By Rebecca Melvin
New York, Nov. 3 - New York-based law firm Simpson Thacher & Bartlett jumped to No. 1 1egal counsel to convertible issuers for the year to date through October, unseating Andrews Kurth LLP, which slipped to the No. 2 position, according to data compiled by Prospect News.
Simpson Thacher & Bartlett was No. 1 legal counsel with three deals, totaling $1.72 billion of volume, for 5.45% of the total.
Andrews Kurth was No. 2 with two deals totaling $1.44 billion, and accounting for 4.56% of total volume.
Sullivan & Cromwell LLP was No. 3 position, with three deals totaling $1.41 billion, accounting for 4.46% of total volume.
And, in fourth place, was Jones Day as counsel in three deals totaling $1.37 billion, for 4.32% of the total.
Also among top legal counsel names were Weil Gotshal & Manges, Latham & Watkins, K&L Gates, Wilson Sonsini, Cleary Gottlieb Steen & Hamilton and Pietrantoni Mιndez & Alvarez.
Details on the legal counsel of all new issues for the year to date weren't available to Prospect News. In all, there have been 74 convertibles deals, totaling $31.61 billion of new issuance for the year to date through October, up from 67 deals, totaling $27.49 billion of new issuance for the year through September.
Year to date, U.S. market
| Counsel | Amount | Number | Share
|
1 | Simpson Thacher & Bartlett | 1.723 | 3 | 5.45%
|
2 | Andrews Kurth LLP | 1.442 | 2 | 4.56%
|
3 | Sullivan & Cromwell | 1.411 | 3 | 4.46%
|
4 | Jones Day | 1.365 | 3 | 4.32%
|
5 | Weil Gotshal & Manges | 1.150 | 1 | 3.64%
|
6 | Shearman & Sterling | 0.789 | 1 | 2.50%
|
7 | Latham & Watkins | 0.690 | 1 | 2.18%
|
8 | K&L Gates | 0.590 | 2 | 1.87%
|
9 | Wilson Sonsini | 0.575 | 1 | 1.82%
|
10 | Cleary Gottlieb Steen & Hamilton | 0.575 | 1 | 1.82%
|
| Total | 31.610 | 74 |
|
|
|
|
|
|
Prospect News Convertibles 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.
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 counsel.
Each tranche is counted as a separate deal.
Bonds are included that convert into the issuer's or another company's stock or the cash equivalent; bonds that convert into other bonds are excluded.
Structured products are excluded.
Units made up of a bond and stock are included; units made up of a bond and warrants are excluded.
Preferred issues are included using the same criteria as for bonds.
© 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.