Syndicated loan CUSIP numbers are now being made available through a subscription-based daily electronic feed and not just through the agent. "This is important to the market because it makes CUSIP numbers available in an automated environment through the usual information services, for example, Bloomberg. They'll be coming in a daily electronic feed." noted Jane Summers, general counsel of The Loan Syndications and Trading Association (LSTA).
Standard & Poor's last week began its new syndicated loan service releases for CUSIP and CUSIP-based ISIN numbers, along with core descriptive data for syndicated loan deals and facilities. Previously, loan CUSIPs were only available through the agent or someone who had received the number through the agent. The initial release has around 2,000 CUSIP numbers and the service provides daily additions and changes to deals as released by the admin agents.
The CUSIP initiative, designed and developed by the LSTA, is expected to deliver big benefits to the market. "It's a spectacular change," said Anthony Clemente, global partner and global head of bank loans and CDOs with INVESCO. "We all spoke different languages--everyone had their own unique identifiers--and now we will all be able to speak a common language. And the scalability of the savings associated with that internally in all of our back offices is significant."