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Domestic Deals

PIPE Down

November 24, 2008 - In what could be the highest-profile insider trading case since Martha Stewart, Internet millionaire and NBA franchise owner Mark Cuban was charged with selling shares of Mamma.com Inc. after receiving non-public information about a proposed private investment in public equity (PIPE) investment.

North Dakota Electric Co-Op in Market via JPMorgan

November 24, 2008 - North Dakota-based electricity generation and transmission co-op Basin Electric Power Cooperative was in the market last week seeking private funds via JPMorgan Securities.

Cabot Oil & Gas Gets Funds via JPM; Allete Prices

November 17, 2008 - JPMorgan Securities kept the private market alive late last week with a transaction for Cabot Oil & Gas Corp., sources said. Banc of America Securities also finalized its first mortgage deal for energy services company Allete Inc.

Private Market Analysis: Average 10-Year NAIC-2 Spread Widens More Than 200 bps Since August '07

November 17, 2008 - The average new issue spread to U.S. Treasurys for 10-year, NAIC-2 traditional private paper has drifted out more than 200 basis points since August 2007, according to data from Private Placement Letter.

Buzz Box

November 17, 2008 - New York Life Investment Management has officially announced the hire of Gail McDermott to its fixed income investors group as managing director and head of private finance.

Allete Returns to Market via BofA

November 10, 2008 - Repeat issuer Allete Inc. tapped the private market last week via Banc of America Securities. The deal marks Allete's fourth foray into the U.S. private placement market in three years.

2008 Investors Survey: Top Shops Increase Investments in Challenging Year

November 10, 2008 - By all accounts, 2007 opened strongly and issuance was cruising along much as it had for the past three years in the private market. There was high deal flow and high demand. New issue spreads were ratcheting tighter and tighter, so tight that relative value versus publics was becoming a major concern, and covenants continued to be scarce and difficult to obtain.

Buzz Box

November 10, 2008 - Banc of America Securities is rumored to be shopping a deal for the National Basketball Association. The NBA was reported to be seeking funds as recently as mid-September, however, the deal was not finalized, and sources said it is being brought back.

2008 Investors Survey Preview: MetLife, Prudential Stay on Top In Challenging Year

November 3, 2008 - The results of the 2008 Investors Survey are in, and once again MetLife and Prudential Financial led the field by far. Both firms even managed to substantially increase their investments in private placements, in a year when the total amount of private placement issuance dropped off by more than 30% between the first and second halves of the year.

Is 2008 a Wash-Out?

November 3, 2008 - With just over eight weeks left in the year, many private placement investors and agents are giving up hope that deal flow will pick up in 2008. The already-slow pace of issuance this fall, combined with the effects of the U.S. Presidential election and the annual holiday slowdown, likely means there will not be any significant amount of issuance until after the New Year, they say.

Citigroup Prices FMB for Peoples Gas

November 3, 2008 - Citigroup kept the market alive last week by pricing a $57 million first mortgage bond for Chicago-based Peoples Gas, a subsidiary of Intergrys Energy Group Inc., sources said. It was the only transaction to price in the private placement market last week, as the near-total issuance drought wears on.

Utility Deals Provide Some Price Clarity, But Picture Still Not Good

October 27, 2008 - Several utility deals in the public bond market over the past two weeks provided a better idea where bonds are pricing, however the added clarity has only confirmed the fact that the overall market is still unstable and spreads are still prohibitively wide for issuers.

Citigroup Circulates First Mortgage Bond; BofA Working On Timber Deal

October 27, 2008 - Deal flow continued to be sparse last week in the private placement market, however rumors were floating in the market about a first mortgage bond being led by Citigroup, and a timber deal from Banc of America Securities.

Barclays Reshuffles PP Team in Wake of Lehman Buyout

October 27, 2008 - London-based Barclays Capital has rearranged its private placement team in the wake of last month's buyout of Lehman Brothers. If it is normally said that 'to the victor belong the spoils,' it is not necessarily so in this situation; Barclays has dismissed one of its group co-heads and placed a Lehman staffer at the head of the group and in other key positions.

Buzz Box

October 27, 2008 - New York Life has made a new hire in its private placement team. The search for a new team member was concluded last week, with executive staffing firm Butterfass, Pepe & McCallan conducting the search.