By Rebecca Melvin
New York, May 5 - Sullivan & Cromwell LLP, an international law firm based in New York, was the top provider of legal counsel to convertibles issuers for the year to date, unseating K&L Gates LLP, which sat atop the league tables last month.
Sullivan & Cromwell was legal counsel for three deals, amounting to $1.41 billion of new issuance, or 11.6% of total issuance.
Weil Gotshal & Manges was the No. 2 legal counsel to convertibles issuers, with a single $1.15 billion convertible issue, or 9.5% of the total. And K&L was in the third spot with two deals for $590 million of convertible bonds, or 4.9% of the total.
In fourth place were three firms providing legal counsel for 4.7% slices of the total, including the Wilson Sonsini law firm, Cleary Gottlieb and Pietrantoni Mendez, each of which had $575 million of issuance in a single deal.
Among the other top names were Mayer Brown, with a $460 million deal, totaling 3.8% of the total, and Jones Day, with a $365 million offering, accounting for 3% of the total.
Foley & Lardner and Shumaker Loop rounded out the last two positions of the top 10 slots.
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 35 deals totaling $12.16 billion of new issuance for the year to date.
Year to date, U.S. market
| Counsel | Amount | No. | Share
|
| 1 | Sullivan & Cromwell | 1.411 | 3 | 11.60%
|
| 2 | Weil Gotshal & Manges | 1.150 | 1 | 9.45%
|
| 3 | K&L Gates | 0.590 | 2 | 4.85%
|
| 4 | Wilson Sonsini | 0.575 | 1 | 4.73%
|
| 4 | Cleary Gottlieb Steen & Hamilton | 0.575 | 1 | 4.73%
|
| 4 | Pietrantoni Mιndez & Alvarez | 0.575 | 1 | 4.73%
|
| 7 | Mayer Brown | 0.460 | 1 | 3.78%
|
| 8 | Jones Day | 0.365 | 2 | 3.00%
|
| 9 | Foley & Lardner | 0.345 | 1 | 2.84%
|
| 10 | Shumaker Loop & Kendrick | 0.342 | 1 | 2.81%
|
| Total | 12.165 | 35 |
|
|
|
|
|
| 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 issued by an investment bank and exchangeables for or linked to another company's stock 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.
