Nobody told me there’d be days like these. Strange days indeed.- John Lennon
The executives over at erstwhile convertible-issuance machines Sirius Satellite and XM Radio (now combined, of course) knew what they were doing when they started a Beatles station last month. The timingcouldn’t have been much better, as the music and philosophy of JPG and R provide a welcome respite for the craziness, the unpleasantly surreal nature, of today’s world.
Anyway, welcome back to Hybrid Vigor. What do we have for you in this issue? Along with our usual statistical sections, which appear to contain a fairly strong warning about current market conditions quite apart from the geopolitical backdrop, we have writeups from Jeff Alton on small-cap shipper Costamare and Roman Terekhin on recent issuer RealPage.
We’ve been heartened to see the reasonably active new-issuance environment. If not now, when, we’d certainly ask. Sure, some companies might say they’re waiting for clarity on tax reform, health-care changes, and so forth. Sometimes good things come to those who wait, but so do missed opportunities, and we can’t help thinking companies sitting on the fence for raising capital will regret it if they don’t act now.
(This is the cover letter for the subscription-based weekly Hillside's Hybrid Vigor newsletter. For a complete copy, please contact John Anderson at + 1 (646) 712-9289 x 107).