Evercore top U.S. PIPE agent for year to date, Cowen for month

• Canaccord takes number one for year to date, month in Canada

• Year-to-date PIPE issuance down in United States, Canada

By Stephanie N. Rotondo

Phoenix, May 31 - Evercore Partners took the top spot as U.S. PIPE agent for the year to date, according to data compiled by Prospect News.

The agent's $140 million private placement of class B convertible preferred units for Capital Product Partners LP helped the firm win the award.

Rodman & Renshaw meantime held on to its position as the number one facilitator of registered direct placements. For the year, Rodman has raised proceeds of $70 million for 14 issuers.

But U.S. PIPE issuance continued to fall behind year-ago comparables, though direct placements remained ahead of 2011 levels. For the year thus far, issuers have taken in $7.62 billion via 349 private sales, versus $8.58 billion in 389 deals in 2011.

In direct placements, 46 transactions have been done, raising proceeds of $1.06 billion. That compares to 48 direct deals for $614 million the year before.

In May, Cowen was the top PIPE agent for U.S. issuers, bringing in $45 million from two private transactions.

Total issuance for the month was also down. Issuers took in $785 million from 67 deals, which compared to $1.86 billion raised via 77 private placements in May 2011.

In the Canadian PIPE market, Canaccord won the top position for the year. The firm facilitated 15 deals for total proceeds of C$153 million.

Canaccord was also the top agent for May, raising C$109 million in five private offerings.

Like the United States, Canadian issuance was lagging. For 2012, issuers have raised C$2.88 billion from 436 transactions. In 2011, issuers had raised C$4.27 billion from 606 transactions.

In May, issuance was a bit better, as Canadian issuers brought in C$669 million from 92 private transactions, versus C$554 million from 113 deals the year before.

U.S. market, year to date

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Evercore Partners	0.140	1	1.84%
2	MLV	0.134	6	1.75%
3	Cowen	0.132	5	1.73%
4	Halcyon Cabot	0.040	1	0.53%
5	Cantor Fitzgerald	0.037	2	0.49%
6	JMP	0.037	2	0.48%	18	0.015	1	0.17%
6	Stifel Nicolaus	0.037	2	0.48%
8	Houlihan Lokey	0.035	1	0.45%
9	Rodman & Renshaw	0.032	4	0.42%	6	0.054	10	0.63%
10	Oppenheimer	0.029	3	0.39%
	Total	7.618	349	8.577	389
	Average size:	0.022	0.022
U.S. direct placements, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Rodman & Renshaw	0.070	14	6.54%	1	0.149	13	24.26%
2	Lazard	0.050	2	4.74%	9	0.019	1	3.10%
3	Ladenburg Thalmann	0.028	4	2.64%	4	0.055	1	8.97%
4	Stifel Nicolaus	0.018	1	1.65%
5	Aegis	0.015	3	1.42%	21	0.003	1	0.54%
6	Evercore Partners	0.013	1	1.27%
6	RS Platou	0.013	1	1.27%
8	Roth	0.012	3	1.15%	2	0.097	3	15.85%
9	Canaccord Genuity	0.007	1	0.62%
9	Pareto Securities AS	0.007	1	0.62%
	Total	1.064	46	0.614	48
	Average size:	0.023	0.013
Canadian market, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Canaccord	0.153	15	5.32%	4	0.239	24	5.57%
2	Cormark	0.137	8	4.77%	7	0.163	13	3.80%
3	Dundee	0.122	10	4.25%	5	0.227	29	5.30%
4	Clarus Securities	0.074	3	2.56%	21	0.031	2	0.72%
5	Haywood	0.061	6	2.12%	22	0.031	6	0.72%
6	GMP	0.053	3	1.86%	3	0.271	16	6.33%
7	Macquarie	0.051	6	1.79%	13	0.058	12	1.35%
8	Casimir	0.042	6	1.47%	11	0.058	11	1.35%
9	Peters	0.041	2	1.41%	16	0.047	1	1.11%
10	Raymond James	0.040	3	1.37%	12	0.058	7	1.35%
	Total	2.880	436	4.286	606
	Average size:	0.007	0.007
U.S. market, May
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Cowen	0.045	2	5.73%
2	Halcyon Cabot	0.040	1	5.09%
3	MLV	0.020	1	2.55%
4	C.K. Cooper	0.019	2	2.41%	14	0.003	1	0.15%
5	Ladenburg Thalmann	0.019	2	2.41%	6	0.015	1	0.81%
6	Oppenheimer	0.018	2	2.36%
7	Sandler O'Neill	0.015	2	1.93%
8	D.A. Davidson	0.013	1	1.59%
9	Kuhns Brothers	0.011	1	1.37%
10	AGS Capital	0.010	1	1.27%
	Total	0.785	67	1.855	77
	Average size:	0.012	0.024
Canadian market, May
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Canaccord	0.109	5	16.35%	19	0.004	1	0.72%
2	Cormark	0.034	1	5.09%	3	0.043	2	7.82%
3	Dundee	0.024	4	3.59%	6	0.012	4	2.14%
4	Jacob	0.018	1	2.69%
5	RBC	0.015	1	2.24%
6	Industrial Alliance	0.009	5	1.37%
7	Cenkos	0.009	1	1.27%
7	Clarus	0.009	1	1.27%
9	Macquarie Private Wealth	0.005	1	0.75%
9	Stonecap	0.005	1	0.75%	11	0.008	1	1.35%
	Total	0.669	92	0.554	113
	Average size:	0.007	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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