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Published on 3/5/2014 in the Prospect News Preferred Stock Daily.

Cravath Swaine again top counsel for preferred stock underwriters

• 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 counselAmountNo.ShareRankAmountNo.Share
1Cravath Swaine & Moore LLP3.735455.55%20.900119.30%
2Cleary Gottlieb Steen & Hamilton LLP0.755211.23%30.572212.26%
3Mayer Brown LLP0.65019.67%50.25015.36%
4DLA Piper LLP0.35015.21%
5Morgan Lewis & Bockius LLP0.10011.49%
6Simpson Thacher & Bartlett LLP0.06510.96%60.25025.36%
7Cahill Gordon & Reindel LLP0.05010.74%
8Hunton & Williams LLP0.02210.33%90.14013.00%
Total6.724254.66447
Underwriter's counsel, U.S. market, February
2013 Comparables
Underwriter's counselAmountNo.ShareRankAmountNo.Share
1Cravath Swaine & Moore LLP0.885223.90%
2Cleary Gottlieb Steen & Hamilton LLP0.755220.39%
3Mayer Brown LLP0.650117.55%20.250118.77%
4DLA Piper LLP0.35019.45%
5Simpson Thacher & Bartlett LLP0.06511.75%40.150111.26%
6Hunton & Williams LLP0.02210.61%
Total3.703111.33218
Issuer's counsel, U.S. market, year to date
2013 Comparables
Issuer's counselAmountNo.ShareRankAmountNo.Share
1Simpson Thacher & Bartlett LLP2.000129.74%11.274227.31%
2Wilmer Cutler Pickering Hale and Dorr LLP0.750111.15%
3Skadden Arps Slate Meagher & Flom LLP0.49127.31%140.03510.75%
4In house0.41726.20%40.45049.65%
5Wachtell Lipton Rosen & Katz0.35015.21%
6Willkie Farr & Gallagher LLP0.32514.83%
7Munger Tolles & Olson LLP0.09211.36%
8Richards Layton & Finger PA0.09211.36%80.20014.29%
9Reeder & Simpson PC0.07021.04%
10Seward & Kissel LLP0.06510.96%
Total6.724254.66447
Issuer's counsel, U.S. market, February
2013 Comparables
Issuer's counselAmountNo.ShareRankAmountNo.Share
1Wilmer Cutler Pickering Hale and Dorr LLP0.750120.25%
2Skadden Arps Slate Meagher & Flom LLP0.491213.27%
3In house0.417211.25%30.200215.02%
4Wachtell Lipton Rosen & Katz0.35019.45%
5Willkie Farr & Gallagher LLP0.32518.78%
6Munger Tolles & Olson LLP0.09212.48%
7Richards Layton & Finger PA0.09212.48%
8Seward & Kissel LLP0.06511.75%
9Perkins Coie LLP0.04511.22%
10Farris Vaughan Wills & Murphy LLP0.04511.22%
Total3.703111.33218
Prospect News Preferred Stock 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.

• 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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