New York, May 3 - Bank of New York Mellon Trust Co., NA was the top trustee for high-yield bonds for the first four months of the year, according to data compiled by Prospect News.
Bank of New York placed number one for the junk bond market as a whole, taking an 18.2% share, and also for U.S. issuers, where it took 21.3%. The bank was trustee for $21.9 billion of new bonds in 42 transactions, and $20.61 billion in 39 deals, respectively. The ranking and shares were largely unchanged from the first quarter totals.
Wells Fargo was second in both tables, moving up from third the month before and displacing U.S. Bancorp, which was second for the year through March.
Wells Fargo was trustee for $19.32 billion of bonds in 35 deals, or 16.1% of the market. However, U.S. Bancorp was trustee for more deals, 40 in total for $17.84 billion.
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, particularly those from emerging markets issuers.
Trustee, U.S. market, all issuers, year to date
| Trustee | Amount | No. | Share |
|
| 1 | BNY | 21.900 | 42 | 18.22% |
|
| 2 | Wells Fargo | 19.324 | 35 | 16.08% |
|
| 3 | USB | 17.837 | 40 | 14.84% |
|
| 4 | Wilmington | 7.688 | 18 | 6.40% |
|
| 5 | Deutsche Bank | 4.650 | 4 | 3.87% |
|
| 6 | Manufacturers and Traders Trust | 0.600 | 1 | 0.50% |
|
| 7 | Fiscal agent | 0.495 | 1 | 0.41% |
|
| 8 | American Stock Transfer & Trust Co. | 0.350 | 1 | 0.29% |
|
| 9 | HSBC | 0.300 | 1 | 0.25% |
|
| 10 | Law Debenture Trust Co. | 0.250 | 1 | 0.21% |
|
| Total | 120.195 | 250 |
|
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| Trustee, U.S. market, U.S. issuers, year to date |
|
|
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| Trustee | Amount | No. | Share |
|
| 1 | BNY | 20.610 | 39 | 21.29% |
|
| 2 | Wells Fargo | 19.324 | 35 | 19.96% |
|
| 3 | USB | 17.443 | 38 | 18.02% |
|
| 4 | Wilmington | 7.688 | 18 | 7.94% |
|
| 5 | Deutsche Bank | 4.650 | 4 | 4.80% |
|
| 6 | Manufacturers and Traders Trust | 0.600 | 1 | 0.62% |
|
| 7 | American Stock Transfer & Trust Co. | 0.350 | 1 | 0.36% |
|
| 8 | HSBC | 0.300 | 1 | 0.31% |
|
| 9 | Law Debenture Trust Co. | 0.250 | 1 | 0.26% |
|
| Total | 96.816 | 193 |
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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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