By Rebecca Melvin
New York, May 3 - U.S. Bancorp unseated American Stock Transfer & Trust Co. LLC as top trustee for convertible bonds for the year to date through April, acting as trustee for $2.77 billion of new issuance in seven deals, or 32.7% of the total, according to data compiled by Prospect News.
American Stock Transfer & Trust was the No. 2 trustee, for $1.12 billion of new issuance, accounting for 13.2% of the total amount for the first four months of the year.
Wells Fargo & Co. came in third as trustee for $875 million of new issuance in five deals, accounting for 10.3% of the total.
Bank of New York Mellon Trust Co., NA was fourth, acting as trustee for $750 million in three deals, accounting for 8.9%.
For the year to date, there has been $5.79 billion of new convertibles issuance in 19 deals, which is down from $15.3 billion in 42 deals for the same period of 2011.
U.S. market, year to date
| Trustee | Amount | No. | Share
|
| 1 | USBank | 2.769 | 7 | 32.68%
|
| 2 | American Stock Transfer & Trust | 1.122 | 2 | 13.24%
|
| 3 | Wells Fargo | 0.875 | 5 | 10.33%
|
| 4 | BNY | 0.750 | 3 | 8.85%
|
| Total | 5.79 | 19
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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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