In-house counsel top choice for issuers
By Stephanie N. Rotondo
Phoenix, Sept. 6 - Davis Polk & Wardwell LLP was again the top counsel for preferred stock underwriters, according to data compiled by Prospect News.
Year to date, the firm has advised underwriters on three deals with total proceeds of $4.06 billion, or 13.76% of market share. Market share was down from 16.31% as of the beginning of August.
Sidley Austin LLP meantime held its second-place spot, counseling underwriters on 30 deals that generated $2.92 billion, or 9.9% of market share. Sidley's market share also slipped from the previous month, when it was at 11.34%.
On the other hand, issuers continued to seek out in-house counsel advice more often than not. In-house counsel accounted for 14 preferred transactions that brought in $6.1 billion, or 20.66% of market share. In terms of dollars raised, that was an increase from the month before, though market share dipped from 21.75% previously.
Squire Sanders & Dempsey (US) LLP came in second place, advising issuers on five stock sales totaling proceeds of $3.11 billion, or 10.53% of market share. The firm had previously had 12.08% of market share.
Underwriter's counsel, year to date, U.S. market
| Underwriter's counsel | Amount | No. | Share |
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| 1 | Davis Polk & Wardwell LLP | 4.065 | 3 | 13.76% |
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| 2 | Sidley Austin LLP | 2.925 | 30 | 9.90% |
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| 3 | Skadden Arps Slate Meagher & Flom LLP | 2.840 | 17 | 9.61% |
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| 4 | O'Melveny & Myers LLP | 2.735 | 3 | 9.26% |
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| 5 | Cravath Swaine & Moore LLP | 2.158 | 3 | 7.30% |
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| 6 | Simpson Thacher & Bartlett LLP | 1.171 | 6 | 3.96% |
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| 7 | Cleary Gottlieb Steen & Hamilton LLP | 1.102 | 5 | 3.73% |
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| 8 | Morrison & Foerster LLP | 0.875 | 1 | 2.96% |
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| 9 | Clifford Chance LLP | 0.797 | 7 | 2.70% |
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| 10 | Gibson Dunn & Crutcher LLP | 0.675 | 1 | 2.28% |
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| Total | 29.544 | 151 |
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| Issuer's counsel, year to date, U.S. market |
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| Issuer's counsel | Amount | No. | Share |
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| 1 | In house | 6.104 | 14 | 20.66% |
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| 2 | Squire Sanders & Dempsey (US) LLP | 3.110 | 5 | 10.53% |
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| 3 | Hogan Lovells US LLP | 1.703 | 10 | 5.77% |
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| 4 | Simpson Thacher & Bartlett LLP | 1.458 | 2 | 4.93% |
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| 5 | Latham & Watkins LLP | 1.058 | 9 | 3.58% |
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| 6 | Sullivan & Cromwell LLP | 0.982 | 7 | 3.32% |
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| 7 | Venable LLP | 0.976 | 13 | 3.30% |
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| 8 | Gibson Dunn & Crutcher LLP | 0.875 | 1 | 2.96% |
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| 9 | Weil Gotshal & Manges LLP | 0.875 | 1 | 2.96% |
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| 10 | Arnold & Porter LLP | 0.825 | 2 | 2.79% |
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| Total | 29.544 | 151 |
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| Prospect News Preferred Stock 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.
• Convertibles are excluded.
• 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. For multiple firms, the total value is divided equally.
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