Cahill leads year-to-date league tables for counsel to high-yield underwriters

• Sullivan & Cromwell first among issuer's counsel

New York, March 5 - Cahill Gordon & Reindell LLP took first place among counsel to underwriters of high-yield bonds for the year to far, according to data compiled by Prospect News.

The firm, which was number one for 2013 as a whole, gained one notch from its second position finish for January.

Cravath Swaine & Moore LLP, which was first in January, made the opposite move, slipping to second for the year through February.

Third and fourth places were unchanged from the month before, occupied by Shearman & Sterling LLP and Simpson Thacher & Bartlett LLP, respectively. Latham & Watkins LLP was fifth, up from sixth in January.

Sullivan & Cromwell LLP was the leading adviser to issues for the year so far, followed by Wilson Sonsini Goodrich & Rosati. Neither were in the top 10 for January, but the rankings tend to be volatile, especially early in the year, because each firm works on a relatively small number of offerings.

Simpson Thacher was third for the year so far, down from first in January.

Davis Polk & Wardwell LLP, which placed second in January, fell to seventh position.

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	Cahill Gordon & Reindel LLP	9.046	18	24.18%	1	17.865	34	33.28%
2	Cravath Swaine & Moore LLP	8.618	9	23.04%	2	2.950	5	5.50%
3	Shearman & Sterling LLP	1.903	3	5.09%	12	0.300	1	0.56%
4	Simpson Thacher & Bartlett LLP	1.803	5	4.82%	3	2.739	8	5.10%
5	Latham & Watkins LLP	1.335	3	3.57%	4	2.314	7	4.31%
6	Mayer Brown LLP	1.136	2	3.04%	15	0.035	1	0.07%
7	Willkie Farr & Gallagher LLP	0.500	2	1.34%
8	Andrews Kurth LLP	0.450	1	1.20%	10	0.350	1	0.65%
9	Skadden Arps Slate Meagher & Flom LLP	0.400	1	1.07%	5	1.500	1	2.79%
10	Davis Polk & Wardwell LLP	0.375	2	1.00%	7	0.650	2	1.21%
	Total	37.411	76	53.673	120
Underwriter's counsel, U.S. market, February
					2013 Comparables
	Underwriter's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Cahill Gordon & Reindel LLP	4.004	9	26.90%	1	11.068	21	49.90%
2	Cravath Swaine & Moore LLP	3.243	3	21.79%	2	2.200	4	9.92%
3	Mayer Brown LLP	1.136	2	7.63%
4	Simpson Thacher & Bartlett LLP	1.000	2	6.72%
5	Latham & Watkins LLP	0.975	2	6.55%	3	0.614	3	2.77%
6	Willkie Farr & Gallagher LLP	0.500	2	3.36%
7	Skadden Arps Slate Meagher & Flom LLP	0.400	1	2.69%
8	Davis Polk & Wardwell LLP	0.375	2	2.52%
	Total	14.886	33	22.178	51
Issuer's counsel, U.S. market, year to date
					2013 Comparables
	Issuer's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Sullivan & Cromwell LLP	4.013	3	10.73%	17	0.448	1	0.83%
2	Wilson Sonsini Goodrich & Rosati	1.000	2	2.67%
3	Simpson Thacher & Bartlett LLP	0.890	4	2.38%	6	1.900	3	3.54%
4	Latham & Watkins LLP	0.886	1	2.37%	2	2.900	3	5.40%
5	Dechert LLP	0.800	2	2.14%	9	1.142	4	2.13%
6	Hogan Lovells US LLP	0.775	1	2.07%	22	0.250	1	0.47%
7	Davis Polk & Wardwell LLP	0.743	1	1.99%	4	2.300	3	4.29%
8	Vinson & Elkins LLP	0.600	2	1.60%	7	1.582	4	2.95%
9	Winston & Strawn LLP	0.515	2	1.38%	15	0.500	1	0.93%
10	K&L Gates LLP	0.500	2	1.34%
	Total	22.443	42	31.494	69
Issuer's counsel, U.S. market, February
					2013 Comparables
	Issuer's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Sullivan & Cromwell LLP	4.013	3	26.96%	6	0.448	1	2.02%
2	Wilson Sonsini Goodrich & Rosati	1.000	2	6.72%
3	Latham & Watkins LLP	0.886	1	5.95%	5	0.650	1	2.93%
4	Dechert LLP	0.800	2	5.37%
5	Hogan Lovells US LLP	0.775	1	5.21%
6	Winston & Strawn LLP	0.515	2	3.46%
7	K&L Gates LLP	0.500	2	3.36%
8	Gibson Dunn & Crutcher LLP	0.500	1	3.36%
9	Milbank Tweed Hadley & McCloy LLP	0.400	1	2.69%
10	Cravath Swaine & Moore LLP	0.295	1	1.98%	2	2.294	4	10.34%
	Total	14.886	33	22.178	51
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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.