Corporate and Municipal CUSIP Request Volumes Fall in July

CD Volumes Start to Sputter

NORWALK, Conn., Aug. 16, 2023 (GLOBE NEWSWIRE) -- CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for July 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 5,895 in July, which is down 13.2% on a monthly basis. On a year-over-year basis, North American corporate requests closed the month up 11.7% over year ago totals. The monthly volume decrease was driven by a 4.9% decrease in requests for U.S. corporate debt and a 4.4% decrease in requests for U.S. corporate equity identifiers. Request volumes for both long- and short-term certificates of deposit (CDs) also declined by 14.8% (maturities longer than one year) and 18.3% (maturities shorter than one year). This is the second time this year that CD volumes have declined after posting consistent monthly gains for more than a year, starting in December 2021.

Municipal request volume also fell this month. The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – declined 30.2% versus June totals. On a year-over-year basis, overall municipal volumes are down 15.9%. Texas led state-level municipal request volume with a total of 198 new CUSIP requests in July, followed by New York (114) and New Jersey (67).

“We're continuing to see some effects of seasonality in the month-to-month numbers, particularly in the municipal space, where we’re coming out of the seasonal peak in municipal issuance volume,” said Gerard Faulkner, Director of Operations for CGS. “The monthly slowdown in CD request volume—for both longer-term and short-term CDs is noteworthy, however, after seeing so many consecutive months of growth. We may be seeing the beginning of investor sentiment cooling on CDs.”

Requests for international equity CUSIPs rose 5.0% in July while international debt CUSIP requests rose 7.9%. On an annualized basis, international equity CUSIP requests are down 14.3% and international debt CUSIP requests are down 28.0%.

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

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

Asset Class2023 YTD2022 YTDYOY Change

CDs < 1-year Maturity




Short-Term Municipal Notes




CDs > 1-year Maturity




U.S. Corporate Debt
Syndicated Loans1,4741,4293.1%

International Equity




Canada Corporate Debt & Equity




U.S. Corporate Equity




Municipal Bonds




Private Placement Securities




Long-Term Municipal Notes
International Debt1,6602,306-28.0%

About CUSIP Global Services

CUSIP Global Services (CGS) is the global leader in securities identification. 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 plus years has helped CGS earn its reputation as the industry standard provider of reliable, timely reference data. CGS is also a founding member of the Association of National Numbering Agencies (ANNA) and co-operates ANNA’s hub of ISIN data, the ANNA Service Bureau. 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 is the voice of the nation’s $24 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $19.9 trillion in deposits and extend $11.4 trillion in loans.

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