By Rebecca Melvin
New York, Feb. 5 - Bank of New York Mellon Trust Co., NA was the top trustee for convertible bonds for the year to date through January, accounting for $230 million of new issuance in one deal for 29% of the total, according to data compiled by Prospect News.
U.S. Bancorp was second place as trustee for $175 million of new issuance in one deal, accounting for 22% of the total for the first month of the year.
Details on the legal counsel of all new issues for the year weren't available to Prospect News. In all, there were four convertibles deals totaling $805 million of new issuance for January, compared to 12 deals totaling $4.43 billion for January 2013.
U.S. market, year to date
2013 Comparables
| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | BNY | 0.230 | 1 | 28.57% | 4 | 0.408 | 2 | 9.22%
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| 2 | USB | 0.175 | 1 | 21.74% | 3 | 0.580 | 2 | 13.10%
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| Total | 0.805 | 4 | 4.429 | 12 |
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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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