By Rebecca Melvin
New York, June 5 - U.S. Bancorp rose to top trustee for convertible bonds for the year to date through May, acting as trustee for $4.84 billion of new issuance in 13 deals, accounting for 28% of the total, according to data compiled by Prospect News.
Bank of New York Mellon Trust Co., NA dropped to second place, acting as the trustee for $4.29 billion of new issuance in 13 deals, accounting for 24% of the total amount for the first five months of the year.
Wilmington Trust was third with $2.65 billion of new issuance in three deals, accounting for 15% of the total.
Details on the trustees for all new issues weren't available to Prospect News. Total issuance for the year through May was $17.60 billion in 53 deals, compared to $13.50 billion in 41 deals for the year to date through April, and more than double $8.30 billion in 27 deals for the first five months of 2012.
U.S. market, year to date
2012 Comparables
| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | USB | 4.841 | 13 | 27.51% | 1 | 2.769 | 7 | 33.38%
|
| 2 | BNY | 4.293 | 13 | 24.40% | 3 | 1.545 | 5 | 18.63%
|
| 3 | Wilmington | 2.652 | 3 | 15.07% |
|
| 4 | Wells Fargo | 1.945 | 8 | 11.05% | 2 | 1.864 | 7 | 22.47%
|
| 5 | American Stock Transfer & Trust | 0.980 | 1 | 5.57% | 4 | 1.122 | 2 | 13.53%
|
| 6 | Union | 0.300 | 1 | 1.70% |
|
| 7 | Deutsche Bank | 0.250 | 1 | 1.42% | 5 | 0.500 | 1 | 6.03%
|
| Total | 17.596 | 53 | 8.295 | 27 |
|
|
|
| U.S. market, May |
|
| | | | | 2012 Comparables |
|
| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Wells Fargo | 1.025 | 3 | 25.14% | 1 | 0.955 | 2 | 38.68%
|
| 2 | American Stock Transfer & Trust | 0.980 | 1 | 24.03% |
|
| 3 | USB | 0.810 | 2 | 19.87% |
|
| 4 | Union | 0.300 | 1 | 7.36% |
|
| 5 | Deutsche Bank | 0.250 | 1 | 6.13% | 3 | 0.500 | 1 | 20.25%
|
| 6 | BNY | 0.250 | 1 | 6.13% | 2 | 0.795 | 2 | 32.20%
|
| Total | 4.077 | 12 | 2.469 | 8 |
|
|
|
|
|
|
|
|
|
| Prospect News Convertibles Trustee Rankings
|
|
|
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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
