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CUSIP Requests Surge in September Led by Higher Corporate and Municipal Totals

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CUSIP Requests Surge in September Led by Higher Corporate and Municipal Totals

Highlights

CUSIP request volume surged significantly in September across both corporate and municipal issuers, reversing a trend of flat-to-declining volumes that defined the previous two months.

North American corporate requests were up 17.4% from August to September, while municipal requests rose 18% month over month.

While we continue to see month-to-month volatility in CUSIP request volume, the overall direction in U.S. corporate and municipal securities continues to trend positive so far this year.

CUSIP request volume surged significantly in September across both corporate and municipal issuers, reversing a trend of flat-to-declining volumes that defined the previous two months.

North American corporate requests totaled 4,816 in September 2020, up 17.4% from August. On a year-over-year basis, corporate CUSIP requests were up 10.5%. September volumes were driven by an 84.9% monthly increase in requests for corporate debt identifiers and an 18.1% monthly increase in requests for corporate equity identifiers.

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Municipal volumes also surged in September. The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – rose 18% versus August. On a year-over-year basis, overall municipal volumes were up 12.6%. Among top state issuers, Texas, New York and California were the most active in September.

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Record low interest rates and lingering fears of a possible liquidity crunch throughout most of this year have not materially slowed the pace of new capital creation in the major fixed income and equity asset classes. While we continue to see month-to-month volatility in CUSIP request volume, the overall direction in U.S. corporate and municipal securities continues to trend positive so far this year.

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Texas was the top state issuer of U.S. municipal securities for the second month in a row, with 170 September issues. New York was right behind Texas with 169 and California came in third with 139. Illinois and New Jersey round out September's top five.

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Requests for international equity and debt CUSIPs were mixed in September. International equity CUSIP requests were down 29.1% versus August. By contrast, international debt CUSIPs increased 66.8% on a monthly basis.

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To see interactive graphs for all September 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

CUSIP Issuance Trends - September 2020

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