• Davis Polk ranks first among issuer's counsel
New York, Feb. 5 - Cravath Swaine & Moore LLP started the year on top of the league tables for counsel to underwriters of high-yield bonds, placing first for January, according to data compiled by Prospect News.
Cravath had placed fourth for 2013 as a whole.
Cahill Gordon & Reindel LLP, the leader for all of 2013, was second in the tables, followed by Shearman & Sterling LLP in third place and Simpson Thacher & Bartlett LLP in fourth.
Davis Polk & Wardwell LLP was number one among counsel to issuers in January, followed by Simpson Thacher, Paul Weiss Rifkind Wharton & Garrison LLP, Akin Gump Straus Hauer & Feld LLP and Baker Botts LLP.
Simpson Thacher was first for all of 2013.
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
2013 Comparables
| Underwriter's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Cravath Swaine & Moore LLP | 5.375 | 6 | 23.95% | 5 | 0.750 | 1 | 2.38%
|
| 2 | Cahill Gordon & Reindel LLP | 4.066 | 7 | 18.12% | 1 | 6.796 | 13 | 21.58%
|
| 3 | Shearman & Sterling LLP | 1.903 | 3 | 8.48% |
|
| 4 | Simpson Thacher & Bartlett LLP | 0.796 | 3 | 3.55% | 2 | 2.739 | 8 | 8.70%
|
| 5 | Andrews Kurth LLP | 0.450 | 1 | 2.01% |
|
| 6 | Latham & Watkins LLP | 0.360 | 1 | 1.60% | 3 | 1.700 | 4 | 5.40%
|
| 7 | Fried Frank Harris Shriver & Jacobson LLP | 0.154 | 1 | 0.69% | 10 | 0.172 | 2 | 0.55%
|
| Total | 22.443 | 42 | 31.494 | 69 |
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| Issuer's counsel, U.S. market, year to date |
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| | | | | 2013 Comparables |
|
| Issuer's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Davis Polk & Wardwell LLP | 0.743 | 1 | 3.31% |
|
| 2 | Simpson Thacher & Bartlett LLP | 0.569 | 3 | 2.53% |
|
| 3 | Paul Weiss Rifkind Wharton & Garrison LLP | 0.500 | 1 | 2.23% |
|
| 4 | Akin Gump Straus Hauer & Feld LLP | 0.450 | 1 | 2.01% |
|
| 5 | Baker Botts LLP | 0.360 | 1 | 1.60% |
|
| 6 | Skadden Arps Slate Meagher & Flom LLP | 0.300 | 1 | 1.34% | 22 | 0.055 | 1 | 0.17%
|
| 7 | Holland and Hart LLP | 0.227 | 1 | 1.01% |
|
| 7 | Squire Sanders (US) LLP | 0.227 | 1 | 1.01% |
|
| 9 | Fried Frank Harris Shriver & Jacobson LLP | 0.175 | 1 | 0.78% |
|
| 9 | O'Melveny & Myers LLP | 0.175 | 1 | 0.78% |
|
| Total | 22.443 | 42 | 31.494 | 69 |
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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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