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CUSIP ID Requests Signal Uptick in US Corporate and International Debt Issuance in 4th Quarter

NEW YORK, Oct. 10, 2012 /PRNewswire/ -- CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for September 2012. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity, suggests mixed results for new market volume in the fourth quarter, with US corporates and international debt signaling an up-tick, while municipal bonds and international equity are suggesting a slowdown in new issuance.

CUSIP requests for US corporate securities increased 10% in September, with 1,734 new CUSIP offerings requested in the month, versus just 1,563 in August. Total US corporate CUSIP requests have increased 3.4% on a year-over-year basis.

Municipal CUSIP requests slumped to 1,047 in September, down from the August count of 1,403 and the second lowest monthly count since January 2012. September marked the third month in a row of declining municipal CUSIP requests, following several months of significant increases. Year-over-year, municipal CUSIP demand is still up by more than 35.2%, representing one of the strongest advances in CUSIP requests this year across all asset classes.

International debt CUSIP demand rose for the third month in a row, pushing year-over-year growth to 4.3%, the first time this category has been in the black this year. International equity CUSIP requests ticked down in September, bringing the year-over-year total for the asset class to -28.2%.

"Like most market signals these days, the CUSIP Issuance Trends data is giving us a mixed message, with some green shoots popping up and some negative trends developing," said Richard Peterson, Director, Global Markets Intelligence, S&P Capital IQ. "Clearly, corporations are seizing the current interest rate environment to continue to issue new debt, but, elsewhere in the markets, signs of trepidation are apparent."

To view the full report, click here.

To view a video commentary of this month's CUSIP issuance trends with Richard Peterson, please click here.

Following is a breakdown of new CUSIP identifier requests by asset class year-to-date through September 2012:


Asset Class

2012 ytd

2011 ytd

YOY Change

Long Term Note

445

318

39.9%

Municipals

12,646

9,352

35.2%

Private Placement

2,171

1,798

20.7%

CDs < 1 yr Maturity

2,886

2,758

4.6%

Int'l Debt1

1,239

1,188

4.3%

US Corporates

15,827

15,308

3.4%

Short Term Note

1,169

1,274

-8.2%

CDs > 1 yr Maturity

5,809

6,133

-8.5%

Int'l Equity2

1,974

2,713

-28.2%


The CUSIP Global Services trends report is issued to the marketplace on a monthly basis. For more information, please visit www.cusip.com.

About CUSIP Global Services
For 40 years CUSIP Global Services has provided a unique common language for identifying financial instruments across institutions, exchanges and nations, enabling financial services firms to benefit from improved operating efficiencies and substantially reduced administrative costs. CUSIP Global Services is operated by the CUSIP Service Bureau (CSB). CSB is managed on behalf of the American Bankers Association by S&P Capital IQ. 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.

1 "International" Debt refers to market requests for CUSIP International Numbers ("CINS") for non-U.S. debt offerings
2 "International" Equity refers to market requests for CUSIP International Numbers ("CINS") for non-U.S. equity offerings

SOURCE CUSIP Global Services (CGS)