Municipal CUSIP Request Volumes Rise in October

Corporate Volumes Slow

NORWALK, Conn., Nov. 13, 2023 (GLOBE NEWSWIRE) -- CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for October 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 decline in request volume for new corporate identifiers, while municipal volumes grew on a monthly basis.

North American corporate requests totaled 5,664 in October, which is down 17.0% on a monthly basis. On a year-over-year basis, North American corporate requests closed the month up 17.0% over year ago totals. The monthly volume decrease was driven by a 26.2% decrease in request volume for corporate debt and a 15.9% decrease in requests for U.S. corporate equity identifiers. October also saw a 15.2% decrease in request volume for short-term certificates of deposit (CDs) with maturities of less than one year, and a 5.9% decrease in request volumes for long-term CDs (maturities greater than one year).

Municipal request volume rose this month after declining in September. The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – climbed 7.4% versus September totals. On a year-over-year basis, overall municipal volumes are down 7.2%. Texas led state-level municipal request volume with a total of 163 new CUSIP requests in October, followed by New York (93) and New Jersey (60).

“It might not be a coincidence that we’ve seen a significant decline in corporate debt and CD request volumes at the same time that the Fed has signaled its intent to extend its interest rate pause,” said Gerard Faulkner, Director of Operations for CGS. “Overall CUSIP request volumes have been strong throughout the rising rate environment, but this month’s reading suggests we may be starting to see the beginning of a slowdown.”

Requests for international equity CUSIPs fell 16.1% in October while international debt CUSIP requests fell 15.7%. On an annualized basis, international equity CUSIP requests are down 15.8% and international debt CUSIP requests are down 14.4%.

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

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

Asset Class2023 YTD2022 YTDYOY Change

CDs < 1-year Maturity




Short-Term Municipal Notes




CDs > 1-year Maturity




U.S. Corporate Debt
Syndicated Loans2,3202,04813.3%

Canada Corporate Debt & Equity




U.S. Corporate Equity




Municipal Bonds



International Debt2,5492,979-14.4%

International Equity




Private Placement Securities




Long-Term Municipal Notes

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.

For More Information:

John Roderick
+1 (631) 584.2200