Dream Jobs

News reached us last weekend of an incredible message-in-the-bottle story. Turns out a woman strolling a beach in Western Australia found a bottle that, it was later discovered, had been tossed overboard from a German merchant ship in 1886.

Further research by a museum curator revealed that a Captain O. Dieckmann of the Paula had recorded the event in his logbook on June 12 of that year. When the bottle was opened, a note rolled with twine fell out. The note read “Is cov-lite still around?”

Actually that last bit is pure fantasy. What’s not fantasy is how the US economy keeps motoring along. Latest evidence was Friday’s job report. In it was good news for everyone. Not only did it show 313,000 new jobs for the month of February, but it came at very little cost in terms of wages. The latter rose only 2.6% from a year ago...


Quote of the Week

“Some of the headwinds the US economy faced in previous years have turned into tailwinds.” – Jerome Powell, chair, Federal Reserve.

Chart of the Week: Risk and Return

Middle market loans sold to institutional investors are showing higher leverage, but also better yields.

Lead Left Spotlight

Dee Dee Sklar

Vice Chair of Subscription Finance, Asset-Backed Finance

Wells Fargo Securities

"There is no one size fits all Subscription Finance structure, as needs vary depending on investment strategies."

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Ken Wormser & David Powar

Managing Partners


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

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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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Leveraged Loan Insight & Analysis – 3/12/2018

Institutional term loans spreads are back to 2007 levels Average spreads on first-lien institutional term loans have dropped to their lowest level since 4Q07. The drop has been across the board. The average spread for large corporate issuers is 320bp so far in 1Q18; this is 10bp below their 4Q17 levels and only 8bp above

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The Pulse of Private Equity – 3/12/2018

Dance with the one who brought you Download PitchBook’s Report click here. Limited partners have found plenty to complain about over the years. They aren’t high maintenance per se, but they do fuel the private equity industry, take an opportunity risk in doing so and often feel short-changed by GPs hungry for more management fee

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Private Debt Intelligence – 3/12/2018

Investors Remain Satisfied with Private Debt In December 2017, Preqin surveyed a sample of the private debt investor community to gauge their perception of the asset class, the extent to which they felt that their private debt investments have lived up to expectations over the past year, as well as their intentions for their private

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Leveraged Loan Insight & Analysis – 3/5/2018

U.S. large corporate LBOs are averaging bigger, more expensive deals so far in 2018 Register now for LPC’s 6th Annual Middle Market Loans Conference – April 25, 2018 at the NY Marriott Marquis! While it is still early in 2018, average purchase price and purchase price multiples on large corporate LBO deals have increased so far

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Middle Market Deal Terms at a Glance

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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.