New York, Aug. 5 - Wells Fargo remained the number one trustee for high-yield bonds for the year to date, according to data compiled by Prospect News.
For the year through July, the bank has been trustee for $45.53 billion in 81 deals, or 24.0% of the market.
Wells Fargo had moved up to first place in April and has continued on top of the league table since then.
Bank of New York Mellon Trust Co. was second and U.S. Bancorp was third, both unchanged from the month before. The banks have been separated by only a narrow margin in recent months but for July the gap expanded to $4.1 billion.
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 | 45.525 | 81 | 23.95% | 1 | 33.000 | 61 | 20.61%
|
| 2 | BNY | 33.608 | 64 | 17.68% | 2 | 32.283 | 62 | 20.16%
|
| 3 | USB | 29.530 | 76 | 15.54% | 3 | 28.117 | 70 | 17.56%
|
| 4 | Wilmington | 10.860 | 28 | 5.71% | 4 | 22.680 | 41 | 14.17%
|
| 5 | Deutsche Bank | 5.375 | 7 | 2.83% | 5 | 4.650 | 4 | 2.90%
|
| 6 | Regions | 1.300 | 2 | 0.68% |
|
| 7 | American Stock Transfer & Trust Co. | 1.198 | 5 | 0.63% | 8 | 0.450 | 2 | 0.28%
|
| 8 | Law Debenture Trust Co. | 0.720 | 1 | 0.38% | 10 | 0.250 | 1 | 0.16%
|
| 9 | BB&T | 0.700 | 1 | 0.37% |
|
| 10 | Manufacturers & Traders | 0.500 | 1 | 0.26% |
|
| 10 | Scotia | 0.500 | 1 | 0.26% | 12 | 0.129 | 1 | 0.08%
|
| Total | 190.079 | 437 | 160.100 | 344 |
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| Trustee, U.S. market, July |
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| | | | | 2012 Comparables |
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| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Wells Fargo | 2.800 | 10 | 14.60% | 3 | 4.360 | 9 | 20.63%
|
| 2 | BNY | 2.490 | 5 | 12.98% | 4 | 1.246 | 3 | 5.89%
|
| 3 | USB | 2.000 | 4 | 10.43% | 2 | 4.376 | 10 | 20.71%
|
| 4 | Wilmington | 0.798 | 2 | 4.16% | 1 | 6.333 | 8 | 29.97%
|
| 5 | Law Debenture Trust Co. | 0.720 | 1 | 3.76% |
|
| 6 | American Stock Transfer & Trust Co. | 0.430 | 2 | 2.24% |
|
| Total | 19.179 | 55 | 21.131 | 48 |
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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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