By Rebecca Melvin
New York, April 5 - Global law firm Dewey & LeBoeuf LLP, based in New York, jumped to the top of the legal league tables for counsel to convertible bond issuers for the year to date, with a single deal for MetLife Inc., accounting for $3.32 billion of issuance, or 24%, of total volume, according to data compiled by Prospect News.
MetLife was a $3.3 billion proceeds deal of three-year mandatories that priced March 3.
Shumaker Loop & Kendrick LLP was the No. 2 legal counsel to convertible issuers for the year to date, with $719 million of issuance in a single deal, or about 5% of total volume.
The No. 3 ranking counsel, Jones Day, with $620 million in issuance in a single deal for 4.5% of total volume, is a familiar face among legal counsel to convertible issuers, having previously been on the top of the list for January.
Debevoise & Plimpton LLP was top ranking legal counsel to underwriters of convertible bonds for the year to date, having worked on the MetLife deal, accounting for $3.31 billion of issuance in one deal, for 24% of total volume.
Davis Polk & Wardwell LLP ranked second among legal counsel to underwriters of convertible bonds with $1.78 billion in nine deals for 24% of total volume.
Details on the legal counsel of all new issues weren't available to Prospect News. Total issuance for the year to date is $13.79 billion in 37 deals, which was up from $8.03 billion in 26 deals for the same period of 2010.
Year to date, U.S. market
2010 comparables
| Issuer's counsel | Amount | Number | Share | Rank | Amount | Number | Share
|
| 1 | Dewey & LeBoeuf LLP | 3.315 | 1 | 24.05% |
|
| 2 | Shumaker Loop & Kendrick LLP | 0.719 | 1 | 5.21% |
|
| 3 | Jones Day | 0.62 | 1 | 4.50% | 7 | 0.365 | 2 | 4.55%
|
| 4 | Sidley Austin LLP | 0.55 | 1 | 3.99% |
|
| 5 | Sullivan & Cromwell LLP | 0.287 | 1 | 2.09% |
|
| 6 | Wilmer Cutler Pickering Hale and Dorr LLP | 0.23 | 1 | 1.67% |
|
| 7 | Skadden Arps Slate Meagher & Flom LLP | 0.172 | 1 | 1.25% |
|
| 8 | Latham & Watkins LLP | 0.125 | 1 | 0.91% |
|
| 9 | Ledgewood | 0.115 | 1 | 0.83% |
|
| 10 | Akerman Senterfitt | 0.1 | 1 | 0.73% |
|
| Total | 13.787 | 37 | 8.03 | 26 |
|
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| Year to date, U.S. market
|
|
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| Underwriter's counsel | Amount | Number | Share
|
| 1 | Debevoise & Plimpton LLP | 3.315 | 1 | 24.05%
|
| 2 | Davis Polk & Wardwell LLP | 1.781 | 9 | 12.92%
|
| 3 | Latham & Watkins LLP | 0.62 | 1 | 4.50%
|
| 4 | Locke Lord Bissell & Liddell LLP | 0.55 | 1 | 3.99%
|
| 5 | Fried Frank Harris Shriver & Jacobson LLP | 0.287 | 1 | 2.09%
|
| 6 | Troutman Sanders LLP | 0.172 | 1 | 1.25%
|
| 7 | Ropes & Gray LLP | 0.125 | 1 | 0.91%
|
| 8 | Hogan Lovells US LLP | 0.1 | 1 | 0.73%
|
| 9 | Proskauer Rose LLP | 0.085 | 1 | 0.62%
|
| Total | 13.787 | 37 |
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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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