NORWALK, Conn., July 24, 2024 (GLOBE NEWSWIRE) -- CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for June 2024. 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 slowdown in request volume for new corporate and municipal identifiers.
North American corporate requests totaled 6,561 in June, which is down 10.9% on a monthly basis. On a year-over-year basis, North American corporate requests closed the month up 8.6%. The monthly volume decline was driven by a 20.5% decrease in request volume for U.S. corporate equity, a 15.1% decrease in request volume for U.S. corporate debt and a 6.5% decrease in volume for Canadian corporate securities. Request volumes for short-term certificates of deposit (-2.9%) and longer-term certificates of deposit (-4.2%) also slowed in June.
The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – fell 5.0% versus May totals. On a year-over-year basis, overall municipal volumes are up 8.5%. New York led state-level municipal request volume with a total of 217 new CUSIP requests in June, followed by Texas (133) and California (96).
“After generally strong volumes for the first five months of the year, June brings us a slowdown in CUSIP request volumes across both corporate and municipal asset classes,” said Gerard Faulkner, Director of Operations for CGS. “Notably, we see double-digit declines in request volumes in U.S. corporate equity and debt, and a slowdown across both short- and longer-term certificates of deposit, which could be a signal of a change in the economic cycle.”
Requests for international equity CUSIPs fell 6.5% in June and international debt CUSIP requests fell 15.5%. On an annualized basis, international equity CUSIP requests are down 3.4% and international debt CUSIP requests are up 111.4%.
To view the full CUSIP Issuance Trends report for June, please click here.
Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through June 2024:
Asset Class | 2024 YTD | 2023 YTD | YOY Change | |
International Debt | 2,955 | 1,398 | 111.4 | % |
Long-Term Municipal Notes | 295 | 201 | 46.8 | % |
U.S. Corporate Debt | 12,685 | 10,185 | 24.5 | % |
Canada Corporate Debt & Equity | 3,057 | 2,496 | 22.5 | % |
Private Placement Securities | 1,983 | 1,649 | 20.3 | % |
U.S. Corporate Equity | 5,713 | 4,760 | 20.0 | % |
Syndicated Loans | 1,332 | 1,169 | 13.9 | % |
Municipal Bonds | 4,747 | 4,419 | 7.4 | % |
Short-Term Municipal Notes | 529 | 519 | 1.9 | % |
International Equity | 739 | 765 | -3.4 | % |
CDs > 1-year Maturity | 4,268 | 4,610 | -7.4 | % |
CDs < 1-year Maturity | 5,045 | 6,083 | -17.1 | % |
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 $23.7 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $18.8 trillion in deposits and extend $12.5 trillion in loans.
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