By Rebecca Melvin
New York, June 3 - Sullivan & Cromwell LLP, an international law firm based in New York, remains the top provider of legal counsel to convertibles issuers for the year to date, after having unseated K&L Gates LLP in April.
Sullivan & Cromwell has been legal counsel for three deals, amounting to $1.41 billion of new issuance, or 10.6% of total issuance for the year to date.
Weil Gotshal & Mang is the No. 2 legal counsel to convertibles issuers for the year to date, with a single $1.15 billion convertible issue, accounting for 8.7% of the total. And Latham & Watkins is in the third spot with one deal for $690 million, or 5.2% of the total.
In fourth place was K&L Gates with two deals for $590 million of convertible bonds, or 4.5% of the total.
Among the other top names were Wilson Sonsini, Cleary Gottlieb and Pietrantoni Mendez, each providing legal counsel for $575 million of issuance, totaling 4.3% of the total.
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 39 deals totaling $13.26 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 | 10.64%
|
| 2 | Weil Gotshal & Manges | 1.150 | 1 | 8.67%
|
| 3 | Latham & Watkins | 0.690 | 1 | 5.20%
|
| 4 | K&L Gates | 0.590 | 2 | 4.45%
|
| 5 | Wilson Sonsini | 0.575 | 1 | 4.34%
|
| 5 | Cleary Gottlieb | 0.575 | 1 | 4.34%
|
| 5 | Pietrantoni Mιndez | 0.575 | 1 | 4.34%
|
| 8 | Mayer Brown | 0.460 | 1 | 3.47%
|
| 9 | Jones Day | 0.365 | 2 | 2.75%
|
| 10 | Foley & Lardner | 0.345 | 1 | 2.60%
|
| Total | 13.260 | 39 |
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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 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.
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