U.S. PIPE issuance totals $11.11 billion for 2012 to date
New York, Aug. 31 - Citigroup remained the top placement agent for U.S. PIPE deals for the year to date, according to data compiled by Prospect News.
The bank has brought to market two deals totaling $187 million.
Cowen is ranked second with six deals totaling $157 million while Evercore is third with one for $140 million.
Rodman & Renshaw leads the rankings for direct placements, having brought to market 16 deals worth $81 million. Lazard is in the number-two spot with $67 million from four deals.
Canaccord is still number one in Canada followed by Dundee and Cormark.
August saw $1.42 billion of U.S. PIPE issuance, the second strongest monthly total this year, behind February's $4.20 billion.
August's total was up from $1.24 billion in July and $0.86 billion in June.
In Canada, private placement activity totaled $0.30 billion, down from $0.49 billion in July and $0.66 billion in June.
U.S. market, year to date
2011 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Citigroup | 0.187 | 2 | 1.69% |
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| 2 | Cowen | 0.157 | 6 | 1.41% |
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| 3 | Evercore | 0.140 | 1 | 1.26% |
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| 4 | MLV | 0.108 | 4 | 0.97% |
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| 5 | JMP | 0.073 | 5 | 0.66% | 26 | 0.015 | 1 | 0.09%
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| 6 | Stifel Nicolaus | 0.069 | 3 | 0.62% |
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| 7 | Sandler O'Neill | 0.065 | 3 | 0.59% |
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| 8 | Keefe Bruyette & Woods | 0.045 | 2 | 0.40% | 34 | 0.011 | 1 | 0.07%
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| 9 | Capital Path | 0.037 | 2 | 0.34% |
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| 9 | Cantor Fitzgerald | 0.037 | 2 | 0.34% |
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| Total | 11.110 | 551 | 16.435 | 623 |
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| Average size: | 0.020 | 0.026 |
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| U.S. direct placements, year to date |
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| | | | | 2011 Comparables |
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| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Rodman & Renshaw | 0.081 | 16 | 6.29% | 2 | 0.192 | 16 | 21.78%
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| 2 | Lazard | 0.067 | 4 | 5.18% | 9 | 0.019 | 1 | 2.16%
|
| 3 | Ladenburg Thalmann | 0.032 | 5 | 2.44% | 4 | 0.055 | 1 | 6.25%
|
| 4 | Roth | 0.026 | 6 | 2.01% | 3 | 0.102 | 4 | 11.62%
|
| 5 | KBW | 0.019 | 1 | 1.48% |
|
| 6 | Stifel Nicolaus | 0.018 | 1 | 1.36% |
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| 7 | Aegis | 0.017 | 4 | 1.34% | 23 | 0.003 | 1 | 0.38%
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| 8 | Evercore | 0.013 | 1 | 1.04% |
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| 8 | RS Platou | 0.013 | 1 | 1.04% |
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| 10 | Chardan | 0.011 | 2 | 0.88% | 7 | 0.023 | 5 | 2.56%
|
| Total | 1.293 | 64 | 0.882 | 65 |
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| Average size: | 0.020 | 0.014 |
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| Canadian market, year to date |
|
| | | | | 2011 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Canaccord | 0.169 | 19 | 3.85% | 4 | 0.269 | 29 | 4.41%
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| 2 | Dundee | 0.159 | 18 | 3.61% | 5 | 0.244 | 31 | 3.99%
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| 3 | Cormark | 0.148 | 13 | 3.36% | 7 | 0.163 | 13 | 2.67%
|
| 4 | GMP | 0.084 | 7 | 1.91% | 3 | 0.290 | 18 | 4.75%
|
| 5 | Clarus | 0.074 | 3 | 1.68% | 20 | 0.046 | 3 | 0.75%
|
| 6 | Macquarie | 0.063 | 8 | 1.44% | 12 | 0.062 | 15 | 1.02%
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| 7 | Casimir | 0.063 | 8 | 1.44% | 14 | 0.058 | 11 | 0.95%
|
| 8 | Raymond James | 0.062 | 7 | 1.41% | 15 | 0.058 | 7 | 0.95%
|
| 9 | Haywood | 0.061 | 6 | 1.39% | 25 | 0.038 | 9 | 0.62%
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| 10 | BMO | 0.052 | 3 | 1.18% | 10 | 0.077 | 3 | 1.25%
|
| Total | 4.388 | 653 | 6.115 | 905 |
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| Average size: | 0.007 | 0.007 |
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| U.S. market, August |
|
| | | | | 2011 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Sandler O'Neill | 0.050 | 1 | 3.53% |
|
| 2 | Stifel Nicolaus | 0.032 | 1 | 2.27% |
|
| 3 | Sterne Agee & Leach | 0.020 | 1 | 1.44% |
|
| 4 | Leerink Swann | 0.005 | 1 | 0.35% | 1.21%
|
| 5 | McKinnon | 0.004 | 1 | 0.29% |
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| 6 | Saints Capital Granite | 0.002 | 1 | 0.14% |
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| 7 | Emergent Financial Group | 0.002 | 1 | 0.11% |
|
| 8 | Chardan Capital | 0.001 | 1 | 0.07% |
|
| Total | 1.417 | 62 | 6.311 | 70 |
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| Average size: | 0.023 | 0.090 |
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| Canadian market, August |
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| | | | | 2011 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | BMO | 0.033 | 1 | 11.25% |
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| 2 | Salman Partners | 0.021 | 1 | 7.03% |
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| 3 | Dundee | 0.011 | 3 | 3.69% | 3 | 0.017 | 2 | 4.05%
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| 4 | Scotia | 0.006 | 2 | 2.21% |
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| 5 | Stifel Nicolaus | 0.005 | 4 | 1.58% |
|
| 6 | Fraser Mackenzie | 0.005 | 4 | 1.58% |
|
| 7 | Raymond James | 0.003 | 1 | 1.13% |
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| 8 | Primary Capital | 0.003 | 1 | 1.13% |
|
| 9 | GMP | 0.003 | 1 | 1.13% |
|
| 10 | PowerOne | 0.003 | 1 | 1.13% |
|
| Total | 0.295 | 56 | 0.414 | 70 |
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| Average size: | 0.005 | 0.006 |
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| Prospect News PIPE Agent Rankings
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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.
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