NORWALK, Conn., July 13, 2023 (GLOBE NEWSWIRE) — CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for June 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 monthly increase in request volume for new corporate and municipal identifiers.
North American corporate requests totaled 6,795 in June, which is up 4.2% on a monthly basis. On a year-over-year basis, North American corporate requests closed the month up 21.0% over year ago totals. The increase was driven by a 7.7% monthly uptick in requests for longer-term certificates of deposit (CDs), with maturities of one year or more, and a 1.2% increase in requests for shorter-term CDs, with maturities under one year. Requests for Canadian corporate CUSIPs rose 29.3% this month. Meanwhile, U.S. corporate debt volumes fell 10.2% and U.S. corporate equity volumes fell 8.9%.
Municipal request volume rose this month, largely driven by the seasonal peak in municipal notes issuance tied to municipal fiscal year budgeting. The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – rose 26.7% versus May totals. On a year-over-year basis, overall municipal volumes are down 15.4%. New York led state-level municipal request volume with a total of 199 new CUSIP requests in June, followed by Texas (156) and Wisconsin (90).
“While there is some seasonality reflected in this month’s municipal bond dataset pegged to the annual peak in municipal note issuance, we continue to see overall strong volume in CUSIP request volumes across major U.S. asset classes,” said Gerard Faulkner, Director of Operations for CGS. “The continued growth in CD request volume is also notable, given that our year-over-year comparisons are still topping the historic highs we were seeing at this time last year.”
Requests for international equity CUSIPs rose 2.6% in June while international debt CUSIP requests fell 11.6%. On an annualized basis, international equity CUSIP requests are down 15.0% and international debt CUSIP requests are down 30.8%.
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 2023:
|
Asset Class |
2023 YTD |
2022 YTD |
YOY Change | |
|
CDs < 1-year Maturity |
6,141 |
1,977 |
210.6 |
% |
|
Short-Term Municipal Notes |
548 |
345 |
58.8 |
% |
|
CDs > 1-year Maturity |
4,670 |
3,334 |
40.1 |
% |
|
U.S. Corporate Debt |
10,283 |
8,195 |
25.5 |
% |
|
Syndicated Loans |
1,205 |
1,211 |
-0.5 |
% |
|
Canada Corporate Debt & Equity |
2,496 |
2,713 |
-8.0 |
% |
|
International Equity |
771 |
907 |
-15.0 |
% |
|
Long-Term Municipal Notes |
213 |
252 |
-15.5 |
% |
|
U.S. Corporate Equity |
4,821 |
5,934 |
-18.8 |
% |
|
Municipal Bonds |
4,496 |
5,626 |
-20.1 |
% |
|
Private Placement Securities |
1,674 |
2,267 |
-26.2 |
% |
|
International Debt |
1,414 |
2,043 |
-30.8 |
% |
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.
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.
