Lazard remains top underwriter of PIPE deals year to date

• U.S. market leading monthly issuance at $430 million in 49 deals

• Canada brings 57 deals to market for C$414 million

By Stephanie N. Rotondo

Portland, Ore., April 30 - The level of private placements taking place in the U.S. market in April remained significantly lower than activity for the same period of 2008, as well as for the prior month, according to data compiled by Prospect News.

For April, U.S. issuers completed 49 deals totaling $430 million. That compares to 75 deals for a total of $7.06 billion in March.

Year to date, issuers have brought 249 deals to market, bringing in $16.59 billion. By this time in 2009, 385 U.S. deals had been brought to market, raising a total of $43.26 billion.

Among U.S. issuers, Lazard continues to be the top underwriter, placing one deal during the month for a total of $31 million. Lazard also leads in year-to-date deals, placing three deals for $155 million.

A large number of private placements have no underwriter. In other cases, the underwriters are not disclosed.

Among U.S. direct placements, Leerink Swann holds the top spot, with $46 million in one deal, accounting for 17.56% of the transactions for the year.

In the Canadian marketplace, C$414 million in 57 deals came in April. Year to date, Canadian companies have participated in 198 deals for a total of C$1.81 billion.

Like the U.S. market, Canadian deals have lagged behind March levels, as well as levels seen in 2008. In March, 58 deals totaling $355 million came to market, while in April 2008, there were 102 deals, bringing in C$15.43 billion.

RBC Capital Markets earned the top spot for Canadian underwriters in April, with C$24 million in three deals. Year to date, the Macquarie Group has brought in C$94 million in three deals, accounting for 5.18% of the year's issuance.

Year to date, U.S. market

2008 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Lazard	0.155	3	0.94%	6	0.088	2	0.20%
2	Octagon Capital	0.066	1	0.40%
3	Union Securities	0.065	1	0.39%
4	JPMorgan	0.060	1	0.36%	14	0.026	1	0.06%
5	RBC	0.052	1	0.31%
6	Pritchard Capital	0.048	1	0.29%
7	Rodman & Renshaw	0.027	2	0.16%	2	0.118	11	0.27%
8	Canaccord	0.026	2	0.16%	10	0.033	2	0.08%
9	Jesup & Lamont	0.025	3	0.15%
10	APIX International	0.020	1	0.12%
	Total	16.590	249	43.262	385
	Average size:	0.067	0.112
April, U.S. market
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Lazard	0.031	1	7.22%
2	Rodman & Renshaw	0.012	1	2.79%	4	0.056	3	0.36%
3	Garden State Securities	0.006	1	1.37%
4	Genesis Capital	0.003	1	0.61%
5	Non-brokered	0.002	1	0.53%
	Total	0.430	49	15.431	102
	Average size:	0.009	0.151
Year to date, U.S. direct placements
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Leerink Swann	0.046	1	17.56%
2	Rodman & Renshaw	0.045	5	17.31%	2	0.151	7	33.60%
3	Piper Jaffray	0.014	3	5.59%	4	0.040	1	8.91%
4	Roth Capital	0.010	2	3.80%
5	Emerging Growth Equities	0.008	1	3.18%
6	Philadelphia Brokerage	0.007	1	2.70%
7	Oppenheimer	0.004	1	1.42%
	Total	0.259	18	0.449	17
	Average size:	0.014	0.026
Year to date, Canadian market
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Macquarie	0.094	3	5.18%	36	0.011	2	0.23%
2	TD	0.056	3	3.10%	29	0.018	1	0.37%
3	RBC	0.051	2	2.82%	6	0.131	2	2.78%
4	Ocean Equities	0.050	1	2.77%
5	GMP	0.050	1	2.77%	8	0.082	9	1.75%
6	Canaccord	0.039	9	2.17%	5	0.237	21	5.05%
7	Dundee	0.035	5	1.95%	26	0.020	3	0.42%
8	Primary Capital	0.033	2	1.83%	34	0.013	2	0.28%
9	CIBC	0.027	1	1.49%	3	0.775	4	16.49%
10	GMP Securities	0.025	1	1.38%	25	0.023	4	0.48%
	Total	1.808	198	4.700	383
	Average size:	0.009	0.012
April, Canadian market
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	RBC	0.024	1	5.80%
2	Dundee	0.019	1	4.70%	7	0.020	3	2.94%
3	TD	0.017	1	4.04%
4	Primary Capital	0.015	1	3.63%
5	National Bank Financial	0.015	1	3.63%
6	Canaccord	0.013	3	3.16%	3	0.077	3	11.44%
7	Raymond James	0.010	1	2.42%
8	Octagon	0.008	1	1.93%
9	Macquarie	0.008	1	1.89%	11	0.011	2	1.63%
10	Maison Placements	0.007	1	1.78%	13	0.010	1	1.49%
	Total	0.414	57	0.674	92
	Average size:	0.007	0.007
Prospect News PIPE Underwriter 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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