Peters wins as year’s top agent in Canada
By Stephanie N. Rotondo
Phoenix, Oct. 31 – PIPE issuance is lagging pretty much across the board, according to data compiled by Prospect News.
In the U.S. space, year-to-date issuance is $13.32 billion raised via 590 deals, compared with $17.27 billion taken in from 620 deals the year before.
For the month, issuance was $1.21 billion from 55 private equity transactions. In October 2013, issuance was $3.36 billion from 66 sales.
The direct placement market, however, is outpacing year-ago comparables. There have been 67 registered direct offerings so far this year, bringing in total proceeds of $1.65 billion. Last year, just 63 deals had been done, raising proceeds of $1.34 billion.
In the Canadian PIPE market, issuers have taken in C$4.65 billion from 535 deals. In the previous year, issuers raised C$4.99 billion from 526 transactions.
October saw 47 deals getting done, the same amount as the year before, but total proceeds fell to C$266 million from C$673 million.
Morgan Stanley won as the year’s top placement agent in the United States, having facilitated four deals that raised $810 million. Northland won the honors for the month, raising $110 million via three transactions in October.
RS Platou meantime held first place for registered direct offerings. The firm brought in $362 million from three PIPE deals.
In Canada, Peters took the top spot for the year, facilitating four deals that brought in C$218 million. Canaccord Genuity was the month’s top agent, raising C$40 million from three deals.
U.S. market, year to date
2013 Comparables
| Agent | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Morgan Stanley | 0.810 | 4 | 6.08% | 15 | 0.047 | 1 | 0.27%
|
2 | Friedman Billings | 0.190 | 1 | 1.43%
|
3 | Cowen | 0.139 | 7 | 1.04% | 31 | 0.025 | 1 | 0.14%
|
4 | Northland | 0.125 | 6 | 0.94%
|
5 | Wells Fargo | 0.120 | 1 | 0.90%
|
6 | BMO | 0.090 | 3 | 0.68%
|
7 | Barclays | 0.086 | 3 | 0.64%
|
8 | Maxim | 0.079 | 7 | 0.59% | 44 | 0.014 | 3 | 0.08%
|
9 | Craig-Hallum | 0.059 | 5 | 0.44% | 24 | 0.030 | 4 | 0.18%
|
9 | FIG Partners | 0.059 | 4 | 0.44% | 19 | 0.037 | 3 | 0.21%
|
| Total | 13.316 | 590 | 17.265 | 620
|
| Average size: | 0.023 | 0.028
|
|
U.S. direct placements, year to date
|
| | | | | 2013 Comparables
|
| Agent | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | RS Platou | 0.364 | 3 | 17.11% | 1 | 0.365 | 6 | 26.08%
|
2 | Pareto | 0.175 | 1 | 8.23%
|
3 | DNB | 0.114 | 1 | 5.35%
|
4 | FT Global | 0.112 | 5 | 5.27% | 8 | 0.026 | 1 | 1.88%
|
5 | H.C. Wainwright | 0.111 | 13 | 5.24% | 4 | 0.057 | 8 | 4.09%
|
6 | Fearnley | 0.075 | 1 | 3.53%
|
6 | Maxim | 0.075 | 6 | 3.51%
|
8 | Roth | 0.059 | 8 | 2.78% | 2 | 0.114 | 9 | 8.16%
|
9 | William Blair | 0.048 | 3 | 2.26% | 23 | 0.004 | 1 | 0.31%
|
10 | Chardan | 0.038 | 2 | 1.79% | 11 | 0.013 | 3 | 0.92%
|
| Total | 1.647 | 67 | 1.344 | 63
|
| Average size: | 0.025 | 0.021
|
|
Canadian market, year to date
|
| | | | | 2013 Comparables
|
| Agent | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Peters | 0.218 | 4 | 4.70% | 7 | 0.097 | 3 | 1.95%
|
2 | GMP | 0.163 | 7 | 3.51% | 5 | 0.141 | 9 | 2.82%
|
3 | Cormark | 0.160 | 11 | 3.45% | 6 | 0.100 | 14 | 2.00%
|
4 | Canaccord Genuity | 0.126 | 15 | 2.70% | 2 | 0.162 | 12 | 3.23%
|
5 | Scotia | 0.081 | 6 | 1.75% | 10 | 0.045 | 2 | 0.90%
|
6 | BMO | 0.074 | 4 | 1.59% | 8 | 0.055 | 3 | 1.10%
|
7 | Dundee | 0.070 | 10 | 1.50% | 1 | 0.234 | 11 | 4.69%
|
8 | National Bank Financial 0.068 | 7 | 1.47% | 9 | 0.050 | 4 | 1.01%
|
9 | Macquarie | 0.063 | 6 | 1.35% | 19 | 0.025 | 6 | 0.51%
|
10 | Bloom Burton | 0.060 | 1 | 1.29% | 50 | 0.002 | 1 | 0.04%
|
| Total | 4.651 | 535 | 4.998 | 526
|
| Average size: | 0.009 | 0.010
|
|
U.S. market, October
|
| | | | | 2013 Comparables
|
| Agent | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Northland | 0.110 | 3 | 9.13%
|
2 | BMO | 0.050 | 1 | 4.15%
|
3 | JPMorgan | 0.023 | 1 | 1.87%
|
3 | William Blair | 0.023 | 1 | 1.87%
|
5 | Non-brokered | 0.021 | 2 | 1.76% | 2 | 0.040 | 5 | 1.20%
|
6 | Riverbank Capital | 0.015 | 1 | 1.25%
|
7 | Craig-Hallum | 0.011 | 1 | 0.92%
|
8 | Aegis | 0.004 | 1 | 0.36%
|
9 | H.C Wainwright | 0.003 | 1 | 0.21%
|
| Total | 1.205 | 55 | 3.358 | 66
|
| Average size: | 0.022 | 0.051
|
|
Canadian market, October
|
| | | | | 2013 Comparables
|
| Agent | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Canaccord Genuity | 0.040 | 3 | 15.05% | 8 | 0.002 | 1 | 0.33%
|
2 | Cormark | 0.020 | 2 | 7.52% | 7 | 0.004 | 1 | 0.62%
|
3 | Scotia | 0.020 | 3 | 7.51%
|
4 | Dundee | 0.014 | 2 | 5.30% | 1 | 0.175 | 4 | 26.03%
|
5 | Clarus | 0.010 | 1 | 3.76%
|
5 | Desjardins | 0.010 | 1 | 3.76%
|
5 | FirstEnergy Capital Corp. 0.010 | 1 | 3.76%
|
5 | GMP | 0.010 | 1 | 3.76% | 4 | 0.019 | 1 | 2.89%
|
5 | National Bank Financial 0.010 | 1 | 3.76%
|
5 | TD | 0.010 | 1 | 3.76%
|
| Total | 0.266 | 47 | 0.673 | 47
|
| Average size: | 0.006 | 0.014
|
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Prospect News PIPE Agent Rankings
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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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