By Rebecca Melvin
New York, July 6 - Sullivan & Cromwell LLP, an international law firm based in New York, remained the top provider of legal counsel to convertibles issuers for the year to date through June, according to data compiled by Prospect News.
Sullivan & Cromwell has been legal counsel for three deals, amounting to $1.41 billion of new issuance, or 7.9% of total issuance.
Simpson Thacher & Bartlett was the No. 2 legal counsel to convertibles issuers for the year to date, with two deals totaling $1.32 billion in new issuance, accounting for 7.4% of total volume.
Simpson Thacher unseated Weil Gotshal & Manges, which bumped down to third place, with a single $1.15 billion convertible deal, accounting for 6.4% of the total. And Latham & Watkins was in fourth place, with one deal of $690 million, or 3.8% of the total.
In fifth place was K&L Gates with two deals for $590 million of convertible bonds, or 3.3% of the total.
Among the other top names were Wilson Sonsini, Cleary Gottlieb Steen & Hamilton and Pietrantoni Mendez & Alvarez, each providing legal counsel for $575 million of issuance, totaling 3.2% of the total.
Details on the legal counsel of all new issues for the year to date were not available to Prospect News. In all, there have been 47 convertibles deals, totaling $17.96 billion of new issuance for the year to date, up from 39 deals, totaling $13.26 billion of new issuance, for the year through May.
Year to date, U.S. market
| Counsel | Amount | No. | Share
|
| 1 | Sullivan & Cromwell | 1.411 | 3 | 7.86%
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| 2 | Simpson Thacher & Bartlett | 1.322 | 2 | 7.36%
|
| 2 | Weil Gotshal & Manges | 1.150 | 1 | 6.40%
|
| 4 | Latham & Watkins | 0.690 | 1 | 3.84%
|
| 5 | K&L Gates | 0.590 | 2 | 3.29%
|
| 6 | Wilson Sonsini | 0.575 | 1 | 3.20%
|
| 6 | Cleary Gottlieb Steen & Hamilton | 0.575 | 1 | 3.20%
|
| 6 | Pietrantoni Mndez & Alvarez | 0.575 | 1 | 3.20%
|
| 9 | Shumaker Loop & Kendrick | 0.496 | 2 | 2.76%
|
| 10 | Mayer Brown | 0.460 | 1 | 2.56%
|
| Total | 17.957 | 47
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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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