• Simpson Thacher takes first among issuers' counsel again
By Stephanie N. Rotondo
Phoenix, March 5 - Cravath Swaine & Moore LLP was again the number one choice as preferred stock underwriters' counsel in February, according to data compiled by Prospect News.
Year to date, the law firm advised underwriters on four preferred offerings that raised $3.74 billion, or 55.55% of market share. The firm then gave counsel on two deals in February, in which $885 million, or 23.9% of market share, was raised.
For both the year and the month, Cleary Gottlieb Steen & Hamilton LLP came in second, advising on two deals since the beginning of year, both of which occurred in February.
Those deals took in $755 million in proceeds.
As for issuers, Simpson Thacher & Bartlett LLP was the top adviser for the year, counseling one issuer that sold $2 billion of preferred securities.
Wilmer Cutler Pickering Hale and Dorr LLP meantime came in second for the year but took the top spot for February. The firm advised one issuer in a $750 million deal during the month.
Underwriter's counsel, U.S. market, year to date
2013 Comparables
| Underwriter's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Cravath Swaine & Moore LLP | 3.735 | 4 | 55.55% | 2 | 0.900 | 1 | 19.30%
|
2 | Cleary Gottlieb Steen & Hamilton LLP | 0.755 | 2 | 11.23% | 3 | 0.572 | 2 | 12.26%
|
3 | Mayer Brown LLP | 0.650 | 1 | 9.67% | 5 | 0.250 | 1 | 5.36%
|
4 | DLA Piper LLP | 0.350 | 1 | 5.21% |
|
5 | Morgan Lewis & Bockius LLP | 0.100 | 1 | 1.49% |
|
6 | Simpson Thacher & Bartlett LLP | 0.065 | 1 | 0.96% | 6 | 0.250 | 2 | 5.36%
|
7 | Cahill Gordon & Reindel LLP | 0.050 | 1 | 0.74% |
|
8 | Hunton & Williams LLP | 0.022 | 1 | 0.33% | 9 | 0.140 | 1 | 3.00%
|
| Total | 6.724 | 25 | 4.664 | 47 |
|
|
|
Underwriter's counsel, U.S. market, February |
|
| | | | | 2013 Comparables |
|
| Underwriter's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Cravath Swaine & Moore LLP | 0.885 | 2 | 23.90% |
|
2 | Cleary Gottlieb Steen & Hamilton LLP | 0.755 | 2 | 20.39% |
|
3 | Mayer Brown LLP | 0.650 | 1 | 17.55% | 2 | 0.250 | 1 | 18.77%
|
4 | DLA Piper LLP | 0.350 | 1 | 9.45% |
|
5 | Simpson Thacher & Bartlett LLP | 0.065 | 1 | 1.75% | 4 | 0.150 | 1 | 11.26%
|
6 | Hunton & Williams LLP | 0.022 | 1 | 0.61% |
|
| Total | 3.703 | 11 | 1.332 | 18 |
|
|
|
Issuer's counsel, U.S. market, year to date |
|
| | | | | 2013 Comparables |
|
| Issuer's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Simpson Thacher & Bartlett LLP | 2.000 | 1 | 29.74% | 1 | 1.274 | 2 | 27.31%
|
2 | Wilmer Cutler Pickering Hale and Dorr LLP | 0.750 | 1 | 11.15% |
|
3 | Skadden Arps Slate Meagher & Flom LLP | 0.491 | 2 | 7.31% | 14 | 0.035 | 1 | 0.75%
|
4 | In house | 0.417 | 2 | 6.20% | 4 | 0.450 | 4 | 9.65%
|
5 | Wachtell Lipton Rosen & Katz | 0.350 | 1 | 5.21% |
|
6 | Willkie Farr & Gallagher LLP | 0.325 | 1 | 4.83% |
|
7 | Munger Tolles & Olson LLP | 0.092 | 1 | 1.36% |
|
8 | Richards Layton & Finger PA | 0.092 | 1 | 1.36% | 8 | 0.200 | 1 | 4.29%
|
9 | Reeder & Simpson PC | 0.070 | 2 | 1.04% |
|
10 | Seward & Kissel LLP | 0.065 | 1 | 0.96% |
|
| Total | 6.724 | 25 | 4.664 | 47 |
|
|
|
Issuer's counsel, U.S. market, February |
|
| | | | | 2013 Comparables |
|
| Issuer's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Wilmer Cutler Pickering Hale and Dorr LLP | 0.750 | 1 | 20.25% |
|
2 | Skadden Arps Slate Meagher & Flom LLP | 0.491 | 2 | 13.27% |
|
3 | In house | 0.417 | 2 | 11.25% | 3 | 0.200 | 2 | 15.02%
|
4 | Wachtell Lipton Rosen & Katz | 0.350 | 1 | 9.45% |
|
5 | Willkie Farr & Gallagher LLP | 0.325 | 1 | 8.78% |
|
6 | Munger Tolles & Olson LLP | 0.092 | 1 | 2.48% |
|
7 | Richards Layton & Finger PA | 0.092 | 1 | 2.48% |
|
8 | Seward & Kissel LLP | 0.065 | 1 | 1.75% |
|
9 | Perkins Coie LLP | 0.045 | 1 | 1.22% |
|
10 | Farris Vaughan Wills & Murphy LLP | 0.045 | 1 | 1.22% |
|
| Total | 3.703 | 11 | 1.332 | 18 |
|
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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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