PlacementTracker Publishes First Half 2016 PIPE Market League Tables
New York, July 19, 2016 (GLOBE NEWSWIRE) -- http://www.globenewswire.com/NewsRoom/AttachmentNg/710de006-c907-485b-bb3e-544ef507b15d
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PlacementTracker, the leading source for data and analysis to institutions in the PIPE market, today announced the most active investment banks, investors, and law firms in the U.S. PIPE market during the first half of 2016.
A total of $26.5 billion was raised in 470 transactions through the first half of 2016. Of this amount, 9 transactions totaling $537 million have been announced but not yet closed as of 07/15/2016. Deal volume is down 1.5% (477 deals in H1 2015) but dollar volume increased 26% ($21B in H1 2015).
We congratulate all of the active members of the PIPE community, many of whom are long-time clients of PlacementTracker. We are dedicated to providing them with access to the very best data and analytics available in our industry.
Most Active Participants Include:
- H.C. Wainwright & Co., LLC as the most active placement agent
- Sabby Management, LLC as the most active institutional investor
- Sichenzia Ross Friedman Ference, LLP as the most active issuer counsel
- Schulte Roth & Zabel, LLP as the most active investor counsel
- Ellenoff Grossman & Schole LLP as the most active placement agent counsel
The first half of 2016 has been quite the ride for institutional and retail investors alike as the markets took a hit early on, rebounded, and throughout have had times of great volatility. The PIPE market has followed suit, with a slow start to this year’s activity which then picked up in March and kept pace through May and June. Companies hesitated to raise capital in the beginning of the year with volatility exceptionally high and a crashing market bringing share prices down across the board. With a rebound in prices came a rebound in the PIPE market as companies jumped at the opportunity to raise money at prices off their early year lows. http://www.globenewswire.com/NewsRoom/AttachmentNg/c8df181b-ea4b-4748-a772-908d4692ca25
Even with share prices rebounding from early year lows there is much uncertainty over the UK's decision to exit from the EU, which will weigh on the economy with potential negative effects to confidence and investment. The Fed continues to lower its expectations on normalizing rates in a low global growth and inflation environment. Despite the Fed reaching its full employment goal, the Fed continues to trail its inflation goal as market and survey based inflation expectations remain low. On net, this leaves the Fed on indefinite hold to assess fallout risks from Brexit on top of broader global growth vulnerabilities and potential uncertainty from a heated US presidential election.
Looking outside the U.S., Europe faces a myriad of problems that range from the Brexit to Italy's struggling banking sector to the competitive implications of China's depreciating currency. According to our sister company, EPFR Global, “redemptions from Europe Equity Funds hit a new record high as investors turned either to the U.S., with U.S. Equity Funds recording their biggest inflow since late 3Q15, and emerging markets. Flows also reflected a hardening consensus that the US Federal Reserve will, in view of the global economy's fragility, find it very hard to justify any rate hikes during 2H16.” (www.epfr.com)
The First Half of 2016 U.S. PIPE Market
Investment Banking League Table by Number of Transactions:
| Placement Agent Name | Transaction Count | Total Amount Placed | ||
| H.C. Wainwright & Co., LLC | 32 | $ | 517,020,236 | |
| Roth Capital Partners, LLC | 23 | $ | 562,420,070 | |
| Maxim Group LLC | 13 | $ | 105,847,590 | |
| Chardan Capital Markets | 12 | $ | 55,315,668 | |
| Cowen and Company, LLC | 11 | $ | 348,760,933 | |
| Raymond James & Associates Inc. | 9 | $ | 230,952,267 | |
| Ladenburg Thalmann & Co., Inc. | 7 | $ | 166,788,750 | |
| Oppenheimer & Co. Inc. | 7 | $ | 157,460,440 | |
| Jefferies & Company, Inc. | 6 | $ | 305,150,008 | |
| National Securities Corporation | 6 | $ | 90,875,837 | |
| Aegis Capital Corporation | 6 | $ | 21,219,904 | |
| Needham & Company, LLC | 5 | $ | 257,509,286 | |
| Piper Jaffray & Co. | 5 | $ | 189,525,000 | |
| Stifel Nicolaus Weisel | 5 | $ | 162,780,000 | |
| Craig-Hallum Capital Group LLC | 5 | $ | 147,699,424 | |
| Sandler O'Neill & Partners, L.P. | 5 | $ | 121,252,500 | |
| Canaccord Genuity Inc. (US) | 5 | $ | 117,079,992 | |
| Katalyst Securities LLC | 5 | $ | 44,510,371 | |
| Lake Street Capital Markets, LLC | 5 | $ | 43,562,731 | |
| Laidlaw & Company (UK) Ltd. | 5 | $ | 34,795,425 | |
| Trout Capital LLC | 4 | $ | 62,500,440 | |
| Northland Securities, Inc. | 4 | $ | 29,836,496 | |
| Dawson James Securities, Inc. | 4 | $ | 13,239,001 | |
| DnB NOR Markets | 3 | $ | 300,000,002 | |
| RBC Capital Markets, Inc. | 3 | $ | 270,248,724 | |
Investment Banking rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the OTC. On transactions where an investment banking firm has acted solely as Financial Advisor, that transaction has been excluded from that firm’s ranking. 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 07/15/16.
The First Half of 2016 U.S. PIPE Market
Institutional Investor League Table by Number of Transactions:
| Investor Name | Transaction Count | Total Amount Invested | ||
| Sabby Management, LLC | 20 | $ | 51,666,864 | |
| Perceptive Advisors, LLC | 7 | $ | 7,111,632 | |
| IntraCoastal Capital, LLC | 7 | $ | 5,216,125 | |
| Heights Capital Management, Inc. | 6 | $ | 7,834,088 | |
| Empery Asset Management LP | 6 | $ | 7,263,424 | |
| Anson Capital, LP | 6 | $ | 3,358,116 | |
| Hudson Bay Capital Management L.P. | 5 | $ | 88,840,873 | |
| BVF, Inc. | 5 | $ | 53,800,445 | |
| Hercules Capital, Inc. (NASDAQ: HTGC) | 5 | $ | 51,250,000 | |
| Babson Capital Management LLC | 5 | $ | 19,455,109 | |
| Deerfield Management | 5 | $ | 9,000,000 | |
| Bank of New York | 5 | Not Disclosed | ||
| Millennium Management, LLC | 5 | Not Disclosed | ||
| OrbiMed Advisors, LLC | 4 | $ | 11,937,966 | |
| Cormorant Asset Management, LLC | 4 | $ | 4,625,000 | |
| DAFNA Capital Management, LLC | 4 | $ | 1,700,013 | |
| Royce & Associates, LLC | 4 | Not Disclosed | ||
| Stonepeak Infrastructure Partners | 3 | $ | 1,121,532,303 | |
| MTP Energy Management LLC (Magnetar) | 3 | $ | 238,373,069 | |
| Kayne Anderson Capital Advisors, L.P. | 3 | $ | 221,259,181 | |
| New Enterprise Associates | 3 | $ | 75,000,237 | |
| Liquidmetal Technology Limited | 3 | $ | 63,400,000 | |
| Prudential Securities Incorporated | 3 | $ | 31,000,000 | |
| EcoR1 Capital Fund | 3 | $ | 23,000,075 | |
| American Equity Investment Life Insurance Company | 3 | $ | 7,000,000 | |
Investor rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the OTC. Investors classified as Corporate Investors and Insurance Companies have been excluded from this ranking. Data is for closed and definitive agreement transactions reported as of 07/15/16.
The First Half of 2016 U.S. PIPE Market
Issuer Counsel League Table by Number of Transactions:
| Legal Counsel | Transaction Count | Total Amount Advised | |||
| Sichenzia Ross Friedman Ference, LLP | 13 | $ | 137,768,270 | ||
| Cooley LLP | 11 | $ | 348,616,591 | ||
| Fenwick & West, LLP | 8 | $ | 1,978,175,221 | ||
| Hogan Lovells | 7 | $ | 36,047,752 | ||
| Simpson Thacher Bartlett, LLP | 6 | $ | 456,500,000 | ||
| Foley & Lardner | 6 | $ | 153,900,000 | ||
| K&L Gates LLP | 6 | $ | 67,575,001 | ||
| Vinson & Elkins, LLP | 5 | $ | 2,538,832,552 | ||
| Paul Hastings LLP | 5 | $ | 169,349,521 | ||
| Squire Patton Boggs (US) LLP | 5 | $ | 108,621,805 | ||
| Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC | 5 | $ | 96,357,940 | ||
| Lowenstein Sandler LLP | 5 | $ | 43,940,563 | ||
| Ellenoff Grossman & Schole LLP | 5 | $ | 33,067,240 | ||
| Latham & Watkins, LLP | 4 | $ | 280,720,003 | ||
| Goodwin Procter, LLP | 4 | $ | 167,025,001 | ||
| Seward & Kissel LLP | 4 | $ | 144,412,740 | ||
| Dorsey & Whitney, LLP | 4 | $ | 95,075,000 | ||
| DLA Piper | 4 | $ | 68,310,000 | ||
| Lucosky Brookman LLP | 4 | $ | 9,500,000 | ||
| Baker Botts, LLP | 3 | $ | 5,612,999,999 | ||
| Venable, LLP | 3 | $ | 227,693,125 | ||
| TroyGould PC | 3 | $ | 121,750,007 | ||
| Squire Patton Boggs (AU) | 3 | $ | 116,398,675 | ||
| Crowell & Moring LLP | 3 | $ | 40,618,033 | ||
| Greenberg Traurig, LLP | 3 | $ | 39,966,798 | ||
Legal counsel rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the OTC. Data is for closed and definitive agreement transactions reported as of 07/15/16.
The First Half of 2016 U.S. PIPE Market
Investor Counsel League Table by Number of Transactions:
| Legal Counsel | Transaction Count | Total Amount Advised | |||||||
| Schulte Roth & Zabel, LLP | 18 | $ | 4,817,740,723 | ||||||
| Morgan, Lewis & Bockius, LLP | 6 | $ | 315,999,000 | ||||||
| Latham & Watkins, LLP | 5 | $ | 1,321,479,552 | ||||||
| Kirkland & Ellis | 4 | $ | 2,482,053,000 | ||||||
| Ropes & Gray | 4 | $ | 1,441,950,000 | ||||||
| Greenberg Traurig, LLP | 4 | $ | 477,000,000 | ||||||
| Kelley Drye & Warren LLP | 4 | $ | 43,041,650 | ||||||
| Sidley Austin LLP | 3 | $ | 2,040,053,000 | ||||||
| Fleming PLLC | 3 | $ | 63,400,000 | ||||||
| Sichenzia Ross Friedman Ference, LLP | 3 | $ | 9,077,867 | ||||||
| Simpson Thacher Bartlett, LLP | 2 | $ | 1,750,000,000 | ||||||
| Skadden, Arps, Slate, Meagher & Flom, LLP | 2 | $ | 930,000,000 | ||||||
| Akin, Gump, Strauss, Hauer & Feld, LLP | 2 | $ | 515,700,000 | ||||||
| Schiff Hardin, LLP | 2 | $ | 150,000,000 | ||||||
| Chapman & Cutler, LLP | 2 | $ | 115,000,000 | ||||||
| Locke Lord LLP | 2 | $ | 51,380,000 | ||||||
| Bernard & Yam LLP | 2 | $ | 23,050,002 | ||||||
| Ellenoff Grossman & Schole LLP | 2 | $ | 8,768,750 | ||||||
| Robinson Brog Leinwand Greene Genovese & Gluck P.C. | 2 | $ | 8,750,001 | ||||||
| Morrison & Foerster, LLP | 2 | $ | 2,247,750 | ||||||
| Davis Polk & Wardwell | 1 | $ | 250,000,000 | ||||||
| Vinson & Elkins, LLP | 1 | $ | 240,000,000 | ||||||
| Paul Hastings LLP | 1 | $ | 210,000,000 | ||||||
| Covington & Burling | 1 | $ | 200,000,000 | ||||||
| Epstein Becker & Green, PC | 1 | $ | 200,000,000 | ||||||
Legal counsel rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the OTC. Data is for closed and definitive agreement transactions reported as of 07/15/16.
The First Half of 2016 U.S. PIPE Market
Placement Agent Counsel League Table by Number of Transactions:
| Legal Counsel | Transaction Count | Total Amount Advised | ||
| Ellenoff Grossman & Schole LLP | 29 | $ | 256,101,064 | |
| Goodwin Procter, LLP | 11 | $ | 277,849,505 | |
| Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC | 7 | $ | 114,861,730 | |
| Cooley LLP | 4 | $ | 206,974,998 | |
| Proskauer Rose, LLP | 4 | $ | 68,265,533 | |
| Lowenstein Sandler LLP | 4 | $ | 22,718,034 | |
| Covington & Burling | 3 | $ | 185,020,001 | |
| Latham & Watkins, LLP | 3 | $ | 160,380,002 | |
| Schiff Hardin, LLP | 3 | $ | 9,721,001 | |
| Sichenzia Ross Friedman Ference, LLP | 3 | $ | 7,868,750 | |
| Pryor Cashman Sherman & Flynn, LLP | 3 | $ | 6,142,840 | |
| Skadden, Arps, Slate, Meagher & Flom, LLP | 2 | $ | 244,998,720 | |
| Stikeman Elliott LLP | 2 | $ | 142,073,720 | |
| Fried, Frank, Harris, Shriver & Jacobson | 2 | $ | 133,150,000 | |
| Loeb & Loeb, LLP | 2 | $ | 53,068,750 | |
| Pillsbury, Winthrop, Shaw & Pittman, LLP | 2 | $ | 21,677,444 | |
| Faegre Baker Daniels LLP | 2 | $ | 11,900,003 | |
Legal counsel rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the OTC. Data is for closed and definitive agreement transactions reported as of 07/15/16.
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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