NEW YORK, August 12, 2013 — BNY Mellon, the global leader in investment management and investment services, was the top trustee for collateralized loan obligations (CLOs) in the first half of 2013, according to data from Asset Backed Alert.
In the first six months of 2013, the company served as trustee on 33 issues, representing approximately $15.4 billion in issuance volume and a 31% share of deals to market.
"We've seen improving fundamentals within credit markets coupled with a significant CLO pipeline," said Jocelyn Lynch, managing director at BNY Mellon Corporate Trust. "The CLO market shows continued strength, with issuance topping $43.8 billion in June. Recent figures continue to support projections of issuance near levels seen in 2007."
As of June 30, 2013, BNY Mellon Corporate Trust served as trustee and/or paying agent on more than 68,000 debt-related issues globally. 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 35 countries and more than 100 markets. As of June 30, 2013, 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.