By Stephanie N. Rotondo
Portland, Ore. Sept. 30 - Rodman & Renshaw once again took the top spot for U.S. private placement deals, according to data compiled by Prospect News.
Year to date, Rodman has brought 13 deals to market for proceeds of $229 million. In the third quarter, Rodman facilitated six deals, totaling $95 million.
Rodman has also led direct placements this year, with 33 deals for $448 million.
However, for September, it was Fox-Pitt Kelton that privately placed the most funds. Fox-Pitt brought one deal to market for proceeds of $39 million.
In the Canadian market, Cannaccord led the most deals for the year and the month. Since January, Cannaccord has raised C$228 million in 27 deals. Of those deals, four came in September, raising proceeds of C$46 million.
For the quarter, Cormack was the top Canadian issuer, bringing two deals for C$187 million.
Overall, the market is still lagging year over year. There have been 653 U.S. deals so far in 2009, compared to 928 in 2008. Total proceeds in 2009 equals about $19.66 billion, versus $73.39 billion in 2008.
In the third quarter, there were 219 U.S. deals, compared to 300 in the same period of 2008. Proceeds came to $5.02 billion in the quarter, while $24.31 billion was raised in the previous year.
Canadian financings also continue to lag but are gaining ground. In 2008, 846 deals came to market for proceeds of C$8.41 billion. This year, there have been only 664 deals, but proceeds came in at C$6.85 billion.
But for the quarter, the Canadian market saw more financings and more money being raised. There were 282 deals in the third quarter, versus 225 in 2008. Proceeds in 2009 were $3.74 billion, nearly double 2008's $1.47 billion.
Year to date, U.S. market
2008 Comparables
| Agent | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Rodman & Renshaw | 0.229 | 13 | 1.16% | 9 | 0.206 | 17 | 0.28%
|
2 | Lazard | 0.167 | 4 | 0.85% | 3 | 0.453 | 6 | 0.62%
|
3 | Piper Jaffray | 0.135 | 2 | 0.69% | 18 | 0.097 | 3 | 0.13%
|
4 | Octagon Capital | 0.066 | 1 | 0.34% |
|
5 | Union Securities | 0.065 | 1 | 0.33% |
|
6 | JPMorgan | 0.060 | 1 | 0.31% | 37 | 0.026 | 1 | 0.04%
|
7 | John W. Loofbourrow | 0.058 | 2 | 0.30% | 108 | 0.001 | 1 | 0.00%
|
8 | RBC | 0.052 | 1 | 0.26% | 10 | 0.191 | 3 | 0.26%
|
9 | Bentley Securities | 0.050 | 1 | 0.25% |
|
9 | Direct Access | 0.050 | 1 | 0.25% |
|
| Total | 19.661 | 653 | 73.399 | 928 |
|
|
|
| Average size: | 0.030 | 0.079 |
|
|
|
Third quarter, U.S. market
|
| | | | | 2008 Comparables
|
| Agent | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Rodman & Renshaw | 0.095 | 6 | 1.89% | 13 | 0.040 | 4 | 0.16%
|
2 | Lombardi & Co. | 0.050 | 1 | 1.00% |
|
2 | Bentley Securities | 0.050 | 1 | 1.00% |
|
3 | Growthink Securities | 0.050 | 1 | 1.00% |
|
4 | Direct Access | 0.050 | 1 | 1.00% |
|
5 | John W. Loofbourrow | 0.050 | 1 | 1.00% |
|
7 | Fox-Pitt Kelton | 0.039 | 1 | 0.78% | 9 | 0.058 | 1 | 0.24%
|
8 | Raymond James | 0.030 | 1 | 0.60% |
|
9 | Wunderlich Securities | 0.021 | 1 | 0.42% |
|
10 | Sandler O'Neill | 0.019 | 2 | 0.38% |
|
| Total | 5.023 | 219 | 24.317 | 300 |
|
|
|
| Average size: | 0.023 | 0.081 |
|
|
|
September, U.S. market
|
| | | | | 2008 Comparables
|
| Agent | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Fox-Pitt Kelton | 0.039 | 1 | 2.25% | 4 | 0.058 | 1 | 0.37%
|
2 | Raymond James | 0.030 | 1 | 1.71% |
|
3 | Ladenburg Thalman | 0.013 | 1 | 0.72% |
|
3 | Houlihan Lokey | 0.013 | 1 | 0.72% |
|
5 | JP Turner | 0.012 | 1 | 0.70% |
|
5 | Emerging Growth | 0.012 | 1 | 0.70% | 17 | 0.004 | 1 | 0.03%
|
5 | Deutsche Bank | 0.012 | 1 | 0.69% |
|
8 | Thomas Weisel | 0.010 | 2 | 0.57% |
|
9 | Ladenburg Thalmann | 0.009 | 1 | 0.53% |
|
9 | Canaccord | 0.009 | 1 | 0.53% | 6 | 0.048 | 1 | 0.31%
|
| Total | 1.750 | 68 | 15.523 | 103 |
|
|
|
| Average size: | 0.026 | 0.151 |
|
|
|
Year to date, U.S. direct placements
|
| | | | | 2008 Comparables
|
| Agent | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Rodman & Renshaw | 0.448 | 33 | 29.17% | 2 | 0.236 | 14 | 16.93%
|
2 | Lazard | 0.121 | 7 | 7.88% | 3 | 0.130 | 4 | 9.34%
|
3 | Canaccord | 0.089 | 6 | 5.76% | 19 | 0.010 | 1 | 0.72%
|
4 | Needham & Co. | 0.058 | 3 | 3.78% | 17 | 0.012 | 1 | 0.85%
|
5 | Leerink Swann | 0.046 | 1 | 2.96% | 16 | 0.014 | 1 | 0.99%
|
6 | Brean Murray | 0.045 | 2 | 2.95% | 14 | 0.016 | 1 | 1.15%
|
7 | Roth | 0.044 | 7 | 2.85% |
|
8 | Midtown Partners | 0.030 | 4 | 1.95% |
|
9 | B. Riley | 0.019 | 1 | 1.22% |
|
10 | Piper Jaffray | 0.017 | 4 | 1.14% | 6 | 0.04 | 1 | 2.87%
|
| Total | 1.536 | 110 | 1.396 | 60 |
|
|
|
| Average size: | 0.014 | 0.023 |
|
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|
Year to date, Canadian market
|
| | | | | 2008 Comparables
|
| Agent | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Canaccord | 0.288 | 27 | 4.21% | 5 | 0.511 | 46 | 6.07%
|
2 | Cormark | 0.245 | 5 | 3.57% | 11 | 0.168 | 9 | 2.00%
|
3 | GMP | 0.188 | 13 | 2.75% | 7 | 0.247 | 24 | 2.93%
|
4 | Macquarie | 0.146 | 5 | 2.14% | 31 | 0.025 | 3 | 0.30%
|
5 | Macquarie Capital | 0.144 | 1 | 2.11% |
|
6 | CIBC | 0.137 | 3 | 2.00% | 4 | 0.775 | 4 | 9.21%
|
7 | Wellington West | 0.104 | 4 | 1.52% | 9 | 0.177 | 9 | 2.10%
|
8 | Scotia | 0.098 | 1 | 1.42% | 37 | 0.019 | 1 | 0.22%
|
9 | TD | 0.080 | 5 | 1.16% | 26 | 0.036 | 2 | 0.43%
|
10 | RBC | 0.078 | 4 | 1.14% | 8 | 0.192 | 5 | 2.29%
|
| Total | 6.851 | 664 | 8.414 | 846 |
|
|
|
| Average size: | 0.010 | 0.010 |
|
|
|
Third quarter, Canadian market
|
| | | | | 2008 Comparables
|
| Agent | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Cormark | 0.187 | 2 | 5.00% | 6 | 0.032 | 2 | 2.15%
|
2 | Macquarie Capital | 0.144 | 1 | 3.86% |
|
3 | CIBC | 0.110 | 2 | 2.94% |
|
4 | Scotia | 0.098 | 1 | 2.61% |
|
5 | Wellington West | 0.092 | 3 | 2.47% | 26 | 0.002 | 1 | 0.14%
|
6 | GMP | 0.072 | 6 | 1.91% | 4 | 0.051 | 3 | 3.45%
|
7 | Canaccord | 0.048 | 7 | 1.29% | 5 | 0.048 | 9 | 3.26%
|
8 | Macquarie | 0.045 | 1 | 1.20% |
|
9 | Thomas Weisel | 0.045 | 2 | 1.19% |
|
10 | BMO | 0.036 | 2 | 0.96% | 3 | 0.075 | 1 | 5.08%
|
| Total | 3.739 | 282 | 1.477 | 225 |
|
|
|
| Average size: | 0.013 | 0.007 |
|
|
|
September, Canadian market
|
| | | | | 2008 Comparables
|
| Agent | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Canaccord | 0.046 | 4 | 10.11% | 10 | 0.001 | 1 | 0.38%
|
2 | RBC | 0.028 | 2 | 5.99% |
|
3 | Genuity | 0.025 | 2 | 5.46% |
|
4 | Haywood | 0.022 | 3 | 4.80% |
|
5 | GMP | 0.015 | 3 | 3.21% |
|
6 | Primary Capital | 0.014 | 1 | 3.05% |
|
7 | BMO | 0.012 | 1 | 2.72% |
|
7 | Blackmont | 0.012 | 2 | 2.50% |
|
9 | Byron Capital | 0.009 | 2 | 1.88% |
|
10 | Cormark | 0.008 | 1 | 1.63% | 5 | 0.007 | 1 | 2.53%
|
| Total | 0.459 | 92 | 0.264 | 63 |
|
|
|
| Average size: | 0.005 | 0.004 |
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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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