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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





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:

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 NameTransaction CountTotal 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 NameTransaction Count Total Amount Invested
Sabby Management, LLC20$51,666,864
Perceptive Advisors, LLC7$7,111,632
IntraCoastal Capital, LLC7$5,216,125
Heights Capital Management, Inc.6$7,834,088
Empery Asset Management LP6$7,263,424
Anson Capital, LP6$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 LLC5$19,455,109
Deerfield Management5$9,000,000
Bank of New York5Not Disclosed
Millennium Management, LLC5Not Disclosed
OrbiMed Advisors, LLC4$11,937,966
Cormorant Asset Management, LLC4$4,625,000
DAFNA Capital Management, LLC4$1,700,013
Royce & Associates, LLC4Not Disclosed
Stonepeak Infrastructure Partners3$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 Associates3$75,000,237
Liquidmetal Technology Limited3$63,400,000
Prudential Securities Incorporated3$31,000,000
EcoR1 Capital Fund3$23,000,075
American Equity Investment Life Insurance Company3$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, LLP13$137,768,270
Cooley LLP11$348,616,591
Fenwick & West, LLP8$1,978,175,221
Hogan Lovells7$36,047,752
Simpson Thacher Bartlett, LLP6$456,500,000
Foley & Lardner6$153,900,000
K&L Gates LLP6$67,575,001
Vinson & Elkins, LLP5$2,538,832,552
Paul Hastings LLP5$169,349,521
Squire Patton Boggs (US) LLP5$108,621,805
Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC5$96,357,940
Lowenstein Sandler LLP5$43,940,563
Ellenoff Grossman & Schole LLP5$33,067,240
Latham & Watkins, LLP4$280,720,003
Goodwin Procter, LLP4$167,025,001
Seward & Kissel LLP4$144,412,740
Dorsey & Whitney, LLP4$95,075,000
DLA Piper4$68,310,000
Lucosky Brookman LLP4$9,500,000
Baker Botts, LLP3$5,612,999,999
Venable, LLP3$227,693,125
TroyGould PC3$121,750,007
Squire Patton Boggs (AU)3$116,398,675
Crowell & Moring LLP3$40,618,033
Greenberg Traurig, LLP3$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 CounselTransaction CountTotal Amount Advised
Schulte Roth & Zabel, LLP18$4,817,740,723
Morgan, Lewis & Bockius, LLP6$315,999,000
Latham & Watkins, LLP5$1,321,479,552
Kirkland & Ellis4$2,482,053,000
Ropes & Gray4$1,441,950,000
Greenberg Traurig, LLP4$477,000,000
Kelley Drye & Warren LLP4$43,041,650
Sidley Austin LLP3$2,040,053,000
Fleming PLLC3$63,400,000
Sichenzia Ross Friedman Ference, LLP3$9,077,867
Simpson Thacher Bartlett, LLP2$1,750,000,000
Skadden, Arps, Slate, Meagher & Flom, LLP2$930,000,000
Akin, Gump, Strauss, Hauer & Feld, LLP2$515,700,000
Schiff Hardin, LLP2$150,000,000
Chapman & Cutler, LLP2$115,000,000
Locke Lord LLP2$51,380,000
Bernard & Yam LLP2$23,050,002
Ellenoff Grossman & Schole LLP2$8,768,750
Robinson Brog Leinwand Greene Genovese & Gluck P.C.2$8,750,001
Morrison & Foerster, LLP2$2,247,750
Davis Polk & Wardwell1$250,000,000
Vinson & Elkins, LLP1$240,000,000
Paul Hastings LLP1$210,000,000
Covington & Burling1$200,000,000
Epstein Becker & Green, PC1$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 CounselTransaction Count Total Amount Advised
Ellenoff Grossman & Schole LLP29$256,101,064
Goodwin Procter, LLP11$277,849,505
Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC7$114,861,730
Cooley LLP4$206,974,998
Proskauer Rose, LLP4$68,265,533
Lowenstein Sandler LLP4$22,718,034
Covington & Burling3$185,020,001
Latham & Watkins, LLP3$160,380,002
Schiff Hardin, LLP3$9,721,001
Sichenzia Ross Friedman Ference, LLP3$7,868,750
Pryor Cashman Sherman & Flynn, LLP3$6,142,840
Skadden, Arps, Slate, Meagher & Flom, LLP2$244,998,720
Stikeman Elliott LLP2$142,073,720
Fried, Frank, Harris, Shriver & Jacobson2$133,150,000
Loeb & Loeb, LLP2$53,068,750
Pillsbury, Winthrop, Shaw & Pittman, LLP2$21,677,444
Faegre Baker Daniels LLP2$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.

About Informa PLC

Informa is a leading business intelligence, academic publishing, knowledge and events business, creating unique content and connectivity for customers all over the world. It is listed on the London Stock Exchange and is a member of the FTSE 100.

For more information, please visit the Financial Intelligence website.

Company Contact:
Greg Hill
212-907-5884
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Source: Informa Business Intelligence