By Rebecca Melvin
New York, May 5 - U.S. Bancorp was the top trustee for convertible bonds for the year through April, accounting for $4.17 billion in new issuance in eight deals, or 30% of the total, according to data compiled by Prospect News.
Wells Fargo & Co. was the trustee for the second highest volume of issuance, or $2.09 billion in seven deals for 15% of the total.
Wilmington was No. 3, acting as the trustee for $1.94 billion of new issuance in four deals, accounting for 14% of the total amount for the first four months of the year.
For April alone, Wilmington was the top trustee of issuance, accounting for $1.25 billion in one deal for 54% of the total. Followed by American Stock Transfer & Trust, with $391 million in one deal for 17% of the total, and U.S. Bancorp, which was trustee for $287 million in issuance in seven deals for nearly 13% of the total for April alone.
In all, there has been $13.86 billion in new issuance in 39 deals for the year through April, which is about even with $13.52 billion in 41 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 | 4.169 | 8 | 30.09% | 2 | 4.031 | 11 | 29.82%
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| 2 | Wells Fargo | 2.087 | 7 | 15.06% | 4 | 0.920 | 5 | 6.81%
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| 3 | Wilmington | 1.939 | 4 | 13.99% | 3 | 2.652 | 3 | 19.62%
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| 4 | Union | 1.311 | 2 | 9.46% |
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| 5 | BNY | 0.730 | 3 | 5.27% | 1 | 4.043 | 12 | 29.91%
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| 6 | Deutsche Bank | 0.550 | 1 | 3.97% |
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| 7 | American Stock Transfer & Trust | 0.391 | 1 | 2.82% |
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| Total | 13.855 | 39 | 13.519 | 41 |
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| U.S. market, April |
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| | | | | 2013 Comparables |
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| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | Wilmington | 1.250 | 1 | 54.40% |
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| 2 | American Stock Transfer & Trust | 0.391 | 1 | 17.02% |
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| 3 | USB | 0.287 | 1 | 12.51% | 2 | 0.090 | 1 | 4.64%
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| Total | 2.298 | 7 | 1.940 | 6 |
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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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