Sullivan & Cromwell’s preeminent Capital Markets Group led all law firm advisers across seven categories in the LSEG Data & Analytics (formerly Refinitiv) 2023 league table rankings, including advising issuers on $165.9 billion in U.S. debt, equity and equity-related deals and additional categories in Asia and Australia offerings. S&C ranked second in eight additional categories, including advising issuers on $192.9 billion in global debt, equity and equity-related deals.
S&C ranked first in:
- U.S. Debt, Equity & Equity-Related by proceeds ($165.9 billion)
- U.S. Straight Debt Including ABS & MBS by proceeds ($163.5 billion)
- U.S. Straight Debt Excluding ABS & MBS by proceeds ($163.5 billion)
- U.S. Straight Debt Excluding ABS & MBS by number of deals (96)
- Asia Pacific G3 Bonds by proceeds ($32.2 billion)
- Australia International Bonds by proceeds ($30.2 billion)
- Australia International Bonds by number of deals (31)
In 2023, S&C advised clients on some of the most complex offerings around the world, including:
- SoftBank Group in its subsidiary Arm’s $5.23 billion IPO, the largest of 2023
- Rakuten Bank in its 89.5 billion JPY (US$666.7 million) IPO, the largest in Japan since 2018
- Goldman Sachs as sole placement agent in Stripe’s $6.5 billion stock private placement, one of the largest private stock sales in U.S history
- Enbridge in its C$4.6 billion ($3.39 billion) equity offering, concurrent with its agreement to buy three utilities providers from Dominion Energy
- UBS in its $3.5 billion AT1 securities offering, its first such offering since its merger with Credit Suisse
- CRH in the transfer of its primary listing from the London Stock Exchange to the New York Stock Exchange
- The underwriters in Brazil’s inaugural $2 billion sustainable bond offering
- The initial purchasers in Taiwan Cement Corporation’s concurrent green convertible bond and global depository share offering, the largest in Asia in more than two years