Goldman Sachs top underwriter of PIPEs in U.S. market in November

• Rodman & Renshaw top U.S. market PIPE underwriter year to date

• GMP top underwriter of PIPEs in Canadian Market in November

By Stephanie N. Rotondo

Portland, Ore., Nov. 30 - Rodman & Renshaw continued to reign as the top U.S. private placement agent in November, but it was Goldman Sachs that won first place for the month.

For the year, Rodman has placed $236 million in 14 deals. Rodman also took the top spot for U.S. direct placements for the year, bringing in $2.528 billion in 42 deals since January.

In November, Goldman raised $128 million in just a single financing.

Among Canadian deals, Canaccord remained number one for the year to date. So far this year, the company has helped raise C$417 million in 38 deals.

GMP, however, beat Canaccord for the month's top ranking. The company acted as agent for four deals, for total proceeds of C$146 million.

Canaccord was second place for November, raising C$89 million in five transactions.

U.S. private placement issuance remains behind 2008 levels. For the year, about $25.45 billion has been raised in 831 deals. By this time in 2008, $82.73 million had been raised in 1,052 deals.

Still, U.S. deals in November beat last year's levels, with $4.45 billion raised in 61 deals, compared to $2.26 billion in 56 deals previously.

But Canadian deals continue to bridge the gap. For the year, Canadian companies have raised C$8.27 billion in 900 deals, versus C$8.89 billion in 960 deals in 2008.

And, of those deals, C$664 million was placed in November in a total of 105 financings. In November 2008, Canadian issuers sought just C$270 million in 61 deals.

Year to date, U.S. market

2008 Comparables

	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Rodman & Renshaw	0.236	14	0.93%	10	0.206	17	0.25%
2	Lazard	0.167	4	0.65%	3	0.453	6	0.55%
3	Goldman Sachs	0.128	1	0.50%
4	Piper Jaffray	0.116	3	0.46%	19	0.097	3	0.12%
5	JMP Securities	0.090	1	0.35%
6	RBC	0.072	2	0.28%	11	0.191	3	0.23%
7	GMP	0.067	1	0.26%
8	BMO	0.067	1	0.26%	16	0.105	1	0.13%
9	Macquarie	0.067	1	0.26%	7	0.252	1	0.30%
10	Octagon Capital	0.066	1	0.26%
	Total	25.451	831	82.734	1052
	Average size:	0.031	0.079
November, U.S. market
					2008 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	0.128	1	2.88%
2	Macquarie	0.067	1	1.50%	2	0.252	1	11.14%
3	GMP	0.067	1	1.50%
4	BMO	0.067	1	1.50%
5	Halcyon Capital	0.050	1	1.12%
6	Grandview Capital	0.017	1	0.38%
7	Dahlman Rose	0.015	1	0.34%
8	Ladenburg Thalmann	0.006	1	0.14%
9	Tripoint Global	0.006	1	0.13%
10	R.F. Lafferty	0.005	1	0.11%
	Total	4.455	61	2.262	56
	Average size:	0.073	0.040
Year to date, U.S. direct placements
					2008 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Rodman & Renshaw	0.528	42	23.64%	3	0.271	16	12.54%
2	Canaccord	0.123	8	5.51%	19	0.010	1	0.47%
3	Lazard	0.121	7	5.42%	2	0.366	7	16.93%
4	Brean Murray	0.104	3	4.65%	14	0.016	1	0.74%
5	Needham & Co.	0.058	3	2.60%	17	$0.01	1	0.55%
6	Roth	0.049	9	2.18%
7	Leerink Swann	0.046	1	2.04%	16	$0.01	1	0.64%
8	FIG Partners	0.030	1	1.33%
9	William Blair	0.027	1	1.22%
10	Chardan Capital	0.026	5	1.20%
	Total	2.234	144	2.161	68
	Average size:	0.016	0.032
Year to date, Canadian market
					2008 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Canaccord	0.417	38	5.04%	5	0.523	49	5.88%
2	GMP	0.356	19	4.30%	6	0.274	28	3.08%
3	Cormark	0.318	8	3.84%	11	0.168	9	1.89%
4	Macquarie	0.302	8	3.65%	76	0.040	4	0.45%
5	CIBC	0.137	3	1.65%	4	0.780	5	8.77%
6	BMO	0.125	8	1.51%	10	0.175	4	1.97%
7	Wellington West	0.123	7	1.48%	9	0.184	10	2.06%
8	TD	0.120	6	1.45%	27	0.036	2	0.41%
9	Scotia	0.105	3	1.27%	39	0.019	1	0.21%
10	Haywood	0.090	11	1.09%	12	0.116	7	1.30%
	Total	8.278	900	8.892	960
	Average size:	0.009	0.009
November, Canadian market
					2008 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	GMP	0.146	4	22.20%
2	Canaccord	0.089	5	13.50%	13	0.002	1	0.92%
3	Peters	0.018	1	2.66%
4	Haywood	0.015	1	2.28%	10	0.004	1	2.12%
5	Raymond James	0.015	1	2.28%
6	Macquarie	0.011	2	1.74%
7	Loewen Ondaatje	0.010	1	1.52%
8	Dundee	0.010	2	1.52%
9	Octagon	0.008	1	1.23%
10	Desjardins	0.008	1	1.23%
	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.

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