CUSIP requests slow
October 11, 2018
Songquan Deng?Shutterstock

The latest CUSIP (Committee on Uniform Security Identification Procedures) Issuance Trends Report has just been released.

This report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity, found that there were declines in monthly request volume for new municipal, corporate equity and corporate debt identifiers in September. This is suggestive of a possible slowdown in new security issuance, say the report's compilers. 

CUSIP identifier requests for the broad category of US and Canadian corporate offerings, which includes both equity and debt, totalled 4,213 in September, down 21.1 percent from the record volume of CUSIP request activity logged in August. On a year-over-year basis, corporate identifier request volume through September 2018 is 3.5 percent higher than the same period in 2017. 

Municipal CUSIP requests also slowed in September, following a record surge in August. The aggregate total of all municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – saw a 9.6 percent decrease versus August. On a year-over-year basis, total municipal identifier request volume is down 13.2 percent versus the same period last year. 

"The monthly decline we're seeing in CUSIP request volume this September looks dramatic when compared with the significant surge in volume we saw in August, but, the month did follow historically normal volume trends," said Gerard Faulkner, Director of Operations for CUSIP Global Services. "It is notable, however, that the September slowdown coincided with historic high yields on US treasuries, possibly indicating that the rising rate environment will crimp the growth of new security issuance in the months to come." 





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The latest CUSIP (Committee on Uniform Security Identification Procedures) Issuance Trends Report has just been released.

This report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity, found that there were declines in monthly request volume for new municipal, corporate equity and corporate debt identifiers in September. This is suggestive of a possible slowdown in new security issuance, say the report's compilers. 

CUSIP identifier requests for the broad category of US and Canadian corporate offerings, which includes both equity and debt, totalled 4,213 in September, down 21.1 percent from the record volume of CUSIP request activity logged in August. On a year-over-year basis, corporate identifier request volume through September 2018 is 3.5 percent higher than the same period in 2017. 

Municipal CUSIP requests also slowed in September, following a record surge in August. The aggregate total of all municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – saw a 9.6 percent decrease versus August. On a year-over-year basis, total municipal identifier request volume is down 13.2 percent versus the same period last year. 

"The monthly decline we're seeing in CUSIP request volume this September looks dramatic when compared with the significant surge in volume we saw in August, but, the month did follow historically normal volume trends," said Gerard Faulkner, Director of Operations for CUSIP Global Services. "It is notable, however, that the September slowdown coincided with historic high yields on US treasuries, possibly indicating that the rising rate environment will crimp the growth of new security issuance in the months to come." 



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