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Requests for Municipal and Corporate CUSIPs Surge in June

Highlights

CUSIP request volumes for corporate and municipal issuers moved notably higher in June.

Corporate requests increased thanks in part to a surge in new equity identifiers.

June was the third straight month with continued signs of healthy liquidity in the municipal bond market, a clear indication that municipal borrowers are entering the market in a big way.

CUSIP request volumes for corporate and municipal issuers surged in June. It was the third-straight monthly gain in CUSIP requests for municipal securities and the first monthly gain since April for corporate issuers.

North American corporate requests totaled 5,072 in June 2020, up 17.3% from May. Corporate CUSIP requests are up 9.1% year over year. The June 2020 increase was driven by a 38.8% monthly jump in requests for corporate equity identifiers and a 15.5% monthly rise in requests for corporate debt identifiers. The June surge in corporate requests followed a significant 31.9% decline in request volume in May.

Municipal volumes continued to surge for the third straight month. The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – climbed 14.7% versus May, and 7.6% on a year-over-year basis.

Among top state issuers, New York, Texas and California were the most active in June. New York's total increased by more than 92% month over month. Pennsylvania and Wisconsin round out June's top five.

 

Requests for international equity and debt CUSIPs both grew in June for the second straight month. International equity CUSIP requests increased by a significant 60.0% versus May and 106.9% on a year-over-year basis. International debt CUSIPs increased 2.4% on a monthly basis and declined 5.9% on a year-over-year basis.

We’ve been seeing continued signs of healthy liquidity in the municipal bond market for three straight months now, which is a clear indication that municipal borrowers are entering the market in a big way. The corporate market has been more volatile throughout the COVID-19 crisis, but we may now be seeing signs of pent-up demand, particularly in corporate equities, where we’re tracking a surge in volume for new equity CUSIPs.

To see interactive graphs for all June 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.

Download CUSIP Global Services’ June 2020 Issuance Trends Report

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