PlacementTracker Announces First Half of 2016 ATM Financing League Tables
New York, July 19, 2016 (GLOBE NEWSWIRE) --
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http://www.globenewswire.com/NewsRoom/AttachmentNg/710de006-c907-485b-bb3e-544ef507b15d
A review of the first half of 2016 ATMs shows a total of 105 transactions, roughly on par with 2015. There was a marked decrease of -20.16% y-o-y in the Commitment Amount compared to the first half of 2015 with $14,205m committed this year. The most active sectors for the first half of this year were Healthcare (47 deals – $1,783m), Financials (25 deals – $5,966m), and Energy (13 deals – $2,224m).
Q2 2016 - Largest ATM Deals by Sector:
| Company Name | Total Commitment | Sector | ||
| Equity Residential | $ | 881,270,000 | Financial | |
| Tallgrass Energy Partners LP | $ | 657,501,907 | Utilities | |
| Genesis Energy LP | $ | 400,000,000 | Energy | |
| Cempra Holdings Inc | $ | 150,000,000 | Consumer – Non-Cyclical (Healthcare) | |
| Coeur Mining Inc | $ | 75,000,000 | Basic Materials | |
| Communications | $ | 30,000,000 | Communications | |
| India Globalization Capital, Inc | $ | 10,000,000 | Industrial | |
*other sectors had no ATMs
Looking back at the first half of 2015, we saw 98 transactions and a total Commitment Amount of $17,292m. Out of all ATM facilities, 198 in total, in the first half of 2015 total gross proceeds stands at $31,928m. During first half of 2015, the most active sectors for ATM Commitment Amounts were Financials (34 deals – $9,294m), Healthcare (32 deals – $1,131m), and Energy (19 deals – $5,628m).
ATM Commitment Amount Comparisons:
| First Half of 2015 ($ m) | First Half of 2016 ($ m) | % Change | |||
| Healthcare | 1,131.4 | 1,783.6 | 57.64 | % | |
| Financials | 9,294.3 | 5,966.5 | -35.80 | % | |
| Energy | 5,628.6 | 2,224.2 | -60.48 | % | |
For Q2 oil (WTI Cushing) traded up on the quarter vs Q1. For Q1 WTI prices ranged from $40.20 to $26.21 whereas in Q2 WTI traded within a band of $35.70 to has high as $51.23 per barrel. However, WTI has failed to consistently trade over the $50/bbl mark. Global supply has provided immense downward pressure with US crude inventories hovering near all-time highs, while no cuts in global production have been made. Despite several global energy summits primarily led by the OPEC nations, no production cuts were achieved. Overall, with oil failing to break out to higher prices there is still immense pressure on oil producers around the world, with many companies previously forecasting their operations in the triple digit per barrel range.
Looking back at the designated period for ATM issuances, Energy ATMs have fallen in terms of total Commitment Amount: by over 60% from $5,628m to $2,224m.
The drop in energy new issuance was not specific to only the ATM market as High Yield bond issuances has also been impacted. According to our sister company IGM (Informa Global Markets), high yield energy issuance in the first half of 15’ produced $13,525m whereas the first half of 16’ priced 6 energy trades (all priced in Q2) for $5,325m. The slowdown in energy was also noticeable in the IG bond market with new issues slowing from $59,800m in the first half of 15’ to $38,194m in the first half of 16’
Looking at the healthcare sector, M&A played a huge role in driving last year's IG volume. Overall, healthcare M&A trades amassed $110.550bn in prints last year, accounting for 40.20% percent of all M&A deals and 8.83% of overall USD IG corporate bonds ($1,252.495bn ex-SSA final volume).
For 2016, healthcare continues to be a driver, though the figures aren’t quite as impressive just yet. So far on the year healthcare has clocked in $32.00bn in M&A prints, accounting for 20.17% of this year's collective $158.685bn in M&A prints.
First Half 2016 ATM Financing League Table
By Commitment Amount:
| Placement Agent Name | Transaction Count | Total Commitment Amount ($) | ||
| J.P. Morgan Chase & Co. | 11 | $ | 1,227,393,073 | |
| Barclays Capital, Inc | 10 | $ | 1,125,863,677 | |
| Morgan Stanley | 12 | $ | 1,092,613,643 | |
| Wells Fargo Securities, LLC | 13 | $ | 1,053,537,142 | |
| RBC Capital Markets | 12 | $ | 1,047,798,429 | |
| Mitsubishi UFJ Securities (USA), Inc. | 7 | $ | 989,253,082 | |
| Citigroup Global Markets, Inc | 9 | $ | 926,953,296 | |
| Bank of America Merrill Lynch | 19 | $ | 824,998,370 | |
| Deutsche Bank Securities, Inc | 6 | $ | 757,665,143 | |
| Jefferies & Company, Inc | 10 | $ | 684,028,907 | |
| UBS Securities LLC | 3 | $ | 624,937,296 | |
| SMBC Nikko Securities America, Inc. | 3 | $ | 622,857,143 | |
| Goldman, Sachs & Co. | 5 | $ | 591,878,796 | |
| SunTrust Robinson Humphrey, Inc. | 4 | $ | 569,489,796 | |
| Mizuho Securities Co., Limited | 3 | $ | 561,989,796 | |
| Credit Suisse Securities (USA) LLC | 4 | $ | 523,673,666 | |
| BMO Capital Markets Corp. | 6 | $ | 459,481,441 | |
| Cantor Fitzgerald & Co | 23 | $ | 452,961,264 | |
| BNP Paribas Securities | 4 | $ | 438,440,133 | |
| Capital One Securities | 6 | $ | 391,255,500 | |
| Scotia Capital (USA) Inc | 3 | $ | 290,815,786 | |
| BB&T Capital Markets | 4 | $ | 284,661,228 | |
| Merrill Lynch International | 1 | $ | 203,081,550 | |
| Piper Jaffray & Co | 4 | $ | 183,816,000 | |
| Robert W Baird & Co | 5 | $ | 168,705,000 | |
Co-agented transactions award full transaction credit to all agents participating (regardless of status of lead agent or co-agent). Data is for closed and definitive agreement transactions reported as of 07/13/16.
First Half ATM Financing League Table
By Deal Count:
| Placement Agent Name | Transaction Count | Total Commitment Amount ($) | ||
| Cantor Fitzgerald & Company | 23 | $ | 452,961,264 | |
| Bank of America Merrill Lynch | 19 | $ | 824,998,370 | |
| FBR Capital Markets | 16 | $ | 107,098,439 | |
| Wells Fargo Securities, LLC | 13 | $ | 1,053,537,142 | |
| Morgan Stanley | 12 | $ | 1,092,613,643 | |
| RBC Capital Markets, Inc. | 12 | $ | 1,047,798,429 | |
| Cowen and Company, LLC | 12 | $ | 115,501,208 | |
| J.P. Morgan Chase & Co. | 11 | $ | 1,227,393,073 | |
| Barclays Capital, Inc. | 10 | $ | 1,125,863,677 | |
| Jefferies & Company, Inc. | 10 | $ | 684,028,907 | |
| MLV & Co. LLC | 10 | $ | 557,85,000 | |
| Citigroup Global Markets, Inc. | 9 | $ | 926,953,296 | |
| Mitsubishi UFJ Securities (USA), Inc. | 7 | $ | 989,253,082 | |
| Deutsche Bank Securities, Inc. | 6 | $ | 757,665,143 | |
| BMO Capital Markets Corp. | 6 | $ | 459,481,441 | |
| Capital One Securities | 6 | $ | 391,255,500 | |
| Goldman, Sachs & Co. | 5 | $ | 591,878,796 | |
| Robert W. Baird & Co. | 5 | $ | 168,705,000 | |
| Raymond James & Associates Inc. | 5 | $ | 161,013,000 | |
| KeyBanc Capital Markets | 5 | $ | 134,808,000 | |
| Canaccord Genuity Inc. (US) | 5 | $ | 94,500,000 | |
| SunTrust Robinson Humphrey, Inc. | 4 | $ | 569,489,796 | |
| Credit Suisse Securities (USA) LLC | 4 | $ | 523,673,666 | |
| BNP Paribas Securities Corporation | 4 | $ | 438,440,133 | |
| BB&T Capital Markets | 4 | $ | 284,661,228 | |
Co-agented transactions award full transaction credit to all agents participating (regardless of status of lead agent or co-agent). Data is for closed and definitive agreement transactions reported as of 07/13/16.
About PlacementTracker
PlacementTracker, part of the Business Intelligence Division of Informa PLC, is well recognized as the leading provider of research, data, and analytics covering the PIPE market and other capital raising methods. PlacementTracker's dynamically updated League Tables are available online at: http://www.placementtracker.com/leaguetables.cfm.
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Greg Hill
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