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Week of March 27th, 2006 - Activity Summary
Issue Type Capital
Raised ($Bil) Pricing Notes (Excludes closed-end funds)% Chg
Amt FTO% Chg
Price FTO% 1 Day Return
% Return to Current Completion Ratio
13 Follow-ons 4.698$ 2 conventional marketed, 11 shelf takedowns 11.1% -3.2% 1.9% 2.8% 3 expected, 3 completed, 10 opportunistic2 ADRs 0.581$ 14.5% 14.5% 1.4% -3.9% 2 expected, 2 completed2 Convertibles 0.691$
Last Week’s Activity
Equity New Issue Market Conditions - Weekly Update (Monday April 3rd, 2006)
Backlog Table (Deals Filed Within The Last 180 Days)
The Week Ahead
Follow-On Performance by Industry Since 1/1/2006
Broader Market Activity
Piper Jaffray Equity Capital Markets Group
Overall Deal Activity
Note: Tables exclude 144A private placements, units, closed-end funds, and deals < $20 MM
IPO Performance by Industry Since 1/1/2006
NoTotal Amt Bill ions Amt FTO Price FTO
Return 1-Day
Return 30-Day
Return Current
Consumer 6 $1.8 19% 16% 27% 24% 39%Energy 2 $1.1 18% 7% 5% -6% 12%Financial 4 $0.4 -4% -1% 12% 12% 13%Health Care 9 $0.9 -16% -19% 9% 17% 15%Industrial Growth 3 $0.7 7% 2% 19% 32% 42%Media 1 $0.0 8% 8% -5% 1% -4%Technology 6 $0.7 -10% -8% 7% 7% 4%Transportation 1 $0.2 24% 24% 9% 52% 67%Total 32 $5.8 -1% -2% 13% 17% 21%
NoTotal Amt Billions Amt FTO Price FTO
%Chg from Last Trade
Return 1-Day
Return 30-Day
Return Current
Consumer 9 $4.4 -1% -3% -1% 2% 5% 3%Energy 8 $1.9 -2% -7% -2% 1% -1% -1%Financial 17 $6.7 4% -2% -1% 2% 4% 4%Health Care 37 $3.9 -3% -8% -6% 4% 6% 4%Industrial Growth 11 $1.8 3% -1% -4% 4% 9% 12%Media 1 $0.2 0% 0% -3% 0% -2% -2%Other 2 $0.3 -5% -5% -5% 0% 4% 3%Real Estate 1 $0.2 -3% -3% -3% 1% -3% 3%REIT 15 $3.5 17% -2% -2% 2% 2% 4%Technology 25 $6.6 4% -2% -3% 3% 14% 16%Transportation 1 $0.1 -9% -9% -2% -2% 1% 1%Total 127 $29.5 2% -4% -3% 3% 6% 7%
Industry IPO Follow-on Shelf TotalConsumer 3 1 14 18Energy 8 2 44 54Financial 15 5 49 69Health Care 16 1 48 65Industrial Growth 4 3 23 30Media 1 1 3 5Other 2 1 3Real Estate 1 2 3REIT 4 21 25Technology 13 6 24 43Transportation 4 1 2 7
Total 71 21 230 322
The major market indices were mixed for the week. The Dow Jones decreased 171 points, or -1.5% (+3.6% YTD), and closed at 11,109. The Nasdaq gained 27 points, or +1.2% (+6.1% YTD), and closed at 2,340. The S&P 500 fell 8 points, or -0.6% (+3.8% YTD), and closed at 1,295. The Russell 2000 increased 11 points, or +1.5% (+13.7% YTD), and closed at 765.
There are 7 offerings expected to price this week, including 4 IPOs and 3 follow-on offerings. Issuers look to raise a combined $1.2 billion.
There were 17 transactions completed in the equity capital markets last week raising a combined $6.0 billion. Deal activity consisted of 13 follow-ons, 2 ADRs and 2 convertible offerings. Both ADR offerings last week were US IPOs, with 1 priced in the range and 1 priced above the range. Overall, ADRs traded up an average of 1% on their first day of trading and ended the week down 4% from offer. Follow-on activity consisted of 2 conventional marketed transactions and 11 shelf takedowns. On average, follow-ons traded down 3% in registration, but finished the week up 3% in the aftermarket.
2006YTD No
Total AmtBillions
IPO 32 $5.79Follow-on 127 $29.47ADR/GDR 10 $6.01Convertible 26 $13.61Total 195 $54.87
2005YTD No
Total AmtBillions
IPO 36 $10.48Follow-on 103 $17.08ADR/GDR 11 $4.67Convertible 41 $7.47Total 191 $39.70
Pricings for the Week of 3/27/2006
Follow-on(s) 2Pricing Date Issuer Ticker Sector Lead(s) Co-manager(s) Filing Price Offer Price Amt
Offered% Chg
Amt FTO% Chg
Price FTO% Return
1-Day% Return To
CurrentMarket Value
03/31/200603/31/200603/30/200603/30/200603/30/2006
03/30/200603/30/2006
03/29/200603/29/200603/29/200603/29/200603/29/2006
03/29/2006
Boston Properties IncGoogle IncKimco Realty CorpKosan Biosciences IncSaifun Semiconductor Ltd
Five Star Quality Care IncNationwide Health Properties Inc
Digital Realty Trust IncEncore Acquisition CoDiamondRock Hospitality CoAmylin Pharmaceuticals IncAmerican Capital Strategies Ltd
Seattle Genetics Inc
BXPGOOGKIMKOSNSFUN
FVENHP
DLREACDRHAMLNACAS
SGEN
REITTechnologyREITHealth CareTechnology
Health CareREIT
REITEnergyREITHealth CareFinancial
Health Care
MSGSUBSWCSFB, COWENLEHMAN, ALEX, CITI
UBSW, RBCJPMHQ, UBSW
MLCITIML, FRDMAN, WCHVMS, GSCITI, WCHV, JPMHQ, UBSW, AGEDW, BOFA, CIBC
CIBC, BLAIR, RAYMND, WRHACOSTIFEL, DAVENP, FERRISAGEDW, WCHV, BOFA, COHSTE, CANTOR
CITI, JOLMER, RBAIRDBEAR, LEHMANBB&T, PIPER, BNP, CALYON, RBC
96.31394.9841.405.8828.17
11.5122.40
26.9032.7813.2146.7835.53
5.74
$93.15$389.75
$40.80$5.00
$30.25
$10.45$21.50
$26.50$32.00$13.00$46.50$35.31
$5.25
$302.74$2,065.68
$408.00$25.00
$115.56
$104.50$193.50
$106.80$128.00$251.16$534.75$423.72
$38.33
$10,508.59$119,025.38
$9,757.85$171.93$920.14
$314.14$1,674.56
$702.95$974.40$852.37
$5,663.48$4,220.60
$220.29
-3.3%-1.3%-1.5%
-15.0%7.4%
29.7%72.8%
-1.5%-2.4%18.1%16.9%32.5%
-8.5%
-3.3%-1.3%-1.5%
-15.0%7.4%
-9.2%-4.0%
-1.5%-2.4%-1.6%-0.6%-0.6%
-8.5%
0.0%0.0%
-1.0%6.8%2.8%
4.2%0.0%
5.8%-1.6%5.5%4.0%
-0.8%
-1.3%
0.0%0.0%
-0.4%17.8%
2.8%
4.2%0.0%
6.3%-3.1%6.2%5.3%
-0.4%
-1.7%
$4,697.7213 Follow-on(s): 11.1% -3.2% 1.9% 2.8%$11,923.5
ADR/GDR(s) 5Pricing Date Issuer Ticker Sector Lead(s) Co-manager(s) Filing Price Offer Price Amt
Offered% Chg
Amt FTO% Chg
Price FTO% Return
1-Day% Return To
CurrentMarket Value
03/30/2006
03/29/2006
Himax Technologies Inc
China GrenTech Corp Ltd
HIMX
GRRF
Technology
Technology
MS, CSFB
BEAR
BOFA, PIPER, ABN, HSBCBPIPER, WRHACO
7.50 - 9.00
14.00 - 16.00
$9.00
$18.00
$468.00
$112.50
$1,751.86
$450.00
9.1%
20.0%
9.1%
20.0%
-2.8%
5.6%
-2.8%
-5.0%
$580.502 ADR/GDR(s): 14.5% 14.5% 1.4% -3.9%$1,100.93
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time theregistration statement becomes effective. This schedule shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would beunlawful prior to registration or qualification under the securities laws of any such State.
03/31/200603/29/2006
Boston Properties LPAffiliated Managers Group Inc
BXP.NAMG.P
REITFinancial
MSML, GS, BOFA
$400.00$291.00
$400.00$291.00
$10,508.59$3,422.92
3.75%5.10%
20.00%47.86%
05/15/203604/15/2036 NC-5
$691.00
Convertible(s)Co-manager(s)Lead(s)SectorTickerIssuerPricing Date
Amt Offered
Net Proceeds Coupon Premium Maturity Call
ProvisionS&P
RatingMarket Value
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time theregistration statement becomes effective. This schedule shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would beunlawful prior to registration or qualification under the securities laws of any such State.
Filings for the Week of 3/27/2006
IPO(s) 1Co-manager(s)Lead(s)SectorTickerIssuerFiling Date Filing Price Current
Amt FiledBusiness Description Expected DateCurrent
Shelf Amt
03/31/2006
03/31/2006
03/30/2006
03/30/200603/30/2006
03/28/200603/27/2006
Achillion Pharmaceuticals Inc
PTC Therapeutics Inc
RBS Global Inc
Ultrapetrol (Bahamas) LtdVeraSun Energy Corp
Seneca-Cayuga Bancorp IncCHG Healthcare Services Inc
ACHN
PTCT
RXN
VSE
CHGH
Health Care
Health Care
Industrial Growth
TransportationTechnology
FinancialHealth Care
COWEN, CIBC
MS, JPMHQ
ML, CSFB
CSFB, UBSWMS, LEHMAN
KEEFEJPMHQ, CITI
JOLMER
PACGRE
AGEDW
STRH, HNSBIT10.00
$75.00
$86.25
$400.00
$175.00$150.00
$9.32$115.00
Achillion was established for the discovery and commercial development of innovative therapeutic agents, with a particular emphasis on antiviral drugs to treat diseases caused by hepatitis and herpes viruses
Develops therapies for treating genetic disordersManufacturer of gears, couplings, industrial bearings, flattop chain and modular conveyer belts, special components, industrial chain and aerospace bearings and seals
Owner of tanker fleetsProducer of renewable energy through BiotechnologyHolding companyProvider of temporary and permanent staffing of health care professionals
To be announced
To be announced
To be announced
To be announcedTo be announced
To be announcedTo be announced
Follow-on(s) 2Co-manager(s)Lead(s)SectorTickerIssuerFiling Date Filing Price Current
Amt FiledBusiness Description Expected DateCurrent
Shelf Amt
03/28/2006
03/28/2006
03/27/2006
Ormat Technologies Inc
American Reprographics Co
Hercules Offshore Corp
ORA
ARP
HERO
Technology
Media
Energy
LEHMAN, GS, CITI
JPMHQ, GS
CSFB, CITI
HSBCB, RBC
RBAIRD, CIBC, CSFB, BLAIR
41.45
34.95
33.21
$145.08
$212.74
$265.68
$1,000.00 Produces environmentally sound energy systems
American Reprographics reproduces graphic designs for clients in the media, publishing and architectural industries
Provider of shallow-water drilling and liftboat services to the oil and natural gas exploration and production industry
Week of 03 Apr 2006
Week of 03 Apr 2006
To be announced
TUE
WED
Shelf Registration(s) 4Co-manager(s)Lead(s)SectorTickerIssuerFiling Date Filing Price Current
Amt FiledBusiness Description Expected DateCurrent
Shelf Amt
03/31/2006
03/31/2006
03/31/2006
Merrill Lynch & Co Inc
HCA Inc
Favrille Inc
MER
HCA
FVRL
Financial
Health Care
Health Care
NONE
NONE
NONE
78.76
45.83
6.80 $78.77
Investment banking and brokerage services
Operates hospitals and surgery centersResearch and development targeted immunotherapies for the treatment of cancer and other diseases of the immune system
To be announced
To be announced
To be announced
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time theregistration statement becomes effective. This schedule shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would beunlawful prior to registration or qualification under the securities laws of any such State.
Shelf Registration(s) 4Co-manager(s)Lead(s)SectorTickerIssuerFiling Date Filing Price Current
Amt FiledBusiness Description Expected DateCurrent
Shelf Amt
03/31/2006
03/31/2006
03/31/200603/31/2006
03/31/200603/31/2006
03/31/200603/30/2006
03/30/2006
03/30/2006
03/28/200603/27/2006
03/27/200603/27/2006
03/27/2006
03/27/2006
03/27/2006
03/27/2006
Idaho General Mines Inc
Zions Bancorp
Aventine Renewable Energy Holdings IncProgress Energy Inc
NorthStar Realty Finance CorpNationwide Financial Services Inc
Humana IncIntel Corp
Merix Corp
Resource Capital Corp
International Securities Exchange IncDynamic Materials Corp
Panacos Pharmaceuticals IncAmerican Financial Group Inc
Anadys Pharmaceuticals Inc
Broadwing Corp
Diageo plc
Comcast Corp
IGMT
ZION
AVRPGN
NRFNFS
HUMINTC
MERX
RSO
ISEBOOM
PANCAFG
ANDS
BWNG
DEO
CMCSA
Industrial Growth
Financial
TechnologyEnergy
FinancialFinancial
Health CareTechnology
Technology
Financial
FinancialIndustrial Growth
Health CareFinancial
Health Care
Technology
Consumer
Media
NONE
NONE
NONE
NONENONE
NONENONE
NONE
NONE
NONENONE
NONENONE
NONE
NONE
NONE
NONE
2.85
82.10
20.0044.12
10.9243.02
52.4619.70
10.96
14.01
48.8936.04
7.8741.05
15.91
14.62
63.64
26.72
$423.58
$213.59
$108.19
$61.79
$1,000.00
$75.00
$205.42
$203.59
$113.38
$125.00
$108.11
Exploration, development of properties containing molybdenum, as well as silver, gold, and associated base metals and other specialty metals
Bank holding company that offers diversified commercial banking services
Producer and marketer of ethanolProvider of electricity, natural gas, energy services and broadband capacity
Real - Mortgage specialty financeProvides life insurance and retirement savings servicesHealth benefit companySemiconductor manufacturer supplying technology solutions for the computing and communications industries
Manufacturer of technologically advanced printed circuit boards for use in sophisticated electronic equipment
A real estate-related assets and higher-yielding commercial finance assets company
Equity options exchangeProduces metal plates used in industrial applications where corrosion and temperature resistance is needed
Biotechnology companyEngages property and casualty insuranceDeveloper of anti-infective medicines for the treatment of hepatitis C virus
Markets products that enable the creation of all-optical backbone networks
Manufacturer of wines, spirits, beers and soft drinks and foodInvolved in three principal lines of business: cable television, commerce and entertainment content
To be announced
To be announced
To be announcedTo be announced
To be announcedTo be announced
To be announcedTo be announced
To be announced
To be announced
To be announcedTo be announced
To be announcedTo be announced
To be announced
To be announced
To be announced
To be announced
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time theregistration statement becomes effective. This schedule shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would beunlawful prior to registration or qualification under the securities laws of any such State.
Withdrawn and Postponed Transactions for the Week of 3/27/2006
IPO(s) 1Co-manager(s)Lead(s)SectorTickerIssuerW/P Date Filing Price Filed Amt Business DescriptionShelf Filing AmtStatus
Withdrawn 03/31/2006 Global Secure Corp GSEC Technology MKEEGN, JEFFER WEISEL 8.00 - 10.00 $53.63 services for the homeland security industry
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time theregistration statement becomes effective. This schedule shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would beunlawful prior to registration or qualification under the securities laws of any such State.
Industry Calendar for the Next Two Weeks
Week of 03 Apr 2006
IPO(s)1
Co-manager(s)Lead(s)SectorTickerIssuerExpected Date Filing Price Current Amt Filed Business Description
Week of 03 Apr 2006
Week of 03 Apr 2006
Week of 03 Apr 2006
Week of 03 Apr 2006
THU
THU
TUE
Castle Brands Inc
Omega Navigation Enterprises IncSealy Corp
Visicu Inc
ROX
ONAV
ZZ
EICU
Consumer
Transportation
Consumer
Health Care
OPCO
JEFFER, JPMHQ
CITI, GS, JPMHQ, BOFAMS
THINKE, LADEN
LEHMAN, WCHV, STRH, FERRISWCHV, WEISEL, BLAIR
8.00 - 10.00
14.00 - 16.00
11.00 - 13.00
$31.50
$289.80
$350.00
$72.00
A developer and global marketer of premium branded spirits: vodka, rum, Irish whiskey and liqueurs/cordials
Marine transportation services company
Manufactures mattresses
Healthcare information technology and clinical solutions company
$743.304 IPO(s)
Follow-on(s)2
Co-manager(s)Lead(s)SectorTickerIssuerExpected Date Filing Price Current Amt Filed Business Description
Week of 03 Apr 2006
Week of 03 Apr 2006
Week of 03 Apr 2006
WED
WED
TUE
American Reprographics Co
ICT Group Inc
Ormat Technologies Inc
ARP
ICTG
ORA
Media
Technology
Technology
JPMHQ, GS
RBAIRD
LEHMAN, GS, CITI
RBAIRD, CIBC, CSFB, BLAIR
BLAIR, ADHARK, CRAIGH
HSBCB, RBC
34.95
26.70
41.45
$212.74
$80.10
$145.08
American Reprographics reproduces graphic designs for clients in the media, publishing and architectural industries
Provides call center teleservices, including outbound and inbound telemarketing servicesProduces environmentally sound energy systems
$437.923 Follow-on(s)
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time theregistration statement becomes effective. This schedule shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would beunlawful prior to registration or qualification under the securities laws of any such State.
Industry Calendar for the Next Two Weeks
Week of 10 Apr 2006
IPO(s)1
Co-manager(s)Lead(s)SectorTickerIssuerExpected Date Filing Price Current Amt Filed Business Description
Week of 10 Apr 2006
Week of 10 Apr 2006
Week of 10 Apr 2006
TUE
TUE
TUE
Omrix Biopharmaceuticals Inc
Targacept Inc
Vanda Pharmaceuticals Inc
OMRI
TRGT
VNDA
Health Care
Health Care
Health Care
UBSW, CIBC
ALEX, PACGRE
JPMHQ, BOFA
LEER, OPCO
CIBC, LAZD
WEISEL
15.00 - 17.00
11.00 - 13.00
12.00 - 14.00
$55.00
$60.00
$74.75
Biotechnology pharmaceutical research, development and distributer
Discovers and develops neuronal nicotinic receptor-based therapiesBiopharmaceutical company focused on central nervous system disorders
$189.753 IPO(s)
Follow-on(s)2
Co-manager(s)Lead(s)SectorTickerIssuerExpected Date Filing Price Current Amt Filed Business Description
Week of 10 Apr 2006 MON AngloGold Ashanti Ltd AU Industrial Growth GS, UBSW NEBUIN, JPMHQ 51.71 $1,442.71 Gold producer
$1,442.711 Follow-on(s)
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time theregistration statement becomes effective. This schedule shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would beunlawful prior to registration or qualification under the securities laws of any such State.