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Corporate and Municipal CUSIP Requests Drop in July

Highlights

CUSIP requests for North American corporate securities decreased in July, as corporate debt and long-term certificate of deposit requests dropped markedly.

Municipal volumes also decelerated in July, following three straight months of volume increases.

This one-month slowdown is something market participants may want to watch for any further signs of lower issuance in the second half of the year.

CUSIP request volumes for corporate and municipal issuers slowed in July, reversing the significant gains realized over the previous month.

North American corporate requests totaled 4,086 in July 2020, down 19.4% from June. On a year-over-year basis, corporate CUSIP requests are up 15.3%. The July 2020 decrease was driven by an 18.9% monthly decline in requests for corporate debt identifiers and a 20.6% monthly decrease in requests for identifiers for certificates of deposit with maturities longer than one year.

Municipal volumes also decelerated in July, following three straight months of volume increases. The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – fell 10.1% versus June. However, requests for short-term notes with maturities of less than one year increased 31.8% from June during the annual peak season for note issuance. Overall municipal volumes are up 11.9% year over year.

Among top state issuers, New York, Texas and California were the most active in July. New York's total increased by 10% month over month, Texas' tally jumped 18% and California-based issues fell 32% in July. New Jersey and Pennsylvania round out the month's top five.

 

Requests for international equity and debt CUSIPs were mixed in July. International equity CUSIP requests were down 38.5% versus June, but are still up on a year-over-year basis. International debt CUSIPs increased 7.8% on a monthly basis and declined 5.7% on a year-over-year basis.

While annualized volumes are still telling a story of relatively healthy capital markets, this one-month slowdown in request volume is something market participants may want to watch for any further signs of lower issuance in the second half of the year.

To see interactive graphs for all July CUSIP request volumes by asset class, access the full report. Sign up here to receive CUSIP Global Services’ monthly Issuance Trends reports as soon they’re released.

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CUSIP Global Services’ July 2020 Issuance Trends Report

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