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CUSIP Request Volumes for Corporate Securities and Municipal Debt Climb Higher

Highlights

CUSIP Global Services (CGS) has released its CUSIP Issuance Trends report for February 2020

The report found a significant surge in request volume for new corporate equity and municipal debt identifiers.

CUSIP data continues to show strong request volume across most major asset classes through February, but we are not yet seeing what impact the market shock created by the COVID-19 outbreak will have on issuance.

CUSIP Global Services (CGS) has released its CUSIP Issuance Trends report for February 2020. 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 significant surge in request volume for new corporate equity and municipal debt identifiers.

CUSIP identifier requests for the broad category of U.S.- and Canada-issued equity and debt totaled 5,353 in February, up 23.7% from last month and 14.0% on a year-over-year basis. (Year-over-year stats and changes measure the year-to-date totals for 2020 and historical year-to-date totals for 2019.) The increase in volume was driven by a 22.9% monthly increase in requests for new U.S. corporate equity identifiers and a 62.6% monthly increase in requests for Canadian corporate identifiers.

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 request volume increased in February. The aggregate total of all municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – rose 10.8% versus January totals and 23.2% on a year-over-year basis.

Municipal CUSIPs – Processed and Billed Requests

Source: CUSIP Global Services

CUSIP data continues to show strong request volume across most major asset classes through February, but we are not yet seeing what impact the market shock created by the COVID-19 outbreak will have on issuance. We will be monitoring this data closely in the coming weeks.

Requests for international equity and debt CUSIPs were mixed in February. International equity CUSIP requests increased 27.4% versus January and increased 31.7% on a year-over-year basis. International debt CUSIPs decreased 12.1% on a monthly basis and increased 53.7% on a year-over-year basis.

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 February, 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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