NEW YORK, March 5, 2013 — BNY Mellon, the global leader in investment management and investment services, was the top trustee for collateralized loan obligations (CLOs) in 2012, according to data from Asset Backed Alert.
During 2012, the company served as trustee on 42 issues, representing more than $18 billion in proceeds and triple the amount mandated to BNY Mellon in 2011.
"The CLO market saw increased demand from investors in 2012 with a total of more than $56 billion in new issues, a sign that the market is continuing to rebound after the financial crisis," said Jocelyn Lynch, managing director at BNY Mellon Corporate Trust. "We expect to see continued growth for this asset class and predict that it will experience a considerable increase in 2013 with between $70 and $90 billion of CLOs hitting the market."
As of December 31, 2012, BNY Mellon Corporate Trust serviced $11.4 trillion in outstanding debt from 61 locations in 20 countries. Its clients include governments and their agencies, multinational corporations, financial institutions and other entities that access the global debt capital markets. The corporate trust business utilizes its global footprint and expertise to deliver a full range of issuer and related investor services and to develop customized and market-driven solutions. Its range of core services includes debt trustee, paying agency, escrow and other fiduciary offerings.
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.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 36 countries and more than 100 markets. As of December 31, 2012, BNY Mellon had $26.2 trillion in assets under custody and/or administration, and $1.4 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com, or follow us on Twitter @BNYMellon.