Cahill extends run as number one counsel to high-yield underwriters

• Simpson Thacher continues as top counsel for issuers

New York, Aug. 5 - Cahill Gordon & Reindel LLP remained the leading counsel to underwriters of high-yield bonds, according to data compiled by Prospect News.

Cahill has led the year-to-date rankings for every month of this year as well as for 2012 and all the monthly year-to-date tables during 2012.

For the year so far, the firm has worked on $49.74 billion of deals, or 26.2% of the market.

The second and third places in the league table were also unchanged from June, and also from May, with Cravath Swaine & Moore LLP at number two and Simpson Thacher & Bartlett LLP third.

However Shearman & Sterling gained a position to fourth, up from fifth for the year through June and seventh for the year through May.

Latham & Watkins LLP slipped one notch to fifth.

Among issuers' advisers, Simpson Thacher was again first, as in June and May.

Vinson & Elkins LLP was once more second while Latham & Watkins continued in third place.

Davis Polk & Wardwell LLP and Debevoise & Plimpton LLP exchanged places, Davis Polk rising to fourth and Debevoise easing to fifth.

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, year to date

2012 Comparables

	Underwriter's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Cahill Gordon & Reindel LLP	49.742	91	26.17%	1	50.276	84	31.40%
2	Cravath Swaine & Moore LLP	10.806	21	5.69%	3	13.111	25	8.19%
3	Simpson Thacher & Bartlett LLP	8.567	21	4.51%	2	14.979	29	9.36%
4	Shearman & Sterling LLP	7.650	16	4.02%	4	8.240	16	5.15%
5	Latham & Watkins LLP	7.294	17	3.84%	6	5.995	15	3.74%
6	Skadden Arps Slate Meagher & Flom LLP	4.062	6	2.14%	12	0.830	3	0.52%
7	Davis Polk & Wardwell LLP	3.084	11	1.62%	5	7.841	14	4.90%
8	Vinson & Elkins LLP	2.135	6	1.12%	10	1.431	4	0.89%
9	Paul Hastings LLP	1.925	5	1.01%
10	Baker Botts LLP	1.675	3	0.88%	8	2.587	8	1.62%
	Total	190.079	437	160.100	344
Underwriter's counsel, U.S. market, July
					2012 Comparables
	Underwriter's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Cahill Gordon & Reindel LLP	4.368	8	22.77%	1	7.080	10	33.50%
2	Latham & Watkins LLP	1.848	4	9.63%	6	0.542	2	2.57%
3	Simpson Thacher & Bartlett LLP	1.791	3	9.34%	2	2.945	4	13.94%
4	Shearman & Sterling LLP	1.200	3	6.26%
5	Davis Polk & Wardwell LLP	0.400	1	2.09%	4	1.395	2	6.60%
6	Skadden Arps Slate Meagher & Flom LLP	0.250	1	1.30%	9	0.105	1	0.50%
7	Cravath Swaine & Moore LLP	0.247	1	1.29%	3	1.631	4	7.72%
8	Jones Day	0.055	1	0.29%	7	0.350	1	1.66%
9	Mayer Brown LLP	0.040	1	0.21%
10	Sidley Austin LLP	0.030	1	0.16%
	Total	19.179	55	21.131	48
Issuer's counsel, U.S. market, year to date
					2012 Comparables
	Issuer's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Simpson Thacher & Bartlett LLP	12.551	27	6.60%	8	3.289	8	2.05%
2	Vinson & Elkins LLP	5.979	11	3.15%	4	4.606	16	2.88%
3	Latham & Watkins LLP	5.062	9	2.66%	11	1.894	5	1.18%
4	Davis Polk & Wardwell LLP	4.988	9	2.62%	6	3.836	6	2.40%
5	Debevoise & Plimpton LLP	4.439	8	2.34%	3	4.627	10	2.89%
6	Cravath Swaine & Moore LLP	2.998	6	1.58%	12	1.775	2	1.11%
7	Shearman & Sterling LLP	2.920	5	1.54%	5	4.567	9	2.85%
8	Dechert LLP	2.472	7	1.30%
9	Bracewell & Giuliani LLP	2.300	3	1.21%	10	2.102	3	1.31%
10	Kirkland & Ellis LLP	2.254	4	1.19%	7	3.602	8	2.25%
	Total	190.079	437	160.100	344
Issuer's counsel, U.S. market, July
					2012 Comparables
	Issuer's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Davis Polk & Wardwell LLP	1.375	2	7.17%
2	Simpson Thacher & Bartlett LLP	1.350	2	7.04%	10	0.446	1	2.11%
3	Paul Hastings LLP	0.900	2	4.69%
4	Morrison & Foerster LLP	0.850	1	4.43%
5	Paul Weiss Rifkind Wharton & Garrison LLP	0.750	2	3.91%	15	0.226	1	1.07%
6	Sullivan & Cromwell LLP	0.743	1	3.87%	1	3.000	2	14.20%
7	Kirkland & Ellis LLP	0.450	1	2.35%	3	1.200	1	5.68%
8	Skadden Arps Slate Meagher & Flom LLP	0.400	1	2.09%
9	Gibson Dunn & Crutcher LLP	0.400	1	2.09%
10	Baker Botts LLP	0.225	1	1.17%
	Total	19.179	55	21.131	48
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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