Cahill keeps No. 1 spot among counsel to high-yield underwriters for year to date

• Sullivan & Cromwell is first among issuer's counsel

New York, May 5 - Cahill Gordon & Reindell LLP placed first among legal advisers to underwriters of high-yield bonds for the year through the end of April, according to data compiled by Prospect News.

The firm has now topped the league tables for three months straight. While it placed second for the year through February, it was first for January and for 2013 as a whole.

Cravath Swaine & Moore LLP was second for the first four months of the year, as it was for the January to March quarter.

In third position was Simpson Thacher & Bartlett LLP, also unchanged from the first quarter.

Latham & Watkins LLP gained one notch to fourth place, while Shearman & Sterling moved down one level to fifth.

Sullivan & Cromwell LLP was once more the leading adviser to issues for the year so far, and Simpson Thacher remained in second place. Latham & Watkins was again 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	21.463	39	19.82%	1	35.201	61	31.84%
2	Cravath Swaine & Moore LLP	15.029	18	13.88%	2	7.454	13	6.74%
3	Simpson Thacher & Bartlett LLP	5.978	13	5.52%	4	3.764	11	3.40%
4	Latham & Watkins LLP	3.770	9	3.48%	3	5.085	14	4.60%
5	Shearman & Sterling LLP	2.965	6	2.74%	6	2.263	7	2.05%
6	Vinson & Elkins LLP	2.554	4	2.36%	8	1.435	4	1.30%
7	Baker Botts LLP	2.550	3	2.35%	16	0.350	1	0.32%
8	Skadden Arps Slate Meagher & Flom LLP	2.296	4	2.12%	5	3.513	4	3.18%
9	Davis Polk & Wardwell LLP	1.607	5	1.48%	7	2.131	7	1.93%
10	Mayer Brown LLP	1.480	3	1.37%	13	0.380	2	0.34%
	Total	108.305	207	110.546	243
Underwriter's counsel, U.S. market, April
					2013 Comparables
	Underwriter's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Cahill Gordon & Reindel LLP	4.019	7	10.11%	1	8.012	13	35.84%
2	Cravath Swaine & Moore LLP	3.650	3	9.19%	4	1.100	3	4.92%
3	Simpson Thacher & Bartlett LLP	2.500	4	6.29%	5	0.750	2	3.35%
4	Latham & Watkins LLP	1.735	4	4.37%	2	2.121	5	9.49%
5	Vinson & Elkins LLP	1.600	1	4.03%	9	0.105	1	0.47%
6	Skadden Arps Slate Meagher & Flom LLP	1.146	2	2.88%	3	1.512	2	6.77%
7	Baker Botts LLP	0.900	1	2.26%
8	Shearman & Sterling LLP	0.648	2	1.63%	6	0.661	2	2.96%
9	Milbank Tweed Hadley & McCloy LLP	0.500	1	1.26%	7	0.200	1	0.89%
10	Paul Hastings LLP	0.300	1	0.75%
	Total	39.738	63	22.356	53
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	5.37%	27	0.448	1	0.41%
2	Simpson Thacher & Bartlett LLP	5.165	14	4.77%	2	6.270	13	5.67%
3	Latham & Watkins LLP	3.961	5	3.66%	1	6.982	11	6.32%
4	Vinson & Elkins LLP	3.763	8	3.47%	4	4.431	11	4.01%
5	Bracewell & Giuliani LLP	3.000	2	2.77%	9	2.300	3	2.08%
6	In house	2.025	4	1.87%	17	0.863	3	0.78%
7	Baker Botts LLP	2.010	4	1.86%
8	Cravath Swaine & Moore LLP	1.841	3	1.70%	8	2.320	5	2.10%
9	Gibson Dunn & Crutcher LLP	1.753	4	1.62%	20	0.700	2	0.63%
10	Davis Polk & Wardwell LLP	1.493	2	1.38%	6	3.025	5	2.74%
	Total	108.305	207	110.546	243
Issuer's counsel, U.S. market, April
					2013 Comparables
	Issuer's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Bracewell & Giuliani LLP	3.000	2	7.55%
2	Vinson & Elkins LLP	1.919	4	4.83%	3	1.390	4	6.22%
3	Latham & Watkins LLP	1.600	1	4.03%	1	3.832	7	17.14%
4	Cravath Swaine & Moore LLP	1.546	2	3.89%
5	Baker & Hostetler LLP	1.250	1	3.15%
6	Baker Botts LLP	1.150	2	2.89%
7	Haynes and Boone LLP	0.500	1	1.26%
8	King & Spalding LLP	0.325	1	0.82%
9	Bryan Cave LLP	0.300	1	0.75%
10	Goodwin Procter LLP	0.300	1	0.75%
	Total	39.738	63	22.356	53
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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