CUSIP News December View

November 2011 Overview Demands for domestic corporate CUSIPs rebounded in November to their second highest monthly volume of 2011 as 1,923 identifiers were sought. A chief factor in this turnaround was the fact that domestic corporate equity CUSIP requests reached a 2011 high of 1,100 last month. This surpasses this year’s monthly high for domestic corporate equity CUSIP demands of 914 set in September according to the data from CUSIP Global Services. As for domestic corporate debt CUSIP equests, November saw a modest recovery following the prior month’s decline as 823 identifiers were sought. Requests for municipal securities CUSIPs climbed up to a 2011 monthly high of 1,449 in November. While that result marks the best monthly volume since November 2010, when 1,691 identifiers were requested, year‐to‐date volume for municipal identifier is off more than ‐23% the prior year‐to‐date results. Municipal long‐term note CUSIP demands retreated in November, pulling year‐to‐date volume ‐50% below the prior year’s level though short‐term note volume, despite last onth’s decline, remained fractionally ahead of the prior year’s level.

CUSIP demand for international equity securities posted a rebound last month as 315 identifiers were sought compared to 211 in October. Yet, despite that improvement, year‐to‐date volume for identifiers for this asset class is more than ‐6% lower than a year ago. On the other hand, while international debt CUSIP requests climbed by nearly one‐third last month from October’s results, CUSIP demands for this asset class has failed to top the century mark for five consecutive months. Still, despite those results, year‐to‐date CUSIP volume for nternational debt securities is 5.7% higher than the prior year’s period. As 2011 heads for closure we anticipate that the recent upswing in identifier requests for various security classes signals a likely ositive prospect for underwriting and related capital markets activities. Please continue to find the latest information and analysis on CUSIP activity throughout 2011 at www.cusip.com .

About CUSIP Trends
CUSIP Trends Global Issuance Report is a monthly compilation of new securities issuance trends and insights compiled by CUSIP Global Services (CGS), the world leader in financial instrument identification. Each report provides an analysis of securities issuance activity on a sector- by-sector, asset class-by-asset class and regional basis, offering an early indicator of nascent market trends and burgeoning hot spots of new capital creation.

Data for the report comes from the CGS database, which contains issuer, issue and entity identifiers, standardized descriptions and related data for more than 9.1 million securities, IPOs, preferred stock, funds, CDs and competitive/negotiated deals.

CGS is managed on behalf of the American Bankers Association by Standard & Poor’s. For more information, visit www.cusip.com

After posting the sharpest monthly percentage drop since January 2010, requests for domestic corporate CUSIPs rebounded last month with a 16.9% increase to 1,923. This represents the second highest monthly count for the year for domestic corporate CUSIP demand. However, a 12.3% decline in CUSIPs by CDs with more than a year maturities has reduced industry totals.

Corporate CUSIPs/ Processed and Billed Requests
Nov 11 Oct 11 2011 ytd 2010 ytd year-over-year
Domestics 1,923 1,645 18,876 17,703 6.6%
CDs < 1yr Maturity 335 355 3,448 3,445 0.0%
CDs > 1r Maturity 569 570 7,272 8,292 -12.3%
Other 888 929 10,991 10,588 3.8%
Industry Total 3,715 3,499 40,587 40,028 1.4%

Muni CUSIP requests saw their 2011 monthly high point in November as 1,449 identifiers were sought. That’s a 15.5% jump from October’s count of 1,255 and the biggest monthly percentage increase since this past May. Yet, despite the recent results, yeartodate muni volume is off over 23%.

Municipal CUSIPs/ Processed and Billed Requests
Nov 11 Oct 11 2011 ytd 2010 ytd year-over-year
Municipals 1,449 1,255 12,056 14,851 -23.2%
Long Term Note 18 27 363 726 – 50.0%
Short Term Note 109 164 1,547 1,537 0.7%
Other 26 25 371 404 – 8.2%
Industry Total 1,602 1471 14,337 17,518 – 18.2%

International equity CUSIP volume delivered a 49.3% increase in November following 2011’s monthly lowpoint of 211 set in October. Nonetheless, despite the rebound which was the first monthly gain since August, CUSIP demand for this asset class is off by over 6% this year.

Int’l & Private Placement Notes CUSIPs/ Processed and Billed Requests
Nov 11 Oct 11 2011 ytd 2010 ytd year-over-year
Int’l Equity 315 211 3,239 3,459 – 6.4%
Int’l Debt 99 75 1,362 1,289 5.7%
PPN 206 280 2,284 1,998 14.3%
Industry Total 620 566 6,885 6,746 2.1%

Contact www.ppm.net or www.cusip.com for more information.