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Municipal CUSIP Requests Knocked Off of Record Pace by November Decrease

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Municipal CUSIP Requests Knocked Off of Record Pace by November Decrease

Highlights

While the issuance of new security identifiers (CUSIPs, CINS, etc.) can tell the market which companies are dishing out high volumes of new stock, it can also serve as an early indicator of near-term debt and capital markets activity.

Monthly CUSIP request volume was mixed in October, according to CUSIP Global Services’ November Issuance Trends report.

After a 34.2% increase in October, municipal request volumes cooled off in November. Municipal CUSIP requests – including municipal bonds, long-term and short-term notes, and commercial paper – dipped 15.6% last month.

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Municipal CUSIP issuance was on a record-setting pace after a huge surge in October. However, municipal requests decreased in November and the possibility of a new yearly record is in jeopardy. Although muni requests dropped nearly 16% in November, the sector's 2019 total is still outpacing its year-ago figure by 15%.

North American corporate requests – the broad category of equity and debt issued in the U.S. and Canada – increased 8.5% from October to November, driven by a 6.8% jump in requests for domestic corporate equity identifiers and a 26.4% uptick in Canadian corporate identifiers. However, other major North American corporate instruments weren’t as active in November, as U.S. corporate debt requests fell 1.3% month over month. 

Corporate CUSIPs – Processed and Billed Requests

Source: CUSIP Global Services

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

After a 34.2% increase in October, municipal request volumes cooled off in November. Municipal CUSIP requests – including municipal bonds, long-term and short-term notes, and commercial paper – dipped 15.6% last month. Despite the notable drop in November, total municipal CUSIP request volume is still up 14.8% thus far in 2019. Among leading state activity, CUSIP orders for scheduled public finance offerings from Texas issuers were the most active in November with 171.

Municipal CUSIPs – Processed and Billed Requests

Source: CUSIP Global Services

While the November slowdown in muni issuance will likely take us off track for a record-setting year in 2019, there has been historically high volumes of new security issuance across several key asset classes this year. The low interest rate environment has been a key catalyst in this trend.

Subdued activity for international CUSIP requests continued in November as international equity and debt CUSIPs were both lower month over month. International equity CUSIP requests declined 21.5% from October to November 2019 and international debt CUSIPs slid 5.6% during the month. Year-to-date international CUSIP request volume for all international securities is down 24.6% so far in 2019.

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.

Private placement CUSIP orders jumped higher in November, with a total of 314 new orders processed, up from 296 requests last month. On a year-to-date basis, private placement CUSIP requests are up 10.8%.

For the complete details of securities issuance for the month of November and its potential meaning for the capital markets, access the complimentary CUSIP Global Services report.

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CUSIP Issuance Trends – November 2019

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