Cahill tops league table for high-yield underwriters counsel

• Simpson Thacher remains first among issuer's counsel

New York, Nov. 5 - Cahill Gordon & Reindel LLP continued at the top of the rankings for 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.

So far in 2013, Cahill has advised on $76.93 billion of deals, for a 27.7% share of the market, up from a 26.9% share for the first three quarters.

Latham & Watkins LLP remained second in the tables and Shearman & Sterling LLP third, both unchanged from the month before.

Cravath Swaine & Moore LLP placed fourth and Simpson Thacher & Bartlett LLP was fifth, also both unchanged from the year through September.

For issuer's counsel, Simpson Thacher continued in the number one spot, a place the firm has held for every month since May.

The next three positions were also unchanged from the month before, being occupied by Latham & Watkins, Vinson & Elkins LLP and Davis Polk & Wardwell LLP.

However Perkins Coie LLP took fifth place, pushing Debevoise & Plimpton LLP into sixth. Perkins Coie was also first for the month of October, its leadership for that month and its rise in the year-to-date tables being due to its work advising on Deutsche Telekom AG's sale of $5.6 billion of notes in five tranches issued by T-Mobile USA, Inc.

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	76.927	129	27.69%	1	81.954	140	30.14%
2	Latham & Watkins LLP	18.756	47	6.75%	6	9.970	22	3.67%
3	Shearman & Sterling LLP	16.172	24	5.82%	4	15.294	29	5.62%
4	Cravath Swaine & Moore LLP	14.877	30	5.35%	2	24.648	44	9.06%
5	Simpson Thacher & Bartlett LLP	10.555	25	3.80%	3	21.591	42	7.94%
6	Vinson & Elkins LLP	5.439	12	1.96%	8	4.632	12	1.70%
7	Skadden Arps Slate Meagher & Flom LLP	4.441	8	1.60%	11	1.681	6	0.62%
8	Davis Polk & Wardwell LLP	3.475	13	1.25%	5	10.901	19	4.01%
9	Paul Hastings LLP	2.968	9	1.07%	13	1.050	3	0.39%
10	Baker Botts LLP	2.881	6	1.04%	9	3.487	11	1.28%
	Total	277.814	597	271.956	563
Underwriter's counsel, U.S. market, October
					2012 Comparables
	Underwriter's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Cahill Gordon & Reindel LLP	7.355	10	27.48%	1	9.485	17	24.94%
2	Latham & Watkins LLP	1.741	3	6.51%	8	0.497	2	1.31%
3	Cravath Swaine & Moore LLP	1.560	2	5.83%	4	1.744	4	4.58%
4	Fried Frank Harris Shriver & Jacobson LLP	0.525	2	1.96%
5	Jones Day	0.450	1	1.68%
6	Paul Hastings LLP	0.225	1	0.84%	9	0.450	2	1.18%
7	Cleary Gottlieb Steen & Hamilton LLP	0.162	1	0.61%
8	Shearman & Sterling LLP	0.149	1	0.56%	6	1.191	4	3.13%
9	Total	26.761	52	38.032	80
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	16.365	34	5.89%	1	15.817	30	5.82%
2	Latham & Watkins LLP	11.380	22	4.10%	6	7.308	11	2.69%
3	Vinson & Elkins LLP	9.026	16	3.25%	5	8.026	25	2.95%
4	Davis Polk & Wardwell LLP	6.231	11	2.24%	9	4.453	7	1.64%
5	Perkins Coie LLP	5.988	6	2.16%	44	0.450	1	0.17%
6	Debevoise & Plimpton LLP	4.439	8	1.60%	2	12.584	19	4.63%
7	Cravath Swaine & Moore LLP	3.298	7	1.19%	10	4.229	6	1.55%
8	Shearman & Sterling LLP	2.920	5	1.05%	8	5.117	10	1.88%
9	Akin Gump Strauss Hauer & Feld LLP	2.842	9	1.02%	17	1.747	6	0.64%
10	Paul Hastings LLP	2.650	7	0.95%
	Total	277.814	597	271.956	563
Issuer's counsel, U.S. market, October
					2012 Comparables
	Issuer's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Perkins Coie LLP	5.638	5	21.07%
2	Simpson Thacher & Bartlett LLP	1.500	1	5.61%	2	6.181	8	16.25%
3	Vinson & Elkins LLP	1.000	1	3.74%	6	1.270	5	3.34%
4	Davis Polk & Wardwell LLP	0.500	1	1.87%
5	Andrews Kurth LLP	0.450	1	1.68%	9	0.720	2	1.89%
6	In house	0.325	2	1.21%
7	Paul Hastings LLP	0.300	1	1.12%
8	Akin Gump Strauss Hauer & Feld LLP	0.291	1	1.09%	15	0.246	1	0.65%
9	Munger Tolles & Olson LLP	0.225	1	0.84%
10	Bracewell & Giuliani LLP	0.163	1	0.61%
	Total	26.761	52	38.032	80
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.

• 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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