CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for October 2025. 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 and municipal identifiers.
North American corporate CUSIP requests totaled 8,236 in October, which is up 8.2% on a monthly basis. On an annualized basis, North American corporate requests were up 8.3% over October 2024 totals. Requests for new U.S. corporate equity identifiers rose 12.9% while requests for new U.S. corporate debt identifiers declined 1.6% for the month of October.
The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – rose 19.1% versus September totals. On a year-over-year basis, overall municipal volumes were up 14.4% through the end of October. Texas led state-level municipal request volume with a total of 231 new CUSIP requests in October, followed by New York (113) and California (92).
“Corporate and municipal request volumes both rose in October, signaling a strong appetite for issuers to get new securities out into the marketplace,” said Gerard Faulkner, Director of Operations for CGS. “The significant surge in new requests for corporate equity identifiers is particularly noteworthy, because it put total year-over-year volumes back into positive territory after trending down throughout most of the year.”
Requests for international equity CUSIPs fell 5.2% in October and international debt CUSIP requests fell 17%. On an annualized basis, international equity CUSIP requests were up 25.7% and international debt CUSIP requests were up 10.6%.
To view the full CUSIP Issuance Trends report for October, please click here.
Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through October 2025:
| Asset Class | 2025 YTD | 2024 YTD | YOY Change |
| U.S. Corporate Debt | 28,906 | 21,745 | 32.9% |
| International Equity |
1,595 | 1,269 | 25.7% |
| Long-Term Municipal Notes | 706 | 564 | 25.2% |
| Private Placement Securities | 4,418 | 3,831 | 15.3% |
| Municipal Bonds | 9,847 | 8,660 | 13.7% |
| International Debt | 5,955 | 5,382 | 10.6% |
| Canada Corporate Debt & Equity | 5,473 | 5,022 | 9.0% |
| U.S. Corporate Equity | 10,059 | 9,731 | 3.4% |
| Syndicated Loans | 2,557 | 2,494 | 2.5% |
| Short-Term Municipal Notes | 925 | 989 | -6.5% |
| CDs < 1-year Maturity | 7,821 | 8,439 | -7.3% |
| CDs > 1-year Maturity | 6,394 | 7,298 | -12.4% |
