Cowen top placement agent of U.S. PIPEs for year to date

• Dundee top placement agent of Canadian PIPEs for year to date

• Rodman & Renshaw top agent of U.S. direct placements year to date

• U.S. PIPE issuers take in more dollars in fewer deals in 2012

By Stephanie N. Rotondo

Portland, Ore., Feb. 29 - U.S. PIPE issuance continued to lag behind 2011 comparables, at least in terms of the number of deals, though the overall dollar amount has increased, according to data compiled by Prospect News.

Year to date, U.S. issuers have taken in $4.58 billion via 121 placements. That compared to $2.72 billion raised in 140 deals the year before. Cowen took the top agent spot for the year to date through February, stealing it from MLV. Cowen facilitated two PIPE transactions, generating $70 million.

Cowen was also the top agent for February, as both of its transactions occurred during the month.

The month followed the year's trend, with more dollars being raised in fewer deals. A total of $3.68 billion was taken in via 66 private placements, versus $1.55 billion taken in from 82 offerings in February 2011.

In direct placements, issuers sought $421 million in 21 sales so far this year. That compared to $238 million raised in 23 deals the previous year.

Rodman & Renshaw continued to dominate as the top direct placement agent for the year to date, bringing in $44 million in seven transactions.

In the Canadian market, issuance remained below year-ago figures. Year-to-date issuance was C$1.21 billion brought in via 175 placements. For the same period the year before, C$1.96 billion had been raised in 241 deals.

February levels were also lagging. For the month, issuers took in C$742 million from 107 private sales, versus C$1.27 billion raised in 145 offerings the year before.

For both the month and the year, Dundee Securities was the top agent. So far this year, the agent has facilitated six deals for total proceeds of C$94 million. Of those transactions, five occurred in February, for proceeds of C$82 million.

U.S. market, year to date

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Cowen	0.070	2	1.53%
2	MLV	0.044	3	0.95%
3	Houlihan Lokey	0.035	1	0.76%
4	Wells Fargo	0.027	1	0.59%
5	UBS	0.027	1	0.59%
6	Cantor Fitzgerald	0.025	1	0.55%
7	Craig-Hallum	0.025	2	0.53%
8	Stifel Nicolaus	0.020	1	0.44%
9	JMP	0.020	1	0.44%	11	0.015	1	0.55%
10	Rodman & Renshaw	0.018	1	0.38%	9	0.024	5	0.88%
	Total	4.582	121	2.724	140
	Average size:	0.038	0.019
U.S. direct placements, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Rodman & Renshaw	0.044	7	10.56%	1	0.080	7	33.76%
2	Lazard Capital Markets	0.025	1	6.04%
3	Ladenburg Thalmann	0.018	3	4.23%
4	Stifel Nicolaus	0.018	1	4.17%
5	Aegis	0.007	1	1.70%
6	Chardan	0.006	1	1.37%	5	0.019	4	8.02%
7	T.R. Winston	0.005	1	1.24%
8	Emerging Growth Equities	0.005	1	1.12%
9	Philadelphia Brokerage	0.005	1	1.12%
10	MDB Capital	0.003	1	0.71%
	Total	0.421	21	0.238	23
	Average size:	0.020	0.010
Canadian market, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Dundee	0.094	6	7.74%	5	0.111	10	5.67%
2	Cormark	0.069	4	5.71%	9	0.053	4	2.71%
3	Haywood	0.055	4	4.57%	16	0.020	2	1.00%
4	Casimir	0.045	5	3.74%	19	0.019	4	0.95%
5	Raymond James	0.038	2	3.15%	11	0.042	3	2.15%
6	GMP	0.038	3	3.12%	6	0.108	7	5.49%
7	Salman Partners	0.025	2	2.04%
8	Primary Capital	0.024	3	2.01%	15	0.020	2	1.03%
9	Mackie	0.017	2	1.44%	7	0.078	2	3.99%
10	Clarus	0.017	2	1.39%	18	0.019	1	0.99%
	Total	1.208	175	1.963	241
	Average size:	0.007	0.008
U.S. market, February
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Cowen	0.070	2	1.90%
2	Houlihan Lokey	0.035	1	0.94%
3	Cantor Fitzgerald	0.025	1	0.68%
4	Craig-Hallum	0.025	2	0.67%
5	Stifel Nicolaus	0.020	1	0.54%
6	JMP	0.020	1	0.54%
7	Rodman & Renshaw	0.018	1	0.48%	9	0.015	4	0.99%
8	Roth	0.015	1	0.41%	11	0.009	2	0.60%
9	DS Apex Mergers & Acquisitions	0.015	1	0.41%
10	Emergent Financial Group	0.014	2	0.39%
	Total	3.679	66	1.549	82
	Average size:	0.056	0.019
Canadian market, February
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Dundee	0.082	5	11.05%	6	0.058	4	4.54%
2	Cormark	0.069	4	9.29%	7	0.048	3	3.78%
3	Casimir	0.045	5	6.08%	17	0.019	4	1.46%
4	GMP	0.040	4	5.40%	12	0.025	2	1.94%
5	Raymond James	0.038	2	5.13%	11	0.025	1	1.94%
6	Primary Capital	0.024	3	3.27%	14	0.020	2	1.58%
7	Mackie	0.017	2	2.35%	5	0.078	2	6.15%
8	Clarus	0.017	2	2.26%	16	0.019	1	1.52%
9	TD	0.015	1	2.02%	3	0.157	4	12.36%
10	RBC	0.010	1	1.36%
	Total	0.742	107	1.274	145
	Average size:	0.007	0.009
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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