Ebb & Flow

It's only three weeks into January, and already there has been a healthy flow of paper. Three follow-ons, two note deals and an IPO are in the can. There's more to come, as at least four companies have proposed follow-ons. In addition, the IPO queue now stands at 16 companies, of which five have amended their S-1s with price ranges in preparation for going on the road.

A positive sign is that most buysiders polled by Ebb & Flow remain willing to buy new paper. The enthusiasm was seen in last week's completed follow-ons, as both Amylin (AMLN) and Ista (ISTA) bumped up their deals and Martek (MATK) traded up after both proposing and completing its deal. There also was appetite for new paper, as Viacell (VIAC) gained 24% on Friday when it priced its IPO. ...