By Rebecca Melvin
New York, April 3 - U.S. Bancorp rose to top trustee for convertible bonds for the year to date through March, serving as trustee for $3.94 billion of new issuance in 10 deals, accounting for 34% of the total, according to data compiled by Prospect News.
Wilmington Trust dropped to second place, acting as the trustee for $2.65 billion of new issuance in three deals, accounting for 23% of the total amount for the first three months of the year.
Bank of New York Mellon Trust Co., NA was third with $2.37 billion of new issuance in eight deals, accounting for 20% of the total.
Details on the trustees for all new issues weren't available to Prospect News. Total issuance for the year through March was $11.58 billion, in 33 deals, which was well up from $3.57 billion in 12 deals for the same period of 2012.
U.S. market, year to date
2012 Comparables
| Trustee | Amount | No. | Share | Rank Amount | No. | Share
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| 1 | USB | 3.941 | 10 | 34.05% | 2 | 0.939 | 3 | 26.30%
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| 2 | Wilmington | 2.652 | 3 | 22.91%
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| 3 | BNY | 2.366 | 8 | 20.44% | 3 | 0.750 | 3 | 21.01%
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| 4 | Wells Fargo | 0.920 | 5 | 7.95% | 4 | 0.609 | 3 | 17.06%
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| Total | 11.576 | 33 | 3.569 | 12
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| U.S. market, March
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| | | | | 2012 Comparables
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| Trustee | Amount | No. | Share | Rank Amount | No. | Share
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| 1 | USB | 1.686 | 3 | 47.99% | 2 | 0.939 | 3 | 35.17%
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| 2 | BNY | 1.317 | 4 | 37.50% | 5 | 0.200 | 1 | 7.49%
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| Total | 3.514 | 10 | 2.669 | 8
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| U.S. market, year to date |
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| | | | | 2012 Comparables |
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| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | USB | 3.941 | 10 | 34.05% | 2 | 0.939 | 3 | 26.30%
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| 2 | Wilmington | 2.652 | 3 | 22.91% |
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| 3 | BNY | 2.366 | 8 | 20.44% | 3 | 0.750 | 3 | 21.01%
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| 4 | Wells Fargo | 0.920 | 5 | 7.95% | 4 | 0.609 | 3 | 17.06%
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| Total | 11.576 | 33 | 3.569 | 12 |
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| U.S. market, March |
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| | | | | 2012 Comparables |
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| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | USB | 1.686 | 3 | 47.99% | 2 | 0.939 | 3 | 35.17%
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| 2 | BNY | 1.317 | 4 | 37.50% | 5 | 0.200 | 1 | 7.49%
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| Total | 3.514 | 10 | 2.669 | 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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