• Cleary Gottlieb places first for emerging markets issuer's counsel
New York, Jan. 4 - Davis Polk & Wardwell LLP was the top counsel to underwriters of emerging markets bonds sold in the United States for 2012, according to data compiled by Prospect News.
The firm finished the year with a 10.8% market share, having advised on $24.66 billion of offerings.
Davis Polk had been number one for eight straight months after taking the leading position in May.
Davis Polk's share was more than three times that of number-two placed Shearman & Sterling LLP. Simpson Thacher & Bartlett LLP was third.
For issuer's counsel, use of an in-house attorney was the most popular source for advice for 2012.
Among external law firms, Cleary Gottlieb Steen & Hamilton LLP ranked first with a 6.87% share, representing $12.05 billion of bond offerings.
Both those positions were unchanged from the previous 10 months.
The tables cover dollar-denominated emerging markets bond deals offered in the United States via a registration with the Securities and Exchange Commission or under Rule 144A. The identity of legal advisers was not available for all deals.
Underwriter's counsel, U.S. market, year to date
| Underwriter's counsel | Amount | No. | Share |
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| 1 | Davis Polk & Wardwell LLP | 24.656 | 31 | 10.77% |
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| 2 | Shearman & Sterling LLP | 7.395 | 12 | 3.23% |
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| 3 | Simpson Thacher & Bartlett LLP | 6.375 | 12 | 2.79% |
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| 4 | Sullivan & Cromwell LLP | 5.442 | 6 | 2.38% |
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| 5 | Clifford Chance LLP | 4.677 | 5 | 2.04% |
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| 6 | Cravath Swaine & Moore LLP | 4.212 | 4 | 1.84% |
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| 7 | Mattos Filho Veiga Filho Marrey Jr. e Quiroga Advogados | 3.626 | 4 | 1.58% |
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| 8 | Cleary Gottlieb Steen & Hamilton LLP | 3.095 | 5 | 1.35% |
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| 9 | Gibson Dunn & Crutcher LLP | 2.365 | 3 | 1.03% |
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| 10 | Linklaters LLP | 2.312 | 3 | 1.01% |
|
| Total | 228.850 | 303 |
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| Issuer's counsel, U.S. market, year to date |
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| Issuer's counsel | Amount | No. | Share |
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| 1 | In house | 15.729 | 23 | 6.87% |
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| 2 | Cleary Gottlieb Steen & Hamilton LLP | 12.052 | 25 | 5.27% |
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| 3 | Arnold & Porter LLP | 5.914 | 9 | 2.58% |
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| 4 | Shearman & Sterling LLP | 4.412 | 8 | 1.93% |
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| 5 | Skadden Arps Slate Meagher & Flom LLP | 3.958 | 7 | 1.73% |
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| 6 | Simpson Thacher & Bartlett LLP | 3.452 | 8 | 1.51% |
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| 7 | Walkers | 2.839 | 5 | 1.24% |
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| 8 | Davis Polk & Wardwell LLP | 1.994 | 2 | 0.87% |
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| 9 | Clifford Chance LLP | 1.881 | 6 | 0.82% |
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| 10 | Latham & Watkins LLP | 1.678 | 2 | 0.73% |
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| Total | 228.850 | 303 |
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| Prospect News Emerging Markets 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.
• Offerings are included in the time period in which they price (or settle if pricing date not available).
• 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.
• Each tranche is counted as a separate deal.
• Units made up of a bond and a warrant are included; other units are excluded.
• Best efforts and non-underwritten deals are excluded.
• Emerging markets are all countries except: United States, Canada, United Kingdom, Germany, France, Italy, Japan, Australia, New Zealand, Netherlands, Ireland, Sweden, Norway, Denmark, Spain, Portugal, Switzerland, Luxembourg, Austria, Belgium, Finland, Iceland and Greece.
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