CUSIP Requests Dip in December but 2025 Sees Strong Annual Growth
Event summary
- North American corporate CUSIP requests fell 21.6% in December 2025, with U.S. corporate debt identifiers down 37.7% for the month.
- Municipal CUSIP requests dropped 20.2% month-over-month, though annual volumes were up 14.6% year-over-year.
- International equity and debt CUSIP requests declined 1.3% and 15.8% respectively in December, but annualized figures showed growth of 12.4% and 10.6%.
- 2025 saw significant annual increases in new issuance activity across most major asset classes, including corporate debt (25.8%) and municipal bonds (13.8%).
The big picture
The December decline in CUSIP requests reflects typical end-of-year market slowdowns, but the strong annual growth across most asset classes underscores robust issuance activity in 2025. This trend suggests that despite short-term volatility, issuers remain active in capital markets, potentially setting the stage for continued momentum in 2026. The data highlights the importance of CUSIP identifiers as early indicators of debt and equity market dynamics, particularly in a period of economic and interest rate uncertainty.
What we're watching
- Market Uncertainty
- How lingering uncertainty over interest rates and the broader economy will impact early 2026 CUSIP request volumes.
- Sector-Specific Trends
- Whether the significant annual growth in corporate and municipal issuance can be sustained amid December's declines.
- Geographic Disparities
- The pace at which state-level municipal request volumes, particularly in Texas, New York, and California, will influence national trends.
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