Wells Fargo continues as number one high-yield trustee year to date

New York, Oct. 3 - Wells Fargo added another month to its run as the number one trustee of high-yield bonds for the year to date, according to data compiled by Prospect News.

Wells Fargo has been appointed for $53.71 billion of bonds so far this year, or 21.3% of the market.

Wells Fargo moved up to first place in April and has stayed on top of the league table since then. It placed second for the comparable first three quarters of 2012.

Bank of New York Mellon Trust Co. was again second and U.S. Bancorp was third, both unchanged from the month before. However Bank of New York is now more than $15 billion ahead of U.S. Bancorp, a marked change from earlier in the year when the two banks had similar amounts of business.

Bank of New York was also first for the third quarter and the month of September, in each case followed by Wells Fargo and U.S. Bancorp.

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.

Trustee, U.S. market, year to date

2012 Comparables

	Trustee	Amount	No.	Share	Rank	Amount	No.	Share
1	Wells Fargo	53.705	96	21.33%	2	47.291	88	20.22%
2	BNY	50.408	82	20.02%	1	49.621	86	21.21%
3	USB	35.089	90	13.94%	3	42.377	101	18.12%
4	Wilmington	14.533	38	5.77%	4	27.739	51	11.86%
5	Deutsche Bank	6.542	10	2.60%	5	5.150	6	2.20%
6	Regions	1.300	2	0.52%	7	2.800	2	1.20%
7	American Stock Transfer & Trust Co.	1.198	5	0.48%	9	0.800	3	0.34%
8	Union Bank	0.897	2	0.36%	12	0.495	1	0.21%
9	Law Debenture Trust Co.	0.720	1	0.29%	6	3.303	6	1.41%
10	BB&T	0.700	1	0.28%
	Total	251.753	545	233.924	483
Trustee, U.S. market, third quarter
					2012 Comparables
	Trustee	Amount	No.	Share	Rank	Amount	No.	Share
1	BNY	18.946	22	23.43%	3	18.583	27	19.57%
2	Wells Fargo	10.980	25	13.58%	1	18.650	36	19.64%
3	USB	7.410	17	9.16%	2	18.636	41	19.63%
4	Wilmington	2.942	10	3.64%	4	11.393	18	12.00%
5	Deutsche Bank	1.167	3	1.44%	10	0.500	2	0.53%
6	Law Debenture Trust Co.	0.720	1	0.89%	5	3.053	5	3.22%
7	Union Bank	0.447	1	0.55%	11	0.495	1	0.52%
8	American Stock Transfer & Trust Co.	0.430	2	0.53%	12	0.350	1	0.37%
	Total	80.859	163	94.956	187
Trustee, U.S. market, September
					2012 Comparables
	Trustee	Amount	No.	Share	Rank	Amount	No.	Share
1	BNY	14.636	11	30.67%	3	8.178	10	18.44%
2	Wells Fargo	5.122	8	10.73%	2	8.988	17	20.26%
3	USB	2.793	6	5.85%	1	11.058	24	24.93%
4	Wilmington	0.978	3	2.05%	5	1.831	6	4.13%
5	Deutsche Bank	0.667	2	1.40%	7	0.500	2	1.13%
6	Union Bank	0.447	1	0.94%	8	0.495	1	1.12%
	Total	47.715	68	44.355	86
Prospect News High Yield 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.

• 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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