CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for October 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 notable increase in request volume for new corporate and municipal identifiers.
North American corporate CUSIP requests totaled 7,597 in October, which is up 6.1% on a monthly basis. On a year-over-year basis, North American corporate requests closed the month up 12.6%. The monthly increase in volume was driven by a 21.9% increase in request volume for U.S. corporate debt identifiers and a 5.2% increase in request volume for Canadian corporate identifiers. Request volumes for short-term certificates of deposit (-4.3%) and longer-term certificates of deposit (-2.8%) fell in October.
The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – rose 25.0% versus September totals. On a year-over-year basis, overall municipal volumes are up 11.4%. Texas led state-level municipal request volume with a total of 169 new CUSIP requests in October, followed by California (133) and New York (109).
“Issuers are continuing to find new capital creation opportunities as we head into the final stretch of 2024,” said Gerard Faulkner, Director of Operations for CGS. “After a slowdown in September, CUSIP request volumes have come back strong in October, putting nearly every asset class we track into positive territory on a year-over-year basis.”
Requests for international equity CUSIPs were flat in October and international debt CUSIP requests rose 2.5%. On an annualized basis, international equity CUSIP requests are up 1.0% and international debt CUSIP requests are up 111.1%.
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 2024:
| Asset Class | 2024 YTD | 2023 YTD | YOY Change | |
International Debt |
5,382 |
2,549 |
111.1% |
|
Long-Term Municipal Notes |
564 | 314 | 79.6% | |
Private Placement Securities |
3,831 |
2,778 |
37.9% |
|
U.S. Corporate Debt |
21,745 |
16,135 |
34.8% |
|
U.S. Corporate Equity |
9,731 |
8,127 |
19.7% |
|
Canada Corporate Debt & Equity |
5,022 |
4,299 |
16.8% |
|
Municipal Bonds |
8,660 |
7,764 |
11.5% |
|
Syndicated Loans |
2,494 | 2,320 | 7.5% | |
International Equity |
1,269 |
1,256 |
1.0% |
|
CDs > 1-year Maturity |
7,298 | 7,783 | -6.2 % | |
CDs < 1 year Maturity |
8,439 | 9,523 | -11.4% | |
Short-Term Municipal Notes |
989 |
1,118 |
-11.5% |
|
