U.S. PIPE issuance falls behind 2010 comparables; William Blair, Reedland top U.S. agents

Canaccord, Cormark win Canadian agent spots

By Stephanie N. Rotondo

Portland, Ore., May 31 - U.S. PIPE issuance in May backed off a bit after gaining ground in April, according to data compiled by Prospect News.

Total issuance for the year so far is now $7.82 billion in 372 transactions. That was below 2010 levels of $8.24 billion dollars raised in 391 deals.

Monthly issuance for May was also weaker, with just $1.18 billion raised in 63 financings. That compared to $2.66 billion raised in 79 deals in the previous year.

Direct placements also continued to lag, as the market saw less than half the issuance seen in 2011. For the year, direct placements generated $606 million in 48 deals, versus $1.21 billion raised in 65 deals in 2010.

William Blair came in as top placement agent for the year, stealing the spot from Canaccord. William Blair raised $60 million in four deals.

For the month, Reedland took highest honors, beating out April's top agent, Rodman & Renshaw. Reedland brought in $100 million in two transactions.

Rodman, however, held on to the top spot in the direct placement market. The firm has facilitated 13 deals for proceeds of $149 million.

In the Canadian PIPE market, the number of deals continued to outweigh last year's figures while the funds raised lagged behind. Total dollars raised came to C$4.19 billion in 583 financings, compared to C$4.94 billion raised in 484 deals for the comparable period of 2010.

May totals were also down, with C$488 million coming in 96 deals. In 2010, C$1.2 billion was generated in 108 financings.

Canaccord won the top spot for year-to-date issuance in Canada. The company has brought 32 financings, for C$278 million.

Cormark meantime took home the top agent award for the month, raising C$43 million in two transactions.

Year to date, U.S. market

2010 Comparables

	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	William Blair	0.060	4	0.77%
2	Reedland	0.100	2	1.28%
3	Canaccord	0.056	2	0.71%	35	0.005	1	0.06%
4	Rodman & Renshaw	0.054	10	0.69%	5	0.074	6	0.89%
5	Piper Jaffray	0.046	2	0.59%
6	Northland	0.046	3	0.58%
7	Lazard	0.041	3	0.52%
8	Summer Street	0.040	1	0.51%
9	Dawson James	0.040	1	0.51%
10	Jefferies	0.032	1	0.41%	4	0.076	2	0.92%
	Total	7.818	372	8.238	391
	Average size:	0.021	0.021
Year to date, U.S. direct placements
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Rodman & Renshaw	0.149	13	24.56%	2	0.257	22	21.20%
2	Roth	0.097	3	16.05%	4	0.063	9	5.21%
3	Ladenburg Thalmann	0.055	1	9.08%
4	Cowen	0.030	1	4.96%
5	Chardan	0.023	5	3.72%	6	0.045	5	3.67%
6	FT Global	0.020	1	3.30%
7	Lazard	0.019	1	3.13%	5	0.055	3	4.49%
8	Religare	0.018	1	2.89%
9	MDB	0.013	1	2.20%
10	Midtown	0.007	1	1.24%
	Total	0.606	48	1.213	65
	Average size:	0.013	0.019
Year to date, Canadian market
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Canaccord	0.278	32	6.63%	6	0.178	24	3.60%
2	GMP	0.269	15	6.41%	3	0.338	5	6.84%
3	Dundee	0.231	29	5.50%	9	0.114	16	2.32%
4	TD	0.157	4	3.76%
5	Cormark	0.140	12	3.34%	15	0.053	8	1.06%
6	CITI Canada	0.101	1	2.41%
7	Mackie Research	0.078	2	1.87%
8	Stifel Nicolaus	0.074	4	1.77%
9	Macquarie	0.059	12	1.40%	5	0.182	5	3.69%
10	Casimir	0.057	11	1.36%	14	0.053	6	1.08%
	Total	4.192	583	4.942	484
	Average size:	0.007	0.010
May, U.S. market
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Reedland	0.100	2	8.47%
2	William Blair	0.045	3	3.81%
3	Rodman & Renshaw	0.016	3	1.34%	3	0.021	1	0.79%
4	Piper Jaffray	0.015	1	1.28%
5	Ladenburg Thalmann	0.015	1	1.28%
6	Euro Pacific Capital	0.015	1	1.24%
7	Lazard	0.013	1	1.06%
8	Maxim	0.005	1	0.42%
9	John Thomas Financial	0.004	1	0.38%
10	Littlebanc Advisors	0.003	1	0.26%	7	0.002	1	0.08%
	Total	1.180	63	2.662	79
	Average size:	0.019	0.034
May, Canadian market
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Cormark	0.043	2	8.89%
2	Dundee	0.015	4	3.13%	8	0.015	1	1.25%
3	National Bank	0.015	3	3.08%
4	Macquarie	0.011	4	2.28%
5	Casimir	0.011	4	2.26%	25	0.002	1	0.17%
6	Jones Gable	0.010	1	2.05%
7	Byron	0.008	3	1.65%	16	0.004	3	0.37%
8	Stonecap	0.008	1	1.54%	20	0.003	2	0.26%
9	Canaccord Genuity	0.006	2	1.35%
10	Northern Securities	0.005	1	1.03%
	Total	0.488	96	1.201	108
	Average size:	0.005	0.011
Prospect News PIPE Agent Rankings

Criteria

• The tables include all dollar-denominated offerings (or Canadian dollar-denominated offerings for the Canadian tables) sold as private placements, excluding Rule 144A deals, or direct placements.

• Stock must be listed on a U.S. exchange or trade on the Bulletin Board or Pink Sheets (U.S. issues).

• Offerings are included in the time period in which they price, if known, otherwise by settlement date or announcement date.

• Amounts are based on the total sales price (face amount or number of shares multiplied by the offering price).

• Each tranche is counted as a separate deal.

• Includes stock, securities convertible into stock, units of these securities and equity lines of credit.

• Minimum issue size $1 million (all tranches combined) or C$1 million.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.