Barclays claims top spot among U.S. market PIPE agents for 2010

• U.S. market PIPE private placements totaled $22.14 billion in 2010

• GMP number-one Canadian market PIPE agent for 2010

• Canadian market PIPE placements totaled C$11.39 billion for year

By Stephanie N. Rotondo

Portland, Ore., Dec. 31 - The PIPE market saw a surge of last-minute deals getting done in December, as issuers attempted to close out the year with more money on the books.

Funds raised in the U.S. market during the month, for example, were well ahead of 2009 figures, with $1.44 billion being raised in just 79 transactions. In December 2009, issuers raised less money - about $910 million - but in more deals - about 97.

For December, CLSA had the largest capital raise, bringing in $103 million in a placement of ordinary shares for Green Dragon Gas Ltd. CLSA took the month's top spot from November's top agent, KBW.

But KBW did get to close out the year reigning as the fourth quarter's top agent, raising $177 million in a common stock placement for Cascade Bancorp.

Though the month did see an uptick in the amount of deals getting done, year-to-date levels remained muted compared to 2009 numbers. For the year, the total amount of dollars raised in U.S. private placements came to $22.14 billion in 927 deals. In 2009, more than $26 billion had been raised by year-end in 941 deals.

Direct placements were also lower in 2010, with $2.5 billion being raised in 149 deals, versus the $2.73 billion taken in 164 deals the previous year.

In private placements, Barclays remained the leading agent for the year, facilitating three financings for a total of $578 million. Rodman & Renshaw meanwhile dominated the direct placement market, bringing 45 deals for $491 million.

However, the Canadian PIPE market continued to outpace 2009 comparables. For the month, Canadian issuers raised C$1.30 billion in 206 transactions, versus the C$842 million raised in 162 deals in 2009.

For the whole of 2010, Canadian companies took in C$11.39 billion in 1,437 transactions, compared to $9.41 billion in 1,100 deals the previous year.

GMP took the top spot for the month - as well as for the year. The agent helped raised C$125 million in seven different deals in December and C$909 million in 24 deals for the year.

But for the quarter, it was RBC that stole the show, raising C$435 million in eight deals. As a whole, the Canadian market saw C$4.17 billion being raised in 575 transactions during the quarter. In the fourth quarter of 2009, just C$2.38 billion had been raised in 422 deals.

Year to date, U.S. market

2009 Comparables

	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Barclays	0.578	3	2.61%	21	0.046	2	0.18%
2	Maju Investments	0.450	1	2.03%
3	Hampton Asset Holding	0.450	1	2.03%
4	Reedland Capital	0.310	9	1.40%	18	0.052	2	0.20%
5	Bank of America	0.300	1	1.36%
6	Sandler O'Neill	0.297	6	1.34%
7	KBW	0.230	2	1.04%
8	Rodman & Renshaw	0.138	15	0.63%	2	0.236	14	0.91%
9	Jefferies	0.132	3	0.59%
10	Lazard	0.112	4	0.51%	3	0.167	4	0.64%
	Total	22.140	927	26.010	941
	Average size:	0.024	0.028
Year to date, U.S. direct placements
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Rodman & Renshaw	0.491	45	19.66%	1	0.811	50	29.67%
2	Madison Williams	0.085	1	3.41%
3	Roth	0.079	12	3.17%	9	0.049	9	1.78%
4	CSCA Capital	0.079	2	3.15%	31	0.011	1	0.41%
5	Lazard	0.055	3	2.18%	6	0.121	7	4.43%
6	Wedbush	0.053	2	2.14%	13	0.035	4	1.29%
7	Chardan	0.051	7	2.06%	16	0.027	5	0.98%
8	Macquarie	0.050	1	1.99%
9	Citigroup	0.048	1	1.92%
9	JPMorgan	0.048	1	1.92%
	Total	2.496	149	2.733	164
	Average size:	0.017	0.017
Year to date, Canadian market
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	GMP	0.909	24	7.98%	3	0.528	22	5.62%
2	RBC	0.695	12	6.11%	13	0.097	6	1.03%
3	CIBC	0.375	4	3.30%	7	0.137	3	1.46%
4	Canaccord	0.335	57	2.94%	4	0.437	42	4.64%
5	Dundee	0.306	31	2.69%	11	0.106	22	1.13%
6	Macquarie	0.276	15	2.42%	6	0.322	11	3.42%
7	Wellington West	0.264	20	2.32%	8	0.128	9	1.37%
8	BMO	0.210	4	1.84%	9	0.125	8	1.33%
9	Cormark	0.200	18	1.75%	5	0.334	13	3.55%
10	Raymond James	0.179	16	1.57%	25	0.031	4	0.33%
	Total	11.388	1437	9.405	1100
	Average size:	0.008	0.009
Fourth quarter, U.S. market
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	KBW	0.177	1	2.75%
2	CLSA	0.103	1	1.59%
3	Canaccord	0.054	3	0.83%
4	Reedland Capital	0.045	2	0.70%	10	0.035	1	0.51%
5	Merriman	0.040	3	0.62%
6	Moelis	0.036	1	0.55%
7	Rodman & Renshaw	0.033	4	0.51%	26	0.007	1	0.10%
8	JPMorgan	0.030	1	0.47%
9	Sunel	0.025	2	0.39%
10	Lazard	0.024	2	0.37%
	Total	6.445	242	6.831	267
	Average size:	0.027	0.026
Fourth quarter, Canadian market
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	RBC	0.435	8	10.43%	12	0.019	2	0.79%
2	CIBC	0.356	3	8.55%
3	GMP	0.191	13	4.57%	3	0.340	9	14.25%
4	Dundee	0.175	12	4.21%	7	0.044	9	1.84%
5	Wellington West	0.147	10	3.53%	15	0.016	4	0.66%
6	NatBank Financial	0.105	2	2.52%	20	0.011	2	0.45%
7	Macquarie	0.085	7	2.05%	9	0.031	5	1.31%
8	Cormark	0.076	4	1.81%	5	0.090	8	3.76%
9	Scotia	0.075	4	1.81%	26	0.007	2	0.31%
10	BMO	0.064	2	1.53%	6	0.075	3	3.13%
	Total	4.167	575	2.383	422
	Average size:	0.007	0.006
December, U.S. market
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	CLSA	0.103	1	7.15%
2	Rodman & Renshaw	0.021	1	1.47%
3	Merriman	0.018	2	1.26%
4	Philadelphia Brokerage	0.015	1	1.04%
5	Spencer Trask	0.013	1	0.90%
6	Reedland Capital	0.010	1	0.70%
7	MTS Securities	0.007	1	0.49%
8	Maxim Group	0.006	1	0.45%	8	0.003	1	0.28%
9	Griffin	0.006	1	0.42%
10	IBK Capital	0.004	1	0.27%
	Total	1.437	79	0.910	97
	Average size:	0.018	0.009
December, Canadian market
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	GMP	0.125	7	9.59%	3	0.172	3	20.47%
2	Dundee	0.100	1	7.68%	4	0.030	6	3.57%
3	NatBank Financial	0.100	1	7.68%	14	0.007	1	0.82%
4	Macquarie	0.064	4	4.94%	6	0.020	3	2.33%
5	Raymond James	0.047	3	3.58%
6	TD	0.042	2	3.23%
7	BMO	0.040	1	3.07%
8	Wellington West	0.038	4	2.89%
9	RBC	0.036	3	2.76%	7	0.014	1	1.64%
10	Scotia	0.033	1	2.50%
	Total	1.302	206	0.842	162
	Average size:	0.006	0.005
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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