CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for May 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 municipal identifiers, while requests for new corporate identifiers declined.
North American corporate CUSIP requests totaled 7,989 in May, which represents a 10.9% decrease on a monthly basis. On an annualized basis, North American corporate requests were up 9.6% over May 2025 totals. Requests for new U.S. corporate debt identifiers fell 0.4% and requests for new U.S. corporate equity identifiers fell 0.8% for the month of May.
The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – rose 10.3% versus April totals. On a year-over-year basis, overall municipal volumes were down 4.1% through the end of May. Texas led state-level municipal request volume with a total of 160 new CUSIP requests in May, followed by New York (119) and California (98).
“We’re seeing some mixed results in the CUSIP issuance dataset this month, as municipal issuers continue to request new identifiers at a rapid clip and corporate issuers pull back a bit,” said Gerard Faulkner, Director of Operations for CGS. “Overall, volumes remain within historical norms for this time of year, which suggest a relatively steady new issuance environment for the near-term.”
Requests for international equity CUSIPs rose 10.4% in May and international debt CUSIP requests were up 34.6%. On an annualized basis, international equity CUSIP requests were up 4.7% and international debt CUSIP requests were up 16.7%.
To view the full CUSIP Issuance Trends report for May, please click here.
Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through May 2026:
| Asset Class | 2026 YTD | 2025 YTD | YOY Change | |
U.S. Corporate Equity |
6,072 |
4,769 |
27.3% |
|
Private Placement Securities |
2,416 |
2,028 |
19.1% |
|
Syndicated Loans |
1,329 |
1,124 |
18.2% |
|
International Debt |
3,231 |
2,768 |
16.7% |
|
| Short-Term Municipal Notes |
363 | 340 | 6.8% |
|
International Equity |
756 |
722 |
4.7% |
|
Long-Term Municipal Notes |
221 |
214 |
3.3% |
|
CDs < 1-year Maturity |
3,731 |
3,941 |
-5.3% |
|
U.S. Corporate Debt |
13,186 | 13,627 | -3.2% |
|
| CDs > 1-year Maturity | 3,011 | 3,251 | -7.4% |
|
Municipal Bonds |
4,238 |
4,582 |
-7.5% |
|
Canada Corporate Debt & Equity |
2,308 | 2,829 | -18.4% |
|
