New York, May 3 - Wells Fargo was the leading trustee for high-yield bonds for the year through April, according to data compiled by Prospect News.
The bank was appointed to $25.58 billion of deals, or 23.0% of the market.
Wells Fargo moved up from third position for the first quarter.
The first quarter's leader, U.S. Bancorp, fell to third place while Bank of New York Mellon Trust Co., NA remained in second - although the two are separated by just $700 million, or 0.6% of the market.
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 | Wells Fargo | 25.579 | 47 | 22.99% | 2 | 23.458 | 40 | 21.04%
|
| 2 | BNY | 19.751 | 36 | 17.76% | 1 | 23.850 | 44 | 21.39%
|
| 3 | USB | 19.055 | 47 | 17.13% | 3 | 19.407 | 46 | 17.40%
|
| 4 | Wilmington | 6.373 | 13 | 5.73% | 4 | 13.290 | 27 | 11.92%
|
| 5 | Deutsche Bank | 4.225 | 5 | 3.80% | 5 | 4.650 | 4 | 4.17%
|
| 6 | Regions | 1.000 | 1 | 0.90% |
|
| 7 | American Stock Transfer & Trust Co. | 0.767 | 3 | 0.69% | 7 | 0.450 | 2 | 0.40%
|
| 8 | Scotia | 0.500 | 1 | 0.45% | 11 | 0.129 | 1 | 0.12%
|
| 9 | Manufacturers & Traders | 0.500 | 1 | 0.45% |
|
| 10 | Union Bank | 0.450 | 1 | 0.40% |
|
| Total | 111.240 | 244 | 111.514 | 229 |
|
|
|
| Trustee, U.S. market, April |
|
| | | | | 2012 Comparables |
|
| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
|
| 2 | Wells Fargo | 6.231 | 12 | 28.06% | 1 | 6.578 | 12 | 31.43%
|
| 3 | BNY | 4.364 | 8 | 19.65% | 4 | 1.929 | 5 | 9.21%
|
| 4 | Wilmington | 2.965 | 7 | 13.35% | 2 | 5.864 | 10 | 28.02%
|
| 5 | USB | 1.007 | 3 | 4.53% | 3 | 1.112 | 5 | 5.31%
|
| 6 | Manufacturers & Traders | 0.500 | 1 | 2.25% |
|
| Total | 22.206 | 54 | 20.931 | 49 |
|
|
|
|
|
|
|
| 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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
