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Municipal CUSIP Requests Fall for Second Straight Month

Highlights

CUSIP request volume stabilized for corporate issuers but slowed for municipal issuers in August. This was the second straight month of declining municipal CUSIP request volume.

On a year-over-year basis, overall municipal volumes are up 8.9%, due to a strong pace of issuance throughout the first half of 2020.

Given the highly publicized funding needs of municipalities, the recent slowing of issuance is a trend worth watching.

CUSIP request volume stabilized for corporate issuers but slowed for municipal issuers in August. This was the second straight month of declining municipal CUSIP request volume.

North American corporate requests totaled 4,101 in August 2020, up 0.37% from July. On a year-over-year basis, corporate CUSIP requests are up 4.7%. August volumes were driven by a 2.8% monthly increase in requests for corporate debt identifiers and a 7.6% monthly increase in requests for identifiers for certificates of deposit with maturities longer than one year.

Municipal volumes slowed for a second straight month in August. The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – fell 11.8% versus July. On a year-over-year basis, overall municipal volumes were up 8.9%, due to a strong pace of issuance throughout the first half of 2020.

Corporate and municipal debt issuers continued to access liquidity at a healthy pace throughout the COVID-19 crisis, which is why we’re seeing strong year-over-year CUSIP request volume across several asset classes. Given deceleration of activity in the municipal market and the highly publicized funding needs of municipalities, this is a trend we’re going to watch closely.

Among top state issuers, Texas, New York and California were the most active August – the same top trio from July. Texas' total fell about 2% month over month, New York issues dropped 33% and California's tally increased 12%. New Jersey and Illinois round out the month's top five.

Requests for international equity and debt CUSIPs were mixed in August. International equity CUSIP requests were up 15% versus July, while international debt CUSIPs decreased 19.8% on a monthly basis. Private placement CUSIP orders decreased in August, while requests tied to syndicated loan facilities jumped higher.

To see interactive graphs for all August 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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