CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for September 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 decrease in request volume for new municipal identifiers, while monthly request volume for new corporate identifiers was largely flat in September.
North American corporate CUSIP requests totaled 7,615 in September, which is down 0.5% on a monthly basis. On an annualized basis, North American corporate requests were up 8.3% over September 2024 totals. Requests for new U.S. corporate equity identifiers rose 4.3% while requests for new U.S. corporate debt identifiers declined 2.0% for the month of September.
The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – fell 20.6% versus August totals. On a year-over-year basis, overall municipal volumes were up 17.3% through the end of September. Texas led state-level municipal request volume with a total of 165 new CUSIP requests in September, followed by New York (114) and California (68).
“Corporate issuers largely stayed the course throughout September as the Fed started lowering interest rates, but municipal volumes slowed considerably on a monthly basis,” said Gerard Faulkner, Director of Operations for CGS. “We will be watching municipal volumes closely over the next several months to see whether the changing rate environment has an effect on municipal issuers’ fundraising appetites.”
Requests for international equity CUSIPs rose 17.9% in September and international debt CUSIP requests rose 20.7%. On an annualized basis, international equity CUSIP requests were up 24.6% and international debt CUSIP requests were up 13.3%.
To view the full CUSIP Issuance Trends report for September, please click here.
Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through September 2025:
| Asset Class | 2025 YTD | 2024 YTD | YOY Change |
| U.S. Corporate Debt | 25,985 | 18,845 | 37.9% |
| International Equity |
1,414 | 1,135 | 24.6% |
| Long-Term Municipal Notes | 653 | 533 | 22.5% |
| Private Placement Securities | 3,958 | 3,331 | 18.8% |
| Municipal Bonds | 8,763 | 7,452 | 17.6% |
| International Debt | 5,361 | 4,732 | 13.3% |
| Canada Corporate Debt & Equity | 4,982 | 4,520 | 10.2% |
| U.S. Corporate Equity | 8,860 | 8,783 | 0.9% |
| Syndicated Loans | 2,162 | 2,226 | -2.9 |
| Short-Term Municipal Notes | 807 | 862 | -6.4 |
| CDs < 1-year Maturity | 7,003 | 7,602 | -7.9 |
| CDs > 1-year Maturity | 5,767 | 6,558 | -12.1 |
