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

• GMP top agent for Canadian market PIPE issuance year to date

• Number of U.S. PIPE deals falls; Canadian deals outpacing 2009

By Stephanie N. Rotondo

Portland, Ore., Sept. 30 - U.S. PIPE deals for the year fell behind year-ago comparables, according to data compiled by Prospect News.

A total of 668 deals have come so far this year, raising $15.65 billion. Last year, 674 deals had come to market, generating proceeds of $19.18 billion.

In direct placements, however, the dollars raised outpaced 2009 levels, despite fewer deals seen in 2010. Approximately $1.82 billion from 101 deals has been generated in the direct placement market, compared to $1.58 billion in 113 deals last year.

Barclays continues to hold the top agent spot for the year, and Rodman & Renshaw is still dominating the direct placement market. Barclays has raised $578 million in three private placement financings so far in 2010, while Rodman brought in $340 million via 32 transactions for the year to date.

Bank of America meantime was the top agent for the third quarter with its $300 million private placement of series A preferred units for Copano Energy LLC. All told, issuers raised $5.02 billion in 186 deals during the quarter.

In 2009, more deals were done during the third quarter - 237 - but proceeds were lower at $4.87 billion.

Monthly totals show that JMP took over the ranking position from Reedland Capital. The investment firm had two deals in September, bringing in $70 million.

U.S. PIPE totals for the month were also lagging, with just 58 deals for proceeds of $1.78 billion. That compared to 88 deals for proceeds of $1.95 billion in the same month of 2009.

The Canadian market, however, remains ahead of 2009 figures. Year to date, Canadian issuers have brought in C$7.11 billion in 844 deals, well over the C$7.02 billion in 678 deals seen in 2009.

But despite the increase year over year, third-quarter figures slipped from 2009 comparables. The quarter saw 254 Canadian deals being struck and C$1.77 billion being raised. The year before, 294 deals had come, raising C$3.91 billion.

Also, the number of Canadian deals in September declined to 96 from 104, but total proceeds increased to C$528 million from C$522 million.

For the year and the quarter, GMP held on as the top Canadian agent. The company has facilitated 11 deals this year - four of which came in the third quarter - and has raised C$714 million. About C$336 million was raised during the quarter.

For the month, Canaccord took the top spot from GMP, bringing five deals for proceeds of C$53 million.

Year to date, U.S. market

2009 Comparables

	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Barclays	0.578	3	3.69%	11	0.046	2	0.24%
2	Hampton Asset Holding	0.450	1	2.88%
2	Maju Investments	0.450	1	2.88%
4	Sandler O'Neill	0.366	9	2.34%	19	0.024	3	0.13%
5	Bank of America	0.300	1	1.92%
6	Reedland Capital	0.265	7	1.69%	24	0.017	1	0.09%
7	Jefferies	0.132	3	0.84%
8	Rodman & Renshaw	0.106	11	0.68%	2	0.229	13	1.19%
9	Lazard	0.088	2	0.56%	3	0.167	4	0.87%
10	JMP	0.085	3	0.54%
	Total	15.649	668	19.180	674
	Average size:	0.023	0.028
Year to date, U.S. direct placements
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Rodman & Renshaw	0.340	32	18.65%	1	0.467	34	29.55%
2	Madison Williams	0.085	1	4.67%
3	CSCA Capital	0.079	2	4.32%
4	Roth	0.066	10	3.62%	7	0.046	8	2.89%
5	Lazard	0.055	3	2.99%	3	0.121	7	7.66%
6	Macquarie	0.050	1	2.73%
7	Chardan	0.047	6	2.56%	17	0.014	4	0.91%
8	Wedbush PacGrow	0.044	1	2.42%	19	0.013	1	0.84%
9	Leerink Swann	0.037	2	2.02%	8	0.046	1	2.88%
10	Merriman Curhan Ford	0.033	3	1.84%	21	0.012	2	0.76%
	Total	1.821	101	1.580	113
	Average size:	0.018	0.014
Year to date, Canadian market
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	GMP	0.714	11	10.04%	6	0.188	13	2.68%
2	Canaccord	0.284	40	3.99%	3	0.305	30	4.35%
3	RBC	0.261	4	3.67%	11	0.078	4	1.12%
4	Macquarie	0.190	8	2.67%	4	0.291	6	4.14%
5	BMO	0.146	2	2.05%	16	0.050	5	0.71%
6	Dundee	0.130	19	1.82%	13	0.062	13	0.89%
7	Cormark	0.120	13	1.68%	5	0.245	5	3.48%
8	Raymond James	0.118	7	1.66%	32	0.016	3	0.22%
9	Wellington West	0.116	9	1.63%	8	0.113	5	1.60%
10	Genuity	0.100	4	1.40%	22	0.031	3	0.44%
	Total	7.110	844	7.022	678
	Average size:	0.008	0.010
Third quarter, U.S. market
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	0.300	1	5.97%
2	Reedland Capital	0.220	4	4.38%	9	0.017	1	0.36%
3	Lazard	0.088	2	1.76%
4	JMP	0.085	3	1.69%
5	Jefferies	0.056	1	1.11%
6	KBW	0.053	1	1.06%
7	Roth	0.044	4	0.88%	26	0.005	2	0.10%
8	Piper Jaffray	0.032	1	0.63%
9	Hudson	0.030	1	0.60%
10	TriPoint Global	0.020	1	0.40%	16	0.010	1	0.21%
	Total	5.022	186	4.868	237
	Average size:	0.027	0.021
Third quarter, Canadian market
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	GMP	0.336	4	18.99%	8	0.072	6	1.83%
2	Canaccord	0.078	10	4.41%	9	0.065	10	1.67%
3	Cormark	0.067	5	3.77%	4	0.187	2	4.79%
4	TD	0.059	2	3.35%	37	0.005	1	0.13%
5	Wellington West	0.047	4	2.63%	6	0.101	4	2.58%
6	Clarus	0.034	1	1.93%	39	0.004	1	0.10%
7	Mackie	0.022	3	1.26%
8	NCP Northland	0.020	2	1.13%
9	Haywood	0.018	2	1.03%	12	0.035	5	0.88%
10	Jennings	0.015	1	0.85%
	Total	1.769	254	3.906	294
	Average size:	0.007	0.013
September, U.S. market
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	JMP	0.070	2	3.93%
2	Jefferies	0.056	1	3.13%
3	Lazard	0.035	1	1.97%
4	Piper Jaffray	0.032	1	1.77%
5	TriPoint Global	0.020	1	1.14%
6	Riverbank Capital	0.015	1	0.85%	23	0.002	1	0.09%
7	Rodman & Renshaw	0.010	1	0.54%	24	0.002	1	0.09%
7	Maxim	0.010	1	0.54%
9	Euro Pacific	0.009	1	0.50%
10	John Carris Investments	0.003	1	0.16%
	Total	1.779	58	1.948	88
	Average size:	0.031	0.022
September, Canadian market
					2009 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Canaccord	0.053	5	10.06%	3	0.063	5	12.04%
2	GMP	0.029	2	5.50%	7	0.015	3	2.82%
3	Mackie	0.015	1	2.84%
4	Jennings	0.015	1	2.84%
5	Scotia	0.010	2	1.96%
6	Salman Partners	0.008	1	1.52%
7	BayFront Capital	0.007	2	1.33%
8	Cormark	0.007	1	1.31%	15	0.008	1	1.44%
9	Dundee	0.006	1	1.14%
10	Loewen Ondaatje	0.005	1	0.95%
	Total	0.528	96	0.522	104
	Average size:	0.005	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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