By Rebecca Melvin
New York, Dec. 6 - For the second straight month, New York-based law firm Simpson Thacher & Bartlett remained the No. 1 1egal counsel to convertible issuers for the year to date through November, while Andrews Kurth LLP stayed in the No. 2 position, according to data compiled by Prospect News.
Simpson Thacher & Bartlett was the No. 1 legal counsel with three deals, totaling $1.72 billion of volume, for 4.3% of the total.
Andrews Kurth was in second place with two deals totaling $1.55 billion and accounting for 3.9% of total volume.
Sullivan & Cromwell LLP was in third place with three deals totaling $1.44 billion, accounting for 3.6% of total volume.
Jones Day was in fourth place, as counsel in three deals, totaling $1.37 billion, for 3.4% of the total.
Also among top legal counsel names were Weil Gotshal & Manges, Latham & Watkins, Shearman & Serling, K&L Gates, Wilson Sonsini, and Cleary Gottlieb Steen & Hamilton.
Shearman & Sterling was new to the top 10 list, bumping Pietrantoni Mendez & Alvarez off of the list.
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 88 convertibles deals totaling $39.89 billion of new issuance for the year to date through November, up from 74 convertibles deals totaling $31.61 billion for the year to date through October and 67 deals totaling $27.49 billion of new issuance for the year to date through September.
Year to date, U.S. market
| Counsel | Amount | Number | Share
|
| 1 | Simpson Thacher & Bartlett | 1.723 | 3 | 4.32%
|
| 2 | Andrews Kurth LLP | 1.552 | 3 | 3.89%
|
| 3 | Sullivan & Cromwell | 1.435 | 3 | 3.60%
|
| 4 | Jones Day | 1.365 | 3 | 3.42%
|
| 5 | Weil Gotshal & Manges | 1.150 | 1 | 2.88%
|
| 6 | Latham & Watkins | 0.825 | 2 | 2.07%
|
| 7 | Shearman & Sterling | 0.789 | 1 | 1.98%
|
| 8 | K&L Gates | 0.590 | 2 | 1.48%
|
| 9 | Wilson Sonsini | 0.575 | 1 | 1.44%
|
| 10 | Cleary Gottlieb Steen & Hamilton | 0.575 | 1 | 1.44%
|
| Total | 39.888 | 88
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| Prospect News Convertibles 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.
• 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
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