By Rebecca Melvin
New York, Dec. 6 - 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 November, facilitating $5.68 billion in issuance in 24 deals, for a 22% 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 13% of the total for the year to date in one deal.
Simpson Thacher & Bartlett LLP ranked third for an 11% share of total issuance or $2.75 billion in 10 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 Latham & Watkins.
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 82 convertibles deals, totaling $25.7 billion of new issuance for 2011 through November, compared to 91 deals totaling $41.3 billion for the same period of 2010.
Year to date, U.S. market
| Underwriter's counsel | Amount | Number | Share |
|
| 1 | Davis Polk & Wardwell LLP | 5.683 | 24 | 22.11% |
|
| 2 | Debevoise & Plimpton LLP | 3.315 | 1 | 12.90% |
|
| 3 | Simpson Thacher & Bartlett LLP | 2.745 | 10 | 10.68% |
|
| 4 | Latham & Watkins LLP | 2.077 | 7 | 8.08% |
|
| 5 | Cleary Gottlieb Steen & Hamilton LLP | 1.981 | 4 | 7.71% |
|
| 6 | Fried Frank Harris Shriver & Jacobson LLP | 0.859 | 5 | 3.34% |
|
| 7 | Locke Lord Bissell & Liddell LLP | 0.550 | 1 | 2.14% |
|
| 8 | Ropes & Gray LLP | 0.544 | 2 | 2.12% |
|
| 9 | Sullivan & Cromwell LLP | 0.350 | 1 | 1.36% |
|
| 10 | Gibson Dunn & Crutcher LLP | 0.230 | 1 | 0.89% |
|
| Total | 25.701 | 82 |
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| Average size: | 0.313 |
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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 | 12.90% |
|
| 2 | Jones Day | 1.957 | 5 | 7.61% | 3 | 1.715 | 4 | 4.30%
|
| 3 | Wilson Sonsini Goodrich & Rosati | 1.455 | 4 | 5.66% |
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| 4 | Latham & Watkins LLP | 1.155 | 6 | 4.49% | 8 | 0.825 | 2 | 2.07%
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| 5 | Simpson Thacher & Bartlett LLP | 1.064 | 2 | 4.14% | 5 | 1.550 | 2 | 3.88%
|
| 6 | DLA Piper LLP | 0.892 | 2 | 3.47% |
|
| 7 | Skadden Arps Slate Meagher & Flom LLP | 0.889 | 3 | 3.46% | 14 | 0.550 | 1 | 1.38%
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| 8 | Davis Polk & Wardwell LLP | 0.780 | 2 | 3.04% | 24 | 0.323 | 2 | 0.81%
|
| 9 | Shumaker Loop & Kendrick LLP | 0.719 | 1 | 2.80% |
|
| 10 | Sidley Austin LLP | 0.670 | 2 | 2.61% |
|
| Total | 25.701 | 82 | 39.913 | 88 |
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| Average size: | 0.313 | 0.454 |
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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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