U.S. Corporate Debt Volumes Decline
NORWALK, Conn., April 12, 2022 (GLOBE NEWSWIRE) — CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for March 2022. 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 increase in request volume for new municipal identifiers, while requests for new corporate identifiers declined slightly on a monthly basis.
Q1 2022 hedge fund letters, conferences and more
North American corporate requests totaled 5,277 in March 2022, which is down 0.8% on a monthly basis. On a year-over-year basis, corporate requests were up 21.7%, reflecting significant volumes in January and February of this year. Requests for U.S. corporate equity identifiers rose 12.8% in March, while request for U.S. corporate debt identifiers declined 23.3% over the same period. Request volume for both short-term and long-term bank issued certificates of deposit continued to rise, with requests for CDs with maturities shorter than one year rising 32.5% and those with maturities longer than one year rising 9.0% this month.
Municipal Request Volumes
Municipal request volume saw a significant monthly increase in March. The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – rose 25.2% versus February totals. On a year-over-year basis, however, overall municipal volumes were down 9.6%. Texas led state-level municipal request volume with a total of 112 new CUSIP requests in March, followed by New York with 86 and California with 82.
“Issuers have continued to drive strong volume across major asset classes as we stare down the prospect of rising interest rates,” said Gerard Faulkner, Director of Operations for CGS. “Given the prospect of rising rates, it should come as little surprise that we’re also seeing third straight month of increasing volume for certificates of deposit. After largely going dormant for the last two years, CDs are definitely staging a comeback.”
Requests for international equity and debt CUSIPs were mixed in March. International equity CUSIP requests were up 27.7% versus February. International debt CUSIPs were down 5.9% on a monthly basis.
To view the full CUSIP Issuance Trends report for March, click here.
Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through March 2022:
| Asset Class | 2022 YTD | 2021 YTD | YOY Change |
| CDs < 1-year Maturity | 624 | 334 | 86.8% |
| CDs > 1-year Maturity | 1,505 | 963 | 60.8% |
| Private Placement Securities | 1,162 | 927 | 25.4% |
| U.S. Corporate Debt | 3,792 | 3,394 | 11.7% |
| Canada Corporate Debt & Equity | 1,254 | 1,301 | -3.6% |
| Municipal Bonds | 2,712 | 2,948 | -8.0% |
| U.S. Corporate Equity | 3,181 | 3,522 | -9.7% |
| International Debt | 1,149 | 1,370 | -16.1% |
| Syndicated Loans | 498 | 657 | -24.2% |
| Long-Term Municipal Notes | 75 | 102 | -26.5% |
| Short-Term Municipal Notes | 130 | 176 | -26.1% |
| International Equity | 469 | 860 | -45.5% |
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 91 national numbering agencies and 25 partner agencies representing 120 different countries. 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 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.
