The Bank of New York Mellon has been ranked the number one trustee in the United States for 2007, according to Thomson Financial, a leading provider of financial information and technology.
During 2007, the company served as trustee on 2,381 new issues, or about 40% more than its closest competitor. These new issues represented $895 million in proceeds, more than twice the amount serviced by any other trustee in the US.
The company’s top trustee ranking reflects lead positions across all U.S. debt segments including long term municipal, high yield, investment grade, convertible, collateralised debt obligations and structured finance.
“Our lead rankings demonstrate our ability to identify and service the unique needs of debt issuers in the United States, regardless of the size, scope and complexity of their offerings. As the capital markets continue to grow and evolve, we expect our expanding global network and servicing capabilities to further strengthen our competitive positioning in the US and throughout the world,” says Karen Peetz, senior executive vice president at The Bank of New York Mellon and head of the Global Corporate Trust business.
The Bank of New York Mellon’s corporate trust business services $11 trillion in outstanding debt from 54 locations around the world. It services all major debt categories, including corporate and municipal debt, mortgage-backed and asset-backed securities, collateralised debt obligations, derivative securities and international debt offerings. The Bank of New York Mellon’s corporate trust and agency services are delivered through The Bank of New York subsidiary.
Corporate trust providers are appointed by corporations, municipal governments and other entities issuing debt to perform a variety of duties, including servicing and maintaining the debt issue, processing principal and interest payments for investors, representing investors in defaults, and providing value-added services for complex debt structures.