By Andrea Heisinger
New York, June 5 - Davis Polk & Wardwell LLP was the top underwriter's counsel for investment-grade bonds year to date in the U.S. market, according to data compiled by Prospect News.
Simpson Thacher & Bartlett LLP was second for the U.S. market as a whole.
For issuer's counsel, use of an in-house attorney ranked first, but Sullivan & Cromwell LLP placed first among all issuers year to date and for the month of May when external law firms were used.
Davis Polk was the top legal adviser for underwriters for the U.S. investment-grade market for May.
The situation is similar for advisers to issuers. More than 18% of deals relied on in-house expertise.
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.
Underwriter's counsel, U.S. market, year to date
2012 Comparables
| Underwriter's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Davis Polk & Wardwell LLP | 55.596 | 84 | 11.43% | 1 | 56.897 | 77 | 13.70%
|
| 2 | Simpson Thacher & Bartlett LLP | 53.126 | 57 | 10.93% | 3 | 32.591 | 36 | 7.85%
|
| 3 | Sullivan & Cromwell LLP | 37.654 | 18 | 7.74% | 2 | 45.221 | 41 | 10.89%
|
| 4 | Sidley Austin LLP | 32.148 | 50 | 6.61% | 4 | 28.283 | 40 | 6.81%
|
| 5 | Cleary Gottlieb Steen & Hamilton LLP | 27.964 | 33 | 5.75% | 6 | 21.978 | 23 | 5.29%
|
| 6 | Cravath Swaine & Moore LLP | 27.492 | 26 | 5.65% | 7 | 16.477 | 16 | 3.97%
|
| 7 | Shearman & Sterling LLP | 12.468 | 22 | 2.57% | 5 | 22.372 | 29 | 5.39%
|
| 8 | Cahill Gordon & Reindel LLP | 10.307 | 15 | 2.12% | 10 | 8.429 | 11 | 2.03%
|
| 9 | O'Melveny & Myers LLP | 8.653 | 18 | 1.78% | 9 | 8.517 | 14 | 2.05%
|
| 10 | Hunton & Williams LLP | 7.049 | 18 | 1.45% | 18 | 2.893 | 8 | 0.70%
|
| Total | 486.259 | 627 | 415.159 | 500 |
|
|
|
| Underwriter's counsel, U.S. market, May |
|
| | | | | 2012 Comparables |
|
| Underwriter's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Davis Polk & Wardwell LLP | 20.981 | 27 | 21.67% | 1 | 17.173 | 26 | 21.61%
|
| 2 | Sullivan & Cromwell LLP | 8.980 | 7 | 9.27% | 2 | 14.976 | 12 | 18.84%
|
| 3 | Simpson Thacher & Bartlett LLP | 7.714 | 11 | 7.97% | 4 | 7.556 | 7 | 9.51%
|
| 4 | Cleary Gottlieb Steen & Hamilton LLP | 6.325 | 7 | 6.53% | 5 | 6.981 | 7 | 8.78%
|
| 5 | Cravath Swaine & Moore LLP | 5.328 | 7 | 5.50% | 12 | 0.749 | 2 | 0.94%
|
| 6 | Sidley Austin LLP | 4.164 | 8 | 4.30% | 3 | 8.764 | 9 | 11.03%
|
| 7 | Shearman & Sterling LLP | 3.337 | 6 | 3.45% |
|
| 8 | O'Melveny & Myers LLP | 2.097 | 3 | 2.17% | 7 | 2.736 | 3 | 3.44%
|
| 9 | Hunton & Williams LLP | 1.747 | 4 | 1.80% | 8 | 2.493 | 7 | 3.14%
|
| 10 | Pillsbury Winthrop Shaw Pittman LLP | 1.674 | 5 | 1.73% | 15 | 0.375 | 1 | 0.47%
|
| Total | 96.839 | 133 | 79.488 | 99 |
|
|
|
| Issuer's counsel, U.S. market, year to date |
|
| | | | | 2012 Comparables |
|
| Issuer's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | In house | 88.915 | 159 | 18.29% | 1 | 93.584 | 148 | 22.54%
|
| 2 | Sullivan & Cromwell LLP | 31.283 | 42 | 6.43% | 2 | 32.075 | 32 | 7.73%
|
| 3 | Davis Polk & Wardwell LLP | 23.626 | 28 | 4.86% | 4 | 12.052 | 24 | 2.90%
|
| 4 | Simpson Thacher & Bartlett LLP | 20.712 | 22 | 4.26% | 10 | 5.983 | 4 | 1.44%
|
| 5 | Hogan Lovells US LLP | 19.624 | 15 | 4.04% | 5 | 10.259 | 11 | 2.47%
|
| 6 | Cravath Swaine & Moore LLP | 15.629 | 11 | 3.21% | 12 | 4.835 | 5 | 1.16%
|
| 7 | Skadden Arps Slate Meagher & Flom LLP | 8.278 | 18 | 1.70% | 3 | 13.157 | 19 | 3.17%
|
| 8 | Jones Day | 7.309 | 13 | 1.50% | 11 | 4.851 | 8 | 1.17%
|
| 9 | Andrews Kurth LLP | 7.236 | 6 | 1.49% | 31 | 1.493 | 3 | 0.36%
|
| 10 | Linklaters LLP | 5.967 | 5 | 1.23% | 22 | 2.488 | 5 | 0.60%
|
| Total | 486.259 | 627 | 415.159 | 500 |
|
|
|
| Issuer's counsel, U.S. market, May |
|
| | | | | 2012 Comparables |
|
| Issuer's counsel | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | In house | 24.233 | 46 | 25.02% | 1 | 11.507 | 23 | 14.48%
|
| 2 | Sullivan & Cromwell LLP | 8.223 | 9 | 8.49% | 4 | 4.732 | 6 | 5.95%
|
| 3 | Cravath Swaine & Moore LLP | 6.167 | 4 | 6.39% |
|
| 4 | Simpson Thacher & Bartlett LLP | 4.196 | 6 | 4.33% |
|
| 5 | Skadden Arps Slate Meagher & Flom LLP | 3.992 | 9 | 4.12% | 6 | 2.486 | 3 | 3.13%
|
| 6 | Davis Polk & Wardwell LLP | 3.783 | 4 | 3.91% | 14 | 1.375 | 4 | 1.73%
|
| 7 | Wilmer Cutler Pickering Hale and Dorr LLP | 1.991 | 3 | 2.06% | 20 | 0.992 | 2 | 1.25%
|
| 8 | McCarthy Tétrault LLP | 1.500 | 1 | 1.55% |
|
| 9 | King & Spaulding LLP | 1.096 | 2 | 1.13% |
|
| 10 | Hengeler Mueller Partnerschaft von Rechtsanwälten | 1.000 | 1 | 1.03% |
|
| Total | 96.839 | 133 | 79.488 | 99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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.
• Emerging markets offerings 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.
© 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.
