Steady Pace of Corporate Equity & Debt Issuance in Q1

CUSIP Request Volume Signals Steady Pace of Corporate Equity & Debt Issuance in Q1

Municipal Bond Volumes Continue to Trend Down Following Tax Reform

NEW YORK, NY, MARCH 13, 2018 – CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for February 2018. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity, found a steady volume in CUSIP requests for new corporate equities and debt, but sharp decreases in the municipal bond market. This is suggestive of as strong pace of new corporate issuance and a slowdown in new muni issuance in the first quarter of 2018.

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Municipal Bond

CUSIP identifier requests for the broad category of U.S. and Canadian corporate offerings, which includes both equity and debt, totaled 4,242 in February, up 0.7% from January. On a year-over-year basis, that puts total corporate identifier request volume for the first two months of the year 3.7% higher than the same period in 2017. Overall corporate request volume was driven by 967 new requests for U.S. corporate equity identifiers, 808 new requests for U.S. corporate debt identifiers, and 404 requests for combined Canadian corporate debt and equity identifiers.

Municipal CUSIP requests showed light volumes for the second straight month in February. While the aggregate total of all municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – logged a 1.1% increase over January’s activity, municipal bond requests declined 3.0% over the course of the month. On a year-over-year basis, total municipal identifier request volume is down 30% versus the same period last year. Municipal bond issuance has been trending downward following the implementation of the Tax Cuts & Jobs Act, which repeals advanced refunding of municipal bonds.

“Pre-trade activity among corporate equity and debt issuers has shown a steady appetite for new capital creation, but the downward trend in municipal request volume cannot be ignored,” said Gerard Faulkner, Director of Operations for CUSIP Global Services. “The stark contrast between what we’re seeing in corporate and municipal markets so far this year underscores the impact that the Tax Cuts & Jobs Act is having in the municipal bond market. With all other market variables being equal, muni issuers have dramatically curbed their volume relative to corporates.”

International debt and equity CUSIP International Numbers (CINS) also fell slightly in February. International equity CINS were down 21.8% during the month, while international debt CINS decreased 17.1% during the month. On a year-over-year basis, international equity requests were up 15.1% and international debt requests were up 19.3%, reflecting continued volatility in international markets.

To view a copy of the full CUSIP Issuance Trends report, please click here.

Following is a breakdown of New CUSIP Identifier requests by asset class year-to-date, through February 2018:


Asset Class 2018 ytd 2017 ytd YOY Change
CDs < 1 yr Maturity 1048 760 37.9%
International Debt 642 538 19.3%

CDs > 1 yr Maturity
1450 1225 18.4%

International Equity



Long Term Municipal Notes 58 54 7.4%
Short Term Municipal Notes 118 122 -3.3%
U.S. & Canada Corporates 4382 4624 -5.2
Private Placement Securities 386 469 -17.7%
Municipal Bonds 1196 1759 -32.0%

About CUSIP Global Services

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 years has helped CGS earn its reputation as a trusted originator of quality identifiers and descriptive data, ensuring that essential front- and back-office functions run smoothly. Relied upon worldwide as the industry standard provider of reliable, timely reference data, CGS is also a founding member and co-operates the Association of National Numbering Agencies (ANNA) Service Bureau, a global security and entity identifier database for over 34 million public and privately traded instruments, contributed by 92 national numbering agencies and 27 partner agencies representing 255 different countries. CGS is managed on behalf of the American Bankers Association (ABA) by S&P Global Market Intelligence, with a Board of Trustees that represents the voices of leading financial institutions. For more information, visit

About The American Bankers Association

The American Bankers Association represents banks of all sizes and charters and is the voice for the nation’s $13 trillion banking industry and its 2 million employees.  Learn more at