San Diego – January 7, 2009 – Sagient Research Systems, a leading publisher of independent research for the financial services and institutional investment communities, today announced that Rodman & Renshaw, LLC ranked as the number one most active investment bank and Downsview Capital, Inc., ranked as the number one most active institutional investor in the U.S. PIPE market during 2008.
Sagient Research also announced that Sichenzia Ross Friedman Ference, LLP ranked as the number one most active issuer counsel, Schulte Roth & Zabel, LLP ranked as the number one most active investor counsel, and Feldman Weinstein, LLP ranked as the number one most active placement agent counsel in the U.S. PIPE market during the 2008.
PlacementTracker, a flagship product of Sagient Research Systems, is well recognized as the leading provider of research, data, and analytics covering the PIPE market.
Commenting on the League Tables, Robert F. Kyle, executive vice president of Sagient Research said, “This has unquestionably been the most challenging year we have ever seen in the market. The dramatic increase in volatility and decline in market valuations certainly affected PIPE issuances in 2008. The U.S. PIPE market totaled $177.26 billion raised through 1,283 transactions in 2008 (of this amount $45.43 billion has been announced but not yet closed as of 1/6/09). This compared to $83.96 billion raised through 1,416 transactions in 2007. While 2008 was a record year for total dollars raised in the PIPE market, and represented a 111% increase over 2007, the market remained dominated by a handful of large transactions. In total, 87 mega-PIPE transactions made up $165.12 billion of the amount raised in 2008. Meanwhile, the core PIPE transactions, which we define as placements of under $100 million in gross proceeds, fell 21% from $15.34 billion in 2007 to $12.71 billion in 2008. Still, it is important to note that despite the market instability and the resulting issuance decreases, the PIPE market remained one of the only new issue markets open for business in 2008. As always, we congratulate all of the active agents, investors, and legal counsel in the PIPE market for a tremendous quarter, especially those leaders who topped the League Tables. Many of these firms are long-time clients of PlacementTracker, and we look forward to continuing to provide them with industry leading data, research, and analytics to help keep them on top of this market.”
The 2008 U.S. PIPE Market Issuer Counsel League Table
By Number of Transactions:
Legal Counsel Transaction Count Total Amount Advised
Sichenzia Ross Friedman Ference, LLP 28 $ 146,682,801
Richardson & Patel, LLP 16 $ 108,582,766
Cooley Godward Kronish, LLP 14 $ 275,824,395
Greenberg Traurig, LLP 13 $ 103,989,994
Latham & Watkins, LLP 11 $ 239,297,878
Morgan, Lewis & Bockius, LLP 11 $ 75,235,000
Weil, Gotshal & Manges, LLP 10 $ 3,225,466,782
Wilmer Cutler Pickering Hale & Dorr, LLP 10 $ 440,527,629
Heller Ehrman, LLP 9 $ 1,531,696,221
Lowenstein Sandler, PC 9 $ 191,815,001
Haynes and Boone, LLP 9 $ 148,079,501
DLA Piper 9 $ 116,619,503
Morrison & Foerster, LLP 9 $ 98,209,959
Hodgson Russ, LLP 9 $ 90,238,000
Loeb & Loeb, LLP 8 $ 175,205,656
Paul, Hastings, Janofsky & Walker, LLP 8 $ 163,984,549
Kirkpatrick & Lockhart Preston Gates Ellis, LLP 8 $ 54,691,017
Bryan Cave, LLP 8 $ 42,129,627
Jones Day 7 $ 8,337,360,000
Shearman & Sterling, LLP 7 $ 5,746,340,005
Skadden, Arps, Slate, Meagher & Flom, LLP 7 $ 619,126,750
Goodwin Procter, LLP 7 $ 235,090,659
Thelen Reid Brown Raysman & Steiner, LLC 7 $ 93,653,596
Dorsey & Whitney, LLP 7 $ 72,193,483
Clark Wilson, LLP 7 $ 25,358,000
