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For 2009, Sullivan & Cromwell and Davis Polk & Wardwell Top US Issuer and Manager Issuer Legal Advisor
Counsel US Debt, Equity and Equity-related
4,000 January 1 - December 31 7,000
US debt, equity, and equity-related activity for issuer counsel at the end of 2009 totaled approximately US$1.9 trillion in
proceeds, approximately 28.3% higher than the same amount raised during the same period last year. For manager 3,500
6,000
counsel, there was approximately US$2.0 trillion of activity, representing a 26.8% increase from the same period last year.
3,000
5,000
Proceeds (US$b)
Sullivan & Cromwell held on to the top spot from last quarter for issuer counsel, advising on 99 deals with total proceeds of 2,500
# of Issues
US$141.2 billion. For manager counsel, Davis Polk & Wardwell still holds first place, after advising on 241 deals totaling 4,000
US$192.9 billion, representing 9.8% market share. 2,000
3,000
1,500
Davis Polk & Wardwell, Cleary Gottlieb Steen & Hamilton Top Issuer and Manager Advisor
2,000
for All US Equity 1,000
500 1,000
Davis Polk & Wardwell and Cleary Gottleb ranked as top issuer and manager advisor, respectively, for US
Equity and Equity-linked issues for 2009. With deal proceeds totaling US$29.3 billion, Davis Polk was 0 0
an issuer legal advisor on 28 deals, including the US$4.6 billion Morgan Stanley common stock offering. 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Cleary Gottlieb Steen & Hamilton was a manager legal advisor on 36 deals with proceeds totaling US$35.1 billion. Proceeds (US$b) # of Issues
Contributing to their total was the US$17.6 billion Citigroup common stock offering.
Manager Legal Advisor
US Debt, Equity and Equity-related
Bingham McCutchen Top Issuer and Manager Counsel For 2009 Asset-Backed Deals January 1 - December 31
4,000 7,000
Bingham McCutchen ranked first for both issuer and manager counsel in the asset-backed rankings for 2009. 3,500 6,000
The firm topped the issuer rankings with 26 asset-backed issues worth a total of US$26.4 billion in proceeds,
representing 18.7% market share. The firm's largest deal was the US$2.5 billion SLM Student Loan Trust deal 3,000
5,000
that priced in May.
Proceeds (US$b)
2,500
# of Issues
4,000
For manager counsel, Bingham McCutchen advised on 61 deals worth US$49.4 billion in
2,000
proceeds, representing a 33.3% market share. Their largest asset-backed deal for the year was
3,000
a Chase Issuance Trust deal valued at US$5 billion. 1,500
2,000
Simpson Thacher & Bartlett Top Issuer Advisor, Cahill Gordon & Reindel Remains 1,000
Simpson Thacher was the top issuer legal advisor for US High Yield Corporate Debt, 0 0
with US$13.9 billion in total proceeds from 27 deals, representing 7.9% market share. 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Cahill Gordon & Reindel remained the top manager counsel after advising on 105 issues valued
Proceeds (US$b) # of Issues
at US$44.4 billion.
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Fourth Quarter 2009 | US Capital Markets | Legal Advisors
Global Equity Issuance by US Issuers (AB13) - Issuer Legal Advisor Global Equity Issuance by US Issuers (AB13) - Manager Legal Advisor
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Fourth Quarter 2009 | US Capital Markets | Legal Advisors
US Equity & Equity-related (AB2) - Issuer Legal Advisor US Equity & Equity-related (AB2) - Manager Legal Advisor
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Fourth Quarter 2009 | US Capital Markets | Legal Advisors
US IPOs (AB4) - Issuer Legal Advisor US IPOs (AB4) - Manager Legal Advisor
*tie
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Fourth Quarter 2009 | US Capital Markets | Legal Advisors
US Straight Debt - Including MBS, ABS (AB6) - Issuer Legal Advisor US Straight Debt - Including MBS, ABS (AB6) - Manager Legal Advisor
*tie
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Fourth Quarter 2009 | US Capital Markets | Legal Advisors
US High Yield Corporate Debt (AB8) - Issuer Legal Advisor US High Yield Corporate Debt (AB8) - Manager Legal Advisor
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Fourth Quarter 2009 | US Capital Markets | Legal Advisors
US Mortgage-backed Securities (AB10) - Issuer Legal Advisor US Mortgage-backed Securities (AB10) - Manager Legal Advisor
Top 15 Total 7,444.2 75.7 11 40,108.5 56.3 19.4 ▲ Top 15 Total 8,214.1 83.5 12 31,867.7 27.1 56.4 ▲
Industry Total 9,834.8 100.0 17 49,350.5 100.0 Industry Total 9,834.8 100.0 17 49,542.5 100.0
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Fourth Quarter 2009 | US Capital Markets | Legal Advisors
US Preferred Stock (AB12) - Issuer Legal Advisor US Preferred Stock (AB12) - Manager Legal Advisor
Top 15 Total 6,749.3 72.0 14 50,375.0 92.3 -20.3 ▼ Top 15 Total 7,839.3 90.4 13 44,723.6 31.3 59.1 ▲
Industry Total 9,370.3 100.0 19 60,501.1 100.0 Industry Total 8,670.3 100.0 15 50,182.1 100.0
*tie
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Fourth Quarter 2009 | US Capital Markets | Legal Advisors
Global Equity Issuance by US Issuers (AB13) - Issuer Legal Advisor Global Equity Issuance by US Issuers (AB13) - Manager Legal Advisor
* tie
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Fourth Quarter 2009 | US Capital Markets | Legal Advisors
Top 15 Total 18 34.1 8,518.9 10 5.6 28.5 ▲ Top 15 Total 39 73.9 14,593.7 15 44.5 29.4 ▲
Industry Total 53 100.0 17,388.7 36 100.0 Industry Total 53 100.0 17,388.7 36 100.0
US Equity & Equity-related (AB2) - Issuer Legal Advisor US Equity & Equity-related (AB2) - Manager Legal Advisor
* tie
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Fourth Quarter 2009 | US Capital Markets | Legal Advisors
US IPOs (AB4) - Issuer Legal Advisor US IPOs (AB4) - Manager Legal Advisor
Top 15 Total 50 65.7 17,912.8 12 21.8 43.9 ▲ Top 15 Total 50 100.0 22,909.8 19 62.5 37.5 ▲
Industry Total 61 100.0 24,246.9 32 100.0 Industry Total 61 100.0 24,246.9 32 100.0
* tie
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Fourth Quarter 2009 | US Capital Markets | Legal Advisors
Top 15 Total 45 38.9 20,224.1 27 19.4 19.5 ▲ Top 15 Total 91 78.7 33,069.8 72 67.8 10.9 ▲
Industry Total 116 100.0 37,421.2 104 100.0 Industry Total 116 100.0 37,421.2 105 100.0
US Straight Debt - Including MBS, ABS (AB6) - Issuer Legal Advisor US Straight Debt - Including MBS, ABS (AB6) - Manager Legal Advisor
US High Yield Corporate Debt (AB8) - Issuer Legal Advisor US High Yield Corporate Debt (AB8) - Manager Legal Advisor
* tie
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Fourth Quarter 2009 | US Capital Markets | Legal Advisors
US Mortgage-backed Securities (AB10) - Issuer Legal Advisor US Mortgage-backed Securities (AB10) - Manager Legal Advisor
Top 15 Total 11 64.7 7,444.2 80 48.5 16.2 ▲ Top 15 Total 12 70.6 8,214.1 79 46.2 24.4 ▲
Industry Total 17 100.0 9,834.8 105 100.0 Industry Total 17 100.0 9,834.8 106 100.0
* tie
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Fourth Quarter 2009 | US Capital Markets | Legal Advisors
Top 15 Total 117 65.0 106,430.5 132 47.2 17.8 ▲ Top 15 Total 144 76.3 137,173.3 196 66.2 10.1 ▲
Industry Total 180 100.0 141,391.9 276 100.0 Industry Total 189 100.0 148,331.8 290 100.0
US Preferred Stock (AB12) - Issuer Legal Advisor US Preferred Stock (AB12) - Manager Legal Advisor
Top 15 Total 13 100.0 6,549.3 32 42.0 58.0 ▲ Top 15 Total 13 86.9 7,839.3 32 31.9 55.0 ▲
Industry Total 19 100.0 9,370.3 43 100.0 Industry Total 17 100.0 8,670.3 44 100.0
* tie
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Fourth Quarter 2009 | US Capital Markets | Legal Advisors
- Full credit is given to the issuer’s legal counsel and manager’s legal counsel. All rankings exclude General Counsel. Rankings are
If you would like to participate in the accumulated based on proceeds plus exercised overallotments.
submission process, receive quarterly
press releases, or have questions about - Time periods for league tables will be based upon pricing/launch date.
league table criteria please contact:
- Where applicable, all league tables include Rule 144a transactions. All league tables exclude pure private placements. Medium Term
Notes programs are excluded but Medium Term Note takedowns are included. MTN takedowns from continuously offered retail programs
United States are tracked but are not eligible for league table credit.
Rebecca Atchana
Tel: +1 646 223 8435 - Initial Public Offering league tables include only transactions where the common stock has never before traded publicly in any market.
E-mail: rebecca.atchana@thomsonreuters.com
- Standard league table exclusions: best efforts offerings, non-underwritten transactions and direct placements, rights offerings, transactions
Europe that mature or are callable/putable less than 360 days after settlement, CD's , Deposit Notes & Bank Notes, Federal Credit Agency
Ian Willmott transactions, exchange offers, and offerings by closed-end funds/trusts.
Tel: +44 (0) 20 7336 1862
E-mail: ian.willmott@thomsonreuters.com - High Yield is defined as securities with an S&P rating equal to or less than BB+ and a Moody’s rating equal to or less than Ba1. Securities
not rated by both agencies are assumed high yield with the exception of certain issuers (e.g., Federal Credit Agencies). Certificates of
Deposit, General Term Notes, and Split-junk rated securities (i.e., securities with an investment grade rating from one agency and a high
yield rating from the other) are excluded. Non-convertible preferred stock transactions are included.
- Mortgage and asset-backed securities collateralizing first lien mortgages, home improvement loans, manufactured housing contracts,
home equity lines of credit and second liens are subject to the classification rules detailed in the Rules for Categorizing Mortgage and
Asset-backed Securities letter dated January 1, 2006.
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