Daily News: March 5, 2013

BNY Mellon Ranked Top Trustee for CLO Market in 2012


BNY Mellon said it 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 billion and $90 billion of CLOs hitting the market.”

The company said 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.