New York, Aug. 3 - Bank of New York Mellon Trust Co., NA was the number-one trustee for high-yield bonds for the first seven months of 2012, according to data compiled by Prospect News.
Bank of New York placed number one for the junk bond market as a whole, taking a 17.3% share. It was trustee for $31.2 billion of new bonds in 59 transactions.
Among U.S.-based issuers, Wells Fargo placed first, winning back the top spot from Bank of New York, which had led for the first half of the year. The two have alternated in recent months: Wells Fargo was first for the year through May but before that Bank of New York was number one for every month so far this year.
Wells Fargo placed second for all issuers. U.S. Bancorp was third in both tables, followed by Wilmington Trust Co.
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 | 31.208 | 59 | 17.34% |
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| 2 | Wells Fargo | 28.185 | 55 | 15.66% |
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| 3 | USB | 27.015 | 66 | 15.01% |
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| 4 | Wilmington | 16.902 | 34 | 9.39% |
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| 5 | Deutsche Bank | 4.650 | 4 | 2.58% |
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| 6 | Regions | 1.200 | 1 | 0.67% |
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| 7 | Manufacturers and Traders Trust | 0.600 | 1 | 0.33% |
|
| 8 | Fiscal agent | 0.495 | 1 | 0.27% |
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| 9 | American Stock Transfer & Trust Co. | 0.450 | 2 | 0.25% |
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| 10 | Citicorp Trustee Co. Ltd. | 0.350 | 1 | 0.19% |
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| Total | 179.986 | 385 |
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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 | 28.097 | 54 | 19.85% |
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| 2 | BNY | 27.968 | 54 | 19.75% |
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| 3 | USB | 26.621 | 64 | 18.80% |
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| 4 | Wilmington | 16.049 | 32 | 11.34% |
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| 5 | Deutsche Bank | 4.650 | 4 | 3.28% |
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| 6 | Regions | 1.200 | 1 | 0.85% |
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| 7 | Manufacturers and Traders Trust | 0.600 | 1 | 0.42% |
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| 8 | American Stock Transfer & Trust Co. | 0.450 | 2 | 0.32% |
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| 9 | HSBC | 0.300 | 1 | 0.21% |
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| 10 | Law Debenture Trust Co. | 0.250 | 1 | 0.18% |
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| Total | 141.578 | 299 |
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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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