Municipal CUSIP Request Volume Climbs for Third Straight Month
Corporate Volume Down in March and for the Year
NEW YORK, April 11, 2019 /PRNewswire/ -- CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for March 2019. 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 noteworthy increase in requests for new municipal debt identifiers, while requests for corporate identifiers declined in March.
CUSIP identifier requests for the broad category of U.S.- and Canada-issued equity and debt, decreased 6.8% between February and March. The decline was driven by a 13.2% decrease in requests for U.S. corporate debt identifiers and a 22.2% decrease in request for Canadian security identifiers. On a year-over-year basis, total volume for North American corporates was down 7.1%.
Municipal CUSIP requests increased in March. The aggregate total of all municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – saw a 4.6% increase versus February 2019 and a 13.9% increase on a year-over-year basis. This was the third straight monthly increase in muni request volume.
"Interest rates are holding at historic lows on a global basis and central banks are signaling that they will stay that way for the near term," said Gerard Faulkner, Director of Operations for CUSIP Global Services. "Clearly, that sentiment is weighing on the minds of issuers who are seizing the opportunity to raise new capital, but they are doing so at a fairly measured pace."
Requests for new international debt and equity CUSIP International Numbers (CINS) were both up significantly in March. International equity CINS were up 271.1% versus the previous month, while international debt CINS increased 38.6% during the same period.
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 March 2019:
Asset Class |
2019 ytd |
2018 ytd |
YOY Change |
Private Placement Securities |
886 |
594 |
49.2% |
CDs < 1 yr Maturity |
2236 |
1634 |
36.8% |
Short Term Municipal Notes |
246 |
186 |
32.3% |
Municipal Bonds |
2223 |
1976 |
12.5% |
CDs > 1 yr Maturity |
1947 |
2243 |
-13.2% |
U.S. & Canada Corporates |
5839 |
6633 |
-11.9% |
Long Term Municipal Notes |
85 |
100 |
-15.0% |
International Debt |
721 |
1003 |
-28.1% |
International Equity |
293 |
568 |
-48.4% |
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 www.cusip.com.
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 www.aba.com.
SOURCE CUSIP Global Services
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