By Rebecca Melvin
New York, May 4 - Global law firm Dewey & LeBoeuf LLP, based in New York, remained atop the legal league tables for counsel to convertible bond issuers for the year to date through April, after jumping to the top of the list last month with a single deal for MetLife Inc.
Dewey & LeBoeuf has accounted for $3.315 billion of issuance, or 21.7% 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.
Simpson Thacher & Bartlett LLP was the No. 2 legal counsel to issuers for the year to date with two deals, totaling $1.064 billion, accounting for 7% of total volume.
Shumaker Loop & Kendrick LLP took the third spot, with $719 million of issuance in a single deal, or 5% of total volume.
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 $3.315 billion of issuance in one deal, for 21.7% of total volume.
Davis Polk & Wardwell LLP ranked second legal counsel to underwriters of convertible bonds with $1.806 billion in nine deals, for 12% 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 $15.26 billion in 42 deals, which was up from $12.91 billion in 37 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 | 21.72% |
|
| 2 | Simpson Thacher & Bartlett LLP | 1.064 | 2 | 6.97% |
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| 3 | Shumaker Loop & Kendrick LLP | 0.719 | 1 | 4.71% |
|
| 4 | Jones Day | 0.620 | 1 | 4.06% | 9 | 0.365 | 2 | 2.99%
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| 5 | Sidley Austin LLP | 0.550 | 1 | 3.60% |
|
| 6 | Sullivan & Cromwell LLP | 0.287 | 1 | 1.88% |
|
| 7 | Wilmer Cutler Pickering Hale and Dorr LLP | 0.230 | 1 | 1.51% |
|
| 8 | Skadden Arps Slate Meagher & Flom LLP | 0.172 | 1 | 1.13% |
|
| 9 | Sutherland Asbill & Brennan LLP | 0.150 | 1 | 0.98% |
|
| 10 | Latham & Watkins LLP | 0.144 | 1 | 0.94% |
|
| Total | 15.261 | 42 | 12.189 | 35 |
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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 | 21.72% |
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| 2 | Davis Polk & Wardwell LLP | 1.806 | 9 | 11.84% |
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| 3 | Latham & Watkins LLP | 0.620 | 1 | 4.06% |
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| 4 | Locke Lord Bissell & Liddell LLP | 0.550 | 1 | 3.60% |
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| 5 | Fried Frank Harris Shriver & Jacobson LLP | 0.438 | 2 | 2.87% |
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| 6 | Gibson Dunn & Crutcher LLP | 0.230 | 1 | 1.51% |
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| 7 | Troutman Sanders LLP | 0.172 | 1 | 1.13% |
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| 8 | Ropes & Gray LLP | 0.144 | 1 | 0.94% |
|
| 9 | Hogan Lovells US LLP | 0.100 | 1 | 0.66% |
|
| 10 | Skadden Arps Slate Meagher & Flom | 0.100 | 2 | 0.66% |
|
| Total | 15.261 | 42 |
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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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