Cahill remains top counsel to high-yield underwriters for year to date

• Simpson Thacher rises to first among issuer's counsel

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

The firm has now been on top of the year-to-date league tables for four straight months. While it placed second for the year through February, it was first for January and for 2013 as a whole.

Cravath Swaine & Moore LLP continued in second place, as it had been for the year through April and the first quarter.

Simpson Thacher & Bartlett LLP took third position, also unchanged from the previous month.

Rounding out the top five were Shearman & Sterling LLP and Skadden Arps Slate Meagher & Flom LLP.

Among advisers to issuers, Simpson Thacher rose to first place from second for the year through April.

Latham & Watkins LLP also added a place, moving up to second.

Sullivan & Cromwell LLP slipped two notches to third after being first for the year through April.

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	27.193	50	18.71%	1	44.599	80	28.59%
2	Cravath Swaine & Moore LLP	20.212	25	13.91%	3	8.624	16	5.53%
3	Simpson Thacher & Bartlett LLP	7.278	16	5.01%	4	6.776	18	4.34%
4	Shearman & Sterling LLP	5.971	8	4.11%	5	4.338	11	2.78%
5	Skadden Arps Slate Meagher & Flom LLP	5.203	7	3.58%	6	3.812	5	2.44%
6	Vinson & Elkins LLP	4.676	9	3.22%	8	1.681	5	1.08%
7	Paul Hastings LLP	4.541	8	3.12%	10	1.525	4	0.98%
8	Latham & Watkins LLP	4.033	10	2.78%	2	11.947	32	7.66%
9	Baker Botts LLP	3.306	5	2.28%	9	1.675	3	1.07%
10	Davis Polk & Wardwell LLP	2.151	7	1.48%	7	2.652	9	1.70%
	Total	145.304	273	155.970	344
Underwriter's counsel, U.S. market, May
					2013 Comparables
	Underwriter's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Cahill Gordon & Reindel LLP	5.381	10	14.54%	1	9.398	19	20.35%
2	Cravath Swaine & Moore LLP	4.133	5	11.17%	6	1.170	3	2.53%
3	Paul Hastings LLP	3.341	5	9.03%	7	1.150	3	2.49%
4	Shearman & Sterling LLP	3.005	2	8.12%	4	2.075	4	4.49%
5	Skadden Arps Slate Meagher & Flom LLP	2.908	3	7.86%	12	0.300	1	0.65%
6	Vinson & Elkins LLP	2.122	5	5.74%	13	0.246	1	0.53%
7	Simpson Thacher & Bartlett LLP	1.300	3	3.51%	3	3.012	7	6.52%
8	Baker Botts LLP	0.756	2	2.04%	5	1.325	2	2.87%
9	Davis Polk & Wardwell LLP	0.544	2	1.47%	9	0.521	2	1.13%
10	Andrews Kurth LLP	0.350	1	0.95%	11	0.400	1	0.87%
	Total	37.000	66	46.174	102
Issuer's counsel, U.S. market, year to date
					2013 Comparables
	Issuer's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Simpson Thacher & Bartlett LLP	7.829	18	5.39%	1	11.148	24	7.15%
2	Latham & Watkins LLP	6.165	9	4.24%	2	8.974	16	5.75%
3	Sullivan & Cromwell LLP	5.816	6	4.00%	32	0.448	1	0.29%
4	Vinson & Elkins LLP	4.763	10	3.28%	3	8.074	18	5.18%
5	Cravath Swaine & Moore LLP	4.441	6	3.06%	7	2.998	6	1.92%
6	Davis Polk & Wardwell LLP	3.010	4	2.07%	6	3.280	6	2.10%
7	Bracewell & Giuliani LLP	3.000	2	2.06%	9	2.300	3	1.47%
8	In house	2.025	4	1.39%	13	1.423	5	0.91%
9	Baker Botts LLP	2.010	4	1.38%
10	Andrews Kurth LLP	1.851	4	1.27%	40	0.350	1	0.22%
	Total	145.304	273	155.970	344
Issuer's counsel, U.S. market, May
					2013 Comparables
	Issuer's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Cravath Swaine & Moore LLP	2.600	3	7.03%	6	0.678	1	1.47%
2	Latham & Watkins LLP	2.204	4	5.96%	3	1.992	5	4.31%
3	Simpson Thacher & Bartlett LLP	1.900	2	5.14%	1	4.878	11	10.56%
4	Andrews Kurth LLP	1.551	3	4.19%
5	Davis Polk & Wardwell LLP	1.517	2	4.10%	17	0.255	1	0.55%
6	Akin Gump Strauss Hauer & Feld LLP	1.213	3	3.28%	7	0.632	2	1.37%
7	Vinson & Elkins LLP	1.000	2	2.70%	2	3.642	7	7.89%
8	Wachtell Lipton Rosen & Katz	0.800	2	2.16%
9	CMS Cameron McKenna LLP	0.744	1	2.01%
9	Linklaters LLP	0.744	1	2.01%
	Total	37.000	66	46.174	102
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.