Total U.S. PIPE deals above 2009 levels; Barclays, GMP still top agents; Canadian issuance remains strong

By Stephanie N. Rotondo

Portland, Ore., June 30 - The total number of U.S. PIPE deals for the year overtook 2009 comparables, according to data compiled by Prospect News.

For the year, 465 financings have come to market, versus 437 seen in 2009. Still, in terms of dollars raised, 2010 levels remain weak at a total of $10.37 billion has been raised in 2010, while $14.31 billion was pocketed in the same period of 2009.

However, registered direct offerings in the U.S. continue to surpass 2009 issuance. Since January, 75 direct placements have entered the marketplace, raising total proceeds of $1.34 billion. In 2009, only 56 deals had come, generating $951 million in funding.

Quarterly figures show 2010 and 2009 financings as being nearly on par. In the second quarter of this year, 237 private placements were done for proceeds of $6.9 billion. That compared to 236 deals in the same quarter of 2009, for proceeds of $5.56 billion.

But data for the month of June lagged behind 2009 levels. About $1.85 billion was raised in 75 deals in 2010, while $4.01 billion in 108 deals was raised in 2009.

Barclays remained the top U.S. agent for the year and also took the top spot for the second quarter. Barclays raised $578 million in three deals.

And, Rodman & Renshaw remained the top bringer of direct placements, raising $301 million since the beginning of the year in 27 transactions.

For the month of June, however, Maju Investments and Hampton Asset Holding stole the spotlight from Jeffries with their $450 million private financing for Chesapeake Energy Corp.

In the Canadian market, private financings remain mostly stronger than year-ago figures. For the year, Canadian issuers have brought 576 deals for proceeds of C$5.33 billion. In 2009, just 384 deals were seen, raising just C$3.12 billion.

Quarterly issuance was also up, with 314 deals seen in the second quarter, bringing C$2.07 billion in funding. About C$1.61 billion was raised in the same time period of 2009 in just 242 deals.

But on a monthly basis, June levels fell below 2009 comparables, with about C$375 million being raised in 91 deals this year. Last year, about C$760 million had been raised in 102 deals.

GMP continued to reign as Canada's top agent year-to-date. The agent also took the highest place for the month, beating out Raymond James. So far this year, GMP has conducted seven deals for proceeds of C$378 million. Two of those deals came in June, generating C$39 million in proceeds.

Still, Raymond James was the king of the second quarter, raising C$104 million in 15 transactions.

Year to date, U.S. market

2009 Comparables

	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Barclays	0.578	3	5.57%	11	0.041	1	0.28%
2	Maju Investments	0.450	1	4.34%
2	Hampton Asset Holding	0.450	1	4.34%
4	Sandler O'Neill	0.339	6	3.27%	33	0.005	1	0.03%
5	Rodman & Renshaw	0.092	9	0.89%	3	0.134	7	0.94%
6	Jefferies	0.076	2	0.73%
7	FIG Partners	0.057	3	0.55%	37	0.002	1	0.02%
8	Madison Williams	0.051	2	0.49%
9	Reedland Capital	0.045	3	0.43%
10	Ladenburg Thalmann	0.038	4	0.37%
	Total	10.377	465	14.311	437
	Average size:	0.022	0.033
Year to date, U.S. direct placements
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Rodman & Renshaw	0.301	27	22.52%	2	0.174	18	18.34%
2	Roth	0.063	9	4.73%	17	0.010	2	1.04%
3	Lazard	0.055	3	4.08%	4	0.108	5	11.32%
4	Chardan	0.047	6	3.48%	22	$0.01	2	0.84%
5	Wedbush PacGrow	0.044	1	3.29%
6	Leerink Swann	0.037	2	2.75%	6	0.046	1	4.79%
7	Merriman Curhan Ford	0.033	3	2.50%	24	0.006	1	0.63%
8	CSCA Capital	0.030	1	2.24%
9	Stifel Nicolaus	0.026	1	1.97%
9	Newbridge	0.026	1	1.97%
	Total	1.337	75	0.951	56
	Average size:	0.018	0.017
Year to date, Canadian market
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	GMP	0.378	7	7.08%	4	0.117	7	3.75%
2	RBC	0.258	4	4.84%	9	0.051	2	1.63%
3	Canaccord	0.203	30	3.80%	3	0.240	20	7.70%
4	Macquarie	0.184	6	3.45%	5	0.101	4	3.26%
5	BMO	0.146	2	2.74%	20	0.014	3	0.45%
6	Dundee	0.131	18	2.45%	8	0.052	10	1.67%
7	Raymond James	0.115	6	2.15%	31	$0.01	1	0.23%
8	Genuity	0.100	4	1.87%	34	$0.01	1	0.19%
9	Wellington West	0.069	5	1.29%	25	$0.01	1	0.39%
10	NatBank Financial	0.068	5	1.28%	16	$0.03	4	0.85%
	Total	5.331	576	3.116	384
	Average size:	0.009	0.008
Second quarter, U.S. market
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Barclays	0.578	3	8.37%	5	0.041	1	0.73%
2	Maju Investments	0.450	1	6.52%
2	Hampton Asset Holding	0.450	1	6.52%
4	Sandler O'Neill	0.270	3	3.91%	17	0.005	1	0.09%
5	Rodman & Renshaw	0.052	6	0.76%	2	0.119	6	2.14%
6	Jefferies	0.052	1	0.75%
7	Non-brokered	0.035	11	0.50%	6	$0.04	6	0.63%
8	Midtown Partners	0.028	2	0.41%
9	Nomura	0.025	1	0.36%
9	Credit Suisse	0.025	1	0.36%
	Total	6.902	237	5.562	236
	Average size:	0.029	0.024
June, U.S. market
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Maju Investments	0.450	1	24.27%
1	Hampton Asset Holding	0.450	1	24.27%
3	Nomura	0.025	1	1.35%
3	Credit Suisse	0.025	1	1.35%
3	Reedland Capital	0.025	2	1.35%
6	T.R. Winston	0.024	1	1.29%
7	Macquarie	0.020	1	1.08%
8	Rodman & Renshaw	0.018	3	0.99%	3	0.067	2	1.67%
9	Ladenburg Thalmann	0.018	2	0.98%
10	Maxim Group	0.009	1	0.51%
	Total	1.854	75	4.012	108
	Average size:	0.025	0.037
Second quarter, Canadian market
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Raymond James	0.104	5	5.02%	23	0.007	1	0.45%
2	GMP	0.087	5	4.21%	5	0.042	5	2.61%
2	Canaccord	0.086	21	4.17%	3	0.214	14	13.32%
4	BMO	0.060	1	2.89%	20	0.009	2	0.56%
5	Paradigm	0.028	3	1.34%	11	0.023	2	1.42%
6	Dundee	0.026	3	1.25%	7	0.036	6	2.25%
7	Macquarie	0.025	2	1.21%	16	0.016	2	0.97%
8	Casimir	0.025	3	1.20%
9	Mackie	0.022	7	1.06%	4	$0.05	2	2.96%
10	Cormark	0.021	3	1.01%	4	$0.05	2	2.96%
	Total	2.074	314	1.606	242
	Average size:	0.007	0.007
June, Canadian market
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	GMP	0.039	2	10.51%	4	0.042	5	5.51%
2	Canaccord	0.025	6	6.57%	2	0.183	8	24.04%
2	Paradigm	0.020	1	5.36%	5	0.023	2	3.00%
4	TD	0.010	1	2.67%	6	0.019	1	2.44%
5	Versant Partners	0.007	1	1.87%
6	Northern Securities	0.007	3	1.87%	16	0.002	1	0.26%
7	Dundee	0.006	1	1.65%	10	0.009	2	1.18%
8	RBC	0.006	1	1.60%
9	Primary Capital	0.006	2	1.60%
10	Union Securities	0.005	4	1.47%
	Total	0.375	91	0.760	102
	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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