PlacementTracker Announces Q1 2016 ATM Financing League Tables

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| Source: Informa Business Intelligence

New York and San Diego, April 11, 2016 (GLOBE NEWSWIRE) -- http://www.globenewswire.com/NewsRoom/AttachmentNg/710de006-c907-485b-bb3e-544ef507b15d

PlacementTracker is pleased to announce its new search feature allowing clients to easily find the Drawdowns and Total Shares Sold for At the Market Offering (ATM) offerings. Clients will be able to search through Drawdown ranges dating back to 2012.  In addition to new functionality, we would also like to introduce our new ATM League Table rankings (found below).

 

A review of Q1 2016 ATMs shows a total of 40 new transactions, roughly on par with Q1 2015. There was a marked decrease of over 28% y-o-y in the Commitment Amount with approximately $7,168m committed. So far this year, two ATM facilities had shares sold with total gross proceeds at $116.383m. The most active sectors for this quarter were Healthcare (18 deals – $673.82m), Financials (10 deals – $2,810.85m), and Energy (5 deals – $1,310m).

 

Q1 2016 - Largest ATM Deals by Sector:

Company NameTotal CommitmentSector
Carnival plc$1,353,877,000  Consumer- Cyclical
Essex Property Trust, Inc.$1,109,650,000  Financial
Buckeye Partners, L.P.$500,000,000  Energy
Spectra Energy Corporation$500,000,000  Utilities
Corrections Corporation of America$200,000,000  Non-Cyclical (Non-Healthcare)
Amicus Therapeutics, Inc.$100,000,000  Healthcare
Omeros Corporation$100,000,000  Healthcare
Hecla Mining Company$75,000,000  Basic Materials
ExOne Company (The)$50,000,000  Technology

 

*other sectors had no ATMs

 

During Q1 of 2015, we saw 41 transactions and a total Commitment Amount of $9,997.6m. Of 41 ATM facilities, 27 had shares sold with total gross proceeds standing at approximately $1,513m. During this quarter, the most active sectors for ATM Commitment Amounts were Financials (16 deals – $7,726m), Healthcare (11 deals – $401.4m), and Energy (8 deals – $3,400m).

 

ATM Commitment Amount Comparisons:

 Q1 2015 ($ m)Q1 2016  ($ m)% Change
Healthcare401.4673.82 67.87%
Financials4,726.202,810.85 -40.53%
Energy3,400.001,310.00 -61.47%

 

Q1 2016 Healthcare ATMs have surged in volume and Commitment Amount by 55% and 68%, respectively, when compared to Q1 2015.  Considering the general decline of prices in the Healthcare Sector Biotech, companies may be using ATMs to ensure financing over the coming year without having to issue securities.  ATMs allow companies to access capital per their needs and issuers may seek to take advantage of more favorable pricing in the future.

 

Looking back at the designated period for ATM issuances, Energy ATMs have fallen in terms of total Commitment Amount: by over 61% from $3.4bn to $1.310bn.  This can be in part attributed to the volatility in the space and low oil prices. Namely crude prices (WTI Cushing Oil Spot Prices) traded within a range of $40.20 to $26.21 in Q1 of 16’ compared to a high of $53.53 to a low of $43.46 in Q1 of 15’. The drop in energy new issuance was not specific to only the ATM market as High Yield bond issuances also cratered over the quarter. According to our sister company IGM (Informa Global Markets), high yield energy issuance in Q1 of 15’ produced $6.775bn whereas Q1 of 16’ priced 0 energy trades for $0. In addition, the slowdown in energy issuance also hit the IG bond market with new issues slowing from $33.425bn in Q1 16' to $30.40bn in Q1 15', a 9.95% change.

 

The Q1 2016 ATM Financing League Table

By Commitment Amount:

 

Placement Agent NameTransaction CountTotal Commitment Amount
J.P. Morgan Chase & Co.6$2,754,209,130  
Morgan Stanley7$2,500,440,000  
Citigroup Global Markets, Inc.4$2,460,090,000  
Jefferies & Company, Inc.5$2,359,650,000  
Barclays Capital, Inc4$2,195,650,000  
Mitsubishi UFJ Securities (USA), Inc.4$2,059,650,000  
Bank of America Merrill Lynch7$1,844,999,130  
Wells Fargo Securities, LLC5$1,800,440,000  
RBC Capital Markets, Inc.4$1,800,440,000  
BMO Capital Markets Corp.4$1,770,650,000  
BNP Paribas Securities Corporation2$1,609,650,000  
UBS Securities LLC2$1,609,650,000  
Cantor Fitzgerald & Company7$1,594,210,000  
Capital One Securities2$1,359,650,000  
BB&T Capital Markets3$1,036,000,000  
Deutsche Bank Securities, Inc.2$1,000,000,000  
SMBC Nikko Securities America, Inc.2$1,000,000,000  
Piper Jaffray & Co.2$800,440,000  
Robert W. Baird & Co.2$800,440,000  
Credit Suisse Securities (USA) LLC3$744,559,130  
Goldman, Sachs & co.2$700,000,000  
SunTrust Robinson Humphrey, Inc2$700,000,000  
FBR Capital Markets6$310,000,000  
MLV & Co. LLC6$310,000,000  
Cowen and Company, LLC5$295,000,000  

 

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 04/06/16.

 

        The Q1 2016 ATM Financing League Table

By Deal Count:

 

Placement Agent NameTransaction CountTotal Commitment Amount
Morgan Stanley7$2,500,440,000  
Bank of America Merrill Lynch7$1,844,999,130  
Cantor Fitzgerald & Company7$1,594,210,000  
J.P. Morgan Chase & Co.6$2,754,209,130  
FBR Capital Markets6$310,000,000  
MLV & Co. LLC6$310,000,000  
Jefferies & Company, Inc.5$2,359,650,000  
Wells Fargo Securities, LLC5$1,800,440,000  
Cowen and Company, LLC5$295,000,000  
Citigroup Global Markets, Inc.4$2,460,090,000  
Barclays Capital, Inc4$2,195,650,000  
Mitsubishi UFJ Securities (USA), Inc.4$2,059,650,000  
RBC Capital Markets, Inc.4$1,800,440,000  
BMO Capital Markets Corp.4$1,770,650,000  
BB&T Capital Markets3$1,036,000,000  
Credit Suisse Securities (USA) LLC3$744,559,130  
BNP Paribas Securities Corporation2$1,609,650,000  
UBS Securities LLC2$1,609,650,000  
Capital One Securities2$1,359,650,000  
Deutsche Bank Securities, Inc.2$1,000,000,000  
SMBC Nikko Securities America, Inc.2$1,000,000,000  
Piper Jaffray & Co.2$800,440,000  
Robert W. Baird & Co.2$800,440,000  
Goldman, Sachs & co.2$700,000,000  
SunTrust Robinson Humphrey, Inc.2$700,000,000  

 

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 04/06/16.

 

 

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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