Davis Polk retains position as top high-grade counsel to underwriters

• Sullivan & Cromwell top outside counsel to issuers year to date

By Andrea Heisinger

New York, Aug. 3 - Davis Polk & Wardwell LLP remained the top underwriter's counsel for investment-grade bonds in July, according to data compiled by Prospect News.

For issuer's counsel, use of an in-house attorney ranked first but Sullivan & Cromwell LLP placed first among all issuers when external law firms were used and Skadden Arps Slate Meagher & Flom LLP was first among U.S. issuers.

Davis Polk was the top legal adviser for underwriters for the investment-grade market as a whole and also was in first place if emerging markets deals are excluded and only issuers based in the United States are looked at.

Simpson Thacher & Bartlett LLP was second for the market as a whole while Sullivan & Cromwell took the No. 2 spot if emerging markets are excluded.

The situation is similar for advisers to issuers. A little more than 20% of deals relied on in-house expertise, while in-house advisers made up nearly 26% for U.S. issuers.

The tables cover investment-grade bond deals offered in the United States via a registration with the Securities and Exchange Commission or under Rule 144A. The identity of legal advisers was not available for all deals, particularly those from emerging markets issuers.

Underwriter's counsel, U.S. market, all issuers, year to date

	Underwriter's counsel	Amount	No.	Share
1	Davis Polk & Wardwell LLP	84.883	116	13.47%
2	Simpson Thacher & Bartlett LLP	52.928	61	8.40%
3	Sullivan & Cromwell LLP	52.766	51	8.37%
4	Sidley Austin LLP	39.554	60	6.28%
5	Shearman & Sterling LLP	35.745	47	5.67%
6	Cleary Gottlieb Steen & Hamilton LLP	29.688	33	4.71%
7	Cravath Swaine & Moore LLP	17.770	20	2.82%
8	O'Melveny & Myers LLP	12.866	21	2.04%
9	Cahill Gordon & Reindel LLP	11.849	16	1.88%
10	Gibson Dunn & Crutcher LLP	11.605	8	1.84%
	Total	630.233	807
Underwriter's counsel, U.S. market, U.S. issuers, year to date
	Underwriter's counsel	Amount	No.	Share
1	Davis Polk & Wardwell LLP	41.632	67	12.63%
2	Sullivan & Cromwell LLP	32.292	42	9.79%
3	Sidley Austin LLP	28.611	50	8.68%
4	Simpson Thacher & Bartlett LLP	24.573	33	7.45%
5	Shearman & Sterling LLP	24.382	33	7.40%
6	Cleary Gottlieb Steen & Hamilton LLP	19.215	23	5.83%
7	Cravath Swaine & Moore LLP	17.077	18	5.18%
8	Cahill Gordon & Reindel LLP	11.849	16	3.59%
9	Gibson Dunn & Crutcher LLP	9.984	6	3.03%
10	Morrison & Foerster LLP	5.365	5	1.63%
	Total	329.683	506
Issuer's counsel, U.S. market, all issuers, year to date
	Issuer's counsel	Amount	No.	Share
1	In house	128.101	211	20.33%
2	Sullivan & Cromwell LLP	39.888	46	6.33%
3	Davis Polk & Wardwell LLP	19.957	37	3.17%
4	Skadden Arps Slate Meagher & Flom LLP	19.686	32	3.12%
5	Cleary Gottlieb Steen & Hamilton LLP	16.968	28	2.69%
6	Shearman & Sterling LLP	11.917	23	1.89%
7	Wachtell Lipton Rosen & Katz	10.054	7	1.60%
8	Sidley Austin LLP	8.494	21	1.35%
9	Latham & Watkins LLP	8.466	13	1.34%
10	Cravath Swaine & Moore LLP	7.510	12	1.19%
	Total	630.233	807
Issuer's counsel, U.S. market, U.S. issuers, year to date
	Issuer's counsel	Amount	No.	Share
1	In house	85.233	162	25.85%
2	Skadden Arps Slate Meagher & Flom LLP	16.428	28	4.98%
3	Davis Polk & Wardwell LLP	16.143	30	4.90%
4	Sullivan & Cromwell LLP	11.915	16	3.61%
5	Wachtell Lipton Rosen & Katz	10.054	7	3.05%
6	Shearman & Sterling LLP	8.023	17	2.43%
7	Sidley Austin LLP	7.542	17	2.29%
8	McGuireWoods LLP	7.409	8	2.25%
9	Latham & Watkins LLP	6.290	10	1.91%
10	Kirkland & Ellis LLP	6.027	17	1.83%
	Total	329.683	506
Prospect News Investment Grade 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, trust preferreds and preferred stock are excluded.

• Minimum $75 million deal size.

• Deals rated investment grade by either Standard & Poor's or Moody's Investors Service are included.

• 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.

• Units made up of a bond and a warrant are included; other units are excluded.

• Sovereign issues are excluded.

• Each tranche is counted as a separate deal.

• Passthroughs, collateral trust and equipment trust certificates are included.

• Remarketings are excluded.

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