By Rebecca Melvin
New York, Nov. 5 - Bank of New York Mellon Trust Co., NA was top trustee for convertible bonds for the year to date through October, acting as trustee for $8.57 billion of new issuance in 22 deals, or 24% of the total, according to data compiled by Prospect News.
U.S. Bancorp was the No. 2 trustee, acting on behalf of $7.70 billion of new issuance in 25 deals for 21% of the total.
Wells Fargo & Co. was third, acting as trustee for $6.33 billion in 26 deals, accounting for 18% of the total.
For October alone, Bank of New York was the top trustee, accounting for $1.5 billion of issuance in one deal for 25% of the total.
For the year to date, there has been $35.92 billion in new convertible issuance in 114 deals, which is up from for the same period of 2012, when $18.46 billion in 68 deals was priced.
U.S. market, year to date
2012 Comparables
| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | BNY | 8.555 | 22 | 23.82% | 1 | 5.895 | 14 | 31.66%
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| 2 | USB | 7.699 | 25 | 21.44% | 3 | 3.460 | 12 | 18.58%
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| 3 | Wells Fargo | 6.331 | 26 | 17.63% | 2 | 4.853 | 19 | 26.06%
|
| 4 | Wilmington | 4.017 | 8 | 11.18% | 6 | 0.304 | 2 | 1.63%
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| 5 | American Stock Transfer & Trust | 0.980 | 1 | 2.73% | 4 | 1.318 | 3 | 7.08%
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| 6 | Union | 0.517 | 2 | 1.44% |
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| 7 | Deutsche Bank | 0.325 | 2 | 0.90% | 5 | 0.500 | 1 | 2.69%
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| Total | 35.915 | 114 | 18.621 | 69 |
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| U.S. market, October |
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| | | | | 2012 Comparables |
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| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | BNY | 1.500 | 1 | 24.69% | 1 | 1.500 | 1 | 56.18%
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| 2 | Wilmington | 0.949 | 3 | 15.62% |
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| 3 | Wells Fargo | 0.345 | 2 | 5.68% | 3 | 0.290 | 1 | 10.86%
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| 4 | Deutsche Bank | 0.075 | 1 | 1.23% |
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| Total | 6.076 | 14 | 2.670 | 8 |
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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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