NORWALK, Conn., Dec. 14, 2023 (GLOBE NEWSWIRE) -- CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for November 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 corporate and municipal identifiers.
North American corporate requests totaled 5,907 in November, which is up 4.3% on a monthly basis. On a year-over-year basis, North American corporate requests closed the month up 15.9% over year ago totals. The monthly volume increase was driven by a 5.6% increase in request volume for corporate debt and a 3.1% increase in requests for U.S. corporate equity identifiers. November also saw a 5.1% increase in request volume for short-term certificates of deposit (CDs) with maturities of less than one year, while request volumes for long-term CDs (maturities greater than one year) fell 9.0%.
Municipal request volume rose for a second straight month in November. The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – climbed 2.7% versus October totals. On a year-over-year basis, overall municipal volumes are down 6.0%. Texas led state-level municipal request volume with a total of 146 new CUSIP requests in November, followed by California (72) and Indiana (70).
“As we head into the final stretch of 2023 with lingering uncertainty about the future of interest rates, municipal and corporate issuers have ratcheted-up new issuance activity,” said Gerard Faulkner, Director of Operations for CGS. “Overall, corporate CUSIP request volumes have been strong throughout the rising rate environment and look to end the year in positive territory, but municipal volumes are likely to end the year down vs. what we saw in 2022.”
Requests for international equity CUSIPs rose 37.4% in November while international debt CUSIP requests rose 9.0%. On an annualized basis, international equity CUSIP requests are down 14.9% and international debt CUSIP requests are down 9.4%.
To view the full CUSIP Issuance Trends report for November, please click here.
Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through November 2023:
| Asset Class | 2023 YTD | 2022 YTD | YOY Change | |
| CDs < 1-year Maturity | 10,332 | 5,846 | 76.7 | |
| Short-Term Municipal Notes | 1,190 | 827 | 43.9% | |
| CDs > 1-year Maturity | 8,492 | 6,432 | 32.0% | |
| U.S. Corporate Debt | 17,446 | 13,459 | 29.6% | |
| Syndicated Loans | 2,583 | 2,246 | 15.0% | |
| Canada Corporate Debt & Equity | 4,785 | 4,677 | 2.3% | |
| U.S. Corporate Equity | 8,886 | 9,481 | -6.3 | |
| Municipal Bonds | 8,720 | 9,416 | -7.4 | |
| International Debt | 2,865 | 3,162 | -9.4 | |
| International Equity | 1,392 | 1,636 | -14.9 | |
| Private Placement Securities | 3,120 | 4,100 | -23.9 | |
| Long-Term Municipal Notes | 340 | 496 | -31.5 | |
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 www.cusip.com.
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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