By Rebecca Melvin
New York, May 3 - Bank of New York Mellon Trust Co., NA rose to top trustee for convertible bonds for the year to date through April, serving as trustee for $4.04 billion of new issuance in 12 deals and accounting for 30% of the total, according to data compiled by Prospect News.
U.S. Bancorp dropped to second place, acting as the trustee for $3.94 billion of new issuance in 10 deals, accounting for 29% of the total amount for the first four months of the year.
Wilmington Trust dropped to third with $2.65 billion of new issuance in three 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 April was $13.50 billion in 41 deals, up from $11.58 billion in 33 deals for the year to date through March and more than double $5.83 billion in 19 deals for the first four months of 2012.
U.S. market, year to date
2012 Comparables
| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | BNY | 4.043 | 12 | 29.94% | 4 | 0.750 | 3 | 12.87%
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| 2 | USB | 3.941 | 10 | 29.19% | 1 | 2.769 | 7 | 47.52%
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| 3 | Wilmington | 2.652 | 3 | 19.64% |
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| 4 | Wells Fargo | 0.920 | 5 | 6.81% | 3 | 0.909 | 5 | 15.60%
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| Total | 13.504 | 41 | 5.826 | 19 |
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| U.S. market, April |
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| | | | | 2012 Comparables |
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| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | BNY | 1.677 | 4 | 87.14% |
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| Total | 1.925 | 6 | 2.257 | 7 |
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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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