Barclays remains top U.S. market PIPE agent for year to date

• GMP continues as top Canadian market PIPE agent for year to date

By Stephanie N. Rotondo

Portland, Ore., Oct. 29 - Barclays, Rodman & Renshaw and GMP remained the kings of the private placement market based on year-to-date totals compiled by Prospect News.

Of the $17.78 billion raised in the 749 U.S. private placements so far this year, Barclays facilitated the raising of $578 million in three financings. In the direct placement space, Rodman & Renshaw helped raise $388 million in 36 deals out of a total of $1.99 billion raised in the 116 deals done by the end of October.

In the Canadian market, GMP has generated C$736 million in 14 transactions. For the year, the market has seen $7.87 billion raised in 1,003 deals.

Still, dollars raised in the U.S. market continue to fall behind year-ago levels. By the end of October in 2009, U.S. private placement totaled $20.36 billion in 772 deals, while direct placements came to $2.11 billion in 132 deals.

The Canadian market, however, continues to outpace itself. In 2009, just C$7.74 billion was raised in 795 transactions.

For the month, however, total U.S. dollars generated was well over the previous year's levels, with $1.96 billion being brought in via 67 deals. Last year, just $1.18 billion was raised in 98 deals.

In October, Moelis stole the top agent spot from JMP, with its $36 million capital raise for Comstock Mining Inc. The company sold 7½% series B convertible preferred stock in that financing.

Canadian dollars raised remained behind year-ago comparables, with C$673 million being raised during the month in 144 private placements. The year before, C$717 million had come in 117 deals.

Dundee was the reigning Canadian placement agent for the month, raising C$25 million in five placements. Canaccord had held the spot in September.

Year to date, U.S. market

2009 Comparables

	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Barclays	0.578	3	3.26%	15	0.046	2	0.23%
2	Maju Investments	0.450	1	2.54%
3	Hampton Asset Holding	0.450	1	2.54%
4	Bank of America	0.300	1	1.69%
5	Sandler O'Neill	0.297	6	1.68%
6	Reedland Capital	0.300	8	1.70%	12	0.052	2	0.26%
7	Jefferies	0.132	3	0.74%
8	Lazard	0.112	4	0.63%	3	0.167	4	0.82%
9	Rodman & Renshaw	0.108	12	0.61%	2	0.236	14	1.16%
10	Roth	0.088	9	0.50%	20	0.027	4	0.13%
	Total	17.716	749	20.363	772
	Average size:	0.024	0.026
Year to date, U.S. direct placements
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Rodman & Renshaw	0.388	36	19.51%	2	0.500	39	23.67%
2	Madison Williams	0.085	1	4.28%
3	CSCA Capital	0.079	2	3.96%	27	0.011	1	0.53%
4	Roth	0.066	10	3.32%	8	0.049	9	2.30%
5	Lazard	0.055	3	2.74%	4	0.121	7	5.73%
6	Macquarie	0.050	1	2.50%
7	Chardan	0.047	6	2.34%	11	0.027	5	1.27%
8	Wedbush PacGrow	0.044	1	2.21%	23	0.013	1	0.63%
9	Leerink Swann	0.037	2	1.85%	9	0.046	1	2.15%
10	Merriman Curhan Ford	0.033	3	1.68%	25	0.012	2	0.57%
	Total	1.988	116	2.113	132
	Average size:	0.017	0.016
Year to date, Canadian market
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	GMP	0.736	14	9.36%	6	0.210	15	2.71%
2	Canaccord	0.313	52	3.98%	3	0.328	33	4.24%
3	RBC	0.264	5	3.36%	12	0.078	4	1.01%
4	Macquarie	0.191	10	2.43%	5	0.291	6	3.76%
5	BMO	0.170	3	2.16%	10	0.119	7	1.54%
6	Dundee	0.156	24	1.98%	14	0.066	14	0.85%
7	Cormark	0.124	14	1.58%	4	0.318	8	4.11%
8	Raymond James	0.123	11	1.56%	33	0.016	3	0.20%
9	Wellington West	0.117	10	1.49%	8	0.121	6	1.56%
10	Genuity	0.100	4	1.27%	22	0.031	3	0.40%
	Total	7.867	1003	7.739	795
	Average size:	0.008	0.010
October, U.S. market
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Moelis	0.036	1	1.83%
2	Reedland	0.035	1	1.79%
3	Lazard	0.024	2	1.21%
4	Canaccord	0.022	1	1.12%
5	C.K. Cooper	0.016	2	0.82%
6	Wedbush PacGrow	0.013	1	0.65%
7	Roth	0.011	1	0.57%	10	0.013	1	1.09%
8	MDB Capital	0.010	1	0.51%
9	Max Capital	0.004	1	0.19%
10	Cormark	0.004	1	0.19%
	Total	1.958	67	1.184	98
	Average size:	0.029	0.012
October, Canadian market
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Dundee	0.025	5	3.72%	12	0.004	1	0.49%
2	Canaccord	0.024	10	3.57%	6	0.023	3	3.21%
3	BMO	0.024	1	3.54%	4	0.069	2	9.60%
4	MGI	0.021	6	3.07%	14	0.003	1	0.44%
5	GMP	0.018	3	2.68%	7	0.021	2	2.95%
6	Haywood	0.017	2	2.58%
7	Rodman & Renshaw	0.014	1	2.05%
8	Casimir	0.010	4	1.46%
9	Salman Partners	0.008	2	1.26%
10	M Partners	0.008	5	1.21%	20	0.003	1	0.35%
	Total	0.673	144	0.717	117
	Average size:	0.005	0.006
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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