By Rebecca Melvin
New York, June 5 - International law firm Davis Polk & Wardell LLP was atop the legal league tables as most active legal counsel to underwriters of convertible bonds for the year to date through May, accounting for 25.7% of total volume under its guidance, or $2.11 billion in eight deals, according to data compiled by Prospect News.
Latham & Watkins LLP was No. 2 counsel, with the global law firm accounting for $1.45 billion in issuance in five deals, or 17.7% of the total.
Simpson Thacher & Bartlett LLP took the third slot in the rankings of legal counsel to convertible underwriters, with $1.34 billion in issuance, or 16.3% of the total, and Fried Frank Harris Shriver & Jacobson LLP ranked fourth, with $862 million in convert issuance under its guidance via the underwriters.
As for legal counsel to issuers of convertible debt, the majority of issuers used in-house legal counsel, which accounted for $1.04 billion in issuance in three deals, for 13% of the total for the year to date through May.
A close second was international law firm Sullivan & Cromwell LLP, which provided legal counsel to issuers of $995 million of convertibles, or 12% of the total.
K&L Gates LLP was the third-ranking legal counsel to issuers for the year to date with $785 million of issuance, or 9.6% of total volume of issuance under its guidance
Wyrick Robbins Yates & Ponton LLP was fourth, with $690 million of issuance for 8.4%.
Details on the legal counsel of all new issues weren't available to Prospect News. Total issuance for the year to date is $8.08 billion in 27 deals, which is down from $17.93 billion in 52 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 | 2.112 | 8 | 25.73% | 3 | 2.812 | 15 | 15.65%
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2 | Latham & Watkins LLP | 1.451 | 5 | 17.67% | 6 | 1.544 | 4 | 8.59%
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3 | Simpson Thacher & Bartlett LLP | 1.335 | 4 | 16.26% | 5 | 1.566 | 7 | 8.71%
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4 | Fried Frank Harris Shriver & Jacobson LLP | 0.862 | 2 | 10.49% | 7 | 0.696 | 4 | 3.87%
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5 | Cleary Gottlieb Steen & Hamilton LLP | 0.690 | 1 | 8.40% | 4 | 1.823 | 3 | 10.14%
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6 | Hunton & Williams LLP | 0.570 | 1 | 6.94% |
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7 | Cravath Swaine & Moore LLP | 0.230 | 1 | 2.80% |
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8 | Morrison & Foerster LLP | 0.200 | 1 | 2.44% |
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9 | Baker Botts LLP | 0.150 | 1 | 1.83% |
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10 | Troutman Sanders LLP | 0.127 | 1 | 1.55% | 10 | 0.172 | 1 | 0.96%
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| Total | 8.211 | 26 | 17.973 | 52 |
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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
|
1 | In house | 1.043 | 3 | 12.70% |
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2 | Sullivan & Cromwell LLP | 0.995 | 1 | 12.12% | 12 | 0.287 | 1.000 | 1.60%
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3 | K&L Gates LLP | 0.785 | 2 | 9.56% |
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4 | Wyrick Robbins Yates & Ponton LLP | 0.690 | 1 | 8.40% |
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5 | Wilson Sonsini Goodrich & Rosati | 0.600 | 1 | 7.31% | 27 | 0.075 | 1 | 0.42%
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6 | Latham & Watkins LLP | 0.500 | 1 | 6.09% | 6 | 0.769 | 4 | 4.28%
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7 | DLA Piper LLP | 0.350 | 2 | 4.26% |
|
8 | Vinson & Elkins LLP | 0.300 | 1 | 3.65% |
|
9 | Morgan Lewis & Bockius LLP | 0.285 | 1 | 3.47% |
|
10 | Squire Sanders (US) LLP | 0.285 | 1 | 3.47% |
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| Total | 8.211 | 26 | 17.973 | 52 |
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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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