New York, Nov. 5 - Wells Fargo topped the rankings of trustees of high-yield bonds for the year to date, stretching its run at the top to seven months, according to data compiled by Prospect News.
Wells Fargo took the number one position in April and has stayed there on the league table ever since. It placed second for the comparable first 10 months of 2012.
So far this year, Wells Fargo has been appointed trustee for $57.56 billion of bonds, 20.7% of the market.
Bank of New York Mellon Trust Co. was second and U.S. Bancorp was third, both unchanged from the month before.
Deutsche Bank was first for October.
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 | 57.555 | 105 | 20.72% | 2 | 56.283 | 104 | 20.70%
|
| 2 | BNY | 51.620 | 86 | 18.58% | 1 | 58.448 | 102 | 21.49%
|
| 3 | USB | 38.970 | 101 | 14.03% | 3 | 45.649 | 111 | 16.79%
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| 4 | Wilmington | 15.417 | 41 | 5.55% | 4 | 27.739 | 51 | 10.20%
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| 5 | Deutsche Bank | 12.780 | 16 | 4.60% | 6 | 5.150 | 6 | 1.89%
|
| 6 | Regions | 1.300 | 2 | 0.47% | 7 | 2.800 | 2 | 1.03%
|
| 7 | American Stock Transfer & Trust Co. | 1.198 | 5 | 0.43% | 9 | 0.800 | 3 | 0.29%
|
| 8 | Union Bank | 0.897 | 2 | 0.32% | 12 | 0.495 | 1 | 0.18%
|
| 9 | Law Debenture Trust Co. | 0.720 | 1 | 0.26% | 5 | 5.803 | 8 | 2.13%
|
| 10 | BB&T | 0.700 | 1 | 0.25% |
|
| Total | 277.814 | 597 | 271.956 | 563 |
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| Trustee, U.S. market, October |
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| | | | | 2012 Comparables |
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| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Deutsche Bank | 6.238 | 6 | 23.31% |
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| 2 | USB | 2.355 | 7 | 8.80% | 3 | 3.272 | 10 | 8.60%
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| 3 | Wells Fargo | 2.000 | 4 | 7.47% | 1 | 8.992 | 16 | 23.64%
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| 4 | Wilmington | 1.584 | 3 | 5.92% |
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| 5 | BNY | 1.212 | 4 | 4.53% | 2 | 8.827 | 16 | 23.21%
|
| Total | 26.761 | 52 | 38.032 | 80 |
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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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