New York, Oct. 3 - Bank of New York Mellon Trust Co., NA was the top trustee for high-yield bonds for the year through October, according to data compiled by Prospect News.
Bank of New York placed first for the junk bond market as a whole (excluding emerging markets deals), recording a 19.9% share, up slightly from 19.7% for the year through September. Wells Fargo was second and U.S. Bancorp third, a reversal of places.
For U.S.-based issuers only, Wells Fargo placed first, followed by U.S. Bancorp and Bank of New York Mellon. That was a change from the previous month when Bank of New York was first, U.S. Bancorp second, and Wells Fargo. The three banks remain close. Wells Fargo's lead is just over $4 billion, or less than 2% of year-to-date issuance and it has actually acted as trustee on 16 fewer issues than U.S. Bancorp. A mere $50 million separates U.S. Bancorp from Bank of New York.
The tables cover high-yield bond deals offered in the United States via a registration with the Securities and Exchange Commission or under Rule 144A. The name of the trustee was not available for all deals.
Trustee, U.S. market, all issuers, year to date
| Trustee | Amount | No. | Share |
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| 1 | BNY | 54.247 | 95 | 19.88% |
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| 2 | Wells Fargo | 48.960 | 93 | 17.94% |
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| 3 | USB | 45.649 | 111 | 16.73% |
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| 4 | Wilmington | 25.564 | 47 | 9.37% |
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| 5 | Deutsche Bank | 5.150 | 6 | 1.89% |
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| 6 | Law Debenture Trust Co. | 4.513 | 6 | 1.65% |
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| 7 | Regions Bank | 2.800 | 2 | 1.03% |
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| 8 | Manufacturers and Traders Trust | 1.250 | 2 | 0.46% |
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| 9 | American Stock Transfer & Trust Co. | 0.800 | 3 | 0.29% |
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| 10 | Scotia | 0.704 | 3 | 0.26% |
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| Total | 272.854 | 564 |
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| Trustee, U.S. market, U.S. issuers, year to date |
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| Trustee | Amount | No. | Share |
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| 1 | Wells Fargo | 48.872 | 92 | 20.49% |
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| 2 | USB | 44.755 | 108 | 18.76% |
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| 3 | BNY | 44.705 | 85 | 18.74% |
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| 4 | Wilmington | 24.711 | 45 | 10.36% |
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| 5 | Deutsche Bank | 5.150 | 6 | 2.16% |
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| 6 | Law Debenture Trust Co. | 4.513 | 6 | 1.89% |
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| 7 | Regions Bank | 2.800 | 2 | 1.17% |
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| 8 | Manufacturers and Traders Trust | 1.250 | 2 | 0.52% |
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| 9 | American Stock Transfer & Trust Co. | 0.800 | 3 | 0.34% |
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| 10 | Scotia | 0.704 | 3 | 0.30% |
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| Total | 238.523 | 497 |
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| Prospect News High Yield 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.
• Convertibles, trust preferreds, capital securities and preferred stock are excluded.
• Deals rated investment grade by either Standard & Poor's or Moody's Investors Service are excluded, but deals not rated by both are included.
• 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).
• Units made up of a bond and a warrant are included; other units are excluded.
• Sovereign issues are excluded.
• Each tranche is counted as a separate deal.
• Passthroughs, collateral trust and equipment trust certificates are included.
• Best efforts and non-underwritten deals are excluded as are remarketings.
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