JMP, RCS remain top U.S. market PIPE agents for year to date

• Canaccord leads Canadian PIPE deals for year to date

By Stephanie N. Rotondo

Phoenix, Aug. 30 - U.S. PIPE issuance continued to come in above year-ago comparables, according to data compiled by Prospect News.

Year to date, issuers have taken in $11.76 billion via 487 private placements, versus $11.58 billion raised from 561 transactions in 2012. However, issuance for August slipped a little, as only $677 million was raised from 61 private sales, compared to $1.49 billion taken in from 72 deals the year before.

JMP and RCS held on to the top agent spots for the year, having raised $450 million from two offerings. Macquarie meantime won first place for August, having raised $35 million via a sale of 9% series A-1 non-convertible preferred stock and series A-2 convertible preferred stock for CiG Wireless Corp.

In registered offerings, issuance continued to lag behind 2012 figures. Direct placements brought in $1.08 billion from 48 deals this year, which compared to $1.29 billion raised from 64 transactions the year before. RS Platou was the top agent for such offerings, generating proceeds of $340 million from five direct placements.

In the Canadian space, issuance was again muted for both the year and the month. A total of C$3.87 billion has been taken in from 422 PIPE transactions so far this year. In 2012, issuers had raised C$4.38 billion from 663 sales.

For August, C$161 million was raised via 48 private equity placements, versus C$305 million from 62 offerings the year before.

Canaccord held on to the number one agent position in the Canadian market for the year, facilitating 10 deals that raised C$153 million. Macquarie meantime tied with Canaccord for the month, as both raised C$7 million via two transactions in August.

U.S. market, year to date

2012 Comparables

	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	JMP	0.450	2	3.83%	6	0.073	5	0.63%
1	RCS	0.450	2	3.83%
3	Ladenburg Thalmann	0.137	9	1.17%	27	0.019	2	0.16%
4	Lambert Private Equity	0.100	1	0.85%
5	Arctic	0.056	1	0.48%
5	Fearnley	0.056	1	0.48%
5	Pareto	0.056	1	0.48%
8	Dawson James	0.055	10	0.47%	57	0.007	1	0.06%
9	B. Riley	0.053	1	0.45%
10	Bayridge	0.050	2	0.43%
	Total	11.762	487	11.583	561
	Average size:	0.024	0.021
U.S. market, August
					2012 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Macquarie	0.035	1	5.17%
2	EDI Financial	0.022	1	3.24%
3	Roth	0.013	1	1.85%
3	Stifel	0.013	1	1.85%
5	Dawson James	0.011	1	1.63%
6	Newport Coast	0.008	2	1.14%
7	iTell	0.007	1	1.05%
8	Craig-Hallum	0.007	1	1.03%
8	Ladenburg Thalmann	0.007	1	1.03%
10	T.R. Winston	0.005	1	0.74%
	Total	0.677	61	1.485	72
	Average size:	0.011	0.021
U.S. direct placements, year to date
					2012 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	RS Platou	0.340	5	31.53%	8	0.013	1	1.04%
2	S. Goldman	0.050	3	4.65%
3	H.C. Wainwright	0.042	6	3.89%
4	Roth	0.029	7	2.70%	4	0.026	6	2.01%
5	Dawson James	0.027	2	2.50%
6	FT Global	0.026	1	2.45%
7	Burrill	0.023	3	2.16%
8	Chardan	0.008	2	0.71%	10	0.011	2	0.88%
9	Oppenheimer	0.007	1	0.69%
9	Summer Street Research	0.007	1	0.69%
	Total	1.079	48	1.293	64
	Average size:	0.022	0.020
Canadian market, year to date
					2012 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Canaccord	0.153	10	3.94%	1	0.169	19	3.86%
2	GMP	0.103	6	2.67%	4	0.084	7	1.91%
3	Peters	0.094	2	2.44%	14	0.042	3	0.96%
4	Cormark	0.090	13	2.32%	3	0.147	12	3.35%
5	Dundee	0.053	5	1.37%	2	0.159	18	3.62%
6	National Bank Financial	0.050	4	1.30%	15	0.039	11	0.90%
7	Scotia	0.045	2	1.17%	18	0.030	2	0.67%
8	TD	0.045	2	1.15%	16	0.032	4	0.73%
9	BMO	0.041	2	1.06%	10	0.052	3	1.18%
10	RBC	0.039	2	1.00%	14	0.044	4	0.99%
	Total	3.874	422	4.382	663
	Average size:	0.009	0.007
Canadian market, August
					2012 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Macquarie	0.007	2	4.17%
2	Canaccord	0.007	2	4.14%
3	Cormark	0.004	1	2.51%	12	0.003	1	1.09%
4	National Bank	0.004	1	2.17%
5	MGI	0.003	1	1.66%
6	Marquest	0.002	1	0.93%
7	IBK Capital	0.001	1	0.93%
	Total	0.161	48	0.305	62
	Average size:	0.003	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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