New York, March 5 - U.S. Bancorp was the leading trustee for high-yield bonds for the year through February, according to data compiled by Prospect News.
The bank was appointed for $12.33 billion of bonds, 22.92% of the market.
Wells Fargo, in second place, had an 18.2% share while Bank of New York Mellon Trust Co., NA was third with 13.6%.
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, year to date
2012 Comparables
| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | USB | 12.326 | 27 | 22.92% | 2 | 10.756 | 21 | 18.62%
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| 2 | Wells Fargo | 9.760 | 16 | 18.15% | 3 | 9.339 | 15 | 16.17%
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| 3 | BNY | 7.305 | 15 | 13.59% | 1 | 19.197 | 30 | 33.23%
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| 4 | Wilmington | 3.251 | 5 | 6.05% | 5 | 2.438 | 8 | 4.22%
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| 5 | American Stock Transfer & Trust Co. | 0.767 | 3 | 1.43% |
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| 6 | Deutsche Bank | 0.400 | 1 | 0.74% | 4 | 3.250 | 2 | 5.63%
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| Total | 53.773 | 121 | 57.770 | 106 |
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| Trustee, U.S. market, February |
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| | | | | 2012 Comparables |
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| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | USB | 8.075 | 15 | 36.41% | 3 | 7.185 | 13 | 19.74%
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| 2 | Wells Fargo | 2.978 | 7 | 13.43% | 2 | 7.639 | 11 | 20.98%
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| 3 | BNY | 1.930 | 3 | 8.70% | 1 | 12.211 | 17 | 33.54%
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| 4 | Wilmington | 1.893 | 3 | 8.54% | 5 | 1.871 | 6 | 5.14%
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| Total | 22.178 | 51 | 36.407 | 61 |
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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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