• Dewey & LeBoeuf top counsel to convertible issuers year to date
New York, Oct. 5 - Davis Polk & Wardwell LLP continued as the top counsel to underwriters of convertibles for the year to date through September, according to data compiled by Prospect News.
Davis Polk also placed number one the previous month, although issuance for September was very small so there was little change in the tables.
Debevoise & Plimpton LLP placed number two among underwriter's counsel while Simpson Thacher & Bartlett LLP was third.
Among issuer's counsel, Dewey & LeBoeuf LLP held on to the first slot, with Jones Day continuing in second place and Simpson Thacher & Bartlett LLP once more in third.
Details on the legal counsel of all new issues weren't available to Prospect News. Total issuance for the year to date through September was $22.93 billion in 73 deals, up marginally from $22.77 billion in 72 deals for the year through August.
Year to date, U.S. market
| Underwriter's counsel | Amount | Number | Share
|
| 1 | Davis Polk & Wardwell LLP | 4.853 | 20 | 21.17%
|
| 2 | Debevoise & Plimpton LLP | 3.315 | 1 | 14.46%
|
| 3 | Simpson Thacher & Bartlett LLP | 2.256 | 9 | 9.84%
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| 4 | Cleary Gottlieb Steen & Hamilton LLP | 1.981 | 4 | 8.64%
|
| 5 | Latham & Watkins LLP | 1.570 | 3 | 6.85%
|
| 6 | Fried Frank Harris Shriver & Jacobson LLP | 0.762 | 3 | 3.33%
|
| 7 | Locke Lord Bissell & Liddell LLP | 0.550 | 1 | 2.40%
|
| 8 | Sullivan & Cromwell LLP | 0.350 | 1 | 1.53%
|
| 9 | Gibson Dunn & Crutcher LLP | 0.230 | 1 | 1.00%
|
| 10 | Troutman Sanders LLP | 0.172 | 1 | 0.75%
|
| Total | 22.928 | 73 |
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| Year to date, U.S. market
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| | | | | 2010 comparables
|
| Issuer's counsel | Amount | Number | Share | Rank | Amount | Number | Share
|
| 1 | Dewey & LeBoeuf LLP | 3.315 | 1 | 14.46% | 41.16%
|
| 2 | Jones Day | 1.520 | 3 | 6.63% | 5 | 1.365 | 3 |
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| 3 | Simpson Thacher & Bartlett LLP | 1.064 | 2 | 4.64% | 2 | 1.550 | 2 | 4.95%
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| 4 | Davis Polk & Wardwell LLP | 0.780 | 2 | 3.40% | 19 | 0.323 | 2 | 5.62%
|
| 5 | Wilson Sonsini Goodrich & Rosati | 0.765 | 3 | 3.34% | 1.17%
|
| 6 | Shumaker Loop & Kendrick LLP | 0.719 | 1 | 3.13% |
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| 7 | Sidley Austin LLP | 0.670 | 2 | 2.92% |
|
| 8 | Shearman & Sterling LLP | 0.632 | 1 | 2.76% |
|
| 9 | Sullivan & Cromwell LLP | 0.613 | 2 | 2.67% |
|
| 10 | Latham & Watkins LLP | 0.529 | 3 | 2.31% |
|
| Total | 22.928 | 73 | 27.576 | 67 |
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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's counsel or underwriter's 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.
• Preferred issues are included using the same criteria as for bonds.
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