By Rebecca Melvin
New York, Dec. 4 - International law firm Davis Polk & Wardwell LLP remained the top legal counsel to underwriters of convertible bonds for the year to date through November, accounting for 32% of total volume under its guidance, or $14.10 billion in 40 deals, according to data compiled by Prospect News.
Simpson Thacher & Bartlett LLP rose a rung to No. 2 counsel, with the global law firm accounting for $5.01 billion in issuance in 12 deals, for 11.5% of the total.
Latham & Watkins LLP slipped to No. 3 underwriter's counsel with 16 deals, accounting for 11% of the total, or $4.68 billion, while Skadden Arps Slate, Meagher& Flom LLP was fourth in the rankings, with $3.04 billion in issuance in eight deals, or 7% of the total.
For November alone, Davis Polk was the top underwriter's counsel, accounting for $2.75 billion of issuance in six deals, or 36% of total volume.
Heading up the list of counsel for the issuers of convertible debt was Wilson Sonsini Goodrich & Rosati, which provided counsel in $2.8 billion of new issuance being brought in six deals for 6.4% 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 $43.53 billion in 136 deals, which is up from for the same period of 2012, when $19.64 billion in 76 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 | 14.097 | 40 | 32.38% | 1 | 4.898 | 21 | 24.94%
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| 2 | Simpson Thacher & Bartlett LLP | 5.011 | 12 | 11.51% | 3 | 1.535 | 5 | 7.82%
|
| 3 | Latham & Watkins LLP | 4.677 | 16 | 10.74% | 2 | 2.474 | 10 | 12.60%
|
| 4 | Skadden Arps Slate Meagher & Flom LLP | 3.038 | 8 | 6.98% |
|
| 5 | Hunton & Williams LLP | 0.898 | 3 | 2.06% | 5 | 1.274 | 3 | 6.49%
|
| 6 | Sidley Austin LLP | 0.715 | 2 | 1.64% | 15 | 0.070 | 1 | 0.36%
|
| 7 | Cravath Swaine & Moore LLP | 0.602 | 2 | 1.38% | 8 | 0.483 | 2 | 2.46%
|
| 8 | Troutman Sanders LLP | 0.490 | 2 | 1.13% | 13 | 0.127 | 1 | 0.65%
|
| 9 | Clifford Chance US LLP | 0.463 | 2 | 1.06% |
|
| 10 | Mayer Brown LLP | 0.450 | 1 | 1.03% |
|
| Total | 43.530 | 136 | 19.636 | 76 |
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| U.S. market, November |
|
| | | | | 2012 Comparables |
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| Underwriter's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Davis Polk & Wardwell LLP | 2.750 | 6 | 36.23% | 1 | 0.265 | 2 | 26.11%
|
| 2 | Latham & Watkins LLP | 0.390 | 3 | 5.14% | 2 | 0.230 | 1 | 22.66%
|
| 3 | Simpson Thacher & Bartlett LLP | 0.200 | 1 | 2.64% | 3 | 0.200 | 1 | 19.70%
|
| 4 | Conyers Dill & Pearman | 0.200 | 1 | 2.64% |
|
| 5 | Baker Botts LLP | 0.200 | 1 | 2.64% |
|
| 6 | Morgan Lewis & Bockius LLP | 0.115 | 1 | 1.52% |
|
| 7 | Sidley Austin LLP | 0.115 | 1 | 1.52% |
|
| 8 | Paul Hastings LLP | 0.075 | 1 | 0.99% |
|
| Total | 7.590 | 21 | 1.015 | 7 |
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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 | 2.790 | 6 | 6.41% | 10 | 0.632 | 2 | 3.22%
|
| 2 | Cooley LLP | 1.825 | 4 | 4.19% | 4 | 0.995 | 6 | 5.07%
|
| 3 | Cleary Gottlieb Steen & Hamilton LLP | 1.470 | 2 | 3.38% |
|
| 4 | Skadden Arps Slate Meagher & Flom LLP | 1.383 | 6 | 3.18% | 11 | 0.585 | 3 | 2.98%
|
| 5 | Sidley Austin LLP | 1.353 | 4 | 3.11% | 28 | 0.127 | 1 | 0.64%
|
| 6 | Latham & Watkins LLP | 1.281 | 6 | 2.94% | 7 | 0.835 | 4 | 4.25%
|
| 7 | Sullivan & Cromwell LLP | 1.276 | 2 | 2.93% | 2 | 1.069 | 2 | 5.44%
|
| 8 | Fenwick & West LLP | 1.175 | 3 | 2.70% |
|
| 9 | Elvinger Hoss & Prussen | 1.125 | 1 | 2.58% |
|
| 10 | McGuireWoods LLP | 0.980 | 2 | 2.25% |
|
| Total | 43.530 | 136 | 19.636 | 76 |
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| U.S. market, November |
|
| | | | | 2012 Comparables |
|
| Issuer's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Cooley LLP | 1.500 | 1 | 19.76% |
|
| 2 | Vinson & Elkins LLP | 0.650 | 2 | 8.56% |
|
| 3 | Fenwick & West LLP | 0.575 | 1 | 7.58% |
|
| 4 | Skadden Arps Slate Meagher & Flom LLP | 0.300 | 2 | 3.95% |
|
| 5 | Milbank Tweed Hadley & McCloy LLP | 0.230 | 1 | 3.03% |
|
| 6 | Clifford Chance US LLP | 0.200 | 1 | 2.64% | 2 | 0.200 | 1 | 19.70%
|
| 7 | Morrison & Foerster LLP | 0.175 | 1 | 2.31% |
|
| 8 | In house | 0.150 | 1 | 1.98% |
|
| 9 | Hunton & Williams LLP | 0.115 | 1 | 1.52% |
|
| 10 | Davis Polk & Wardwell LLP | 0.080 | 1 | 1.05% |
|
| Total | 7.590 | 21 | 1.015 | 7 |
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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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