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Issuance Trends

  • NEW YORK, NY
    MARCH 13, 2020

    Corporate Equity and Municipal Debt CUSIP Request Volumes Climb Higher

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  • NEW YORK, NY
    MARCH 13, 2020

    Data through February Shows Strong Volume of Pre-Market Activity

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NEW YORK, NY
FEBRUARY 13, 2020

CUSIP Request Volume for New U.S. Corporate Debt Identifiers Surges in January

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for January 2020. 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 significant year-over-year surge in request volume for new corporate and municipal identifiers. On a monthly basis, however, CUSIP request volume trended down in January across most major asset classes.
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NEW YORK, NY
FEBUARY 13, 2020

Municipal Volumes Increase Year over Year

“So far this year, we’re starting to see pockets of very strong CUSIP request volume emerge in specific asset classes, most notably in corporate debt,” said Gerard Faulkner, Director of Operations for CUSIP Global Services. “There is some volatility in the data, however, with other asset classes such as international debt and equity and some municipal categories still making big month-to-month moves.”
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NEW YORK, NY
JANUARY 15 2020

Municipal CUSIP Request Volume Increased 15% in 2019

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for December 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 significant year-over-year surge in request volume for new municipal identifiers. On a monthly basis, however, CUSIP request volume trended down in December across most major asset classes.
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NEW YORK, NY
JANUARY 15, 2020

December Volumes for Municipal and Corporate Security Identifiers Trend Down

“The overall volume of municipal and corporate identifier requests was strong in 2019, driven by a combination of a favorable interest rate environment and a generally strong economy,” said Gerard Faulkner, Director of Operations for CUSIP Global Services. “As we turn the corner to 2020, our CUSIP issuance indicator appears to be signaling some caution on the part of market participants, but it is still early.”
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NEW YORK, NY
DECEMBER 9, 2019

CUSIP Request Volume for Corporate and Municipal Debt Ebbs in November

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for November 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 monthly decreases in CUSIP request volumes for corporate and municipal debt and a slight increase in requests for corporate debt identifiers in November.
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NEW YORK, NY
DECEMBER 9, 2019

16% Monthly Decline in Muni Requests Puts Crimp in Robust 2019 Issuance

“The low interest rate environment has spurred historically high volumes of new security issuance across several key asset classes this year,” said Gerard Faulkner, Director of Operations for CUSIP Global Services. “While the November slowdown in muni issuance will likely take us off track for a record-setting year in 2019, we’re still seeing significant volumes on the whole this year.”
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NEW YORK, NY
NOVEMBER 12, 2019

Municipal CUSIP Request Volume Surges in October

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for October 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 significant increases in CUSIP request volume for municipal debt and a slight decline in requests for corporate debt identifiers in October.
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NEW YORK, NY
NOVEMBER 11, 2019

34% Monthly Increase in Muni Requests Puts Year-to-Date Volume on Record Pace

“The favorable interest rate environment for debt issuers has put municipal bond CUSIP request volume on pace for a record year,” said Gerard Faulkner, Director of Operations for CUSIP Global Services. “While we have seen some month-to-month volatility in the municipal bond category over the course of 2019, the general trend for the first three quarters has been toward steady growth.”
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NEW YORK, NY
OCTOBER 9, 2019

CUSIP Request Volume Sends Mixed Signals for Corporate and Municipal Debt Issuance

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for September 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 increases in CUSIP request volume for corporate debt and decreases in request volume for municipal debt in September.
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NEW YORK, NY
OCTOBER 10, 2019

Corporate Debt Volumes Rise in September While Muni Volumes Slow

“The significant monthly growth in requests for new corporate debt identifiers in September is noteworthy,” said Gerard Faulkner, Director of Operations for CUSIP Global Services. “While most of this year has been marked by relatively moderate swings in month-to-month request volume volatility, the 38.0% monthly increase in volume for domestic corporate debt identifiers is a sign that corporate issuers are indeed seizing the current interest rate environment to raise capital.”
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NEW YORK, NY
SEPTEMBER 11, 2019

Corporate and Municipal CUSIP Request Volume Bounces Back in August

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for August 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 increases in CUSIP request volume across most major asset classes in August.
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NEW YORK, NY
SEPTEMBER 11, 2019

Widespread Growth in Pre-Market Activity Observed Across Most Major Asset Classes

“While CUSIP request volume has shown some month-to-month volatility across all asset classes so far this year, we’re still seeing a level of pre-market activity consistent with strong issuance volumes,” said Gerard Faulkner, Director of Operations for CUSIP Global Services. “Historically low interest rates are clearly playing some role in this, but global economic volatility is also a factor.”
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NEW YORK, NY
AUGUST 15, 2019

Municipal CUSIP Request Volume Slows, Ending Six-Month Growth Streak

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for July 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 declines in CUSIP request volume across most major asset classes in July.
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NEW YORK, NY
AUGUST 15, 2019

Volume for Corporate and International Asset Classes Mixed in July

“The steady monthly increases in municipal bond CUSIP request volume have ebbed for the first time this year,” said Gerard Faulkner, Director of Operations for CUSIP Global Services. “With interest rates still holding at historic lows, we fully expect municipal issuance activity to maintain a healthy volume, but we will be watching this metric closely in the coming weeks and months.”
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NEW YORK, NY
JULY 10, 2019

Municipal CUSIP Request Volume Increases for Sixth Straight Month

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for June 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 sixth consecutive increase in requests for new municipal debt identifiers, while other major asset classes were flat in June.
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NEW YORK, NY
JULY 10, 2019

Volume for Corporate and International Asset Classes Largely Flat in June

“With the 10-year U.S. Treasury benchmark hovering at around 2%, municipal issuers are clearly taking advantage of the low rate environment to raise new debt,” said Gerard Faulkner, Director of Operations for CUSIP Global Services. “Though activity across most asset classes was muted in June, municipal request volume may continue to increase in the second half of the year.”
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NEW YORK, NY
JUNE 13, 2019

North American Corporate and Municipal CUSIP Request Volume Climbs in May

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for May 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 North American corporate and municipal debt identifiers in May.
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NEW YORK, NY
JUNE 13, 2019

Fifth Straight Month of Muni CUSIP Volume Growth

“Corporate and municipal issuers have been busy over the past few months, clearly taking advantage of the sustained low rate environment to raise new debt,” said Gerard Faulkner, Director of Operations for CUSIP Global Services. “While year-to-date CUSIP request volumes are still in negative territory for several asset classes due to a slower pace in Q1, the recent trend has been toward a significant increase in pre-market activity among North American issuers.”
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NEW YORK, NY
MAY 15, 2019

North American Corporate and Municipal CUSIP Request Volume Climbs in April

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for April 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 North American corporate and municipal debt identifiers in April..
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NEW YORK, NY
MAY 15, 2019

Fourth Straight Month of Muni CUSIP Volume Growth

“The combination of historical low interest rates with a relatively strong economy is supporting a steady volume of new security issuance activity by both corporate and municipal issuers,” said Gerard Faulkner, Director of Operations for CUSIP Global Services. “We are still seeing a good amount of month-to-month volatility in our CUSIP indicator, however, which suggests that sentiment could shift quickly in response to geopolitical and economic trends.”
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NEW YORK, NY
APRIL 11, 2019

Municipal CUSIP Request Volume Climbs for Third Straight Month

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.
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NEW YORK, NY
APRIL 11, 2019

Corporate Volume Down in March and for the Year

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.
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NEW YORK, NY
MARCH 12, 2019

CUSIP Request Volume for Corporates and Municipals Increases

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for February 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 corporate and municipal debt identifiers, while requests for international security identifiers declined in February.
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NEW YORK, NY
MARCH 12, 2019

International Volumes Decline in February

“It should come as little surprise that issuers of corporate and municipal debt are continuing to seize the opportunity presented by the current low interest rate environment to raise new capital,” said Gerard Faulkner, Director of Operations for CUSIP Global Services. “While volumes have been relatively strong so far this year, we do expect continued volatility as interest rates start to rise and geopolitical uncertainty persists.”
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NEW YORK, NY
FEBRUARY 13, 2019

CUSIP Request Volume Sends Mixed Signals to Kick Off 2019

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for January 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 significant year-over-year volume decreases in requests for new corporate identifiers and significant year-over-year increases in requests for new municipal identifiers.
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NEW YORK, NY
FEBRUARY 13, 2019

Corporate CUSIP Volume Trends Down While Municipal Volume Rises

"Uncertainty over the future of interest rates has been visible in CUSIP request volume for the past several months and appears to be continuing into 2019," said Gerard Faulkner, Director of Operations for CUSIP Global Services. "Overall, volumes are healthy as we kick off the new year, but we expect to continue to see continued swings in volume in the face of ongoing economic and geopolitical uncertainty."
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NEW YORK, NY
JANUARY 10, 2019

CUSIP Request Volume Dips in December

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.
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NEW YORK, NY
JANUARY 10, 2019

Monthly Decline in New Issuance Requests Drags Down Full Year 2018 Volumes

"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."
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NEW YORK, NY
DECEMBER 11, 2018

CUSIP Request Volume Mixed in November, Suggesting Possible Divergence in Corporate and Municipal Issuance Activity over Next Quarter

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for November 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 monthly increases in domestic corporate issuance, while requests for municipal and international identifiers declined in November. This is suggestive of a possible slowdown in the pace of new issuance activity in the first quarter of the New Year.
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NEW YORK, NY
DECEMBER 11, 2018

Municipal Request Volume Declines while Corporate Volume Increases on Month-to-Month Basis

"Uncertainty over the future of interest rates is clearly starting to show up in the CUSIP data set, particularly as we start to see some volatility in the monthly activity," said Gerard Faulkner, Director of Operations for CUSIP Global Services. " While the Fed has signaled that it will raise rates again in December, it is not yet clear what's in store for 2019, so we expect to continue to see a fair amount of volatility in our monthly CUSIP request volumes."
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NEW YORK, NY
NOVEMBER 13, 2018

CUSIP Request Volume Rebounds in October, Suggesting Possible Increase in Debt and Equity Issuance in Q4

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for October 2018. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity, found across-the-board increases in monthly request volume for new municipal, corporate equity and corporate debt identifiers in October. This is suggestive of an increase in new security issuance.
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NEW YORK, NY
NOVEMBER 13, 2018

Municipal, Corporate Equity and Corporate Debt Pre-Market Activity Climbs Following September Slump

"CUSIP request volume for October is consistent with the trend toward increased levels of capital markets activity we've been seeing throughout most of the second half of the year," said Gerard Faulkner, Director of Operations for CUSIP Global Services. " While we did see a great deal of volatility in the CUSIP indicator in the early months of 2018, current readings suggest we'll see a relatively healthy volume of new securities issuance as we make our way through the fourth quarter."
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NEW YORK, NY
OCTOBER 10, 2018

CUSIP Request Volume Ebbs in September, Tapping Brakes on Record Pace of Issuance Activity

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for September 2018. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity, found 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.
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NEW YORK, NY
OCTOBER 10, 2018

Municipal, Corporate Equity and Corporate Debt Pre-Market Activity Slows from Record Highs Reached in August

"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 U.S. 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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NEW YORK, NY
SEPTEMBER 12, 2018

CUSIP Request Volume Reaches Record High in August, Signaling Growth New Security Issuance

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for August 2018. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity, found across-the-board growth in monthly request volume for new municipal, corporate equity and corporate debt identifiers in August. This is suggestive of a strong pace of new security issuance.
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NEW YORK, NY
SEPTEMBER 12, 2018

Municipal, Corporate Equity and Corporate Debt Pre-Market Activity Roars Back from July Slowdown

"Issuers of new securities ignored the summer doldrums in August, driving a significant month-over-month surge in CUSIP request volume in every major asset class," said Gerard Faulkner, Director of Operations for CUSIP Global Services. "The fact that this volume was so robust at a time when - seasonally speaking - we tend to see slower request volume for new CUSIPs suggests that there is a great deal of pent-up demand for new securities issuance across corporate debt and equity issuers and municipalities."
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NEW YORK, NY
AUGUST 8, 2018

CUSIP Request Volume Ebbs in July, Signaling Slowdown in New Security Issuance

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for July 2018. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity, found across-the-board declines in monthly request volume for new municipal, corporate equity and corporate debt identifiers in July. This is suggestive of a possible slowdown in new security issuance.
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NEW YORK, NY
AUGUST 8, 2018

Municipal, Corporate Equity and Corporate Debt Pre-Market Activity Slows

CUSIP identifier requests for the broad category of U.S. and Canadian corporate offerings, which includes both equity and debt, totaled 4,197 in July, down 16.6% from June. On a year-over-year basis, corporate identifier request volume through July 2018 is 2.8% higher than the same period in 2017. The monthly decline in corporate request volume was driven by a 19.2% decrease in requests for corporate debt identifiers and an 11.1% decrease in requests for corporate equity identifiers.
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NEW YORK, NY
JULY 11, 2018

Municipal CUSIP Request Volume Climbs for Fourth Straight Month

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for June 2018. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity, found a fourth straight monthly increase in requests for new municipal bond identifiers, while CUSIP request volume for corporate equity and debt decreased in June. This is suggestive of steady improvement in municipal issuance and continued volatility in corporate issuance for the second half of 2018.
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NEW YORK, NY
JULY 11, 2018

Corporate Equity and Debt Issuance Decline in June

"Municipal issuers have driven CUSIP request volume to a level we haven't seen since November of last year," said Gerard Faulkner, Director of Operations for CUSIP Global Services. "The increase is likely driven by a combination of pent up demand and a desire to secure funding before the Federal Reserve raises interest rates again."
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NEW YORK, NY
JUNE 7, 2018

Municipal CUSIP Request Volume Climbs to Pre-Tax Cuts & Jobs Act Levels

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for May 2018. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity, found a third straight monthly increase in requests for new municipal bond identifiers. CUSIP request volume for U.S. and international corporate securities also surged in May. This is suggestive of an increased pace of new securities issuance in the second and third quarter of 2018.
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NEW YORK, NY
JUNE 7, 2018

Municipal Issuers Log Third Straight Month of Increased Pre-Trade Activity

"Municipal issuers have driven CUSIP request volume to a level we haven't seen since November of last year," said Gerard Faulkner, Director of Operations for CUSIP Global Services. "The increase is likely driven by a combination of pent up demand and a desire to secure funding before the Federal Reserve raises interest rates again."
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NEW YORK, NY
MAY 10, 2018

Municipal Issuers Log Second Straight Monthly increase in New CUSIP Request Volume

CUSIP Global Services (CGS) today announced the release of the CUSIP Issuance Trends report for April found a second straight monthly increase in requests for new municipal bond identifiers, while CUSIP request volume in other asset classes declined. This is suggestive of steady pace of new municipal issuance and a possible decline in corporate issuance in the second quarter of 2018.
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NEW YORK, NY
MAY 10, 2018

Pre-Trade Activity in Municipal Bond Market Springs Back to Life

"The CUSIP request volume we're seeing in April in the municipal category is noteworthy because it shows that the large increase we saw last month was not a fluke," said Gerard Faulkner, Director of Operations for CUSIP Global Services. "The increase is likely driven by a combination of factors that include the desire of many municipalities to get new issues funded before further interest rate increases, and basic funding needs."
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NEW YORK, NY
APRIL 22, 2018

Municipal Bonds Lead Surge in CUSIP Volume, Signaling Growth in New Issuance

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for March 2018. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity, found a monthly increase in volume of CUSIP requests for new corporate equities and debt and municipal bonds. This is suggestive of strong pace of new corporate and municipal issuance in the second quarter of 2018.
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NEW YORK, NY
APRIL 22, 2018

Pre-Trade Activity in Corporate and Municipal Bond Markets Show Big Gains in March

"The big story this month is the strong growth we're seeing in requests for new muni identifiers," said Gerard Faulkner, Director of Operations for CUSIP Global Services. "While March typically has a higher volume of muni issuance than January and February, this increase in demand for new muni identifiers is noteworthy following the declines we've been seeing ever since the Tax Cuts and Jobs Act was passed."
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NEW YORK, NY
FEBRUARY 22, 2018

CUSIP Request Volume Signals Strong Start to New Year for Equity Issuance

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for January 2018. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity, found an increase in CUSIP request volume for new U.S. corporate equities and debt, but sharp decreases in the municipal bond market. This is suggestive of as strong pace of new corporate issuance and a slowdown in new muni issuance in the early weeks of 2018.
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NEW YORK, NY
FEBRUARY 22, 2018

Municipal Volumes Trending Down Following Tax Reform

"We're still seeing fallout from the Tax Cuts & Jobs Act in our muni request volumes," said Gerard Faulkner, Director of Operations for CUSIP Global Services. "While lawmakers are currently reviewing a new bill that would restore the tax exemption for advance refunding bonds, for now, the marketplace is reacting to the tax reform by dramatically curtailing their pre-trade activity."
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NEW YORK, NY
JANUARY 22, 2018

CUSIP Request Volume Signals Strong Start to New Year for Equity Issuance

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for December 2017. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity, found an increase in CUSIP request volume for equities and municipal bonds this month. This is suggestive of an increased pace of new equity issuance in the early weeks of 2018.
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NEW YORK, NY
JANUARY 22, 2018

Spurred by Tax Reform, Municipalities Raced to Issue New Debt in December

"A great deal of the end-of-year surge in municipal identifier requests was driven by the crush of issuers racing to raise capital ahead of tax reform," said Gerard Faulkner, Director of Operations for CUSIP Global Services. " Now that we see that the final version of the bill preserves the tax exemption on private activity bonds, we expect muni request volumes to move back into a more normalized range."
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NEW YORK, NY
DECEMBER 13, 2017

CUSIP Request Volume Reverses Course, Signals Upswing in New Corporate and Muni Bond Issuance

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for November 2017. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity, found across-the-board increases in CUSIP request volume for corporate and municipal debt this month. This is suggestive of an increased pace of new security issuance in the final weeks of 2017 and into the New Year.
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NEW YORK, NY
DECEMBER 13, 2017

Tax Reform Proposals Spur End-of-Year Surge in Muni Volume

"This year has been marked by a fair amount of month-to-month volatility in new CUSIP request volume as issuers have hewed closely to central bank and market sentiment when it comes to raising new securities offerings," said Richard Peterson, Senior Director, S&P Global Market Intelligence. " Now, as 2017 draws to a close, with potentially significant tax reforms looming and interest rates still relatively low, issuers are ramping up issuance to take advantage of the current favorable environment."
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NEW YORK, NY
NOVEMBER 13, 2017

CUSIP Request Volume Signals Sluggish Pace of Corporate and Muni Bond Issuance

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for October 2017. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity, found mixed results this month. Pre-trade requests for new corporate debt identifiers decreased in October, while requests for new corporate equity and municipal bond identifiers saw some increases. This is suggestive of a continued sluggish pace of new security issuance in the fourth quarter of 2017.
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NEW YORK, NY
NOVEMBER 13, 2017

Mixed Results in Pre-Trade Market Highlight Continued Caution Among Issuers

"There is an alchemy to new security issuance that involves equal parts macroeconomics, politics, and routine funding needs of corporations and municipalities," said Richard Peterson, Senior Director, S&P Global Market Intelligence. " As those three variables continue to fluctuate over the course of the year, we're seeing those same undulations in the pre-trade market where issuers are readying new instruments to bring to market. We expect that general sense of cautiousness to pervade new issuance activity for the near-term."
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NEW YORK, NY
OCTOBER 13, 2017

CUSIP Request Volume Signals Slowdown in Q4 Corporate Equity and Muni Bond Issuance

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for September 2017. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity, found mixed results this month. Pre-trade requests for new municipal bond and corporate equity identifiers decreased in September, while requests for new corporate debt identifiers increased during the month. This is suggestive of a possible decrease in new municipal bond and corporate equity issuance and an increase in new corporate debt issuance in the fourth quarter of 2017.
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NEW YORK, NY
OCTOBER 13, 2017

Pre-Trade Municipal Bond Activity Shows Highest Monthly Volumes of 2017

"New security issuers are clearly watching interest rates closely as pre-market issuance activity continues to rise and fall in tandem with expectations for another Fed rate move," said Richard Peterson, Senior Director, S&P Global Market Intelligence. "Given the current level of geopolitical and market uncertainty, this kind of volatility in CUSIP request volume is to be expected."
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NEW YORK, NY
SEPTEMBER 13, 2017

CUSIP Request Volume Suggest Growth in New Corporate and Muni Bond Issuance

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for August 2017. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity, found increases in the pre-trade market for municipal and corporate bond issues in August. This increased demand for new CUSIP IDs for corporate and municipal bonds is suggestive of a possible increase in new security issuance volume over the coming weeks.
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NEW YORK, NY
SEPTEMBER 13, 2017

After Slowing in July, Pre-Market Corporate and Municipal Bond Activity Heats Up in August

"Market participants are clearly watching interest rates and the broader geopolitical situation to choose their spots to issue new securities optimally," said Richard Peterson, Senior Director, S&P Global Market Intelligence. "Though the vast majority of asset classes are showing growth in new request volume versus last year, we're not seeing the same unbridled enthusiasm that was a hallmark of new issuance volume in 2016."
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NEW YORK, NY
AUGUST 9, 2017

CUSIP Request Volume Ebbs in July Signaling Moderation of New Securities Issuance Push

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for July 2017. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity, found declines in the pre-trade market for municipal and corporate issues in July. This decreased demand for new CUSIP IDs for corporate and municipal bonds is suggestive of a possible slowdown in new security issuance volume over the coming weeks.
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NEW YORK, NY
AUGUST 9, 2017

Pre-Market Corporate and Municipal Bond Activity Slows in July Following Two Straight Months of Rapid-Fire Growth

"The on-again/off-again nature of CUSIP request volume over the past several months is indicative of the cautious optimism we're seeing reflected in market psychology," said Richard Peterson, Senior Director, S&P Global Market Intelligence. "Market participants still see opportunities to raise new capital, but they are also dialing it back as they continue to watch the interest rate situation and overall market behavior for signs of opportunity."
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NEW YORK, NY
JULY 17, 2017

CUSIP Requests Stay Strong in June Signaling Growth in New Securities Issuance

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for June 2017. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity, found a surge in the pre-trade market for municipal issues while overall corporate requests increased despite a slight decline in equity and debt issuance in June. This increased demand for new CUSIP IDs for corporate and municipal bonds is suggestive of a possible uptick in new security issuance volume over the coming weeks.
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NEW YORK, NY
JULY 17, 2017

Pre-Trade Municipal Bond Activity Shows Highest Monthly Volumes of 2017

"Despite some month-to-month choppiness in CUSIP request volume, overall, we're seeing every indication that 2017 is shaping up to be a year of healthy new security issuance volume," said Richard Peterson, Senior Director, S&P Global Market Intelligence. "When all is said and done, we may be down a few notches in some asset classes and up in others, but the big picture outlook is for a strong volume of issuance in the coming weeks and months."
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NEW YORK, NY
JUNE 17, 2017

CUSIP Requests Surge in May Signaling Growth in Corporate and Muni Bond Issuance

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for May 2017. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity, found a surge in the pre-trade market for corporate and municipal bonds in May. This increased demand for new CUSIP IDs for corporate and municipal bonds is suggestive of a possible uptick in new security issuance volume over the coming weeks.
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NEW YORK, NY
JUNE 17, 2017

Pre-Trade Municipal Bond Activity Shows Highest Monthly Volumes of 2017

"In the big picture, we're seeing very healthy levels of CUSIP request volume, indicative of robust new issuance activity," said Richard Peterson, Senior Director, S&P Global Market Intelligence. "But the path we've been taking to get there has been bumpy with monthly surges in activity followed by slow-downs over the course of the year."
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NEW YORK, NY
MAY 10, 2017

CUSIP Requests Pull Back in April Signaling Possible Slowdown in Corporate and Muni Bond Issuance Volume

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for April 2017. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity, found a slowdown in the pre-trade market for corporate and municipal bonds in April. This reduced demand for new CUSIP IDs for corporate and municipal bonds is suggestive of a possible slowdown in new security issuance volume over the coming weeks.
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NEW YORK, NY
MAY 10, 2017

Decline Follows Two Straight Months of Surging Volume

"We're starting to see a pattern of on-again, off-again volume in new CUSIP requests as issuers juggle a great deal of uncertainty about the macroeconomic environment, the regulatory picture, and market volatility," said Richard Peterson, Senior Director, S&P Global Market Intelligence. "Based on the volume of CUSIP requests that we're currently seeing, the marketplace still sees a window of opportunity in the first half of 2017."
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NEW YORK, NY
APRIL 13, 2017

CUSIP Requests Climb Again in March Signaling Corporate and Muni Bond Surge

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for March 2017. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity, found an uptick in the pre-trade market for corporate and municipal bonds in March. This volume of pre-trade activity in corporate and municipal bond markets is suggestive of future growth in new securities issuance volume.
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NEW YORK, NY
APRIL 13, 2017

Second Straight Volume Increase Suggests Robust Pace of New Issuance in First Half of 2017

"The CUSIP indicator has become a sentiment indicator, continually taking the pulse of new security issuers as they weigh the potential impact of geopolitical and economic uncertainty on the markets," said Richard Peterson, Senior Director, S&P Global Market Intelligence. "Based on the volume of CUSIP requests that we're currently seeing, the marketplace still sees a window of opportunity in the first half of 2017."
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NEW YORK, NY
MARCH 16, 2017

CUSIP Requests Surge in February Signaling Corporate and Muni Bond Bounce

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for February 2017. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity, found a notable uptick in the pre-trade market for corporate and municipal bonds in February, following three straight months of declines.
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NEW YORK, NY
MARCH 16, 2017

Volume Increase Follows Three Straight Months of Waning Demand

"The CUSIP indicator has been suggesting a slowdown in new debt issuance throughout the period of uncertainty surrounding the transfer of power in Washington,"said Richard Peterson, Senior Director, S&P Global Market Intelligence. "While we cannot yet tell whether this month's reversal of that trend is a signal that sentiment is changing or an anomaly, we can say we expect to see a healthy level of new security issuance in the near term."
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NEW YORK, NY
FEBRUARY 13, 2017

CUSIP Requests Show Third Monthly Decline in Corporate and Muni Bond Volume

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for January 2017. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity, found a notable slowdown in the pre-trade market for corporate and municipal bonds for the third straight month in January. Conversely, CUSIP request volume for domestic equity identifiers surged to its highest monthly level in nearly 4 years, reflecting a sharp uptick in a new class of shares issued by mutual funds to comply with the Department of Labor Fiduciary Rule.
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NEW YORK, NY
FEBRUARY 13, 2017

Fiduciary Rule Drives Surge in New Equity Instrument Creation

"At least for the immediate future, all signs appear to be pointing to a slowdown in corporate and municipal debt issuance," said Richard Peterson, Senior Director, S&P Global Market Intelligence. "While that sentiment is reflected in current investor behavior, it will be instructive to watch the CUSIP issuance dataset for any signs of a potential change in the coming weeks and months."
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NEW YORK, NY
JANUARY 12, 2017

CUSIP Request Volume Dips Amid Rising Rates and Post-Election Jitters

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for December 2016. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity, found a notable slowdown in the pre-trade market for corporate securities and municipal bonds for the second straight month of December.
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NEW YORK, NY
JANUARY 12, 2017

Corporate and Municipal Bond Issuers Signal End to New Issuance Party

"The combination of a strong stock market response to the election, a Fed rate rise and collective uncertainty about the transition of power in the White House, it is of little surprise that issuers have signaled a pause during the month of December," said Richard Peterson, Senior Director, S&P Global Market Intelligence. "We will continue to watch the CUSIP indicator as a key temperature gauge for new issuance volume as we head into the New Year."
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