By Rebecca Melvin
New York, Dec. 5 - Bank of New York Mellon Trust Co., NA was top trustee for convertible bonds for the year to date through November, acting as trustee for $5.9 billion of new issuance in 14 deals, or 30.3% of the total, according to data compiled by Prospect News.
Wells Fargo & Co. was the No. 2 trustee, acting on behalf of $5 billion of new issuance in 20 deals for 25.8% of the total.
U.S. Bancorp was third, acting as trustee for $3.9 billion in 16 deals, accounting for 20%.
American Stock Transfer & Trust remained No. 4 trustee for $1.3 billion of new issuance in three deals, accounting for 6.8% of the total.
For the year to date, there has been $19.45 billion of new convertibles issuance in 75 deals, which is down from $25.70 billion in 82 deals for the same period of 2011.
U.S. market, year to date
| Trustee | Amount | No. | Share |
|
1 | BNY | 5.895 | 14 | 30.32% |
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2 | Wells Fargo | 5.012 | 20 | 25.77% |
|
3 | USB | 3.880 | 16 | 19.95% |
|
4 | American Stock Transfer & Trust | 1.318 | 3 | 6.78% |
|
5 | Deutsche Bank | 0.500 | 1 | 2.57% |
|
6 | Wilmington | 0.274 | 2 | 1.41% |
|
7 | Union Bank | 0.150 | 1 | 0.77% |
|
8 | Computershare Trust Co. | 0.130 | 1 | 0.67% |
|
| Total | 19.445 | 75 |
|
| Average size: | 0.259 |
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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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