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

• GMP top Canadian market PIPE agent year to date

• U.S., Canadian deals outpace year-ago figures

By Stephanie N. Rotondo

Portland, Ore., Aug. 31 - Barclays led U.S. PIPE market issuance for the year to date, bringing in a total of $578 million in just three deals for the period through August, according to data compiled by Prospect News.

Meanwhile, GMP was the top Canadian Market PIPE agent for the year to date, with C$681 million in nine financings.

Overall, there continues to be more U.S. PIPE deals entering the market this year when compared to year-ago levels, the Prospect News data show.

Year to date, issuers in the U.S. market have raised $13.89 billion in 607 private placements. That compares to $17.23 billion raised in 586 deals by this time in 2009.

In direct placements, deals remain above 2009 figures. A total of 94 registered offerings have come to market, generating proceeds of $1.82 billion. By this time in 2009, 90 deals had been done, raising $1.29 billion.

Like Barclays, Rodman & Renshaw continues to dominate the direct placement market. The agent has facilitated 31 transactions for $330 million.

In August, U.S. issuers sought $1.95 billion in 61 deals, which compares to 2009's 67 deals for $1.26 billion.

For the month, Reedland Capital took the number one position from Bank of America. Reedland raised a total of $160 million for Microvision Inc. and Sun Communities Inc. Both deals were committed equity financing facilities.

In the Canadian space, the total number of deals this year continues to outpace year-ago numbers and proceeds also came out ahead. Since January, there have been 741 Canadian PIPEs, bringing C$6.62 billion in proceeds. In 2009, there had been 574 deals raising C$6.5 billion.

In August, Canadian issuers brought fewer deals than in 2009, with only 59 coming to market. That compared to 95 deals the year before. However, proceeds came to C$767 million for the month, versus C$725 million in August 2009.

GMP remains Canada's top agent, generating C$681 million in nine financings. The agent also took the top spot for the month, raising C$303 million for Gran Colombia Gold Corp. and Corsa Capital Ltd.

Year to date, U.S. market

2009 Comparables

	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Barclays	0.578	3	4.16%	11	0.046	2	0.27%
2	Maju Investments	0.450	1	3.24%
2	Hampton Asset Holding	0.450	1	3.24%
4	Sandler O'Neill	0.339	6	2.44%	19	0.019	2	0.11%
5	Bank of America	0.300	1	2.16%
6	Reedland Capital	0.265	7	1.91%
7	Rodman & Renshaw	0.096	10	0.69%	2	0.227	12	1.32%
8	Roth	0.077	8	0.55%	28	0.009	1	0.05%
9	Jefferies	0.076	2	0.55%
10	FIG Partners	0.057	3	0.41%	43	0.002	1	0.01%
	Total	13.891	607	17.231	586
	Average size:	0.023	0.029
Year to date, U.S. direct placements
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Rodman & Renshaw	0.330	31	18.13%	1	0.330	27	25.57%
2	Houlihan Lokey	0.150	1	8.25%
3	CSCA Capital	0.079	2	4.33%
4	Roth	0.066	10	3.63%	8	0.034	6	2.65%
5	Lazard	0.055	3	3.00%	3	0.121	7	9.39%
6	Wedbush PacGrow	0.053	2	2.94%	17	0.022	4	1.70%
7	Macquarie	0.050	1	2.73%
8	Chardan	0.047	6	2.56%	15	0.014	4	1.11%
9	Leerink Swann	0.037	2	2.02%	7	0.046	1	3.53%
10	Merriman Curhan Ford	0.033	3	1.84%	18	0.012	2	0.93%
	Total	1.818	94	1.289	90
	Average size:	0.019	0.014
Year to date, Canadian market
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	GMP	0.681	9	10.28%	6	0.174	10	2.67%
2	RBC	0.261	4	3.94%	14	0.051	2	0.78%
3	Canaccord	0.229	35	3.46%	4	0.242	25	3.73%
4	Macquarie	0.189	8	2.86%	3	0.291	6	4.47%
5	BMO	0.146	2	2.20%	17	0.038	4	0.58%
6	Capital Street Group	0.137	1	2.07%
7	Dundee	0.124	18	1.87%	11	0.062	13	0.96%
8	Raymond James	0.118	7	1.78%	32	0.012	2	0.19%
9	Wellington West	0.116	9	1.75%	8	0.104	4	1.60%
10	Cormark	0.104	11	1.58%	5	0.237	4	3.65%
	Total	6.623	741	6.500	574
	Average size:	0.009	0.011
August, U.S. market
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Reedland Capital	0.160	2	8.19%
2	Roth	0.035	2	1.79%
3	Hudson	0.030	1	1.54%
4	JMP	0.015	1	0.77%
5	McNamee Lawrence	0.005	1	0.26%
6	Maxim Group	0.002	1	0.08%
7	Emergent Financial	0.002	1	0.08%
8	Colorado Financial	0.001	1	0.05%
	Total	1.954	61	1.258	67
	Average size:	0.032	0.019
August, Canadian market
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	GMP	0.303	2	39.52%	13	0.003	1	0.44%
2	Capital Street Group	0.137	1	17.89%
3	Cormark	0.038	2	4.96%
4	Wellington West	0.020	1	2.61%	4	0.092	3	12.73%
5	Canaccord	0.016	3	2.06%	21	0.002	4	0.21%
6	D&D	0.015	1	1.96%
7	Union Securities	0.008	2	1.04%	9	0.008	2	1.03%
8	BayFront Capital	0.008	2	1.04%
9	Dundee	0.006	1	0.85%	14	0.003	2	0.41%
10	Macquarie	0.003	1	0.39%	2	0.144	1	19.89%
	Total	0.767	59	0.725	95
	Average size:	0.013	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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