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CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for February 2022. 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 5,320 in February 2022, which is up 16.1% on a monthly basis and 0.3% year-over-year. The significant monthly increase in request volume was driven by a large increase in requests for U.S. corporate debt identifiers and a 16.9% increase in requests for bank certificates of deposit with maturities longer than one year.
Municipal request volume also rose on month-to-month basis in February. The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – rose 2.8% versus January totals. On a year-over-year basis, however, overall municipal volumes were down 11.6%. Texas led state-level municipal request volume with a total of 108 new CUSIP requests in February, followed by New York with 68 and California with 60.
“Issuers have been active this month as they balance a complicated set of dynamics that includes significant geopolitical instability, rising inflation and the threat of rising interest rates,” said Gerard Faulkner, Director of Operations for CGS. “The really interesting story this month, however, is the second-straight monthly increase in request volume for CDs with maturities over one year. CDs have been virtually non-existent for the past two years; it is noteworthy that investors are starting to turn their attention back to these instruments.”
Requests for international equity and debt CUSIPs were mixed in February. International equity CUSIP requests were down 12.7% versus January. International debt CUSIPs were up 15.2% on a monthly basis.
To view the full CUSIP Issuance Trends report for February, click here.
Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through February 2022:
Asset Class |
2022 YTD | 2021 YTD | YOY Change |
CDs < 1-year Maturity |
367 | 265 | 38.5% |
CDs > 1-year Maturity |
948 | 791 | 19.8% |
Private Placement Securities |
682 |
611 |
11.6% |
U.S. Corporate Debt |
2,538 |
2,382 |
6.5% |
Municipal Bonds |
1,641 |
1,818 |
-9.7% |
U.S. Corporate Equity |
2,029 |
2,253 |
-9.9% |
International Debt |
764 | 929 | -17.8% |
Long-Term Municipal Notes |
45 |
60 |
-25.0% |
Short-Term Municipal Notes |
83 |
114 |
-27.2% |
Syndicated Loans |
283 | 393 | -28.0% |
Canada Corporate Debt & Equity |
843 |
1,301 |
-35.2% |
International Equity |
294 |
519 |
-43.4% |
