CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for December 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 decrease in request volume for new corporate and municipal identifiers. On an annualized basis, total identifier request volume surged in 2024 versus 2023 totals.
North American corporate CUSIP requests totaled 7,139 in December, which is down 10.2% on a monthly basis. Year-over-year, North American corporate requests closed 2024 up 11.0% over 2023 totals. The monthly decrease in volume was driven by an 18.8% decline in requests for U.S. corporate debt identifiers. Request volumes for short-term certificates of deposit (-9.3%) and longer-term certificates of deposit (-6.4%) also fell in December.
The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – fell 13.3% versus November totals. On a year-over-year basis, overall municipal volumes were up 9.0%. Texas led state-level municipal request volume with a total of 76 new CUSIP requests in December, followed by New York (73) and New Jersey (62).
“Monthly CUSIP request volume may have slowed in December, but when we take a look back at 2024 in total, we see a significant increase in new issuance activity across most major asset classes, including corporate debt and equity and municipal securities,” said Gerard Faulkner, Director of Operations for CGS. “As we head into the New Year with uncertainty around interest rates sure to be a factor, it will be telling to see what kind of CUSIP request volume we see during the first part of the year.”
Requests for international equity CUSIPs fell 43.6% in December and international debt CUSIP requests declined 22.1%. On an annualized basis, international equity CUSIP requests were up 11.3% and international debt CUSIP requests were up 97.7%.
To view the full CUSIP Issuance Trends report for December, please click here.
Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through December 2024:
| Asset Class | 2024 YTD | 2023 YTD | YOY Change |
| International Debt | 6,423 | 3,249 | 97.7% |
| Long-Term Municipal Notes | 612 | 349 | 75.4% |
| U.S. Corporate Debt | 27,060 | 19,286 | 40.3% |
| Private Placement Securities | 5,016 | 3,658 | 37.1% |
| U.S. Corporate Equity | 11,618 | 9,848 | 18.0% |
| International Equity | 1,682 | 1,511 | 11.3% |
| Canada Corporate Debt & Equity | 6,148 | 5,575 | 10.3% |
| Municipal Bonds |
10,189 | 9,347 | 9.0% |
| Syndicated Loans | 3,020 | 2,827 | 6.8% |
| CDs > 1-year Maturity | 8,607 | 9,385 | -8.3% |
| Short-Term Municipal Notes | 1,134 | 1,268 | -10.6% |
| CDs < 1-year Maturity | 10,001 | 11,385 | -12.2% |
