New York, March 5 - Cahill Gordon & Reindel LLP continued its run at the top of the high-yield counsel league tables, taking the number-one position for the year so far, according to data compiled by Prospect News.
Cahill was first in January, for 2012 as a whole and for the year-to-date rankings for every month of 2012.
During the first two months of the year, Cahill has advised on 29 deals totaling $15.62 billion, giving it a 29.1% share of the market.
Cravath Swaine & Moore LLP was second, while January's number two, Simpson Thacher & Bartlett LLP, slipped to third.
For issuers, the leading adviser was again Shearman & Sterling LLP, as in January.
Davis Polk & Wardwell LLP took second place while Cravath Swaine & Moore 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, year to date
2012 Comparables
| Underwriter's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Cahill Gordon & Reindel LLP | 15.618 | 29 | 29.05% | 1 | 17.586 | 25 | 30.44%
|
| 2 | Cravath Swaine & Moore LLP | 2.950 | 5 | 5.49% | 2 | 6.849 | 8 | 11.86%
|
| 3 | Simpson Thacher & Bartlett LLP | 2.739 | 8 | 5.09% | 4 | 4.137 | 11 | 7.16%
|
| 4 | Skadden Arps Slate Meagher & Flom LLP | 1.500 | 1 | 2.79% |
|
| 5 | Latham & Watkins LLP | 1.250 | 2 | 2.32% | 5 | 3.378 | 5 | 5.85%
|
| 6 | Vinson & Elkins LLP | 0.880 | 2 | 1.64% |
|
| 7 | Davis Polk & Wardwell LLP | 0.650 | 2 | 1.21% | 6 | 2.940 | 5 | 5.09%
|
| 8 | Weil Gotshal & Manges LLP | 0.500 | 1 | 0.93% |
|
| 9 | Paul Hastings LLP | 0.375 | 1 | 0.70% |
|
| 10 | Andrews Kurth LLP | 0.350 | 1 | 0.65% | 11 | 0.101 | 1 | 0.17%
|
| Total | 53.773 | 121 | 57.770 | 106 |
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| Underwriter's counsel, U.S. market, February |
|
| | | | | 2012 Comparables |
|
| Underwriter's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Cahill Gordon & Reindel LLP | 8.822 | 16 | 39.78% | 1 | 12.029 | 14 | 33.04%
|
| 2 | Cravath Swaine & Moore LLP | 2.200 | 4 | 9.92% | 2 | 5.949 | 7 | 16.34%
|
| 3 | Paul Hastings LLP | 0.375 | 1 | 1.69% |
|
| 4 | Andrews Kurth LLP | 0.350 | 1 | 1.58% |
|
| 5 | Shearman & Sterling LLP | 0.300 | 1 | 1.35% | 4 | 1.994 | 5 | 5.48%
|
| 6 | Vinson & Elkins LLP | 0.250 | 1 | 1.13% |
|
| 7 | Fried Frank Harris Shriver & Jacobson LLP | 0.070 | 1 | 0.32% |
|
| Total | 22.178 | 51 | 36.407 | 61 |
|
|
|
| Issuer's counsel, U.S. market, year to date |
|
| | | | | 2012 Comparables |
|
| Issuer's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Shearman & Sterling LLP | 2.920 | 5 | 5.43% | 8 | 1.186 | 4 | 2.05%
|
| 2 | Davis Polk & Wardwell LLP | 2.300 | 3 | 4.28% | 3 | 2.089 | 3 | 3.62%
|
| 3 | Cravath Swaine & Moore LLP | 2.294 | 4 | 4.27% | 10 | 1.000 | 1 | 1.73%
|
| 4 | Debevoise & Plimpton LLP | 2.225 | 2 | 4.14% | 7 | 1.853 | 3 | 3.21%
|
| 5 | Latham & Watkins LLP | 1.500 | 1 | 2.79% | 15 | 0.500 | 1 | 0.87%
|
| 6 | Baker & Hostetler LLP | 1.200 | 1 | 2.23% |
|
| 7 | Dechert LLP | 1.142 | 4 | 2.12% |
|
| 8 | Vinson & Elkins LLP | 1.000 | 1 | 1.86% | 5 | 1.980 | 7 | 3.43%
|
| 9 | Ledgewood PC | 0.925 | 2 | 1.72% |
|
| 10 | Covington & Burling LLP | 0.900 | 1 | 1.67% | 19 | 0.175 | 1 | 0.30%
|
| Total | 53.773 | 121 | 57.770 | 106 |
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| Issuer's counsel, U.S. market, February |
|
| | | | | 2012 Comparables |
|
| Issuer's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Davis Polk & Wardwell LLP | 2.300 | 3 | 10.37% | 1 | 2.089 | 3 | 5.74%
|
| 2 | Cravath Swaine & Moore LLP | 2.294 | 4 | 10.34% | 7 | 1.000 | 1 | 2.75%
|
| 3 | Covington & Burling LLP | 0.900 | 1 | 4.06% | 16 | 0.175 | 1 | 0.48%
|
| 4 | Sullivan & Cromwell LLP | 0.448 | 1 | 2.02% | 12 | 0.450 | 1 | 1.24%
|
| 5 | Cleary Gottlieb Steen & Hamilton LLP | 0.400 | 1 | 1.80% |
|
| 6 | Shearman & Sterling LLP | 0.400 | 1 | 1.80% |
|
| 7 | Akin Gump Strauss Hauer & Feld LLP | 0.350 | 1 | 1.58% |
|
| 8 | Locke Lord LLP | 0.250 | 1 | 1.13% |
|
| 9 | Kramer Levin Naftalis & Frankel LLP | 0.070 | 1 | 0.32% |
|
| Total | 22.178 | 51 | 36.407 | 61 |
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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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