By Stephanie N. Rotondo
Phoenix, June 5 - Cleary Gottlieb Steen & Hamilton LLP stole the number one preferred stock underwriter counsel spot from Skadden Arps Slate Meagher & Flom LLP, according to data compiled by Prospect News.
Year to date, Cleary has acted as counsel for six preferred stock transactions that brought in proceeds of $2.71 billion, or 13.14% of market share. For its part, Skadden was in third place for the year, having advised on nine deals that raised $1.91 billion, or 9.27% of market share.
In second place was Davis Polk & Wardwell LLP, with four deals under its belt that raised $2.07 billion, or 10.06% of market share.
For the month of May, Davis Polk came in first, counseling underwriters on two preferred offerings that brought in $1.6 billion, or 25.27% of market share.
As for issuer's counsel, most have sought in-house advice so far this year. Issuers chose in-house counselors 10 times this year, for a total of $3.02 billion, or 14.63% of market share. Second place year to date was Simpson Thacher & Bartlett LLP, which advised on three deals that generated proceeds of $1.32 billion, or 6.42% of market share.
Issuers were also actively seeking in-house counsel during the month. In-house counsel was chosen five times in May, on deals that brought in a total of $2.34 billion, or 36.96% of market share.
McGuire Woods LLP was runner-up, giving counsel to one issuer that raised $1 billion.
Underwriter's counsel, U.S. market, year to date
2012 Comparables
| Underwriter's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Cleary Gottlieb Steen & Hamilton LLP | 2.709 | 6 | 13.14% | 5 | 1.102 | 5 | 6.57%
|
| 2 | Davis Polk & Wardwell LLP | 2.074 | 4 | 10.06% | 14 | 0.065 | 1 | 0.39%
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| 3 | Skadden Arps Slate Meagher & Flom LLP | 1.910 | 9 | 9.27% | 3 | 1.440 | 5 | 8.58%
|
| 4 | Cravath Swaine & Moore LLP | 1.744 | 5 | 8.46% | 6 | 0.400 | 1 | 2.38%
|
| 5 | Morrison & Foerster LLP | 1.000 | 1 | 4.85% |
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| 6 | Simpson Thacher & Bartlett LLP | 0.825 | 6 | 4.00% | 4 | 1.171 | 6 | 6.98%
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| 7 | O'Melveny & Myers LLP | 0.450 | 1 | 2.18% | 2 | 1.585 | 2 | 9.44%
|
| 8 | Sullivan & Cromwell LLP | 0.440 | 3 | 2.13% | 13 | 0.250 | 1 | 1.49%
|
| 9 | Sidley Austin LLP | 0.432 | 4 | 2.09% | 1 | 1.941 | 14 | 11.56%
|
| 10 | Hunton & Williams LLP | 0.412 | 2 | 2.00% | 14 | 0.246 | 4 | 1.47%
|
| Total | 20.613 | 134 | 16.782 | 79 |
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| Underwriter's counsel, U.S. market, May |
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| | | | | 2012 Comparables |
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| Underwriter's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Davis Polk & Wardwell LLP | 1.600 | 2 | 25.27% |
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| 2 | Morrison & Foerster LLP | 1.000 | 1 | 15.79% |
|
| 3 | Cleary Gottlieb Steen & Hamilton LLP | 0.933 | 3 | 14.74% | 1 | 0.619 | 2 | 20.00%
|
| 4 | Cravath Swaine & Moore LLP | 0.750 | 3 | 11.85% |
|
| 5 | Hunton & Williams LLP | 0.287 | 1 | 4.54% | 5 | 0.059 | 2 | 1.91%
|
| 6 | Debevoise & Plimpton LLP | 0.275 | 1 | 4.34% |
|
| 7 | Fried Frank Harris Shriver & Jacobson LLP | 0.170 | 1 | 2.68% | 4 | 0.275 | 1 | 8.89%
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| 8 | Simpson Thacher & Bartlett LLP | 0.100 | 1 | 1.58% | 2 | 0.425 | 1 | 13.74%
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| 9 | LeClairRyan | 0.075 | 1 | 1.18% |
|
| 10 | Skadden Arps Slate Meagher & Flom LLP | 0.075 | 1 | 1.18% | 3 | 0.385 | 2 | 12.45%
|
| Total | 6.332 | 20 | 3.093 | 24 |
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| Issuer's counsel, U.S. market, year to date |
|
| | | | | 2012 Comparables |
|
| Issuer's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | In house | 3.015 | 10 | 14.63% | 2 | 1.683 | 7 | 10.03%
|
| 2 | Simpson Thacher & Bartlett LLP | 1.324 | 3 | 6.42% | 13 | 0.200 | 1 | 1.19%
|
| 3 | Skadden Arps Slate Meagher & Flom LLP | 1.285 | 2 | 6.23% | 15 | 0.150 | 1 | 0.89%
|
| 4 | McGuireWoods LLP | 1.000 | 1 | 4.85% |
|
| 5 | Hogan Lovells US LLP | 0.750 | 3 | 3.64% | 3 | 1.226 | 7 | 7.30%
|
| 6 | Hunton & Williams LLP | 0.647 | 8 | 3.14% | 23 | 0.079 | 2 | 0.47%
|
| 7 | Sullivan & Cromwell LLP | 0.589 | 5 | 2.86% | 7 | 0.423 | 4 | 2.52%
|
| 8 | Venable LLP | 0.500 | 2 | 2.43% | 6 | 0.649 | 9 | 3.87%
|
| 9 | Pillsbury Winthrop Shaw Pittman LLP | 0.412 | 2 | 2.00% | 9 | 0.287 | 1 | 1.71%
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| 10 | Willkie Farr & Gallagher LLP | 0.412 | 2 | 2.00% | 21 | 0.080 | 1 | 0.48%
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| Total | 20.613 | 134 | 16.782 | 79 |
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| Issuer's counsel, U.S. market, May |
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| | | | | 2012 Comparables |
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| Issuer's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | In house | 2.340 | 5 | 36.96% | 1 | 0.825 | 2 | 26.67%
|
| 2 | McGuireWoods LLP | 1.000 | 1 | 15.79% |
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| 3 | Graydon Head & Ritchey LLP | 0.300 | 1 | 4.74% |
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| 4 | Pillsbury Winthrop Shaw Pittman LLP | 0.287 | 1 | 4.54% |
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| 5 | Conyers Dill & Pearman Ltd. | 0.237 | 2 | 3.75% |
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| 6 | Andrews Kurth LLP | 0.170 | 1 | 2.68% |
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| 7 | Callister Nebeker & McCullough | 0.150 | 1 | 2.38% |
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| 8 | Sullivan & Cromwell LLP | 0.150 | 1 | 2.38% | 4 | 0.072 | 1 | 2.32%
|
| 9 | Willkie Farr & Gallagher LLP | 0.138 | 1 | 2.17% |
|
| 10 | Akerman Senterfitt | 0.132 | 1 | 2.09% | 7 | 0.035 | 1 | 1.13%
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| Total | 6.332 | 20 | 3.093 | 24 |
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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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