• GMP Securities top agent for Canadian PIPE market in 2009
By Stephanie N. Rotondo
Portland, Ore., Dec. 31 - Rodman & Renshaw remained the top U.S. placement agent in the PIPE market in 2009, bringing 14 deals for $236 million, according to data compiled by Prospect News. Rodman was also the lead agent for registered direct offerings, facilitating 50 deals for $789 million.
Goldman Sachs, however, took the top spot for the quarter, raising $128 million in a deal for Liberty Global Inc. December's top agent was meantime Centura SAB SA, which raised $12 million in one deal.
In Canada, GMP Securities was the top agent for 2009, raising C$528 million in 22 deals over the course of 2009.
In the fourth quarter, GMP brought nine deals for C$340 million, with three of those transactions settling in December for proceeds of C$172 million.
The PIPE market ended 2009 well below 2008 levels, according to data compiled by Prospect News.
A total of 923 U.S. deals were completed in 2009, compared to 1,125 in 2008. Total proceeds raised came to $25.79 billion, versus $84.41 billion the year before. Of those deals, 251 came in the fourth quarter for proceeds of $6.61 billion. And, 80 deals were done in December for proceeds of $721 million.
In Canadian financings, however, the deals were not far behind year-ago levels.
A total of 1,089 deals were done in 2009, for total proceeds of C$9.37 billion. In 2008, 1,033 financings were done, raising a total of C$11.4 billion. For the fourth quarter, 410 deals came to market, for proceeds of C$2.35 billion. In December alone, C$802 million was raised via 150 deals.
Year to date, U.S. market
2008 Comparables
| Agent | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Rodman & Renshaw | 0.236 | 14 | 0.91% | 10 | 0.207 | 18 | 0.25%
|
| 2 | Lazard | 0.167 | 4 | 0.65% | 3 | 0.453 | 6 | 0.54%
|
| 3 | Goldman Sachs | 0.128 | 1 | 0.50% |
|
| 4 | Piper Jaffray | 0.116 | 3 | 0.45% | 19 | 0.097 | 3 | 0.11%
|
| 5 | JMP Securities | 0.095 | 1 | 0.37% |
|
| 6 | RBC | 0.080 | 3 | 0.31% | 11 | 0.191 | 3 | 0.23%
|
| 7 | GMP | 0.067 | 1 | 0.26% |
|
| 8 | BMO | 0.067 | 1 | 0.26% | 16 | 0.105 | 1 | 0.12%
|
| 9 | Macquarie | 0.067 | 1 | 0.26% | 7 | 0.252 | 1 | 0.30%
|
| 10 | Octagon Capital | 0.066 | 1 | 0.26% |
|
| Total | 25.790 | 923 | 84.413 | 1125 |
|
|
|
| Average size: | 0.028 | 0.075 |
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| Fourth quarter, U.S. market
|
| | | | | 2008 Comparables
|
| Agent | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Goldman Sachs | 0.128 | 1 | 1.94% |
|
| 2 | JMP Securities | 0.095 | 1 | 1.44% |
|
| 3 | GMP | 0.067 | 1 | 1.01% |
|
| 4 | BMO | 0.067 | 1 | 1.01% |
|
| 5 | Macquarie | 0.067 | 1 | 1.01% | 2 | 0.252 | 1 | 2.29%
|
| 6 | Halcyon Capital | 0.050 | 1 | 0.76% |
|
| 7 | Thomas Weisel | 0.036 | 2 | 0.54% |
|
| 8 | Reedland Capital | 0.035 | 1 | 0.53% |
|
| 9 | MTS Securities | 0.023 | 1 | 0.35% |
|
| 10 | Grandview Capital | 0.017 | 1 | 0.26% |
|
| Total | 6.618 | 251 | 11.015 | 197 |
|
|
|
| Average size: | 0.026 | 0.056 |
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| December, U.S. market
|
| | | | | 2008 Comparables
|
| Agent | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Centura SAB SA | 0.012 | 1 | 1.64% |
|
| 2 | RBC | 0.008 | 1 | 1.16% |
|
| 3 | Gottbetter Capital | 0.004 | 1 | 0.49% |
|
| 4 | Bathgate Capital | 0.003 | 1 | 0.39% |
|
| 5 | Maxim Group | 0.003 | 1 | 0.36% |
|
| 6 | Brean Murray | 0.003 | 1 | 0.35% |
|
| 7 | Growthink Securities | 0.001 | 1 | 0.14% |
|
| 8 | Lombardi | 0.001 | 1 | 0.14% |
|
| 9 | Bentley Securities | 0.001 | 1 | 0.14% |
|
| 10 | Craig-Hallum | 0.001 | 1 | 0.14% |
|
| Total | 0.721 | 80 | 1.679 | 73 |
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| Average size: | 0.009 | 0.023 |
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| Year to date, U.S. direct placements
|
| | | | | 2008 Comparables
|
| Agent | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Rodman & Renshaw | 0.789 | 50 | 29.11% | 3 | 0.339 | 20 | 14.41%
|
| 2 | Brean Murray | 0.124 | 4 | 4.57% | 15 | 0.016 | 1 | 0.68%
|
| 3 | Canaccord | 0.123 | 8 | 4.54% | 19 | $0.01 | 1 | 0.43%
|
| 4 | Lazard | 0.121 | 7 | 4.46% | 2 | 0.366 | 7 | 15.53%
|
| 5 | Stifel Nicolaus | 0.065 | 1 | 2.40% |
|
| 6 | Needham & Co. | 0.058 | 3 | 2.14% | 17 | $0.01 | 1 | 0.50%
|
| 7 | Roth | 0.049 | 9 | 1.79% |
|
| 8 | Leerink Swann | 0.046 | 1 | 1.68% | 8 | 0.039 | 2 | 1.65%
|
| 9 | C. K. Cooper | 0.045 | 2 | 1.66% |
|
| 10 | Cowen | 0.043 | 3 | 1.60% |
|
| Total | 2.234 | 144 | 2.161 | 68 |
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| Average size: | 0.016 | 0.032 |
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| Year to date, Canadian market
|
| | | | | 2008 Comparables
|
| Agent | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | GMP | 0.528 | 22 | 5.63% | 6 | 0.304 | 32 | 2.67%
|
| 2 | Canaccord | 0.436 | 42 | 4.65% | 5 | 0.534 | 52 | 4.69%
|
| 3 | Cormark | 0.334 | 13 | 3.56% | 10 | 0.176 | 10 | 1.55%
|
| 4 | Macquarie | 0.322 | 11 | 3.43% | 33 | 0.044 | 5 | 0.39%
|
| 5 | CIBC | 0.137 | 3 | 1.46% | 4 | 0.781 | 6 | 6.85%
|
| 6 | Wellington West | 0.128 | 9 | 1.37% | 9 | 0.188 | 11 | 1.64%
|
| 7 | BMO | 0.125 | 8 | 1.33% | 11 | 0.175 | 4 | 1.54%
|
| 8 | TD | 0.120 | 6 | 1.28% | 26 | 0.038 | 3 | 0.33%
|
| 9 | Scotia | 0.105 | 3 | 1.12% | 40 | 0.020 | 2 | 0.18%
|
| 10 | Dundee | 0.102 | 21 | 1.09% | 14 | 0.071 | 14 | 0.63%
|
| Total | 9.379 | 1089 | 11.404 | 1033 |
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| Average size: | 0.009 | 0.011 |
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| Fourth quarter, Canadian market
|
| | | | | 2008 Comparables
|
| Agent | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | GMP | 0.340 | 9 | 14.43% | 3 | 0.057 | 8 | 1.92%
|
| 2 | Canaccord | 0.131 | 12 | 5.56% | 5 | 0.024 | 6 | 0.79%
|
| 3 | Cormark | 0.090 | 8 | 3.81% | 15 | 0.008 | 1 | 0.27%
|
| 4 | BMO | 0.075 | 3 | 3.17% |
|
| 5 | TD | 0.040 | 1 | 1.70% | 31 | 0.001 | 1 | 0.05%
|
| 6 | Dundee | 0.040 | 8 | 1.69% | 7 | 0.017 | 3 | 0.57%
|
| 7 | Macquarie | 0.031 | 5 | 1.32% |
|
| 8 | Haywood | 0.020 | 3 | 0.85% | 11 | 0.011 | 3 | 0.36%
|
| 9 | RBC | 0.019 | 2 | 0.80% | 9 | 0.013 | 1 | 0.42%
|
| 10 | Peters | 0.018 | 1 | 0.74% |
|
| Total | 2.355 | 410 | 2.989 | 187 |
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| Average size: | 0.006 | 0.016 |
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| December, Canadian market
|
| | | | | 2008 Comparables
|
| Agent | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | GMP | 0.172 | 3 | 21.48% | 3 | 0.030 | 4 | 1.21%
|
| 2 | Dundee | 0.026 | 5 | 3.24% | 4 | 0.014 | 2 | 0.54%
|
| 3 | Macquarie | 0.020 | 3 | 2.44% |
|
| 4 | RBC | 0.014 | 1 | 1.72% |
|
| 5 | Canaccord | 0.012 | 3 | 1.47% | 5 | 0.012 | 3 | 0.47%
|
| 6 | Cormark | 0.011 | 4 | 1.38% | 8 | 0.008 | 1 | 0.32%
|
| 7 | Toll Cross | 0.011 | 2 | 1.32% |
|
| 8 | Jennings | 0.010 | 2 | 1.30% |
|
| 9 | Casimir | 0.010 | 3 | 1.23% |
|
| 10 | Byron | 0.008 | 3 | 1.00% |
|
| Total | 0.802 | 150 | 2.512 | 73 |
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| Average size: | 0.005 | 0.034 |
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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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