By Rebecca Melvin
New York, Feb. 5 - Davis Polk & Wardwell LLP, an international law firm with headquarters in New York, was the No. 1 legal counsel to convertibles underwriters for the year to date, facilitating $250 million in issuance in one deal, for a 31% share of the total, according to data compiled by Prospect News.
Clifford Chance US LLP ranked No. 2 for the year to date with $230 million, or 29% of total issuance, in one deal.
Gibson Dunn & Crutcher LLP, a global law firm founded in Los Angeles, was the third legal counsel to convertibles underwriters for the year so far, with $175 million, or 22%, of the total in one deal.
Among top firms providing legal counsel to convertible issuers were Hogan Lovells US LLP, co-headquartered in London and Washington, D.C., and Wilson Sonsini Goodrich & Rosati, with $230 million in one deal and $175 million in one deal, respectively, for a combined 50% of the total.
Details on the legal counsel of all new issues for the year weren't available to Prospect News. In all, there were four convertibles deals totaling $805 million of new issuance for January, compared to 12 deals totaling $4.43 billion for January 2013.
U.S. market, year to date
2013 Comparables
| Underwriter's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Davis Polk & Wardwell LLP | 0.250 | 1 | 31.06% | 1 | 2.978 | 5 | 67.23%
|
| 2 | Clifford Chance US LLP | 0.230 | 1 | 28.57% |
|
| 3 | Gibson Dunn & Crutcher LLP | 0.175 | 1 | 21.74% |
|
| Total | 0.805 | 4 | 4.429 | 12 |
|
|
|
| U.S. market, year to date |
|
| | | | | 2013 Comparables |
|
| Issuer's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Hogan Lovells US LLP | 0.230 | 1 | 28.57% | 2.83%
|
| 2 | Wilson Sonsini Goodrich & Rosati | 0.175 | 1 | 21.74% | 2.62%
|
| Total | 0.805 | 4 | 4.429 | 12 | 6.52%
|
|
|
|
|
|
|
|
|
| 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.
© 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.
