Hybrid Vigor: Vol 2 Issue 1 "Year Of The Convertible"

Dear Friends,

Welcome to 2015, the year of the convertible bond!

Ok, so I made that part up. Still, there are plenty of reasons to expect a big year for new deals. Stocks are near all-time highs. The Fed is finally ready to let the economy run on its own.  The asset class has some high-profile deals in its recent past to encourage first-time issuers to jump in the pool—the water’s plenty warm once you get used to it.

Perversely, the shaky second half of 2014 for the asset class should also help new issuance. It ought to convince potential capital raisers that a buoyant market is promised to no one.  You want to get the kind of terms that, say, Twitter got? Then act now. We are trying to do our part, featuring new issuers that could benefit from market conditions in our “On-Deck Circle” weekly feature.

We hope that with half a year of Hybrid Vigor under our collective belts, the market has come to use our comments and ratings as new sources of insight to complement the models and rules of thumb that have long been part of convertible analysis.  We also hope to get as many readers as possible to come across the great divide and join us as we move later this month to a subscription-based model. John Anderson, our director of business development, has been busy speaking with many of you about plans and options.  If you haven’t yet spoken with John, please contact him at janderson@hillsideadvisors.com or (646) 665-4025.

This year we look forward to enhancing and expanding our coverage and ratings.  We continue to welcome your comments, suggestions and ideas, all of which help us make Hybrid Vigor the voice of the convertible market.

To a great new year!

Bill

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