North America HY Bonds Legal Advisors' Rankings: 1Q23

Data Insight 19 April

North America HY Bonds Legal Advisors' Rankings: 1Q23

  • HY bond issuance in 1Q23 totaled at USD 32.8bn, a 26% YoY decrease from 1Q22.
  • Latham & Watkins ranked No.1 in the HY Bonds Issuers' Legal Counsel League Table, taking around 15% market share by volume.
  • Cahill Gordon & Reindel topped the HY Bonds Managers' Legal Counsel League Table, obtaining roughly 38% market share by volume.

The full rankings are available to download on the right.

All rankings are based on data submitted to Debtwire Par. Corporate High Yield Bonds: are below investment grade issues at the designated time of pricing. If the issue is not rated, inclusion of the following covenant may determine High Yield status: 1) restricted payment test; 2) debt incurrence test. Unrated issuers without such covenants may be excluded from High Yield volume and league tables. Unrated Nordic* issues, greater than approximately €50m-equivalent, priced above 300 bps for floating-rate notes and 5% for fixed-rate notes, shall be considered high-yield if issued under normal market conditions. For more details on our criteria or any other query please contact us at

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