Here's a good thread with pictures on this subject:
Selden mast, roller furling masthead foresail .. .. And there are two spinnaker halyards one each side of the furling headsail. So whats the best way to arrange the masthead so far as the spinnaker halyards are concerned? At the moment with an asymetric the wear on the halyard is really bad if...
forums.ybw.com
The net of it: if you are using a "spinnaker" which REQUIRES jibing front of the mast, such as an symmetric or a asym on a sprit, then you should use a halyard which hangs if front of the forestay, such halyard best termed a "spinnaker" halyard, or you may find after a jibe has been performed, that the spinnaker will not come down (until you figure out that you need to un-jibe it...been there, done that). After jibing a spinnaker raised on a headsail halyard in front of the forestay, the halyard ends up crossed over the forestay and likely over the furler swivel, providing opportunity for the halyard shackle or spinnaker head or sleeve to hang up on something, preventing lowering.
If you are using a sail which CAN jibe aft the forestay, which is a cruising chute without a sprit, then you CAN use the halyard which exits the masthead after/under the forestay, which type of halyard really should be called a "headsail" halyard. Using a headsail halyard, the spinnaker should be jibed inside the forestay, and jibing the spinnaker inside the forestay will work best if the tack originates behind the forestay also, or uses a device like a Tacker which rotates around the forestay, so that the tack follows the head through the jibe.
I think many riggers and manufacturers nowadays install only "headsail" halyards, due to the declining popularity of symmetric spinnakers and the fact that a headsail halyard is adequate to handle an asym without a sprit, which you then jibe inside/aft the forestay.
So if a boat owner wants to go big with a power spinnaker investment, either with a symmetric or an asym with sprit, in addition to adding the obvious rigging hardware, the owner also needs to remember to add a spinnaker crane and either adapt an existing headsail halyard to tit or run a new halyard.