New York, Aug. 5 - Davis Polk & Wardwell LLP continued as the top underwriters' counsel for investment-grade bonds for the year so far, according to data compiled by Prospect News.
In the seven months through July, the firm has advised on $68.23 billion of deals, or 11.3% of the market.
Davis Polk took the number one position in June, pushing Simpson Thacher & Bartlett LLP into second place, a position it continued to hold in July.
Use of an in-house attorney continued to be the most popular route for issuer's counsel.
Among outside legal advisers, Sullivan & Cromwell LLP was first, as it was in the first half of the year, followed by Davis Polk.
The tables cover investment-grade 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
2012 Comparables
| Underwriter's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Davis Polk & Wardwell LLP | 68.225 | 106 | 11.26% | 1 | 69.863 | 98 | 12.77%
|
| 2 | Simpson Thacher & Bartlett LLP | 63.611 | 70 | 10.50% | 3 | 46.848 | 54 | 8.56%
|
| 3 | Cleary Gottlieb Steen & Hamilton LLP | 46.604 | 49 | 7.69% | 6 | 29.688 | 33 | 5.42%
|
| 4 | Sullivan & Cromwell LLP | 44.984 | 24 | 7.43% | 2 | 52.766 | 51 | 9.64%
|
| 5 | Sidley Austin LLP | 39.640 | 64 | 6.54% | 4 | 39.554 | 60 | 7.23%
|
| 6 | Cravath Swaine & Moore LLP | 27.992 | 27 | 4.62% | 7 | 17.277 | 19 | 3.16%
|
| 7 | Shearman & Sterling LLP | 18.211 | 31 | 3.01% | 5 | 31.124 | 42 | 5.69%
|
| 8 | O'Melveny & Myers LLP | 13.045 | 29 | 2.15% | 8 | 12.866 | 21 | 2.35%
|
| 9 | Cahill Gordon & Reindel LLP | 12.305 | 18 | 2.03% | 9 | 11.849 | 16 | 2.17%
|
| 10 | Hengeler Mueller Partnerschaft von Rechtsanwälten | 8.485 | 7 | 1.40% | 12 | 9.353 | 6 | 1.71%
|
| Total | 605.650 | 797 | 547.258 | 704 |
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| Underwriter's counsel, U.S. market, July |
|
| | | | | 2012 Comparables |
|
| Underwriter's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Simpson Thacher & Bartlett LLP | 9.753 | 11 | 12.52% | 1 | 11.794 | 15 | 18.15%
|
| 2 | Davis Polk & Wardwell LLP | 7.199 | 11 | 9.24% | 4 | 4.677 | 8 | 7.20%
|
| 3 | Sullivan & Cromwell LLP | 6.330 | 4 | 8.13% | 5 | 4.359 | 4 | 6.71%
|
| 4 | Cleary Gottlieb Steen & Hamilton LLP | 6.049 | 7 | 7.76% | 8 | 1.774 | 2 | 2.73%
|
| 5 | Morrison & Foerster LLP | 3.997 | 3 | 5.13% |
|
| 6 | Sidley Austin LLP | 3.696 | 8 | 4.74% | 7 | 2.646 | 4 | 4.07%
|
| 7 | Shearman & Sterling LLP | 3.396 | 5 | 4.36% | 3 | 5.905 | 9 | 9.09%
|
| 8 | Hengeler Mueller Partnerschaft von Rechtsanwälten | 2.998 | 2 | 3.85% |
|
| 9 | O'Melveny & Myers LLP | 2.796 | 6 | 3.59% | 6 | 2.999 | 4 | 4.62%
|
| 10 | Andrews Kurth LLP | 1.732 | 3 | 2.22% |
|
| Total | 77.900 | 98 | 64.963 | 94 |
|
|
|
| Issuer's counsel, U.S. market, year to date |
|
| | | | | 2012 Comparables |
|
| Issuer's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | In house | 111.706 | 199 | 18.44% | 1 | 126.511 | 208 | 23.12%
|
| 2 | Sullivan & Cromwell LLP | 37.087 | 51 | 6.12% | 2 | 39.292 | 45 | 7.18%
|
| 3 | Davis Polk & Wardwell LLP | 28.311 | 33 | 4.67% | 3 | 17.962 | 35 | 3.28%
|
| 4 | Simpson Thacher & Bartlett LLP | 23.305 | 28 | 3.85% | 14 | 5.983 | 4 | 1.09%
|
| 5 | Hogan Lovells US LLP | 20.870 | 17 | 3.45% | 5 | 10.659 | 12 | 1.95%
|
| 6 | Cravath Swaine & Moore LLP | 14.802 | 11 | 2.44% | 11 | 7.262 | 11 | 1.33%
|
| 7 | Skadden Arps Slate Meagher & Flom LLP | 14.489 | 24 | 2.39% | 4 | 16.428 | 28 | 3.00%
|
| 8 | Linklaters LLP | 7.460 | 9 | 1.23% | 25 | 2.555 | 6 | 0.47%
|
| 9 | Jones Day | 7.309 | 13 | 1.21% | 16 | 5.395 | 10 | 0.99%
|
| 10 | Andrews Kurth LLP | 7.236 | 6 | 1.19% | 36 | 1.493 | 3 | 0.27%
|
| Total | 605.650 | 797 | 547.258 | 693 |
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| Issuer's counsel, U.S. market, July |
|
| | | | | 2012 Comparables |
|
| Issuer's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | In house | 16.169 | 24 | 20.76% | 1 | 11.561 | 21 | 17.80%
|
| 2 | Sullivan & Cromwell LLP | 5.130 | 7 | 6.59% | 2 | 4.593 | 7 | 7.07%
|
| 3 | Davis Polk & Wardwell LLP | 4.685 | 5 | 6.01% | 3 | 4.587 | 8 | 7.06%
|
| 4 | Nagashima Ohno & Tsunematsu | 3.484 | 2 | 4.47% |
|
| 5 | Baker Botts LLP | 3.484 | 6 | 4.47% | 23 | 0.249 | 1 | 0.38%
|
| 6 | Debevoise & Plimpton LLP | 2.107 | 3 | 2.70% |
|
| 7 | McGuireWoods LLP | 1.998 | 1 | 2.57% |
|
| 8 | Osler Hoskin & Harcourt LLP | 1.998 | 4 | 2.57% |
|
| 9 | Bracewell & Giuliani LLP | 1.732 | 3 | 2.22% |
|
| 10 | Hogan Lovells US LLP | 1.246 | 2 | 1.60% |
|
| Total | 77.900 | 98 | 64.963 | 94 |
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| Prospect News Investment Grade 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 and preferred stock are excluded.
• Emerging markets offerings are excluded.
• Minimum $75 million deal size.
• Deals rated investment grade by either Standard & Poor's or Moody's Investors Service 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.
• Remarketings are excluded.
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