Post-Pricing Commentary: The Envestnet, Inc. new issue has traded extremely well on the heels of last night’s pricing. Specifically, we are seeing the issue up approximately 2.5 points this morning. Despite the rapid run up, our updated HOCS slash line stands at a still attractive 72 Overall/76 Growth/63 Safety. Importantly, even if the new issue were to trade up a cumulative 5.0 points from original pricing, the company’s first convertible note issue would still score a reasonable 65 Overall/70 Growth/56 Safety. As a result, we would not be afraid to "pay up" in the current context to establish a larger position.