Glossary of Municipal Securities Terms


An identification number assigned by the CUSIP Service Bureau to each maturity of an issue intended to help facilitate the identification and clearance of securities. In some cases, separate CUSIP numbers may be assigned to different portions of a maturity that bear different interest rates or where differences exist in the terms of the securities of such maturity that may impair the fungibility of the securities within the maturity. For example, if a portion of a maturity has been advance refunded and the remaining portion remains outstanding, each portion will be assigned a separate CUSIP number. CUSIP is an acronym for Committee on Uniform Securities Identification Procedures.

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