/2018

Venturing into new territory Download PitchBook’s Report click here. It would have been hard to predict ten years ago, but private equity is becoming a prominent buyer of venture-backed startups. According to our 2017 Annual VC Liquidity Report, buyouts now account for almost a fifth (18.5%) of all VC-backed exits, up from about 14% in

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Private Debt Intelligence – 2/19/2018

European Private Debt Deals Increased private debt financing over the past seven years can be largely attributed to the continuing retreat by banks from loan markets under the pressure of tougher capital rules. As a result, private equity transactions and corporate acquisitions, which were largely financed by banks in the past, are increasingly backed by

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Markit Recap – 2/12/2018

iTraxx skew widens amid volatility Rates and equity markets are now embroiled in a tussle that has upset the pervasive complacency evident at the beginning of the year. Has this affected the credit markets? Naturally. The primary credit indices experienced considerable volatility; perhaps not as newsworthy as the VIX, but notable nonetheless....

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Leveraged Loan Insight & Analysis – 2/12/2018

M&A loan financings comprise 30% of completed U.S. leveraged issuance this quarter The U.S. leveraged loan market continues to chug along at a steady pace. So far this quarter there has been US$110bn in completed leveraged loan issuance. The mix of deals comprises a healthy chunk of M&A. There has been US$33bn in completed leveraged

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Special Report: Spot-lite on Cov-lite

Beginning in October 2017 The Lead Left published a series of articles on covenant-lite. This report consolidates those articles.

State of the Capital Markets – Fourth Quarter 2017 Review and First Quarter 2018 Outlook

Review of Current Market Conditions/ Analysis of Capital Markets Metrics/ Review of Credit Quality/ Outlook for First Quarter 2018

Special Report: Private Credit vs. Public Debt

Beginning in March 2017 The Lead Left published a series of articles on private credit and public debt. This report consolidates those articles.