Barclays top U.S. PIPE agent for year to date, April

• GMP top Canadian market PIPE agent for year to date

• Canaccord top Canadian market PIPE agent in April

By Stephanie N. Rotondo

Portland, Ore., April 30 - Total U.S. dollars raised in the PIPE market continued to lag in April, though the number of deals beat year-ago levels, according to data compiled by Prospect News.

Year to date, 301 U.S. PIPE deals have come to market, generating $5.45 billion in proceeds. By this time in 2009, only 260 deals had been completed, but for proceeds of $9.24 billion.

Direct placements, however, remain well above 2009 comparables, with a total of 61 deals getting done for proceeds of $1.16 billion. That compared to 18 deals last year, for proceeds of $259 million.

In U.S. private placements, Barclays took over as the top agent for both the year and the month, bringing three deals for $578 million year to date.

Rodman & Renshaw remained the direct placement king, facilitating 22 deals so far this year and raising $257 million.

Canadian private placements continued to shine through April. Overall, Canadian issuers have brought 362 deals to market for proceeds of C$3.7 billion since the beginning of the year. By this time in 2009, only 206 deals had come to fruition, for proceeds of $1.97 billion.

But on a monthly basis, Canadian deals were behind the previous year's levels, at least in terms of total funds raised.

In April, 99 Canadian PIPE deals were done versus 64 last year. However, total funds raised came to C$425 million, down from C$464 million previously.

For the year, GMP continued its reign as the top Canadian agent, sealing three deals for C$299 million. But Canaccord took April's top spot from RBC. The agent facilitated 11 deals in April for a total of C$51 million.

Year to date, U.S. market

2009 Comparables

	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Barclays	0.578	3	10.59%
2	Sandler O'Neill	0.339	6	6.22%
3	FIG Partners	0.057	3	1.05%
4	Rodman & Renshaw	0.053	5	0.96%	8	0.027	2	0.29%
5	Madison Williams	0.051	2	0.94%
6	Roth	0.033	4	0.60%
7	Tripoint Global	0.028	1	0.50%
8	Jefferies	0.024	1	0.45%
9	Midtown Partners	0.023	1	0.43%	14	0.010	1	0.11%
10	Ladenburg Thalmann	0.020	2	0.37%
	Total	5.458	301	9.245	260
	Average size:	0.018	0.036
Year to date, U.S. direct placements
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Rodman & Renshaw	0.257	22	22.04%	3	0.045	5	17.31%
2	Roth	0.056	7	4.77%	6	$0.01	2	3.80%
2	Chardan	0.045	5	3.82%
4	Wedbush PacGrow	0.044	1	3.77%
5	Lazard	0.042	2	3.60%
6	Leerink Swann	0.037	2	3.15%	2	$0.05	1	17.56%
7	Merriman Curhan Ford	0.033	3	2.87%
8	CSCA Capital	0.030	1	2.57%
9	Newbridge	0.026	1	2.25%
10	RBC	0.016	1	1.39%
	Total	1.167	61	0.259	18
	Average size:	0.019	0.014
Year to date, Canadian market
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	GMP	0.299	3	8.08%	4	0.075	2	3.80%
2	RBC	0.252	3	6.82%	6	0.051	2	2.58%
2	Macquarie	0.182	5	4.94%	3	0.101	4	5.14%
4	Canaccord	0.167	20	4.51%	8	0.043	9	2.17%
5	Dundee	0.110	16	2.97%	9	0.035	5	1.79%
6	Genuity	0.100	4	2.71%
7	BMO	0.086	1	2.33%	29	$0.01	1	0.25%
8	NatBank Financial	0.068	5	1.84%	18	$0.01	2	0.54%
9	Wellington West	0.065	4	1.77%
10	Casimir	0.052	5	1.39%
	Total	3.695	362	1.974	206
	Average size:	0.010	0.010
April, U.S. market
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Barclays	0.578	3	30.68%
2	Sandler O'Neill	0.270	3	14.33%
2	Midtown Partners	0.023	1	1.24%
4	FIG Partners	0.020	1	1.06%
5	Rodman & Renshaw	0.013	2	0.69%	3	0.012	1	2.42%
6	Brean Murray	0.011	1	0.59%
7	Thomas Weisel	0.010	1	0.53%
8	Euro Pacific	0.005	1	0.29%
9	Chardan	0.005	1	0.29%
10	Maxim Group	0.004	1	0.19%
	Total	1.884	73	0.496	59
	Average size:	0.026	0.008
April, Canadian market
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Canaccord	0.051	11	11.92%	6	0.017	3	3.62%
2	Macquarie	0.024	1	5.58%	8	0.016	2	3.37%
2	Casimir	0.023	2	5.36%
4	Cormark	0.020	3	4.68%
5	Byron	0.010	1	2.36%
6	Raymond James	0.009	2	2.24%	13	0.007	1	1.56%
7	GMP	0.008	1	1.96%
8	Wellington West	0.007	2	1.77%
9	Genuity	0.007	2	1.77%
10	Jones Gable	0.006	3	1.35%
	Total	0.425	99	0.464	64
	Average size:	0.004	0.007
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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