PlacementTracker Publishes First Half 2016 PIPE Market League Tables

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| Source: Informa Business Intelligence
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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

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Company Contact:
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