Info-Graphs

CUSIP Request Volume Signals Sluggish Pace Of Corporate & Muni Issuance

CUSIP identifier requests for the broad category of U.S. and Canadian corporate offerings fell slightly, by 0.2%, and this was largely due to a drop of 19% in new corporate debt identifiers. On the other hand, corporate equity identifiers went up by 36%. Demand for new CUSIPs for both corporate debt and equity offerings are up 20% over the same period in 2016.

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Municipal CUSIP requests increased in October, going up by 9% from September. On a year-over-year basis, however, municipal request volume was down 25% through the end of October 2017.

October Activity

The start of the fourth-quarter delivered some mixed results for CUSIP activity suggesting a possible clouded picture for near-term underwriting. According to CUSIP Global Services, 4,114 corporate orders were processed in October compared to 4,121 orders in September. October’s total corporate CUSIP orders ranked as the second lowest monthly count this year and marked the fourth consecutive monthly decline in identifier requests. Last month’s CUSIP activity for domestic corporate equity orders rose to 1,093 from 806 in the previous month. Meanwhile, domestic corporate debt CUSIP orders dropped last month to 886 from 1095 in September. That was the slowest number of orders since July when 715 requested were processed.

Total municipal offerings CUSIP requests increased to 1,219 last month compared to September’s count of 1,147. Municipal bond CUSIP orders in October saw 1,018 orders, up from September’s count of 934. Long term muni note CUSIP requests fell to 44 last month compared to 52 in September. Short term muni note CUSIP demand also dropped last month as 107 orders took place compared to 115 in September. Through October 2017, total municipal security CUSIP orders for all asset classes was 12,448, down 21% from year ago results of 15,739 orders.

International equity CUSIP orders were essentially flat last month as October saw 170 orders compared to 168 in September. International debt CUSIP demand rose as 373 requests were recorded last month compared to 330 in September. Meanwhile, PPN CUSIP orders also advanced as 268 requests occurred compared to September’s total of 2014.

Please continue to find the latest details and analysis on CUSIP activity for 2017 at www.cusip.com

Corporate CUSIPs/ Processed and Billed Requests

Corporate And Muni Bond Issuance

CORPORATE SECURITIES CUSIP ORDERS for August saw 4,114 corporate orders were processed and billed in October compared to 4,121 orders in September. October’s total corporate CUSIP orders ranked as the second lowest monthly count this year and marked the fourth consecutive monthly decline in identifier requests. Last month’s CUSIP activity for domestic corporate equity orders rose to 1,093 from 806 in the previous month. Meanwhile, domestic corporate debt CUSIP orders dropped last month to 886 from 1095 in September. That was the slowest number of orders since July when 715 requested were processed.

Municipal CUSIPs/ Processed and Billed Requests

Corporate And Muni Bond Issuance

MUNICIPAL SECURITY CUSIP increased to 1,219 last month compared to September’s count of 1,147. Municipal bond CUSIP orders in October saw 1,018 orders, up from September’s count of 934. Long term muni note CUSIP requests fell to 44 last month compared to 52 in September. Short term muni note CUSIP demand also dropped last month as 107 orders took place compared to 115 in September. Through October 2017, total municipal security CUSIP orders for all asset classes was 12,448, down 21% from year ago results of 15,739 orders

International & Private Placement CUSIPs/ Processed and Billed Requests

Corporate And Muni Bond Issuance

ORDERS FOR INTERNATIONAL EQUITY CUSIPS were essentially flat last month as October saw 170 orders compared to 168 in September. International debt CUSIP demand rose as 373 requests were recorded last month compared to 330 in September In total, 4,961 CUSIPs have been requested up 21% from year ago results of 4,105. Meanwhile, PPN CUSIP orders also advanced last month as 268 requests occurred compared to September’s total of 2014. For 2017, PPN CUSIP demand though the end of October, increased 9% from year ago results as 2,501 orders were sought compared to 2,294 a year ago.

About CUSIP Trends

CUSIP Trends Global Issuance Report is a monthly compilation of new securities issuance trends and insights compiled by CUSIP Global Services (CGS), the world leader in financial instrument identification. Each report provides an analysis of securities issuance activity on a sector- by-sector, asset class-by-asset class and regional basis, offering an early indicator of nascent market trends and burgeoning hot spots of new capital creation.

Data for the report comes from the CGS database, which contains issuer, issue and entity identifiers, standardized descriptions and related data for more than 26 million securities, IPOs, preferred stock, funds, CDs and competitive/negotiated deals. CGS is managed on behalf of the American Bankers Association by S&P Global Market Intelligence. For more information, visit www.cusip.com.