U.S. PIPE issuance outpaces year-ago comparables; Reedland takes top agent spot from Rodman

• Canadian market falls behind; GMP, Clarus take the lead

By Stephanie N. Rotondo

Portland, Ore., Aug. 31 - U.S. PIPE issuance surpassed year-ago levels in August, according to data compiled by Prospect News.

For the year thus far, issuers have sought $16.13 billion via 613 transactions. By this time in 2010, only $13.81 billion had been raised in 614 deals.

Reedland Capital Partners claimed the top spot among agents of U.S. market PIPE placements for the year from Rodman & Renshaw. Reedland has raised $150 million in three private equity financings this year.

Reedland also reigned as the top agent for August, beating out Piper Jaffray, which was July's top agent. The company raised $50 million for Emcore Corp. via an equity financing agreement. All told, August saw 61 dealings for proceeds of $6.13 billion, versus 69 financings for proceeds of $1.79 billion the year before.

However, Rodman continued to hold the top position as lead underwriter in direct placements. The firm has generated proceeds of $192 million in 22 transactions. That compares to a total of $864 million raised in 64 placements this far into 2011.

Still, total direct placements are lagging behind year-ago figures. Last year, there were 93 direct placements by the end of August, bringing in $1.67 billion.

In the Canadian market, the number of deals for the year outpaced those of 2010, but the dollars raised fell behind. Total issuance came to C$5.98 billion in 892 deals, compared to C$6.59 billion in 749 deals last year.

GMP remained Canada's top placement agent for the year, bringing in C$290 million in 18 transactions.

For the month, total issuance was well below year-ago levels. A total of C$283 million in 61 financings was raised, versus C$734 million in 66 deals in 2010. Clarus took the reigning spot with its C$15 million placement of subscription receipts for Greenfield Financial Group Inc., beating out BMO.

Year to date, U.S. market

2010 Comparables

	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Reedland Capital Partners	0.150	3	0.92%
2	Rodman & Renshaw	0.128	21	0.78%	8	0.096	10	0.70%
3	Lazard	0.107	5	0.66%	14	0.053	1	0.39%
4	Canaccord	0.088	5	0.54%	53	0.005	1	0.04%
5	Piper Jaffray	0.076	4	0.46%
6	William Blair	0.060	4	0.37%	47	0.008	1	0.06%
7	Dawson James	0.052	2	0.32%
8	Northland	0.046	3	0.28%
9	Roth	0.045	7	0.28%	9	0.077	8	0.56%
10	Summer Street	0.040	1	0.25%
	Total	16.306	613	13.812	614
	Average size:	0.027	0.022
Year to date, U.S. direct placements
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Rodman & Renshaw	0.192	16	22.23%	2	0.330	31	19.76%
2	Roth	0.102	4	11.86%	5	0.066	10	3.95%
3	Ladenburg Thalmann	0.055	1	6.38%	22	0.007	1	0.45%
4	Cowen	0.030	1	3.48%
5	Chardan	0.023	5	2.61%	9	0.047	6	2.79%
6	FT Global	0.020	1	2.32%
7	Lazard	0.019	1	2.20%	6	0.055	3	3.27%
8	Religare	0.018	1	2.03%
9	MDB	0.016	2	1.81%
10	Midtown	0.015	1	1.74%
	Total	0.864	64	1.668	93
	Average size:	0.013	0.018
Year to date, Canadian market
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	GMP	0.290	18	4.85%	3	0.687	9	10.42%
2	Canaccord	0.269	29	4.50%	5	0.231	35	3.50%
3	Dundee	0.227	29	3.80%	8	0.124	18	1.87%
4	TD	0.199	7	3.32%	14	0.069	3	1.05%
5	Cormark	0.163	13	2.72%	11	0.115	12	1.75%
6	CITI Canada	0.101	1	1.69%
7	Mackie	0.134	5	2.25%	13	0.071	14	1.08%
8	BMO	0.077	3	1.28%	7	0.146	2	2.21%
9	Stifel	0.074	4	1.24%
10	Paradigm	0.062	12	1.04%	18	0.034	4	0.51%
	Total	5.981	892	6.594	749
	Average size:	0.007	0.009
August, U.S. market
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Reedland	0.050	1	0.82%	1	1.527	55	85.04%
2	Craig-Hallum	0.018	1	0.29%
2	Tejas	0.018	1	0.29%
4	Gleacher	0.011	1	0.19%
4	Rodman & Renshaw	0.011	1	0.19%
6	Keefe Bruyette & Woods	0.011	1	0.18%
7	Boenning & Scattergood	0.005	1	0.09%
8	Dalmore	0.005	1	0.08%
9	Radnor	0.004	1	0.07%
10	Burnham	0.003	1	0.05%
	Total	6.129	61	1.796	69
	Average size:	0.100	0.026
August, Canadian market
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Clarus	0.015	1	5.31%	5	0.034	1	4.66%
2	Kallpa	0.010	1	3.68%
3	Industrial Alliance	0.009	3	3.11%	17	0.001	2	0.14%
4	Secutor	0.007	1	2.33%	18	0.001	2	0.14%
5	Macquarie	0.005	3	1.70%	14	0.004	1	0.54%
6	Euro Pacific Canada	0.004	1	1.56%
7	Union	0.004	1	1.41%
8	Casimir	0.004	2	1.33%	15	0.003	1	0.44%
8	Dundee	0.004	2	1.33%
8	NCP	0.004	2	1.33%
	Total	0.283	61	0.734	66
	Average size:	0.005	0.011
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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