CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for January 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 debt and equity identifiers, while municipal issuance slowed.
North American corporate CUSIP requests totaled 7,532 in January, which is a 12.0% increase on a monthly basis. On an annualized basis, North American corporate requests were up 67.2% over January 2025 totals. Requests for new U.S. corporate equity identifiers rose 10.9% and requests for new U.S. corporate debt identifiers climbed 18.1% for the month of January.
The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – fell 13.6% versus December totals. On a year-over-year basis, overall municipal volumes were up 11.1% through the end of January. Texas led state-level municipal request volume with a total of 110 new CUSIP requests in January, followed by New York (69) and California (56).
“While we’re seeing some month-to-month volatility in CUSIP request volumes due largely to seasonality, the year over year comparison to January of 2025 shows that issuers are off to a busy start in the New Year,” said Gerard Faulkner, Director of Operations for CGS. “Of particular note are the significant monthly increases in request volumes for U.S. debt and equity CUSIPs, which may suggest a healthy volume of capital markets activity as we start the year.”
Requests for international equity CUSIPs fell 12.9% in January and international debt CUSIP requests rose 34.0%. On an annualized basis, international equity CUSIP requests were up 6.7% and international debt CUSIP requests were up 35.6%.
To view the full CUSIP Issuance Trends report for January, please click here.
Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through January 2026:
| Asset Class | 2026 YTD | 2025 YTD | YOY Change | |
Private Placement Securities |
548 |
266 |
106.0 |
% |
U.S. Corporate Debt |
2,334 | 1,605 | 45.4 | % |
CDs < 1-year Maturity |
777 |
542 |
43.4 |
% |
Syndicated Loans |
280 |
197 |
42.1 |
% |
International Debt |
705 |
520 |
35.6 |
% |
| CDs > 1-year Maturity | 597 |
539 |
10.8 |
% |
| Short-Term Municipal Notes |
65 | 59 | 10.2 | % |
| International Equity | 128 | 120 | 6.7 | % |
Long-Term Municipal Notes |
39 |
37 |
5.4 |
% |
U.S. Corporate Equity |
1,161 |
1,161 |
0.0 |
% |
Municipal Bonds |
587 |
610 |
-3.8 |
% |
Canada Corporate Debt & Equity |
471 | 562 | -16.2 | % |
