Lazard remains top private placement underwriter

• U.S. market sees 61 deals for $869 million in May

• 62 Canadian deals enter market, for a total of C$280 million in May

By Stephanie N. Rotondo

Portland, Ore., May 29 - Private placements continued to lag behind 2008 levels in May but the number of deals coming to market increased significantly in both the United States and Canada compared to the previous month.

For May, U.S. issuers brought 61 deals for a total of $869 million. That compares to 49 deals for a total of $30 million in April.

For all of 2009 thus far, a total of 322 deals have come to market, raising $17.55 billion. In comparison, 495 deals had come by this time in 2008, for a total of $46.54 billion.

Among individual agents, Lazard continues to hold the top spot for the most deals placed since the beginning of the year. The company has raised a total of $167 million in four deals.

For the month, however, Rodman & Renshaw beat out Lazard for the most U.S. deals. Rodman placed $40 million in three deals in May.

Also, Rodman won the top spot for the most U.S. direct placements year-to-date. The company has completed 12 deals for a total of $129 million.

Across the border, the Canadian market has seen 263 deals, raising $2.13 billion so far this year. By the same stage in 2008, 484 deals had been brought for a total of C$5.35 billion.

Of total so far this year, 62 of the deals came in May, raising C$280 million. In April, 57 deals entered the market for a total of C$414 million.

Year-to-date, Macquarie Securities has placed the most by dollar amount, raising C$101 million in four deals. However, for the month, Cormark Securities was the winner, bringing one deal for C$40 million.

Some transactions in both the U.S. and Canadian markets are non-brokered. In other cases, underwriters are not disclosed.

Year to date, U.S. market

2008 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Lazard	0.167	4	0.95%	2	0.402	4	0.86%
2	Rodman & Renshaw	0.067	5	0.38%	5	0.118	11	0.25%
3	Octagon Capital	0.066	1	0.38%
4	Union Securities	0.065	1	0.37%
5	JPMorgan	0.060	1	0.34%	19	0.026	1	0.06%
6	RBC	0.052	1	0.30%
7	Pritchard Capital	0.048	1	0.27%
8	Piper Jaffray	0.035	1	0.20%
9	Canaccord	0.026	2	0.15%	12	0.076	3	0.16%
10	Jesup & Lamont	0.025	3	0.14%
	Total	17.549	322	46.538	495
	Average size:	0.055	0.094
May, U.S. market
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Rodman & Renshaw	0.040	3	4.61%
2	Piper Jaffray	0.035	1	4.03%
3	Lazard	0.011	1	1.31%	2	0.314	2	9.67%
4	Roth	0.009	1	1.03%	12	0.010	1	0.31%
5	Merriman Curhan Ford	0.006	1	0.69%
6	Cantone Research	0.003	1	0.39%
7	Axiom Capital	0.003	1	0.35%
8	FIG Partners	0.002	1	0.28%
9	Commerce Street	0.002	1	0.28%
10	Security Research	0.001	1	0.12%	18	0.002	1	0.05%
	Total	0.869	61	3.250	108
	Average size:	0.014	0.030
Year to date, U.S. direct placements
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Rodman & Renshaw	0.129	12	30.96%	2	0.151	7	21.08%
2	Leerink Swann	0.046	1	10.96%	8	0.014	1	1.92%
3	Lazard	0.041	3	9.76%	3	0.104	3	14.59%
4	Piper Jaffray	0.014	3	3.49%	5	0.040	1	5.59%
5	Boenning & Scattergood	0.011	1	2.66%
6	Roth	0.010	2	2.37%
7	Emerging Growth Equities	0.008	1	1.99%
8	Philadelphia Brokerage	0.007	1	1.69%
9	Wedbush Morgan	0.005	1	1.20%
9	Canaccord	0.005	1	1.20%	10	0.010	1	1.41%
	Total	0.415	33	0.715	26
	Average size:	0.013	0.028
Year to date, Canadian market
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Macquarie	0.101	4	4.76%	37	0.011	2	0.21%
2	TD	0.056	3	2.63%	31	0.018	1	0.33%
3	Canaccord	0.055	12	2.56%	5	0.345	28	6.45%
4	RBC	0.051	2	2.39%	6	0.152	4	2.85%
5	Ocean Equities	0.050	1	2.35%
6	Cormark	0.050	2	2.35%	10	0.070	6	1.32%
7	GMP	0.050	1	2.34%	7	0.138	14	2.58%
8	Dundee	0.042	7	1.97%	23	0.031	6	0.57%
9	Primary Capital	0.034	3	1.61%	30	0.018	3	0.34%
10	Haywood	0.031	3	1.46%	16	0.046	1	0.86%
	Total	2.133	263	5.352	484
	Average size:	0.008	0.011
May, Canadian market
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Cormark	0.040	1	14.34%	7	0.033	3	5.09%
2	Haywood	0.025	2	9.13%
3	Thomas Weisel	0.012	1	4.29%	13	0.010	1	1.53%
4	Canaccord	0.012	3	4.22%	2	0.108	7	16.55%
5	Salman Partners	0.008	1	2.86%
6	Dundee	0.007	2	2.41%	11	0.011	3	1.68%
7	PowerOne Capital	0.005	1	1.79%
8	PI Financial	0.002	2	0.57%	10	0.011	1	1.69%
9	Investpro Securities	0.002	1	0.54%
10	Primary Capital	$0.00	1	0.45%	15	$0.01	1	0.78%
	Total	0.280	62	0.652	101
	Average size:	0.005	0.006
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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