Corporate and Municipal CUSIP Request Volumes Decline in January

NORWALK, Conn., Feb. 21, 2025 (GLOBE NEWSWIRE) -- CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for January 2025. 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 monthly decrease in request volume for new corporate and municipal identifiers.

North American corporate CUSIP requests totaled 4,505 in January, which is down 36.9% on a monthly basis. On an annualized basis, North American corporate requests were down 24.2% over January 2024 totals. The monthly decrease in volume was driven by a 32.6% decline in request volume for U.S. corporate debt identifiers. Request volumes for short-term certificates of deposit (-27.1%) and longer-term certificates of deposit (-14.8%) also fell in January.

The aggregate total of identifier requests for new municipal securities ? including municipal bonds, long-term and short-term notes, and commercial paper ? fell 14.1% versus December totals. On a year-over-year basis, overall municipal volumes were up 1.8%. Texas led state-level municipal request volume with a total of 78 new CUSIP requests in January, followed by California and New York, each of which had 59 new municipal CUSIP requests in the first month of the year.

?Monthly CUSIP request volume may appear to be off to a slow start when compared to the strong volumes we saw in the second half of 2024, but most major asset classes are seeing gains versus year-ago totals,? said Gerard Faulkner, Director of Operations for CGS. ?While it?s still early in the year, and there is no shortage of uncertainty about the future of interest rates and the broader economy, issuers are likely to enter the markets at a historically brisk pace.?

Requests for international equity CUSIPs fell 19.5% in January and international debt CUSIP requests rose 14.0%. On an annualized basis, international equity CUSIP requests were down 13.0% and international debt CUSIP requests were up 33.3%.

To view the full CUSIP Issuance Trends report for January, please click here.

Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through January 2025:

Asset Class	2025 YTD	2024 YTD	YOY Change
Long-Term Municipal Notes	37	8	362.5%
Canada Corporate Debt & Equity	562	378	48.7%
International Debt	520	390	33.3%
U.S. Corporate Equity	1,161	914	27.0%
Syndicated Loans	197	173	13.9%
Municipal Bonds	610	579	5.4%
Private Placement Securities	266	253	5.1%
U.S. Corporate Debt	1,605	1,540	4.2%
International Equity	120	138	-13.0%
CDs > 1-year Maturity	539	724	-25.6%
CDs < 1-year Maturity	542	763	-29.0%
Short-Term Municipal Notes	59	86	-31.4%

About CUSIP Global Services

CUSIP Global Services (CGS) is the global leader in securities identification. The financial services industry relies on CGS? unrivaled experience in uniquely identifying instruments and entities to support efficient global capital markets. Its extensive focus on standardization over the past 50 plus years has helped CGS earn its reputation as the industry standard provider of reliable, timely reference data. CGS is also a founding member of the Association of National Numbering Agencies (ANNA) and co-operates ANNA?s hub of ISIN data, the ANNA Service Bureau. CGS is managed on behalf of the American Bankers Association (ABA) by FactSet Research Systems Inc., with a Board of Trustees that represents the voices of leading financial institutions. For more information, visit?www.cusip.com.

About The American Bankers Association

The American Bankers Association is the voice of the nation?s $24.2 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $19.1 trillion in deposits and extend $12.6 trillion in loans.

For More Information:

John Roderick
john@jroderick.com
+1 (631) 584.2200

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Source: CUSIP Global Services