Cahill remains number one counsel to high-yield underwriters

• Simpson Thacher is still first among issuer's counsel

New York, Dec. 4 - Cahill Gordon & Reindel LLP added another month to its long run 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.

For the year to date, Cahill has advised on $85.38 billion of deals, giving it a 28.0% market share, up from 27.7% share for the year through October and a 26.9% share for the first three quarters.

Latham & Watkins LLP held in second place and Shearman & Sterling LLP was third, both unchanged from the month before.

Cravath Swaine & Moore LLP took the number four spot while Simpson Thacher & Bartlett LLP was fifth, also both unchanged from the month before.

For issuer's counsel, Simpson Thacher remained in first place, as it has been for every month since May.

Vinson & Elkins LLP was second, Latham & Watkins third, Davis Polk & Wardwell LLP fourth and Debevoise & Plimpton LLP fifth.

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	85.383	148	27.96%	1	88.772	155	29.57%
2	Latham & Watkins LLP	19.565	49	6.41%	6	9.970	22	3.32%
3	Shearman & Sterling LLP	17.659	27	5.78%	4	20.575	33	6.85%
4	Cravath Swaine & Moore LLP	17.117	36	5.60%	2	26.924	51	8.97%
5	Simpson Thacher & Bartlett LLP	11.207	27	3.67%	3	22.991	47	7.66%
6	Vinson & Elkins LLP	5.788	14	1.90%	8	4.925	13	1.64%
7	Skadden Arps Slate Meagher & Flom LLP	4.687	9	1.53%	11	1.981	7	0.66%
8	Baker Botts LLP	4.116	9	1.35%	9	4.262	13	1.42%
9	Davis Polk & Wardwell LLP	3.583	14	1.17%	5	11.308	21	3.77%
10	Paul Hastings LLP	2.968	9	0.97%	13	1.050	3	0.35%
	Total	305.394	660	300.252	628
Underwriter's counsel, U.S. market, November
					2012 Comparables
	Underwriter's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Cahill Gordon & Reindel LLP	6.648	14	23.67%	1	6.818	15	24.10%
2	Linklaters LLP	2.000	1	7.12%
3	Shearman & Sterling LLP	1.487	3	5.30%	2	5.280	4	18.66%
4	Cravath Swaine & Moore LLP	1.350	4	4.81%	3	2.276	7	8.04%
5	Baker Botts LLP	1.235	3	4.40%	5	0.775	2	2.74%
6	Pillsbury Winthrop Shaw Pittman LLP	1.050	2	3.74%
7	Latham & Watkins LLP	0.809	2	2.88%
8	Andrews Kurth LLP	0.794	2	2.83%
9	Simpson Thacher & Bartlett LLP	0.652	2	2.32%	4	1.400	5	4.95%
10	Fried Frank Harris Shriver & Jacobson LLP	0.597	1	2.12%
	Total	28.080	63	28.296	65
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	17.440	38	5.71%	1	16.990	34	5.66%
2	Vinson & Elkins LLP	13.550	30	4.44%	3	9.302	29	3.10%
3	Latham & Watkins LLP	12.430	24	4.07%	6	7.465	13	2.49%
4	Davis Polk & Wardwell LLP	6.231	11	2.04%	8	6.255	10	2.08%
5	Debevoise & Plimpton LLP	6.101	11	2.00%	2	12.990	20	4.33%
6	Perkins Coie LLP	5.988	6	1.96%	47	0.450	1	0.15%
7	Cravath Swaine & Moore LLP	4.198	10	1.37%	10	4.753	7	1.58%
8	Sullivan & Cromwell LLP	3.621	7	1.19%	5	8.100	8	2.70%
9	Gibson Dunn & Crutcher LLP	3.400	6	1.11%	13	2.637	8	0.88%
10	Shearman & Sterling LLP	3.120	6	1.02%	9	5.117	10	1.70%
	Total	305.394	660	300.252	628
Issuer's counsel, U.S. market, November
					2012 Comparables
	Issuer's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Vinson & Elkins LLP	2.029	5	7.22%	4	1.276	4	4.51%
2	Gibson Dunn & Crutcher LLP	2.000	2	7.12%	6	0.673	2	2.38%
3	Sullivan & Cromwell LLP	1.950	3	6.94%
4	Debevoise & Plimpton LLP	1.662	3	5.92%	9	0.406	1	1.43%
5	Torys LLP	1.487	3	5.30%
6	Latham & Watkins LLP	1.050	2	3.74%	18	0.157	2	0.55%
7	Clifford Chance LLP	1.000	1	3.56%	12	0.300	1	1.06%
8	In house	0.675	2	2.40%
9	Cravath Swaine & Moore LLP	0.600	2	2.14%	8	0.525	1	1.86%
10	Bracewell & Giuliani LLP	0.163	1	0.61%
	Total	28.080	63	28.296	65
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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