New York, Dec. 5 - Cahill Gordon & Reindel LLP continued its run as the No. 1 counsel to underwriters of high-yield bonds, according to data compiled by Prospect News.
For the year so far, the firm has advised on $87.08 billion of bonds, 28.9% of the market.
Cahill has led the year-to-date rankings every month this year except for January.
Cravath Swaine & Moore LLP was again second. It has advised on $26.62 billion of deals so far in 2012.
For issuer's counsel, Simpson Thacher & Bartlett LLP took first place for a second month. It had moved up to the top spot in October. Debevoise & Plimpton LLP was again second.
Use of an in-house attorney was third, again for a second month.
The tables cover high-yield bond deals offered in the United States via a registration with the Securities and Exchange Commission or under Rule 144A. Emerging markets deals are excluded. The identity of legal advisers was not available for all deals, particularly those from emerging markets issuers.
Underwriter's counsel, U.S. market, all issuers, year to date
| Underwriter's counsel | Amount | No. | Share |
|
| 1 | Cahill Gordon & Reindel LLP | 87.082 | 151 | 28.93% |
|
| 2 | Cravath Swaine & Moore LLP | 26.623 | 49 | 8.84% |
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| 3 | Simpson Thacher & Bartlett LLP | 22.791 | 46 | 7.57% |
|
| 4 | Shearman & Sterling LLP | 18.224 | 31 | 6.05% |
|
| 5 | Davis Polk & Wardwell LLP | 11.301 | 21 | 3.75% |
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| 6 | Latham & Watkins LLP | 9.970 | 22 | 3.31% |
|
| 7 | Andrews Kurth LLP | 5.351 | 7 | 1.78% |
|
| 8 | Vinson & Elkins LLP | 4.925 | 13 | 1.64% |
|
| 9 | Baker Botts LLP | 4.262 | 13 | 1.42% |
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| 10 | Fried Frank Harris Shriver & Jacobson LLP | 2.988 | 9 | 0.99% |
|
| Total | 301.033 | 624 |
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| Issuer's counsel, U.S. market, all issuers, year to date |
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| Issuer's counsel | Amount | No. | Share |
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| 1 | Simpson Thacher & Bartlett LLP | 16.965 | 32 | 5.64% |
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| 2 | Debevoise & Plimpton LLP | 12.990 | 20 | 4.32% |
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| 3 | In house | 9.056 | 29 | 3.01% |
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| 4 | Vinson & Elkins LLP | 9.101 | 28 | 3.03% |
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| 5 | Sullivan & Cromwell LLP | 8.100 | 8 | 2.69% |
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| 6 | Latham & Watkins LLP | 7.461 | 13 | 2.48% |
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| 7 | Kirkland & Ellis LLP | 6.990 | 12 | 2.32% |
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| 8 | Davis Polk & Wardwell LLP | 6.255 | 10 | 2.08% |
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| 9 | Shearman & Sterling LLP | 5.117 | 10 | 1.70% |
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| 10 | Cravath Swaine & Moore LLP | 4.753 | 7 | 1.58% |
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| Total | 301.033 | 624 |
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| Prospect News High Yield Counsel Rankings
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Criteria
• The tables include all underwritten dollar-denominated offerings sold in the United States as public or Rule 144A deals reported to Prospect News.
• Convertibles, trust preferreds, capital securities and preferred stock are excluded.
• Emerging markets deals are excluded.
• Deals rated investment grade by either Standard & Poor's or Moody's Investors Service are excluded, but deals not rated by both are included.
• Offerings are included in the time period in which they price.
• Amounts are based on the total sales price (face amount multiplied by the offering price). The full amount is credited to the issuer's counsel or underwriter's counsel. For multiple firms, the total value is divided equally.
• Units made up of a bond and a warrant are included; other units are excluded.
• Sovereign issues are excluded.
• Each tranche is counted as a separate deal.
• Passthroughs, collateral trust and equipment trust certificates are included.
• Best efforts and non-underwritten deals are excluded as are remarketings.
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