By Rebecca Melvin
New York, March 5 - International law firm Davis Polk & Wardell LLP remained the top legal counsel to the underwriters of convertible bonds for the year to date through February, accounting for 50% of total volume of issuance under its guidance, or $425 million in two deals, according to data compiled by Prospect News.
Davis Polk was also top legal counsel to convertibles underwriters in January, and February brought very little issuance except for a couple of deals priced right at the very end of the month.
Davis Polk's issuance total stands at just slightly more than half of its issuance total for the same two-month period of 2011.
Global law firm Latham & Watkins LLP was the No. 2 legal counsel to convertibles underwriters, accounting for $287 million, or 33%, of new issuance volume for the first two months of the year. Latham & Watkins' total was about two-thirds of its $764 million of issuance for the same period of 2011.
Baker Botts LLP, with practices in New York, London, Washington, Dallas and Houston, was the third highest ranking legal counsel to the underwriters of convertible bonds, accounting for 16% of total volume, or $138 million in a single deal.
Vinson & Elkins LLP, an international law firm based in Houston, was the No. 1 legal counsel to issuers of convertible bonds for the year to date, with $275 million in issuance bought in a single deal, accounting for 32% of the total.
O'Melveny & Myers LLP was the No. 2 legal counsel to convertibles issuers, accounting for 21% of the total, or $175 million in one deal.
DLA Piper LLP and Skadden Arps Slate Meagher & Flom LLP were tied for the No. 3 rank, with both firms representing $125 million of new issuance, or 15% of the total amount.
Details on the legal counsel of all new issues weren't available to Prospect News. Total issuance for the year through February was $850 million, in four deals, which was down from $8.24 billion in 18 deals for the same period of 2011.
U.S. market, year to date
2011 Comparables
| Underwriter's counsel | Amount | No. | Share | Rank Amount | No. | Share
|
| 1 | Davis Polk & Wardwell LLP | 0.425 | 2 | 50.00% | 1 | 0.811 | 4 | 22.70%
|
| 2 | Latham & Watkins LLP | 0.287 | 2 | 33.82% | 2 | 0.764 | 2 | 21.39%
|
| 3 | Baker Botts LLP | 0.138 | 1 | 16.18%
|
| Total | 0.850 | 4 | 3.571 | 14
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| U.S. market, year to date
|
| | | | | 2011 Comparables
|
| Issuer's counsel | Amount | No. | Share | Rank Amount | No. | Share
|
| 1 | Vinson & Elkins LLP | 0.275 | 1 | 32.35%
|
| 2 | O'Melveny & Myers LLP | 0.175 | 1 | 20.59%
|
| 3 | DLA Piper LLP | 0.125 | 1 | 14.71%
|
| 3 | Skadden Arps Slate Meagher & Flom LLP 0.125 | 1 | 14.71% | 7 | 0.172 | 1 | 4.83%
|
| 5 | Arthur Cox | 0.050 | 1 | 5.88%
|
| 5 | K&L Gates LLP | 0.050 | 1 | 5.88%
|
| 5 | Goodwin Procter LLP | 0.050 | 1 | 5.88%
|
| Total | 0.850 | 4 | 3.571 | 14
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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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