U.S. PIPE issuance beats year-ago comparables; Reedland holds on to top spot

Canadian issuance slips; Canaccord is market's top placement agent

By Stephanie N. Rotondo

Portland, Ore., Oct. 31 - U.S. PIPE issuance continued to outpace year-ago levels, according to data compiled by Prospect News.

Year to date, issuers have raised $18.60 billion from 735 transactions. That compares to $18.11 billion raised in 771 deals in the same period of 2010.

Reedland Capital Partners held on to its top agent spot, generating proceeds of $185 million in four financings. Rodman & Renshaw also kept its position as the top agent for direct placements, bringing in $192 million via 16 offerings.

For the month of October, GMP stole the number one spot from Reedland Capital. GMP raised $10 million via a sale of common stock for Kaizen Capital Corp.

In the Canadian PIPE market, Canaccord remained the top placement agent, facilitating 44 deals for proceeds of C$343 million.

Cormark was the top placement agent for October, raising C$92 million in one deal.

Year to date, total issuance in Canada was lagging behind 2010 figures. The Canadian market saw C$7.53 billion raised in 1,071 deals, versus C$8.03 billion raised in 1,026 financings the year before.

Year to date, U.S. market

2010 Comparables

	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Reedland	0.185	4	0.99%	21	0.035	1	0.19%
2	Rodman & Renshaw	0.154	28	0.83%	10	0.108	12	0.60%
3	Lazard	0.107	5	0.57%	9	0.112	4	0.62%
4	Canaccord	0.088	5	0.47%	15	0.064	4	0.35%
5	Piper Jaffray	0.076	4	0.41%	22	0.032	1	0.17%
6	William Blair	0.060	4	0.32%	66	0.008	1	0.04%
7	Dawson James	0.052	2	0.28%	100	0.001	1	0.01%
8	Northland	0.046	3	0.25%
9	Roth	0.045	7	0.24%	12	0.088	9	0.49%
10	Summer Street	0.040	1	0.22%
	Total	18.595	735	18.111	771
	Average size:	0.025	0.023
Year to date, U.S. direct placements
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Rodman & Renshaw	0.192	16	21.36%	2	0.388	36	19.85%
2	Roth	0.114	6	12.69%	6	0.066	10	3.38%
3	Ladenburg Thalmann	0.055	1	6.13%	22	0.009	2	0.45%
4	Cowen	0.030	1	3.34%
5	Chardan	0.023	5	2.51%	10	0.047	6	2.39%
6	FT Global	0.020	1	2.22%
7	B. Riley	0.019	2	2.12%
8	Lazard	0.019	1	2.11%	7	0.055	3	2.79%
9	Religare	0.018	1	1.95%
10	MDB	0.016	2	1.74%
	Total	0.899	68	1.953	117
	Average size:	0.013	0.017
Year to date, Canadian market
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Canaccord	0.343	44	4.55%	4	0.328	53	4.09%
2	Cormark	0.295	16	3.92%	10	0.132	15	1.64%
3	GMP	0.290	18	3.85%	3	0.737	14	9.18%
4	Dundee	0.244	31	3.24%	7	0.171	25	2.13%
5	TD	0.199	7	2.64%	15	0.069	3	0.86%
6	Mackie	0.142	6	1.88%	13	0.091	17	1.13%
7	CITI Canada	0.101	1	1.34%
8	BMO	0.082	4	1.09%	8	0.170	3	2.12%
9	Stifel	0.074	4	0.98%
10	Paradigm	0.069	12	0.92%	22	0.034	4	0.42%
	Total	7.532	1071	8.027	1026
	Average size:	0.007	0.008
October, U.S. market
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	GMP	0.010	1	1.74%
2	Rodman & Renshaw	0.005	3	0.90%	20	0.003	1	0.11%
3	Maxim	0.003	1	0.44%
4	Wilmington	0.002	1	0.30%
5	WFG	0.001	1	0.20%
	Total	0.576	44	2.397	84
	Average size:	0.013	0.029
October, Canadian market
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Cormark	0.092	1	11.03%	13	0.008	1	0.93%
2	Euro Pacific	0.010	1	1.20%
3	Octagon	0.010	2	1.16%
4	Canaccord	0.007	3	0.85%	4	0.039	11	4.81%
5	NCP	0.007	1	0.84%
6	Industrial	0.006	1	0.72%
7	BMO	0.005	1	0.62%	6	0.024	1	2.95%
8	Haywood	0.005	3	0.60%	9	0.017	2	2.16%
9	Clarus	0.005	1	0.60%
10	Industrial Alliance	0.004	1	0.54%	14	0.007	4	0.86%
	Total	0.835	103	0.806	164
	Average size:	0.008	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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