Corporate Borrowing Surges, Signaling Economic Confidence in Early 2026

NORWALK, Conn. – February 23, 2026 – Corporate America has kicked off 2026 with a robust display of financial ambition, as requests for new security identifiers—a key leading indicator of future capital markets activity—surged in January. A new report from CUSIP Global Services (CGS) reveals a significant jump in demand for corporate debt and equity financing, suggesting companies are gearing up for a busy year of investment, acquisitions, and expansion.

The CUSIP Issuance Trends Report for January 2026, which tracks the unique codes assigned to new securities, is closely watched by economists and investors for early signs of financing trends. The latest data paints a picture of a corporate sector confidently tapping capital markets, even as the municipal sector navigates a more complex landscape.

A Bullish Start for Corporate Financing

The most striking trend in the January report is the sheer momentum in corporate issuance. North American corporate CUSIP requests, encompassing both debt and equity, climbed 12.0% from December and skyrocketed by a remarkable 67.2% compared to January 2025. This dramatic year-over-year acceleration signals a powerful rebound in corporate confidence and a departure from the more tepid activity seen in previous years.

Driving this surge is a dual-engine of debt and equity financing. Requests for new U.S. corporate debt identifiers jumped 18.1% for the month, while U.S. corporate equity requests rose 10.9%. This activity is underpinned by several powerful economic and strategic drivers. Companies are proactively addressing a looming "wall of debt"—trillions of dollars in bonds issued during the low-rate environment of 2020-2021 that are now approaching maturity. This has created a healthy pipeline of refinancing activity as firms look to lock in rates before potential increases later in the year.

Beyond refinancing, this borrowing binge is funding growth. The data reflects an acceleration in mergers and acquisitions (M&A), with many companies using debt to finance strategic takeovers. Furthermore, corporations are undertaking massive capital expenditure projects. The technology sector, in particular, is in the midst of an AI-driven infrastructure boom, with hyperscale data center operators projected to spend hundreds of billions on expansion. This demand for capital is also seen in the utilities sector, which is borrowing to upgrade grids and meet rising electricity demand.

“While we’re seeing some month-to-month volatility in CUSIP request volumes due largely to seasonality, the year over year comparison to January of 2025 shows that issuers are off to a busy start in the New Year,” said Gerard Faulkner, Director of Operations for CGS, in the report. “Of particular note are the significant monthly increases in request volumes for U.S. debt and equity CUSIPs, which may suggest a healthy volume of capital markets activity as we start the year.”

A Tale of Two Markets: Corporate vs. Municipal

In sharp contrast to the corporate sector's boom, the municipal market showed signs of a monthly slowdown. Aggregate requests for new municipal securities identifiers—covering municipal bonds, notes, and commercial paper—fell 13.6% compared to December.

However, this monthly dip may be more indicative of typical seasonal patterns and short-term supply constraints than underlying weakness. When viewed through a wider lens, the municipal market remains robust. Year-over-year, overall municipal volumes were up a healthy 11.1%, a significant turnaround from the declines seen in early 2023. This suggests that the fundamental drivers for public financing remain strong.

State and local governments are facing immense pressure to fund critical infrastructure projects, from repairing aging roads and water systems to expanding energy capacity to support new technologies. At the same time, the expiration of pandemic-era federal aid is compelling many municipalities to turn to the bond market to continue essential projects and services. This sustained need for capital, coupled with strong investor demand for the tax-advantaged income that municipal bonds provide, is expected to support high levels of issuance throughout 2026. Texas led all states in municipal request volume with 110 new CUSIP requests in January, followed by New York and California.

Investor Sentiment and the Road Ahead

The January CUSIP data provides a valuable window into broader market sentiment and the strategic priorities shaping the economic landscape for 2026. The surge in corporate equity requests, for instance, aligns with growing optimism for a revitalized Initial Public Offering (IPO) market. After a few quiet years, a substantial backlog of IPO-ready companies, particularly in the technology and AI sectors, is poised to go public, and the CUSIP data suggests the pipeline is beginning to flow.

Perhaps one of the most telling figures is the explosive growth in the private markets. Requests for identifiers for Private Placement Securities more than doubled, showing a 106.0% year-over-year increase. This highlights the surging importance of private credit and equity as a vital funding source for companies of all sizes, operating in parallel to the public markets.

The global picture also shows an appetite for financing, with international debt CUSIP requests rising 34.0% in January. This indicates that U.S. companies are not alone in their rush to tap debt markets amid a resilient global economy.

Ultimately, the CGS report illustrates a market defined by strategic action. Against a backdrop of moderating inflation and a cautiously optimistic economic outlook, companies are not waiting on the sidelines. They are actively raising capital to refinance old obligations, acquire competitors, and invest heavily in the technological infrastructure that will define the coming decade. While the path for public and private financing may diverge in the short term, the overarching signal from January's issuance trends is one of forward-looking confidence and activity.