Our Approach

Our equity derivatives practice is without peer, a position of leadership that has allowed us to work with every major financial institution in this area. We also regularly represent corporations, hedge funds and individuals as users of equity derivatives.
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Awards & Rankings

  • "'Everybody would agree that Davis Polk has the best equity derivatives and convertible bonds practice,' proclaim market sources" -- Chambers Global (2009).
  • Davis Polk ranked:
    • 1st as issuer's and managers’ counsel in U.S. equity-linked offerings in 2009 (Bloomberg)
    • 1st as issuer’s counsel in U.S. convertible offerings (by volume) in 2009 (Thomson Reuters)
    • 1st as managers’ counsel in U.S. convertible offerings (by both volume and deal count) in 2009 (Thomson Reuters)

Notable Matters

  • 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 Bank of America on its $6.9 billion SEC-registered offering of perpetual convertible preferred stock, the largest-ever public offering of convertible securities.
  • We advised Ford Motor Company on its $2.875 billion SEC-registered offering of senior convertible notes. The transaction was the second-largest equity-linked offering by a U.S. issuer in 2009.
  • We advised the joint book-running managers on a $2 billion Rule 144A offering by Intel Corporation of junior subordinated convertible debentures.
  • We advised the underwriters on an $800 million SEC-registered offering of senior convertible notes by ArcelorMittal, a French leader in all major global steel markets.
  • We advised the joint bookrunners on the $333 million Regulation S offering of convertible notes by SK Telecom, the leading wireless telecommunications services provider in Korea. This offering won FinanceAsia's award for "Best Korean Deal" in 2009.
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