By Rebecca Melvin
New York, June 3 - Global law firm Dewey & LeBoeuf LLP, headquartered in
New York, remained atop the legal league tables for counsel to convertible bond issuers for the year to date, after jumping to the top of the list for a single deal for MetLife Inc., priced in March.
Dewey & LeBoeuf has accounted for $3.315 billion of issuance, or 18.3%, 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.
International law firm Jones Day took the No. 2 slot with $1.52 million of issuance, or 8.4% of total volume with three deals.
Simpson Thacher & Bartlett LLP was the third busiest legal counsel to issuers for the year to date with two deals, totaling $1.064 billion, accounting for 6% of total volume.
Debevoise & Plimpton LLP was the top ranking legal counsel to underwriters of convertible bonds for the year to date, having worked on the MetLife deal, and accounting for $3.315 billion of issuance in one deal, for 18.3% of total volume.
Davis Polk & Wardwell LLP came in a close second, having been legal counsel to underwriters for $3.06 billion of issuance in 14 deals for 17% 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 $18.112 billion in 53 deals, which was up from $15.26 billion in 42 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 | 18.30% |
|
| 2 | Jones Day | 1.520 | 3 | 8.39% | 10 | 0.365 | 2 | 2.53%
|
| 3 | Simpson Thacher & Bartlett LLP | 1.064 | 2 | 5.87% |
|
| 4 | Davis Polk & Wardwell LLP | 0.780 | 2 | 4.31% | 14 | 0.323 | 2 | 2.23%
|
| 5 | Shumaker Loop & Kendrick LLP | 0.719 | 1 | 3.97% |
|
| 6 | Sidley Austin LLP | 0.670 | 2 | 3.70% |
|
| 7 | White & Case LLP | 0.300 | 1 | 1.66% |
|
| 8 | Sullivan & Cromwell LLP | 0.287 | 1 | 1.59% |
|
| 9 | Wilmer Cutler Pickering Hale and Dorr LLP | 0.230 | 1 | 1.27% |
|
| 10 | Skadden Arps Slate Meagher & Flom LLP | 0.172 | 1 | 0.95% |
|
| Total | 18.112 | 53 | 14.433 | 41 |
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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 | 18.30% |
|
| 2 | Davis Polk & Wardwell LLP | 3.056 | 14 | 16.87% |
|
| 3 | Latham & Watkins LLP | 1.320 | 2 | 7.29% |
|
| 4 | Locke Lord Bissell & Liddell LLP | 0.550 | 1 | 3.04% |
|
| 5 | Fried Frank Harris Shriver & Jacobson LLP | 0.438 | 2 | 2.42% |
|
| 6 | Simpson Thacher & Bartlett LLP | 0.420 | 2 | 2.32% |
|
| 7 | Gibson Dunn & Crutcher LLP | 0.230 | 1 | 1.27% |
|
| 8 | Troutman Sanders LLP | 0.172 | 1 | 0.95% |
|
| 9 | Cleary Gottlieb Steen & Hamilton LLP | 0.155 | 1 | 0.86% |
|
| 10 | Ropes & Gray LLP | 0.144 | 1 | 0.79% |
|
| Total | 18.112 | 53 |
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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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