By Rebecca Melvin
New York, Feb. 5 - Wilmington Trust was the top trustee for convertible bonds for the year to date through January, accounting for $2.25 billion of new issuance in one deal for 51% of the total, according to data compiled by Prospect News.
Wells Fargo was in second place as trustee for $920 million of new issuance in five deals, accounting for 21% of the total for the first month of the year.
U.S. Bancorp was third, acting as the trustee for $550 million of new issuance in two deals, accounting for 13% of the total amount for the year so far.
Details on the trustees of all new issues for the year weren't available to Prospect News. In all, there were 12 convertibles deals totaling $4.38 billion of new issuance for January, compared to two deals totaling $400 million for January 2012.
U.S. market, year to date
2012 Comparables
| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | Wilmington | 2.250 | 1 | 51.33% |
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| 2 | Wells Fargo | 0.920 | 5 | 20.99% | 2 | 0.150 | 1 | 37.50%
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| 3 | USB | 0.550 | 2 | 12.55% |
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| 4 | BNY | 0.408 | 2 | 9.31% | 1 | 0.250 | 1 | 62.50%
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| Total | 4.384 | 12 | 0.400 | 2 |
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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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