By Rebecca Melvin
New York, Sept. 5 - U.S. Bancorp was the top trustee for convertible bond issuance for the year to date through August, acting as trustee for $7.23 billion of new issuance in 22 deals, or 27% of the total, according to data compiled by Prospect News.
Wells Fargo & Co. was the No. 2 trustee, acting on behalf of $5.86 billion of new issuance in 23 deals for 22% of the total.
Bank of New York Mellon Trust Co., NA was third, acting as trustee for $5.30 billion in issuance in 16 deals for a 20% share of the total.
Wells Fargo was the top trustee for convertible bond issuance for August alone, with $1.78 billion of issuance in six deals, for 60% of the total.
For the year to date, there has been $27.15 billion of new convertibles issuance in 89 deals, which is down from $13.05 billion in 47 deals for the same period of 2012.
U.S. market, year to date
2012 Comparables
| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | USB | 7.230 | 22 | 26.63% | 3 | 2.884 | 8 | 22.10%
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2 | Wells Fargo | 5.856 | 23 | 21.57% | 1 | 3.807 | 15 | 29.18%
|
3 | BNY | 5.298 | 16 | 19.51% | 2 | 3.389 | 10 | 25.98%
|
4 | Wilmington | 2.948 | 4 | 10.86% | 8 | 0.074 | 1 | 0.57%
|
5 | American Stock Transfer & Trust | 0.980 | 1 | 3.61% | 4 | 1.318 | 3 | 10.10%
|
6 | Union | 0.517 | 2 | 1.91% |
|
7 | Deutsche Bank | 0.250 | 1 | 0.92% | 5 | 0.500 | 1 | 3.83%
|
| Total | 27.150 | 89 | 13.046 | 47 |
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U.S. market, August |
|
| | | | | 2012 Comparables |
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| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Wells Fargo | 1.784 | 6 | 59.51% | 1 | 1.253 | 5 | 71.64%
|
2 | USB | 0.259 | 1 | 8.63% |
|
| Total | 2.998 | 11 | 1.749 | 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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