Madison Williams top U.S. market PIPE agent year to date

• U.S. PIPE issuance totals $3.28 billion year to date

• GMP top Canadian PIPE agent year to date

• Canadian PIPE issuance totals $3.2 billion year to date

By Stephanie N. Rotondo

Portland, Ore., March 31 - Madison Williams knocked out Rodman & Renshaw as the year's top placement agent in the U.S. PIPE market and also took the top spot for the month of March, according to data compiled by Prospect News.

Madison brought two deals thus far this year - with one $44.06 million deal for Sino Coking Coal and Coke Chemical Industries, Inc. in March - for total proceeds of $51 million.

However, Rodman continued to reign as the direct placement king. The agent handled 18 deals since January, bringing in $204 million.

Canadian PIPEs as of March 31 were nearly double that of 2009. For the year thus far, a total of C$3.20 billion was raised in 254 deals. Comparatively, 2009 saw only 142 deals for C$1.51 billion.

GMP continued to hold the top spot in year-to-date Canadian dealings, with its two deals for C$290 million. And, RBC - which held the crown for the month of February - remained the top fund-raiser in March, bringing two deals for C$172 million.

The total number of U.S. PIPE deals moved ahead of year-ago levels for the year to date through March 31, according to data compiled by Prospect News, though the dollars raised were well below 2009 comparables.

So far this year, a total of 210 U.S. private placements were done for proceeds of $3.28 billion. In 2009, only 201 deals were completed by the end of March, though total proceeds were $8.75 billion.

Direct U.S. placements meantime topped year-ago levels, with 46 deals being brought for proceeds of $707 million. In 2009, only 14 deals came, raising a mere $228 million.

Year to date, U.S. market

2009 Comparables

	Agent	Amount	No.	Share	Rank	Amount	No.	Share
2	Madison Williams	0.051	2	1.56%
3	Rodman & Renshaw	0.040	3	1.21%	11	0.015	1	0.17%
4	Roth	0.030	3	0.92%
4	Sandler O'Neill	0.030	2	0.92%
4	FIG Partners	0.030	2	0.92%
7	Tripoint Global	0.028	1	0.84%
8	Jefferies	0.024	1	0.74%
9	Ladenburg Thalmann	0.020	2	0.62%
9	Reedland Capital	0.020	1	0.61%
11	Morgan Keegan	0.017	1	0.51%
	Total	3.276	210	8.749	201
	Average size:	0.016	0.044
Year to date, U.S. direct placements
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Rodman & Renshaw	0.204	18	28.88%	3	0.023	3	10.26%
2	Roth	0.047	5	6.58%	6	0.010	2	4.32%
3	Chardan	0.043	4	6.09%
4	Leerink Swann	0.037	2	5.19%	2	0.046	1	19.96%
5	Merriman Curhan Ford	0.033	3	4.73%
6	Lazard	0.032	1	4.53%
7	Newbridge	0.026	1	3.72%
8	RBC	0.016	1	2.30%
9	Dawson James	0.011	1	1.63%
10	Canaccord	0.010	2	1.46%
	Total	0.707	46	0.228	14
	Average size:	0.015	0.016
Year to date, Canadian market
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	GMP	0.290	2	9.07%	4	0.075	2	4.97%
2	RBC	0.252	3	7.87%	8	0.027	1	1.78%
2	Macquarie	0.159	4	4.96%	3	0.086	2	5.68%
4	Canaccord	0.119	9	3.73%	10	0.026	6	1.73%
5	Dundee	0.095	14	2.96%	12	0.016	4	1.05%
6	Genuity	0.093	2	2.89%
7	BMO	0.086	1	2.69%	21	0.005	1	0.33%
8	Wellington West	0.058	2	1.81%
9	NatBank Financial	0.056	4	1.75%	16	0.011	2	0.71%
10	Casimir	0.029	3	0.90%
	Total	3.199	254	1.510	142
	Average size:	0.013	0.011
March, U.S. market
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Madison Williams	0.044	1	3.62%
2	Sandler O'Neill	0.030	2	2.47%
2	FIG Partners	0.030	2	2.47%
4	Jefferies	0.024	1	2.01%
5	Roth	0.018	2	1.49%
6	Merriman Curhan Ford	0.015	1	1.27%
7	Ladenburg Thalmann	0.011	1	0.95%
8	Starlight	0.010	1	0.82%
9	Convertible Capital	0.010	1	0.79%
10	Johnson Rice	0.009	1	0.76%
	Total	1.216	84	6.822	74
	Average size:	0.014	0.092
March, Canadian market
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	RBC	0.172	2	10.21%
2	Canaccord	0.093	5	5.51%	8	0.008	2	1.73%
2	Genuity	0.072	1	4.31%
4	Dundee	0.060	9	3.58%	6	0.011	2	2.45%
5	NatBank Financial	0.031	3	1.84%	7	0.011	2	2.28%
6	Mackie Research	0.021	3	1.26%
7	Octagon	0.019	1	1.14%
8	CIBC	0.019	1	1.14%
9	Macquarie	0.017	1	1.03%
9	PowerOne Capital	0.017	1	1.03%
	Total	1.683	98	0.470	59
	Average size:	0.017	0.008
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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