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

By Rebecca Melvin

New York, May 5 - International law firm Davis Polk & Wardwell LLP remained the top legal counsel to the underwriters of convertible bonds for the year to date, accounting for $4.55 billion in issuance in 14 deals for 33% of the total amount, according to data compiled by Prospect News.

Los Angeles-based Latham & Watkins LLP rose to second place from the third rung with $3.98 billion of issuance in 10 deals, accounting for nearly 29% of the total, while Simpson Thacher & Bartlett LLP slipped to No. 3 as legal counsel to the underwriters of convertible bonds for the year to date through April with $2.58 billion in three deals for 18% of the total.

Cravath Swaine & Moore LLP ranked fourth, accounting for $370 million of convertibles issuance, or 2.7% of the total.

Fangda Partners, Clifford Chance US LLP and Gibson Dunn & Crutcher LLP rounded out the remaining top seven firms that represented convertibles underwriters in new issuance.

For April alone, Davis Polk was the top legal counsel to underwriters of convertible debt with $1.3 billion in two deals for 57% of the total for the month.

As for legal counsel to corporate issuers of convertible debt, Wilson Sonsini Goodrich & Rosati was the top legal counsel, with $2.9 billion in four deals for 21% of the total.

Skadden Arps Slate Meagher & Flom LLP was second with $799 million of issuance in three deals for 6% of the total and Kane Kessler PC was third with $690 million in one deal for 5% 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 $13.86 billion in 39 deals, which is nearly even with $11.52 billion in 41 deals for the same period of 2013.

U.S. market, year to date

2013 Comparables

	Underwriter's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Davis Polk & Wardwell LLP	4.548	14	32.82%	1	4.543	9	33.60%
2	Latham & Watkins LLP	3.982	10	28.74%	3	1.567	4	11.59%
3	Simpson Thacher & Bartlett LLP	2.575	3	18.58%	2	1.866	6	13.80%
4	Cravath Swaine & Moore LLP	0.370	1	2.67%	7	0.403	1	2.98%
5	Fangda Partners	0.275	1	1.98%
6	Clifford Chance US LLP	0.230	1	1.66%	5	0.463	2	3.42%
7	Gibson Dunn & Crutcher LLP	0.201	1	1.45%
8	Sidley Austin LLP	0.200	1	1.44%
9	Zhong Lun Law Firm	0.200	1	1.44%
10	Wilson Sonsini Goodrich & Rosati	0.149	1	1.08%
	Total	13.855	39	13.519	41
U.S. market, April
					2013 Comparables
	Underwriter's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Davis Polk & Wardwell LLP	1.300	2	56.58%
2	Latham & Watkins LLP	0.329	2	14.31%	3	0.172	1	8.89%
3	Milbank Tweed Hadley & McCloy LLP	0.144	1	6.26%
4	King & Wood Mallesons	0.050	1	2.18%
4	Walkers	0.050	1	2.18%
6	McCarter & English LLP	0.018	1	0.78%
7	Ropes & Gray LLP	0.016	1	0.71%
	Total	2.298	7	1.940	6
U.S. market, year to date
					2013 Comparables
	Issuer's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Wilson Sonsini Goodrich & Rosati	2.904	4	20.96%
2	Skadden Arps Slate Meagher & Flom LLP	0.799	3	5.77%	14	0.240	2	1.78%
3	Kane Kessler PC	0.690	1	4.98%
4	Kirkland & Ellis LLP	0.420	2	3.03%
5	Hogan Lovells US LLP	0.415	2	3.00%	20	0.175	1	1.29%
6	Cravath Swaine & Moore LLP	0.400	1	2.89%
7	Fenwick & West LLP	0.345	1	2.49%
8	Gibson Dunn & Crutcher LLP	0.300	1	2.17%	11	0.400	1	2.96%
9	Han Kun Law Offices	0.275	1	1.98%
10	O'Melveny & Myers LLP	0.259	1	1.87%
	Total	13.855	39	13.519	41
U.S. market, April
					2013 Comparables
	Issuer's counsel	Amount	No.	Share	Rank	Amount	No.	Share
1	Skadden Arps Slate Meagher & Flom LLP	0.391	1	17.02%
2	Hogan Lovells US LLP	0.185	1	8.05%	3	0.175	1	9.02%
3	Arias Fabrega and Fabrega	0.144	1	6.26%
3	Baker Botts LLP	0.144	1	6.26%
5	Jun He Law Offices	0.050	1	2.18%
5	Maples and Calder	0.050	1	2.18%
5	Simpson Thacher & Bartlett LLP	0.050	1	2.18%
8	Kaufman & Canoles PC	0.018	1	0.78%
9	Cooley LLP	0.016	1	0.71%
	Total	2.298	7	1.940	6
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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