By Rebecca Melvin
New York, March 5 - U.S. Bancorp was top trustee for convertible bonds for the year to date through February, serving as trustee for $2.89 billion of new issuance in a single deal, accounting for 40% of the total, according to data compiled by Prospect News.
U.S. Bancorp was also the top trustee for February alone, serving as trustee for $2.69 billion in three deals for 42% of the total.
The Union Trust Co. was No. 2, acting as the trustee for $1.15 billion of new issuance in one deal, accounting for 16% of the total amount for the first two months of the year.
Wells Fargo & Co. was third with $695 million of new issuance in two deals, accounting for nearly 10% of the total.
Details on the trustees for all new issues weren't available to Prospect News. Total issuance for the year through February was $7.2 billion in 17 deals, which was down from $8.06 billion in 23 deals for the same period of 2013.
U.S. market, year to date
2013 Comparables
| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | USB | 2.891 | 4 | 40.15% | 2 | 2.255 | 7 | 27.97%
|
| 2 | Union | 1.150 | 1 | 15.97% |
|
| 3 | Wells Fargo | 0.695 | 2 | 9.65% | 4 | 0.920 | 5 | 11.41%
|
| 4 | Wilmington | 0.545 | 2 | 7.57% | 1 | 2.652 | 3 | 32.90%
|
| 5 | BNY | 0.530 | 2 | 7.36% | 3 | 1.048 | 4 | 13.00%
|
| Total | 7.201 | 17 | 8.063 | 23 |
|
|
|
| U.S. market, February |
|
| | | | | 2013 Comparables |
|
| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | USB | 2.690 | 3 | 42.23% | 1 | 1.675 | 5 | 46.09%
|
| 2 | Union | 1.150 | 1 | 18.05% |
|
| 3 | Wells Fargo | 0.695 | 2 | 10.91% |
|
| 4 | Wilmington | 0.545 | 2 | 8.56% | 3 | 0.403 | 2 | 11.08%
|
| 5 | BNY | 0.300 | 1 | 4.71% | 2 | 0.640 | 2 | 17.61%
|
| Total | 6.370 | 13 | $3.63 | 11 |
|
|
|
|
|
| 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.
