Cahill is number one counsel to high-yield underwriters for 2013

• Simpson Thacher first among issuer's counsel for year

New York, Jan. 6 - Cahill Gordon & Reindel LLP was the leading counsel to underwriters of high-yield bonds for 2013, according to data compiled by Prospect News.

The firm's position at the top of the league tables confirmed its dominance - it had taken the number one position in the year-to-date rankings for every month of 2013 as well as for 2012 as a whole.

For 2013, Cahill advised on $89.95 billion of new junk bonds in 159 deals, for a 27.68% share of the market.

Shearman & Sterling LLP took second place, up a notch from its November position, while Latham & Watkins LLP slipped to third from second in November. However the two law firms were separated by just $0.38 billion of deals, or a 0.12% market share.

Cravath Swaine & Moore LLP and Simpson Thacher & Bartlett LLP were fourth and fifth, respectively, both unchanged from the month before.

For issuer's counsel, Simpson Thacher took first place for 2013. It had led the year-to-date tables for every month since May and was also number one for 2012.

Vinson & Elkins LLP was second, Latham & Watkins third, Davis Polk & Wardwell LLP fourth and Debevoise & Plimpton LLP fifth. All were unchanged from the November tables.

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	89.952	159	27.68%	1	95.562	167	29.22%
2	Shearman & Sterling LLP	19.942	30	6.14%	4	21.888	37	6.69%
3	Latham & Watkins LLP	19.565	49	6.02%	6	10.891	25	3.33%
4	Cravath Swaine & Moore LLP	18.217	38	5.61%	2	28.125	54	8.60%
5	Simpson Thacher & Bartlett LLP	11.467	28	3.53%	3	23.391	48	7.15%
6	Vinson & Elkins LLP	6.992	17	2.15%	9	5.173	14	1.58%
7	Skadden Arps Slate Meagher & Flom LLP	4.687	9	1.44%	11	2.131	8	0.65%
8	Davis Polk & Wardwell LLP	4.600	17	1.42%	5	11.683	22	3.57%
9	Baker Botts LLP	4.328	10	1.33%	7	5.864	15	1.79%
10	Paul Hastings LLP	2.968	9	0.91%	13	1.348	4	0.41%
	Total	324.972	696	327.055	691
Underwriter's counsel, U.S. market, fourth quarter
					2012 Comparables
	Underwriter's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Cahill Gordon & Reindel LLP	20.129	39	27.08%	1	23.092	44	24.80%
2	Cravath Swaine & Moore LLP	4.900	10	6.59%	3	5.220	14	5.61%
3	Shearman & Sterling LLP	3.643	5	4.90%	2	7.785	12	8.36%
4	Latham & Watkins LLP	2.550	5	3.43%	8	1.418	5	1.52%
5	Linklaters LLP	2.000	1	2.69%
6	Baker Botts LLP	1.447	4	1.95%	5	3.070	6	3.30%
7	Vinson & Elkins LLP	1.307	4	1.76%	7	1.892	6	2.03%
8	Davis Polk & Wardwell LLP	1.125	4	1.51%	9	1.139	4	1.22%
9	Fried Frank Harris Shriver & Jacobson LLP	1.122	3	1.51%
10	Pillsbury Winthrop Shaw Pittman LLP	1.050	2	1.41%
	Total	74.346	154	93.131	208
Underwriter's counsel, U.S. market, December
					2012 Comparables
	Underwriter's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Cahill Gordon & Reindel LLP	3.869	10	17.26%	1	6.790	12	25.33%
2	Shearman & Sterling LLP	2.332	2	10.40%	3	1.314	4	4.90%
3	Vinson & Elkins LLP	1.204	3	5.37%	11	0.248	1	0.93%
4	Cravath Swaine & Moore LLP	1.100	2	4.91%	4	1.200	3	4.48%
5	Davis Polk & Wardwell LLP	0.769	2	3.43%	8	0.375	1	1.40%
6	Clifford Chance US LLP	0.300	1	1.34%
7	Simpson Thacher & Bartlett LLP	0.260	1	1.16%	7	0.400	1	1.49%
	Total	22.412	45	26.804	63
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	19.575	43	6.02%	1	19.074	39	5.83%
2	Vinson & Elkins LLP	12.968	29	3.99%	3	9.504	30	2.91%
3	Latham & Watkins LLP	12.430	24	3.82%	5	8.865	14	2.71%
4	Davis Polk & Wardwell LLP	7.888	13	2.43%	8	6.255	10	1.91%
5	Debevoise & Plimpton LLP	6.947	13	2.14%	2	12.990	20	3.97%
6	Perkins Coie LLP	5.988	6	1.84%	51	0.450	1	0.14%
7	Cravath Swaine & Moore LLP	4.198	10	1.29%	10	4.753	7	1.45%
8	Shearman & Sterling LLP	3.820	7	1.18%	9	5.577	11	1.71%
9	Sullivan & Cromwell LLP	3.621	7	1.11%	6	8.700	9	2.66%
10	Gibson Dunn & Crutcher LLP	3.400	6	1.05%	14	2.637	8	0.81%
	Total	324.972	696	327.055	691
Issuer's counsel, U.S. market, fourth quarter
					2012 Comparables
	Issuer's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Perkins Coie LLP	5.638	5	7.58%
2	Simpson Thacher & Bartlett LLP	4.710	10	6.34%	1	9.438	17	10.13%
3	Debevoise & Plimpton LLP	2.508	5	3.37%	3	3.926	7	4.22%
4	Vinson & Elkins LLP	2.447	5	3.29%	4	2.748	10	2.95%
5	Davis Polk & Wardwell LLP	2.157	3	2.90%	8	1.802	3	1.94%
6	Sullivan & Cromwell LLP	2.031	4	2.73%	14	1.000	2	1.07%
7	Gibson Dunn & Crutcher LLP	2.000	2	2.69%	18	0.673	2	0.72%
8	In house	1.124	5	1.51%	19	0.500	1	0.54%
9	Latham & Watkins LLP	1.050	2	1.41%	2	4.557	5	4.89%
10	Clifford Chance LLP	1.000	1	1.35%	28	0.300	1	0.32%
	Total	74.346	154	93.131	208
Issuer's counsel, U.S. market, December
					2012 Comparables
	Issuer's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Simpson Thacher & Bartlett LLP	1.835	4	8.19%	1	2.084	5	7.77%
2	Davis Polk & Wardwell LLP	1.657	2	7.39%
3	Debevoise & Plimpton LLP	0.846	2	3.77%
4	Shearman & Sterling LLP	0.700	1	3.12%	9	0.460	1	1.72%
5	Dundas & Wilson CS LLP	0.661	1	2.95%
5	Linklaters LLP	0.661	1	2.95%
7	Milbank Tweed Hadley & McCloy LLP	0.500	1	2.23%	2	1.447	2	5.40%
8	Haynes and Boone LLP	0.450	1	2.01%
9	Mayer Brown LLP	0.411	1	1.83%
10	Conyers Dill & Pearman Ltd.	0.350	2	1.56%
	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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