• Sullivan & Cromwell wins for August
By Stephanie N. Rotondo
Phoenix, Sept. 5 - Cravath Swaine & Moore LLP was again the top preferred stock underwriter's counsel for the year to date, according to data compiled by Prospect News.
The law firm has advised issuers on seven preferred sales so far this year. Those offerings raised proceeds of $3.29 billion, or 13.1% of market share.
Cleary Gottlieb Steen & Hamilton LLP meantime held on to the number two spot, having also advised underwriters on seven deals that brought in $2.71 billion.
With few new deals coming in August, Sullivan & Cromwell LLP took the number one spot for the month. The firm counseled on one deal that raised $195 million in proceeds. Davis Polk & Wardwell LLP came in second, also advising on one deal that raised $120 million.
As for issuer's counsel, in-house advisors remained the go-to option for the year. In-house counsel has advised on 12 deals for the year, for a combined total of $3.22 billion, or 12.84% of market share.
Simpson Thacher & Bartlett LLP was second choice, advising on four transactions that raised $2.84 billion, or 11.29% of market share.
For August, Callister Nebeker & McCullough was the top issuer's counsel, advising on one $195 million preferred stock offering.
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 | 3.289 | 7 | 13.10% | 5 | 2.158 | 3 | 7.24%
|
2 | Cleary Gottlieb Steen & Hamilton LLP | 2.714 | 7 | 10.81% | 7 | 1.102 | 5 | 3.70%
|
3 | Davis Polk & Wardwell LLP | 2.194 | 5 | 8.74% | 1 | 4.065 | 3 | 13.65%
|
4 | Skadden Arps Slate Meagher & Flom LLP | 1.920 | 9 | 7.65% | 3 | 2.840 | 17 | 9.54%
|
5 | Gibson Dunn & Crutcher LLP | 1.502 | 2 | 5.98% | 10 | 0.675 | 1 | 2.27%
|
6 | Morrison & Foerster LLP | 1.000 | 1 | 3.98% | 9 | 0.875 | 1 | 2.94%
|
7 | Simpson Thacher & Bartlett LLP | 0.940 | 7 | 3.74% | 6 | 1.171 | 6 | 3.93%
|
8 | Sullivan & Cromwell LLP | 0.635 | 4 | 2.53% | 12 | 0.471 | 4 | 1.58%
|
9 | Mayer Brown LLP | 0.537 | 2 | 2.14% |
|
10 | Hunton & Williams LLP | 0.509 | 4 | 2.03% | 13 | 0.333 | 6 | 1.12%
|
| Total | 25.112 | 190 | 29.780 | 152 |
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Underwriter's counsel, U.S. market, August |
|
| | | | | 2012 Comparables |
|
| Underwriter's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Sullivan & Cromwell LLP | 0.195 | 1 | 23.37% | 7 | 0.175 | 2 | 3.62%
|
2 | Davis Polk & Wardwell LLP | 0.120 | 1 | 14.37% |
|
| Total | 0.835 | 14 | 4.832 | 17 |
|
|
|
Issuer's counsel, U.S. market, year to date |
|
| | | | | 2012 Comparables |
|
| Issuer's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | In house | 3.224 | 12 | 12.84% | 1 | 6.104 | 14 | 20.50%
|
2 | Simpson Thacher & Bartlett LLP | 2.836 | 4 | 11.29% | 4 | 1.458 | 2 | 4.89%
|
3 | Richards Layton & Finger PA | 1.700 | 2 | 6.77% |
|
4 | Skadden Arps Slate Meagher & Flom LLP | 1.301 | 3 | 5.18% | 17 | 0.265 | 2 | 0.89%
|
5 | McGuireWoods LLP | 1.000 | 1 | 3.98% |
|
6 | Hogan Lovells US LLP | 0.760 | 3 | 3.03% | 3 | 1.703 | 10 | 5.72%
|
7 | Hunton & Williams LLP | 0.647 | 8 | 2.58% | 11 | 0.531 | 7 | 1.78%
|
8 | Sullivan & Cromwell LLP | 0.591 | 6 | 2.35% | 6 | 0.982 | 7 | 3.30%
|
9 | Willkie Farr & Gallagher LLP | 0.556 | 3 | 2.22% | 34 | 0.080 | 1 | 0.27%
|
10 | Venable LLP | 0.516 | 3 | 2.05% | 7 | 0.976 | 13 | 3.28%
|
| Total | 25.112 | 190 | 29.780 | 152 |
|
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|
Issuer's counsel, U.S. market, August |
|
| | | | | 2012 Comparables |
|
| Issuer's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Callister Nebeker & McCullough | 0.195 | 1 | 23.37% |
|
| Total | 0.835 | 14 | 4.832 | 17 |
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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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