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EUR HY Issuance Levels Hit New Record in 2012 of over EUR 60bn; up by almost 50% from 2011 levels. A combination of reduced defaults and improved risk adjusted pricing has helped on the demand side while lower coupons have attracted more issuers to market.
U.S. Bank Global Corporate Trust Services, Europe was mandated on three deals in December 2012 alone, acting as trustee, paying agent and registrar on TMF's EUR 600m deal, Hellermann Tyton's EUR 220m, and Zobele Groups EUR 180m, all of which have now closed successfully. U.S. Bank Global Corporate Trust Services has built an experienced high yield team including Ed Leedham, European Chief Counsel who has been licensed to practice law in the U.S. for 17 years and Grace Mulvihill, an experienced corporate trustee who is also a qualified U.S. Lawyer with considerable high yield transaction experience. The team benefits from strong cross border support facilitating any DTC settlement of 144A issuance as well as paying agent services from the high yield team located in the U.S.
"The European high yield market is a key focus area for our team and we expect to further this expansion in 2013," said Tom Cubitt, Head of U.S. Bank Global Corporate Trust, Europe. "We continue to increase our brand awareness and expand our relationships with the top arrangers and law firms across the market- and this is pivotal to our recent success." |
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| Source: Dealogic - January 2013 |
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U.S. Bank Global Corporate Trust Services joins the domestic corporate trustee business of U.S. Bank to form one of the largest providers of corporate trust services in the world. Our clients look to us for trustee, agency, escrow and account bank services via our offices in London and Ireland, and our 48 U.S. offices. We have consistently earned and maintained our customers' trust through our financial strength, breadth of experience and superior customer service. Let us put our strength, expertise and integrity to work for you.
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Visit us online at usbank.com/corporatetrust.
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