New York, July 3 - Wells Fargo held on to the title of leading trustee for high-yield bonds for the year through June, according to data compiled by Prospect News.
The bank had moved up to the No. 1 position in April and continued on top of the league table for the year through May.
So far this year, Wells Fargo has been trustee for $42.73 billion of deals, or 24.8% of the market.
Bank of New York Mellon Trust Co. remained second while U.S. Bancorp was once more third. As was the case for the year through May, the two firms are separated by a narrow margin, less than $800 million, or 0.45% 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 | 42.725 | 71 | 24.82% | 2 | 28.640 | 52 | 20.61%
|
| 2 | BNY | 27.413 | 55 | 15.92% | 1 | 31.038 | 59 | 22.33%
|
| 3 | USB | 26.636 | 69 | 15.47% | 3 | 23.741 | 60 | 17.08%
|
| 4 | Wilmington | 10.062 | 26 | 5.85% | 4 | 16.346 | 33 | 11.76%
|
| 5 | Deutsche Bank | 5.375 | 7 | 3.12% | 5 | 4.650 | 4 | 3.35%
|
| 6 | Regions | 1.300 | 2 | 0.76% |
|
| 7 | American Stock Transfer & Trust Co. | 0.767 | 3 | 0.45% | 7 | 0.450 | 2 | 0.32%
|
| 8 | BB&T | 0.700 | 1 | 0.41% |
|
| 9 | Manufacturers & Traders | 0.500 | 1 | 0.29% |
|
| 9 | Scotia | 0.500 | 1 | 0.29% | 11 | 0.129 | 1 | 0.09%
|
| Total | 172.149 | 381 | 138.968 | 296 |
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| Trustee, U.S. market, second quarter |
|
| | | | | 2012 Comparables |
|
| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Wells Fargo | 20.028 | 34 | 24.21% | 1 | 11.760 | 24 | 24.31%
|
| 2 | BNY | 12.026 | 27 | 14.53% | 2 | 9.116 | 20 | 18.84%
|
| 3 | USB | 8.087 | 24 | 9.77% | 4 | 5.446 | 19 | 11.26%
|
| 4 | Wilmington | 6.654 | 20 | 8.04% | 3 | 8.920 | 16 | 18.44%
|
| 5 | Deutsche Bank | 1.150 | 2 | 1.39% |
|
| 6 | BB&T | 0.700 | 1 | 0.85% |
|
| 7 | Manufacturers & Traders | 0.500 | 1 | 0.60% |
|
| 8 | Regions | 0.300 | 1 | 0.36% |
|
| Total | 82.741 | 191 | 48.386 | 116 |
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| Trustee, U.S. market, June |
|
| | | | | 2012 Comparables |
|
| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | BNY | 2.054 | 6 | 15.09% | 1 | 3.201 | 6 | 37.34%
|
| 2 | USB | 1.406 | 7 | 10.33% | 2 | 2.629 | 8 | 30.67%
|
| 3 | Wells Fargo | 1.258 | 4 | 9.25% | 3 | 0.538 | 2 | 6.28%
|
| 4 | Wilmington | 0.300 | 1 | 2.20% | 4 | 0.270 | 1 | 3.15%
|
| Total | 13.611 | 34 | 8.571 | 22 |
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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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