Corporate and Municipal CUSIP Request Volumes Decline in April

Short-Term CD Volumes Slow for First Time Since December ’21

NORWALK, Conn., May 17, 2023 (GLOBE NEWSWIRE) -- CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for April 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 a monthly decrease in request volume for new corporate and municipal identifiers.

North American corporate requests totaled 6,562 in April, which is down 2.4% on a monthly basis. On a year-over-year basis, North American corporate requests closed April up 23.8% over year ago totals. Monthly declines among the corporate asset classes included U.S. corporate debt (-11.6%), U.S. corporate equity (-15.5%), and both long-term certificates of deposit (CDs) with maturities of one year or more (-20.7%), and short-term CDs with maturities under one year (-9.1%). This is the first notable monthly decline in short-term CD issuance since December 2021.

Municipal request volume also declined this month. The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – fell 1.5% versus March totals. On a year-over-year basis, overall municipal volumes are down 18.7%. Texas led state-level municipal request volume with a total of 111 new CUSIP requests in April, followed by California (69) and New York (66).

“While CUSIP request volumes were muted across all major asset classes this month, the big story is in CDs, where we’ve seen short-term CD request volumes slow for the first time in 16 months,” said Gerard Faulkner, Director of Operations for CGS. “Time will tell whether that’s a signal that the steady rise in interest rates may be coming to an end, or just a sign of some leveling-off as the market normalizes.”

Requests for international equity CUSIPs fell 12.6% in April while international debt CUSIP requests rose 0.4%. On an annualized basis, international equity CUSIP requests are down 7.6% and international debt CUSIP requests are down 36.9%.

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

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

Asset Class2023 YTD2022 YTDYOY Change
CDs < 1-year Maturity4,065916343.8%
Short-Term Municipal Notes
CDs > 1-year Maturity3,0022,10742.5%
U.S. Corporate Debt6,8574,97137.9%
Long-Term Municipal Notes9698-2.0%
Syndicated Loans683732-6.7%
International Equity
Canada Corporate Debt & Equity1,6341,816-10.0%
Municipal Bonds2,7033,555-24.0%
U.S. Corporate Equity3,1134,165-25.3%
Private Placement Securities1,1071,528-27.6%
International Debt9281,471-36.9%

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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