CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for November 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 identifiers, and a decrease in request volume for new municipal identifiers.
North American corporate CUSIP requests totaled 7,954 in November, which is up 4.7% on a monthly basis. On a year-over-year basis, North American corporate requests closed the month up 14.7%. The monthly increase in volume was driven by an 18.3% increase in request volume for medium term notes (MTNs), a 1.2% increase in request volume for U.S. corporate debt identifiers and a 1.2% increase in request volume for U.S. corporate equity identifiers. Request volumes for short-term certificates of deposit (-2.2%) and longer-term certificates of deposit (-8.6%) fell in in November.
The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – fell 30.4% versus October totals. On a year-over-year basis, overall municipal volumes are up 10.0%. Texas led state-level municipal request volume with a total of 177 new CUSIP requests in November, followed by New York (75) and Indiana (63).
“The noteworthy trend in this month’s data is the slow-but-steady increase in request volume for new corporate debt identifiers for the second consecutive month,” said Gerard Faulkner, Director of Operations for CGS. “As we look ahead to a changing rate environment and a new administration in the year ahead, U.S. corporate issuers are putting the wheels in motion for new capital creation.”
Requests for international equity CUSIPs rose 97.0% in November and international debt CUSIP requests declined 10.0%. On an annualized basis, international equity CUSIP requests are up 10.8% and international debt CUSIP requests are up 108.9%.
To view the full CUSIP Issuance Trends report for November, please click here.
Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through November 2024:
| Asset Class | 2024 YTD | 2023 YTD | YOY Change |
| International Debt | 5,967 | 2,856 | 108.9% |
| Long-Term Municipal Notes | 595 | 339 | 75.5% |
| U.S. Corporate Debt | 24,679 | 17,413 | 41.7% |
| Private Placement Securities | 4,269 | 3,100 | 37.7% |
| U.S. Corporate Equity | 10,690 | 8,828 | 21.1% |
| Canada Corporate Debt & Equity | 5,616 | 4,785 | 17.4% |
| International Equity | 1,533 | 1,384 | 10.8% |
| Municipal Bonds |
9,463 | 8,656 | 9.3% |
| Syndicated Loans | 2,802 | 2,578 | 8.7% |
| CDs > 1-year Maturity | 7,974 | 8,472 | -5.9% |
| Short-Term Municipal Notes | 1,070 | 1,181 | -9.4% |
| CDs < 1-year Maturity | 9,258 | 10,303 | -10.1% |
