Lead Left

Left placement in a security offering – meaning its name is placed on the left of the top line of the list of Underwriters on the front cover of the Prospectus (or for a 144A offering, the list of initial Purchasers on the cover of the Offering Memorandum). The investment bank that is lead left is the lead bookrunner, or the underwriter or manager that leads the underwriting syndicate and gets preferential economic terms and controls many aspects of the distribution.