Allen & Overy (A&O) has held onto the top spot in the latest quarterly international debt capital markets rankings, advising deal managers on 130 deals worth $54.6bn (£27.6bn).
Thomson Financial’s rankings show the firm held onto a 6.5% share of the underwriting market from January to April this year. Linklaters remains in second place having advised on 73 deals worth $49.3bn (£25bn), representing a 5.8% share of the market.
The rankings show how deal activity has dropped over the year as, while A&O’s market share for Q1 2007 was only marginally higher at 7.7%, in that quarter it advised on 192 deals with a value of $94.5bn (£47.8bn).
A&O capital markets partner Roger Wedderburn-Day said: “We do significantly more deals as we advise on more programmes than any other firm. The first quarter was definitely not as busy as last year - the markets are affected. It is quieter than last year although we are seeing signs of a pick-up.”
Magic circle rival Clifford Chance (CC) is in third place, advising on 38 deals worth $42.3bn (£25bn) in the three-month period, up from fourth place for the same period last year. Sullivan & Cromwell and Sidley Austin make up the rest of the top five by value.
CC capital markets partner David Bickerton said: “The market is thinner but we are happy that the relative deal size is bigger and our market share is holding up.”
On the issuer side, Sidley Austin remains at the top after advising on 7.3% of the market’s share of deals with a value of $51.3bn (£26bn), followed by Sullivan & Cromwell.
Gide Loyrette Nouel jumps to third place in the issuer rankings by value, advising on 44 deals worth $26bn (£13bn), while A&O moves down to fifth after advising on 30 deals worth $16.9bn (£8.5bn). Gide did not feature in last year’s Q1 top 15 issuer rankings.
