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

By Rebecca Melvin

New York, Sept. 5 - International law firm Davis Polk & Wardwell LLP was the top legal counsel to underwriters of convertible bonds for the year to date through August with 29 deals, accounting for $9.41 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 August alone, with $1.04 billion in four deals, or 35%, of the total.

Simpson Thacher & Bartlett LLP was the No. 2 legal counsel to underwriters of convertible bonds for the year to date through August, with $3.31 billion in 10 deals, or 12% of total volume.

Latham & Watkins was the third-busiest legal counsel to underwriters for the year to date with seven deals, totaling $3.08 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, serving as counsel on $2.56 billion of issuance in five deals, for 9% 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 5.4% of total volume through August.

For August alone, DLA Piper LLP (US) was the top legal counsel to issuers of convertible debt with $650 million in one deal for 22% of the total.

Details on the legal counsel of all new issues weren't available to Prospect News. Total issuance for the year to date is $27.16 billion in 89 deals, which is up from $13.05 billion in 47 deals notched for 2012 through August.

U.S. market, year to date

2012 Comparables

	Underwriter's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Davis Polk & Wardwell LLP	9.411	29	34.66%	1	3.131	12	24.00%
2	Simpson Thacher & Bartlett LLP	3.311	10	12.20%	4	1.335	4	10.23%
3	Latham & Watkins LLP	3.078	7	11.34%	2	1.615	7	12.38%
4	Skadden Arps Slate Meagher & Flom LLP	1.590	4	5.86%
5	Sidley Austin LLP	0.600	1	2.21%
6	Troutman Sanders LLP	0.490	2	1.80%	12	0.127	1	0.97%
7	Clifford Chance US LLP	0.463	2	1.70%
8	Mayer Brown LLP	0.450	1	1.66%
9	Cahill Gordon & Reindel LLP	0.435	4	1.60%	17	0.043	1	0.33%
10	Cravath Swaine & Moore LLP	0.403	1	1.48%	8	0.483	2	3.70%
	Total	27.150	89	13.046	47
U.S. market, August
					2012 Comparables
	Underwriter's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Davis Polk & Wardwell LLP	1.038	4	34.63%	1	0.915	3	52.34%
2	Simpson Thacher & Bartlett LLP	0.517	2	17.26%
3	Wilson Sonsini Goodrich & Rosati	0.287	1	9.59%
	Total	2.998	11	1.749	7
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	9.43%	8	0.632	2	4.84%
2	Cleary Gottlieb Steen & Hamilton LLP	1.470	2	5.41%
3	Sullivan & Cromwell LLP	1.276	2	4.70%	2	1.069	2	8.19%
4	Sidley Austin LLP	1.270	3	4.68%	22	0.127	1	0.97%
5	Elvinger Hoss & Prussen	1.125	1	4.14%
6	McGuireWoods LLP	0.980	2	3.61%
7	Latham & Watkins LLP	0.958	4	3.53%	7	0.650	2	4.98%
8	DLA Piper LLP (US)	0.917	2	3.38%
9	Jones Day	0.825	2	3.04%	10	0.414	1	3.17%
10	Fenwick & West LLP	0.600	2	2.21%
	Total	27.150	89	13.046	47
U.S. market, August
					2012 Comparables
	Issuer's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	DLA Piper LLP (US)	0.650	1	21.68%
2	Dechert LLP	0.287	1	9.59%
3	Cooley LLP	0.259	1	8.63%	1	0.489	2	27.95%
4	Wilson Sonsini Goodrich & Rosati	0.150	1	5.00%
5	Lawson Lundell LLP	0.129	1	4.32%
6	Dorsey & Whitney LLP	0.129	1	4.32%
7	Alston & Bird LLP	0.100	1	3.34%
	Total	2.998	11	1.749	7
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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