CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for August 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 sharp increase in request volume for new corporate and municipal identifiers.
North American corporate CUSIP requests totaled 7,602 in August, which is up 18.9% on a monthly basis. On a year-over-year basis, North American corporate requests closed the month up 11.5%. The monthly volume surge was driven by a 19.2% increase in request volume for U.S. corporate debt and a 13.6% increase in volume for U.S. corporate equities. Request volumes for short-term certificates of deposit (22.2%) and longer-term certificates of deposit (60.0%) also rose sharply in August.
The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – rose 20.8% versus July totals. On a year-over-year basis, overall municipal volumes are up 8.8%. Texas led state-level municipal request volume with a total of 305 new CUSIP requests in August, followed by New York (119) and California (59).
“After two consecutive months of slowdowns in request volume, August brought a significant surge in new issuance activity,” said Gerard Faulkner, Director of Operations for CGS. “With this bump in volume, we’re now seeing year-over-year increases in CUSIP request volume across nearly every asset class we track – a sign that issuers are eager to seize on current market dynamics to issue new securities.”
One of the few asset classes to show a monthly decline in CUSIP request volume is international debt, which fell 3.9% in August. Requests for international equity CUSIPs, by contrast, rose 29.8% in August. On an annualized basis, international equity CUSIP requests are down 3.6% and international debt CUSIP requests are up 115.2%.
To view the full CUSIP Issuance Trends report for August, please click here.
Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through August 2024:
Asset Class |
2024 YTD | 2023 YTD | YOY Change |
International Debt |
4,098 |
1,904 |
115.2% |
Long-Term Municipal Notes |
464 | 279 | 66.3% |
Private Placement Securities |
2,910 |
2,230 |
30.5% |
U.S. Corporate Debt |
16,466 |
13,151 |
25.2% |
U.S. Corporate Equity |
7,772 |
6,482 |
19.3% |
Canada Corporate Debt & Equity |
4,043 |
3,396 |
19.1% |
Syndicated Loans |
1,895 | 1,697 | 11.7% |
Municipal Bonds |
6,554 | 6,099 | 7.5% |
International Equity |
1,001 | 1,038 | -3.6% |
CDs > 1-year Maturity |
5,797 | 6,159 | -5.9% |
Short-Term Municipal Notes |
746 | 827 | -9.8% |
CDs < 1-year Maturity |
6,727 | 7,826 | -14.0% |
