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CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for November 2021. 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 monthly decreases in request volume for new corporate and municipal identifiers.
CUSIP identifier requests for the broad category of U.S. and Canadian corporate equity and debt fell 5.6% versus October totals. The decrease was driven largely by a decline in requests for U.S. corporate debt and medium-term notes (MTNs). On a year-over-year basis, corporate CUSIP request volume rose 1.3%.
Monthly municipal volume also declined in November. The aggregate total of all municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – fell 9.7% versus October totals. On an annualized basis, total municipal CUSIP identifier request volumes were down 5.6% through November. Texas led state-level municipal request volume with a total of 178 new CUSIP requests in November, followed by California with 92 and New York with 57.
"Overall CUSIP request volume has been particularly strong this year and we're currently on track for slight year-over-year increases in request volumes for corporates, but municipal requests have lagged behind the historic highs we saw in 2020," said Gerard Faulkner, Director of Operations for CGS. "We anticipate that CUSIP request volume will be an important indicator of issuer sentiment in a likely rising rate environment in the year ahead."
Requests for international equity and debt CUSIPs were mixed in November. International equity CUSIP requests were up 0.6% versus October. International debt CUSIPs were down 4.8% on a monthly basis.
To view the full CUSIP Issuance Trends report for November, click here.
Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through November 2021:
|
Asset Class |
2021 YTD |
2020 YTD |
YOY Change |
|
International Debt |
5,364 |
3,114 |
72.3% |
|
Syndicated Loans |
2,657 |
1,688 |
57.4% |
|
Canada Corporate |
4,982 |
3,615 |
37.8% |
|
U.S. Corporate Equity |
13,156 |
10,177 |
29.3% |
|
Private Placement |
3,499 |
2,933 |
19.3% |
|
U.S. Corporate Debt |
13,900 |
11,811 |
17.7% |
|
Long-Term Municipal |
603 |
593 |
1.7% |
|
Municipal Bonds |
12,351 |
12,633 |
-2.2% |
|
International Equity |
2,493 |
2,627 |
-5.1% |
|
Short-Term Municipal |
903 |
1,066 |
-15.3% |
|
CDs > 1-year Maturity |
3,796 |
6,091 |
-37.7% |
|
CDs < 1-year Maturity |
1,663 |
4,251 |
-60.9% |
