NORWALK, Conn., Jan. 12, 2024 (GLOBE NEWSWIRE) -- CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for December 2023. 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 significant monthly decrease in request volume for new corporate and municipal identifiers.
North American corporate requests totaled 5,396 in December, which is down 8.7% on a monthly basis. On a year-over-year basis, North American corporate requests closed the month up 14.9% over year ago totals. The monthly volume decrease was driven by a 5.9% decline in request volume for corporate debt and a 15.2% decline in requests for Canadian corporate identifiers. December also saw a 4.4% decrease in request volume for short-term certificates of deposit (CDs) with maturities of less than one year, and a 12.1% decline in request volumes for long-term CDs (maturities greater than one year).
Municipal request volume fell sharply in December. The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – fell 33.0% versus November totals. On a year-over-year basis, overall municipal volumes are down 5.6%. New York led state-level municipal request volume with a total of 68 new CUSIP requests in December, followed by Texas (62) and New Jersey (54).
“Much of the monthly decline we’re seeing in December is attributable to seasonality, but some details, such as the sharp drop-off in municipal volumes and the significant decline in CD volumes, are certainly trends to watch as we head into the new year,” said Gerard Faulkner, Director of Operations for CGS. “While corporate CUSIP request volumes have been generally strong all year, and have ended 2023 in positive territory, municipal volumes are down considerably from last year’s totals.”
Requests for international equity CUSIPs fell 22.8% in December while international debt CUSIP requests fell 1.9%. On an annualized basis, international equity CUSIP requests are down 16.3% and international debt CUSIP requests are down 4.1%.
To view the full CUSIP Issuance Trends report for December, please click here.
Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through December 2023:
| Asset Class | 2023 YTD | 2022 YTD | YOY Change |
| CDs < 1-year Maturity | 11,105 | 6,820 | 62.8% |
| Short-Term Municipal Notes | 1,264 | 901 | 40.3% |
| CDs > 1-year Maturity | 9,115 | 6,975 | 30.7% |
| U.S. Corporate Debt | 18,680 | 14,252 | 31.1% |
| Syndicated Loans | 2,771 | 2,425 | 14.3% |
| Canada Corporate Debt & Equity | 5,197 | 5,081 | 2.3% |
| U.S. Corporate Equity | 9,760 | 10,317 | -5.4% |
| Municipal Bonds | 9,319 | 9,993 | -6.7% |
| International Debt | 3,175 | 3,311 | -4.1% |
| International Equity | 1,497 | 1,788 | -16.3% |
| Private Placement Securities | 3,624 | 4,441 | -18.4% |
| Long-Term Municipal Notes | 349 | 525 | -33.5% |
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 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $19.9 trillion in deposits and extend $11.4 trillion in loans.
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