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Corporate & Municipal CUSIP Request Volumes Climb For Second Straight Month - Corporate Equity And Debt Issuance Up 16%, Municipal Volumes Up 20% In March

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for March 2021. 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 increase in request volume for new corporate and municipal identifiers.


CUSIP identifier requests for the broad category of U.S. and Canadian corporate equity and debt rose 15.5% in March from last month. The monthly increase was driven largely by U.S. corporate equity identifier requests, which increased by 22.7%. On a year-over-year basis, corporate CUSIP requests were down 18.7%, reflecting a significant year-over-year decline in January of 2021.

Monthly municipal volume also increased in March. The aggregate total of all municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – rose 19.5% versus February totals. On an annualized basis, municipal CUSIP identifier request volumes were up 10.0% through March. California led state-level municipal request volume with a total of 128 new CUSIP requests in March, followed by New York with 109 and Texas with 104.

"CUSIP request volumes have been climbing alongside interest rates for the last two months," said Gerard Faulkner, Director of Operations for CGS. "While we expect to see continued volatility in these numbers over the course of the year, it appears issuers are still taking advantage of the current low rate environment to secure financing now."

Requests for international equity and debt CUSIPs both increased in March. International equity CUSIP requests were up 53.2% versus February. International debt CUSIPs increased by 20.3% on a monthly basis.

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

Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through March 2021:

Asset Class

2021 YTD

2020 YTD

YOY Change

International Equity

860

262

228.2%

International Debt

1,370

892

53.6%

Long-Term Municipal Notes

102

67

52.2%

Canada Corporate Debt & Equity

1,301

1,023

27.2%

U.S. Corporate Equity

3,522

2,805

25.6%

Private Placement Securities

927

751

23.4%

Municipal Bonds

2,948

2,618

12.6%

Syndicated Loans

657

612

7.4%

U.S. Corporate Debt

3,394

3,565

-4.8%

Short-Term Municipal Notes

176

203

-13.3%

CDs > 1-year Maturity

936

1,994

-53.1%

CDs < 1-year Maturity

334

1,715

-80.5%

 

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