Our capital markets practice is preeminent worldwide. Leading international corporations and the world’s largest financial institutions look to our lawyers for advice on securities offerings of all kinds around the world. In the most complex securities transactions that require highly creative and sophisticated advice, such as novel equity derivative products and cross-border, multi-listed IPOs, we have no equal.
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According to Thomson Reuters, in 2009 Davis Polk ranked:

• 1st as issuer’s counsel in global IPOs by U.S. issuers (by volume) 
• 1st as issuer’s counsel in U.S. IPOs (by both volume and deal count)
• 1st as issuer’s counsel in U.S. equity and equity-related offerings (by volume)
• 1st as issuer’s counsel in U.S. convertible offerings (by volume)
• 1st as manager’s counsel in U.S. debt, equity and equity-related offerings (by both volume and deal count)
• 1st as manager’s counsel in global IPOs by U.S. issuers (by volume and deal count) 
• 1st as manager’s counsel in global equity offerings by U.S. issuers (by deal count) 
• 1st as manager’s counsel in U.S. equity and equity-related offerings (by deal count)
• 1st as manager’s counsel in U.S. IPOs (by deal count)
• 1st as manager’s counsel in U.S. convertible offerings (by volume and deal count)
• 1st as manager’s counsel in U.S. common stock offerings (by deal count)
• 1st as manager’s counsel in U.S. straight debt offerings, including mortgage-backed and asset-backed securities (by volume and deal count)
• 1st as manager’s counsel in U.S. straight debt offerings, excluding mortgage-backed and asset-backed securities (by volume and deal count)
• 1st as manager’s counsel in U.S. investment-grade corporate debt offerings (by volume and deal count)

According to Bloomberg, in 2009 Davis Polk ranked:

• 1st as issuer’s counsel in global and U.S. initial public offerings (by volume) 
• 1st as managers' counsel in U.S. initial public offerings (by volume and deal count) 
• 1st as managers' counsel in global equity/equity-linked/rights offerings (by deal count) 
• 1st as managers' counsel in U.S. equity offerings (by deal count) 
• 1st as managers' counsel in global bond offerings (by volume and deal count) 
• 1st as managers' counsel in U.S. corporate debt offerings (by volume and deal count) 
• 1st as managers' counsel in U.S. investment-grade debt offerings (by volume and deal count) 

• We advised Citigroup on its offering of new equity capital and tangible equity units in connection with the repayment of $20 billion of its TARP trust preferred securities. The offering of T-DECS was the largest equity-linked offering by a U.S. issuer in 2009.
• We advised the underwriters of the $19.65 billion initial public offering of Visa, the largest U.S. IPO in history.
• We advised the Roche Group on its $16.5 billion Rule 144A/Regulation S issuance of senior fixed- and floating-rate notes. The notes were issued by Roche Holdings Inc. and are guaranteed by Roche Holding Ltd, the Swiss parent company of an international research-intensive health care group. The proceeds of the sale of the notes are expected to be used to finance partly the Roche Group’s cash tender offer for the publicly held shares of Genentech. The offering is the largest corporate bond sale in history and was recognized by IFR as the best "US Dollar Bond" and "Investment-Grade Corporate Bond" of 2009.
• We advised the underwriters on a $12 billion SEC-registered offering of common stock by General Electric Company.
• We advised Sumitomo Mitsui Financial Group on its ¥1 trillion ($11.1 billion) Rule 144A/Regulation S global offering of common stock. This is the largest equity offering to date in 2010.
• We advised Banco Santander (Brasil) on its $7.5 billion SEC-registered initial public offering of units. This was the largest IPO of 2009 and the largest-ever by a Latin American issuer. The offering was recognized by IFR as the best "Latin American Equity Issue" in 2009.
• We advised the dealer managers for Bristol-Myers Squibb in connection with the $7.4 billion offer by Bristol-Myers Squibb to exchange common stock of Mead Johnson for outstanding shares of Bristol-Myers Squibb common stock. Bristol-Myers Squibb is a global biopharmaceutical company. Mead Johnson develops, manufactures, markets and distributes more than 70 products in 50 markets worldwide primarily under the "Enfa" family of brands, including Enfamil® infant formula.
• We advised Metallurgical Corporation of China (MCC), a Chinese engineering and construction company, on its $5.3 billion global offering of H shares, consisting of an initial public offering on the Hong Kong Stock Exchange and an international offering in reliance on Rule 144A and Regulation S, with a concurrent offering of A shares listed on the Shanghai Stock Exchange. This was the third-largest IPO in the world in 2009.

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Derivatives and Structured Products

Equity Offerings

High-Yield Debt Offerings

Investment-Grade Debt Offerings

Privatizations and Emerging Markets