2003: Another Record-Setting Year


2003: Another Record-Setting Year

The year-end results for 2003 once again set record for volume, following a year that industry experts had thought would be difficult to exceed. According to statistics collected by Thomson Financial, volume increased to an all-time high of $379.1 billion, representing a 6.5% increase over 2002.

Thomson Financial reported that the same factors that fueled last year's pace were still in place through most of this year - historic low interest rates, continued demand for new investment in large projects, and diminished fund balances on the part of state and local governments. While the number of new-money financings declined slightly from the previous year, the average size was larger; and the number and volume of refundings were larger than last year, reflecting the favorable interest rates. Thomson Financial noted that the number of issues that exceeded $1 billion had increased significantly to 48, from 27 in 2002.

We at Hawkins Delafield & Wood LLP were very pleased and proud to once again place first in the national rankings for underwriters' counsel. The Firm was ranked second nationally in the bond counsel rankings and second nationally among disclosure counsel. We participated in several billion dollar transactions, as well as transactions much smaller - assisting our clients in the execution of their capital plans, including local schools, housing, transportation, utilities, health care, nonprofit institutions and student loans.

National Rankings - Underwriter's Counsel
January 1 - December 31, 2003
Rank Firm
$Par Amount
1 Hawkins Delafield & Wood LLP
2 Orrick, Herrington & Sutcliffe LLP
3 Winston & Strawn
4 Burke Burns & Pinelli, Ltd
5 Nixon Peabody LLP
6 Squire, Sanders & Dempsey LLP
7 Clifford Chance Roger & Wells LLP
8 Sidley Austin Brown & Wood LLP
9 Mintz Levin Cohn Ferris Glovsky & Popeo, PC
10 O'Melveny & Meyers LLP
Source: Thomson Financial

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