CUSIP Request Volume Dips in December

NEW YORK, Jan. 10, 2019 /PRNewswire/ -- CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for December 2018. 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 significant monthly volume decreases in requests for new corporate and municipal identifiers.  

CUSIP identifier requests for the broad category of U.S. corporate offerings, which includes both equity and debt, decreased 25% from November. On a year-to-date basis, corporate identifier request volume through December 2018 is 12.4% lower than 2017 totals.

Municipal CUSIP requests also declined in December. The aggregate total of all municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – saw a 23.8% decrease versus November. On a year-to-date basis, total municipal identifier request volume is down 16.9% versus 2017.

"The second half of 2018 has been marked by a great deal of month-to-month volatility in CUSIP request volume, which is consistent with market uncertainty over the future of interest rates," said Gerard Faulkner, Director of Operations for CUSIP Global Services. "On the whole for 2018, total CUSIP request volumes trended down from the previous year, consistent with new security issuance activity over the course of the year."

Request for new international debt and equity CUSIP International Numbers (CINS) also decreased on an annualized basis in 2018, though the monthly results were mixed in December. International equity CINS were up 4.6% during the month, while international debt CINS fell 51.8% during the month. On a year-over-year basis, international equity requests were down 7.9% and international debt requests were down 3.4%.

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 December 2018:

Asset Class

2018 ytd

2017 ytd

YOY Change

CDs < 1 yr Maturity

8679

6677

30.0%

Long Term Municipal Notes

686

581

18.1%

CDs > 1 yr Maturity

9478

8795

7.8%

Private Placement
Securities

3168

3073

3.1%

Short Term Municipal
Notes

1157

1194

-3.1%

International Debt

3801

3936

-3.4%

International Equity

1888

2049

-7.9%

U.S. & Canada
Corporates 

24,947

28,581

-12.7%

Municipal Bonds

10,489

13,019

-19.4%

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.

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SOURCE CUSIP Global Services

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