Corporate and Municipal CUSIP Volumes Rise in March

Reverses Three-Month Downward Trend in Municipal CUSIP Request Volume

NORWALK, Conn., April 13, 2023 (GLOBE NEWSWIRE) -- CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for March 2023. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity over the next quarter, found an increase in request volume for new corporate and municipal identifiers.

North American corporate requests totaled 6,725 in March, which is up 5.9% on a monthly basis. On a year-over-year basis, North American corporate requests closed out March up 25.5% over year ago totals. The increase in corporate CUSIP request volume was driven largely by increases in corporate equity volume, which rose 20.9% over February totals. Certificate of Deposit (CD) volumes also rose this month. Longer-term CDs, with maturities of one year or more climbed 4.8% and short-term CDs, with maturities under one year, were up 6.8% versus last month. U.S. corporate debt issuance declined 10.5% in March after a strong start to the year but is still up 40.7% over a year ago totals.

Municipal request volume also increased this month following three straight months of declines. The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – rose 32.2% versus February totals. On a year-over-year basis, overall municipal volumes are down 22.8%. Texas led state-level municipal request volume with a total of 89 new CUSIP requests in March, followed by New York (83) and Wisconsin (74).

“We’re definitely seeing some noteworthy pre-market activity in both corporate and municipal asset classes,” said Gerard Faulkner, Director of Operations for CGS. “Corporate CUSIP requests have logged their third straight monthly increase in volume and municipal volumes have reversed a three-month downward trend with a 32.2% monthly increase. It will be interesting to see how these moves play out during the year when it comes to new issuance volume.”

Requests for international equity CUSIPs rose 24.3% in March while international debt CUSIP requests fell 2.0%. On an annualized basis, international equity CUSIP requests are down 12.4% and international debt CUSIP requests are down 40.5%.

To view the full CUSIP Issuance Trends report for March, please click here.

Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through March 2023:

Asset Class2023 YTD2022 YTDYOY Change

CDs < 1-year Maturity





CDs > 1-year Maturity





Short-Term Municipal Notes





U.S. Corporate Debt
Syndicated Loans478498-4.0%

Long-Term Municipal Notes

Canada Corporate Debt & Equity





International Equity





U.S. Corporate Equity





Private Placement Securities





Municipal Bonds




International Debt6831,148-40.5%

About CUSIP Global Services

The financial services industry relies on CGS’ unrivaled experience in uniquely identifying instruments and entities to support efficient global capital markets. Its extensive focus on standardization over the past 50 years has helped CGS earn its reputation as a trusted originator of quality identifiers and descriptive data, ensuring that essential front- and back-office functions run smoothly. Relied upon worldwide as the industry standard provider of reliable, timely reference data, CGS is also a founding member and co-operates the Association of National Numbering Agencies (ANNA) Service Bureau, a global security and entity identifier database for over 34 million public and privately traded instruments, contributed by 91 national numbering agencies and 25 partner agencies representing 120 different countries. CGS is managed on behalf of the American Bankers Association (ABA) by FactSet Research Systems Inc., with a Board of Trustees that represents the voices of leading financial institutions. For more information, visit

About The American Bankers Association

The American Bankers Association represents banks of all sizes and charters and is the voice for the nation’s $13 trillion banking industry and its 2 million employees. Learn more at

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