PlacementTracker Announces First Half of 2016 ATM Financing 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

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 NameTotal CommitmentSector
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
Healthcare1,131.41,783.6 57.64%
Financials9,294.35,966.5 -35.80%
Energy5,628.62,224.2 -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 NameTransaction CountTotal Commitment Amount ($)
J.P. Morgan Chase & Co.11$1,227,393,073 
Barclays Capital, Inc10$1,125,863,677 
Morgan Stanley12$1,092,613,643 
Wells Fargo Securities, LLC13$1,053,537,142 
RBC Capital Markets12$1,047,798,429 
Mitsubishi UFJ Securities (USA), Inc.7$989,253,082 
Citigroup Global Markets, Inc9$926,953,296 
Bank of America Merrill Lynch19$824,998,370 
Deutsche Bank Securities, Inc6$757,665,143 
Jefferies & Company, Inc10$684,028,907 
UBS Securities LLC3$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., Limited3$561,989,796 
Credit Suisse Securities (USA) LLC4$523,673,666 
BMO Capital Markets Corp.6$459,481,441 
Cantor Fitzgerald & Co23$452,961,264 
BNP Paribas Securities4$438,440,133 
Capital One Securities6$391,255,500 
Scotia Capital (USA) Inc3$290,815,786 
BB&T Capital Markets4$284,661,228 
Merrill Lynch International1$203,081,550 
Piper Jaffray & Co4$183,816,000 
Robert W Baird & Co5$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 NameTransaction CountTotal Commitment Amount ($)
Cantor Fitzgerald & Company23$452,961,264 
Bank of America Merrill Lynch19$824,998,370 
FBR Capital Markets16$107,098,439 
Wells Fargo Securities, LLC13$1,053,537,142 
Morgan Stanley12$1,092,613,643 
RBC Capital Markets, Inc.12$1,047,798,429 
Cowen and Company, LLC12$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. LLC10$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 Securities6$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 Markets5$134,808,000 
Canaccord Genuity Inc. (US)5$94,500,000 
SunTrust Robinson Humphrey, Inc.4$569,489,796 
Credit Suisse Securities (USA) LLC4$523,673,666 
BNP Paribas Securities Corporation4$438,440,133 
BB&T Capital Markets4$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.

About Informa PLC

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Company Contact:                  
Greg Hill
212-907-5884
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