Dewey & LeBoeuf remains top legal counsel to convertible bond issuers for year to date

By Rebecca Melvin

New York, July 6 - Global law firm Dewey & LeBoeuf LLP, based in New York, remained the top legal counsel to issuers of convertible bonds for the year to date, after jumping to the top of the list in March with a single deal for MetLife Inc.

Dewey & LeBoeuf has accounted for $3.32 billion of the year's issuance, or 16.8% 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.

The rest of the legal league tables remained little changed as well. International law firm Jones Day took the No. 2 slot with $1.52 billion of issuance, or 7.7% 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 $1.06 billion, accounting for 5.4% of total volume.

One change in the rankings was that Skadden, Arps Slate Meagher & Flom LLP jumped three rungs to the seventh position from number 10, with $489 million in two deals, accounting for 2.5% of total volume.

Davis Polk & Wardwell LLP was the top ranking legal counsel to the underwriters of convertible bonds for the year to date, unseating Debevoise & Plimpton LLP, which was No. 2.

Davis Polk was counsel on $4.17 billion, or 19 deals, for 21% of the total. Debevoise was counsel for $3.32 billion from one deal for 17% of the total.

Details on the legal counsel of all new issues weren't available to Prospect News. Total issuance for the year to date is $19.75 billion in 60 deals, which was up from $17.98 billion in 47 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	16.79%
2	Jones Day	1.520	3	7.70%	12	0.365	2	2.03%
3	Simpson Thacher & Bartlett LLP	1.064	2	5.39%	3	1.150	1	6.40%
4	Davis Polk & Wardwell LLP	0.780	2	3.95%	15	0.323	2	1.79%
5	Shumaker Loop & Kendrick LLP	0.719	1	3.64%
6	Sidley Austin LLP	0.670	2	3.39%
7	Skadden Arps Slate Meagher & Flom LLP	0.489	2	2.47%
8	Latham & Watkins LLP	0.374	2	1.89%
9	DLA Piper LLP	0.350	1	1.77%
10	White & Case LLP	0.300	1	1.52%
	Total	19.748	60	17.981	47
Year to date, U.S. market
	Underwriter's counsel	Amount	Number	Share
1	Davis Polk & Wardwell LLP	4.168	19	21.11%
2	Debevoise & Plimpton LLP	3.315	1	16.79%
3	Cleary Gottlieb Steen & Hamilton LLP	1.981	4	10.03%
4	Simpson Thacher & Bartlett LLP	1.566	7	7.93%
5	Latham & Watkins LLP	1.320	2	6.68%
6	Locke Lord Bissell & Liddell LLP	0.550	1	2.79%
7	Fried Frank Harris Shriver & Jacobson LLP	0.438	2	2.22%
8	Gibson Dunn & Crutcher LLP	0.230	1	1.16%
9	Troutman Sanders LLP	0.172	1	0.87%
10	Willkie Farr & Gallagher LLP	0.158	1	0.80%
	Total	19.748	60
Prospect News Convertibles Counsel Rankings

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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