Davis Polk & Wardwell top legal counsel to underwriters of convertible bonds for year to date

By Rebecca Melvin

New York, May 3 - International law firm Davis Polk & Wardwell LLP returned to the top of the league tables as the most active legal counsel to underwriters of convertible bonds for the year to date through April, accounting for 25.25% of total volume of issuance under its guidance, or $1.46 billion in six deals, according to data compiled by Prospect News.

Latham & Watkins LLP, which hit the top of the list of legal counsel to the underwriters the prior month, was No. 2 counsel, with the global law firm accounting for $1.45 billion in issuance in five deals, or 25.04% of the total.

Simpson Thacher & Bartlett LLP took third in the rankings of legal counsel to convertible underwriters with $1 billion in issuance, or 17.26% of the total, and Cleary Gottlieb Steen & Hamilton LLP ranked fourth, participating in $690 million of issuance, or 11.91% of the total.

Cravath Swaine & Moore LLP, Baker Botts LLP, Morrison & Foerster LLP, Troutman Sanders LLP, Fried Frank Harris Shriver & Jacobson LLP and Cahill Gordon & Reindel LLP rounded out the remaining top 10 firms that represented convertibles underwriters in new convertibles issuance.

The majority of issuers of convertible bonds used in-house legal counsel, accounting to $1.04 billion in three deals, or 18% of the total for the year to date.

A close second was international law firm Sullivan & Cromwell LLP, which provided legal counsel to issuers of $995 million of convertibles, or 17.18% of the total.

Wyrick Robbins Yates & Ponton LLP was the third ranking legal counsel to issuers for the year to date with $690 million of issuance, or 11.91% of total volume of issuance under its guidance.

It was followed by Wilson Sonsini Goodrich & Rosati Professional Corp., Vinson & Elkins LLP, Pepper Hamilton LLP and Cooley LLP for fourth, fifth, sixth and seventh, respectively.

Details on the legal counsel of all new issues weren't available to Prospect News. Total issuance for the year to date is $5.79 billion in 19 deals, which is down from $15.3 billion in 42 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	1.462	6	25.25%	4	1.517	10	9.90%
2	Latham & Watkins LLP	1.451	5	25.04%	6	0.764	2	4.98%
3	Simpson Thacher & Bartlett LLP	1.000	2	17.26%	5	1.146	5	7.48%
4	Cleary Gottlieb Steen & Hamilton LLP	0.690	1	11.91%	3	1.667	2	10.88%
5	Cravath Swaine & Moore LLP	0.230	1	3.97%
6	Morrison & Foerster LLP	0.200	1	3.45%
7	Baker Botts LLP	0.150	1	2.59%
8	Troutman Sanders LLP	0.127	1	2.19%	10	0.172	1	1.13%
8	Fried Frank Harris Shriver & Jacobson LLP	0.127	1	2.18%	7	0.696	4	4.54%
10	Cahill Gordon & Reindel LLP	0.043	1	0.74%
	Total	5.792	19	15.322	42
U.S. market, year to date
					2011 Comparables
	Issuer's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	In house	1.043	3	18.01%
2	Sullivan & Cromwell LLP	0.995	1	17.18%	10	0.287	1.000	1.88%
3	Wyrick Robbins Yates & Ponton LLP	0.690	1	11.91%
4	Wilson Sonsini Goodrich & Rosati PC	0.600	1	10.36%
5	Vinson & Elkins LLP	0.300	1	5.18%
6	Pepper Hamilton LLP	0.230	1	3.97%
7	Cooley LLP	0.225	1	3.88%
8	O'Melveny & Myers LLP	0.200	1	3.45%
9	Skadden Arps Slate Meagher & Flom LLP	0.189	2	3.25%	12	0.172	1	1.13%
10	Fredrikson & Byron PA	0.150	1	2.59%
	Total	5.792	19	15.322	42
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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.