By Rebecca Melvin
New York, Oct. 3 - International law firm Davis Polk & Wardwell LLP was the top legal counsel to underwriters of convertible bonds for the year to date through September with 32 deals, accounting for $10.46 billion of issuance, or 35% of total volume, according to data compiled by Prospect News.
Davis Polk was also the top ranking legal firm for underwriters for the third quarter and for September alone, with $2.37 billion of issuance in nine deals, for 33% of the total for the quarter and $1.05 million in three deals for 40% of the total for September.
Simpson Thacher & Bartlett LLP was the No. 2 legal counsel to underwriters of convertible bonds for the year to date through September, with $3.31 billion in 10 deals, or 11% of total volume.
Latham & Watkins was the third-busiest legal counsel to underwriters for the year to date with nine deals, totaling $3.30 billion, accounting for 11% of total volume.
Wilson Sonsini Goodrich & Rosati was the top ranking legal counsel to issuers of convertible bonds for the year to date, acting as counsel on $2.56 billion of issuance in five deals, for 8.6% of the total. Cleary Gottlieb Steen & Hamilton LLP was the No. 2 legal counsel to issuers of convertible bonds, with $1.47 billion in two deals, accounting for 4.9% of total volume through September.
For the third quarter and September alone, Ropes & Gray LLP was the top legal counsel to issuers of convertible debt with $800 million in two deals for 11% of the total. In September, the two Ropes & Gray deals accounted for 30% of total volume.
Details on the legal counsel of all new issues weren't available to Prospect News. Total issuance for the year to date is $29.16 billion in 100 deals, which is up from $15.95 billion in 61 deals notched for 2012 through September.
U.S. market, year to date
2012 Comparables
| Underwriter's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Davis Polk & Wardwell LLP | 10.460 | 32 | 35.06% | 1 | 3.946 | 17 | 24.74%
|
| 2 | Simpson Thacher & Bartlett LLP | 3.311 | 10 | 11.10% | 4 | 1.335 | 4 | 8.37%
|
| 3 | Latham & Watkins LLP | 3.297 | 9 | 11.05% | 2 | 2.244 | 9 | 14.07%
|
| 4 | Skadden Arps Slate Meagher & Flom LLP | 1.755 | 5 | 5.88% |
|
| 5 | Hunton & Williams LLP | 0.783 | 2 | 2.62% | 5 | 1.274 | 3 | 7.99%
|
| 6 | Sidley Austin LLP | 0.600 | 1 | 2.01% |
|
| 7 | Troutman Sanders LLP | 0.490 | 2 | 1.64% | 13 | 0.127 | 1 | 0.80%
|
| 8 | Clifford Chance US LLP | 0.463 | 2 | 1.55% |
|
| 9 | Mayer Brown LLP | 0.450 | 1 | 1.51% |
|
| 10 | Cahill Gordon & Reindel LLP | 0.435 | 4 | 1.46% | 11 | 0.227 | 3 | 1.42%
|
| Total | 29.840 | 100 | 15.951 | 61 |
|
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| U.S. market, third quarter |
|
| | | | | 2012 Comparables |
|
| Underwriter's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Davis Polk & Wardwell LLP | 2.368 | 9 | 33.00% | 1 | 1.817 | 9 | 35.57%
|
| 2 | Simpson Thacher & Bartlett LLP | 0.517 | 2 | 7.21% |
|
| 3 | Hunton & Williams LLP | 0.487 | 1 | 6.79% | 3 | 0.630 | 1 | 12.34%
|
| 4 | Sullivan & Cromwell LLP | 0.300 | 1 | 4.18% | 5 | 0.287 | 1 | 5.63%
|
| 5 | Wilson Sonsini Goodrich & Rosati | 0.287 | 1 | 4.01% |
|
| 6 | Latham & Watkins LLP | 0.219 | 2 | 3.05% | 2 | 0.745 | 3 | 14.59%
|
| 7 | Ellenoff Grossman & Schole LLP | 0.167 | 1 | 2.33% |
|
| 8 | Skadden Arps Slate Meagher & Flom LLP | 0.165 | 1 | 2.30% |
|
| 9 | McGuireWoods LLP | 0.155 | 1 | 2.16% |
|
| 10 | Morrison & Foerster LLP | 0.129 | 1 | 1.80% | 8 | 0.100 | 1 | 1.96%
|
| Total | 7.177 | 31 | 5.107 | 24 |
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| U.S. market, September |
|
| | | | | 2012 Comparables |
|
| Underwriter's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Davis Polk & Wardwell LLP | 1.050 | 3 | 39.77% | 1 | 0.815 | 5 | 28.06%
|
| 2 | Hunton & Williams LLP | 0.487 | 1 | 18.47% | 2 | 0.630 | 1 | 21.71%
|
| 3 | Latham & Watkins LLP | 0.219 | 2 | 8.30% | 3 | 0.630 | 2 | 21.69%
|
| 4 | Skadden Arps Slate Meagher & Flom LLP | 0.165 | 1 | 6.25% |
|
| 5 | Morrison & Foerster LLP | 0.129 | 1 | 4.90% | 5 | 0.100 | 1 | 3.44%
|
| Total | 2.640 | 11 | 2.905 | 14 |
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| U.S. market, year to date |
|
| | | | | 2012 Comparables |
|
| Issuer's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Wilson Sonsini Goodrich & Rosati PC | 2.560 | 5 | 8.58% | 9 | 0.632 | 2 | 3.96%
|
| 2 | Cleary Gottlieb Steen & Hamilton LLP | 1.470 | 2 | 4.93% |
|
| 3 | Sidley Austin LLP | 1.353 | 4 | 4.53% | 26 | 0.127 | 1 | 0.79%
|
| 4 | Sullivan & Cromwell LLP | 1.276 | 2 | 4.27% | 2 | 1.069 | 2 | 6.70%
|
| 5 | Elvinger Hoss & Prussen | 1.125 | 1 | 3.77% |
|
| 6 | McGuireWoods LLP | 0.980 | 2 | 3.28% |
|
| 7 | Latham & Watkins LLP | 0.958 | 4 | 3.21% | 8 | 0.650 | 2 | 4.08%
|
| 8 | DLA Piper LLP (US) | 0.917 | 2 | 3.07% |
|
| 9 | Jones Day | 0.825 | 2 | 2.76% | 14 | 0.414 | 1 | 2.60%
|
| 10 | Ropes & Gray LLP | 0.800 | 2 | 2.68% | 12 | 0.520 | 2 | 3.26%
|
| Total | 29.840 | 100 | 15.951 | 61 |
|
|
|
| U.S. market, third quarter |
|
| | | | | 2012 Comparables |
|
| Issuer's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Ropes & Gray LLP | 0.800 | 2 | 11.15% | 4 | 0.520 | 2 | 10.18%
|
| 2 | DLA Piper LLP (US) | 0.650 | 1 | 9.06% |
|
| 3 | Morrison & Foerster LLP | 0.319 | 2 | 4.44% |
|
| 4 | Proskauer Rose LLP | 0.310 | 1 | 4.32% |
|
| 5 | Thompson Hine LLP | 0.300 | 1 | 4.18% |
|
| 6 | Dechert LLP | 0.287 | 1 | 4.01% |
|
| 7 | Cooley LLP | 0.259 | 1 | 3.61% | 1 | 0.719 | 4 | 14.07%
|
| 8 | Morgan Lewis & Bockius LLP | 0.244 | 1 | 3.40% | 2 | 0.630 | 1 | 12.34%
|
| 9 | Squire Sanders (US) LLP | 0.244 | 1 | 3.40% |
|
| 10 | Keller Rohrback PLC | 0.167 | 1 | 2.33% |
|
| Total | 7.177 | 31 | 5.107 | 24 |
|
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|
| U.S. market, September |
|
| | | | | 2012 Comparables |
|
| Issuer's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Ropes & Gray LLP | 0.800 | 2 | 30.30% | 5 | 0.220 | 1 | 7.57%
|
| 2 | Morrison & Foerster LLP | 0.319 | 2 | 12.08% |
|
| 3 | Morgan Lewis & Bockius LLP | 0.244 | 1 | 9.23% | 1 | 0.630 | 1 | 21.71%
|
| 4 | Squire Sanders (US) LLP | 0.244 | 1 | 9.23% |
|
| 5 | Vinson & Elkins LLP | 0.150 | 1 | 5.68% |
|
| 6 | Seyfarth Shaw LLP | 0.129 | 1 | 4.90% |
|
| 7 | Sidley Austin LLP | 0.083 | 1 | 3.13% |
|
| 8 | Conyers Dill & Pearman Ltd. | 0.083 | 1 | 3.13% |
|
| Total | 2.640 | 11 | 2.905 | 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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