Corporate And Municipal CUSIP Request Volumes Increase In February

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for February 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 strong monthly increase in request volume for new corporate and municipal identifiers.

North American corporate CUSIP requests totaled 8,103 in February, which is up 79.9% on a monthly basis. On an annualized basis, North American corporate requests were down 7.1% over February 2024 totals. The monthly increase was driven by a 112.8% rise in request volume for U.S. corporate debt identifiers, along with increases in request volume for short-term certificates of deposit (61.6%) and longer-term certificates of deposit (19.5%).

The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – rose 36.4% versus January totals. On a year-over-year basis, overall municipal volumes were up 17.1%. Texas led state-level municipal request volume with a total of 118 new CUSIP requests in February, followed by New York (73) and California (65).

“Corporate and municipal CUSIP requests rebounded in February after declines in January to start the year,” said Gerard Faulkner, Director of Operations for CGS. “It will be interesting to see if the turnaround in higher request volume will be sustained amid market and economic uncertainty.”

Requests for international equity CUSIPs rose 29.2% in February and international debt CUSIP requests rose 26.2%. On an annualized basis, international equity CUSIP requests were up 20.1% and international debt CUSIP requests were up 48.7%.

To view the full CUSIP Issuance Trends report for February, please click here.

Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through February 2025: