New York, April 3 - Wells Fargo was the number one trustee for high-yield bond issues during the first quarter, according to data compiled by Prospect News.
The bank was named to $13.08 billion of deals in 28 issues, 19.1% of the market.
Wells Fargo also placed first for the month of March.
Wilmington was second for the year so far, with $8.14 billion of deals, or 11.9% of the market, while Bank of New York Mellon was third with $5.77 billion, or 8.7% of the market.
Compared to a year ago, Wells Fargo was also first in the opening quarter of 2013 while Wilmington was fourth. U.S. Bancorp, number two in the first three months of 2013, fell to fourth in the same period of this year.
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.
Trustee, U.S. market, year to date
2013 Comparables
| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Wells Fargo | 13.080 | 28 | 19.10% | 1 | 22.698 | 37 | 25.74%
|
| 2 | Wilmington | 8.141 | 13 | 11.89% | 4 | 5.522 | 8 | 6.26%
|
| 3 | BNY | 5.771 | 16 | 8.43% | 3 | 14.461 | 29 | 16.40%
|
| 4 | USB | 4.176 | 15 | 6.10% | 2 | 19.926 | 49 | 22.59%
|
| 5 | Regions | 4.000 | 2 | 5.84% | 6 | 1.000 | 1 | 1.13%
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| 6 | Law Debenture Trust Co. | 3.500 | 2 | 5.11% |
|
| 7 | Deutsche Bank | 1.214 | 3 | 1.77% | 5 | 4.225 | 5 | 4.79%
|
| 8 | American Stock Transfer & Trust | 0.500 | 1 | 0.73% |
|
| 9 | Union | 0.203 | 1 | 0.30% |
|
| 10 | Bank of Texas | 0.200 | 1 | 0.29% |
|
| Total | 68.467 | 144 | 88.190 | 190 |
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| Trustee, U.S. market, March |
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| | | | | 2013 Comparables |
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| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Wells Fargo | 5.137 | 11 | 16.54% | 1 | 11.931 | 18 | 34.57%
|
| 2 | Law Debenture Trust Co. | 3.500 | 2 | 11.27% |
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| 3 | BNY | 3.207 | 8 | 10.33% | 3 | 4.381 | 9 | 12.69%
|
| 4 | Wilmington | 2.585 | 6 | 8.32% | 6 | 0.946 | 2 | 2.74%
|
| 5 | USB | 2.162 | 7 | 6.96% | 2 | 5.284 | 17 | 15.31%
|
| 6 | Deutsche Bank | 0.414 | 1 | 1.33% | 4 | 3.825 | 4 | 11.08%
|
| 7 | Union | 0.203 | 1 | 0.65% |
|
| 8 | Bank of Texas | 0.200 | 1 | 0.64% |
|
| Total | 31.056 | 68 | 34.517 | 70 |
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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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