By Rebecca Melvin
New York, April 4 - Latham & Watkins LLP remained the top legal counsel to the underwriters of convertible bonds for the year to date, with the global law firm accounting for $1.45 billion in issuance, or 41% of the total amount.
That was up from Latham's $620 million in issuance, or 17.5%, of the total for the year to date through March and up from $764 million for the first three months of 2011, which represented 5.5% of the total for that period, according to data compiled by Prospect News.
Cleary Gottlieb Steen & Hamilton LLP took second in the rankings of legal counsel to convertible underwriters, with the firm participating in $690 million of issuance, or 19.5% of the total.
New York-based Davis Polk & Wardwell LLP took third place with $562 million of issuance, accounting for 16% of the total, and Morrison & Foerster LLP ranked fourth, accounting for $200 million of convertibles issuance, or 6% of the total.
Baker Botts LLP, Fried Frank Harris Shriver & Jacobson LLP, and Cahill Gordon & Reindel LLP rounded out the remaining top seven firms that represented convertibles underwriters in new issuance.
International law firm Sullivan & Cromwell LLP was the top legal counsel to issuers for the year to date, with $995 million of issuance, accounting for 28% of the total. That was up from $287 million, or 2% of the total, for the same period of 2011.
Wyrick Robbins Yates & Ponton LLP was the second ranking legal counsel to issuers for the year to date with $620 million of issuance, or 19.5% of total volume of issuance under its guidance
It was followed by Vinson & Elkins LLP and Cooley LLP in third and fourth place, with $300 million or 8.5%, and $225 million, or 6.4%, respectively.
Details on the legal counsel of all new issues weren't available to Prospect News. Total issuance for the year to date is $3.54 billion in 12 deals, which is down from $14.01 billion in 37 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
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| 1 | Latham & Watkins LLP | 1.451 | 5 | 41.03% | 6 | 0.764 | 2 | 5.45%
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| 2 | Cleary Gottlieb Steen & Hamilton LLP | 0.690 | 1 | 19.52% | 3 | 1.667 | 2 | 11.90%
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| 3 | Davis Polk & Wardwell LLP | 0.562 | 3 | 15.91% | 4 | 1.431 | 9 | 10.21%
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| 4 | Morrison & Foerster LLP | 0.200 | 1 | 5.66% |
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| 5 | Baker Botts LLP | 0.150 | 1 | 4.24% |
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| 6 | Fried Frank Harris Shriver & Jacobson LLP | 0.127 | 1 | 3.58% | 8 | 0.546 | 3 | 3.90%
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| 7 | Cahill Gordon & Reindel LLP | 0.043 | 1 | 1.22% |
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| Total | 3.535 | 12 | 14.013 | 37 |
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| U.S. market, year to date |
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| | | | | 2011 Comparables |
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| Issuer's counsel | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | Sullivan & Cromwell LLP | 0.995 | 1 | 28.15% | 9 | 0.287 | 1.000 | 2.05%
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| 2 | Wyrick Robbins Yates & Ponton LLP | 0.690 | 1 | 19.52% |
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| 3 | Vinson & Elkins LLP | 0.300 | 1 | 8.49% |
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| 4 | Cooley LLP | 0.225 | 1 | 6.36% |
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| 5 | O'Melveny & Myers LLP | 0.200 | 1 | 5.66% |
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| 6 | Sidley Austin LLP | 0.127 | 1 | 3.58% | 6 | 0.550 | 1 | 3.92%
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| 7 | DLA Piper LLP | 0.125 | 1 | 3.54% |
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| 7 | Skadden Arps Slate Meagher & Flom LLP | 0.125 | 1 | 3.54% | 11 | 0.172 | 1 | 1.23%
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| 9 | Moss & Barnett | 0.100 | 1 | 2.83% |
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| 9 | Locke Lord LLP | 0.100 | 1 | 2.83% |
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| Total | 3.535 | 12 | 14.013 | 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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