• Simpson Thacher still ranked number one among issuer's counsels
New York, Oct. 3 - Cahill Gordon & Reindel LLP added another month to its leadership among counsel to underwriters of high-yield bonds, according to data compiled by Prospect News.
Cahill has led the year-to-date rankings for every month of this year as well as for 2012 as a whole and all the monthly year-to-date tables during 2012.
For the first three quarters of this year, the firm has advised on $67.82 billion of deals, 26.9% of the market.
Latham & Watkins LLP was ranked second in the tables, followed by Shearman & Sterling LLP.
Cravath Swaine & Moore LLP was fourth and Simpson Thacher & Bartlett LLP rounded out the top five.
Simpson Thacher remained the leader among advisers to issuers; the firm has held first place for every month since May.
Latham & Watkins took second place, followed by Vinson & Elkins LLP, Davis Polk & Wardwell LLP and Debevoise & Plimpton LLP.
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.
Underwriter's counsel, U.S. market, year to date
2012 Comparables
| Underwriter's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Cahill Gordon & Reindel LLP | 67.822 | 117 | 26.94% | 1 | 72.469 | 123 | 30.98%
|
| 2 | Latham & Watkins LLP | 17.015 | 44 | 6.76% | 6 | 9.473 | 20 | 4.05%
|
| 3 | Shearman & Sterling LLP | 15.623 | 22 | 6.21% | 4 | 14.103 | 25 | 6.03%
|
| 4 | Cravath Swaine & Moore LLP | 12.534 | 26 | 4.98% | 2 | 22.905 | 40 | 9.79%
|
| 5 | Simpson Thacher & Bartlett LLP | 10.180 | 24 | 4.04% | 3 | 19.515 | 39 | 8.34%
|
| 6 | Vinson & Elkins LLP | 5.139 | 11 | 2.04% | 7 | 3.281 | 8 | 1.40%
|
| 7 | Skadden Arps Slate Meagher & Flom LLP | 4.441 | 8 | 1.76% | 11 | 1.681 | 6 | 0.72%
|
| 8 | Davis Polk & Wardwell LLP | 3.475 | 13 | 1.38% | 5 | 10.545 | 18 | 4.51%
|
| 9 | Baker Botts LLP | 2.881 | 6 | 1.14% | 9 | 2.794 | 9 | 1.19%
|
| 10 | Paul Hastings LLP | 2.743 | 8 | 1.09% | 18 | 0.600 | 1 | 0.26%
|
| Total | 251.753 | 545 | 233.924 | 483 |
|
|
|
| Underwriter's counsel, U.S. market, third quarter |
|
| | | | | 2012 Comparables |
|
| Underwriter's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Cahill Gordon & Reindel LLP | 19.223 | 32 | 23.77% | 1 | 29.273 | 49 | 30.83%
|
| 2 | Shearman & Sterling LLP | 9.173 | 9 | 11.34% | 4 | 5.864 | 9 | 6.17%
|
| 3 | Latham & Watkins LLP | 4.168 | 9 | 5.15% | 6 | 4.020 | 7 | 4.23%
|
| 4 | Simpson Thacher & Bartlett LLP | 3.404 | 6 | 4.21% | 3 | 7.481 | 14 | 7.88%
|
| 5 | Vinson & Elkins LLP | 3.004 | 5 | 3.72% | 7 | 1.850 | 4 | 1.95%
|
| 6 | Cravath Swaine & Moore LLP | 1.472 | 4 | 1.82% | 2 | 11.425 | 19 | 12.03%
|
| 7 | Baker Botts LLP | 1.206 | 3 | 1.49% | 15 | 0.207 | 1 | 0.22%
|
| 8 | Andrews Kurth LLP | 1.000 | 1 | 1.24% |
|
| 9 | Paul Hastings LLP | 0.818 | 3 | 1.01% | 13 | 0.600 | 1 | 0.63%
|
| 10 | Davis Polk & Wardwell LLP | 0.792 | 3 | 0.98% | 5 | 4.098 | 6 | 4.32%
|
| Total | 80.859 | 163 | 94.956 | 187 |
|
|
|
| Underwriter's counsel, U.S. market, September |
|
| | | | | 2012 Comparables |
|
| Underwriter's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Cahill Gordon & Reindel LLP | 8.736 | 11 | 18.31% | 1 | 12.112 | 22 | 27.31%
|
| 2 | Shearman & Sterling LLP | 7.073 | 4 | 14.82% | 4 | 2.200 | 3 | 4.96%
|
| 3 | Vinson & Elkins LLP | 2.604 | 4 | 5.46% | 6 | 0.750 | 2 | 1.69%
|
| 4 | Simpson Thacher & Bartlett LLP | 1.613 | 3 | 3.38% | 3 | 3.086 | 8 | 6.96%
|
| 5 | Andrews Kurth LLP | 1.000 | 1 | 2.10% |
|
| 6 | Paul Hastings LLP | 0.818 | 3 | 1.71% | 8 | 0.600 | 1 | 1.35%
|
| 7 | Latham & Watkins LLP | 0.750 | 2 | 1.57% | 5 | 1.525 | 2 | 3.44%
|
| 8 | Baker Botts LLP | 0.500 | 1 | 1.05% | 12 | 0.207 | 1 | 0.47%
|
| 9 | White & Case LLP | 0.447 | 1 | 0.94% |
|
| 10 | Skadden Arps Slate Meagher & Flom LLP | 0.225 | 1 | 0.47% | 10 | 0.401 | 2 | 0.90%
|
| Total | 47.715 | 68 | 44.355 | 86 |
|
|
|
| Issuer's counsel, U.S. market, year to date |
|
| | | | | 2012 Comparables |
|
| Issuer's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Simpson Thacher & Bartlett LLP | 14.565 | 32 | 5.79% | 1 | 9.636 | 22 | 4.12%
|
| 2 | Latham & Watkins LLP | 11.380 | 22 | 4.52% | 9 | 4.308 | 9 | 1.84%
|
| 3 | Vinson & Elkins LLP | 7.776 | 14 | 3.09% | 5 | 6.756 | 20 | 2.89%
|
| 4 | Davis Polk & Wardwell LLP | 5.731 | 10 | 2.28% | 8 | 4.453 | 7 | 1.90%
|
| 5 | Debevoise & Plimpton LLP | 4.439 | 8 | 1.76% | 2 | 9.064 | 13 | 3.87%
|
| 6 | Cravath Swaine & Moore LLP | 3.298 | 7 | 1.31% | 11 | 2.579 | 5 | 1.10%
|
| 7 | Shearman & Sterling LLP | 2.920 | 5 | 1.16% | 7 | 5.117 | 10 | 2.19%
|
| 8 | Akin Gump Strauss Hauer & Feld LLP | 2.551 | 8 | 1.01% | 19 | 1.501 | 5 | 0.64%
|
| 9 | Kirkland & Ellis LLP | 2.529 | 5 | 1.00% | 6 | 6.440 | 10 | 2.75%
|
| 10 | Dechert LLP | 2.472 | 7 | 0.98% |
|
| Total | 251.753 | 545 | 233.924 | 483 |
|
|
|
| Issuer's counsel, U.S. market, third quarter |
|
| | | | | 2012 Comparables |
|
| Issuer's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Simpson Thacher & Bartlett LLP | 3.364 | 7 | 4.16% | 1 | 6.793 | 15 | 7.15%
|
| 2 | Foley & Lardner LLP | 2.304 | 3 | 2.85% |
|
| 3 | Davis Polk & Wardwell LLP | 2.118 | 3 | 2.62% | 23 | 0.617 | 1 | 0.65%
|
| 4 | Latham & Watkins LLP | 2.106 | 5 | 2.60% | 6 | 2.414 | 4 | 2.54%
|
| 5 | Vinson & Elkins LLP | 1.797 | 3 | 2.22% | 5 | 2.692 | 6 | 2.83%
|
| 6 | Paul Hastings LLP | 1.375 | 4 | 1.70% |
|
| 7 | Sullivan & Cromwell LLP | 1.143 | 2 | 1.41% | 4 | 3.750 | 3 | 3.95%
|
| 8 | Morrison & Foerster LLP | 0.850 | 1 | 1.05% |
|
| 9 | Skadden Arps Slate Meagher & Flom LLP | 0.750 | 2 | 0.93% | 41 | 0.138 | 1 | 0.14%
|
| 10 | Paul Weiss Rifkind Wharton & Garrison LLP | 0.750 | 2 | 0.93% | 36 | 0.226 | 1 | 0.24%
|
| Total | 80.859 | 163 | 94.956 | 187 |
|
|
|
| Issuer's counsel, U.S. market, September |
|
| | | | | 2012 Comparables |
|
| Issuer's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Foley & Lardner LLP | 2.304 | 3 | 4.83% |
|
| 2 | Simpson Thacher & Bartlett LLP | 2.014 | 5 | 4.22% | 1 | 5.273 | 11 | 11.89%
|
| 3 | Vinson & Elkins LLP | 1.797 | 3 | 3.77% | 7 | 0.707 | 2 | 1.59%
|
| 4 | Davis Polk & Wardwell LLP | 0.743 | 1 | 1.56% |
|
| 5 | Akin Gump Strauss Hauer & Feld LLP | 0.643 | 2 | 1.35% |
|
| 6 | Latham & Watkins LLP | 0.400 | 1 | 0.84% | 3 | 1.350 | 2 | 3.04%
|
| 7 | Andrews Kurth LLP | 0.300 | 1 | 0.63% |
|
| 8 | Winston & Strawn LLP | 0.300 | 1 | 0.63% |
|
| 9 | Kirkland & Ellis LLP | 0.276 | 1 | 0.58% |
|
| 10 | Day Pitney LLP | 0.125 | 1 | 0.26% |
|
| Total | 47.715 | 68 | 44.355 | 86 |
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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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