By Rebecca Melvin
New York, Oct. 3 - Wells Fargo & Co. was top trustee for convertible bonds for the year to date through September, acting as trustee for $4.49 billion of new issuance in 18 deals, or 28.5% of the total, according to data compiled by Prospect News.
Bank of New York Mellon Trust Co., NA was the No. 2 trustee, acting on behalf of $4.40 billion of new issuance in 13 deals for 27.8% of the total.
U.S. Bancorp was third, acting as trustee for $3.16 billion in 10 deals, accounting for 20% of the total issuance.
American Stock Transfer & Trust remained the No. 4 trustee for $1.32 billion of new issuance in three deals, accounting for 8.4% of the total.
For the year to date, there has been $15.79 billion in new issuance in 60 deals, which is up from $12.93 billion in 46 deals through August, but down for the same period of 2011, when $22.93 billion in 71 deals was priced.
U.S. market, year to date
| Trustee | Amount | No. | Share |
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| 1 | Wells Fargo | 4.492 | 18 | 28.45% |
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| 2 | BNY | 4.395 | 13 | 27.83% |
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| 3 | USB | 3.161 | 10 | 20.02% |
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| 4 | American Stock Transfer & Trust | 1.318 | 3 | 8.35% |
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| 5 | Deutsche Bank | 0.500 | 1 | 3.17% |
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| 6 | Wilmington Trust | 0.274 | 2 | 1.74% |
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| 7 | Union Bank | 0.150 | 1 | 0.95% |
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| 8 | Computershare Trust Co. | 0.130 | 1 | 0.82% |
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| Total | 15.790 | 60 |
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| Prospect News Convertibles Trustee Rankings
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Criteria
• The tables include all underwritten dollar-denominated offerings sold in the United States as public or Rule 144A deals reported to Prospect News.
• Offerings are included in the time period in which they price.
• Amounts are based on the total sales price (face amount multiplied by the offering price). The full amount is credited to the trustee.
• Each tranche is counted as a separate deal.
• Bonds are included that convert into the issuer's or another company's stock or the cash equivalent; bonds that convert into other bonds are excluded.
• Structured products are excluded.
• Preferred issues are included using the same criteria as for bonds.
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