New York, May 5 - Wells Fargo placed first among trustees for high-yield bond issues for the first four months of 2014, according to data compiled by Prospect News.
The bank was appointed to $19.96 billion of deals in 38 issues, or 18.4% of the market.
The bank also placed first for the month of April.
Wells Fargo's position was unchanged from the first quarter.
Also unchanged from the previous month were the number two trustee, Wilmington, and the number three trustee, Bank of New York Mellon. They were named to $9.20 billion and $7.37 billion of deals, respectively.
For the comparable period of 2013, Wells Fargo held the same position on top of the tables. However this year's number two trustee, Wilmington, was in fourth place for the same month of 2013 while this year's fourth-placed bank, U.S. Bancorp, was second last year. Bank of New York was third both this year and last 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 | 19.960 | 38 | 18.43% | 1 | 30.624 | 52 | 27.70%
|
| 2 | Wilmington | 9.195 | 17 | 8.49% | 4 | 8.487 | 15 | 7.68%
|
| 3 | BNY | 7.367 | 19 | 6.80% | 3 | 19.075 | 38 | 17.26%
|
| 4 | USB | 5.636 | 19 | 5.20% | 2 | 20.933 | 52 | 18.94%
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| 5 | Law Debenture Trust Co. | 5.250 | 4 | 4.85% |
|
| 6 | Deutsche Bank | 4.214 | 5 | 3.89% | 5 | 4.225 | 5 | 3.82%
|
| 7 | Regions | 4.000 | 2 | 3.69% | 6 | 1.000 | 1 | 0.90%
|
| 8 | American Stock Transfer & Trust | 0.500 | 1 | 0.46% |
|
| 9 | Union | 0.203 | 1 | 0.19% |
|
| 10 | Bank of Texas | 0.200 | 1 | 0.18% |
|
| Total | 108.305 | 207 | 110.546 | 243 |
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| Trustee, U.S. market, April |
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| | | | | 2013 Comparables |
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| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Wells Fargo | 5.935 | 8 | 14.94% | 1 | 7.926 | 15 | 35.45%
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| 2 | Deutsche Bank | 3.000 | 2 | 7.55% |
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| 3 | BNY | 1.596 | 3 | 4.02% | 2 | 4.614 | 9 | 20.64%
|
| 4 | USB | 1.460 | 4 | 3.67% | 4 | 1.007 | 3 | 4.50%
|
| 5 | Wilmington | 1.054 | 4 | 2.65% | 3 | 2.965 | 7 | 13.26%
|
| 6 | Law Debenture Trust Co. | 1.000 | 1 | 2.52% |
|
| Total | 39.738 | 63 | 22.356 | 53 |
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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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