New York, Jan. 4 - Cahill Gordon & Reindel LLP finished 2012 as the top counsel to underwriters of high-yield bonds, according to data compiled by Prospect News.
For the year, the firm advised on $96.06 of bonds, representing a 29.3% share of the market.
Cahill led the year-to-date rankings every month in 2012 except for January.
Cravath Swaine & Moore LLP was second for the year. It advised the underwriters on $28.07 billion of deals for a share of 8.6%.
For issuers, Simpson Thacher & Bartlett LLP was the leading advisor for the year. It had moved up to the leading position in October and then held that place for the following months. Debevoise & Plimpton LLP was second.
Use of an in-house attorney was third.
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 |
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| 1 | Cahill Gordon & Reindel LLP | 96.062 | 167 | 29.29% |
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| 2 | Cravath Swaine & Moore LLP | 28.074 | 53 | 8.56% |
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| 3 | Simpson Thacher & Bartlett LLP | 23.391 | 48 | 7.13% |
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| 4 | Shearman & Sterling LLP | 21.888 | 37 | 6.67% |
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| 5 | Davis Polk & Wardwell LLP | 11.683 | 22 | 3.56% |
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| 6 | Latham & Watkins LLP | 10.891 | 25 | 3.32% |
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| 7 | Baker Botts LLP | 5.864 | 15 | 1.79% |
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| 8 | Andrews Kurth LLP | 5.351 | 7 | 1.63% |
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| 9 | Vinson & Elkins LLP | 5.173 | 14 | 1.58% |
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| 10 | Fried Frank Harris Shriver & Jacobson LLP | 2.988 | 9 | 0.91% |
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| Total | 327.938 | 688 |
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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 | 18.919 | 38 | 5.77% |
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| 2 | Debevoise & Plimpton LLP | 12.990 | 20 | 3.96% |
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| 3 | In house | 9.556 | 30 | 2.91% |
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| 4 | Vinson & Elkins LLP | 9.504 | 30 | 2.90% |
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| 5 | Latham & Watkins LLP | 8.865 | 14 | 2.70% |
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| 6 | Sullivan & Cromwell LLP | 8.700 | 9 | 2.65% |
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| 7 | Kirkland & Ellis LLP | 7.990 | 13 | 2.44% |
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| 8 | Davis Polk & Wardwell LLP | 6.255 | 10 | 1.91% |
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| 9 | Shearman & Sterling LLP | 5.577 | 11 | 1.70% |
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| 10 | Cravath Swaine & Moore LLP | 4.753 | 7 | 1.45% |
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| Total | 327.938 | 688 |
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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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