Welcome to a fairly short edition of Hybrid Vigor, befitting a fairly short week. In this, our 27th issue, we provide the second installment of both the HOCS 20 and the On-Deck Circle. We hope you find these features enjoyable and useful.
The convertible market, for now, seems to have gotten past a very difficult October, as the average Ugly 20 score keeps pushing higher. It’s a cause, paradoxically, for both relief and concern. We expect to see an active new issue calendar beginning next week and pushing into mid-December, at which time things usually begin coasting into the holiday season.
Speaking of holidays, have a wonderful Thanksgiving!