Cahill is number one high-yield underwriter's counsel for January; Shearman first for issuers

New York, Feb. 5 - Cahill Gordon & Reindel LLP continued its lead of the counsel league tables into the New Year, ranking first among counsel to underwriters of high-yield bonds for January, according to data compiled by Prospect News.

Cahill had placed first for 2012 as a whole and led the year-to-date rankings for every month of 2012.

For the just-completed month, Cahill advised on 13 deals totaling $6.80 billion, or 21.5% of the market.

Simpson Thacher & Bartlett LLP was second with a 7.4% share, or $2.34 billion in seven deals.

For issuers, the leading advisor was Shearman & Sterling LLP. Debevoise & Plimpton LLP placed second, as it had for 2012 as a whole. Simpson Thacher took the top spot among issuer's counsel for 2012.

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. The identity of legal advisers was not available for all deals, particularly those from emerging markets issuers.

Underwriter's counsel, U.S. market, all issuers, year to date

2012 Comparables

	Underwriter's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Cahill Gordon & Reindel LLP	6.796	13	21.51%	1	5.556	11	26.01%
2	Simpson Thacher & Bartlett LLP	2.339	7	7.40%	5	2.225	5	10.41%
3	Skadden Arps Slate Meagher & Flom LLP	1.500	1	4.75%
4	Latham & Watkins LLP	1.250	2	3.96%	8	0.528	2	2.47%
5	Davis Polk & Wardwell LLP	0.650	2	2.06%	4	2.340	4	10.95%
6	Vinson & Elkins LLP	0.630	1	1.99%
7	Weil Gotshal & Manges LLP	0.500	1	1.58%
8	Baker Botts LLP	0.350	1	1.11%	6	1.398	3	6.54%
9	Fried Frank Harris Shriver & Jacobson LLP	0.172	2	0.55%
10	Sidley Austin LLP	0.110	1	0.35%
	Total	31.594	70	21.363	45
Issuer's counsel, U.S. market, all issuers, year to date
					2012 Comparables
	Issuer's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Shearman & Sterling LLP	2.520	4	7.98%	4	1.186	4	5.55%
2	Debevoise & Plimpton LLP	2.225	2	7.04%
3	Latham & Watkins LLP	1.500	1	4.75%
4	Baker & Hostetler LLP	1.200	1	3.80%
5	Dechert LLP	1.142	4	3.62%
6	Vinson & Elkins LLP	1.000	1	3.17%	7	0.648	2	3.03%
7	Ledgewood PC	0.925	2	2.93%
8	Gibson Dunn & Crutcher LLP	0.700	2	2.22%
9	Thompson & Knight LLP	0.630	1	1.99%
10	Winston & Strawn LLP	0.500	1	1.58%
	Total	31.594	70	21.363	45
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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