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CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for September 2023. 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 significant monthly increase in request volume for new corporate identifiers, while municipal volumes declined on a monthly basis.
North American corporate requests totaled 6,825 in September, which is up 23.7% on a monthly basis. On a year-over-year basis, North American corporate requests closed the month up 20.1% over year ago totals. The monthly volume increase was driven by a 21.1% increase in requests for U.S. corporate debt, a 7.7% increase in request volume for long-term certificates of deposit (CDs) with maturities more than one year, and a 6.7% increase in request volumes for short-term CDs (maturities less than one year).
Municipal request volume declined this month after rising in August. The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – fell 11.4% versus August totals. On a year-over-year basis, overall municipal volumes are down 8.8%. New York led state-level municipal request volume with a total of 134 new CUSIP requests in September, followed by Texas (121) and New Jersey (57).
“With long-term Treasury yields continuing to rise following the Fed’s decision to hold rates steady in September, corporate borrowers are seizing an opportunity to issue new debt,” said Gerard Faulkner, Director of Operations for CGS. “The trend is particularly noteworthy in CDs, where volumes had been starting to slow recently, but have picked back up again in September.”
Requests for international equity CUSIPs fell 17.5% in September while international debt CUSIP requests rose 34.4%. On an annualized basis, international equity CUSIP requests are down 13.4% and international debt CUSIP requests are down 17.5%.
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 2023:
| Asset Class | 2023 YTD | 2022 YTD | YOY Change |
| CDs < 1-year Maturity | 8,753 | 3,961 | 121.0% |
| Short-Term Municipal Notes |
1,004 | 653 | 53.8% |
| CDs > 1-year Maturity | 7,004 | 4,984 | 40.5% |
| U.S. Corporate Debt | 14,894 | 11,373 | 31.0% |
| Syndicated Loans | 1,876 | 1,855 | 1.1% |
| Canada Corporate Debt & Equity | 3,840 | 3,907 | -1.7% |
| U.S. Corporate Equity | 7,391 | 8,113 | -8.9% |
| International Equity |
1,157 | 1,336 | -13.4% |
| Municipal Bonds | 6,883 | 7,784 | -11.6% |
| International Debt | 2,259 | 2,737 | -17.5% |
| Private Placement Securities | 2,535 | 3,442 | -26.4% |
| Long-Term Municipal Notes | 299 | 437 | -31.6% |
