The Lead Left White Papers

Covenantive Easing

  • Doc Appointment
  • Term Erosion
  • Digging into the Doc
  • Issuer-favorable Add-backs

Why Valuations Matter

  • Timing
  • Shareholder Value
  • Buy-and-Building
  • Expert Opinion
  • Lenders’ View

Leveraged Loans and Systemic Risk

  • Leveraged Lending: Swimming with Sharks?
  • CLOs: Not The Next CDOs
  • By The Numbers
  • The Bottom Line

Loans: Search and Recovery

  • Loan Recoveries
  • Cov-Lite Recoveries
  • Risk vs. Return
  • Unitranche Recoveries

Spotlight on Healthcare

  • Healthcare and the Capital Markets
  • Insights from Private Equity
  • The Practitioners
  • The Lender View
  • Evolution and Trends
  • Risk Elements

How Big is the Middle Market?

  • Introduction
  • Middle market size by definition
  • Middle market size by the numbers
  • Conclusion

Private Credit vs. Public Debt

  • Introduction
  • Yields Examined
  • The Capital Stack
  • Duration Risk

Why BDCs Matter

  • What is a BDC?
  • The BDC Structure
  • BDCs and Leveraged Loans
  • BDCs and the Investor

Spot-lite on Cov-lite

  • Introduction
  • Let’s Make A Deal
  • Competition Costs
  • Blame it on the Vikings

Why Sponsors Matter

  • Enhancing Corporate Value
  • Working with Family-owned Companies
  • Non-­Sponsored Lending Revealed
  • Non-traditional Sponsors

The Case for Covenants

  • Cov-lite and Middle Market Loans
  • Cov-lite and the Investor
  • Defaults and Recoveries
  • The Outlook

The Art of the Add-On

  • Private Equity Strategies
  • Checklist for Successful Add-Ons
  • Beyond the Numbers
  • Sealing the Deal

Why CLO’s Matter

  • What is a CLO?
  • CLO’s role in the demand side
  • The Value of Middle Market CLOs
  • How next gen vehicles will deal with regulatory and cyclical headwinds?

A Review of European Direct Lending

  • Banks vs. the Non-Banks
  • Hurdles: Legal, Cultural, and Logistical
  • Opportunities and Challenges
  • A Path to Success
  • Outlook for 2016…and Beyond

The Unitranche – What it is, and Why it Matters

  • What is a Unitranche?
  • Types of Unitranche Structures
  • The Agreement Among Lenders (AAL)
  • The Universe of Unitranche Players
  • Key Unitranche Concerns for Lenders and Borrowers

2016 – A Look Ahead in the Middle Market

  • Liquidity and Credit Appetite
  • Middle Market Pricing and Leverage
  • BDCs and Middle Market CLOs
  • 2016 Predictions and Trends