New York, April 3 - U.S. Bancorp was the number one trustee for high-yield bonds for the first quarter of 2013, according to data compiled by Prospect News.
The bank was appointed to $16.05 billion of bonds, 18.02% of the market.
U.S. Bancorp had been first for the year through February with a larger market share of 22.92%.
Bank of New York Mellon Trust Co., NA moved up to second place from third for the year through February. Its market share for the first quarter was 17.28%.
Wells Fargo slipped to third from second and had a 16.02% share. Although its share of the total dollar amount was lower than Bank of New York's, Wells Fargo handled more deals, 30 versus 28.
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
|
1 | USB | 16.045 | 38 | 18.02% | 2 | 18.295 | 41 | 20.20%
|
2 | BNY | 15.387 | 28 | 17.28% | 1 | 21.921 | 39 | 24.20%
|
3 | Wells Fargo | 14.258 | 30 | 16.02% | 3 | 16.880 | 28 | 18.63%
|
4 | Deutsche Bank | 4.225 | 5 | 4.75% | 5 | 4.650 | 4 | 5.13%
|
5 | Wilmington | 3.408 | 6 | 3.83% | 4 | 7.426 | 17 | 8.20%
|
6 | Regions | 1.000 | 1 | 1.12% |
|
7 | American Stock Transfer & Trust Co. | 0.767 | 3 | 0.86% |
|
8 | Scotia | 0.500 | 1 | 0.56% | 9 | 0.129 | 1 | 0.14%
|
9 | Union Bank | 0.450 | 1 | 0.51% |
|
| Total | 89.021 | 190 | 90.583 | 180 |
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Trustee, U.S. market, March |
|
| | | | | 2012 Comparables |
|
| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | BNY | 5.582 | 9 | 15.84% | 5 | 2.724 | 9 | 8.30%
|
2 | Deutsche Bank | 3.825 | 4 | 10.85% | 6 | 1.400 | 2 | 4.27%
|
3 | Wells Fargo | 3.491 | 11 | 9.90% | 2 | 7.541 | 13 | 22.98%
|
4 | USB | 3.369 | 10 | 9.56% | 3 | 7.539 | 20 | 22.97%
|
5 | Regions | 1.000 | 1 | 2.84% |
|
6 | Scotia | 0.500 | 1 | 1.42% | 8 | 0.129 | 1 | 0.39%
|
7 | Union Bank | 0.450 | 1 | 1.28% |
|
8 | Wilmington | 0.157 | 1 | 0.44% | 4 | 4.738 | 8 | 14.44%
|
| Total | 35.249 | 69 | 32.812 | 74 |
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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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