Reedland top agent for U.S. PIPE placements year to date

• Canaccord top Canadian agent for year, Cormark for quarter, month

• U.S. PIPE issuance remains above year-ago levels

By Stephanie N. Rotondo

Portland, Ore., Sept. 30 - Reedland Capital Partners remained the year's top agent in the U.S. PIPE market for the year to date, bringing in $185 million in four PIPE financings. Rodman & Renshaw also kept the top spot for direct placements, generating $192 million in 16 financings, according to data compiled by Prospect News.

And, Reedland was the top agent for the third quarter. The firm raised $85 million in two transactions.

In September, Goldman Sachs was the top agent of the month, raising $45 million via a sale of its own callable step-up fixed-rate notes due 2018.

In the Canadian PIPE market, Canaccord stole the top spot from GMP. The agent has raised C$339 million in 42 deals so far this year.

Cormark, however, won the top agent award for the quarter and the month. During the quarter - and the month for that matter - the firm generated proceeds of C$40 million in two financings.

Dollars raised in the U.S. PIPE market remained ahead of year-ago comparables, according to data compiled by Prospect News.

Since the beginning of 2011, U.S. issuers have taken in $18.34 billion in 678 transactions. That compares to $15.71 billion raised in 687 deals in 2010.

Year to date, U.S. market

2010 Comparables

	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Reedland	0.185	4	1.01%
2	Rodman & Renshaw	0.145	24	0.79%	9	0.106	11	0.67%
3	Lazard	0.107	5	0.58%	10	0.088	2	0.56%
4	Canaccord	0.088	5	0.48%	41	0.011	2	0.07%
5	Piper Jaffray	0.076	4	0.41%	19	0.032	1	0.20%
6	William Blair	0.060	4	0.33%	56	0.008	1	0.05%
7	Dawson James	0.052	2	0.28%
8	Northland	0.046	3	0.25%
9	Roth	0.045	7	0.25%	12	0.077	8	0.49%
10	Goldman Sachs	0.045	1	0.25%
	Total	18.338	678	15.713	687
	Average size:	0.027	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	21.39%	2	0.340	32	18.90%
2	Roth	0.114	6	12.70%	6	0.066	10	3.67%
3	Ladenburg Thalmann	0.055	1	6.13%	23	0.007	1	0.42%
4	Cowen	0.030	1	3.35%
5	Chardan	0.023	5	2.51%	10	0.047	6	2.59%
6	FT Global	0.020	1	2.23%
7	Lazard	0.019	1	2.12%	7	0.055	3	3.03%
8	B. Riley	0.018	1	2.00%
9	Religare	0.018	1	1.95%
10	MDB	0.016	2	1.74%
	Total	0.898	67	1.797	100
	Average size:	0.013	0.018
Year to date, Canadian market
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Canaccord	0.339	42	5.08%	4	0.289	42	4.01%
2	GMP	0.290	18	4.35%	3	0.718	11	9.95%
3	Dundee	0.244	31	3.66%	9	0.131	19	1.81%
4	Cormark	0.203	15	3.04%	10	0.124	14	1.72%
5	TD	0.199	7	2.98%	14	0.069	3	0.96%
6	Mackie	0.142	6	2.12%	13	0.088	15	1.23%
7	CITI Canada	0.101	1	1.51%
8	BMO	0.077	3	1.15%	7	0.146	2	2.02%
9	Stifel	0.074	4	1.11%
10	Paradigm	0.069	12	1.03%	20	0.034	4	0.47%
	Total	6.667	962	7.221	862
	Average size:	0.007	0.008
Third quarter, U.S. market
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Reedland	0.085	2	0.98%
2	Goldman Sachs	0.045	1	0.52%
3	Rodman & Renshaw	0.036	7	0.41%	16	0.014	2	0.27%
4	Craig-Hallum	0.022	2	0.26%
5	Piper Jaffray	0.022	1	0.25%	9	0.032	1	0.62%
6	Leerink Swann	0.020	1	0.23%
7	Canaccord	0.018	2	0.21%	26	0.006	1	0.12%
8	Tejas	0.018	1	0.20%
9	Imperial	0.014	1	0.16%
10	Prosdocimi	0.014	1	0.16%
	Total	8.705	188	5.081	204
	Average size:	0.046	0.025
Third quarter, Canadian market
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Cormark	0.040	2	2.53%	5	0.072	6	3.81%
2	Canaccord	0.033	3	2.05%	4	0.083	12	4.43%
3	Paradigm	0.032	3	2.05%
4	BMO	0.032	1	1.99%
5	National Bank	0.025	5	1.59%
6	Primary Capital	0.022	1	1.42%
7	Celfin	0.020	1	1.26%
8	GMP	0.019	2	1.21%	3	0.341	4	18.10%
9	Secutor	0.019	5	1.17%	44	0.001	2	0.05%
10	Dundee	0.017	2	1.06%	16	0.014	2	0.73%
	Total	1.582	238	1.883	272
	Average size:	0.007	0.007
September, U.S. market
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	0.045	1	2.46%
2	Reedland	0.035	1	1.91%
3	Rodman & Renshaw	0.017	3	0.92%	11	0.010	1	0.51%
4	MDB	0.007	1	0.39%
5	Clubb	0.006	1	0.33%
6	McNicoll Lewis & Vlak	0.006	1	0.33%
7	Byron	0.004	1	0.22%
8	Kallpa	0.004	1	0.19%
9	MDB Capital	0.004	1	0.19%
10	HWH	0.002	1	0.08%
	Total	1.832	55	1.901	73
	Average size:	0.033	0.026
September, Canadian market
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Cormark	0.040	2	7.15%	10	0.009	2	1.44%
2	Primary Capital	0.022	1	4.02%
3	Celfin	0.020	1	3.58%
4	Canaccord	0.011	1	2.00%	3	0.058	7	9.33%
5	National Bank	0.010	1	1.79%
6	Desjardins	0.009	2	1.68%
7	Paradigm	0.008	1	1.49%
8	Bloom	0.008	1	1.49%
9	Mackie	0.006	1	1.07%	5	0.017	1	2.71%
10	Scotia	0.006	1	1.07%	9	0.010	2	1.65%
	Total	0.559	61	0.627	113
	Average size:	0.009	0.006
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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