CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for April 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 increase in request volume for new corporate and municipal identifiers.
North American corporate requests totaled 7,606 in April, which is up 12.6% on a monthly basis. On a year-over-year basis, North American corporate requests closed the month down 2.7%. The monthly volume increase was driven by a rise in request volume for Canadian corporate identifiers, U.S. corporate equity identifiers and medium term notes.
The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – rose 5.7% versus March totals. On a year-over-year basis, overall municipal volumes are down 1.1%. Texas led state-level municipal request volume with a total of 100 new CUSIP requests in April, followed by California (63) and New York (61).
“The most noteworthy moves in this month’s CUSIP Issuance Trends data set were in the municipal bond market, where volumes have increased for the second consecutive month,” said Gerard Faulkner, Director of Operations for CGS. “In the corporate segment, we see some movement at the headline level, but the major asset classes, like U.S. corporate debt and equity and certificates of deposit, were largely flat this month.”
Requests for international equity CUSIPs fell 19.7% in April and international debt CUSIP requests fell 5.8%. On an annualized basis, international equity CUSIP requests are down 8.4% and international debt CUSIP requests are up 83.1%.
To view the full CUSIP Issuance Trends report for April, please click here.
Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through April 2024:
| Asset Class | 2024 YTD | 2023 YTD | YOY Change |
| International Debt | 1,846 | 1,008 | 83.1% |
| Syndicated Loans | 892 | 734 | 21.5% |
| U.S. Corporate Equity | 3,762 | 3,231 | 16.4% |
| U.S. Corporate Debt | 8,234 | 7,253 | 13.5% |
| Short-Term Municipal Notes | 292 | 261 | 11.9% |
| Long-Term Municipal Notes | 104 | 98 | 6.1% |
| Private Placement Securities | 1,188 | 1,123 | 5.8% |
| Municipal Bonds |
2,690 | 2,745 | -2.0% |
| Canada Corporate Debt & Equity | 1,861 | 2,010 | -7.4% |
| International Equity | 499 | 545 | -8.4% |
| CDs > 1-year Maturity | 2,929 | 3,328 | -12.0% |
| CDs < 1-year Maturity | 3,336 | 4,583 | -27.2% |
