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

By Rebecca Melvin

New York, Nov. 5 - International law firm Davis Polk & Wardwell LLP remained top legal counsel to underwriters of convertible bonds for the year to date through October, accounting for 32% of total volume under its guidance, or $11.35 billion in 34 deals, according to data compiled by Prospect News.

Latham & Watkins LLP remained No. 2 counsel, with the global law firm accounting for $4.05 billion in issuance in 11 deals, for 11% of the total.

Simpson Thacher & Bartlett LLP was No. 3 on the underwriter's counsel chart with 10 deals, accounting for 9% of the total, or $3.31 billion, while Skadden Arps Slate, Meagher & Flom LLP was fourth in the rankings, with $3.04 billion in issuance in eight deals, or 8.5% of the total.

For October alone, Skadden Arps was the top underwriter's counsel, accounting for $1.28 billion of issuance in three deals, or 21% of total volume.

Heading up the list of counsel for the issuers of convertible debt was Wilson Sonsini Goodrich & Rosati, which aided in $2.8 billion in new issuance being brought in six deals for 8% 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 $35.92 billion in 114 deals, which is up from for the same period of 2012, when $18.46 billion in 68 deals was priced.

U.S. market, year to date

2012 Comparables

	Underwriter's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Davis Polk & Wardwell LLP	11.347	34	31.59%	1	4.633	19	24.88%
2	Latham & Watkins LLP	4.047	11	11.27%	2	2.244	9	12.05%
3	Simpson Thacher & Bartlett LLP	3.311	10	9.22%	4	1.335	4	7.17%
4	Skadden Arps Slate Meagher & Flom LLP	3.038	8	8.46%
5	Hunton & Williams LLP	0.898	3	2.50%	5	1.274	3	6.84%
6	Cravath Swaine & Moore LLP	0.602	2	1.67%	8	0.483	2	2.59%
7	Sidley Austin LLP	0.600	1	1.67%	15	0.070	1	0.38%
8	Troutman Sanders LLP	0.490	2	1.36%	13	0.127	1	0.68%
9	Clifford Chance US LLP	0.463	2	1.29%
10	Mayer Brown LLP	0.450	1	1.25%
	Total	35.915	114	18.621	69
U.S. market, October
					2012 Comparables
	Underwriter's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Skadden Arps Slate Meagher & Flom LLP	1.282	3	21.11%
2	Davis Polk & Wardwell LLP	0.886	2	14.59%	1	0.687	2	25.72%
3	Latham & Watkins LLP	0.750	2	12.34%
4	Cravath Swaine & Moore LLP	0.199	1	3.28%
5	Hunton & Williams LLP	0.115	1	1.89%
6	King & Wood Mallesons	0.086	1	1.42%
7	Goodwin Procter LLP	0.047	1	0.77%
	Total	6.076	14	2.670	8
U.S. market, year to date
					2012 Comparables
	Issuer's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Wilson Sonsini Goodrich & Rosati PC	2.790	6	7.77%	10	0.632	2	3.39%
2	Cleary Gottlieb Steen & Hamilton LLP	1.470	2	4.09%
3	Sidley Austin LLP	1.353	4	3.77%	26	0.127	1	0.68%
4	Sullivan & Cromwell LLP	1.276	2	3.55%	2	1.069	2	5.74%
5	Elvinger Hoss & Prussen	1.125	1	3.13%
6	Skadden Arps Slate Meagher & Flom LLP	1.083	4	3.02%	11	0.585	3	3.14%
7	McGuireWoods LLP	0.980	2	2.73%
8	Cravath Swaine & Moore LLP	0.978	1	2.72%	27	0.125	1	0.67%
9	Latham & Watkins LLP	0.958	4	2.67%	8	0.720	3	3.87%
10	DLA Piper LLP (US)	0.917	2	2.55%
	Total	35.915	114	18.621	69
U.S. market, October
					2012 Comparables
	Issuer's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Cravath Swaine & Moore LLP	0.978	1	16.09%
2	Skadden Arps Slate Meagher & Flom LLP	0.843	2	13.88%	1	0.397	1	14.86%
3	Paul Hastings LLP	0.750	2	12.34%
4	Wilson Sonsini Goodrich & Rosati PC	0.230	1	3.79%
5	Kirkland & Ellis LLP	0.199	1	3.28%
6	Ledgewood	0.115	1	1.89%
7	Seward & Kissel LLP	0.075	1	1.23%
8	Cooley LLP	0.047	1	0.77%
9	Jincheng Tongda & Neal	0.043	1	0.71%
9	Li & Partners	0.043	1	0.71%
9	Maples and Calder	0.043	1	0.71%
	Total	6.076	14	2.670	8
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.

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