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CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for September 2021. 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 decrease in request volume for new municipal identifiers and an increase in requests for new corporate debt identifiers.
CUSIP identifier requests for the broad category of U.S. and Canadian corporate equity and debt climbed 3.3% versus August totals. The increase was driven largely by an increase in requests for domestic corporate debt identifiers. On a year-over-year basis, corporate CUSIP request volume rose 0.1%.
Monthly municipal volume decreased in September, the third consecutive monthly decline in muni CUSIP request volume following seven straight months of increases. The aggregate total of all municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – fell 6.6% versus August totals. On an annualized basis, municipal CUSIP identifier request volumes were down 1.3% through September. Texas led state-level municipal request volume with a total of 153 new CUSIP requests in September, followed by New York with 117 and California with 103.
"The three-month decline in municipal identifier request volume is definitely a trend to watch," said Gerard Faulkner, Director of Operations for CGS. "Municipal issuers were tapping the debt markets at a strong pace for much of 2020 and the first part of 2021, but that pace has now fallen off considerably."
Requests for international equity and debt CUSIPs were mixed in September. International equity CUSIP requests were down 2.6% versus August. International debt CUSIPs were up 54.7% on a monthly basis.
To view the full CUSIP Issuance Trends report for September, click here.
Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through September 2021:
|
Asset Class |
2021 YTD |
2020 YTD |
YOY Change |
|
International Debt |
4,273 |
2,473 |
72.8% |
|
Syndicated Loans |
2,177 |
1,321 |
64.8% |
|
Canada Corporate Debt & Equity |
4,082 |
2,888 |
41.3% |
|
U.S. Corporate Equity |
10,889 |
8,207 |
32.7% |
|
Private Placement Securities |
2,769 |
2,261 |
22.5% |
|
U.S. Corporate Debt |
11,235 |
9,730 |
15.5% |
|
Municipal Bonds |
10,133 |
9,828 |
3.1% |
|
Long-Term Municipal Notes |
537 |
523 |
2.7% |
|
International Equity |
2,130 |
2,141 |
-0.5% |
|
Short-Term Municipal Notes |
768 |
880 |
-12.7% |
|
CDs > 1-year Maturity |
3,077 |
5,323 |
-42.2% |
|
CDs < 1-year Maturity |
1,265 |
3,915 |
-67.7% |
