Rodman & Renshaw top agent for U.S. PIPEs year to date; Canaccord leads Canadian deals

By Stephanie N. Rotondo

Portland, Ore., Oct. 30 - Rodman & Renshaw remained the top agent for U.S. private placement deals year to date, though it was JMP Securities that won the highest ranking for October.

For the year, Rodman has brought 14 deals to market for proceeds of $236 million. Rodman also led in direct placements year to date, placing $500 million in 39 deals.

For October, however, JMP led the pack with one $90 million private placement.

Among Canadian financings, Canaccord Capital and Cormack continued to battle over the top spot.

Canaccord has raised C$322 million thus far this year in 32 deals. Cormack, on the other hand, has helped facilitate eight deals for proceeds of C$318 million.

Though Canaccord continues to reign for the year, Cormack once again took the win for the month. Cormack placed C$74 million in just three deals in October.

The U.S. market is continuing to lag behind last year's comparables, according to data compiled by Prospect News. About $20.76 billion has been privately placed in the United States in 749 deals. That compares to proceeds of $80.47 billion, on 996 deals, in 2008.

Of those 2009 deals, 77 came in October, for proceeds of $945 million. For the same month of 2008, 68 deals were brought for proceeds of $7.07 billion.

However, the direct placement market has surpassed last year's levels. Since January, 129 registered direct offerings have come to market, raising $2.03 billion. In 2008, only 65 deals were seen, and proceeds totaled just $1.68 billion.

But the disparity between this year and the last has narrowed in the Canadian market. For the year, 780 Canadian deals have come to market, for proceeds of C$7.57 billion. In 2008, there were 907 deals, raising $8.68 billion.

October did see a shift in the Canadian marketplace. About 105 financings were facilitated during the month for proceeds of C$664 million. That topped last year's levels of 61 deals for C$270 million.

Year to date, U.S. market

2008 Comparables

	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Rodman & Renshaw	0.236	14	1.14%	9	0.206	17	0.26%
2	Lazard	0.167	4	0.80%	3	0.453	6	0.56%
3	Piper Jaffray	0.116	3	0.56%	18	0.097	3	0.12%
4	JMP Securities	0.090	1	0.43%
5	RBC	0.072	2	0.35%	10	0.191	3	0.24%
6	Octagon Capital	0.066	1	0.32%
7	Union Securities	0.065	1	0.31%
8	JPMorgan	0.060	1	0.29%	39	0.026	1	0.03%
9	John W. Loofbourrow	0.058	2	0.28%	114	0.001	1	0.00%
10	Thomas Weisel	0.056	5	0.27%	90	0.004	1	0.01%
	Total	20.762	749	80.472	996
	Average size:	0.028	0.081
October, U.S. market
					2008 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
2	JMP Securities	0.090	1	9.53%
3	Thomas Weisel	0.036	2	3.81%
4	Reedland Capital	0.035	1	3.71%
5	MTS Securities	0.023	1	2.43%
6	Piper Jaffray	0.016	2	1.72%
7	Fox-Pitt Kelton	0.013	1	1.43%
8	Roth	0.013	1	1.37%
9	Salman Partners	0.012	1	1.27%
10	Hunter Wise	0.010	1	1.06%
11	Euro Pacific	0.009	1	0.95%
	Total	0.945	77	7.073	68
	Average size:	0.012	0.104
Year to date, U.S. direct placements
					2008 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
2	Rodman & Renshaw	0.500	39	24.55%	3	0.271	16	16.08%
3	Lazard	0.121	7	5.94%	2	0.311	6	18.42%
4	Brean Murray	0.104	3	5.10%	14	0.016	1	0.95%
5	Canaccord	0.093	7	4.59%	19	0.010	1	0.60%
6	Needham & Co.	0.058	3	2.85%	17	0.012	1	0.70%
7	Roth	0.049	9	2.39%
8	Leerink Swann	0.046	1	2.23%	16	0.014	1	0.82%
9	Wedbush	0.022	3	1.08%
10	Cowen and Co.	0.021	1	1.01%
11	Midtown Partners	0.019	3	0.93%
	Total	2.037	129	1.686	65
	Average size:	0.016	0.026
Year to date, Canadian market
					2008 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Canaccord	0.322	32	4.25%	5	0.521	48	6.00%
2	Cormark	0.318	8	4.20%	11	0.168	9	1.94%
3	GMP	0.210	15	2.77%	6	0.274	28	3.15%
4	Macquarie	0.290	6	3.83%	31	0.025	3	0.29%
5	CIBC	0.137	3	1.81%	4	0.780	5	8.98%
6	Wellington West	0.121	6	1.59%	9	0.177	9	2.03%
7	TD	0.120	6	1.58%	26	0.036	2	0.42%
7	BMO	0.119	7	1.57%	10	0.175	4	2.02%
9	Scotia	0.098	1	1.29%	38	0.019	1	0.22%
10	RBC	0.078	4	1.04%	8	0.192	5	2.21%
	Total	7.574	780	8.684	907
	Average size:	0.010	0.010
October, Canadian market
					2008 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
3	Cormark	0.074	3	11.08%
4	BMO	0.069	2	10.37%
5	TD	0.040	1	6.02%
6	GMP	0.021	2	3.17%	3	0.027	4	10.06%
7	Canaccord	0.018	3	2.72%	4	0.010	2	3.68%
8	D&D	0.011	4	1.59%
9	Wellington West	0.008	1	1.21%
10	PowerOne Capital	0.006	1	0.91%
11	Byron Securities	0.004	2	0.60%
12	MGI Securities	0.003	1	0.47%
	Total	0.664	105	0.270	61
	Average size:	0.006	0.004
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.