New York, June 4 - Wells Fargo was once more the top trustee for high-yield bond issues for the year to date, according to data compiled by Prospect News.
The bank was also number one for the year through April and the first quarter.
So far in 2014, Wells Fargo has been named to 47 bond deals totaling $24.36 billion, or 16.76% of the market.
Bank of New York Mellon was second for the year through May, up from third the month before.
US Bancorp ranked third, rising one position from fourth for the year through April. Wilmington slipped two positions to fourth place.
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 | 24.360 | 47 | 16.76% | 1 | 43.266 | 71 | 27.74%
|
| 2 | BNY | 15.287 | 31 | 10.52% | 3 | 24.783 | 51 | 15.89%
|
| 3 | USB | 11.669 | 32 | 8.03% | 2 | 27.404 | 69 | 17.57%
|
| 4 | Wilmington | 11.613 | 21 | 7.99% | 4 | 12.080 | 28 | 7.75%
|
| 5 | Law Debenture Trust Co. | 5.250 | 4 | 3.61% |
|
| 6 | Deutsche Bank | 4.664 | 7 | 3.21% | 5 | 5.375 | 7 | 3.45%
|
| 7 | Regions | 4.000 | 2 | 2.75% | 6 | 1.300 | 2 | 0.83%
|
| 8 | American Stock Transfer & Trust | 0.500 | 1 | 0.34% |
|
| 9 | Union | 0.203 | 1 | 0.14% |
|
| 10 | Bank of Texas | 0.200 | 1 | 0.14% |
|
| Total | 145.304 | 273 | 155.970 | 344 |
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| Trustee, U.S. market, May |
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| | | | | 2013 Comparables |
|
| Trustee | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | BNY | 7.108 | 10 | 19.21% | 3 | 5.708 | 13 | 12.36%
|
| 2 | USB | 6.033 | 13 | 16.31% | 2 | 6.471 | 17 | 14.01%
|
| 3 | Wells Fargo | 4.400 | 9 | 11.89% | 1 | 12.643 | 19 | 27.38%
|
| 4 | Wilmington | 2.419 | 4 | 6.54% | 4 | 3.593 | 13 | 7.78%
|
| 5 | Deutsche Bank | 0.450 | 2 | 1.22% | 5 | 1.150 | 2 | 2.49%
|
| Total | 37.000 | 66 | 46.174 | 102 |
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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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