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CUSIP Identifier Requests for New U.S. Corporate Debt Surge in January

Highlights

After CUSIP request activity quieted in December, we wondered if the muted volumes that capped off 2019 would carry over to the start of 2020.

CUSIP Global Services data shows that CUSIP requests for most asset classes fell month over month, but many January 2020 totals outpaced their year-ago figures.

January CUSIP identifier requests for U.S.- and Canada-issued equity and debt increased 3.2% on a year-over-year basis. The jump was driven by a 54.6% surge in requests for new U.S. corporate debt identifiers.

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Whether it was the result of early holiday celebrations or broader market movements, CUSIP request activity quieted in December. In our blog recapping last month’s stats, we wondered if the muted volumes that capped off 2019 would carry over to the start of 2020. CUSIP Global Services data shows that CUSIP requests for most asset classes fell month over month, but many January 2020 totals outpaced their year-ago figures.

CUSIP identifier requests for the broad category of U.S.- and Canada-issued equity and debt totaled 4,328 in January, up 3.2% on a year-over-year basis. The increase was driven by a 54.6% surge in requests for new U.S. corporate debt identifiers. On a month-over-month basis, however, request volume in the corporate sector was down 2.9% from December 2019 totals, dragged down by declines in requests for short- and long-term certificates of deposit and Canadian corporate securities.

Corporate CUSIPs – Processed and Billed Requests

Source: CUSIP Global Services

* 2019 request totals reflect the year-to-date totals as of this point one year ago

** U.S. & Canada totals reflect requests for both equity and debt identifiers.

Municipal CUSIP requests followed a similar pattern, with year-over-year request volume for the aggregate total of all municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – rising 26.6% versus January 2019. However, total municipal CUSIP request volume for January 2020 was down 5.5% compared to December 2019.

Municipal CUSIPs – Processed and Billed Requests

Source: CUSIP Global Services

The data shows pockets of very strong CUSIP request volume emerging in specific asset classes, most notably in corporate debt. It’s worth noting that there is some volatility in the numbers, with other asset classes such as international debt and equity and some municipal categories still making outsized month-to-month moves.

Requests for new international debt and equity CUSIP International Numbers (CINS) were mixed in December. International equity CUSIP requests decreased 9.9% from the January 2019 level, but increased 10.5% on a month-over-month basis. International debt CUSIPs climbed 66.3% year over year and 62.4% month over month. Private placements requests in January 2020 dropped markedly from the year-over-year and month-over-month level.

International & Private Placement CUSIPs – Processed and Billed Requests

Source: CUSIP Global Services

*** Private Placement Note identifiers are assigned for non-public instruments purchased by insurance companies.

To see all CUSIP request volumes by asset class from January, access the complimentary CUSIP Global Services report. To receive the monthly Issuance Trends report as soon they’re released, sign up here.

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Despite Fewer CUSIP Requests in December, Overall Total Increased Year Over Year

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The Advanced A to Z of CUSIP

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