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CUSIP request volume ebbs in July

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CUSIP identifier requests for the broad category of US and Canadian corporate offerings, which includes both equity and debt, totalled 4,197 in July, down 16.6 per cent from June, according to CUSIP Global Services’ (CGS) latest CUSIP Issuance Trends Report.

On a year-over-year basis, corporate identifier request volume through July 2018 is 2.8 per cent higher than the same period in 2017. The monthly decline in corporate request volume was driven by a 19.2 per cent decrease in requests for corporate debt identifiers and an 11.1 per cent decrease in requests for corporate equity identifiers.

Municipal CUSIP requests also declined in July, following a four month run of consecutive volume increases. The aggregate total of all municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – logged a 28.9 per cent decrease from June levels. On a year-over-year basis, total municipal identifier request volume is down 15 per cent versus the same period last year.

“It should not come as a big surprise that the four-month streak of monthly CUSIP request volume increases would come to an end in July,” says Gerard Faulkner, Director of Operations for CUSIP Global Services. “Seasonality is clearly a factor as CUSIP requests historically tend to slow in the summer months, but we’re also staring down the prospect of rising interest rates, which could have a more lasting impact on new issuance as the year progresses.”

International debt and equity CUSIP International Numbers (CINS) both decreased in July. International equity CINS were down 21.2 per cent during the month, while international debt CINS decreased 16.2 per cent during the month. On a year-over-year basis, international equity requests were up 23.3 per cent and international debt requests were up 5.7 per cent, reflecting continued volatility in international markets.

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