Summer School

For those of us with liberal arts degrees, the topic can be a sensitive one. We’re talking about those published surveys showing the best-and-worst paying college majors.

Inevitably, engineers rule, and this year is no exception. According to a chart courtesy our friends at the Daily Shot [link], six of the top ten best paying majors are in engineering fields. The other four are economics, physics, computer science and math. The bottom five (on a list of fifty) are music, interior design, Spanish, education and religion.

Our own area of concentration (English) ranks #35, just ahead of Forestry (#36), and behind Biology (#34). Surprisingly, Philosophy scored high on the list at #16, lagging Finance (#14), but topping Chemistry (#18) and Geology (#20). We suspect Philosophy majors take a more or less philosophical view of surveys in general...

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Quote of the Week

“Away from the trade war, just about everything is lining up positively.” – Julian Emanuel, chief equity and derivatives strategist, BTIG.

Chart of the Week: Shrinking Gap

The illiquidity premium earned by middle market loans over broadly syndicated ones has generally tightened, now at less than 70 bps, while all-in spreads have risen.

Lead Left Spotlight

Jessica Reiss & Kerry Kantin

Head of Leveraged Loan Research / Managing Director Covering Leveraged Loans

Covenant Review / LevFin Insights

"Portability isn’t common, but we’ve seen an uptick."

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Thomas A. Stewart

Executive Director

National Center for the Middle Market

"Middle market companies are critical elements of industry clusters across the country."

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Peter Magas

Managing Director

Beecken Petty O'Keefe & Company

"Demographics suggest continued demand for healthcare services and the provider base cannot keep pace."

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Mark Habner

Co-Founder & CEO

BeckWay Group

"Individuals within a company truly make the difference in performance and excellence, not the company itself."

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Rod Rivera & David Baker

Managing Directors

Capstone Headwaters

"Value-based care is definitely the theme of the day."

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Features

Markit Recap – 8/13/2018

  Turkey’s self-inflicted problems have had ramifications well beyond its borders and led to comparisons with previous emerging market crises. Mexico in 1994; south-east Asia in 1997; Russia in 1998; Argentina in 2001: all have been invoked as precursors to Turkey’s seemingly inevitable descent into debt distress and recession....

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The Pulse of Private Equity – 8/13/2018

Tariff questions, private equity edition Download PitchBook’s 2Q 2018 M&A Report here. Like every tariff-related conversation, it’s too early to tell what impacts they’ll have on private equity. But like many PE-related conversations, different investors see different outcomes when looking at the same thing. Carlyle’s David Rubenstein, in an interview with CNBC, says that while the

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Leveraged Loan Insight & Analysis – 8/13/2018

Loans backing cross border M&A deals at record high Despite a flurry of cancelled or withdrawn M&A transactions recently, the global M&A market remains very strong nearly eight months into 2018. Cross-border deals in particular have been especially robust with over US$1trln of announced transactions, an increase of 74% compared to the same time last

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PDI Picks – 8/13/2018

Real estate debt: a blossoming American tradition Investment opportunities for the sector in the US appear to remain strong. Real estate debt fundraising by region – where a firm plans to deploy capital rather than where the vehicle’s investors are – has fluctuated over the past four years, but one constant has been the rise

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Private Debt Intelligence – 8/13/2018

Distressed Debt Outperforms Other Private Debt Strategies The private debt industry has historically been dominated by three main strategies: direct lending, distressed debt and mezzanine, which collectively account for around four-fifths of private debt assets under management. Median returns for these strategies, and for private debt overall, have been strong, and returns have consistently hovered

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Middle Market Deal Terms at a Glance

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State of the Capital Markets – Second Quarter 2018 Review and Third Quarter 2018 Outlook

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

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

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

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.