New York, April 3 - Cahill Gordon & Reindel LLP was once more the leading counsel for underwriters of high-yield bonds, according to data compiled by Prospect News.
The firm took the number one spot for the first quarter with a 26.3% share of the junk market.
Cahill was first in January and February of this year and also for 2012 as a whole and the year-to-date rankings for every month of 2012.
Cravath Swaine & Moore LLP continued in second position, and Simpson Thacher & Bartlett LLP was again third.
For issuers, the leading counsel was Simpson Thacher. Debevoise & Plimpton took the number two position while Shearman & Sterling LLP, which had been first for the year through February, 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 | 23.414 | 45 | 26.30% | 1 | 25.666 | 43 | 28.33%
|
| 2 | Cravath Swaine & Moore LLP | 6.354 | 10 | 7.14% | 3 | 9.803 | 16 | 10.82%
|
| 3 | Simpson Thacher & Bartlett LLP | 3.014 | 9 | 3.39% | 2 | 9.831 | 20 | 10.85%
|
| 4 | Davis Polk & Wardwell LLP | 2.075 | 6 | 2.33% | 6 | 4.040 | 7 | 4.46%
|
| 5 | Skadden Arps Slate Meagher & Flom LLP | 2.000 | 2 | 2.25% |
|
| 6 | Vinson & Elkins LLP | 1.330 | 3 | 1.49% | 8 | 1.181 | 3 | 1.30%
|
| 7 | Latham & Watkins LLP | 1.250 | 2 | 1.40% | 5 | 4.903 | 11 | 5.41%
|
| 8 | Weil Gotshal & Manges LLP | 1.250 | 2 | 1.40% |
|
| 9 | Shearman & Sterling LLP | 1.100 | 3 | 1.24% | 4 | 5.316 | 11 | 5.87%
|
| 10 | Pillsbury Winthrop Shaw Pittman LLP | 1.000 | 1 | 1.12% | 10 | 0.796 | 2 | 0.88%
|
| Total | 89.021 | 190 | 90.583 | 180 |
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| Underwriter's counsel, U.S. market, March |
|
| | | | | 2012 Comparables |
|
| Underwriter's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Cahill Gordon & Reindel LLP | 5.549 | 11 | 15.74% | 1 | 8.081 | 18 | 24.63%
|
| 2 | Cravath Swaine & Moore LLP | 3.404 | 5 | 9.66% | 3 | 2.954 | 8 | 9.00%
|
| 3 | Davis Polk & Wardwell LLP | 1.425 | 4 | 4.04% | 6 | 1.100 | 2 | 3.35%
|
| 4 | Pillsbury Winthrop Shaw Pittman LLP | 1.000 | 1 | 2.84% | 7 | 0.796 | 2 | 2.43%
|
| 5 | Shearman & Sterling LLP | 0.800 | 2 | 2.27% |
|
| 6 | Weil Gotshal & Manges LLP | 0.750 | 1 | 2.13% |
|
| 7 | Skadden Arps Slate Meagher & Flom LLP | 0.500 | 1 | 1.42% |
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| 8 | Vinson & Elkins LLP | 0.450 | 1 | 1.28% | 5 | 1.181 | 3 | 3.60%
|
| 9 | Sullivan & Cromwell LLP | 0.450 | 1 | 1.28% |
|
| 10 | Mayer Brown LLP | 0.345 | 1 | 0.98% |
|
| Total | 35.249 | 69 | 32.812 | 74 |
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| 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 | 3.874 | 7 | 4.35% | 4 | 2.593 | 6 | 2.86%
|
| 2 | Debevoise & Plimpton LLP | 3.113 | 4 | 3.50% | 5 | 2.253 | 4 | 2.49%
|
| 3 | Shearman & Sterling LLP | 2.920 | 5 | 3.28% | 11 | 1.686 | 5 | 1.86%
|
| 4 | Davis Polk & Wardwell LLP | 2.525 | 4 | 2.84% | 7 | 2.089 | 3 | 2.31%
|
| 5 | Vinson & Elkins LLP | 2.460 | 4 | 2.76% | 2 | 3.094 | 11 | 3.42%
|
| 6 | Bracewell & Giuliani LLP | 2.300 | 3 | 2.58% | 6 | 2.102 | 3 | 2.32%
|
| 7 | Cravath Swaine & Moore LLP | 2.294 | 4 | 2.58% | 13 | 1.000 | 1 | 1.10%
|
| 8 | Cleary Gottlieb Steen & Hamilton LLP | 1.900 | 3 | 2.13% | 38 | 0.101 | 1 | 0.11%
|
| 9 | Latham & Watkins LLP | 1.750 | 2 | 1.97% | 16 | 0.900 | 2 | 0.99%
|
| 10 | Baker & Hostetler LLP | 1.200 | 1 | 1.35% |
|
| Total | 89.021 | 190 | 90.583 | 180 |
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| Issuer's counsel, U.S. market, March |
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| | | | | 2012 Comparables |
|
| Issuer's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Bracewell & Giuliani LLP | 2.300 | 3 | 6.53% | 27 | 0.068 | 1 | 0.21%
|
| 2 | Simpson Thacher & Bartlett LLP | 1.974 | 4 | 5.60% | 2 | 1.443 | 3 | 4.40%
|
| 3 | Cleary Gottlieb Steen & Hamilton LLP | 1.500 | 2 | 4.25% | 25 | 0.101 | 1 | 0.31%
|
| 4 | Vinson & Elkins LLP | 1.460 | 3 | 4.14% | 5 | 1.114 | 4 | 3.40%
|
| 5 | In house | 0.863 | 3 | 2.45% | 3 | 1.381 | 8 | 4.21%
|
| 6 | Kirkland & Ellis LLP | 0.804 | 2 | 2.28% | 24 | 0.132 | 2 | 0.40%
|
| 7 | Jones Day | 0.750 | 1 | 2.13% |
|
| 8 | Debevoise & Plimpton LLP | 0.500 | 1 | 1.42% | 12 | 0.400 | 1 | 1.22%
|
| 8 | Jones Walker LLP | 0.500 | 1 | 1.42% |
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| 10 | Winstead PC | 0.450 | 1 | 1.28% | 14 | 0.375 | 1 | 1.14%
|
| Total | 35.249 | 69 | 32.812 | 74 |
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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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