CUSIP Request Volumes for New Corporate Securities Slow in August
Municipal Request Volumes Rise
NORWALK, Conn., Sept. 18, 2025 (GLOBE NEWSWIRE) -- CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for August 2025. 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 decrease in request volume for new corporate identifiers, while monthly request volume for new municipal identifiers rose in August.
North American corporate CUSIP requests totaled 7,650 in August, which is down 9.1% on a monthly basis. On an annualized basis, North American corporate requests were up 8.9% over August 2024 totals. The monthly decline was driven by a 4.0% decrease in request volume for new corporate equity identifiers, a 6.5% decrease in request volume for U.S. corporate debt identifiers and an 18.0% decrease in requests for Canadian corporate securities.
The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – rose 5.5% versus July totals. On a year-over-year basis, overall municipal volumes were up 20.4% through the end of August. Texas led state-level municipal request volume with a total of 310 new CUSIP requests in August, followed by New York (181) and California (85).
“It is noteworthy that municipal request volumes reversed course in August, trending positive after two consecutive monthly declines to help push year-over-year municipal requests volumes up over 20% vs. what we saw in the first eight months of 2024,” said Gerard Faulkner, Director of Operations for CGS. “Municipal activity in the state of Texas has played a big role in that surge, with 310 new CUSIP requests made in the month of August alone.”
Requests for international equity CUSIPs fell 6.9% in August and international debt CUSIP requests fell 16.0%. On an annualized basis, international equity CUSIP requests were up 22.8% and international debt CUSIP requests were up 14.1%.
To view the full CUSIP Issuance Trends report for August, please click here.
Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through August 2025:
| Asset Class | 2025 YTD | 2024 YTD | YOY Change |
| U.S. Corporate Debt | 23,017 | 16,424 | 40.1% |
| Long-Term Municipal Notes |
589 | 455 | 29.5% |
| International Equity |
1,223 | 996 | 22.8% |
| Private Placement Securities |
3,536 | 2,889 | 22.4% |
| Municipal Bonds | 7,871 | 6,520 | 20.7% |
| International Debt | 4,645 | 4,072 | 14.1% |
| Canada Corporate Debt & Equity |
4,471 | 4,043 | 10.6% |
| Syndicated Loans | 1,956 | 1,874 | 4.4% |
| U.S. Corporate Equity | 7,798 | 7,743 | 0.7% |
| Short-Term Municipal Notes |
696 | 740 | -5.9% |
| CDs < 1-year Maturity | 6,266 | 6,688 | -6.3% |
| CDs > 1-year Maturity | 5,127 | 5,753 | -10.9% |
About CUSIP Global Services
CUSIP Global Services (CGS) is the global leader in securities identification. 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 plus years has helped CGS earn its reputation as the industry standard provider of reliable, timely reference data. CGS is also a founding member of the Association of National Numbering Agencies (ANNA) and co-operates ANNA’s hub of ISIN data, the ANNA Service Bureau. CGS is managed on behalf of the American Bankers Association (ABA) by FactSet Research Systems Inc., 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 is the voice of the nation’s $25 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $19.7 trillion in deposits and extend $13.1 trillion in loans.
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