CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for July 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 corporate identifiers, and a significant slowdown in request volume for new municipal identifiers.
North American corporate CUSIP requests totaled 9,319 in July, which represents a 10.7% increase on a monthly basis. On an annualized basis, North American corporate requests were up 8.8% over July 2025 totals. Requests for new U.S. corporate debt identifiers rose 11.4% and requests for new U.S. corporate equity identifiers rose 3.8% for the month of July.
The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – fell 21.3% versus June totals. On a year-over-year basis, overall municipal volumes were down 3.4% through the end of July. New York led state-level municipal request volume with a total of 229 new CUSIP requests in July, followed by Texas (191) and California (91).
“While overall CUSIP request volume remains strong across major asset classes, it is noteworthy that we’re seeing our first monthly decline in municipal request volume after five consecutive months of growth,” said Gerard Faulkner, Director of Operations for CGS. “It’s also significant that we’re seeing a sharp rise in request volume for new U.S. corporate debt identifiers, which could be a signal of increased capital markets activity in the coming months.”
Requests for international equity CUSIPs fell 6.7% in July and international debt CUSIP requests were down 10.4%. On an annualized basis, international equity CUSIP requests were up 4.1% and international debt CUSIP requests were up 14.4%.
To view the full CUSIP Issuance Trends report for July, please click here.
Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through July 2026:
Asset Class |
2026 YTD | 2025 YTD | YOY Change |
U.S. Corporate Equity |
8,625 | 6,780 | 27.2% |
International Debt |
4,634 | 4,052 | 14.4% |
Private Placement Securities |
3,451 | 3,057 | 12.9% |
Short-Term Municipal Notes |
633 | 575 | 10.1% |
Syndicated Loans |
1,837 | 1,753 | 4.8% |
Long-Term Municipal Notes |
531 | 507 | 4.7% |
International Equity |
1,104 | 1,061 | 4.1% |
CDs > 1-year Maturity |
4,336 | 4,441 | -2.4% |
U.S. Corporate Debt |
19,328 | 19,988 | -3.3% |
CDs < 1-year Maturity |
5,284 | 5,486 | -3.7% |
Municipal Bonds |
6,297 | 6,780 | -7.1% |
Canada Corporate Debt & Equity |
3,158 | 3,993 | -20.9% |
