Cahill Gordon top high-yield underwriter's counsel; Simpson Thacher top issuer's counsel

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

For issuer's counsel, use of an in-house attorney ranked first. Sullivan & Cromwell LLP was the leader among external legal advisors.

Cahill continued to be way ahead of other firms in the underwriter's counsel rankings. It advised on $41.24 billion of bonds, or 28.6% of the market. Cahill was also number one for the year through April, the year through March and the year through February.

Cahill's total was more than three times that of Davis Polk & Wardwell LLP, which took second place. However Davis Polk did move up one notch from its number three position for the year through April. Simpson Thacher & Bartlett LLP gave up a spot and fell to third.

In-house counsel was the leading source of advice for issuers. This route was taken by issuers of $7.43 billion of deals, 5.2% of the total.

Sullivan & Cromwell LLP moved up to become the leading external law firm, working on four deals totaling $3.95 billion. Vinson & Elkins LLP held steady at second among external counsel and Simpson Thacher fell to third from first for the year through April.

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	41.244	68	28.64%
2	Davis Polk & Wardwell LLP	12.048	18	8.37%
3	Simpson Thacher & Bartlett LLP	10.555	24	7.33%
4	Shearman & Sterling LLP	6.864	13	4.77%
5	Cravath Swaine & Moore LLP	6.090	9	4.23%
6	Latham & Watkins LLP	5.453	13	3.79%
7	Baker Botts LLP	2.031	6	1.41%
8	Andrews Kurth LLP	1.951	4	1.36%
9	Vinson & Elkins LLP	1.431	4	0.99%
10	Fried Frank Harris Shriver & Jacobson LLP	1.243	3	0.86%
	Total	143.985	302
Underwriter's counsel, U.S. market, U.S. issuers, year to date
	Underwriter's counsel	Amount	No.	Share
1	Cahill Gordon & Reindel LLP	38.991	64	34.45%
2	Simpson Thacher & Bartlett LLP	9.755	21	8.62%
3	Davis Polk & Wardwell LLP	5.656	10	5.00%
4	Latham & Watkins LLP	5.453	13	4.82%
5	Cravath Swaine & Moore LLP	4.840	8	4.28%
6	Shearman & Sterling LLP	4.574	9	4.04%
7	Baker Botts LLP	2.031	6	1.79%
8	Andrews Kurth LLP	1.951	4	1.72%
9	Vinson & Elkins LLP	1.431	4	1.26%
10	Fried Frank Harris Shriver & Jacobson LLP	1.243	3	1.10%
	Total	113.183	235
Issuer's counsel, U.S. market, all issuers, year to date
	Issuer's counsel	Amount	No.	Share
1	In house	7.432	22	5.16%
2	Sullivan & Cromwell LLP	3.950	4	2.74%
3	Vinson & Elkins LLP	3.394	12	2.36%
4	Simpson Thacher & Bartlett LLP	3.291	8	2.29%
5	Baker Botts LLP	2.996	7	2.08%
6	Shearman & Sterling LLP	2.645	5	1.84%
7	Davis Polk & Wardwell LLP	2.335	4	1.62%
8	Kirkland & Ellis LLP	2.152	6	1.49%
9	Bracewell & Giuliani LLP	2.102	3	1.46%
10	Latham & Watkins LLP	1.894	5	1.32%
	Total	143.985	302
Issuer's counsel, U.S. market, U.S. issuers, year to date
	Issuer's counsel	Amount	No.	Share
1	In house	7.432	22	6.57%
2	Sullivan & Cromwell LLP	3.950	4	3.49%
3	Vinson & Elkins LLP	3.295	11	2.91%
4	Baker Botts LLP	2.996	7	2.65%
5	Simpson Thacher & Bartlett LLP	2.593	6	2.29%
6	Davis Polk & Wardwell LLP	2.335	4	2.06%
7	Kirkland & Ellis LLP	2.152	6	1.90%
8	Bracewell & Giuliani LLP	2.102	3	1.86%
9	Latham & Watkins LLP	1.894	5	1.67%
10	Akin Gump Strauss Hauer & Feld LLP	1.501	5	1.33%
	Total	143.985	302
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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