Magic circle outguns US firms on debt deals

The magic circle dominated last year’s debt capital markets according to Thomson Financial’s capital markets survey for 2007.

Allen & Overy, Linklaters and Clifford Chance took first, second and third place, advising the manager on international debt capital market (DCM) deals, taking a combined market share of 24 per cent. The previous year, the trio had a combined market share of 24.1 per cent.

Allen & Overy topped the table for the third year running with 651 deals in the DCM category, Linklaters came second with 512, while Clifford Chance secured third place with 278 transactions.

US firm Sidley Austin and German firm Hengeler Mueller ranked forth and fifth with 127 and 194 deals respectively.

US firms beat the magic circle on the issuer debt ranking, taking a market share of 5.4 per cent with 318 deals.

Allen & Overy ranked second with 126 deals and a combined value of $118m, while Linklaters secured fifth place with 128 deals worth a combined value of $94m.

Cadwalader Wickersham & Taft topped the collateralised debt obligation (CDO) issuer table for the second year running with 51 transactions.

The US firm ranked first in the manager CDO survey, jumping up from forth place in last year’s rankings with 49 deals in the sector.