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Municipal CUSIP request volume climbs to pre-Tax Cuts & Jobs Act levels


May was another huge month for municipal identifier requests, according to the latest CUSIP Issuance Trends report.

The aggregate total of CUSIP requests for of all municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – logged a 38.2 per cent increase over April levels. This is the third straight month of growth in the municipal category, following a 0.3 per cent monthly increase in April and a 30.9 per cent monthly increase in March.
 
On a year-over-year basis, total municipal identifier request volume is down 19 per cent versus the same period last year. But note how last month, this figure was 23.4 per cent. A strong total will obviously move the overall figure.
 
Prior to March, municipal bond issuance had been trending downward following the implementation of the Tax Cuts & Jobs Act, which repeals advanced refunding of municipal bonds.
 
As for CUSIP identifier requests for the broad category of US and Canadian corporate offerings, which includes both equity and debt, they totalled 4,495 in May, up 3.2 per cent from April. On a year-over-year basis, corporate identifier request volume for the first five months of 2018 is 5.7 per cent higher than the same period in 2017.

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