Citigroup sweeps year, month and quarter as top U.S. PIPE agent

• Canaccord, Casimir top Canadian market PIPE agents year to date

By Stephanie N. Rotondo

Phoenix, June 29 - Citigroup Inc. was the top underwriter for PIPE issuance in the United States for not only the year, but also the quarter and for June, according to data compiled by Prospect News.

Year to date, Citigroup has served as agent for two deals, totaling $187 million in proceeds. Of those proceeds, $177 million came from one deal during the second quarter. The sale of common units for DCP Midstream Partners LP was also the biggest deal of the month.

Citigroup stole the year's top position from Evercore Partners and the monthly spot from Cowen.

In direct placements, Rodman & Renshaw again held on to the top spot. The firm has facilitated 14 registered direct offerings for proceeds of $70 million.

In the Canadian market, Canaccord won for the year and the quarter, but it was Casimir that took number one for the month of June.

For the year thus far, Canaccord has raised C$167 million via 18 private placements, 10 of which occurred during the second quarter.

Those 10 deals brought in C$129 million.

Casimir meantime acted as agent for two deals in June, bringing in proceeds of C$21 million.

All told, however, issuance remained well below 2011 levels.

In the United States, total issuance for 2012 was $8.65 billion via 412 deals, compared to $9.55 billion from 489 deals in 2011. During the second quarter, a total of 196 deals came, for proceeds of $2.73 billion.

That compared to $4.94 billion from 258 transactions the year before.

In June, 54 new deals occurred, bringing in $819 million. In the same month of 2011, 100 deals were facilitated for proceeds of $976 million.

The one bright spot in the U.S. arena was direct placements. Though only 49 direct offerings occurred - versus 59 the previous year - total issuance was higher at $1.08 billion, compared to $718 million.

Canadian issuance was not much better. For the year, 524 private sales were done, raising C$3.62 billion. In 2011, 727 deals had been put through for proceeds of C$5.09 billion.

During the second quarter, issuance dropped to C$1.81 billion via 256 deals, versus C$2.08 billion via 361 transactions the year before.

And, in June, issuance was C$666 million from 87 sales, compared to C$804 million from 122 offerings the previous year.

U.S. market, year to date

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	0.187	2	2.17%
2	Cowen	0.152	6	1.76%
3	Evercore	0.140	1	1.62%
4	MLV	0.134	6	1.54%
5	JMP	0.046	4	0.53%	22	0.015	1	0.16%
6	Keefe Bruyette & Woods	0.044	2	0.51%
7	Halcyon Cabot	0.040	1	0.46%
8	Cantor Fitzgerald	0.037	2	0.43%
8	Stifel Nicolaus	0.037	2	0.43%
9	Houlihan Lokey	0.035	1	0.40%
9	KLR Group	0.035	1	0.40%
	Total	8.652	412	9.552	489
	Average size:	0.021	0.020
U.S. direct placements, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Rodman & Renshaw	0.070	14	6.44%	1	0.172	14	24.01%
2	Lazard	0.050	2	4.68%	9	0.019	1	2.65%
3	Ladenburg Thalmann	0.028	4	2.60%	4	0.055	1	7.67%
4	Stifel Nicolaus	0.018	1	1.62%
5	Aegis	0.017	4	1.61%	22	0.003	1	0.46%
6	Roth	0.017	4	1.57%	3	0.102	4	14.27%
7	Evercore	0.013	1	1.25%
7	RS Platou	0.013	1	1.25%
9	Chardan	0.011	2	1.05%	7	0.023	5	3.14%
10	Canaccord Genuity	0.007	1	0.61%
	Total	1.079	49	0.718	56
	Average size:	0.022	0.013
Canadian market, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Canaccord	0.167	18	4.62%	4	0.248	27	4.88%
2	Cormark	0.145	11	4.00%	7	0.163	13	3.20%
3	Dundee	0.138	14	3.80%	5	0.227	29	4.47%
4	GMP	0.080	6	2.22%	3	0.271	16	5.33%
5	Clarus	0.074	3	2.03%	24	0.031	2	0.61%
6	Macquarie	0.063	8	1.75%	13	0.058	12	1.13%
7	Casimir	0.063	8	1.75%	11	0.058	11	1.14%
8	Haywood	0.061	6	1.69%	21	0.038	9	0.74%
9	RBC	0.044	4	1.20%	38	0.015	3	0.29%
10	Raymond James	0.043	5	1.19%	12	0.058	7	1.14%
	Total	3.621	524	5.087	727
	Average size:	0.007	0.007
U.S. market, second quarter
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	0.177	1	6.49%
2	Evercore	0.140	1	5.12%
3	Cowen	0.065	3	2.38%
4	Keefe Bruyette & Woods	0.044	2	1.64%
5	Halcyon Cabot	0.040	1	1.46%
6	KLR Group	0.035	1	1.28%
7	Maxim	0.033	3	1.21%	25	0.005	1	0.10%
8	Oppenheimer	0.029	3	1.08%	16	0.015	1	0.29%
9	Deutsche Bank	0.025	1	0.91%
10	Capital Path	0.020	1	0.73%
	Total	2.733	196	4.937	258
	Average size:	0.014	0.019
Canadian market, second quarter
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Canaccord	0.129	10	7.12%	8	0.036	7	1.74%
2	Cormark	0.054	6	2.98%	3	0.105	8	5.03%
3	GMP	0.052	4	2.87%	10	0.029	3	1.37%
4	Dundee	0.039	8	2.17%	4	0.075	12	3.58%
5	RBC	0.033	3	1.84%	24	0.010	1	0.48%
6	National Bank Financial	0.028	9	1.57%
7	Casimir	0.021	2	1.16%	12	0.026	5	1.26%
8	Desjardins	0.019	4	1.06%	13	0.026	2	1.25%
9	BMO	0.018	2	1.02%
10	Jacob	0.018	1	0.99%
	Total	1.813	256	2.085	361
	Average size:	0.007	0.006
U.S. market, June
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	0.177	1	21.66%
2	KLR Group	0.035	1	4.27%
3	Cowen	0.020	1	2.44%
4	Keefe Bruyette & Woods	0.018	1	2.24%
5	Wedbush	0.015	1	1.83%
6	Financial West Group	0.015	1	1.83%
7	Maxim	0.010	1	1.16%
8	William Blair	0.009	2	1.13%
9	JMP	0.009	2	1.13%
10	Janney Montgomery Scott	0.007	1	0.86%
	Total	0.819	54	0.976	100
	Average size:	0.015	0.010
Canadian market, June
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Casimir	0.021	2	3.15%
2	VSA Capital	0.015	1	2.25%
3	Desjardins	0.015	2	2.24%	27	0.001	1	0.15%
4	National Bank Financial	0.013	4	2.02%
5	GMP	0.012	2	1.87%
6	Dundee	0.012	2	1.81%
7	Macquarie	0.012	2	1.79%
8	Canaccord	0.009	3	1.42%	11	0.009	3	1.16%
9	Cormark	0.007	3	1.10%
10	Odeon	0.006	1	0.90%
	Total	0.666	87	0.804	122
	Average size:	0.008	0.007
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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