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CUSIP Request Volume Signals Steady Pace Of Corporate Equity & Debt Issuance In Q1 - Municipal Bond Volumes Continue To Trend Down Following Tax Reform

Date 13/03/2018

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for February 2018. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity, found a steady volume in CUSIP requests for new 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 first quarter of 2018.

CUSIP identifier requests for the broad category of U.S. and Canadian corporate offerings, which includes both equity and debt, totaled 4,242 in February, up 0.7% from January. On a year-over-year basis, that puts total corporate identifier request volume for the first two months of the year 3.7% higher than the same period in 2017. Overall corporate request volume was driven by 967 new requests for U.S. corporate equity identifiers, 808 new requests for U.S. corporate debt identifiers, and 404 requests for combined Canadian corporate debt and equity identifiers.

Municipal CUSIP requests showed light volumes for the second straight month in February. While the aggregate total of all municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – logged a 1.1% increase over January’s activity, municipal bond requests declined 3.0% over the course of the month. On a year-over-year basis, total municipal identifier request volume is down 30% versus the same period last year. Municipal bond issuance has been trending downward following the implementation of the Tax Cuts & Jobs Act, which repeals advanced refunding of municipal bonds.

“Pre-trade activity among corporate equity and debt issuers has shown a steady appetite for new capital creation, but the downward trend in municipal request volume cannot be ignored,” said Gerard Faulkner, Director of Operations for CUSIP Global Services. “The stark contrast between what we’re seeing in corporate and municipal markets so far this year underscores the impact that the Tax Cuts & Jobs Act is having in the municipal bond market. With all other market variables being equal, muni issuers have dramatically curbed their volume relative to corporates.”

International debt and equity CUSIP International Numbers (CINS) also fell slightly in February. International equity CINS were down 21.8% during the month, while international debt CINS decreased 17.1% during the month. On a year-over-year basis, international equity requests were up 15.1% and international debt requests were up 19.3%, reflecting continued volatility in international markets.

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 February 2018:

Asset Class

2018 ytd

2017 ytd

YOY Change

CDs < 1 yr Maturity




International Debt




CDs > 1 yr Maturity




International Equity




Long Term Municipal Notes




Short Term Municipal Notes




U.S. & Canada Corporates 




Private Placement Securities




Municipal Bonds