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CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for January 2025. 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.
North American corporate CUSIP requests totaled 4,505 in January, which is down 36.9% on a monthly basis. On an annualized basis, North American corporate requests were down 24.2% over January 2024 totals. The monthly decrease in volume was driven by a 32.6% decline in request volume for U.S. corporate debt identifiers. Request volumes for short-term certificates of deposit (-27.1%) and longer-term certificates of deposit (-14.8%) also fell in January.
The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – fell 14.1% versus December totals. On a year-over-year basis, overall municipal volumes were up 1.8%. Texas led state-level municipal request volume with a total of 78 new CUSIP requests in January, followed by California and New York, each of which had 59 new municipal CUSIP requests in the first month of the year.
“Monthly CUSIP request volume may appear to be off to a slow start when compared to the strong volumes we saw in the second half of 2024, but most major asset classes are seeing gains versus year-ago totals,” said Gerard Faulkner, Director of Operations for CGS. “While it’s still early in the year, and there is no shortage of uncertainty about the future of interest rates and the broader economy, issuers are likely to enter the markets at a historically brisk pace.”
Requests for international equity CUSIPs fell 19.5% in January and international debt CUSIP requests rose 14.0%. On an annualized basis, international equity CUSIP requests were down 13.0% and international debt CUSIP requests were up 33.3%.
To view the full CUSIP Issuance Trends report for January, please click here.
Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through January 2025:
Asset Class |
2025 YTD | 2024 YTD | YOY Change |
Long-Term Municipal Notes |
37 | 8 | 362.5% |
Canada Corporate Debt & Equity |
562 | 378 | 48.7% |
International Debt |
520 | 390 | 33.3% |
U.S. Corporate Equity |
1,161 | 914 | 27.0% |
Syndicated Loans |
197 | 173 | 13.9% |
Municipal Bonds |
610 | 579 | 5.4% |
Private Placement Securities |
266 | 253 | 5.1% |
U.S. Corporate Debt |
1,605 | 1,540 | 4.2% |
International Equity |
120 | 138 | -13.0% |
CDs > 1-year Maturity |
539 | 724 | -25.6% |
CDs < 1-year Maturity |
542 | 763 | -29.0% |
Short-Term Municipal Notes |
59 | 86 | -31.4% |
