CUSIP Request Volumes for New Municipal Securities Slow in September

Corporate Request Volumes Flat

NORWALK, Conn., Oct. 15, 2025 (GLOBE NEWSWIRE) -- CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for September 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 municipal identifiers, while monthly request volume for new corporate identifiers was largely flat in September.

North American corporate CUSIP requests totaled 7,615 in September, which is down 0.5% on a monthly basis. On an annualized basis, North American corporate requests were up 8.3% over September 2024 totals. Requests for new U.S. corporate equity identifiers rose 4.3% while requests for new U.S. corporate debt identifiers declined 2.0% for the month of September.

The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – fell 20.6% versus August totals. On a year-over-year basis, overall municipal volumes were up 17.3% through the end of September. Texas led state-level municipal request volume with a total of 165 new CUSIP requests in September, followed by New York (114) and California (68).

“Corporate issuers largely stayed the course throughout September as the Fed started lowering interest rates, but municipal volumes slowed considerably on a monthly basis,” said Gerard Faulkner, Director of Operations for CGS. “We will be watching municipal volumes closely over the next several months to see whether the changing rate environment has an effect on municipal issuers’ fundraising appetites.”

Requests for international equity CUSIPs rose 17.9% in September and international debt CUSIP requests rose 20.7%. On an annualized basis, international equity CUSIP requests were up 24.6% and international debt CUSIP requests were up 13.3%.

To view the full CUSIP Issuance Trends report for September, please click here.

Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through September 2025:

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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