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CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for March 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 debt and equity identifiers, while monthly request volume for new municipal identifiers was slightly lower.
North American corporate CUSIP requests totaled 8,447 in March, which is up 4.2% on a monthly basis. On an annualized basis, North American corporate requests were down 16.9% over March 2024 totals. The monthly increase was driven by a 2.4% rise in request volume for U.S. corporate debt identifiers and a 5.5% increase in request volume for U.S. corporate equity identifiers.
The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – fell 1.1% versus February totals. On a year-over-year basis, overall municipal volumes were up 11.4% through the end of March. Texas led state-level municipal request volume with a total of 106 new CUSIP requests in March, followed by California (104) and New York (81).
“We are seeing a steady volume of new corporate debt and equity issuance throughout the first quarter,” said Gerard Faulkner, Director of Operations for CGS. “As interest rates fluctuate and uncertainty around the future of the U.S. economy continues to grow, it will be interesting to see if that pace continues.”
Requests for international equity CUSIPs rose 2.6% in March and international debt CUSIP requests fell 5.9%. On an annualized basis, international equity CUSIP requests were up 9.0% and international debt CUSIP requests were up 20.5%.
To view the full CUSIP Issuance Trends report for March, please click here.
Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through March 2025:
| Asset Class | 2025 YTD | 2024 YTD | YOY Change |
| Long-Term Municipal Notes | 100 | 63 | 58.7% |
| Private Placement Securities | 1,123 | 912 | 23.1% |
| International Debt | 1,793 | 1,488 | 20.5% |
| U.S. Corporate Debt | 8,518 | 7,285 | 16.9% |
| Municipal Bonds | 2,258 | 1,979 | 14.1% |
| International Equity |
434 | 398 | 9.0% |
| U.S. Corporate Equity | 3,115 | 2,939 | 6.0% |
| Syndicated Loans | 700 | 702 | -0.3% |
| Canada Corporate Debt & Equity | 1,693 | 1,861 | -9.0% |
| Short-Term Municipal Notes | 192 | 246 | -22.0% |
| CDs < 1-year Maturity | 2,216 | 2,880 | -23.1% |
| CDs > 1-year Maturity | 1,803 | 2,530 | -28.7% |
