By Rebecca Melvin
New York, Feb. 3 - Global law firm Jones Day was legal counsel for one of January's most significant issuer's, with $540 million, or 23% of total volume of issuance under its guidance, according to data compiled by Prospect News.
Washington, D.C.-based law firm Wilmer Cutler Pickering Hale and Dorr LLP also made the legal league tables for counsel to issuers last month providing legal counsel for $200 million of issuance, accounting for 8.5% of total issuance.
Topping the legal league tables for counsel to the underwriters was global law firm Latham & Watkins LLP, accounting for $540 million, or 23%, of new issuance volume; with New York-based Davis Polk & Wardwell LLP serving as legal counsel to underwriters for $200 million, or 8.5%, of issuance for January.
Details on the legal counsel of all new issues weren't available to Prospect News. Total issuance for January was $2.345 billion in eight deals, which was up from $1.86 billion in six deals for January 2009.
Year to date, U.S. market
2010 comparables
| Issuer's counsel | Amount | Number | Share | Rank | Amount | Number | Share
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| 1 | Jones Day | 0.540 | 1 | 23.02% |
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| 2 | Wilmer Cutler Pickering Hale and Dorr LLP | 0.200 | 1 | 8.53% |
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| Total | 2.345 | 8 | 1.850 | 6 |
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| Average size: | 0.293 | 0.308 |
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| Year to date, U.S. market
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| Underwriter's counsel | Amount | Number | Share |
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| 1 | Latham & Watkins LLP | 0.540 | 1 | 23.02% |
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| 2 | Davis Polk & Wardwell LLP | 0.200 | 1 | 8.53% |
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| Total | 2.345 | 8 |
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| Average size: | 0.293 |
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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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