Municipal CUSIP Request Volumes Rise for Second Consecutive Month

Corporate Volumes Slow in March

NORWALK, Conn., April 18, 2024 (GLOBE NEWSWIRE) -- CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for March 2024. 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 slowed on a monthly basis.

North American corporate requests totaled 6,752 in March, which is down 13.0% on a monthly basis. On a year-over-year basis, North American corporate requests closed the month up 9.4%. The monthly volume decline was driven by a 19.9% decrease in request volume for U.S. corporate debt identifiers, a 12.4% decrease in request volume for short-term certificates of deposit (CDs) with maturities of less than one year, and a 14.1% decrease in request volume for long-term CDs with maturities of more than one year.

The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – rose 3.2% versus February totals. On a year-over-year basis, overall municipal volumes are up 5.6%. Texas led state-level municipal request volume with a total of 92 new CUSIP requests in March, followed by New York (65) and Wisconsin (62).

“We’ve seen steady, strong demand for new municipal identifiers throughout the first quarter of this year,” said Gerard Faulkner, Director of Operations for CGS. “While there has been quite a bit more volatility in the corporate segment, particularly around corporate debt and CDs, the municipal space is clearly one to watch as we make our way through the first part of the year.”

Requests for international equity CUSIPs rose 53.1% in March and international debt CUSIP requests rose 29.2%. On an annualized basis, international equity CUSIP requests are down 3.8% and international debt CUSIP requests are up 102.0%.

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 2024:

Asset Class2024 YTD2023 YTDYOY Change
International Debt1,341664102.0%
Short-Term Municipal Notes24217935.2%
Syndicated Loans61446631.8%
U.S. Corporate Equity2,8042,31221.3%
Canada Corporate Debt & Equity1,3371,16215.1%
Private Placement Securities88180010.1%
U.S. Corporate Debt6,1915,13520.6%
Municipal Bonds
CDs > 1-year Maturity2,2762,2600.7%
International Equity381396-3.8%
Long-Term Municipal Notes6071-15.5%
CDs < 1-year Maturity2,5403,036-16.3%

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 $23.7 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $18.8 trillion in deposits and extend $12.5 trillion in loans.

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