By Rebecca Melvin
New York, Sept. 3 - Simpson Thacher & Bartlett LLP, a U.S. law firm based in New York, nudged up to top-ranking legal counsel to convertibles issuers for the year to date through August, moving up from the No. 2 spot, with three deals totaling $1.72 billion and accounting for 6.94% of total volume, according to data compiled by Prospect News.
Sullivan & Cromwell LLP slipped to the No. 2 position, with three deals totaling $1.41 billion, accounting for 5.69% of total volume.
Jones Day moved up to the No. 3 slot, unseating Andrews Kurth LLP, which slipped to the fourth rank.
Jones Day was legal counsel in three deals totaling $1.37 billion, for 5.50% of the total. And Andrews Kurth has a single deal totaling $1.27 billion, or 5.12% of total volume.
Also among top legal counsel names were Weil Gotshal & Manges, Latham & Watkins, K&L Gates, Wilson Sonsini, Cleary Gottlieb Steen & Hamilton and Pietrantoni Mendez & 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 56 convertibles deals totaling $24.80 billion of new issuance for the year to date through August, up from 52 deals totaling about $22 billion of new issuance for the year to date through July.
Year to date, U.S. market
| Counsel | Amount | Number | Share
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| 1 | Simpson Thacher | 1.723 | 3 | 6.94%
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| 2 | Sullivan & Cromwell | 1.411 | 3 | 5.69%
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| 3 | Jones Day | 1.365 | 3 | 5.50%
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| 4 | Andrews Kurth LLP | 1.270 | 1 | 5.12%
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| 5 | Weil Gotshal & Manges | 1.150 | 1 | 4.64%
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| 6 | Latham & Watkins | 0.690 | 1 | 2.78%
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| 7 | K&L Gates | 0.590 | 2 | 2.38%
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| 8 | Wilson Sonsini | 0.575 | 1 | 2.32%
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| 8 | Cleary Gottlieb Steen | 0.575 | 1 | 2.32%
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| 8 | Pietrantoni Mιndez | 0.575 | 1 | 2.32%
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| Total | 24.802 | 56 |
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| Average size: | 0.443 |
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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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