Municipal CUSIP Request Volumes Rise in May

CD Volumes Bounce Back

NORWALK, Conn., June 21, 2023 (GLOBE NEWSWIRE) -- CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for May 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 increase in request volume for new municipal identifiers, while requests for corporate identifiers were largely flat month-over-month.

North American corporate requests totaled 6,523 in May, which is down 0.6% on a monthly basis. On a year-over-year basis, North American corporate requests closed the month up 21.9% over year ago totals. U.S. corporate debt volumes rose 18.5% and U.S. corporate equity volumes rose 21.8%. Monthly gains were also seen in requests for both longer-term certificates of deposit (CDs), with maturities of one year or more (14.9%), and short-term CDs, with maturities under one year (4.0%). Monthly declines were observed in medium-term notes (-21.3%) and Canadian corporate issues (-20.3%).

Municipal request volume rose this month. The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – rose 12.5% versus April 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 118 new CUSIP requests in May, followed by California (84) and Oklahoma (73).

“This month, we’re seeing a normalization of many of the trends that have taken root over the last several months, with municipal request volumes rising, corporate requests generally steady and continued growth in short- and longer-term CDs,” said Gerard Faulkner, Director of Operations for CGS. “The direction of monetary policy over the next several months will certainly play a role in what we see coming down the pike for the remainder of the year.”

Requests for international equity CUSIPs fell 7.2% in May while international debt CUSIP requests rose 5.3%. On an annualized basis, international equity CUSIP requests are down 9.1% and international debt CUSIP requests are down 32.7%.

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

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

Asset Class2023 YTD2022 YTDYOY Change

CDs < 1-year Maturity





Short-Term Municipal Notes





CDs > 1-year Maturity





U.S. Corporate Debt
Syndicated Loans9789502.9%

Long-Term Municipal Notes

International Equity





Canada Corporate Debt & Equity





Municipal Bonds





U.S. Corporate Equity





Private Placement Securities




International Debt1,1861,763-32.7%

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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John Roderick
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