Cahill Gordon top high-yield underwriter's counsel; Baker Botts top issuer's counsel

New York, March 5 - Cahill Gordon & Reindel LLP was the top underwriter's counsel for high-yield bonds for the year through February, according to data compiled by Prospect News.

For issuer's counsel, use of an in-house attorney ranked first. For issues where an external law firm was used, Baker Botts LLP placed number one.

Cahill was far ahead of other firms as underwriter's counsel, accounting for $16.89 billion in 23 deals, or 26.6% of the market. Shearman & Sterling LLP, which came in second, worked on $4.97 billion or 10 deals, for a 7.8% share. Simpson Thacher & Bartlett LLP placed number two for issuers based in the United States.

In-house counsel was the leading source of advice for both U.S. issuers and the whole junk market, being chosen by 5.80% and 7.75% of deals, respectively.

Baker Botts as the leading external firm, working on two deals totaling $2.25 billion, or 3.55% of the market.

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. 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	16.884	23	26.63%
2	Shearman & Sterling LLP	4.966	10	7.83%
3	Simpson Thacher & Bartlett LLP	4.137	11	6.53%
4	Davis Polk & Wardwell LLP	4.042	7	6.38%
5	Cravath Swaine & Moore LLP	3.234	3	5.10%
6	Latham & Watkins LLP	3.078	4	4.85%
7	Baker Botts LLP	2.031	6	3.20%
8	Jones Day	0.345	1	0.54%
9	Wachtell Lipton Rosen & Katz	0.298	1	0.47%
10	Andrews Kurth LLP	0.101	1	0.16%
	Total	63.398	120
Underwriter's counsel, U.S. market, U.S. issuers, year to date
	Underwriter's counsel	Amount	No.	Share
1	Cahill Gordon & Reindel LLP	15.331	20	32.33%
2	Simpson Thacher & Bartlett LLP	3.440	9	7.25%
3	Latham & Watkins LLP	3.078	4	6.49%
4	Shearman & Sterling LLP	2.676	6	5.64%
5	Davis Polk & Wardwell LLP	2.150	3	4.53%
6	Baker Botts LLP	2.031	6	4.28%
7	Cravath Swaine & Moore LLP	1.984	2	4.18%
8	Jones Day	0.345	1	0.73%
9	Wachtell Lipton Rosen & Katz	0.298	1	0.63%
10	Andrews Kurth LLP	0.101	1	0.21%
	Total	47.423	83
Issuer's counsel, U.S. market, all issuers, year to date
	Issuer's counsel	Amount	No.	Share
1	In house	3.676	9	5.80%
2	Baker Botts LLP	2.250	2	3.55%
3	Davis Polk & Wardwell LLP	2.089	3	3.29%
4	Bracewell & Giuliani LLP	2.034	2	3.21%
5	Vinson & Elkins LLP	1.826	6	2.88%
6	Kirkland & Ellis LLP	1.646	2	2.60%
7	Shearman & Sterling LLP	1.186	4	1.87%
8	Simpson Thacher & Bartlett LLP	1.150	3	1.81%
9	Clifford Chance US LLP	1.000	1	1.58%
10	Gibson Dunn & Crutcher LLP	0.963	2	1.52%
	Total	63.398	120
Issuer's counsel, U.S. market, U.S. issuers, year to date
	Issuer's counsel	Amount	No.	Share
1	In house	3.676	9	7.75%
2	Baker Botts LLP	2.250	2	4.74%
3	Davis Polk & Wardwell LLP	2.089	3	4.40%
4	Bracewell & Giuliani LLP	2.034	2	4.29%
5	Vinson & Elkins LLP	1.728	5	3.64%
6	Kirkland & Ellis LLP	1.646	2	3.47%
7	Simpson Thacher & Bartlett LLP	1.150	3	2.42%
8	Gibson Dunn & Crutcher LLP	0.963	2	2.03%
9	Morgan Lewis & Bockius LLP	0.775	2	1.63%
10	Shearman & Sterling LLP	0.775	2	1.63%
	Total	47.423	83
Prospect News High Yield Counsel Rankings

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.

• 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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