By Rebecca Melvin
New York, July 3 - U.S. Bancorp remained top trustee for convertible bonds for the year to date through June, serving as trustee for $6.11 billion of new issuance in 17 deals, accounting for 27% of the total, according to data compiled by Prospect News.
Bank of New York Mellon Trust Co., NA was in second place, acting as the trustee for $4.96 billion of new issuance in 15 deals, accounting for 22% of the total amount for the first six months of the year.
Wells Fargo was third with $3.85 billion in new issuance in 15 deals for 17% of the total, while Wilmington Trust was fourth with $2.95 billion of new issuance in four deals, accounting for 13% of the total.
Details on the trustees for all new issues weren't available to Prospect News. Total issuance for the year through June was $22.55 in 69 deals, which was up from $17.60 billion in 53 deals for May, and higher compared to $10.84 billion in 37 deals for the year to date through June 2012.
U.S. market, year to date
2012 Comparables
| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | USB | 6.112 | 17 | 27.10% | 1 | 2.769 | 7 | 25.53%
|
| 2 | BNY | 4.957 | 15 | 21.98% | 2 | 2.750 | 7 | 25.36%
|
| 3 | Wells Fargo | 3.847 | 15 | 17.06% | 3 | 2.554 | 10 | 23.55%
|
| 4 | Wilmington | 2.948 | 4 | 13.07% | 8 | 0.074 | 1 | 0.68%
|
| 5 | American Stock Transfer & Trust | 0.980 | 1 | 4.35% | 4 | 1.122 | 2 | 10.35%
|
| 6 | Union | 0.450 | 2 | 2.00% |
|
| 7 | Deutsche Bank | 0.250 | 1 | 1.11% | 5 | 0.500 | 1 | 4.61%
|
| Total | 22.554 | 69 | 10.843 | 37 |
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| U.S. market, second quarter |
|
| | | | | 2012 Comparables |
|
| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Wells Fargo | 2.927 | 10 | 26.67% | 2 | 1.945 | 7 | 26.74%
|
| 2 | BNY | 2.591 | 7 | 23.61% | 1 | 2.000 | 4 | 27.49%
|
| 3 | USB | 2.171 | 7 | 19.78% | 3 | 1.830 | 4 | 25.16%
|
| 4 | American Stock Transfer & Trust | 0.980 | 1 | 8.93% | 7 | 0.127 | 1 | 1.75%
|
| 5 | Union | 0.450 | 2 | 4.10% |
|
| 6 | Wilmington | 0.295 | 1 | 2.69% | 8 | 0.074 | 1 | 1.02%
|
| 7 | Deutsche Bank | 0.250 | 1 | 2.28% | 4 | 0.500 | 1 | 6.87%
|
| Total | 10.975 | 34 | 7.274 | 25 |
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| U.S. market, June |
|
| | | | | 2012 Comparables |
|
| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Wells Fargo | 1.592 | 6 | 32.50% | 2 | 0.690 | 3 | 27.08%
|
| 2 | USB | 1.271 | 4 | 25.94% |
|
| 3 | BNY | 0.646 | 2 | 13.19% | 1 | 1.205 | 2 | 47.28%
|
| 4 | Wilmington | 0.295 | 1 | 6.03% | 4 | 0.074 | 1 | 2.90%
|
| 5 | Union | 0.150 | 1 | 3.06% |
|
| Total | 4.900 | 16 | 2.548 | 10 |
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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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