Hybrid Vigor: Vol 1 Issue 26 "Who Says (Baseball is Over?)"

Dear Friends,

We mark issue number 26—the beginning of our second quarter, as it were—with two new features in Hybrid Vigor.

By popular request we have provided, for the first time, the HOCS (Hillside Overall Convertible Score) 20, a list of twenty attractive bonds you may look at as a sort of foil to the Ugly 20. You’ll see a lot of recent names, as we’ve designed the HOCS 20 to favor newer issues and issues around—and especially slightly below—par.  We hope you find this list useful. In future issues we may provide other subgroups using HOCS, such as the most attractive bonds in higher price ranges for those seeking more aggressive equity exposure.

We’re also introducing the On-Deck Circle, in which we suggest candidates for new issuance. It’s no secret that the market’s been hungry for new paper, though perhaps not quite as much now as earlier in the year. We hope the On-Deck Circle serves as a useful conversation starter and perhaps leads to some new winning deals down the road.

We wish you all the best in the last full week before Thanksgiving!

Bill

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