By Rebecca Melvin
New York, Nov. 3 - Davis Polk & Wardell LLP, an international law firm based in New York, was the No. 1 legal counsel to convertibles underwriters for the year to date through October, facilitating $5.64 billion in issuance in 22 deals, for a 23% share of the total, according to data compiled by Prospect News.
Debevoise & Plimpton LLC, another prominent international firm with New York headquarters, was the No. 2 legal counsel to convertibles underwriters, with $3.32 billion, or 14% of the total for the year to date, in one deal.
Simpson Thacher & Bartlett LLP ranked third for a 9% share of total issuance, or $2.26 billion in nine deals.
Latham & Watkins LLC and Cleary Gottleib Steen & Hamilton LLC rounded out the remaining top five legal firms providing counsel to convertibles underwriters, with $2.08 billion and $1.98 billion, respectively.
Among top legal counsel to the convertible issuers was Dewey & LeBoeuf LLC, Jones Day, Wilson Sonsini Goodrich & Rosati and Lathan & Watkins LLC.
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 78 convertibles deals, totaling $24.7 billion of new issuance for 2011 through October, compared to 77 deals totaling $32.7 billion for the same period of 2010.
Year to date, U.S. market
Underwriter's counsel Amount Number Share
| 1 | Davis Polk & Wardwell LLP | 5.643 | 22 | 23.25%
|
| 2 | Debevoise & Plimpton LLP | 3.315 | 1 | 13.66%
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| 3 | Simpson Thacher & Bartlett LLP 2.256 | 9 | 9.29%
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| 4 | Latham & Watkins LLP | 2.077 | 7 | 8.56%
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| 5 | Cleary Gottlieb Steen & Hamilton LLP 1.981 | 4 | 8.16%
|
| 6 | Locke Lord Bissell & Liddell LLP 0.550 | 1 | 2.27%
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| 7 | Ropes & Gray LLP | 0.544 | 2 | 2.24%
|
| 8 | Fried Frank Harris Shriver & Jacobson LLP 0.456 | 3 | 1.88%
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| 9 | Sullivan & Cromwell LLP | 0.350 | 1 | 1.44%
|
| 10 | Gibson Dunn & Crutcher LLP | 0.230 | 1 | 0.95%
|
| Total | 24.270 | 77
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| Year to date, U.S. market
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| | | | | 2010 comparables
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| Issuer's counsel | Amount Number | Share | Rank Amount Number | Share
|
| 1 | Dewey & LeBoeuf LLP | 3.315 | 1 | 13.66%
|
| 2 | Jones Day | 1.520 | 3 | 6.26% | 5 | 1.365 | 3 | 4.29%
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| 3 | Wilson Sonsini Goodrich & Rosati 1.455 | 4 | 6.00%
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| 4 | Latham & Watkins LLP | 1.155 | 6 | 4.76% | 8 | 0.690 | 1 | 2.17%
|
| 5 | Simpson Thacher & Bartlett LLP 1.064 | 2 | 4.38% | 2 | 1.550 | 2 | 4.88%
|
| 6 | Skadden Arps Slate Meagher & Flom LLP 0.889 | 3 | 3.66%
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| 7 | Davis Polk & Wardwell LLP | 0.780 | 2 | 3.22% | 21 | 0.323 | 2 | 1.01%
|
| 8 | Shumaker Loop & Kendrick LLP 0.719 | 1 | 2.96%
|
| 9 | Sidley Austin LLP | 0.670 | 2 | 2.76%
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| 10 | Shearman & Sterling LLP | 0.632 | 1 | 2.61%
|
| Total | 24.270 | 77 | 31.793 | 75
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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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