By Rebecca Melvin
New York, June 5 - U.S. Bancorp was top trustee for convertible bonds for the year to date through May, acting as trustee for $2.77 billion of new issuance in seven deals, or 33.7% of the total, according to data compiled by Prospect News.
Wells Fargo & Co. unseated American Stock Transfer & Trust Co. LLC as the No. 2 trustee, acting on behalf of $1.83 billion of new issuance in seven deals for 22.3% of the total.
Bank of New York Mellon Trust Co., NA was third, acting as trustee for $1.55 billion in five deals, accounting for 18.9%.
American Stock Transfer & Trust fell to No. 4 trustee for $1.12 billion of new issuance in two deals, accounting for 13.7% of the total.
For the year to date, there has been $8.08 billion of new convertibles issuance in 27 deals, which is down from $17.93 billion in 52 deals for the same period of 2011.
U.S. market, year to date
| Trustee | Amount | No. | Share |
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| 1 | USB | 2.769 | 7 | 33.72% |
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| 2 | Wells Fargo | 1.830 | 7 | 22.29% |
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| 3 | BNY | 1.545 | 5 | 18.82% |
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| 4 | American Stock Transfer & Trust | 1.122 | 2 | 13.67% |
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| 5 | Deutsche Bank | 0.500 | 1 | 6.09% |
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| 6 | Union Bank | 0.150 | 1 | 1.83% |
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| Total | 8.211 | 26 |
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| Average size: | 0.316 |
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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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