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

• Sullivan & Cromwell leads among issuer's counsel

New York, April 4 - Cahill Gordon & Reindell LLP was the leading legal adviser to underwriters of high-yield bonds for the first quarter, according to data compiled by Prospect News.

The firm has generally dominated the league tables, placing first for 2013 as a whole. It was also first for the year through January, although it finished second in January. It also took the number one spot for the month of March.

Cravath Swaine & Moore LLP was second for the period, unchanged from its position in February.

Simpson Thacher & Bartlett LLP moved up one place from February to third while Shearman & Sterling LLP slipped a notch to fourth. Latham & Watkins LLP held steady in fifth place.

Compared to the first quarter of 2013, the top three firms are unchanged, but Shearman & Sterling rose from seventh place while Latham & Watkins, number four for the same period a year ago, eased one position.

Sullivan & Cromwell LLP remained the leading adviser to issues for the year so far while Simpson Thacher moved up to second from third for the year through February. Latham & Watkins 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.

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	16.844	31	24.60%	1	27.189	48	30.83%
2	Cravath Swaine & Moore LLP	11.379	15	16.62%	2	6.354	10	7.20%
3	Simpson Thacher & Bartlett LLP	2.528	7	3.69%	3	3.014	9	3.42%
4	Shearman & Sterling LLP	2.317	4	3.38%	7	1.602	5	1.82%
5	Latham & Watkins LLP	2.035	5	2.97%	4	2.964	9	3.36%
6	Baker Botts LLP	1.650	2	2.41%	16	0.350	1	0.40%
7	Davis Polk & Wardwell LLP	1.607	5	2.35%	5	2.075	6	2.35%
8	Skadden Arps Slate Meagher & Flom LLP	1.150	2	1.68%	6	2.000	2	2.27%
9	Mayer Brown LLP	1.136	2	1.66%	13	0.380	2	0.43%
10	Vinson & Elkins LLP	0.955	3	1.39%	8	1.330	3	1.51%
	Total	68.467	144	88.190	190
Underwriter's counsel, U.S. market, March
					2013 Comparables
	Underwriter's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Cahill Gordon & Reindel LLP	7.374	12	23.74%	1	9.324	14	27.01%
2	Cravath Swaine & Moore LLP	2.411	5	7.76%	2	3.404	5	9.86%
3	Baker Botts LLP	1.650	2	5.31%
4	Davis Polk & Wardwell LLP	1.232	3	3.97%	3	1.425	4	4.13%
5	Vinson & Elkins LLP	0.955	3	3.07%	9	0.450	1	1.30%
6	Paul Hastings LLP	0.900	2	2.90%
7	Skadden Arps Slate Meagher & Flom LLP	0.750	1	2.41%	8	0.500	1	1.45%
8	Simpson Thacher & Bartlett LLP	0.725	2	2.33%	12	0.275	1	0.80%
9	Latham & Watkins LLP	0.700	2	2.25%	7	0.650	2	1.88%
10	Sullivan & Cromwell LLP	0.500	1	1.61%	10	0.450	1	1.30%
	Total	31.056	68	34.517	70
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	5.816	6	8.49%	24	0.448	1	0.51%
2	Simpson Thacher & Bartlett LLP	4.189	11	6.12%	1	5.114	9	5.80%
3	Latham & Watkins LLP	2.361	4	3.45%	4	3.150	4	3.57%
4	In house	2.025	4	2.96%	14	0.863	3	0.98%
5	Gibson Dunn & Crutcher LLP	1.753	4	2.56%	16	0.700	2	0.79%
6	Vinson & Elkins LLP	1.500	3	2.19%	5	3.041	7	3.45%
7	Davis Polk & Wardwell LLP	1.493	2	2.18%	7	2.525	4	2.86%
8	Wilson Sonsini Goodrich & Rosati	1.000	2	1.46%
9	Debevoise & Plimpton LLP	0.935	2	1.37%	3	3.570	6	4.05%
10	Dechert LLP	0.912	3	1.33%	11	1.142	4	1.30%
	Total	68.467	144	88.190	190
Issuer's counsel, U.S. market, March
					2013 Comparables
	Issuer's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Simpson Thacher & Bartlett LLP	2.849	6	9.17%	2	3.214	6	9.31%
2	In house	1.950	3	6.28%	6	0.863	3	2.50%
3	Sullivan & Cromwell LLP	1.803	3	5.80%
4	Latham & Watkins LLP	1.475	3	4.75%	14	0.250	1	0.72%
5	Gibson Dunn & Crutcher LLP	1.253	3	4.03%
6	Debevoise & Plimpton LLP	0.935	2	3.01%	5	0.957	3	2.77%
7	Vinson & Elkins LLP	0.900	1	2.90%	4	1.460	3	4.23%
8	Davis Polk & Wardwell LLP	0.750	1	2.41%	16	0.225	1	0.65%
9	Jones Walker LLP	0.500	1	1.61%	8	0.500	1	1.45%
10	Baker Botts LLP	0.500	1	1.61%
	Total	31.056	68	34.517	70
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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