CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for June 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 identifiers, while monthly request volume for new municipal identifiers declined slightly.
North American corporate CUSIP requests totaled 8,160 in June, which is up 4.1% on a monthly basis. On an annualized basis, North American corporate requests were down -1.9% over June 2024 totals. The monthly increase was driven by a 21.3% increase in request volume for new corporate equity identifiers, a 17.6% rise in request volume for U.S. corporate debt identifiers and a 6.4% increase in requests for Canadian corporate identifiers.
The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – fell 1.2% versus May totals. On a year-over-year basis, overall municipal volumes were up 16.8% through the end of June. New York led state-level municipal request volume with a total of 233 new CUSIP requests in June, followed by Texas (151) and California (136).
“We’re continuing to see a healthy volume of new issuance activity, particularly in the corporate asset classes which have now seen monthly increases for two consecutive months,” said Gerard Faulkner, Director of Operations for CGS. “Against a backdrop of uncertainty about the future of interest rates and the economy, it will be instructive to see if issuers continue to bring new securities to market at this pace as we enter the second half of the year.”
Requests for international equity CUSIPs rose 3.8% in June and international debt CUSIP requests rose 8.2%. On an annualized basis, international equity CUSIP requests were up 17.5% and international debt CUSIP requests were up 7.2%.
To view the full CUSIP Issuance Trends report for June, please click here.
Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through June 2025:
| Asset Class | 2025 YTD | 2024 YTD | YOY Change |
| U.S. Corporate Debt | 16,748 | 13,396 | 25.0% |
| Municipal Bonds | 5,733 | 4,794 | 19.6% |
| Long-Term Municipal Notes | 381 | 322 | 18.3% |
| Private Placement Securities | 2,443 | 2,075 | 17.7% |
| International Equity |
887 | 755 | 17.5% |
| Syndicated Loans | 1,519 | 1,410 | 7.7% |
| International Debt | 3,346 | 3,122 | 7.2% |
| U.S. Corporate Equity | 5,720 | 5,840 | -2.1% |
| Canada Corporate Debt & Equity | 3,410 | 3,513 | -2.9% |
| CDs < 1-year Maturity | 4,718 | 5,338 | -11.6% |
| CDs > 1-year Maturity | 3,798 | 4,504 | -15.7% |
| Short-Term Municipal Notes | 461 | 547 | -15.7% |
