• Issuers continue to stay in-house
By Stephanie N. Rotondo
Phoenix, Nov. 5 - Cravath Swaine & Moore LLP was again the top preferred stock underwriters' counsel for the year to date through October, according to data compiled by Prospect News.
The law firm has advised underwriters on eight deals so far this year. Those deals brought in proceeds of $3.34 billion, or 11.09% of market share.
Cleary Gottlieb Steen & Hamilton LLP took the year's number two spot, having counseled on seven preferred stock transactions that raised $2.71 billion, or 9.02% of market share.
For October, Sullivan & Cromwell LLP took the top honors. The firm acted as underwriters' counsel on one deal that raised $100 million. Sidley Austin LLP - September's number one counselor - came in second place, advising on one deal that generated $95 million.
As for issuers, many continued to choose in-house advice. For the year thus far, issuers looked to in-house counsel for 13 preferred offerings that raised a total of $3.34 billion, or 11.29% of market share.
The runner-up for the year was Simpson Thacher & Bartlett LLP. The firm advised on four deals that brought in $2.84 billion, or 9.42% of market share.
In October, Wachtell Lipton Rosen & Katz and Hogan Lovells US LLP were first and second place, respectively. Both advised one issuer apiece, Wachtell on a deal that raised $100 million and Hogan on a $95 million preferred transaction.
Underwriter's counsel, U.S. market, year to date
2012 Comparables
| Underwriter's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Cravath Swaine & Moore LLP | 3.339 | 8 | 11.09% | 5 | 2.638 | 4 | 6.99%
|
2 | Cleary Gottlieb Steen & Hamilton LLP | 2.714 | 7 | 9.02% | 6 | 2.602 | 6 | 6.90%
|
3 | Davis Polk & Wardwell LLP | 2.194 | 5 | 7.29% | 1 | 4.065 | 3 | 10.77%
|
4 | Skadden Arps Slate Meagher & Flom LLP | 1.920 | 9 | 6.38% | 2 | 3.688 | 23 | 9.77%
|
5 | Sidley Austin LLP | 1.527 | 7 | 5.07% | 3 | 3.305 | 33 | 8.76%
|
6 | Gibson Dunn & Crutcher LLP | 1.502 | 2 | 4.99% | 13 | 0.675 | 1 | 1.79%
|
7 | Morrison & Foerster LLP | 1.000 | 1 | 3.32% | 11 | 0.875 | 1 | 2.32%
|
8 | Simpson Thacher & Bartlett LLP | 0.940 | 7 | 3.12% | 7 | 1.776 | 8 | 4.71%
|
9 | Mayer Brown LLP | 0.887 | 3 | 2.95% |
|
10 | Sullivan & Cromwell LLP | 0.735 | 5 | 2.44% | 8 | 1.221 | 5 | 3.24%
|
| Total | 30.094 | 230 | 37.736 | 211 |
|
|
|
Underwriter's counsel, U.S. market, October |
|
| | | | | 2012 Comparables |
|
| Underwriter's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Sullivan & Cromwell LLP | 0.100 | 1 | 4.58% | 2 | 0.750 | 1 | 15.50%
|
2 | Sidley Austin LLP | 0.095 | 1 | 4.36% | 8 | 0.086 | 1 | 1.78%
|
3 | Reed Smith LLP | 0.050 | 1 | 2.29% |
|
4 | LeClairRyan | 0.013 | 1 | 0.57% |
|
5 | Ellenoff Grossman & Schole LLP | 0.008 | 1 | 0.37% |
|
| Total | 2.182 | 20 | 4.838 | 35 |
|
|
|
Issuer's counsel, U.S. market, year to date |
|
| | | | | 2012 Comparables |
|
| Issuer's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | In house | 3.399 | 13 | 11.29% | 1 | 7.164 | 18 | 18.99%
|
2 | Simpson Thacher & Bartlett LLP | 2.836 | 4 | 9.42% | 6 | 1.458 | 2 | 3.86%
|
3 | Richards Layton & Finger PA | 1.700 | 2 | 5.65% | 12 | 0.750 | 1 | 1.99%
|
4 | Skadden Arps Slate Meagher & Flom LLP | 1.301 | 3 | 4.32% | 4 | 1.765 | 3 | 4.68%
|
5 | McGuireWoods LLP | 1.000 | 1 | 3.32% |
|
6 | Davis Polk & Wardwell LLP | 0.875 | 2 | 2.91% |
|
7 | Hogan Lovells US LLP | 0.855 | 4 | 2.84% | 3 | 2.240 | 12 | 5.93%
|
8 | Willkie Farr & Gallagher LLP | 0.731 | 4 | 2.43% | 26 | 0.185 | 2 | 0.49%
|
9 | Hunton & Williams LLP | 0.647 | 8 | 2.15% | 14 | 0.581 | 8 | 1.54%
|
10 | Sullivan & Cromwell LLP | 0.591 | 6 | 1.96% | 5 | 1.482 | 8 | 3.93%
|
| Total | 30.094 | 230 | 37.736 | 211 |
|
|
|
Issuer's counsel, U.S. market, October |
|
| | | | | 2012 Comparables |
|
| Issuer's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Wachtell Lipton Rosen & Katz | 0.100 | 1 | 4.58% |
|
2 | Hogan Lovells US LLP | 0.095 | 1 | 4.36% | 9 | 0.086 | 1 | 1.78%
|
3 | Vinson & Elkins LLP | 0.050 | 1 | 2.29% |
|
4 | Carlile Patchen & Murphy LLP | 0.013 | 1 | 0.57% |
|
5 | Seward & Kissel LLP | 0.008 | 1 | 0.37% |
|
| Total | 2.182 | 20 | 4.838 | 35 |
|
|
|
|
Prospect News Preferred Stock 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.
• 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.
© 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.