• Simpson Thacher still top counsel for issuers
New York, July 3 - Cahill Gordon & Reindel LLP once more took the No. 1 position in the league tables for counsel to underwriters of high-yield bonds, according to data compiled by Prospect News.
Cahill has been on top of the year-to-date rankings for every month of this year as well as for 2012 and all the monthly year-to-date tables during 2012.
The firm has advised on $44.85 billion of deals so far this year, or 26.1% of the total.
Positions two through four of the table were also occupied by the same firms as in May: Cravath Swaine & Moore LLP, Simpson Thacher & Bartlett LLP and Latham & Watkins LLP, respectively.
Shearman & Sterling moved up two positions to fifth while Skadden Arps Slate Meagher & Flom LLP slipped a notch to fourth from fifth after falling from third the month before.
Among advisers to issuers, Simpson Thacher was first, as it was in May.
Vinson & Elkins LLP was again second while Latham & Watkins stayed in third position.
Debevoise & Plimpton LLP and Davis Polk & Wardwell LLP were fourth and fifth, both unchanged.
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 | 44.849 | 81 | 26.05% | 1 | 43.197 | 74 | 31.08%
|
| 2 | Cravath Swaine & Moore LLP | 9.249 | 18 | 5.37% | 3 | 11.480 | 21 | 8.26%
|
| 3 | Simpson Thacher & Bartlett LLP | 6.776 | 18 | 3.94% | 2 | 12.034 | 25 | 8.66%
|
| 4 | Latham & Watkins LLP | 5.447 | 13 | 3.16% | 6 | 5.453 | 13 | 3.92%
|
| 5 | Shearman & Sterling LLP | 5.298 | 11 | 3.08% | 4 | 8.240 | 16 | 5.93%
|
| 6 | Skadden Arps Slate Meagher & Flom LLP | 3.812 | 5 | 2.21% | 13 | 0.725 | 2 | 0.52%
|
| 7 | Davis Polk & Wardwell LLP | 2.684 | 10 | 1.56% | 5 | 6.446 | 12 | 4.64%
|
| 8 | Vinson & Elkins LLP | 2.135 | 6 | 1.24% | 10 | 1.431 | 4 | 1.03%
|
| 9 | Paul Hastings LLP | 1.925 | 5 | 1.12% |
|
| 10 | Baker Botts LLP | 1.675 | 3 | 0.97% | 7 | 2.587 | 8 | 1.86%
|
| Total | 172.149 | 381 | 138.968 | 296 |
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| Underwriter's counsel, U.S. market, second quarter |
|
| | | | | 2012 Comparables |
|
| Underwriter's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Cahill Gordon & Reindel LLP | 17.660 | 33 | 21.34% | 1 | 17.531 | 31 | 36.23%
|
| 2 | Latham & Watkins LLP | 4.197 | 11 | 5.07% | 10 | 0.550 | 2 | 1.14%
|
| 3 | Shearman & Sterling LLP | 3.853 | 7 | 4.66% | 2 | 2.924 | 5 | 6.04%
|
| 4 | Simpson Thacher & Bartlett LLP | 3.762 | 9 | 4.55% | 5 | 2.203 | 5 | 4.55%
|
| 5 | Cravath Swaine & Moore LLP | 2.895 | 8 | 3.50% | 6 | 1.677 | 5 | 3.47%
|
| 6 | Skadden Arps Slate Meagher & Flom LLP | 1.812 | 3 | 2.19% | 8 | 0.725 | 2 | 1.50%
|
| 7 | Paul Hastings LLP | 1.550 | 4 | 1.87% |
|
| 8 | Baker Botts LLP | 1.325 | 2 | 1.60% | 9 | 0.556 | 2 | 1.15%
|
| 9 | Milbank Tweed Hadley & McCloy LLP | 1.216 | 5 | 1.47% | 14 | 0.244 | 2 | 0.50%
|
| 10 | Vinson & Elkins LLP | 0.805 | 3 | 0.97% | 13 | 0.250 | 1 | 0.52%
|
| Total | 82.741 | 191 | 48.386 | 116 |
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| Underwriter's counsel, U.S. market, June |
|
| | | | | 2012 Comparables |
|
| Underwriter's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Shearman & Sterling LLP | 1.237 | 2 | 9.09% | 2 | 1.376 | 3 | 16.06%
|
| 2 | Vinson & Elkins LLP | 0.700 | 2 | 5.14% |
|
| 3 | Cravath Swaine & Moore LLP | 0.625 | 2 | 4.59% |
|
| 4 | Paul Hastings LLP | 0.400 | 1 | 2.94% |
|
| 5 | Cahill Gordon & Reindel LLP | 0.250 | 1 | 1.84% | 1 | 2.253 | 5 | 26.29%
|
| 6 | Latham & Watkins LLP | 0.208 | 1 | 1.53% |
|
| 7 | Davis Polk & Wardwell LLP | 0.032 | 1 | 0.23% |
|
| Total | 13.611 | 34 | 8.571 | 22 |
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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 | 11.201 | 25 | 6.51% | 8 | 2.843 | 7 | 2.05%
|
| 2 | Vinson & Elkins LLP | 5.979 | 11 | 3.47% | 3 | 4.064 | 14 | 2.92%
|
| 3 | Latham & Watkins LLP | 5.062 | 9 | 2.94% | 11 | 1.894 | 5 | 1.36%
|
| 4 | Debevoise & Plimpton LLP | 4.439 | 8 | 2.58% | 2 | 4.305 | 9 | 3.10%
|
| 5 | Davis Polk & Wardwell LLP | 3.280 | 6 | 1.91% | 5 | 3.836 | 6 | 2.76%
|
| 6 | Cravath Swaine & Moore LLP | 2.972 | 5 | 1.73% | 12 | 1.775 | 2 | 1.28%
|
| 7 | Shearman & Sterling LLP | 2.920 | 5 | 1.70% | 6 | 3.165 | 6 | 2.28%
|
| 8 | Dechert LLP | 2.442 | 6 | 1.42% |
|
| 9 | Bracewell & Giuliani LLP | 2.300 | 3 | 1.34% | 10 | 2.102 | 3 | 1.51%
|
| 10 | Cleary Gottlieb Steen & Hamilton LLP | 2.210 | 5 | 1.28% | 22 | 0.676 | 3 | 0.49%
|
| Total | 172.149 | 381 | 138.968 | 296 |
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| Issuer's counsel, U.S. market, second quarter |
|
| | | | | 2012 Comparables |
|
| Issuer's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Simpson Thacher & Bartlett LLP | 6.087 | 16 | 7.36% | 28 | 0.250 | 1 | 0.52%
|
| 2 | Vinson & Elkins LLP | 3.519 | 7 | 4.25% | 7 | 0.970 | 3 | 2.01%
|
| 3 | Latham & Watkins LLP | 3.312 | 7 | 4.00% | 6 | 0.994 | 3 | 2.05%
|
| 4 | McDermott Will & Emery LLP | 1.550 | 2 | 1.87% | 8 | 0.900 | 2 | 1.86%
|
| 5 | Paul Weiss Rifkind Wharton & Garrison LLP | 1.394 | 3 | 1.69% | 19 | 0.375 | 1 | 0.78%
|
| 6 | Akin Gump Strauss Hauer & Feld LLP | 1.328 | 4 | 1.60% | 12 | 0.500 | 1 | 1.03%
|
| 7 | Dechert LLP | 1.300 | 2 | 1.57% |
|
| 8 | Kirkland & Ellis LLP | 1.000 | 1 | 1.21% | 20 | 0.374 | 2 | 0.77%
|
| 9 | Paul Hastings LLP | 0.975 | 2 | 1.18% |
|
| 10 | Debevoise & Plimpton LLP | 0.870 | 2 | 1.05% | 2 | 2.052 | 5 | 4.24%
|
| Total | 82.741 | 191 | 48.386 | 116 |
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| Issuer's counsel, U.S. market, June |
|
| | | | | 2012 Comparables |
|
| Issuer's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Akin Gump Strauss Hauer & Feld LLP | 0.400 | 1 | 2.94% |
|
| 2 | Andrews Kurth LLP | 0.400 | 1 | 2.94% |
|
| 3 | Latham & Watkins LLP | 0.300 | 1 | 2.20% |
|
| 4 | Thompson & Knight LLP | 0.250 | 1 | 1.84% |
|
| 5 | Cleary Gottlieb Steen & Hamilton LLP | 0.250 | 1 | 1.84% |
|
| 6 | Goodmans LLP | 0.250 | 1 | 1.84% |
|
| 7 | Paul Hastings LLP | 0.225 | 1 | 1.65% |
|
| 8 | Baker Botts LLP | 0.208 | 1 | 1.53% |
|
| 9 | Porter Hedges LLP | 0.200 | 1 | 1.47% |
|
| 10 | Simpson Thacher & Bartlett LLP | 0.053 | 1 | 0.39% | 5 | 0.250 | 1 | 2.92%
|
| Total | 13.611 | 34 | 8.571 | 22 |
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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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