CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for September 2026. 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 modest increase in request volume for new municipal identifiers.
North American corporate CUSIP requests totaled 9,100 in September, which represents a 6.5% increase on a monthly basis. On an annualized basis, North American corporate requests were up 10.3% over September 2025 totals. Requests for new U.S. corporate debt identifiers rose 6.3% and requests for new U.S. corporate equity identifiers rose 17.6% for the month of September.
The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – rose 2.0% versus August totals. On a year-over-year basis, overall municipal volumes were down 1.5% through the end of September. Texas led state-level municipal request volume with a total of 184 new CUSIP requests in September, followed by New York (175) and California (104).
“September brought a clear rebound in corporate request activity, and the 17.6% monthly jump in new U.S. corporate equity identifiers is especially notable, with equity requests now running nearly 30% ahead of last year’s pace,” said Gerard Faulkner, Director of Operations for CGS. “There is clearly a glut of deal activity on the sidelines waiting for the right moment and we’re starting to see that increased pre-market activity show up in our CUSIP request volumes.”
Requests for international equity CUSIPs rose 41.6% in September and international debt CUSIP requests were up 26.6%. On an annualized basis, international equity CUSIP requests were down 0.6% and international debt CUSIP requests were up 11.5%.
To view the full CUSIP Issuance Trends report for September, please click here.
Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through September 2026:
| Asset Class | 2026 YTD | 2025 YTD | YOY Change |
| U.S. Corporate Equity | 11,510 | 8,860 | 29.9% |
| Private Placement Securities | 4,478 | 3,958 | 13.1% |
| International Debt | 5,980 | 5,361 | 11.5% |
| Short-Term Municipal Notes | 869 | 807 | 7.7% |
| Syndicated Loans | 2,275 | 2,162 | 5.2% |
| Long-Term Municipal Notes | 671 | 653 | 2.8% |
| U.S. Corporate Debt | 26,270 | 25,985 | 1.1% |
| CDs > 1-year Maturity | 5,737 | 5,767 | -0.5% |
| International Equity |
1,406 | 1,414 | -0.6% |
| CDs < 1-year Maturity | 6,823 | 7,003 | -2.6% |
| Municipal Bonds | 8,455 | 8,763 | -3.5% |
| Canada Corporate Debt & Equity | 3,911 | 4,982 | -21.5% |
