CUSIP Request Volumes for New Corporate Securities Rise in November

Municipal Issuance Slows

NORWALK, Conn., Dec. 16, 2025 (GLOBE NEWSWIRE) -- CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for November 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 increase in request volume for new corporate identifiers and a monthly decrease in volume for new municipal identifiers.

North American corporate CUSIP requests totaled 8,572 in November, which is up 4.1% on a monthly basis. On an annualized basis, North American corporate requests were up 8.3% over November 2024 totals. Requests for new U.S. corporate debt identifiers rose 8.6% while requests for new U.S. corporate equity identifiers declined 9.1% for the month of November.

The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – fell 12.5% versus October totals. On a year-over-year basis, overall municipal volumes were up 14.9% through the end of November. Texas led state-level municipal request volume with a total of 169 new CUSIP requests in November, followed by California (83) and New York (78).

“Corporate request volumes continue to surge, this month led by corporate debt issuers,” said Gerard Faulkner, Director of Operations for CGS. “With strong momentum heading into the final month of the year, we anticipate closing out 2025 with most core asset classes showing year-over-year growth in new CUSIP request volumes.”

Requests for international equity CUSIPs fell 17.7% in November and international debt CUSIP requests rose 5.2%. On an annualized basis, international equity CUSIP requests were up 13.8% and international debt CUSIP requests were up 10.3%.

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

Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through November 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.

For More Information:

John Roderick
john@jroderick.com
+1 (631) 584.2200

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