U.S., Canadian PIPE issuance lags year to date; Citigroup, Rodman remain year's top U.S. agents

• RBC, Canaccord hold on to number one spot in Canada

By Stephanie N. Rotondo

Phoenix, Nov. 30 - PIPE issuance in the U.S. market fell behind year-ago comparables during November, according to data compiled by Prospect News.

After gaining ground in October, issuers sought fewer funds during the month, raising a total of $964 million from 42 transactions. In the previous year, 75 deals had been done during the course of the month, for proceeds of $1.26 billion.

As has been the trend all year, year-to-date issuance remained weaker than it was in 2011. Total issuance came to $14.78 billion via 737 private equity sales, versus $20.41 billion from 823 sales in 2011.

Bucking that trend was registered direct offerings. Issuers took in $1.42 billion from 75 direct equity placements as of the end of November. During the same period of 2011, issuers raised $921 million from 70 offerings.

For the month, FIG Partners was the top placement agent, generating $24 million for two issuers. Citigroup meanwhile held to the number one spot for the year, raising $187 million from two PIPE deals.

And, Rodman & Renshaw remained the top registered direct agent, facilitating 16 deals for proceeds of $81 million.

In the Canadian market, total issuance for the month surpassed year-ago levels. Issuers raised C$810 million from 87 transactions, versus C$619 million taken in from 148 deals the year before.

Year to date, however, levels were lagging. Total issuance came to C$6.16 billion via 926 placements. That compared to C$8.2 billion raised from 1,229 deals the previous year.

RBC was again the top agent for the Canadian market during the month, bringing in C$98 million from three sales. Canaccord also continued its reign as the top agent year to date, having facilitated 31 deals and raising total proceeds of C$209 million.

U.S. market, year to date

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	0.187	2	1.27%
2	Moelis	0.168	1	1.14%
3	P-Wave Holdings	0.150	1	1.02%
4	Cowen	0.145	6	0.99%	84	0.003	1	0.01%
5	Evercore	0.140	1	0.95%
6	Sandler O'Neill	0.097	3	0.66%
7	MLV	0.089	4	0.61%
8	FBR Capital Markets	0.085	1	0.58%
8	JMP	0.073	5	0.50%	26	0.015	1	0.07%
10	SunTrust	0.070	1	0.48%	28	0.015	2	0.07%
	Total	14.699	737	20.409	823
	Average size:	0.020	0.025
U.S. direct placements, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Rodman & Renshaw	0.081	16	5.71%	2	0.192	16	20.86%
2	Lazard	0.067	4	4.70%	7	0.024	2	2.61%
3	Roth	0.042	10	2.96%	3	0.114	6	12.39%
4	Ladenburg Thalmann	0.037	6	2.57%	4	0.055	1	5.98%
5	Aegis	0.024	5	1.71%	25	0.003	1	0.36%
6	KBW	0.019	1	1.34%
7	Stifel Nicolaus	0.018	1	1.23%
8	Evercore	0.013	1	0.95%
8	RS Platou	0.013	1	0.95%
10	William Blair	0.013	2	0.94%	15	0.007	1	0.71%
	Total	1.423	75	0.921	70
	Average size:	0.019	0.013
Canadian market, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Canaccord	0.209	31	3.40%	5	0.311	39	3.79%
2	RBC	0.207	12	3.36%	15	0.064	6	0.78%
3	Cormark	0.191	18	3.10%	4	0.321	20	3.91%
4	Dundee	0.165	20	2.67%	6	0.268	35	3.26%
5	GMP	0.125	10	2.02%	3	0.334	22	4.08%
6	Casimir	0.083	13	1.34%	18	0.058	11	0.71%
7	Haywood	0.082	9	1.33%	19	0.056	13	0.69%
8	National Bank Financial	0.080	14	1.30%	41	0.019	3	0.24%
9	Clarus	0.074	4	1.20%	14	0.065	5	0.80%
10	Macquarie	0.071	9	1.16%	12	0.072	17	0.88%
	Total	6.161	926	8.202	1229
	Average size:	0.007	0.007
U.S. market, November
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	FIG Partners	0.024	2	2.49%
2	Piper Jaffray	0.007	1	0.73%
3	Chardan	0.004	1	0.45%
4	Ladenburg Thalmann	0.003	1	0.27%	10	0.004	1	0.34%
5	Brookline Group	0.002	1	0.16%
	Total	0.964	42	1.261	75
	Average size:	0.023	0.017
Canadian market, November
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	RBC	0.098	3	12.07%	4	0.034	1	5.55%
2	GMP	0.041	3	5.03%	3	0.038	3	6.18%
3	National Bank Financial	0.037	2	4.54%	11	0.014	2	2.31%
4	TD	0.016	2	1.95%
5	Barclays	0.014	1	1.70%
5	BMO	0.014	1	1.70%
5	CIBC	0.014	1	1.70%
5	Cormark	0.014	1	1.70%	15	0.009	2	1.43%
5	Scotia	0.014	1	1.70%
10	Canaccord	0.012	4	1.46%	8	0.023	6	3.66%
	Total	0.810	87	0.619	148
	Average size:	0.009	0.004
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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